Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Table Text Block]

As of December 31, 2012, scheduled principal repayments on notes payable of the investments in real estate partnerships were as follows (in thousands):



Scheduled Principal Payments by Year:		Scheduled Principal Payments	Mortgage Loan Maturities	Unsecured Maturities	Total	Regency’s Pro-Rata Share
2013	$	19,176	24,373	—	43,549	15,949
2014		21,289	53,015	21,660	95,964	27,254
2015		21,895	130,796	—	152,691	49,619
2016		19,139	374,257	—	393,396	127,888
2017		18,437	200,635	—	219,072	51,610
Beyond 5 Years		77,039	833,680	—	910,719	325,272
Unamortized debt premiums (discounts), net		—	1,257	—	1,257	(169	)
Total	$	176,975	1,618,013	21,660	1,816,648	597,423

The revenues and expenses for the investments in real estate partnerships on a combined basis are summarized as follows (in thousands):



		For the years ended December 31,
		2012		2011		2010
Total revenues	$	387,908		399,091		437,029
Operating expenses:
Depreciation and amortization		128,946		134,236		155,146
Operating and maintenance		55,394		62,442		67,541
General and administrative		7,549		7,905		7,383
Real estate taxes		46,395		49,103		55,926
Other expenses		3,521		3,477		3,666
Total operating expenses		241,805		257,163		289,662
Other expense (income):
Interest expense, net		104,694		112,099		129,581
Gain on sale of real estate		(40,437	)	(7,464	)	(8,976	)
Loss (gain) on extinguishment of debt		967		(8,743	)	—
Loss on hedge ineffectiveness		51		—		—
Provision for impairment		3,775		—		78,908
Preferred return on equity investment		(2,211	)	—		—
Other expense (income)		—		776		(383	)
Total other expense		66,839		96,668		199,130
Net income (loss)	$	79,264		45,260		(51,763	)
Regency's share of net income (loss)	$	23,807		9,643		(12,884	)

Investments in real estate partnerships as of December 31, 2012 consist of the following (in thousands):



	Ownership			Total Investment	Total Assets of the Partnership	Net Income (Loss) of the Partnership		The Company's Share of Net Income (Loss) of the Partnership
GRI - Regency, LLC (GRIR)⁽¹⁾	40.00	%	$	272,044	1,939,659	23,357		9,311
Macquarie CountryWide-Regency III, LLC (MCWR III)⁽¹⁾	24.95	%		29	60,496	(75	)	(22	)
Columbia Regency Retail Partners, LLC (Columbia I)⁽²⁾	20.00	%		17,200	210,490	42,399		8,480
Columbia Regency Partners II, LLC (Columbia II)⁽²⁾	20.00	%		8,660	326,649	1,467		290
Cameron Village, LLC (Cameron)	30.00	%		16,708	102,930	2,021		596
RegCal, LLC (RegCal)⁽²⁾	25.00	%		15,602	164,106	2,160		540
Regency Retail Partners, LP (the Fund)	20.00	%		15,248	323,406	407		297
US Regency Retail I, LLC (USAA)⁽²⁾	20.01	%		2,173	123,053	1,484		297
BRE Throne Holdings, LLC (BRET)⁽³⁾	47.80	%		48,757	—	2,211		2,211
Other investments in real estate partnerships	50.00	%		46,506	184,165	3,833		1,807
Total			$	442,927	3,434,954	79,264		23,807

⁽¹⁾Effective January 1, 2010, this partnership agreement was amended to include a unilateral right to elect to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method for additional properties sold to this partnership on or after January 1, 2010. During 2012, the Company did not sell any properties to this real estate partnership.

⁽²⁾This partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to this partnership. During 2012, the Company did not sell any properties to this real estate partnership.

⁽³⁾On July 25, 2012, the Company sold a 15-property portfolio and retained a $47.5 million, 10.5% preferred stock investment in the entity that owns the portfolio. Following the 12-month anniversary of the closing date, Regency may call for the redemption of its investment in whole or in part, at par. Following the 18-month anniversary of the closing date, either Regency or the other member may initiate the redemption of Regency’s investment, in whole or in part. As the property holdings of BRET do not impact the rate of return on Regency's preferred stock investment, BRET's portfolio information is not included.

