XML 52 R32.htm IDEA: XBRL DOCUMENT
v3.22.0.1

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 |  |  |  | — |  |  |  | — |

X
- Definition Schedule of Balance Sheet Information for Investment in Real Estate Partnerships. + References No definition available. + Details
Name: | reg_ScheduleOfBalanceSheetInformationForInvestmentInRealEstatePartnershipsTableTextBlock
Namespace Prefix: | reg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of principal repayments on notes payable [Table text block] + References No definition available. + Details
Name: | reg_ScheduleOfPrincipalRepaymentsOnNotesPayableTableTextBlock
Namespace Prefix: | reg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of revenues and expenses for Investments in Real Estate Partnerships. + References No definition available. + Details
Name: | reg_ScheduleOfRevenuesAndExpensesForInvestmentsInRealEstatePartnershipsTableTextBlock
Namespace Prefix: | reg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RealEstatePropertiesAxis=us-gaap_UnconsolidatedPropertiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |