0000950170-22-001418 | 10-K | XBRL Viewer

Description

Date of adoption

Effect on the financial statements or other significant matters

Recently adopted:

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes.

January 2021

The adoption of this standard did not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Investment Property, at Cost [Abstract]
Real estate assets, at cost (note 1):	$ 11,495,581	$ 11,101,858
Less: accumulated depreciation	2,174,963	1,994,108
Real estate assets, net	9,320,618	9,107,750
Investments in real estate partnerships (note 4)	372,591	467,155
Properties held for sale	25,574	33,934
Cash, cash equivalents, and restricted cash, including $1,930 and $2,377 of restricted cash at December 31, 2021 and 2020, respectively (note 1)	95,027	378,450
Tenant and other receivables (note 1)	153,091	143,633
Deferred leasing costs, less accumulated amortization of $117,878 and $113,959 at December 31, 2021 and 2020, respectively	65,741	67,910
Acquired lease intangible assets, less accumulated amortization of $312,186 and $284,880 at December 31, 2021 and 2020, respectively (note 6)	212,707	188,799
Right of use assets, net	280,783	287,827
Other assets (note 5)	266,431	261,446
Total assets	10,792,563	10,936,904
Liabilities:
Notes payable (note 9)	3,718,944	3,658,405
Unsecured credit facilities (note 9)		264,679
Accounts payable and other liabilities	322,271	302,361
Acquired lease intangible liabilities, less accumulated amortization of $172,293 and $145,966 at December 31, 2021 and 2020, respectively (note 6)	363,276	377,712
Lease liabilities	215,788	220,390
Tenants’ security, escrow deposits and prepaid rent	62,352	55,210
Total liabilities	4,682,631	4,878,757
Commitments and contingencies (note 16)
Stockholders’ equity/Partners’ capital:
Common stock $0.01 par value per share, 220,000,000 shares authorized; 171,213,008 and 169,680,138 shares issued at December 31, 2021 and 2020, respectively	1,712	1,697
Treasury stock at cost, 427,901 and 459,828 shares held at December 31, 2021 and 2020, respectively	(22,758)	(24,436)
Additional paid-in capital	7,883,458	7,792,082
Accumulated other comprehensive loss	(10,227)	(18,625)
Distributions in excess of net income	(1,814,814)	(1,765,806)
Total stockholders’ equity	6,037,371	5,984,912
Noncontrolling interests (note 12):
Exchangeable operating partnership units, aggregate redemption value of $56,844 and $34,878 at December 31, 2021 and 2020, respectively	35,447	35,727
Limited partners' interests in consolidated partnerships (note 1)	37,114	37,508
Total noncontrolling interests	72,561	73,235
Total equity	6,109,932	6,058,147
Stockholders' equity/Partners' capital:
Total liabilities and equity	10,792,563	10,936,904
Partnership Interest [Member]
Real Estate Investment Property, at Cost [Abstract]
Real estate assets, at cost (note 1):	11,495,581	11,101,858
Less: accumulated depreciation	2,174,963	1,994,108
Real estate assets, net	9,320,618	9,107,750
Investments in real estate partnerships (note 4)	372,591	467,155
Properties held for sale	25,574	33,934
Cash, cash equivalents, and restricted cash, including $1,930 and $2,377 of restricted cash at December 31, 2021 and 2020, respectively (note 1)	95,027	378,450
Tenant and other receivables (note 1)	153,091	143,633
Deferred leasing costs, less accumulated amortization of $117,878 and $113,959 at December 31, 2021 and 2020, respectively	65,741	67,910
Acquired lease intangible assets, less accumulated amortization of $312,186 and $284,880 at December 31, 2021 and 2020, respectively (note 6)	212,707	188,799
Right of use assets, net	280,783	287,827
Other assets (note 5)	266,431	261,446
Total assets	10,792,563	10,936,904
Liabilities:
Notes payable (note 9)	3,718,944	3,658,405
Unsecured credit facilities (note 9)		264,679
Accounts payable and other liabilities	322,271	302,361
Acquired lease intangible liabilities, less accumulated amortization of $172,293 and $145,966 at December 31, 2021 and 2020, respectively (note 6)	363,276	377,712
Lease liabilities	215,788	220,390
Tenants’ security, escrow deposits and prepaid rent	62,352	55,210
Total liabilities	4,682,631	4,878,757
Commitments and contingencies (note 16)
Stockholders’ equity/Partners’ capital:
General partner; 171,213,008 and 169,680,138 units outstanding at December 31, 2021 and 2020, respectively	6,047,598	6,003,537
Limited partners; 760,046 and 765,046 units outstanding at December 31, 2021 and 2020	35,447	35,727
Accumulated other comprehensive loss	(10,227)	(18,625)
Total partners’ capital	6,072,818	6,020,639
Noncontrolling interests (note 12):
Limited partners' interests in consolidated partnerships (note 1)	37,114	37,508
Total capital	6,109,932	6,058,147
Stockholders' equity/Partners' capital:
Total liabilities and equity	$ 10,792,563	$ 10,936,904

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Restricted cash and cash equivalent	$ 1,930	$ 2,377
Deferred costs accumulated amortization	117,878	113,959
Accumulated amortization of acquired lease intangible assets	312,186	284,880
Accumulated accretion of acquired lease intangible liabilities	$ 172,293	$ 145,966
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	220,000,000	220,000,000
Common stock, shares issued	171,213,008	169,680,138
Treasury stock, shares held at cost	427,901	459,828
Exchangeable operating partnership units aggregate redemption value	$ 56,844	$ 34,878
General partner units, outstanding	171,213,000	169,680,000
Limited partner units, outstanding	760,000	765,000
Partnership Interest [Member]
Restricted cash and cash equivalent	$ 1,930	$ 2,377
Deferred costs accumulated amortization	117,878	113,959
Accumulated amortization of acquired lease intangible assets	312,186	284,880
Accumulated accretion of acquired lease intangible liabilities	$ 172,293	$ 145,966
General partner units, outstanding	171,213,008	169,680,138
Limited partner units, outstanding	760,046	765,046

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Lease income	$ 1,113,368	$ 980,166	$ 1,094,301
Other property income	12,456	9,508	9,201
Management, transaction, and other fees	40,337	26,501	29,636
Total revenues	1,166,161	1,016,175	1,133,138
Operating expenses:
Depreciation and amortization	303,331	345,900	374,283
Operating and maintenance	184,553	170,073	169,909
General and administrative	78,218	75,001	74,984
Real estate taxes	142,129	143,004	136,236
Other operating expenses	5,751	12,642	7,814
Total operating expenses	713,982	746,620	763,226
Other expense (income):
Interest expense, net	145,170	156,678	151,264
Goodwill impairment		132,128
Provision for impairment of real estate	84,389	18,536	54,174
Gain on sale of real estate, net of tax	(91,119)	(67,465)	(24,242)
Early extinguishment of debt		21,837	11,982
Net investment income	(5,463)	(5,307)	5,568
Total other expense (income)	132,977	256,407	187,610
Income from operations before equity in income of investments in real estate partnerships	319,202	13,148	182,302
Equity in income of investments in real estate partnerships (note 4)	47,086	34,169	60,956
Net income	366,288	47,317	243,258
Noncontrolling interests:
Exchangeable operating partnership units	(1,615)	(203)	(634)
Limited partners’ interests in consolidated partnerships	(3,262)	(2,225)	(3,194)
Income attributable to noncontrolling interests	(4,877)	(2,428)	(3,828)
Net income attributable to common stockholders	$ 361,411	$ 44,889	$ 239,430
Income per common share - basic (note 15)	$ 2.12	$ 0.27	$ 1.43
Income per common share - diluted (note 15)	$ 2.12	$ 0.26	$ 1.43
Partnership Interest [Member]
Revenues:
Lease income	$ 1,113,368	$ 980,166	$ 1,094,301
Other property income	12,456	9,508	9,201
Management, transaction, and other fees	40,337	26,501	29,636
Total revenues	1,166,161	1,016,175	1,133,138
Operating expenses:
Depreciation and amortization	303,331	345,900	374,283
Operating and maintenance	184,553	170,073	169,909
General and administrative	78,218	75,001	74,984
Real estate taxes	142,129	143,004	136,236
Other operating expenses	5,751	12,642	7,814
Total operating expenses	713,982	746,620	763,226
Other expense (income):
Interest expense, net	145,170	156,678	151,264
Goodwill impairment		132,128
Provision for impairment of real estate	84,389	18,536	54,174
Gain on sale of real estate, net of tax	(91,119)	(67,465)	(24,242)
Early extinguishment of debt		21,837	11,982
Net investment income	(5,463)	(5,307)	(5,568)
Total other expense (income)	132,977	256,407	187,610
Income from operations before equity in income of investments in real estate partnerships	319,202	13,148	182,302
Equity in income of investments in real estate partnerships (note 4)	47,086	34,169	60,956
Net income	366,288	47,317	243,258
Noncontrolling interests:
Limited partners’ interests in consolidated partnerships	(3,262)	(2,225)	(3,194)
Income attributable to noncontrolling interests	(3,262)	(2,225)	(3,194)
Net income attributable to common unit holders	$ 363,026	$ 45,092	$ 240,064
Income per common unit - basic (note 15):	$ 2.12	$ 0.27	$ 1.43
Income per common unit - diluted (note 15):	$ 2.12	$ 0.26	$ 1.43

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 366,288	$ 47,317	$ 243,258
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments	5,391	(19,187)	(15,585)
Reclassification adjustment of derivative instruments included in net income	4,141	11,262	3,269
Unrealized (loss) gain on available-for-sale securities	(405)	320	315
Other comprehensive income (loss)	9,127	(7,605)	(12,001)
Comprehensive income	375,415	39,712	231,257
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	4,877	2,428	3,828
Other comprehensive income (loss) attributable to noncontrolling interests	729	(977)	(931)
Comprehensive income attributable to noncontrolling interests	5,606	1,451	2,897
Comprehensive income attributable to the Company	369,809	38,261	228,360
Partnership Interest [Member]
Net income	366,288	47,317	243,258
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments	5,391	(19,187)	(15,585)
Reclassification adjustment of derivative instruments included in net income	4,141	11,262	3,269
Unrealized (loss) gain on available-for-sale securities	(405)	320	315
Other comprehensive income (loss)	9,127	(7,605)	(12,001)
Comprehensive income	375,415	39,712	231,257
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	3,262	2,225	3,194
Other comprehensive income (loss) attributable to noncontrolling interests	689	(948)	(912)
Comprehensive income attributable to noncontrolling interests	3,951	1,277	2,282
Comprehensive income attributable to the Company	$ 371,464	$ 38,435	$ 228,975

