XML 36 R18.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Investments in Real Estate Partnerships | 12 Months Ended
--- | ---
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Real Estate Partnerships | 4. Investments in Real Estate Partnerships The Company's investments in real estate partnerships include the following:
|  | December 31, 2024 |
(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% |  |  | 66 |  |  | $ | 136,972 |  |  |  | 1,455,471 |  |  |  | 38,729 |  |  |  | 91,447 |
Columbia Regency Partners II, LLC (Columbia II) (1) |  | 20% |  |  | 22 |  |  |  | 63,024 |  |  |  | 623,655 |  |  |  | 3,938 |  |  |  | 20,121 |
Columbia Village District, LLC |  | 30% |  |  | 1 |  |  |  | 6,434 |  |  |  | 99,236 |  |  |  | 2,220 |  |  |  | 7,453 |
Individual Investors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ballard Blocks |  | 50% |  |  | 2 |  |  |  | 59,596 |  |  |  | 115,784 |  |  |  | 1,028 |  |  |  | 2,380 |
Town & Country Center |  | 35% |  |  | 1 |  |  |  | 44,715 |  |  |  | 259,218 |  |  |  | 1,810 |  |  |  | 5,235 |
Others (2) |  | 12% - 83% |  |  | 11 |  |  |  | 88,303 |  |  |  | 289,793 |  |  |  | 2,569 |  |  |  | 10,027 |
Total investments in real estate partnerships |  |  | 103 |  |  | $ | 399,044 |  |  |  | 2,843,157 |  |  |  | 50,294 |  |  |  | 136,663 |
(1) Effective September 1, 2024, Columbia Regency Retail Partners, LLC (Columbia I) merged with and into Columbia II with Columbia II being the surviving entity in the merger. (2) Effective January 1, 2025, we acquired our partner’s 33.3% share in a single property partnership for a total purchase price of $10.3 million. Following this acquisition, the Company now owns 100% of this property, and has been consolidated into the Company’s financial statements.
|  | December 31, 2023 |
(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% |  |  | 66 |  |  | $ | 144,371 |  |  |  | 1,475,611 |  |  |  | 35,901 |  |  |  | 84,224 |
Columbia Regency Retail Partners, LLC (Columbia I) |  | 20% |  |  | 7 |  |  |  | 7,045 |  |  |  | 139,224 |  |  |  | 1,630 |  |  |  | 8,559 |
Columbia Regency Partners II, LLC (Columbia II) |  | 20% |  |  | 14 |  |  |  | 42,994 |  |  |  | 424,672 |  |  |  | 1,743 |  |  |  | 8,769 |
Columbia Village District, LLC |  | 30% |  |  | 1 |  |  |  | 6,123 |  |  |  | 97,522 |  |  |  | 2,199 |  |  |  | 7,383 |
Individual Investors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ballard Blocks |  | 50% |  |  | 2 |  |  |  | 62,140 |  |  |  | 120,379 |  |  |  | 1,486 |  |  |  | 3,297 |
Town & Country Center |  | 35% |  |  | 1 |  |  |  | 42,074 |  |  |  | 224,579 |  |  |  | 1,075 |  |  |  | 3,136 |
Others |  | 12% - 67% |  |  | 10 |  |  |  | 65,858 |  |  |  | 208,006 |  |  |  | 6,507 |  |  |  | 19,770 |
Total investments in real estate partnerships |  |  | 101 |  |  | $ | 370,605 |  |  |  | 2,689,993 |  |  |  | 50,541 |  |  |  | 135,138 |
The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:
|  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Investments in real estate, net |  | $ | 2,569,765 |  |  |  | 2,432,859 |
Acquired lease intangible assets, net |  |  | 25,164 |  |  |  | 16,723 |
Other assets |  |  | 248,228 |  |  |  | 240,411 |
Total assets |  | $ | 2,843,157 |  |  |  | 2,689,993 |
Notes payable |  | $ | 1,564,551 |  |  |  | 1,499,702 |
Acquired lease intangible liabilities, net |  |  | 19,045 |  |  |  | 15,112 |
Other liabilities |  |  | 92,911 |  |  |  | 80,457 |
Capital - Regency |  |  | 444,354 |  |  |  | 418,205 |
Capital - Third parties |  |  | 722,296 |  |  |  | 676,517 |
Total liabilities and capital |  | $ | 2,843,157 |  |  |  | 2,689,993 |
The following table reconciles the Company's capital recorded by the unconsolidated real estate investment partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheet:
|  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Capital - Regency |  | $ | 444,354 |  |  |  | 418,205 |
Basis difference |  |  | (45,310 | ) |  |  | (47,600 | )
Investments in real estate partnerships |  | $ | 399,044 |  |  |  | 370,605 |
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Total revenues |  | $ | 420,281 |  |  |  | 390,843 |  |  |  | 378,096 |
Operating expenses: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 96,239 |  |  |  | 88,974 |  |  |  | 86,193 |
Property operating expense |  |  | 68,289 |  |  |  | 65,509 |  |  |  | 61,224 |
Real estate taxes |  |  | 51,986 |  |  |  | 47,529 |  |  |  | 42,010 |
General and administrative |  |  | 5,201 |  |  |  | 5,008 |  |  |  | 5,615 |
Other operating expenses |  |  | 5,740 |  |  |  | 3,119 |  |  |  | 3,851 |
Total operating expenses |  | $ | 227,455 |  |  |  | 210,139 |  |  |  | 198,893 |
Other expense (income): |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 58,451 |  |  |  | 56,706 |  |  |  | 54,874 |
Gain on sale of real estate |  |  | (2,288 | ) |  |  | (11,140 | ) |  |  | (49,424 | )
Loss on early extinguishment of debt |  |  | — |  |  |  | — |  |  |  | 587 |
Total other expense (income) |  |  | 56,163 |  |  |  | 45,566 |  |  |  | 6,037 |
Net income of the Partnerships |  | $ | 136,663 |  |  |  | 135,138 |  |  |  | 173,166 |
The Company's share of net income of the Partnerships |  | $ | 50,294 |  |  |  | 50,541 |  |  |  | 59,824 |
Acquisitions The following table provides a summary of shopping centers and land parcels acquired through our investments in real estate partnerships for the periods set forth below:
(in thousands) | Year ended December 31, 2024 |
Date Purchased | Property Name | City/State | Property Type | Real Estate Partner | Regency's Ownership | Purchase Price (1) |  | Debt Assumed, Net of Premiums (1) |  | Intangible Assets (1) |  | Intangible Liabilities (1) |
8/30/2024 | East Greenwich Square | East Greenwich, RI | Operating | Other | 70% |  | 46,650 |  |  | — |  |  | 5,127 |  |  | 1,877 |
10/17/2024 | University Commons - Austin | Round Rock, TX | Operating | Columbia II | 20% |  | 68,751 |  |  | — |  |  | 6,560 |  |  | 5,120 |
Total property acquisitions |  |  |  |  | $ | 115,401 |  |  | — |  |  | 11,687 |  |  | 6,997 |
(1) Amounts reflected for purchase price and allocation are reflected at 100%.
(in thousands) | Year ended December 31, 2023 |
Date Purchased | Property Name | City/State | Property Type | Real Estate Partner | Regency's Ownership | Purchase Price (1) |  | Debt Assumed, Net of Premiums (1) |  | Intangible Assets (1) |  | Intangible Liabilities (1) |
9/19/2023 | Old Town Square | Chicago, IL | Operating | Other | 20% |  | 27,510 |  |  | — |  |  | 3,625 |  |  | 503 |
Total property acquisitions |  |  |  |  | $ | 27,510 |  |  | — |  |  | 3,625 |  |  | 503 |
(1) Amounts reflected for purchase price and allocation are reflected at 100%. Dispositions The following table provides a summary of shopping centers and land parcels disposed of through our investments in real estate partnerships:
|  | Year ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Proceeds from sale of real estate investments |  | $ | 2,256 |  |  |  | 30,659 |  |  |  | 116,377 |
Gain on sale of real estate |  | $ | 2,288 |  |  |  | 11,140 |  |  |  | 49,424 |
The Company's share of gain on sale of real estate |  | $ | 907 |  |  |  | 3,161 |  |  |  | 12,748 |
Number of operating properties sold |  |  | — |  |  |  | 1 |  |  |  | 4 |
Number of land out-parcels sold |  |  | 1 |  |  |  | — |  |  |  | — |
Notes Payable Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2024, 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 |
2025 |  | $ | 6,727 |  |  |  | 147,512 |  |  |  | — |  |  |  | 154,239 |  |  |  | 49,031 |
2026 |  |  | 7,393 |  |  |  | 272,963 |  |  |  | 35,800 |  |  |  | 316,156 |  |  |  | 108,765 |
2027 |  |  | 7,576 |  |  |  | 32,800 |  |  |  | — |  |  |  | 40,376 |  |  |  | 13,669 |
2028 |  |  | 4,267 |  |  |  | 246,605 |  |  |  | — |  |  |  | 250,872 |  |  |  | 92,027 |
2029 |  |  | 2,841 |  |  |  | 93,500 |  |  |  | — |  |  |  | 96,341 |  |  |  | 34,967 |
Beyond 5 Years |  |  | 3,847 |  |  |  | 711,324 |  |  |  | — |  |  |  | 715,171 |  |  |  | 280,111 |
Net unamortized loan costs, debt premium / (discount) |  |  | — |  |  |  | (8,603 | ) |  |  | — |  |  |  | (8,603 | ) |  |  | (3,200 | )
Total notes payable |  | $ | 32,651 |  |  |  | 1,496,101 |  |  |  | 35,800 |  |  |  | 1,564,552 |  |  |  | 575,370 |
These fixed and variable rate notes payable are all non-recourse to the partnerships, and mature through 2034, with 93.3% having a weighted average fixed interest rate of 3.9%. The remaining notes payable float with SOFR and had a weighted average variable interest rate of 6.8% at December 31, 2024. As notes payable mature, they will be repaid from proceeds from new borrowings and/or partner capital contributions. Refinancing debt at maturity in the current interest rate environment could result in higher interest expense in future periods if rates remain elevated. The Company is obligated to contribute its Pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a real estate partner was unable to fund its share of the capital requirements of the real estate partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner's membership interest. Management fee income In addition to earning our share of net income or loss in each of these real estate partnerships, we receive fees as discussed in Note 1, as follows:
|  | Year ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Asset management, property management, leasing, and investment and financing services |  | $ | 27,874 |  |  |  | 26,954 |  |  |  | 25,851 |

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration