Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
(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%		66	$	155,302		1,501,876		35,819		83,989
New York Common Retirement Fund (NYC) (1)	30.00%		—		674		2,468		9,173		35,673
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,423		138,493		1,817		9,392
Columbia Regency Partners II, LLC (Columbia II)	20.00%		13		41,757		405,927		1,735		8,674
Columbia Village District, LLC	30.00%		1		5,836		96,002		1,669		5,597
RegCal, LLC (RegCal) (2)	25.00%		1		5,789		24,326		4,499		18,258
Individual Investors
Ballard Bocks	49.90%		2		62,624		126,482		1,300		2,925
Town & Country Center	35.00%		1		40,409		206,931		819		2,404
Others	50.00%		5		30,563		105,500		2,993		6,254
Total investments in real estate partnerships			96	$	350,377		2,608,005		59,824		173,166

(1)On May 25, 2022, the NYC partnership sold the remaining two properties and distributed sales proceeds to the members. Dissolution will follow final distributions, which are expected in 2023.

(2)During April 2022, we acquired our partner's 75% share in four properties held in the RegCal, LLC, partnership for a total purchase price of $88.5 million. Upon acquisition, these four properties were consolidated into Regency's financial statements. A single operating property remains within RegCal, LLC, at December 31, 2022.

	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
Individual Investors
Ballard Bocks	49.90%		2		63,783		128,959		1,742			3,811
Town & Country Center	35.00%		1		39,021		207,339		(733	)		2,014
Others	50.00%		5		31,814		113,160		(6,067	)		26,351
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.

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)	2022		2021
Investments in real estate, net	$	2,359,289		2,530,964
Acquired lease intangible assets, net		16,821		18,735
Other assets		231,895		205,745
Total assets	$	2,608,005		2,755,444
Notes payable	$	1,398,297		1,444,867
Acquired lease intangible liabilities, net		17,619		20,978
Other liabilities		81,714		90,097
Capital - Regency		412,784		438,510
Capital - Third parties		697,591		760,992
Total liabilities and capital	$	2,608,005		2,755,444

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)	2022			2021
Capital - Regency	$	412,784			438,510
Basis difference		(62,407	)		(65,919	)
Investments in real estate partnerships	$	350,377			372,591

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)	2022			2021			2020
Total revenues	$	378,096			416,222			381,094
Operating expenses:
Depreciation and amortization		86,193			94,026			101,590
Property operating expense		61,224			66,061			65,146
Real estate taxes		42,010			54,618			53,747
General and administrative		5,615			5,837			5,870
Other operating expenses		3,851			3,624			3,126
Total operating expenses	$	198,893			224,166			229,479
Other expense (income):
Interest expense, net		54,874			58,109			66,786
Gain on sale of real estate		(49,424	)		(75,162	)		(7,146	)
Early extinguishment of debt		587			—			554
Provision for impairment		—			9,833			—
Total other expense (income)		6,037			(7,220	)		60,194
Net income of the Partnerships	$	173,166			199,276			91,421
The Company's share of net income of the Partnerships	$	59,824			47,086			34,169

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)	2022		2021			2020
Net proceeds from sale of real estate investments	$	143,133		206,193			189,444
Gain on sale of real estate, net of tax	$	109,005		91,119			67,465
Provision for impairment of real estate sold	$	—		112			958
Number of operating properties sold		2		7			6
Number of land parcels sold		5		5			11
Percent interest sold	100%			100	%	50% - 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, 2022, 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
2023	$	3,194		125,108			—		128,302			51,187
2024		2,205		33,690			—		35,895			14,298
2025		3,433		139,683			—		143,116			43,908
2026		3,807		218,883			23,800		246,490			79,741
2027		3,802		32,800			—		36,602			12,420
Beyond 5 Years		9,194		809,650			—		818,844			300,506
Net unamortized loan costs, debt premium / (discount)		—		(10,952	)		—		(10,952	)		(3,800	)
Total notes payable	$	25,635		1,348,862			23,800		1,398,297			498,260

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)	2022		2021			2020
Asset management, property management, leasing, and investment and financing services	$	25,851		40,301	(1)		26,618

(1)In connection with the USAA partnership, we received and recognized a one-time promote fee of $13.6 million during the year ended December 31, 2021, in consideration for exceeding return thresholds resulting from our performance as managing member.

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 2022, which had no such acquisitions in 2021:

(in thousands)		Year ended December 31, 2022
Date Purchased	Property Name	City/State	Property Type	Co-investment Partner	Ownership %	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
03/25/22	Naperville Plaza	Naperville, IL	Operating	Columbia II	20.00%	$	52,380		22,074		4,336		814
06/24/22	Baybrook East 1B	Houston, TX	Development	Other	50.00%		5,540		—		—		—
Total property acquisitions						$	57,920		22,074		4,336		814

(1)Amounts reflected for purchase price and allocation are reflected at 100%.

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)	2022		2021		2020
Proceeds from sale of real estate investments	$	116,377		224,708		27,974
Gain on sale of real estate	$	49,424		75,162		7,147
The Company's share of gain on sale of real estate	$	12,748		9,380		2,413
Number of operating properties sold		4		4		2
Number of land out-parcels sold		—		1		—