Equity and Capital

12 Months Ended

Dec. 31, 2017

Equity and Capital [Abstract]

Equity and Capital

Equity and Capital

Preferred Stock of the Parent Company

There were no preferred stock series outstanding as of December 31, 2017. Terms and conditions of the preferred stock outstanding at December 31, 2016, which were redeemed during 2017, are summarized as follows:

	Date of Issuance	Shares Issued and Outstanding	Liquidation Preference		Distribution Rate	Callable By Company
Series 6	2/16/2012	10,000,000	$	250,000,000	6.625%	2/16/2017
Series 7	8/23/2012	3,000,000	75,000,000		6.000%	8/23/2017
		13,000,000	$	325,000,000

The Series 6 and 7 preferred shares were perpetual, absent a change in control of the Parent Company, were not convertible into common stock of the Parent Company, and were redeemable at par upon the Company’s election beginning 5 years after the issuance date. None of the terms of the preferred stock contained any unconditional obligations that would have require the Company to redeem the securities at any time or for any purpose.

Preferred Shares Redemption

On February 16, 2017, the Parent Company redeemed all of the issued and outstanding 6.625%Series 6 cumulative redeemable preferred shares. The redemption price of $25.21 per share included accrued and unpaid dividends, resulting in an aggregate amount being paid of $252.0 million. The funds used to redeem the Series 6 preferred shares were provided by the January 2017 senior unsecured debt offering.

On August 23, 2017, the Parent Company also redeemed all of the issued and outstanding 6.000%Series 7 cumulative redeemable preferred stock. The redemption price of $25.22 per share included accrued and unpaid dividends resulting in an aggregate amount being paid of $75.7 million. The Company used proceeds from its senior unsecured notes issued in June 2017 to fund the redemption.

Common Stock of the Parent Company

Issuances:

At the Market ("ATM") Program

Under the Parent Company's ATM equity offering program, the Parent Company may sell up to $500.0 million of common stock at prices determined by the market at the time of sale. As of December 31, 2017, $500.0 million in common stock remained available for issuance under this ATM equity program.

The following table presents the shares that were issued under the ATM equity program, which was used to fund investment activities:

	Year ended December 31,
(dollar amounts are in thousands, except price per share data)	2017		2016
Shares issued (1)	—		182,787
Weighted average price per share	$	—	68.85
Gross proceeds	$	—	12,584
Commissions	$	—	157
Issuance costs (2)	$	349	97
(1) Reflects shares traded in December and settled in January each year.
(2) Includes legal and accounting costs associated with maintaining the ATM program.

Forward Equity Offering

In March 2016, the Parent Company entered into a forward sale agreement (the "Forward Equity Offering") to issue 3.10 million shares of its common stock at an offering price of $75.25 per share, before any underwriting discount and offering expenses.

In June 2016, the Parent Company partially settled its forward equity offering by delivering 1.85 million shares of newly issued common stock, receiving $137.5 million of net proceeds, which were used to reduce the balance on the Line.

In December 2017, the Parent Company settled the remaining shares in its forward equity offering by delivering 1.25 million shares of newly issued common stock, receiving $89.1 million of net proceeds, which were used to reduce the balance on the Line.

Equity One merger

On March 1, 2017, Regency completed its merger with Equity One. Under the terms of the merger Agreement, each Equity One stockholder received 0.45 of a newly issued share of Regency common stock for each share of Equity One common stock that they owned immediately prior to the effective time of the Merger resulting in approximately 65.5 million shares being issued to effect the merger.

Share Repurchase Program - Subsequent Event

On February 7, 2018, the Company's Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million of shares of its outstanding common stock through open market purchases and/or in privately negotiated transactions. Any shares purchased will be retired. The program is scheduled to expire on February 6, 2020. The timing and actual number of shares purchased under the program depend upon marketplace conditions and other factors. The program remains subject to the discretion of the board. Through the date of filing, the Company has repurchased $74.2 million of shares.

Preferred Units of the Operating Partnership

All preferred units for the Parent Company were retired, as discussed above.

Common Units of the Operating Partnership

Issuances:

Common units were issued to the Parent Company in relation to the Parent Company's issuance of common stock, as discussed above.

In April 2017, the Operating Partnership issued 195,732 limited partner units, valued at $13.1 million, as partial purchase price consideration for the acquisition of land for development.

General Partners

The Parent Company, as general partner, owned the following Partnership Units outstanding:

	December 31,
(in thousands)	2017	2016
Partnership units owned by the general partner	171,365	104,497
Partnership units owned by the limited partners	350	154
Total partnership units outstanding	171,715	104,651
Percentage of partnership units owned by the general partner	99.8%	99.9%

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the balances of each component of AOCI:

	Controlling Interest							Noncontrolling Interest					Total
(in thousands)	Cash Flow Hedges			Unrealized gain (loss) on Available-For-Sale Securities		AOCI		Cash Flow Hedges		Unrealized gain (loss) on Available-For-Sale Securities	AOCI		AOCI
Balance as of December 31, 2014	$	(57,748	)	—		(57,748	)	(750	)	—	(750	)	(58,498	)
Other comprehensive income before reclassifications	(9,897		)	(43	)	(9,940	)	(192	)	—	(192	)	(10,132	)
Amounts reclassified from accumulated other comprehensive income	8,995			—		8,995		157		—	157		9,152
Current period other comprehensive income, net	(902		)	(43	)	(945	)	(35	)	—	(35	)	(980	)
Balance as of December 31, 2015	$	(58,650	)	(43	)	(58,693	)	(785	)	—	(785	)	(59,478	)
Other comprehensive income before reclassifications	(10,587		)	24		(10,563	)	255		—	255		(10,308	)
Amounts reclassified from accumulated other comprehensive income	50,910			—		50,910		229		—	229		51,139
Current period other comprehensive income, net	40,323			24		40,347		484		—	484		40,831
Balance as of December 31, 2016	$	(18,327	)	(19	)	(18,346	)	(301	)	—	(301	)	(18,647	)
Other comprehensive income before reclassifications	1,134			(8	)	1,126		17		—	17		1,143
Amounts reclassified from accumulated other comprehensive income	10,931			—		10,931		172		—	172		11,103
Current period other comprehensive income, net	12,065			(8	)	12,057		189		—	189		12,246
Balance as of December 31, 2017	$	(6,262	)	(27	)	(6,289	)	(112	)	—	(112	)	(6,401	)

The following represents amounts reclassified out of AOCI into income:

AOCI Component	Amount Reclassified from AOCI into Income				Affected Line Item(s) Where Net Income is Presented
	Year ended December 31,
(in thousands)	2017		2016	2015
Interest rate swaps	$	11,103	51,139	9,152	Interest expense and Loss on derivative instruments