Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Schedule of Equity Method Investments [Line Items]

Business dispositions unconsolidated co-investment partnership [Table Text Block]

The following table provides a summary of consolidated shopping centers and land parcels disposed of:

	Year ended December 31,
(in thousands)	2017		2016		2015
Net proceeds from sale of real estate investments	$	112,161	137,479	(1)	108,822
Gain on sale of real estate, net of tax	$	27,432	47,321		35,606
Provision for impairment of real estate sold	$	—	1,700		—
Number of operating properties sold	6		11		5
Number of land out-parcels sold	9		16		2
(1) Includes cash deposits received in the previous year.

Schedule of Equity Method Investments [Table Text Block]

4. Investments in Real Estate Partnerships

The Company invests in real estate partnerships, which consist of the following:

	December 31, 2017
(in thousands)	Regency's Ownership	Number of Properties	Total Investment		Total Assets of the Partnership	Net Income of the Partnership	The Company's Share of Net Income of the Partnership
GRI - Regency, LLC (GRIR)	40.00%	70	$	198,521	1,656,068	69,211	27,440
Equity One JV Portfolio, LLC (NYC)	30.00%	6	53,277		284,412	2,757	686
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%	6	7,057		130,836	18,233	3,620
Columbia Regency Partners II, LLC (Columbia II)	20.00%	12	13,720		329,992	7,690	1,530
Cameron Village, LLC (Cameron)	30.00%	1	11,784		99,808	2,917	850
RegCal, LLC (RegCal)	25.00%	7	27,829		138,717	5,613	1,403
US Regency Retail I, LLC (USAA)	20.01%	7	—		90,900	22,299	4,456
Other investments in real estate partnerships	50.00%	6	74,116		154,987	11,238	3,356
Total investments in real estate partnerships		115	$	386,304	2,885,720	139,958	43,341

	December 31, 2016
(in thousands)	Regency's Ownership	Number of Properties	Total Investment		Total Assets of the Partnership	Net Income of the Partnership	The Company's Share of Net Income of the Partnership
GRI - Regency, LLC (GRIR)	40.00%	70	$	201,240	1,676,134	74,758	29,791
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%	7	9,687		145,192	21,024	4,180
Columbia Regency Partners II, LLC (Columbia II)	20.00%	12	14,750		338,307	16,765	3,240
Cameron Village, LLC (Cameron)	30.00%	1	11,877		99,967	2,326	695
RegCal, LLC (RegCal)	25.00%	7	21,516		141,827	4,358	1,080
US Regency Retail I, LLC (USAA)	20.01%	8	13,176		109,665	5,901	1,180
Other investments in real estate partnerships	50.00%	4	24,453		97,650	35,915	16,352
Total investments in real estate partnerships		109	$	296,699	2,608,742	161,047	56,518

The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:

	December 31,
(in thousands)	2017		2016
Investments in real estate, net	$	2,682,578	2,439,110
Acquired lease intangible assets, net	54,021		42,974
Other assets	149,121		126,658
Total assets	$	2,885,720	2,608,742
Notes payable	$	1,514,729	1,309,931
Acquired lease intangible liabilities, net	42,466		29,678
Other liabilities	70,498		64,979
Capital - Regency	445,068		405,722
Capital - Third parties	812,959		798,432
Total liabilities and capital	$	2,885,720	2,608,742

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)	2017			2016
Capital - Regency	$	445,068		405,722
Basis difference	40,351			1,382
Negative investment in USAA (1)	11,290			—
Impairment of investment in real estate partnerships	(1,300		)	(1,300	)
Restricted Gain Method deferral (2)	(30,902		)	(30,902	)
Net book equity in excess of purchase price	(78,203		)	(78,203	)
Investments in real estate partnerships	$	386,304		296,699
(1)  During 2017, the USAA partnership distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment resulting in a negative investment balance, which is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets.
(2) Represents gains deferred under the Company's restricted gain method to maximize deferrals of gains associated with historic sales of shopping centers into joint ventures which contain distribution-in-kind ("DIK") provisions as a liquidation election. Regency has not sold any shopping centers into joint ventures during the years ended December 31, 2017, 2016 and 2015. As discussed further in note 1(n), the accounting for these deferred gains will change upon the adoption of ASU 2017-05 and Topic 606 on January 1, 2018.