Investments in real estate partnerships as of December 31, 2011 consist of the following (in thousands):



	Ownership			Total Investment	Total Assets of the Partnership	Net Income (Loss) of the Partnership		The Company's Share of Net Income (Loss) of the Partnership
GRI - Regency, LLC (GRIR)⁽¹⁾	40.00	%	$	262,018	2,001,526	18,244		7,266
Macquarie CountryWide-Regency III, LLC (MCWR III)⁽¹⁾	24.95	%		195	61,867	(493	)	(123	)
Macquarie CountryWide-Regency-DESCO, LLC (MCWR-DESCO)⁽³⁾	—	%		—	—	(1,752	)	(293	)
Columbia Regency Retail Partners, LLC (Columbia I)⁽²⁾	20.00	%		20,335	259,225	14,554		2,775
Columbia Regency Partners II, LLC (Columbia II)⁽²⁾	20.00	%		9,686	317,720	910		179
Cameron Village, LLC (Cameron)	30.00	%		17,110	104,314	1,101		322
RegCal, LLC (RegCal)⁽²⁾	25.00	%		18,128	180,490	7,615		1,904
Regency Retail Partners, LP (the Fund)	20.00	%		16,430	333,013	265		268
US Regency Retail I, LLC (USAA)⁽²⁾	20.01	%		3,093	127,763	1,215		243
Other investments in real estate partnerships	50.00	%		39,887	115,857	3,601		(2,898	)
Total			$	386,882	3,501,775	45,260		9,643

⁽¹⁾As noted above, effective January 1, 2010, this partnership agreement was amended to include a unilateral right to elect to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company will apply the Restricted Gain Method for additional properties sold to this partnership on or after January 1, 2010. During 2011, the Company did not sell any properties to this real estate partnership.

⁽²⁾As noted above, this partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to this partnership. During 2011, the Company did not sell any properties to this real estate partnership.

⁽³⁾At December 2010, our ownership interest in MCWR-DESCO was 16.35%. The liquidation of MCWR-DESCO was complete effective May 4, 2011. Our ownership interest in MCWR-DESCO was 0.00% at December 31, 2011.

Summarized financial information for the investments in real estate partnerships on a combined basis, is as follows (in thousands):



		December 31, 2012	December 31, 2011

Investments in real estate, net	$	3,213,984	3,263,704
Acquired lease intangible assets, net		74,986	85,232
Other assets		145,984	152,839
Total assets	$	3,434,954	3,501,775

Notes payable	$	1,816,648	1,874,780
Acquired lease intangible liabilities, net		46,264	49,938
Other liabilities		70,576	67,495
Capital - Regency		518,505	512,421
Capital - Third parties		982,961	997,141
Total liabilities and capital	$	3,434,954	3,501,775

The following table reconciles the Company's capital in unconsolidated partnerships to the Company's investments in real estate partnerships (in thousands):



		December 31, 2012		December 31, 2011
Capital - Regency	$	518,505		512,421
add: Preferred equity investment in BRET		47,500		—
less: Impairment		(5,880	)	(5,880	)
less: Ownership percentage or Restricted Gain Method deferral		(38,995	)	(41,456	)
less: Net book equity in excess of purchase price		(78,203	)	(78,203	)
Investments in real estate partnerships	$	442,927		386,882

Corporate Joint Venture [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Investments in real estate partnerships as of December 31, 2012 consist of the following (in thousands):



	Ownership			Total Investment	Total Assets of the Partnership	Net Income (Loss) of the Partnership		The Company's Share of Net Income (Loss) of the Partnership
GRI - Regency, LLC (GRIR)⁽¹⁾	40.00	%	$	272,044	1,939,659	23,357		9,311
Macquarie CountryWide-Regency III, LLC (MCWR III)⁽¹⁾	24.95	%		29	60,496	(75	)	(22	)
Columbia Regency Retail Partners, LLC (Columbia I)⁽²⁾	20.00	%		17,200	210,490	42,399		8,480
Columbia Regency Partners II, LLC (Columbia II)⁽²⁾	20.00	%		8,660	326,649	1,467		290
Cameron Village, LLC (Cameron)	30.00	%		16,708	102,930	2,021		596
RegCal, LLC (RegCal)⁽²⁾	25.00	%		15,602	164,106	2,160		540
Regency Retail Partners, LP (the Fund)	20.00	%		15,248	323,406	407		297
US Regency Retail I, LLC (USAA)⁽²⁾	20.01	%		2,173	123,053	1,484		297
BRE Throne Holdings, LLC (BRET)⁽³⁾	47.80	%		48,757	—	2,211		2,211
Other investments in real estate partnerships	50.00	%		46,506	184,165	3,833		1,807
Total			$	442,927	3,434,954	79,264		23,807

