XML 55 R37.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Investments in Real Estate Partnerships (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items] |
Schedule of 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 |
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) |  | 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 |
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) |  | 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 |
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Net proceeds from sale of real estate investments |  | $ | 108,615 |  |  |  | 11,167 |  |  |  | 143,133 |
Gain on sale of real estate, net of tax |  | $ | 34,162 |  |  |  | 661 |  |  |  | 109,005 |
Provision for impairment of real estate sold |  | $ | 1,330 |  |  |  | — |  |  |  | — |
Number of operating properties sold |  |  | 6 |  |  |  | — |  |  |  | 2 |
Number of land parcels sold |  |  | — |  |  |  | 5 |  |  |  | 5 |
Percent interest sold |  | 100% |  |  | 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, 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 |
Schedule of Related Party Transactions | 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 |
Unconsolidated Properties [Member] |
Schedule of Equity Method Investments [Line Items] |
Components of Purchase Price | 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%.
Schedule of Properties Disposed of | 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 |  |  |  | — |  |  |  | — |

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://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + 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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + 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: |