Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Schedule of Equity Method Investments [Line Items]

Schedule of Related Party Transactions [Table Text Block]

Management fee income

In addition to earning our pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees, as follows:

	Year ended December 31,
(in thousands)	2016		2015	2014
Asset management, property management, leasing, and investment and financing services	$	24,595	24,519	22,983

Schedule of Equity Method Investments [Table Text Block]

4. Investments in Real Estate Partnerships

The Company invests in real estate partnerships, which consist of the following:

	December 31, 2016
(in thousands)	Regency's Ownership	Number of Properties	Total Investment		Total Assets of the Partnership	Net Income of the Partnership	The Company's Share of Net Income of the Partnership
GRI - Regency, LLC (GRIR) (1)	40.00%	70	$	201,240	1,676,134	74,758	29,791
Columbia Regency Retail Partners, LLC (Columbia I) (1)	20.00%	7	9,687		145,192	21,024	4,180
Columbia Regency Partners II, LLC (Columbia II) (1)	20.00%	12	14,750		338,307	16,765	3,240
Cameron Village, LLC (Cameron)	30.00%	1	11,877		99,967	2,326	695
RegCal, LLC (RegCal) (1)	25.00%	7	21,516		141,827	4,358	1,080
US Regency Retail I, LLC (USAA) (1)	20.01%	8	13,176		109,665	5,901	1,180
Other investments in real estate partnerships	50.00%	4	24,453		97,650	35,915	16,352
Total investments in real estate partnerships		109	$	296,699	2,608,742	161,047	56,518

	December 31, 2015
(in thousands)	Regency's Ownership	Number of Properties	Total Investment		Total Assets of the Partnership	Net Income of the Partnership		The Company's Share of Net Income of the Partnership
GRI - Regency, LLC (GRIR) (1)	40.00%	73	$	220,099	1,744,017	45,761		18,148
Columbia Regency Retail Partners, LLC (Columbia I) (1)	20.00%	9	15,255		175,044	(1,396	)	(278	)
Columbia Regency Partners II, LLC (Columbia II) (1)	20.00%	14	8,496		290,064	3,794		755
Cameron Village, LLC (Cameron)	30.00%	1	11,857		100,124	2,195		643
RegCal, LLC (RegCal) (1)	25.00%	7	17,967		145,213	2,316		576
US Regency Retail I, LLC (USAA) (1)	20.01%	8	161		112,225	4,011		807
Other investments in real estate partnerships	50.00%	6	32,371		108,698	4,067		1,857
Total investments in real estate partnerships		118	$	306,206	2,675,385	60,748		22,508

⁽¹⁾ These partnership agreements have a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to these partnerships. During 2016 and 2015, the Company did not sell any properties to these real estate partnerships, and accordingly, the Restricted Gain Method was not applied.

The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:

	December 31,
(in thousands)	2016		2015
Investments in real estate, net	$	2,439,110	2,497,770
Acquired lease intangible assets, net	42,974		43,469
Other assets	126,658		134,146
Total assets	$	2,608,742	2,675,385
Notes payable	$	1,309,931	1,401,977
Acquired lease intangible liabilities, net	29,678		23,826
Other liabilities	64,979		66,061
Capital - Regency	405,722		414,681
Capital - Third parties	798,432		768,840
Total liabilities and capital	$	2,608,742	2,675,385

The following table reconciles the Company's capital recorded by the unconsolidated partnerships to the Company's investments in real estate partnerships reported in the accompanying consolidated balance sheet:

	December 31,
(in thousands)	2016			2015
Capital - Regency	$	405,722		414,681
less: Impairment of investment in real estate partnerships	(1,300		)	(1,300	)
less: Ownership percentage or Restricted Gain Method deferral	(29,520		)	(28,972	)
less: Net book equity in excess of purchase price	(78,203		)	(78,203	)
Investments in real estate partnerships	$	296,699		306,206

The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows:

	Year ended December 31,
(in thousands)	2016			2015		2014
Total revenues	$	364,087		363,745		361,103
Operating expenses:
Depreciation and amortization	99,252			111,648		117,780
Operating and maintenance	52,725			51,970		55,216
General and administrative	5,342			5,292		5,503
Real estate taxes	42,813			43,769		42,380
Other operating expenses	2,356			2,989		2,234
Total operating expenses	202,488			215,668		223,113
Other expense (income):
Interest expense, net	69,193			79,477		84,155
Gain on sale of real estate	(70,907		)	(2,766	)	(28,856	)
Provision for impairment	—			9,102		2,123
Early extinguishment of debt	69			—		114
Other expense (income)	2,197			1,516		988
Total other expense (income)	552			87,329		58,524
Net income of the Partnerships	$	161,047		60,748		79,466
The Company's share of net income of the Partnerships	$	56,518		22,508		31,270

Acquisitions

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships, which had no acquisitions for the year ended December 31, 2015.