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions in Excess of Net Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest Exchangeable Operating Partnership Units [Member]	Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]	Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2018	$ 6,450,168	$ 1,679	$ (19,834)	$ 7,672,517	$ (927)	$ (1,255,465)	$ 6,397,970	$ 10,666	$ 41,532	$ 52,198
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	243,258					239,430	239,430	634	3,194	3,828
Other comprehensive income (loss):
Other comprehensive Income (loss) before reclassifications	(15,270)				(14,388)		(14,388)	(31)	(851)	(882)
Amounts reclassified from accumulated other comprehensive income	3,269				3,318		3,318	12	(61)	(49)
Deferred compensation plan, net			(3,365)	3,365
Restricted stock issued, net of amortization	16,254	2		16,252			16,254
Common stock repurchased for taxes withheld for stock based compensation, net	(5,794)			(5,794)			(5,794)
Common stock issued under dividend reinvestment plan	1,429	1		1,428			1,429
Common stock repurchased and retired	32,778	6		32,772			32,778
Reallocation of limited partners' interest				(66)			(66)		66	66
Contributions from partners	2,151								2,151	2,151
Issuance of exchangeable operating partnership units	25,870							25,870		25,870
Distributions to partners	(5,518)								5,518	5,518
Cash dividends declared:
Common stock/unit	(393,078)					392,027	392,027	1,051		1,051
Ending Balance at Dec. 31, 2019	6,289,961	1,676	(23,199)	7,654,930	(11,997)	(1,408,062)	6,213,348	36,100	40,513	76,613
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47,317					44,889	44,889	203	2,225	2,428
Other comprehensive income (loss):
Other comprehensive Income (loss) before reclassifications	(18,867)				(17,589)		(17,589)	(79)	(1,199)	(1,278)
Amounts reclassified from accumulated other comprehensive income	11,262				10,961		10,961	50	251	301
Deferred compensation plan, net			(1,237)	1,237
Restricted stock issued, net of amortization	14,248	2		14,246			14,248
Common stock repurchased for taxes withheld for stock based compensation, net	(5,059)			(5,059)			(5,059)
Common stock issued under dividend reinvestment plan	1,139			1,139			1,139
Common stock issued, net of issuance costs	125,608	19		125,589			125,608
Contributions from partners	606								606	606
Issuance of exchangeable operating partnership units	1,275							1,275		1,275
Distributions to partners	(4,888)								4,888	4,888
Cash dividends declared:
Common stock/unit	(404,455)					402,633	402,633	1,822		1,822
Ending Balance at Dec. 31, 2020	6,058,147	1,697	(24,436)	7,792,082	(18,625)	(1,765,806)	5,984,912	35,727	37,508	73,235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	366,288					361,411	361,411	1,615	3,262	4,877
Other comprehensive income (loss):
Other comprehensive Income (loss) before reclassifications	4,986				4,603		4,603	23	360	383
Amounts reclassified from accumulated other comprehensive income	4,141				3,795		3,795	17	329	346
Deferred compensation plan, net	75		1,678	(1,603)			75
Restricted stock issued, net of amortization	12,652	2		12,650			12,652
Common stock repurchased for taxes withheld for stock based compensation, net	(3,553)			(3,553)			(3,553)
Common stock issued under dividend reinvestment plan	1,286			1,286			1,286
Common stock issued for partnership units exchanged				99			99	(99)		(99)
Common stock issued, net of issuance costs	82,510	13		82,497			82,510
Distributions to partners	(4,345)								4,345	4,345
Cash dividends declared:
Common stock/unit	(412,255)					410,419	410,419	1,836		1,836
Ending Balance at Dec. 31, 2021	$ 6,109,932	$ 1,712	$ (22,758)	$ 7,883,458	$ (10,227)	$ (1,814,814)	$ 6,037,371	$ 35,447	$ 37,114	$ 72,561

Consolidated Statement of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock/unit per share	$ 2.41	$ 2.38	$ 2.34

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 366,288	$ 47,317	$ 243,258
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	303,331	345,900	374,283
Amortization of deferred loan costs and debt premiums	6,003	9,023	11,170
(Accretion) and amortization of above and below market lease intangibles, net	(22,936)	(40,540)	(43,867)
Stock-based compensation, net of capitalization	12,515	13,581	14,339
Equity in income of investments in real estate partnerships	(47,086)	(34,169)	(60,956)
Gain on sale of real estate, net of tax	(91,119)	(67,465)	(24,242)
Provision for impairment of real estate	84,389	18,536	54,174
Goodwill impairment		132,128
Early extinguishment of debt		21,837	11,982
Distribution of earnings from investments in real estate partnerships	71,934	47,703	56,297
Settlement of derivative instrument	(2,472)		(6,870)
Deferred compensation expense	4,572	4,668	5,169
Realized and unrealized (gain) loss on investments	(5,348)	(5,519)	(5,433)
Changes in assets and liabilities:
Tenant and other receivables	(24,869)	16,944	(4,690)
Deferred leasing costs	(6,966)	(6,973)	(6,777)
Other assets	(1,226)	(1,200)	(1,570)
Accounts payable and other liabilities	6,677	997	4,175
Tenants’ security, escrow deposits and prepaid rent	5,701	(3,650)	829
Net cash provided by operating activities	659,388	499,118	621,271
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $2,991 in 2021	(392,051)	(16,767)	(222,569)
Real estate development and capital improvements	(177,631)	(180,804)	(200,012)
Proceeds from sale of real estate	206,193	189,444	137,572
Proceeds from property insurance casualty claims		7,957	9,350
Issuance of notes receivable, net	(20)	(1,340)	(547)
Investments in real estate partnerships	(23,476)	(51,440)	(66,921)
Return of capital from investments in real estate partnerships	99,945	32,125	63,693
Dividends on investment securities	813	353	660
Acquisition of investment securities	(23,971)	(25,155)	(23,458)
Proceeds from sale of investment securities	23,846	19,986	19,539
Net cash used in investing activities	(286,352)	(25,641)	(282,693)
Cash flows from financing activities:
Net proceeds from common stock issuance	82,510	125,608
Repurchase of common shares/units in conjunction with tax withholdings on equity award plans	(4,083)	(5,512)	(6,204)
Proceeds from sale of treasury stock/units	96	269	9
Common shares repurchased through share repurchase program			(32,778)
Distributions to limited partners in consolidated partnerships, net	(4,345)	(2,770)	(3,367)
Distributions to exchangeable operating partnership unit holders	(1,815)	(1,366)	(1,051)
Dividends paid to common stockholders/ Distributions to partners	(403,085)	(300,537)	(390,598)
Repayment of fixed rate unsecured notes		(300,000)	(250,000)
Proceeds from issuance of fixed rate unsecured notes, net		598,830	723,571
Proceeds from unsecured credit facilities		610,000	560,000
Repayments of proceeds from unsecured credit facilities, net	(265,000)	(830,000)	(785,000)
Repayment of notes payable	(42,014)	(67,189)	(55,680)
Scheduled principal payments	(11,255)	(11,104)	(9,442)
Payment of loan costs	(7,468)	(5,063)	(7,019)
Early redemption costs		(21,755)	(10,647)
Net cash used in financing activities	(656,459)	(210,589)	(268,206)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(283,423)	262,888	70,372
Cash, cash equivalents, and restricted cash at beginning of the year	378,450	115,562	45,190
Cash, cash equivalents, and restricted cash at end of the year	95,027	378,450	115,562
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $4,202, $4,355, and $4,192 in 2021, 2020, and 2019, respectively)	140,084	151,338	136,139
Cash paid for income taxes, net of refunds	378	1,870	1,225
Supplemental disclosure of non-cash transactions:
Exchangeable operating partnership units issued for acquisition of real estate		1,275	25,870
Previously held equity investments in real estate assets acquired	(4,609)	5,986
Mortgage loans assumed by Company with the acquisition of real estate	111,104	16,359	26,152
Mortgage loan assumed by purchaser with the sale of real estate		8,250
Common stock issued by Parent Company for partnership units exchanged	99
Real estate received in lieu of promote interest	13,589
Change in fair value of securities	513	315	660
Change in accrued capital expenditures	10,188	12,166	10,704
Common stock issued for dividend reinvestment plan	1,286	1,139	1,429
Stock-based compensation capitalized	666	1,119	2,325
Common stock and exchangeable operating partnership dividends declared but not paid	107,480	101,412
(Distributions to) Contributions from limited partners in consolidated partnerships, net		(1,512)	66
Common stock issued for dividend reinvestment in trust	1,084	819	987
Contribution of stock awards into trust	1,416	1,524	2,582
Distribution of stock held in trust	3,647	1,052	197
Partnership Interest [Member]
Cash flows from operating activities:
Net income	366,288	47,317	243,258
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	303,331	345,900	374,283
Amortization of deferred loan costs and debt premiums	6,003	9,023	11,170
(Accretion) and amortization of above and below market lease intangibles, net	(22,936)	(40,540)	(43,867)
Stock-based compensation, net of capitalization	12,515	13,581	14,339
Equity in income of investments in real estate partnerships	(47,086)	(34,169)	(60,956)
Gain on sale of real estate, net of tax	(91,119)	(67,465)	(24,242)
Provision for impairment of real estate	84,389	18,536	54,174
Goodwill impairment		132,128
Early extinguishment of debt		21,837	11,982
Distribution of earnings from investments in real estate partnerships	71,934	47,703	56,297
Settlement of derivative instrument	(2,472)		(6,870)
Deferred compensation expense	4,572	4,668	5,169
Realized and unrealized (gain) loss on investments	(5,348)	(5,519)	(5,433)
Changes in assets and liabilities:
Tenant and other receivables	(24,869)	16,944	(4,690)
Deferred leasing costs	(6,966)	(6,973)	(6,777)
Other assets	(1,226)	(1,200)	(1,570)
Accounts payable and other liabilities	6,677	997	4,175
Tenants’ security, escrow deposits and prepaid rent	5,701	(3,650)	829
Net cash provided by operating activities	659,388	499,118	621,271
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $2,991 in 2021	(392,051)	(16,767)	(222,569)
Real estate development and capital improvements	(177,631)	(180,804)	(200,012)
Proceeds from sale of real estate	206,193	189,444	137,572
Proceeds from property insurance casualty claims		7,957	9,350
Issuance of notes receivable, net	(20)	(1,340)	(547)
Investments in real estate partnerships	(23,476)	(51,440)	(66,921)
Return of capital from investments in real estate partnerships	99,945	32,125	63,693
Dividends on investment securities	813	353	660
Acquisition of investment securities	(23,971)	(25,155)	(23,458)
Proceeds from sale of investment securities	23,846	19,986	19,539
Net cash used in investing activities	(286,352)	(25,641)	(282,693)
Cash flows from financing activities:
Net proceeds from common stock issuance	82,510	125,608
Repurchase of common shares/units in conjunction with tax withholdings on equity award plans	(4,083)	(5,512)	(6,204)
Proceeds from sale of treasury stock/units	96	269	9
Common shares repurchased through share repurchase program			(32,778)
Distributions to limited partners in consolidated partnerships, net	(4,345)	(2,770)	(3,367)
Dividends paid to common stockholders/ Distributions to partners	(404,900)	(301,903)	(391,649)
Repayment of fixed rate unsecured notes		(300,000)	(250,000)
Proceeds from issuance of fixed rate unsecured notes, net		598,830	723,571
Proceeds from unsecured credit facilities		610,000	560,000
Repayments of proceeds from unsecured credit facilities, net	(265,000)	(830,000)	(785,000)
Repayment of notes payable	(42,014)	(67,189)	(55,680)
Scheduled principal payments	(11,255)	(11,104)	(9,442)
Payment of loan costs	(7,468)	(5,063)	(7,019)
Early redemption costs		(21,755)	(10,647)
Net cash used in financing activities	(656,459)	(210,589)	(268,206)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(283,423)	262,888	70,372
Cash, cash equivalents, and restricted cash at beginning of the year	378,450	115,562	45,190
Cash, cash equivalents, and restricted cash at end of the year	95,027	378,450	115,562
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $4,202, $4,355, and $4,192 in 2021, 2020, and 2019, respectively)	140,084	151,338	136,139
Cash paid for income taxes, net of refunds	378	1,870	1,225
Supplemental disclosure of non-cash transactions:
Exchangeable operating partnership units issued for acquisition of real estate		1,275	25,870
Previously held equity investments in real estate assets acquired	(4,609)	5,986
Mortgage loans assumed by Company with the acquisition of real estate	111,104	16,359	26,152
Mortgage loan assumed by purchaser with the sale of real estate		8,250
Common stock issued by Parent Company for partnership units exchanged	99	1,275	25,870
Real estate received in lieu of promote interest	13,589
Change in fair value of securities	513	315	660
Change in accrued capital expenditures	10,188	12,166	10,704
Common stock issued for dividend reinvestment plan	1,286	1,139	1,429
Stock-based compensation capitalized	666	1,119	2,325
Common stock and exchangeable operating partnership dividends declared but not paid	107,480	101,412
(Distributions to) Contributions from limited partners in consolidated partnerships, net		(1,512)	66
Common stock issued for dividend reinvestment in trust	1,084	819	987
Contribution of stock awards into trust	1,416	1,524	2,582
Distribution of stock held in trust	$ 3,647	$ 1,052	$ 197

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net of cash acquired	$ 2,991
Capitalized interest	4,202	$ 4,355	$ 4,192
Partnership Interest [Member]
Net of cash acquired	2,991
Capitalized interest	$ 4,202	$ 4,355	$ 4,192

Consolidated Statement of Capital - USD ($) $ in Thousands	12 Months Ended
Consolidated Statement of Capital - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 366,288	$ 47,317	$ 243,258
Other comprehensive income
Amounts reclassified from accumulated other comprehensive income	4,141	11,262	3,269
Deferred compensation plan, net	75
Contributions from partners		606	2,151
Issuance of exchangeable operating partnership units		1,275	25,870
Distributions to partners	(4,345)	(4,888)	(5,518)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	12,652	14,248	16,254
Total Partners' Capital [Member]
Net income	361,411	44,889	239,430
Other comprehensive income
Amounts reclassified from accumulated other comprehensive income	3,795	10,961	3,318
Deferred compensation plan, net	75
Reallocation of limited partners' interest			(66)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	12,652	14,248	16,254
Partnership Interest [Member]
Beginning Balance	6,058,147	6,289,961	6,450,168
Net income	366,288	47,317	243,258
Other comprehensive income
Other comprehensive income before reclassifications	4,986	(18,867)	(15,270)
Amounts reclassified from accumulated other comprehensive income	4,141	11,262	3,269
Deferred compensation plan, net	75
Contributions from partners		606	2,151
Issuance of exchangeable operating partnership units		1,275	25,870
Distributions to partners	(416,600)	(409,343)	(398,596)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	12,652	14,248	16,254
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	82,510	125,608
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(2,267)	(3,920)
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company			(32,778)
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances			(4,365)
Ending Balance	6,109,932	6,058,147	6,289,961
Partnership Interest [Member] \| Total Partners' Capital [Member]
Beginning Balance	6,020,639	6,249,448	6,408,636
Net income	363,026	45,092	240,064
Other comprehensive income
Other comprehensive income before reclassifications	4,626	(17,668)	(14,419)
Amounts reclassified from accumulated other comprehensive income	3,812	11,011	3,330
Deferred compensation plan, net	75
Issuance of exchangeable operating partnership units		1,275	25,870
Distributions to partners	(412,255)	(404,455)	(393,078)
Reallocation of limited partners' interest			(66)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	12,652	14,248	16,254
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	82,510	125,608
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(2,267)	(3,920)
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company			(32,778)
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances			(4,365)
Ending Balance	6,072,818	6,020,639	6,249,448
Partnership Interest [Member] \| Accumulated Other Comprehensive Loss [Member]
Beginning Balance	(18,625)	(11,997)	(927)
Other comprehensive income
Other comprehensive income before reclassifications	4,603	(17,589)	(14,388)
Amounts reclassified from accumulated other comprehensive income	3,795	10,961	3,318
Ending Balance	(10,227)	(18,625)	(11,997)
Partnership Interest [Member] \| Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member]
Beginning Balance	37,508	40,513	41,532
Net income	3,262	2,225	3,194
Other comprehensive income
Other comprehensive income before reclassifications	360	(1,199)	(851)
Amounts reclassified from accumulated other comprehensive income	329	251	(61)
Contributions from partners		606	2,151
Distributions to partners	(4,345)	(4,888)	(5,518)
Reallocation of limited partners' interest			66
Ending Balance	37,114	37,508	40,513
Partnership Interest [Member] \| General Partner [Member]
Beginning Balance	6,003,537	6,225,345	6,398,897
Net income	361,411	44,889	239,430
Other comprehensive income
Deferred compensation plan, net	75
Distributions to partners	(410,419)	(402,633)	(392,027)
Reallocation of limited partners' interest			(66)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	12,652	14,248	16,254
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	82,510	125,608
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(2,267)	(3,920)
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company			(32,778)
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances			(4,365)
Common unit exchanged for common stock of Parent Company	99
Ending Balance	6,047,598	6,003,537	6,225,345
Partnership Interest [Member] \| Limited Partner [Member]
Beginning Balance	35,727	36,100	10,666
Net income	1,615	203	634
Other comprehensive income
Other comprehensive income before reclassifications	23	(79)	(31)
Amounts reclassified from accumulated other comprehensive income	17	50	12
Issuance of exchangeable operating partnership units		1,275	25,870
Distributions to partners	(1,836)	(1,822)	(1,051)
Common unit exchanged for common stock of Parent Company	(99)
Ending Balance	$ 35,447	$ 35,727	$ 36,100

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a)

Organization and Principles of Consolidation

General

Regency Centers Corporation (the “Parent Company”) began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development and redevelopment of shopping centers through the Operating Partnership, has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.

As of December 31, 2021, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the “Company” or “Regency”) owned 302 properties and held partial interests in an additional 103 properties through unconsolidated Investments in real estate partnerships (also referred to as “joint ventures” or “co-investment partnerships”).

Estimates, Risks, and Uncertainties

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company’s financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken.

COVID-19 Update

The COVID-19 pandemic continues to impact the Company’s business performance as it relates to occupancy and leasing volumes and how revenue recognition is impacted by rent collections and tenant credit risk. Rent collection rates since the pandemic began have been lower than historical pre-pandemic averages, but have steadily increased during 2021 since a low point in the second quarter of 2020. Collection rates may remain lower than historical pre-pandemic averages for the next twelve months. The ability of tenants to successfully operate their businesses and pay rent continue to be significantly influenced by pandemic-related challenges such as rising costs, labor shortages, supply chain constraints, reduced in-store sales, the emergence of new variants of the COVID-19 virus, effectiveness of vaccines against variants, and the impact of mask and vaccine mandates. The extent to which the COVID-19 pandemic continues to impact the Company’s financial condition, results of operations, and cash flows continues to depend on future developments that may emerge.

Consolidation

The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. All significant inter-company balances and transactions are eliminated in the consolidated financial statements.

The Company consolidates properties that are wholly owned or properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities (“VIEs”) and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

Ownership of the Parent Company

The Parent Company has a single class of common stock outstanding.

Ownership of the Operating Partnership

The Operating Partnership's capital includes general and limited common Partnership Units. As of December 31, 2021, the Parent Company owned approximately 99.6%, or 171,213,008, of the 171,973,054 outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets (i.e. registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages.

Real Estate Partnerships

Regency has a partial ownership interest in 113 properties through partnerships, of which 10 are consolidated. Regency's partners include institutional investors and other real estate developers and/or operators (the “Partners” or “Limited Partners”). The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of these partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. Regency has a variable interest in these partnerships through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property and asset management services to the partnerships. The Partners’ level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets.

•

Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model.

Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. If distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment results in a negative investment balance for a partnership, it is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets.

The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years.

Those partnerships in which Regency has a controlling financial interest are consolidated. Additionally, those partnerships for which the Partners only have protective rights are considered VIEs under ASC Topic 810, Consolidation. Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships, and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities. The limited partners’ ownership interest and share of net income is recorded as noncontrolling interest.

The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans. The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows:


(in thousands)	December 31, 2021		December 31, 2020
Assets
Net real estate investments	$	379,075		127,240
Cash, cash equivalents, and restricted cash		5,202		4,496
Liabilities
Notes payable		5,000		6,340
Equity
Limited partners’ interests in consolidated partnerships		27,950		28,685

Noncontrolling Interests

Noncontrolling Interests of the Parent Company

The consolidated financial statements of the Parent Company include the following ownership interests held by owners other than the common stockholders of the Parent Company: (i) the limited Partnership Units in the Operating Partnership held by third parties (“Exchangeable operating partnership units”) and (ii) the minority-owned interest held by third parties in consolidated partnerships (“Limited partners' interests in consolidated partnerships”). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company.

Limited partners' interests in consolidated partnerships are not redeemable by the holders. The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.

Noncontrolling Interests of the Operating Partnership

The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has the right, but not the obligation, to purchase the other members' interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership.

(b)

Revenues and Tenant Receivable

Leasing Income and Tenant Receivables

The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume (“percentage rent”), which are recognized when the tenants achieve the

specified targets as defined in their lease agreements. Additionally, most lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes and insurance and common area maintenance (“CAM”) costs (collectively “Recoverable Costs”) incurred.

Lease terms generally range from three to seven years for tenant space under 10,000 square feet (“Shop Space”) and in excess of five years for spaces greater than 10,000 square feet (“Anchor Space”). Many leases also provide tenants the option to extend their lease beyond the initial term of the lease. If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be leased to a new tenant. This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter of the life of the subsequent lease or the life of the improvement.

The Company accounts for its leases under ASC Topic 842, Leases, as follows:

Classification

Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company’s leases, are classified as operating leases. However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. At December 31, 2021, all of the Company’s leases were classified as operating leases. See the pandemic discussion that follows for unique considerations amidst the pandemic.

Recognition and Presentation

Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable. CAM is considered a non-lease component of the lease contract under Topic 842. However, as the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant's use of the underlying lease asset, the Company elected, as part of an available practical expedient, to combine CAM with the remaining lease components, along with tenant's reimbursement of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated Statements of Operations.

Collectibility

At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company’s credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period.

In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical collection experience. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. Uncollectible lease income is a direct charge against Lease income.

COVID-19 Pandemic and Rent Concessions

During 2020, in response to the pandemic and the resulting entry into agreements for rent concessions between tenants and landlords, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities could elect not to apply lease modification accounting with respect to such lease concessions, and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the right of the lessor or the obligations of the lessee. The Company has elected to treat concessions that satisfy this criteria as though the concession

was part of the existing contract and therefore not treated like a lease modification. Deferral agreement receivables are subject to the same collectibility assessment as other tenant receivables.

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2021		2020
Tenant receivables	$	27,354		39,658
Straight-line rent receivables		103,942		86,615
Other receivables (1)		21,795		17,360
Total tenant and other receivables, net	$	153,091		143,633

(1)

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Real Estate Sales

The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. While generally rare, any retained noncontrolling interest is measured at fair value at that time.

Management Services and Other Property Income

The Company recognizes revenue under Topic 606, Revenue from Contracts with Customers, when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers within the scope of Topic 606.

Property and Asset Management Services

The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods.

Several of the Company’s partnership agreements provide for incentive payments, generally referred to as “promotes” or “earnouts,” to Regency for appreciation in property values in Regency's capacity as manager. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal.

Leasing Services

Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures’ shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or rent payments commencing.

Transaction Services

The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any

unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets.

Other Property Income

Other property income includes parking fee and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.

All income from contracts with the Company’s real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2021			2020		2019
Management, transaction, and other fees:
Property management services	Over time	$	14,415			14,444		14,744
Asset management services	Over time		6,921			6,963		7,135
Promote income	Over time		13,589	(1)		—		—
Leasing services	Point in time		4,096			3,150		3,692
Other transaction fees	Point in time		1,316			1,944		4,065
Total management, transaction, and other fees		$	40,337			26,501		29,636

(1)

The Company recognized $13.6 million in promote revenue during the year ended December 31, 2021, for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.

The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $13.2 million and $9.9 million, as of December 31, 2021 and 2020, respectively.

(c)

Real Estate Investments

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2021		December 31, 2020
Land	$	4,340,084	$	4,230,989
Land improvements		684,613		630,264
Buildings		5,270,540		5,083,660
Building and tenant improvements		1,061,044		997,704
Construction in progress		139,300		159,241
Total real estate assets	$	11,495,581		11,101,858

Capitalization and Depreciation

Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense.

As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease.

Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term subject to a maximum of 10 years for tenant improvements, and three to seven years for furniture and equipment.

Development and Redevelopment Costs

Land, buildings, and improvements are recorded at cost. All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development or redevelopment of the property, construction costs, interest costs, real estate taxes, and allocated direct employee costs incurred during the period of development or redevelopment.

Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing or redeveloping a shopping center. As of December 31, 2021 and 2020, the Company had nonrefundable deposits and other pre development costs of approximately $10.8 million and $25.3 million, respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2021, 2020, and 2019, the Company expensed pre-development costs of approximately $1.5 million, $10.5 million, and $2.5 million, respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.

Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs expended. The Company discontinues interest and real estate tax capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell. During the years ended December 31, 2021, 2020, and 2019, the Company capitalized interest of $4.2 million, $4.4 million, and $4.2 million, respectively, on our development and redevelopment projects.

We have a staff of employees directly supporting our development and redevelopment program. All direct internal costs attributable to these development activities are capitalized as part of each development and redevelopment project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended December 31, 2021, 2020, and 2019, we capitalized $11.3 million, $10.2 million, and $20.4 million, respectively, of direct internal costs incurred to support our development and redevelopment program.

Acquisitions

The Company generally accounts for operating property acquisitions as asset acquisitions. The Company capitalizes transaction costs associated with asset acquisitions and expenses transaction costs associated with business combinations. Both asset acquisitions and business combinations require that the Company recognize and measure the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the operating property acquired (“acquiree”).

The Company's methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.

The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases.

Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable. The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable. The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.

Held for Sale

The Company classifies land, an operating property, or a property in development as held-for-sale upon satisfaction of the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Properties held-for-sale are carried at the lower of cost or fair value less costs to sell.

Impairment

We evaluate whether there are any events or changes in circumstances, including property operating performance and general market conditions or changes in hold period expectations, that indicate the carrying value of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. For those properties with such events or changes, management evaluates recoverability of the property's carrying amount. Through the evaluation, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in our disposition strategy or changes in the marketplace may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. To the extent that the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over the estimated fair value. If such indicators are not identified, management will not assess the recoverability of a property's carrying value. If a property previously classified as held and used is changed to held for sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired.

The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. The discounted cash flow approach uses similar assumptions to the undiscounted cash flow approach above, as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the estimated of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information.

A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If management identifies events or circumstances that indicate that the value of the Company's investment in real estate partnerships may be impaired, it evaluates the investment by calculating the estimated fair value of the investment by discounting estimated future cash flows over the expected term of the investment.

Tax Basis

The net book basis of the Company's real estate assets exceeds the net tax basis by approximately $2.6 billion and $2.7 billion at December 31, 2021 and 2020, respectively, primarily due to the tax free merger with Equity One and inheriting lower carryover tax basis.

(d)

Cash, Cash Equivalents, and Restricted Cash

Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2021 and 2020, $1.9 million and $2.4 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans.

(e)

Other Assets

Goodwill

Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. See note 5.

The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below.

The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Investments

The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices.

Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Investment income in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income.

Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Investment income in the Consolidated Statements of Operations.

(f)

Deferred Leasing Costs

Deferred leasing costs consist of costs associated with leasing the Company's shopping centers, and are presented net of accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early, the remaining leasing costs are written off.

Under ASC Topic 842, the Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant’s operating lease that would not have been incurred if the lease had not been obtained. These costs generally consist of third party broker payments. Non-contingent internal leasing and legal costs associated with leasing activities are expensed within General and administrative expenses.

(g)

Derivative Financial Instruments

The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings.

All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated other comprehensive income (loss) (“AOCI”). Upon the settlement of a hedge, gains and losses remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items.

In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.

(h)

Income Taxes

The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Code. As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its stockholders are at least equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a TRS or qualify as a REIT. The TRS's are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.6% owner, is allocated its Pro-rata share of tax attributes.

The Company accounts for income taxes related to its TRS’s under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. A valuation allowance is recorded to reduce deferred tax assets when it is believed that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent and projected results of operations in order to make that determination.

In addition, tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2017 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.

(i)

Lease Obligations

The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term.

In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Leasehold improvements are capitalized as tenant improvements, included in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.

Under ASC Topic 842, the Company recognizes Lease liabilities on its Consolidated Balance Sheets for its ground and office leases and corresponding Right of use assets related to these same ground and office leases which are classified as operating leases. A key input in estimating the Lease liabilities and resulting Right of use assets is establishing the discount rate in the lease, which since the rates implicit in the lease contracts are not readily determinable, requires additional inputs for the longer-term ground leases, including market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and a securitization adjustment necessary to reflect the collateralized payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities.

The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected option renewal periods. For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease.

(j)

Earnings per Share and Unit

Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable.

(k)

Stock-Based Compensation

The Company grants stock-based compensation to its employees and directors. The Company recognizes the cost of stock-based compensation based on the grant-date fair value of the award, which is expensed over the vesting period.

When the Parent Company issues common stock as compensation, it receives a like number of common units from the Operating Partnership. The Company is committed to contributing to the Operating Partnership all proceeds from the share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the “Plan”). Accordingly, the Parent Company's ownership in the Operating Partnership will increase based on the amount of proceeds contributed to the Operating Partnership for the common units it receives. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company.

(l)

Segment Reporting

The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures.

The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews operating and financial data

for each property on an individual basis; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance.

(m)

Business Concentration

Grocer anchor tenants represent approximately 20% of Pro-rata annual base rent. No single tenant accounts for 5% or more of revenue and none of the shopping centers are located outside the United States.

(n)

Fair Value of Assets and Liabilities

Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:

•

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

The Company also remeasures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a remeasurement event occurs.

(o)

Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:

Real Estate Investments

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Real Estate Investments

Acquisitions

The following tables detail consolidated shopping centers acquired or land acquired for development or redevelopment for the periods set forth below:


(in thousands)		December 31, 2021
Date Purchased	Property Name	City/State	Property Type	Purchase Price		Debt Assumed, Net of Premiums		Intangible Assets		Intangible Liabilities
7/30/21	Willa Springs (1)	Winter Springs, FL	Operating	$	34,500		17,682		1,562		643
8/1/21	Dunwoody Hall (1)	Dunwoody, GA	Operating		32,000		14,612		2,255		973
8/1/21	Alden Bridge (1)	Woodlands, TX	Operating		43,000		27,529		3,198		2,308
8/1/21	Hasley Canyon Village (1)	Castaic, CA	Operating		31,000		16,941		2,037		—
8/1/21	Shiloh Springs (1)	Garland, TX	Operating		19,500		—		1,825		1,079
8/1/21	Bethany Park Place (1)	Allen, TX	Operating		18,000		10,800		996		1,732
8/1/21	Blossom Valley (1)	Mountain View, CA	Operating		44,000		23,611		2,895		732
11/18/21	Blakeney Shopping Center	Charlotte, NC	Operating		181,000		—		14,096		4,431
12/30/21	Valley Stream	Long Island, NY	Operating		48,000		—		21,505		1,675
12/30/21	East Meadow	Long Island, NY	Operating		38,000		—		6,521		1,197
12/30/21	Wading River	Long Island, NY	Operating		35,000		—		4,998		1,469
12/30/21	Eastport	Long Island, NY	Operating		9,000		—		1,366		498
Total property acquisitions				$	533,000		111,175		63,254		16,737

(1)

The purchase prices, presented above, reflect the price for 100% of each property which were part of the seven property USAA portfolio purchase. The basis allocated to Real estate assets was $192.9 million which is net of the Company's carryover basis related to its 20% previously owned equity interest in the partnership.

(in thousands)

December 31, 2020

Date
Purchased

Property Name

City/State

Property
Type

Purchase
Price

Debt
Assumed,
Net of
Premiums

Intangible
Assets

Intangible
Liabilities

1/1/20

Country Walk Plaza (1)

Miami, FL

Operating

39,625

16,359

3,294

2,452

(1)

The purchase price presented above reflects the purchase price for 100% of the property, of which the Company previously owned a 30% equity interest prior to acquiring the other partner’s interest and gaining control.

Property Dispositions

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

Dispositions

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)	2021		2020		2019
Net proceeds from sale of real estate investments	$	206,193		189,444		137,572
Gain on sale of real estate, net of tax	$	91,119		67,465		24,242
Provision for impairment of real estate sold	$	112		958		1,836
Number of operating properties sold		7		6		7
Number of land parcels sold		5		11		6
Percent interest sold	100%		50% - 100%		100%

At December 31, 2021, the Company also had one operating property, which has since sold, and one land parcel classified within Properties held for sale on the Consolidated Balance Sheets.

Investments in Real Estate Partnerships

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Real Estate Partnerships

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


	December 31, 2021
(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%		67	$	153,125		1,537,411		34,655			78,112
New York Common Retirement Fund (NYC)	30.00%		2		11,688		82,446		315			6,939
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,360		135,537		1,976			10,256
Columbia Regency Partners II, LLC (Columbia II)	20.00%		12		35,251		352,469		10,987			55,059
Columbia Village District, LLC	30.00%		1		5,554		94,536		1,522			5,131
RegCal, LLC (RegCal)	25.00%		6		24,995		103,587		2,058			8,448
US Regency Retail I, LLC (USAA) (1)	20.01%		—		—		—		631			3,155
Other investments in real estate partnerships	35.00% - 50.00%		8		134,618		449,458		(5,058	)		32,176
Total investments in real estate partnerships			103	$	372,591		2,755,444		47,086			199,276

(1)

On August 1, 2021, the Company acquired the partner's 80% interest in the seven properties held in the USAA partnership and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. See note 2.


	December 31, 2020
(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%		67	$	179,728		1,583,097		25,425		56,244
New York Common Retirement Fund (NYC) (1)	30.00%		4		27,627		205,332		488		4,241
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		8,699		136,120		1,030		5,383
Columbia Regency Partners II, LLC (Columbia II)	20.00%		13		37,882		377,246		1,045		5,103
Columbia Village District, LLC	30.00%		1		10,108		94,551		757		2,531
RegCal, LLC (RegCal)	25.00%		6		25,908		107,283		1,296		5,397
US Regency Retail I, LLC (USAA) (2)	20.01%		7		—		85,006		790		3,948
Other investments in real estate partnerships (3)	35.00% - 50.00%		9		177,203		478,592		3,338		8,574
Total investments in real estate partnerships			114	$	467,155		3,067,227		34,169		91,421

(1)

On January 1, 2020, the Company purchased the partner's 70% interest of a property owned by the NYC partnership (Country Walk Plaza), as discussed in note 2, and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings.

(2)

The USAA partnership has 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 of $4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets.

(3)

In January 2020, the Company purchased an additional 16.62% interest in Town and Country Shopping Center, bringing its total ownership interest to 35%.