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)	2017			2016		2015
Total revenues	$	396,596		364,087		363,745
Operating expenses:
Depreciation and amortization	99,327			99,252		111,648
Operating and maintenance	58,283			52,725		51,970
General and administrative	5,582			5,342		5,292
Real estate taxes	49,904			42,813		43,769
Other operating expenses	2,923			2,356		2,989
Total operating expenses	$	216,019		202,488		215,668
Other expense (income):
Interest expense, net	73,244			69,193		79,477
Gain on sale of real estate	(34,276		)	(70,907	)	(2,766	)
Provision for impairment	—			—		9,102
Early extinguishment of debt	—			69		—
Other expense (income)	1,651			2,197		1,516
Total other expense (income)	40,619			552		87,329
Net income of the Partnerships	$	139,958		161,047		60,748
The Company's share of net income of the Partnerships	$	43,341		56,518		22,508

Acquisitions

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships:

(in thousands)		Year ended December 31, 2017
Date Purchased	Property Name	City/State	Property Type	Co-investment Partner	Ownership %	Purchase Price		Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
10/11/2017	Midtown East	Raleigh, NC	Development	ITB Holdings, LLC	50.00%	$	15,075	—	—	—
Total property acquisitions						$	15,075	—	—	—
(in thousands)		Year ended December 31, 2016
Date Purchased	Property Name	City/State	Property Type	Co-investment Partner	Ownership %	Purchase Price		Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
3/24/2016	Applewood Village Shops	Denver, CO	Operating (1)	GRIR	40.00%	$	200	—	—	—
12/20/2016	Plaza Venezia	Orlando, FL	Operating	Columbia II	20.00%	92,350		35,076	6,899	11,548
Total property acquisitions						$	92,550	35,076	6,899	11,548
(1) Land parcels purchased as additions to the operating property.

Dispositions

The following table provides a summary of shopping centers and land out-parcels disposed of through our unconsolidated real estate partnerships:

	Year ended December 31,
(in thousands)	2017		2016	2015
Proceeds from sale of real estate investments	$	73,122	174,090	39,459
Gain on sale of real estate	$	34,276	70,907	2,766
The Company's share of gain on sale of real estate	$	6,591	25,003	1,108
Number of operating properties sold	3		10	2
Number of land out-parcels sold	1		1	—

Notes Payable

Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2017 were as follows:

Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities	Total		Regency’s Pro-Rata Share
2018	$	21,059	30,022		—	51,081		19,647
2019	19,852		73,259		—	93,111		24,448
2020	16,823		224,090		19,635	260,548		91,039
2021	10,818		269,942		—	280,760		100,402
2022	7,569		195,702		—	203,271		73,369
Beyond 5 Years	3,011		633,298		—	636,309		215,071
Net unamortized loan costs, debt premium / (discount)	—		(10,351	)	—	(10,351	)	(3,365	)
Total notes payable	$	79,132	1,415,962		19,635	1,514,729		520,611

These loans are all non-recourse. Maturities will be repaid from proceeds from refinancing, partner capital contributions, or a combination thereof. 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 co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call.

Schedule of Related Party Transactions [Table Text Block]

Management fee income

In addition to earning our pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees, as follows:

	Year ended December 31,
(in thousands)	2017		2016	2015
Asset management, property management, leasing, and investment and financing services	$	25,260	24,595	24,519

Unconsolidated Properties [Member]

Schedule of Equity Method Investments [Line Items]

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

(in thousands)		Year ended December 31, 2017
Date Purchased	Property Name	City/State	Property Type	Co-investment Partner	Ownership %	Purchase Price		Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
10/11/2017	Midtown East	Raleigh, NC	Development	ITB Holdings, LLC	50.00%	$	15,075	—	—	—
Total property acquisitions						$	15,075	—	—	—
(in thousands)		Year ended December 31, 2016
Date Purchased	Property Name	City/State	Property Type	Co-investment Partner	Ownership %	Purchase Price		Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
3/24/2016	Applewood Village Shops	Denver, CO	Operating (1)	GRIR	40.00%	$	200	—	—	—
12/20/2016	Plaza Venezia	Orlando, FL	Operating	Columbia II	20.00%	92,350		35,076	6,899	11,548
Total property acquisitions						$	92,550	35,076	6,899	11,548
(1) Land parcels purchased as additions to the operating property.

Business dispositions unconsolidated co-investment partnership [Table Text Block]

Dispositions

The following table provides a summary of shopping centers and land out-parcels disposed of through our unconsolidated real estate partnerships:

	Year ended December 31,
(in thousands)	2017		2016	2015
Proceeds from sale of real estate investments	$	73,122	174,090	39,459
Gain on sale of real estate	$	34,276	70,907	2,766
The Company's share of gain on sale of real estate	$	6,591	25,003	1,108
Number of operating properties sold	3		10	2
Number of land out-parcels sold	1		1	—