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Investments in Real Estate Partnerships (Tables) | 12 Months Ended
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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 |  |  |  | — |

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