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


	December 31,
(in thousands)	2021		2020
Investments in real estate, net	$	2,530,964		2,817,713
Acquired lease intangible assets, net		18,735		32,607
Other assets		205,745		216,907
Total assets	$	2,755,444		3,067,227
Notes payable	$	1,444,867		1,557,043
Acquired lease intangible liabilities, net		20,978		33,223
Other liabilities		90,097		97,321
Capital - Regency		438,510		509,873
Capital - Third parties		760,992		869,767
Total liabilities and capital	$	2,755,444		3,067,227

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)	2021			2020
Capital - Regency	$	438,510			509,873
Basis difference		(65,919	)		(47,119	)
Negative investment in USAA (1)		—			4,401
Investments in real estate partnerships	$	372,591			467,155

(1)

On August 1, 2021, the Company acquired the partner's 80% interest in the seven properties held in the USAA partnership. See note 2

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)	2021			2020			2019
Total revenues	$	416,222			381,094			417,053
Operating expenses:
Depreciation and amortization		94,026			101,590			97,844
Operating and maintenance		66,061			65,146			65,811
General and administrative		5,837			5,870			6,201
Real estate taxes		54,618			53,747			53,410
Other operating expenses		3,624			3,126			2,709
Total operating expenses	$	224,166			229,479			225,975
Other expense (income):
Interest expense, net		58,109			66,786			75,449
Gain on sale of real estate		(75,162	)		(7,146	)		(64,798	)
Early extinguishment of debt		—			554			—
Provision for impairment		9,833			—			9,223
Total other expense (income)		(7,220	)		60,194			19,874
Net income of the Partnerships	$	199,276			91,421			171,204
The Company's share of net income of the Partnerships	$	47,086			34,169			60,956

Acquisitions

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships during 2020, which had no such acquisitions in 2021:

(in thousands)

Year ended December 31, 2020

Date
Purchased

Property
Name

City/State

Property
Type

Co-investment
Partner

Ownership
%

Purchase
Price

Debt
Assumed,
Net of
Premiums

Intangible
Assets

Intangible
Liabilities

11/13/20

Eastfield at Baybrook

Houston, TX

Development

Other

50.00%

4,491

—

Dispositions

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)	2021		2020		2019
Proceeds from sale of real estate investments	$	224,708		27,974		142,754
Gain on sale of real estate	$	75,162		7,147		64,798
The Company's share of gain on sale of real estate	$	9,380		2,413		29,422
Number of operating properties sold		4		2		4
Number of land out-parcels sold		1		—		—

Notes Payable

Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2021, 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
2022	$	7,736		254,893			7,300		269,929			98,932
2023		3,256		171,608			—		174,864			65,149
2024		1,877		33,690			—		35,567			14,233
2025		2,249		137,000			—		139,249			42,169
2026		2,471		125,286			—		127,757			41,768
Beyond 5 Years		8,723		697,479			—		706,202			257,620
Net unamortized loan costs, debt premium / (discount)		—		(8,701	)		—		(8,701	)		(3,080	)
Total notes payable	$	26,312		1,411,255			7,300		1,444,867			516,791

These fixed and variable rate loans are all non-recourse to the partnerships, and mature through 2034, with 93.2% having a weighted average fixed interest rate of 3.7%. The remaining notes payable float over LIBOR and had a weighted average variable interest rate of 2.5% at December 31, 2021. Maturing loans 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 which would be secured by the partner's membership interest.

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 discussed in Note 1, as follows:


	Year ended December 31,
(in thousands)	2021		2020		2019
Asset management, property management, leasing, and investment and financing services	$	40,301		26,618		28,878

Other Assets

12 Months Ended

Dec. 31, 2021

Other Assets [Abstract]

Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:


(in thousands)	December 31, 2021		December 31, 2020
Goodwill	$	167,095		173,868
Investments		65,112		60,692
Prepaid and other		21,332		17,802
Furniture, fixtures, and equipment, net		5,444		6,560
Deferred financing costs, net		7,448		2,524
Total other assets	$	266,431		261,446

The following table presents the goodwill balances and activity during the year to date periods ended:


	December 31, 2021									December 31, 2020
(in thousands)	Goodwill			Accumulated Impairment Losses			Total			Goodwill			Accumulated Impairment Losses			Total
Beginning of year balance	$	307,413			(133,545	)		173,868			310,388			(2,954	)		307,434
Goodwill allocated to Provision for impairment		—			—			—			—			(132,179	)		(132,179	)
Goodwill allocated to Properties held for sale		(2,465	)		—			(2,465	)		(1,191	)		1,191			—
Goodwill associated with disposed reporting units:
Goodwill allocated to Provision for impairment		(111	)		111			—			—			—			—
Goodwill allocated to Gain on sale of real estate		(4,308	)		—			(4,308	)		(1,784	)		397			(1,387	)
End of year balance	$	300,529			(133,434	)		167,095			307,413			(133,545	)		173,868

As the Company identifies properties (“reporting units”) that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant.

During 2020, the Company recognized $132.2 million of Goodwill impairment following the market disruptions of the COVID-19 pandemic, which was considered a triggering event requiring evaluation of reporting unit fair values for Goodwill impairment. Of the 269 reporting units with Goodwill, 87 were determined to have fair values lower than carrying value, resulting in $132.2 million of Goodwill impairment.

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangible

Acquired Lease Intangibles

The Company had the following acquired lease intangibles:


	December 31,
(in thousands)	2021			2020
In-place leases	$	443,460		$	414,298
Above-market leases		81,433			59,381
Total intangible assets		524,893			473,679
Accumulated amortization		(312,186	)		(284,880	)
Acquired lease intangible assets, net	$	212,707			188,799
Below-market leases		535,569			523,678
Accumulated amortization		(172,293	)		(145,966	)
Acquired lease intangible liabilities, net	$	363,276			377,712

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:


	Year ended December 31,
(in thousands)	2021		2020		2019		Line item in Consolidated Statements of Operations
In-place lease amortization	$	33,621		48,297		60,250	Depreciation and amortization
Above-market lease amortization		5,487		7,658		9,112	Lease income
Acquired lease intangible asset amortization	$	39,108		55,955		69,362

Below-market lease amortization	$	30,378		50,103		54,730	Lease income

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:


(in thousands)
In Process Year Ending December 31,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2022	$	31,473	$	22,238
2023		25,422		21,126
2024		19,359		19,061
2025		15,736		18,536
2026		12,779		17,939

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessor, Operating Leases

Leases

Lessor Accounting

All of the Company’s leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for CAM, real estate taxes, and insurance (“Recoverable Costs”). Income for these amounts is recognized on a straight-line basis.

Variable lease income includes the following two main items in the lease contracts:

(i)

Recoveries from tenants represents the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally the Company’s leases provide for the tenants to reimburse the Company based on the tenants’ share of the actual costs incurred in proportion to the tenants’ share of leased space in the property.

(ii)

Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842:


(in thousands)	December 31, 2021		December 31, 2020			December 31, 2019
Operating lease income
Fixed and in-substance fixed lease income	$	797,502		807,603			813,444
Variable lease income		262,619		247,384			247,861
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		24,539		42,219			45,392
Uncollectible straight line rent (1)		5,227		(34,673	)		(7,002	)
Uncollectible amounts billable in lease income (1)		23,481		(82,367	)		(5,394	)
Total lease income	$	1,113,368		980,166			1,094,301

(1)

During the year ended December 31, 2021, the Company had improved rent collections following decreases in governmental operating restrictions on certain businesses which resulted in more favorable income than we experienced in 2020 during the height of the pandemic.

Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:


(in thousands)
For the year ended December 31,	December 31, 2021
2022	$	793,177
2023		710,472
2024		609,200
2025		501,333
2026		398,196
Thereafter		1,409,012
Total	$	4,421,390

Lessee Accounting

The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center.

The Company has 20 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2101, and in most cases, provide for renewal options.

In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Office leases expire through the year 2029, and in many cases, provide for renewal options.

The ground and office lease expense is recognized on a straight-line basis over the term of the leases, including management's estimate of expected option renewal periods. Operating lease expense under the Company's ground and office leases was as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Fixed operating lease expense
Ground leases	$	13,862		13,716		13,982
Office leases		4,309		4,334		4,229
Total fixed operating lease expense		18,171		18,050		18,211
Variable lease expense
Ground leases		1,032		1,044		1,693
Office leases		615		585		552
Total variable lease expense		1,647		1,629		2,245
Total lease expense	$	19,818		19,679		20,456
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	15,165		15,003		14,815

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2021, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets:


(in thousands)	Lease Liabilities
For the year ended December 31,	Ground Leases			Office Leases			Total
2022	$	10,562			4,002			14,564
2023		10,775			3,323			14,098
2024		10,824			2,732			13,556
2025		10,827			2,561			13,388
2026		10,748			2,388			13,136
Thereafter		527,860			1,576			529,436
Total undiscounted lease liabilities	$	581,596			16,582			598,178
Present value discount		(381,062	)		(1,328	)		(382,390	)
Lease liabilities	$	200,534			15,254			215,788
Weighted average discount rate		5.2	%		3.4	%
Weighted average remaining term (in years)		47.7			4.8

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code with certain of its subsidiaries treated as taxable REIT subsidiary (“TRS”) entities, which are subject to federal and state income taxes.

The following table summarizes the tax status of dividends paid on our common shares:


	Year ended December 31,
(in thousands)	2021		2020	2019
Dividend per share	$2.53	(1)	2.19	2.34
Ordinary income	92%		100%	97%
Capital gain (2)	8%		—%	3%

Additional tax status information:
Qualified dividend income	1%		—%	—%
Section 199A dividend	91%		100%	97%
Section 897 ordinary dividends	2%		—%	—%
Section 897 capital gains	4%		—%	—%

(1)

During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 dividend period, and the balance allocated to 2022.

(2)

Of the total capital gain distribution during 2021, 42% is excluded under Reg. 1.1061-4(b)(7). The remaining 58% is a Three Year Amount under Reg. 1.1061-6(c).

Our consolidated expense (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 was as follows:


	Year ended December 31,
(in thousands)	2021	2020	2019
Income tax expense (benefit):
Current	$620	2,157	1,576
Deferred	421	(891)	(331)
Total income tax expense (benefit) (1)	$1,041	1,266	1,245

(1)

Includes $943,000, $(355,000) and $757,000 of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, $1.6 million, and $488,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020, and 2019, respectively.

The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows:


	Year ended December 31,
(in thousands)	2021	2020	2019
Computed expected tax expense (benefit)	$544	(3,665)	1,587
State income tax, net of federal benefit	477	(593)	650
Valuation allowance	15	1,043	(91)
Permanent items	1	5,079	(819)
All other items	4	(598)	(82)
Total income tax expense (1)	1,041	1,266	1,245
Income tax expense attributable to operations (1)	$1,041	1,266	1,245

(1)

Includes $943,000, $(355,000), and $757,000 of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, $1.6 million, and $488,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020 and 2019, respectively.

The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:


	December 31,
(in thousands)	2021			2020
Deferred tax assets
Provision for impairment	$	—			508
Fixed assets		1,039			1,077
Net operating loss carryforward		—			109
Other		1,379			771
Deferred tax assets		2,418			2,465
Valuation allowance		(2,418	)		(2,465	)
Deferred tax assets, net	$	—			—
Deferred tax liabilities
Straight line rent	$	—			(88	)
Fixed assets		(13,004	)		(12,943	)
Other		(340	)		—
Deferred tax liabilities		(13,344	)		(13,031	)
Net deferred tax liabilities	$	(13,344	)		(13,031	)

The Company believes it is more likely than not that the remaining deferred tax assets will not be realized unless tax planning strategies are implemented.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Notes Payable and Unsecured Credit Facilities

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facilities

The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following:


	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2021		2020
Notes payable:
Fixed rate mortgage loans	3/1/2032	4.0%	3.8%	$	359,414	$	272,750
Variable rate mortgage loans (1)	6/2/2027	3.2%	3.3%		115,539		146,046
Fixed rate unsecured debt	3/15/2049	3.8%	4.0%		3,243,991		3,239,609
Total notes payable				$	3,718,944		3,658,405
Unsecured credit facilities:
Line of Credit (2)	3/23/2025	1.0%	1.3%	$	—	$	—
Term Loan (3)		2.0%	2.1%		—		264,679
Total debt outstanding				$	3,718,944		3,923,084

(1)

Consists of five mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to mitigate the interest rate fluctuation risk. The effective fixed rates of the loans range from 2.5% to 4.1%.

