Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Real Estate Partnerships

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

	December 31, 2021
(in thousands)	Regency's Ownership	Number of Properties		Total Investment		Total Assets  of the Partnership		The Company's Share of Net Income of the Partnership			Net Income of the Partnership
GRI - Regency, LLC (GRIR)	40.00%		67	$	153,125		1,537,411		34,655			78,112
New York Common Retirement Fund (NYC)	30.00%		2		11,688		82,446		315			6,939
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,360		135,537		1,976			10,256
Columbia Regency Partners II, LLC (Columbia II)	20.00%		12		35,251		352,469		10,987			55,059
Columbia Village District, LLC	30.00%		1		5,554		94,536		1,522			5,131
RegCal, LLC (RegCal)	25.00%		6		24,995		103,587		2,058			8,448
US Regency Retail I, LLC (USAA) (1)	20.01%		—		—		—		631			3,155
Other investments in real estate partnerships	35.00% - 50.00%		8		134,618		449,458		(5,058	)		32,176
Total investments in real estate partnerships			103	$	372,591		2,755,444		47,086			199,276

(1)On August 1, 2021, the Company acquired the partner's 80% interest in the seven properties held in the USAA partnership and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. See note 2.

	December 31, 2020
(in thousands)	Regency's Ownership	Number of Properties		Total Investment		Total Assets of the Partnership		The Company's Share of Net Income of the Partnership		Net Income of the Partnership
GRI - Regency, LLC (GRIR)	40.00%		67	$	179,728		1,583,097		25,425		56,244
New York Common Retirement Fund (NYC) (1)	30.00%		4		27,627		205,332		488		4,241
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		8,699		136,120		1,030		5,383
Columbia Regency Partners II, LLC (Columbia II)	20.00%		13		37,882		377,246		1,045		5,103
Columbia Village District, LLC	30.00%		1		10,108		94,551		757		2,531
RegCal, LLC (RegCal)	25.00%		6		25,908		107,283		1,296		5,397
US Regency Retail I, LLC (USAA) (2)	20.01%		7		—		85,006		790		3,948
Other investments in real estate partnerships (3)	35.00% - 50.00%		9		177,203		478,592		3,338		8,574
Total investments in real estate partnerships			114	$	467,155		3,067,227		34,169		91,421

(1)On January 1, 2020, the Company purchased the partner's 70% interest of a property owned by the NYC partnership (Country Walk Plaza), as discussed in note 2, and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings.

(2)The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment, resulting in a negative investment balance of $4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets.

(3)In January 2020, the Company purchased an additional 16.62% interest in Town and Country Shopping Center, bringing its total ownership interest to 35%.

Balance Sheet Summarized Financial Information

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

	December 31,
(in thousands)	2021		2020
Investments in real estate, net	$	2,530,964		2,817,713
Acquired lease intangible assets, net		18,735		32,607
Other assets		205,745		216,907
Total assets	$	2,755,444		3,067,227
Notes payable	$	1,444,867		1,557,043
Acquired lease intangible liabilities, net		20,978		33,223
Other liabilities		90,097		97,321
Capital - Regency		438,510		509,873
Capital - Third parties		760,992		869,767
Total liabilities and capital	$	2,755,444		3,067,227

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)	2021			2020
Capital - Regency	$	438,510			509,873
Basis difference		(65,919	)		(47,119	)
Negative investment in USAA (1)		—			4,401
Investments in real estate partnerships	$	372,591			467,155

(1)On August 1, 2021, the Company acquired the partner's 80% interest in the seven properties held in the USAA partnership. See note 2

Schedule of Revenues and Expenses for Investments in Real Estate Partnerships

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)	2021			2020			2019
Total revenues	$	416,222			381,094			417,053
Operating expenses:
Depreciation and amortization		94,026			101,590			97,844
Operating and maintenance		66,061			65,146			65,811
General and administrative		5,837			5,870			6,201
Real estate taxes		54,618			53,747			53,410
Other operating expenses		3,624			3,126			2,709
Total operating expenses	$	224,166			229,479			225,975
Other expense (income):
Interest expense, net		58,109			66,786			75,449
Gain on sale of real estate		(75,162	)		(7,146	)		(64,798	)
Early extinguishment of debt		—			554			—
Provision for impairment		9,833			—			9,223
Total other expense (income)		(7,220	)		60,194			19,874
Net income of the Partnerships	$	199,276			91,421			171,204
The Company's share of net income of the Partnerships	$	47,086			34,169			60,956

Schedule of Properties Disposed of

The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below:

	Year ended December 31,
(in thousands, except number sold data)	2021		2020		2019
Net proceeds from sale of real estate investments	$	206,193		189,444		137,572
Gain on sale of real estate, net of tax	$	91,119		67,465		24,242
Provision for impairment of real estate sold	$	112		958		1,836
Number of operating properties sold		7		6		7
Number of land parcels sold		5		11		6
Percent interest sold	100%		50% - 100%		100%

Scheduled Principal Repayments on Notes Payable

Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2021, were as follows:

(in thousands) Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities		Total			Regency’s Pro-Rata Share
2022	$	7,736		254,893			7,300		269,929			98,932
2023		3,256		171,608			—		174,864			65,149
2024		1,877		33,690			—		35,567			14,233
2025		2,249		137,000			—		139,249			42,169
2026		2,471		125,286			—		127,757			41,768
Beyond 5 Years		8,723		697,479			—		706,202			257,620
Net unamortized loan costs, debt premium / (discount)		—		(8,701	)		—		(8,701	)		(3,080	)
Total notes payable	$	26,312		1,411,255			7,300		1,444,867			516,791

Schedule of Related Party Transactions

In addition to earning our Pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees as discussed in Note 1, as follows:

	Year ended December 31,
(in thousands)	2021		2020		2019
Asset management, property management, leasing, and investment and financing services	$	40,301		26,618		28,878

Unconsolidated Properties [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships during 2020, which had no such acquisitions in 2021:

(in thousands)

Year ended December 31, 2020

Date Purchased

Property Name

City/State

Property Type

Co-investment Partner

Ownership %

Purchase Price

Debt Assumed, Net of Premiums

Intangible Assets

Intangible Liabilities

11/13/20

Eastfield at Baybrook

Houston, TX

Development

Other

50.00%

$

4,491

—

—

—

Schedule of Properties Disposed of

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

	Year ended December 31,
(in thousands)	2021		2020		2019
Proceeds from sale of real estate investments	$	224,708		27,974		142,754
Gain on sale of real estate	$	75,162		7,147		64,798
The Company's share of gain on sale of real estate	$	9,380		2,413		29,422
Number of operating properties sold		4		2		4
Number of land out-parcels sold		1		—		—