Investments in real estate partnerships as of December 31, 2011 consist of the following (in thousands):



	Ownership			Total Investment	Total Assets of the Partnership	Net Income (Loss) of the Partnership		The Company's Share of Net Income (Loss) of the Partnership
GRI - Regency, LLC (GRIR)⁽¹⁾	40.00	%	$	262,018	2,001,526	18,244		7,266
Macquarie CountryWide-Regency III, LLC (MCWR III)⁽¹⁾	24.95	%		195	61,867	(493	)	(123	)
Macquarie CountryWide-Regency-DESCO, LLC (MCWR-DESCO)⁽³⁾	—	%		—	—	(1,752	)	(293	)
Columbia Regency Retail Partners, LLC (Columbia I)⁽²⁾	20.00	%		20,335	259,225	14,554		2,775
Columbia Regency Partners II, LLC (Columbia II)⁽²⁾	20.00	%		9,686	317,720	910		179
Cameron Village, LLC (Cameron)	30.00	%		17,110	104,314	1,101		322
RegCal, LLC (RegCal)⁽²⁾	25.00	%		18,128	180,490	7,615		1,904
Regency Retail Partners, LP (the Fund)	20.00	%		16,430	333,013	265		268
US Regency Retail I, LLC (USAA)⁽²⁾	20.01	%		3,093	127,763	1,215		243
Other investments in real estate partnerships	50.00	%		39,887	115,857	3,601		(2,898	)
Total			$	386,882	3,501,775	45,260		9,643

Summarized financial information for the investments in real estate partnerships on a combined basis, is as follows (in thousands):



		December 31, 2012	December 31, 2011

Investments in real estate, net	$	3,213,984	3,263,704
Acquired lease intangible assets, net		74,986	85,232
Other assets		145,984	152,839
Total assets	$	3,434,954	3,501,775

Notes payable	$	1,816,648	1,874,780
Acquired lease intangible liabilities, net		46,264	49,938
Other liabilities		70,576	67,495
Capital - Regency		518,505	512,421
Capital - Third parties		982,961	997,141
Total liabilities and capital	$	3,434,954	3,501,775

The following table reconciles the Company's capital in unconsolidated partnerships to the Company's investments in real estate partnerships (in thousands):



		December 31, 2012		December 31, 2011
Capital - Regency	$	518,505		512,421
add: Preferred equity investment in BRET		47,500		—
less: Impairment		(5,880	)	(5,880	)
less: Ownership percentage or Restricted Gain Method deferral		(38,995	)	(41,456	)
less: Net book equity in excess of purchase price		(78,203	)	(78,203	)
Investments in real estate partnerships	$	442,927		386,882

Acquisitions

The following table provides a summary of shopping centers acquired through our unconsolidated co-investment partnerships during the year ended December 31, 2012 (in thousands):



Date Purchased	Property Name	City/State	Co-investment Partner	Ownership %		Purchase Price	Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
1/17/2012	Lake Grove Commons	Lake Grove, NY	GRIR	40%	$	72,500	31,813	5,397	4,342
11/28/2012	Applewood Village Shops	Wheat Ridge, CO	GRIR	40%		3,700	—	363	34
12/19/2012	Village Plaza	Chapel Hill, NC	Columbia II	20%		19,200	—	2,242	686
12/28/2012	Phillips Place	Charlotte, NC	Other	50%		55,400	44,500	—	—
					$	150,800	76,313	8,002	5,062

The following table provides a summary of shopping centers acquired through our unconsolidated co-investment partnerships during the year ended December 31, 2011 (in thousands):



Date Purchased	Property Name	City/State	Co-investment Partner	Ownership %		Purchase Price	Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
7/1/2011	Calhoun Commons	Minneapolis, MN	RegCal	25%	$	21,020	6,052	2,130	303
8/8/2011	Rockridge Center	Plymouth, MN	Columbia II	20%		20,500	16,459	2,116	2,059
					$	41,520	22,511	4,246	2,362

- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

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- 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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph F4

-Subparagraph e

-Appendix F

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details