(2)

Weighted average effective rate for the Line is calculated based on a fully drawn Line balance.

(3)

Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020, as the entire balance was repaid during January 2021.

Notes Payable

Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually.

The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2021, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt.

Unsecured Credit Facilities

During January 2021, the Company repaid in full the $265 million Term Loan, and settled its related interest rate swap, as discussed in note 10.

The Company has an unsecured line of credit commitment (the “Line”) with a syndicate of banks. At December 31, 2021, the Line had a borrowing capacity of $1.25 billion, which is reduced by the balance of outstanding borrowings and commitments from issued letters of credit. The Line bears interest at a variable rate of LIBOR plus 0.875% and is subject to a commitment fee of 0.15%, both of which are based on the Company's corporate credit rating.

The Company is required to comply with certain financial covenants as defined in the Line credit agreement, such as Ratio of Indebtedness to Total Asset Value (“TAV”), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2021, the Company is in compliance with all financial covenants for the Line.

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:


(in thousands)	December 31, 2021
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2022	$	11,389	$	5,848	$	—			17,237
2023		9,695		64,376		—			74,071
2024		4,849		90,742		250,000			345,591
2025		3,732		40,000		250,000			293,732
2026		3,922		88,000		200,000			291,922
Beyond 5 Years		6,661		138,234		2,575,000			2,719,895
Unamortized debt premium/(discount) and issuance costs		—		7,505		(31,009	)		(23,504	)
Total notes payable	$	40,248		434,705		3,243,991			3,718,944

(1)

Includes unsecured public and private debt and unsecured credit facilities.

The Company has $5.8 million of debt maturing over the next twelve months, which is in the form of a non-recourse mortgage loan. The Company currently intends to repay the maturing balance and leave the property unencumbered. The Company has sufficient capacity on its Line to repay the maturing debt, if necessary.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

10.

Derivative Financial Instruments

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative transactions or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets:


								Fair Value at December 31,
(in thousands)								Assets (Liabilities) (1)
Effective Date	Maturity Date	Notional Amount		Bank Pays Variable Rate of	Regency Pays Fixed Rate of			2021			2020
8/1/16	1/5/22 (2)	$	265,000	1 Month LIBOR with Floor		1.053	%	$	—			(2,472	)
4/7/16	4/1/23		19,029	1 Month LIBOR		1.303	%		(175	)		(494	)
12/1/16	11/1/23		31,763	1 Month LIBOR		1.490	%		(412	)		(1,181	)
9/17/19	3/17/25		24,000	1 Month LIBOR		1.542	%		(364	)		(1,288	)
6/2/17	6/2/27		36,019	1 Month LIBOR with Floor		2.366	%		(1,907	)		(3,856	)
Total derivative financial instruments								$	(2,858	)		(9,291	)

(1)

Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.

(2)

In January 2021, the Company cash settled before maturity $265 million of notional interest rate swaps in connection with its repayment of the Term Loan.

These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of December 31, 2021, does not have any derivatives that are not designated as hedges.

The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:


Location and Amount of Gain (Loss) Recognized in OCI on Derivative									Location and Amount of Gain (Loss) Reclassified from AOCI into Income							Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Year ended December 31,									Year ended December 31,							Year ended December 31,
(in thousands)	2021		2020			2019				2021		2020		2019			2021		2020		2019
Interest rate swaps	$	5,391		(19,187	)		(15,585	)	Interest expense, net	$	4,141		8,790		3,269	Interest expense, net	$	145,170		156,678		151,264
									Early extinguishment of debt (1)	$	—		2,472		—	Early extinguishment of debt	$	—		21,837		11,982

(1)

At December 31, 2020, based on intent to repay the Term Loan in January 2021, the Company recognized the Accumulated other comprehensive loss for the Term Loan swap in earnings within Early extinguishment of debt.

As of December 31, 2021, the Company expects approximately $3.0 million of accumulated comprehensive losses on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

11.

Fair Value Measurements

(a)

Disclosure of Fair Value of Financial Instruments

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximates their fair values, except for the following:


	December 31,
	2021				2020
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	3,718,944		4,103,533	$	3,658,405		4,102,382
Unsecured credit facilities	$	—		—	$	264,679		265,226

The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2021 and 2020, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.

The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.

(b)

Fair Value Measurements

The following financial instruments are measured at fair value on a recurring basis:

Securities

The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which

are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and includes unrealized gains of $1.7 million, $3.0 million, and $3.8 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Available-for-Sale Debt Securities

Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using matrix pricing methods to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through other comprehensive income.

Interest Rate Derivatives

The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:


	Fair Value Measurements as of December 31, 2021
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	49,513			49,513		—			—
Available-for-sale debt securities		15,599			—		15,599			—
Total	$	65,112			49,513		15,599			—
Liabilities:
Interest rate derivatives	$	(2,858	)		—		(2,858	)		—


	Fair Value Measurements as of December 31, 2020
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	44,986			44,986		—			—
Available-for-sale debt securities		15,706			—		15,706			—
Total	$	60,692			44,986		15,706			—
Liabilities:
Interest rate derivatives	$	(9,291	)		—		(9,291	)		—

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis:


	Fair Value Measurements as of December 31, 2021
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Operating properties	$	140,500		—		—		140,500		(84,277	)


	Fair Value Measurements as of December 31, 2020
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Operating properties	$	25,000		—		25,000		—		(17,532	)

During the year ended December 31, 2021, the Company recorded a provision for impairment of $84.3 million on the Potrero shopping centers (200 Potrero and Potrero Center) which are classified as held and used and were impaired to estimated fair value due to a change in expected hold period. The estimated fair value was derived using a discounted cash flow model. The discount rate of 7.2% and terminal capitalization rate of 5.25% used in the discounted cash flow model are considered significant unobservable inputs and assumptions used in estimating the fair value, which is considered a Level 3 input per the fair value hierarchy.

During the year ended December 31, 2020, the Company recorded a provision for impairment of $17.5 million on one operating property which is classified as held and used. The property was impaired as a result of limited visibility for replacement prospects for this property. The 2020 fair value was based on third-party offers for the property and is reflected in the above Level 2 fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity and Capital

12 Months Ended

Dec. 31, 2021

Equity And Capital [Abstract]

Equity and Capital

12.

Equity and Capital

Common Stock of the Parent Company

Dividends Declared

On February 9, 2022, our Board of Directors declared a common stock dividend of $0.625 per share, payable on April 5,

2022, to shareholders of record as of March 15, 2022.

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.

During May and June 2021, the Company entered into forward sale agreements under its ATM program through which the Company intends to issue 2,316,760 shares of its common stock at a weighted average offering price of $64.59 before any underwriting discount and offering expenses.

During September 2021, the Company settled two of its forward sale agreements and issued 1,332,142 shares at a weighted average offering price of $63.71 before underwriting discount and offering expenses. Net proceeds received at settlement were approximately $82.5 million, after approximately $1.1 million in underwriting discount and offering expenses, and were used to fund acquisitions of operating properties.

The remaining unsettled shares under the forward sale agreements must be settled within one year of their trade dates, which vary by agreement, and range from June 6, 2022, to June 11, 2022. Proceeds from the issuance of the remaining shares under outstanding forward sale agreements are expected to be approximately $65 million, before any underwriting discount and offering expenses, and are expected to be used to fund new investments which may include acquisitions of operating properties, fund developments and redevelopments, or for general corporate purposes.

As of December 31, 2021, $350.4 million of common stock remained available for issuance under this ATM equity program.

Share Repurchase Program

On February 3, 2021, 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 its outstanding common stock through open market purchases or in privately negotiated transactions. Any shares purchased, if not retired, will be treated as treasury shares. Under the current authorization, the program is set to expire on February 3, 2023, but may be modified or terminated at any time at the discretion of the Board. The timing and actual numbers of shares purchased under the program depend upon marketplace conditions, liquidity needs, and other factors. Through December 31, 2021, no shares have been repurchased under this program.

Common Units of the Operating Partnership

Common units of the operating partnership are issued or redeemed and retired for each of the shares of Parent Company common stock issued or repurchased and retired, as described above. During the year ended December 31, 2021, 5,000 Partnership Units were converted to Parent Company common stock.

General Partners

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


	December 31,
(in thousands)	2021			2020
Partnership units owned by the general partner		171,213			169,680
Partnership units owned by the limited partners		760			765
Total partnership units outstanding		171,973			170,445
Percentage of partnership units owned by the general partner		99.6	%		99.6	%

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

13.

Stock-Based Compensation

The Company recorded stock-based compensation in General and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below:


	Year ended December 31,
(in thousands)	2021			2020			2019
Restricted stock (1)	$	12,651			14,248			16,254
Directors' fees paid in common stock and other employee stock grants		530			452			410
Capitalized stock-based compensation		(666	)		(1,119	)		(2,325	)
Stock-based compensation, net of capitalization	$	12,515			13,581			14,339

(1)

Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

The Company established its Omnibus Incentive Plan (the “Plan”) under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.0 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2021, there were 4.3 million shares available for grant under the Plan either through stock options or restricted stock awards.

Restricted Stock Awards

The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based or performance-based awards. Market based awards are valued using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total

shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite vesting period for the entire award.

The following table summarizes non-vested restricted stock activity:


	Year ended December 31, 2021
	Number of Shares			Intrinsic Value (in thousands)		Weighted Average Grant Price
Non-vested as of December 31, 2020		618,935
Time-based awards granted (1) (4)		196,453				$	49.33
Performance-based awards granted (2) (4)		25,627				$	47.68
Market-based awards granted (3) (4)		146,136				$	42.63
Change in market-based awards earned for performance (3)		(15,513	)			$	47.18
Vested (5)		(223,158	)			$	49.02
Forfeited		(56,618	)			$	61.16
Non-vested as of December 31, 2021 (6)		691,862		$	51,744

(1)

Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period. These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed.

(2)

Performance-based awards are earned subject to future performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis.

(3)

Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows:


	Year ended December 31,
	2021			2020			2019
Volatility		42.60	%		18.50	%		19.30	%
Risk free interest rate		0.18	%		1.30	%		2.43	%

(4)

The weighted-average grant price for restricted stock granted during the years is summarized below:


	Year ended December 31,
	2021		2020		2019
Weighted-average grant price for restricted stock	$	46.55	$	64.14	$	65.11

(5)

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):


	Year ended December 31,
	2021		2020		2019
Intrinsic value of restricted stock vested	$	10,939	$	14,423	$	17,684

(6)

As of December 31, 2021, there was $13.9 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years. The Company issues new restricted stock from its authorized shares available at the date of grant.

Saving and Retirement Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Saving and Retirement Plans

14.

Saving and Retirement Plans

401(k) Retirement Plan

The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer eligible compensation up to the maximum allowable amount determined by the IRS. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to a maximum of $5,000 of their eligible compensation, is fully vested and funded as of December 31, 2021. Additionally, an annual profit sharing contribution may be made, which vests over a three year period. Costs for Company contributions to the plan totaled $4.1 million, $3.5 million, and $3.5 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Non-Qualified Deferred Compensation Plan (“NQDCP”)

The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust.

