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Organization and Principles of Consolidation (Policies) | 6 Months Ended
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Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Consolidation, Variable Interest Entity, Policy | Real Estate Partnerships As of June 30, 2019, Regency had a partial ownership interest in 129 properties through partnerships, of which 12 are consolidated. Regency's partners include institutional investors, other real estate developers and/or operators, and individual parties who had a role in Regency sourcing transactions for development and investment (the "Partners" or "limited partners"). Regency has a variable interest in these entities through its equity interests, with Regency the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships for which it is the primary beneficiary and reports the limited partners’ interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them using the equity method of accounting. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of the partnerships can only be settled by the assets of these partnerships. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows:
(in thousands) |  | June 30, 2019 |  |  | December 31, 2018 |
Assets |  |  |  |  |  |  |  |
Net real estate investments |  | $ | 116,894 |  |  |  | 112,085 |
Cash, cash equivalents and restricted cash |  |  | 4,022 |  |  |  | 7,309 |
Liabilities |  |  |  |  |  |  |  |
Notes payable |  |  | 17,657 |  |  |  | 18,432 |
Equity |  |  |  |  |  |  |  |
Limited partners’ interests in consolidated partnerships |  |  | 31,058 |  |  |  | 30,280 |
Revenue Recognition, Services, Management Fees | Revenues and Other Receivables Other property income includes incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts recognized are as follows:
|  |  |  | Three months ended June 30, |  |  | Six months ended June 30, |
(in thousands) |  | Timing of satisfaction of performance obligations |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Other property income |  | Point in time |  | $ | 2,194 |  |  |  | 2,322 |  |  | $ | 4,176 |  |  |  | 4,347 |
Management, transaction and other fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property management services |  | Over time |  |  | 3,665 |  |  |  | 3,652 |  |  |  | 7,428 |  |  |  | 7,420 |
Asset management services |  | Over time |  |  | 1,760 |  |  |  | 1,804 |  |  |  | 3,538 |  |  |  | 3,507 |
Leasing services |  | Point in time |  |  | 705 |  |  |  | 1,072 |  |  |  | 1,463 |  |  |  | 1,757 |
Other transaction fees |  | Point in time |  |  | 1,312 |  |  |  | 359 |  |  |  | 1,986 |  |  |  | 1,361 |
Total management, transaction, and other fees |  |  |  | $ | 7,442 |  |  |  | 6,887 |  |  | $ | 14,415 |  |  |  | 14,045 |
The accounts receivable for the above Other property income and management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $11.0 million and $12.5 million, as of June 30, 2019 and December 31, 2018, respectively.
New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:
Standard |  | Description |  | Date of adoption |  | Effect on the financial statements or other significant matters
Recently adopted: |  |  |  |  |  |
Leases (Topic 842) and related updates: ASU 2016-02, February 2016, Leases (Topic 842) ASU 2018-10, July 2018: Codification Improvements to Topic 842, Leases ASU 2018-11, July 2018, Leases (Topic 842): Targeted Improvements ASU 2018-20, December 2018, Leases (Topic 842) : Narrow-Scope Improvements for Lessors ASU 2019-01, March 2019, Leases (Topic 842) : Codification Improvements |  | Topic 842 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. It also makes targeted changes to lessor accounting. The provisions of these ASUs are effective as of January 1, 2019, with early adoption permitted. Topic 842 provides a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief or an additional transition method, allowing for initial application at the date of adoption and a cumulative-effect adjustment to opening retained earnings. See the updated Leases accounting policy disclosed earlier in Note 1 and the added Leases disclosures in Note 7. |  | January 2019 |  | The Company has completed its evaluation and adoption of this standard, as discussed earlier in Note 1. The Company utilized the alternative modified retrospective transition method provided in ASU 2018-11 (the "effective date method"), under which the effective date of January 1, 2019 is also the date of initial application. See the updated Leases accounting policy disclosed earlier in Note 1 and the added disclosures in Note 7, Leases. Beyond the policy, presentation and disclosure changes discussed, the following changes had a direct impact to Net Income from the adoption of Topic 842: Capitalization of indirect internal non-contingent leasing costs and legal leasing costs are no longer permitted upon the adoption of this standard, which is resulting in an increase to Total operating expenses in the Consolidated Statements of Operations. Previous capitalization of internal leasing costs was $6.5 million during the year ended December 31, 2018. Previous capitalization of legal costs was $1.6 million during the year ended December 31, 2018, including our pro rata share recognized through Equity in income of investments in real estate partnerships.
Standard |  | Description |  | Date of adoption |  | Effect on the financial statements or other significant matters
Not yet adopted: |  |  |  |  |  |
ASU 2016-13, June 2016, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |  | This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU also applies to how the Company evaluates impairments of any held to maturity debt securities. |  | January 2020 |  | The Company is currently evaluating the accounting standard, but does not expect the adoption to have a material impact on its financial position, results of operations, or cash flows.
ASU 2018-19, November 2018: Codification Improvements to Topic 326, Financial Instruments - Credit Losses |  | This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. |  | January 2020 |  | The Company currently does not expect the adoption of this ASU to have a material impact on its financial statements and related disclosures. See Leases section of Note 1 for disclosure of collectibility policy over lease receivables from operating leases.
ASU 2018-13, August 2018, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement |  | This ASU modifies the disclosure requirements for fair value measurements within the scope of Topic 820, Fair Value Measurements, including the removal and modification of certain existing disclosures, and the addition of new disclosures. |  | January 2020 |  | The Company is currently evaluating the impact of adopting this new accounting standard, which is expected to only impact fair value measurement disclosures and therefore should have no impact on the Company's financial position, results of operations, or cash flows.
ASU 2018-15, August 2018, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. |  | The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The ASU provides further clarification of the appropriate presentation of capitalized costs, the period over which to recognize the expense, the presentation within the Statements of Operations and Statements of Cash Flows, and the disclosure requirements. Early adoption of the standard is permitted. |  | January 2020 |  | The Company is currently evaluating the accounting standard, but does not expect the adoption to have a material impact on its financial position, results of operations, or cash flows.

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