(in thousands)		Year ended December 31, 2016
Date Purchased	Property Name	City/State	Property Type	Co-investment Partner	Ownership %	Purchase Price		Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
3/24/2016	Applewood Village Shops	Denver, CO	Operating (1)	GRIR	40.00%	$	200	—	—	—
12/20/2016	Plaza Venezia	Orlando, FL	Operating	Columbia II	20.00%	92,350		35,076	6,899	11,548
Total property acquisitions						$	92,550	35,076	6,899	11,548

⁽¹⁾ Land parcels purchased as additions to the operating property.

Dispositions

The following table provides a summary of shopping centers and land out-parcels disposed of through our unconsolidated real estate partnerships:

	Year ended December 31,
(in thousands)	2016		2015	2014
Proceeds from sale of real estate investments	$	174,090	39,459	88,106
Gain on sale of real estate	$	70,907	2,766	28,856
The Company's share of gain on sale of real estate	$	25,003	1,108	13,615
Number of operating properties sold	10		2	6
Number of land out-parcels sold	1		—	2

Notes Payable

Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2016 were as follows: 

Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities	Total		Regency’s Pro-Rata Share
2017	$	17,795	—		19,635	37,430		10,505
2018	18,983		67,022		—	86,005		27,799
2019	18,231		65,939		—	84,170		21,766
2020	15,133		222,199		—	237,332		85,660
2021	10,674		211,432		—	222,106		82,806
Beyond 5 Years	10,580		642,500		—	653,080		243,982
Net unamortized loan costs, debt premium / (discount)	—		(10,192	)	—	(10,192	)	(3,488	)
Total notes payable	$	91,396	1,198,900		19,635	1,309,931		469,030

These loans are all non-recourse. Maturities will be repaid from proceeds from refinancing, partner capital contributions, or a combination thereof. The Company is obligated to contribute its pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements.  In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call. 

consist of the following:

	December 31, 2016
(in thousands)	Regency's Ownership	Number of Properties	Total Investment		Total Assets of the Partnership	Net Income of the Partnership	The Company's Share of Net Income of the Partnership
GRI - Regency, LLC (GRIR) (1)	40.00%	70	$	201,240	1,676,134	74,758	29,791
Columbia Regency Retail Partners, LLC (Columbia I) (1)	20.00%	7	9,687		145,192	21,024	4,180
Columbia Regency Partners II, LLC (Columbia II) (1)	20.00%	12	14,750		338,307	16,765	3,240
Cameron Village, LLC (Cameron)	30.00%	1	11,877		99,967	2,326	695
RegCal, LLC (RegCal) (1)	25.00%	7	21,516		141,827	4,358	1,080
US Regency Retail I, LLC (USAA) (1)	20.01%	8	13,176		109,665	5,901	1,180
Other investments in real estate partnerships	50.00%	4	24,453		97,650	35,915	16,352
Total investments in real estate partnerships		109	$	296,699	2,608,742	161,047	56,518

	December 31, 2015
(in thousands)	Regency's Ownership	Number of Properties	Total Investment		Total Assets of the Partnership	Net Income of the Partnership		The Company's Share of Net Income of the Partnership
GRI - Regency, LLC (GRIR) (1)	40.00%	73	$	220,099	1,744,017	45,761		18,148
Columbia Regency Retail Partners, LLC (Columbia I) (1)	20.00%	9	15,255		175,044	(1,396	)	(278	)
Columbia Regency Partners II, LLC (Columbia II) (1)	20.00%	14	8,496		290,064	3,794		755
Cameron Village, LLC (Cameron)	30.00%	1	11,857		100,124	2,195		643
RegCal, LLC (RegCal) (1)	25.00%	7	17,967		145,213	2,316		576
US Regency Retail I, LLC (USAA) (1)	20.01%	8	161		112,225	4,011		807
Other investments in real estate partnerships	50.00%	6	32,371		108,698	4,067		1,857
Total investments in real estate partnerships		118	$	306,206	2,675,385	60,748		22,508

⁽¹⁾ These partnership agreements have a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to these partnerships. During 2016 and 2015, the Company did not sell any properties to these real estate partnerships, and accordingly, the Restricted Gain Method was not applied.