The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock:


	Year ended December 31,
(in thousands)	2021		2020		Location in Consolidated Balance Sheets
Assets:
Securities	$	44,464		40,964	Other assets
Liabilities:
Deferred compensation obligation	$	44,388		40,962	Accounts payable and other liabilities

Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment income in the accompanying Consolidated Statements of Operations. Changes in participant obligations, which is based on changes in the value of their investment elections, is recognized within General and administrative expenses within the accompanying Consolidated Statements of Operations.

Investments in shares of the Company's common stock are included, at cost, as Treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within
Additional paid in capital in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to the Regency common stock fund are recorded directly within stockholders' equity.

Earnings per Share and Unit

12 Months Ended

Dec. 31, 2021

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit

15.

Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:


	Year ended December 31,
(in thousands, except per share data)	2021		2020		2019
Numerator:
Income attributable to common stockholders - basic	$	361,411	$	44,889		239,430
Income attributable to common stockholders - diluted	$	361,411	$	44,889		239,430
Denominator:
Weighted average common shares outstanding for basic EPS		170,236		169,231		167,526
Weighted average common shares outstanding for diluted EPS (1) (2)		170,694		169,460		167,771
Income per common share – basic	$	2.12	$	0.27		1.43
Income per common share – diluted	$	2.12	$	0.26		1.43

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive.

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the years ended December 31, 2021, 2020, and 2019, were 761,955, 765,046, and 464,286, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:


	Year ended December 31,
(in thousands, except per share data)	2021		2020		2019
Numerator:
Income attributable to common unit holders - basic	$	363,026	$	45,092		240,064
Income attributable to common unit holders - diluted	$	363,026	$	45,092		240,064
Denominator:
Weighted average common units outstanding for basic EPU		170,998		169,997		167,990
Weighted average common units outstanding for diluted EPU (1) (2)		171,456		170,225		168,235
Income per common unit – basic	$	2.12	$	0.27		1.43
Income per common unit – diluted	$	2.12	$	0.26		1.43

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.

Commitments and Contingencies

Litigation

The Company is involved in litigation on a number of matters, and is subject to other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred.

Environmental

The Company is subject to numerous environmental laws and regulations pertaining primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, older underground petroleum storage tanks and other historic land use. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.

Letters of Credit

The Company has the right to issue letters of credit under the Line up to an amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects. As of December 31, 2021 and 2020, the Company had $9.4 million and $9.7 million, respectively, in letters of credit outstanding.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Consolidated Real Estate and Accumulated Depreciation


