Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Real Estate Partnerships

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

	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)	40.00%		66	$	144,371		1,475,611		35,901		84,224
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,045		139,224		1,630		8,559
Columbia Regency Partners II, LLC (Columbia II)	20.00%		14		42,994		424,672		1,743		8,769
Columbia Village District, LLC	30.00%		1		6,123		97,522		2,199		7,383
Individual Investors
Ballard Bocks	49.90%		2		62,140		120,379		1,486		3,297
Town & Country Center	35.00%		1		42,074		224,579		1,075		3,136
Others(1)	11.80% - 66.67%		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

(1)New York Common Retirement Fund (NYC) and RegCal, LLC (RegCal) no longer have any operating properties and any residual balances have been included in Others as of December 31, 2023. The residual balances are primarily made up of the Company’s share of remaining working capital.

	December 31, 2022
(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)	40.00%		66	$	155,302		1,501,876		35,819		83,989
New York Common Retirement Fund (NYC)(1)	30.00%		—		674		2,468		9,173		35,673
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,423		138,493		1,817		9,392
Columbia Regency Partners II, LLC (Columbia II)	20.00%		13		41,757		405,927		1,735		8,674
Columbia Village District, LLC	30.00%		1		5,836		96,002		1,669		5,597
RegCal, LLC (RegCal)(2)	25.00%		1		5,789		24,326		4,499		18,258
Individual Investors
Ballard Bocks	49.90%		2		62,624		126,482		1,300		2,925
Town & Country Center	35.00%		1		40,409		206,931		819		2,404
Others	50.00%		5		30,563		105,500		2,993		6,254
Total investments in real estate partnerships			96	$	350,377		2,608,005		59,824		173,166

(1)On May 25, 2022, the NYC partnership sold the remaining two properties and distributed sales proceeds to the members. Dissolution will follow final distributions, which are expected in 2024.

(2)During April 2022, we acquired our partner's 75% share in four properties held in the RegCal, LLC, partnership for a total purchase price of $88.5 million. Upon acquisition, these four properties were consolidated into Regency's financial statements.

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)	2023		2022
Investments in real estate, net	$	2,432,859		2,359,289
Acquired lease intangible assets, net		16,723		16,821
Other assets		240,411		231,895
Total assets	$	2,689,993		2,608,005
Notes payable	$	1,499,702		1,398,297
Acquired lease intangible liabilities, net		15,112		17,619
Other liabilities		80,457		81,714
Capital - Regency		418,205		412,784
Capital - Third parties		676,517		697,591
Total liabilities and capital	$	2,689,993		2,608,005

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)	2023			2022
Capital - Regency	$	418,205			412,784
Basis difference		(47,600	)		(62,407	)
Investments in real estate partnerships	$	370,605			350,377

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)	2023			2022			2021
Total revenues	$	390,843			378,096			416,222
Operating expenses:
Depreciation and amortization		88,974			86,193			94,026
Property operating expense		65,509			61,224			66,061
Real estate taxes		47,529			42,010			54,618
General and administrative		5,008			5,615			5,837
Other operating expenses		3,119			3,851			3,624
Total operating expenses	$	210,139			198,893			224,166
Other expense (income):
Interest expense, net		56,706			54,874			58,109
Gain on sale of real estate		(11,140	)		(49,424	)		(75,162	)
Early extinguishment of debt		—			587			—
Provision for impairment		—			—			9,833
Total other expense (income)		45,566			6,037			(7,220	)
Net income of the Partnerships	$	135,138			173,166			199,276
The Company's share of net income of the Partnerships	$	50,541			59,824			47,086

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)	2023		2022		2021
Net proceeds from sale of real estate investments	$	11,167		143,133		206,193
Gain on sale of real estate, net of tax	$	661		109,005		91,119
Provision for impairment of real estate sold	$	—		—		112
Number of operating properties sold		—		2		7
Number of land parcels sold		5		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, 2023, 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
2024	$	3,718		33,690			—		37,408			14,678
2025		6,094		147,222			—		153,316			48,506
2026		7,393		233,147			41,800		282,340			89,520
2027		7,576		32,800			—		40,376			13,669
2028		4,267		246,605			—		250,872			92,027
Beyond 5 Years		6,688		739,324			—		746,012			280,328
Net unamortized loan costs, debt premium / (discount)		—		(10,622	)		—		(10,622	)		(3,872	)
Total notes payable	$	35,736		1,422,166			41,800		1,499,702			534,856

Schedule of Related Party Transactions

In addition to earning our Pro-rata 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)	2023		2022		2021
Asset management, property management, leasing, and investment and financing services	$	26,954		25,851		40,301	(1)

(1)In connection with the USAA partnership, we received and recognized a one-time promote fee of $13.6 million during the year ended December 31, 2021, in consideration for exceeding return thresholds resulting from our performance as managing member.

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 unconsolidated real estate partnerships for the periods set forth below:

(in thousands)

Year ended December 31, 2023

Date Purchased

Property Name

City/State

Property Type

Real Estate Partner

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%.

(in thousands)		Year ended December 31, 2022
Date Purchased	Property Name	City/State	Property Type	Real Estate Partner	Ownership %	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
03/25/22	Naperville Plaza	Naperville, IL	Operating	Columbia II	20.00%	$	52,380		22,074		4,336		814
06/24/22	Baybrook East 1B	Houston, TX	Development	Other	50.00%	$	5,540		—		—		—
Total property acquisitions						$	57,920		22,074		4,336		814

(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 unconsolidated real estate partnerships:

	Year ended December 31,
(in thousands)	2023		2022		2021
Proceeds from sale of real estate investments	$	30,659		116,377		224,708
Gain on sale of real estate	$	11,140		49,424		75,162
The Company's share of gain on sale of real estate	$	3,161		12,748		9,380
Number of operating properties sold		1		4		4
Number of land out-parcels sold		—		—		1