The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:

	December 31,
(in thousands)	2016		2015
Investments in real estate, net	$	2,439,110	2,497,770
Acquired lease intangible assets, net	42,974		43,469
Other assets	126,658		134,146
Total assets	$	2,608,742	2,675,385
Notes payable	$	1,309,931	1,401,977
Acquired lease intangible liabilities, net	29,678		23,826
Other liabilities	64,979		66,061
Capital - Regency	405,722		414,681
Capital - Third parties	798,432		768,840
Total liabilities and capital	$	2,608,742	2,675,385

The following table reconciles the Company's capital recorded by the unconsolidated partnerships to the Company's investments in real estate partnerships reported in the accompanying consolidated balance sheet:

	December 31,
(in thousands)	2016			2015
Capital - Regency	$	405,722		414,681
less: Impairment of investment in real estate partnerships	(1,300		)	(1,300	)
less: Ownership percentage or Restricted Gain Method deferral	(29,520		)	(28,972	)
less: Net book equity in excess of purchase price	(78,203		)	(78,203	)
Investments in real estate partnerships	$	296,699		306,206

The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows:

	Year ended December 31,
(in thousands)	2016			2015		2014
Total revenues	$	364,087		363,745		361,103
Operating expenses:
Depreciation and amortization	99,252			111,648		117,780
Operating and maintenance	52,725			51,970		55,216
General and administrative	5,342			5,292		5,503
Real estate taxes	42,813			43,769		42,380
Other operating expenses	2,356			2,989		2,234
Total operating expenses	202,488			215,668		223,113
Other expense (income):
Interest expense, net	69,193			79,477		84,155
Gain on sale of real estate	(70,907		)	(2,766	)	(28,856	)
Provision for impairment	—			9,102		2,123
Early extinguishment of debt	69			—		114
Other expense (income)	2,197			1,516		988
Total other expense (income)	552			87,329		58,524
Net income of the Partnerships	$	161,047		60,748		79,466
The Company's share of net income of the Partnerships	$	56,518		22,508		31,270

Business dispositions unconsolidated co-investment partnership [Table Text Block]

The following table provides a summary of consolidated shopping centers and land parcels disposed of:

	Year ended December 31,
(in thousands)	2016			2015	2014
Net proceeds from sale of real estate investments	$	137,479	(1)	108,822	118,787
Gain on sale of real estate, net of tax	$	47,321		35,606	55,077
Provision for impairment of real estate sold	$	1,700		—	1,257
Number of operating properties sold	11			5	11
Number of land out-parcels sold	16			2	6

⁽¹⁾ Includes cash deposits received in the previous year.

Unconsolidated Properties [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

(in thousands)		Year ended December 31, 2016
Date Purchased	Property Name	City/State	Property Type	Co-investment Partner	Ownership %	Purchase Price		Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
3/24/2016	Applewood Village Shops	Denver, CO	Operating (1)	GRIR	40.00%	$	200	—	—	—
12/20/2016	Plaza Venezia	Orlando, FL	Operating	Columbia II	20.00%	92,350		35,076	6,899	11,548
Total property acquisitions						$	92,550	35,076	6,899	11,548

Business dispositions unconsolidated co-investment partnership [Table Text Block]

Dispositions

The following table provides a summary of shopping centers and land out-parcels disposed of through our unconsolidated real estate partnerships:

	Year ended December 31,
(in thousands)	2016		2015	2014
Proceeds from sale of real estate investments	$	174,090	39,459	88,106
Gain on sale of real estate	$	70,907	2,766	28,856
The Company's share of gain on sale of real estate	$	25,003	1,108	13,615
Number of operating properties sold	10		2	6
Number of land out-parcels sold	1		—	2