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages
101 7th Avenue	$	48,340		34,895		(57,260	)		15,378		10,597		25,975		(1,282	)		24,693		—
1175 Third Avenue		40,560		25,617		1			40,560		25,618		66,178		(3,614	)		62,564		—
1225-1239 Second Ave		23,033		17,173		(33	)		23,033		17,140		40,173		(2,578	)		37,595		—
200 Potrero		4,860		2,251		135			4,860		2,386		7,246		(365	)		6,881		—
22 Crescent Road		2,198		272		(318	)		2,152		—		2,152		—			2,152		—
4S Commons Town Center		30,760		35,830		1,384			30,812		37,162		67,974		(28,917	)		39,057		(82,531	)
6401 Roosevelt		2,685		934		14			2,685		948		3,633		(60	)		3,573		—
90 - 30 Metropolitan Avenue		16,614		24,171		141			16,614		24,312		40,926		(3,549	)		37,377		—
91 Danbury Road		732		851		—			732		851		1,583		(173	)		1,410		—
Alafaya Village		3,004		5,852		280			3,004		6,132		9,136		(1,029	)		8,107		—
Alden Bridge		17,014		21,958		161			17,014		22,119		39,133		(431	)		38,702		(26,000	)
Amerige Heights Town Center		10,109		11,288		890			10,109		12,178		22,287		(5,971	)		16,316		—
Anastasia Plaza		9,065		—		813			3,338		6,540		9,878		(3,344	)		6,534		—
Ashford Place		2,584		9,865		1,304			2,584		11,169		13,753		(8,837	)		4,916		—
Atlantic Village		4,282		18,827		1,908			4,830		20,187		25,017		(4,238	)		20,779		—
Aventura Shopping Center		2,751		10,459		10,955			9,486		14,679		24,165		(3,599	)		20,566		—
Aventura Square		88,098		20,771		1,785			89,657		20,997		110,654		(3,788	)		106,866		(3,639	)
Balboa Mesa Shopping Center		23,074		33,838		14,049			27,758		43,203		70,961		(17,856	)		53,105		—
Banco Popular Building		2,160		1,137		(1,294	)		2,003		—		2,003		—			2,003		—
Belleview Square		8,132		9,756		3,799			8,323		13,364		21,687		(9,627	)		12,060		—
Belmont Chase		13,881		17,193		(491	)		14,372		16,211		30,583		(6,974	)		23,609		—
Berkshire Commons		2,295		9,551		2,952			2,965		11,833		14,798		(9,060	)		5,738		—
Bethany Park Place		4,832		12,405		21			4,832		12,426		17,258		(250	)		17,008		(10,200	)
Bird 107 Plaza		10,371		5,136		(25	)		10,371		5,111		15,482		(1,046	)		14,436		—
Bird Ludlam		42,663		38,481		821			42,663		39,302		81,965		(6,808	)		75,157		—
Black Rock		22,251		20,815		435			22,251		21,250		43,501		(6,116	)		37,385		(19,029	)
Blakeney Shopping Center		82,411		89,165		—			82,411		89,165		171,576		(374	)		171,202		—
Bloomingdale Square		3,940		14,912		20,772			8,639		30,985		39,624		(10,976	)		28,648		—
Blossom Valley		31,988		5,850		156			31,988		6,006		37,994		(143	)		37,851		(22,300	)
Boca Village Square		43,888		9,726		88			43,888		9,814		53,702		(2,421	)		51,281		—
Boulevard Center		3,659		10,787		2,974			3,659		13,761		17,420		(8,681	)		8,739		—
Boynton Lakes Plaza		2,628		11,236		5,028			3,606		15,286		18,892		(9,033	)		9,859		—
Boynton Plaza		12,879		20,713		200			12,879		20,913		33,792		(3,850	)		29,942		—
Brentwood Plaza		2,788		3,473		356			2,788		3,829		6,617		(1,786	)		4,831		—
Briarcliff La Vista		694		3,292		595			694		3,887		4,581		(3,284	)		1,297		—
Briarcliff Village		4,597		24,836		5,471			4,597		30,307		34,904		(21,404	)		13,500		—
Brick Walk		25,299		41,995		1,796			25,299		43,791		69,090		(10,824	)		58,266		(31,763	)
BridgeMill Market		7,521		13,306		890			7,522		14,195		21,717		(3,138	)		18,579		—
Bridgeton		3,033		8,137		623			3,067		8,726		11,793		(3,491	)		8,302		—
Brighten Park		3,983		18,687		11,439			4,234		29,875		34,109		(20,513	)		13,596		—
Broadway Plaza		40,723		42,170		2,089			40,723		44,259		84,982		(7,387	)		77,595		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages
Brooklyn Station on Riverside		7,019		8,688		267			6,998		8,976		15,974		(2,652	)		13,322		—
Brookside Plaza		35,161		17,494		5,401			36,163		21,893		58,056		(4,750	)		53,306		—
Buckhead Court		1,417		7,432		4,496			1,417		11,928		13,345		(9,204	)		4,141		—
Buckhead Landing (fka Piedmont Peachtree Crossing)		45,502		16,642		57			45,502		16,699		62,201		(3,126	)		59,075		—
Buckhead Station		70,411		36,518		3,025			70,448		39,506		109,954		(8,436	)		101,518		—
Buckley Square		2,970		5,978		1,515			2,970		7,493		10,463		(4,916	)		5,547		—
Caligo Crossing		2,459		4,897		157			2,546		4,967		7,513		(3,700	)		3,813		—
Cambridge Square		774		4,347		507			774		4,854		5,628		(3,314	)		2,314		—
Carmel Commons		2,466		12,548		5,145			3,422		16,737		20,159		(11,596	)		8,563		—
Carriage Gate		833		4,974		3,407			1,302		7,912		9,214		(7,161	)		2,053		—
Carytown Exchange		23,587		12,523		(55	)		23,587		12,468		36,055		(1,191	)		34,864		—
Cashmere Corners		3,187		9,397		390			3,187		9,787		12,974		(2,186	)		10,788		—
Centerplace of Greeley III		6,661		11,502		1,448			5,694		13,917		19,611		(6,728	)		12,883		—
Charlotte Square		1,141		6,845		1,271			1,141		8,116		9,257		(1,919	)		7,338		—
Chasewood Plaza		4,612		20,829		5,750			6,886		24,305		31,191		(20,052	)		11,139		—
Chastain Square		30,074		12,644		2,120			30,074		14,764		44,838		(3,712	)		41,126		—
Cherry Grove		3,533		15,862		4,904			3,533		20,766		24,299		(12,892	)		11,407		—
Chimney Rock		23,623		48,200		433			23,623		48,633		72,256		(12,339	)		59,917		—
Circle Center West		22,930		9,028		(46	)		22,930		8,982		31,912		(1,784	)		30,128		—
Circle Marina Center		29,303		18,437		99			29,303		18,536		47,839		(1,562	)		46,277		(24,000	)
CityLine Market		12,208		15,839		273			12,306		16,014		28,320		(4,818	)		23,502		—
CityLine Market Phase II		2,744		3,081		5			2,744		3,086		5,830		(868	)		4,962		—
Clayton Valley Shopping Center		24,189		35,422		3,113			24,538		38,186		62,724		(29,202	)		33,522		—
Clocktower Plaza Shopping Ctr		49,630		19,624		672			49,630		20,296		69,926		(3,530	)		66,396		—
Clybourn Commons		15,056		5,594		275			15,056		5,869		20,925		(1,799	)		19,126		—
Cochran's Crossing		13,154		12,315		2,306			13,154		14,621		27,775		(11,082	)		16,693		—
Compo Acres Shopping Center		28,627		10,395		898			28,627		11,293		39,920		(1,900	)		38,020		—
Concord Shopping Plaza		30,819		36,506		1,562			31,272		37,615		68,887		(6,113	)		62,774		—
Copps Hill Plaza		29,515		40,673		659			29,514		41,333		70,847		(7,514	)		63,333		(10,145	)
Coral Reef Shopping Center		14,922		15,200		2,435			15,332		17,225		32,557		(3,231	)		29,326		—
Corkscrew Village		8,407		8,004		662			8,407		8,666		17,073		(4,181	)		12,892		—
Cornerstone Square		1,772		6,944		1,685			1,772		8,629		10,401		(6,578	)		3,823		—
Corvallis Market Center		6,674		12,244		472			6,696		12,694		19,390		(7,353	)		12,037		—
Country Walk Plaza		18,713		20,373		108			18,713		20,481		39,194		(1,459	)		37,735		(16,000	)
Countryside Shops		17,982		35,574		13,613			23,175		43,994		67,169		(9,781	)		57,388		—
Courtyard Shopping Center		5,867		4		3			5,867		7		5,874		(3	)		5,871		—
Culver Center		108,841		32,308		1,229			108,841		33,537		142,378		(6,594	)		135,784		—
Danbury Green		30,303		19,255		661			30,303		19,916		50,219		(3,410	)		46,809		—
Dardenne Crossing		4,194		4,005		704			4,343		4,560		8,903		(2,397	)		6,506		—
Darinor Plaza		693		32,140		942			711		33,064		33,775		(5,901	)		27,874		—
Diablo Plaza		5,300		8,181		2,154			5,300		10,335		15,635		(6,391	)		9,244		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages
Dunwoody Hall		15,145		12,110		10			15,145		12,120		27,265		(214	)		27,051		(13,800	)
Dunwoody Village		3,342		15,934		5,859			3,342		21,793		25,135		(16,777	)		8,358		—
East Meadow		12,325		21,378		—			12,325		21,378		33,703		—			33,703		—
East Pointe		1,730		7,189		2,257			1,941		9,235		11,176		(6,708	)		4,468		—
Eastport		2,985		5,649		—			2,985		5,649		8,634		—			8,634		—
El Camino Shopping Center		7,600		11,538		13,427			10,328		22,237		32,565		(10,986	)		21,579		—
El Cerrito Plaza		11,025		27,371		2,910			11,025		30,281		41,306		(13,523	)		27,783		—
El Norte Pkwy Plaza		2,834		7,370		3,326			3,263		10,267		13,530		(6,577	)		6,953		—
Encina Grande		5,040		11,572		20,072			10,518		26,166		36,684		(15,129	)		21,555		—
Fairfield Center		6,731		29,420		1,301			6,731		30,721		37,452		(7,380	)		30,072		—
Falcon Marketplace		1,340		4,168		467			1,246		4,729		5,975		(2,943	)		3,032		—
Fellsway Plaza		30,712		7,327		9,825			34,923		12,941		47,864		(7,404	)		40,460		(36,019	)
Fenton Marketplace		2,298		8,510		(7,936	)		512		2,360		2,872		(1,238	)		1,634		—
Fleming Island		3,077		11,587		3,165			3,111		14,718		17,829		(9,274	)		8,555		—
Fountain Square		29,722		29,041		(211	)		29,784		28,768		58,552		(11,224	)		47,328		—
French Valley Village Center		11,924		16,856		376			11,822		17,334		29,156		(14,998	)		14,158		—
Friars Mission Center		6,660		28,021		2,263			6,660		30,284		36,944		(17,698	)		19,246		—
Gardens Square		2,136		8,273		768			2,136		9,041		11,177		(5,750	)		5,427		—
Gateway Shopping Center		52,665		7,134		11,424			55,087		16,136		71,223		(18,453	)		52,770		—
Gelson's Westlake Market Plaza		3,157		11,153		5,986			4,654		15,642		20,296		(9,024	)		11,272		—
Glen Oak Plaza		4,103		12,951		1,051			4,103		14,002		18,105		(5,146	)		12,959		—
Glengary Shoppes		9,120		11,541		1,001			9,120		12,542		21,662		(2,643	)		19,019		—
Glenwood Village		1,194		5,381		406			1,194		5,787		6,981		(4,796	)		2,185		—
Golden Hills Plaza		12,699		18,482		3,692			11,521		23,352		34,873		(11,768	)		23,105		—
Grand Ridge Plaza		24,208		61,033		5,907			24,918		66,230		91,148		(26,597	)		64,551		—
Greenwood Shopping Centre		7,777		24,829		573			7,777		25,402		33,179		(4,915	)		28,264		—
Hammocks Town Center		28,764		25,113		858			28,764		25,971		54,735		(5,131	)		49,604		—
Hancock		8,232		28,260		(13,312	)		4,692		18,488		23,180		(11,618	)		11,562		—
Harpeth Village Fieldstone		2,284		9,443		812			2,284		10,255		12,539		(6,184	)		6,355		—
Hasley Canyon Village		17,630		8,231		16			17,630		8,247		25,877		(167	)		25,710		(16,000	)
Heritage Plaza		12,390		26,097		14,318			12,215		40,590		52,805		(20,644	)		32,161		—
Hershey		7		808		11			7		819		826		(533	)		293		—
Hewlett Crossing I & II		11,850		18,205		781			11,850		18,986		30,836		(2,531	)		28,305		(9,061	)
Hibernia Pavilion		4,929		5,065		236			4,929		5,301		10,230		(3,928	)		6,302		—
Hillcrest Village		1,600		1,909		51			1,600		1,960		3,560		(1,146	)		2,414		—
Hilltop Village		2,995		4,581		4,160			3,104		8,632		11,736		(4,151	)		7,585		—
Hinsdale		5,734		16,709		11,868			8,343		25,968		34,311		(16,004	)		18,307		—
Holly Park		8,975		23,799		2,425			8,828		26,371		35,199		(7,447	)		27,752		—
Howell Mill Village		5,157		14,279		7,361			9,610		17,187		26,797		(7,993	)		18,804		—
Hyde Park		9,809		39,905		7,245			9,809		47,150		56,959		(29,449	)		27,510		—
Indian Springs Center		24,974		25,903		985			25,034		26,828		51,862		(6,963	)		44,899		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages
Indigo Square		8,087		9,885		(5	)		8,087		9,880		17,967		(1,742	)		16,225		—
Inglewood Plaza		1,300		2,159		921			1,300		3,080		4,380		(1,847	)		2,533		—
Keller Town Center		2,294		12,841		973			2,404		13,704		16,108		(7,838	)		8,270		—
Kirkman Shoppes		9,364		26,243		674			9,367		26,914		36,281		(4,714	)		31,567		—
Kirkwood Commons		6,772		16,224		1,194			6,802		17,388		24,190		(6,130	)		18,060		(6,495	)
Klahanie Shopping Center		14,451		20,089		459			14,451		20,548		34,999		(4,069	)		30,930		—
Kroger New Albany Center		3,844		6,599		1,410			3,844		8,009		11,853		(6,287	)		5,566		—
Lake Mary Centre		24,036		57,476		2,009			24,036		59,485		83,521		(11,835	)		71,686		—
Lake Pine Plaza		2,008		7,632		861			2,029		8,472		10,501		(5,255	)		5,246		—
Lebanon/Legacy Center		3,913		7,874		1,211			3,913		9,085		12,998		(6,773	)		6,225		—
Littleton Square		2,030		8,859		(3,562	)		2,433		4,894		7,327		(2,950	)		4,377		—
Lloyd King Center		1,779		10,060		1,295			1,779		11,355		13,134		(7,154	)		5,980		—
Lower Nazareth Commons		15,992		12,964		4,085			16,343		16,698		33,041		(11,987	)		21,054		—
Mandarin Landing		7,913		27,230		58			7,913		27,288		35,201		(5,035	)		30,166		—
Market at Colonnade Center		6,455		9,839		130			6,160		10,264		16,424		(5,300	)		11,124		—
Market at Preston Forest		4,400		11,445		1,848			4,400		13,293		17,693		(8,073	)		9,620		—
Market at Round Rock		2,000		9,676		6,220			1,996		15,900		17,896		(11,063	)		6,833		—
Market at Springwoods Village		12,592		12,781		8			12,592		12,789		25,381		(3,556	)		21,825		(5,000	)
Marketplace at Briargate		1,706		4,885		234			1,727		5,098		6,825		(3,304	)		3,521		—
Mellody Farm		35,628		66,863		(121	)		35,628		66,742		102,370		(10,679	)		91,691		—
Melrose Market		4,451		10,807		(74	)		4,451		10,733		15,184		(1,560	)		13,624		—
Millhopper Shopping Center		1,073		5,358		5,949			1,901		10,479		12,380		(7,789	)		4,591		—
Mockingbird Commons		3,000		10,728		2,480			3,000		13,208		16,208		(7,947	)		8,261		—
Monument Jackson Creek		2,999		6,765		1,277			2,999		8,042		11,041		(6,178	)		4,863		—
Morningside Plaza		4,300		13,951		971			4,300		14,922		19,222		(9,028	)		10,194		—
Murrayhill Marketplace		2,670		18,401		14,410			2,903		32,578		35,481		(17,422	)		18,059		—
Naples Walk		18,173		13,554		1,933			18,173		15,487		33,660		(7,661	)		25,999		—
Newberry Square		2,412		10,150		1,301			2,412		11,451		13,863		(9,434	)		4,429		—
Newland Center		12,500		10,697		8,700			16,276		15,621		31,897		(10,449	)		21,448		—
Nocatee Town Center		10,124		8,691		8,627			11,045		16,397		27,442		(8,685	)		18,757		—
North Hills		4,900		19,774		1,511			4,900		21,285		26,185		(13,729	)		12,456		—
Northgate Marketplace		5,668		13,727		31			4,995		14,431		19,426		(7,010	)		12,416		—
Northgate Marketplace Ph II		12,189		30,171		133			12,189		30,304		42,493		(7,648	)		34,845		—
Northgate Plaza (Maxtown Road)		1,769		6,652		4,967			2,840		10,548		13,388		(6,248	)		7,140		—
Northgate Square		5,011		8,692		1,060			5,011		9,752		14,763		(4,996	)		9,767		—
Northlake Village		2,662		11,284		(307	)		2,662		10,977		13,639		(6,506	)		7,133		—
Oak Shade Town Center		6,591		28,966		702			6,591		29,668		36,259		(11,297	)		24,962		(5,606	)
Oakbrook Plaza		4,000		6,668		5,836			4,766		11,738		16,504		(5,845	)		10,659		—
Oakleaf Commons		3,503		11,671		1,417			3,190		13,401		16,591		(7,787	)		8,804		—
Ocala Corners		1,816		10,515		588			1,816		11,103		12,919		(5,226	)		7,693		—
Old St Augustine Plaza		2,368		11,405		13,510			3,455		23,828		27,283		(10,555	)		16,728		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages
Pablo Plaza		11,894		21,407		9,731			13,340		29,692		43,032		(5,895	)		37,137		—
Paces Ferry Plaza		2,812		12,639		21,007			13,803		22,655		36,458		(12,460	)		23,998		—
Panther Creek		14,414		14,748		5,922			15,212		19,872		35,084		(14,998	)		20,086		—
Pavillion		15,626		22,124		1,068			15,626		23,192		38,818		(4,931	)		33,887		—
Peartree Village		5,197		19,746		890			5,197		20,636		25,833		(14,041	)		11,792		—
Persimmon Place		25,975		38,114		(59	)		26,692		37,338		64,030		(13,703	)		50,327		—
Pike Creek		5,153		20,652		2,887			5,251		23,441		28,692		(14,576	)		14,116		—
Pine Island		21,086		28,123		3,513			21,086		31,636		52,722		(7,463	)		45,259		—
Pine Lake Village		6,300		10,991		1,683			6,300		12,674		18,974		(7,580	)		11,394		—
Pine Ridge Square		13,951		23,147		490			13,951		23,637		37,588		(4,605	)		32,983		—
Pine Tree Plaza		668		6,220		896			668		7,116		7,784		(4,226	)		3,558		—
Pinecrest Place		4,193		13,275		(225	)		3,992		13,251		17,243		(2,307	)		14,936		—
Plaza Escuela		24,829		104,395		1,401			24,829		105,796		130,625		(14,023	)		116,602		—
Plaza Hermosa		4,200		10,109		3,633			4,202		13,740		17,942		(8,176	)		9,766		—
Point 50		15,239		11,367		(725	)		14,602		11,279		25,881		(700	)		25,181		—
Point Royale Shopping Center		18,201		14,889		6,607			19,386		20,311		39,697		(5,327	)		34,370		—
Post Road Plaza		15,240		5,196		153			15,240		5,349		20,589		(993	)		19,596		—
Potrero Center		133,422		116,758		(87,981	)		85,205		76,994		162,199		(11,126	)		151,073		—
Powell Street Plaza		8,248		30,716		3,628			8,248		34,344		42,592		(17,863	)		24,729		—
Powers Ferry Square		3,687		17,965		10,048			5,758		25,942		31,700		(19,814	)		11,886		—
Powers Ferry Village		1,191		4,672		981			1,191		5,653		6,844		(4,380	)		2,464		—
Prairie City Crossing		4,164		13,032		821			4,164		13,853		18,017		(7,381	)		10,636		—
Preston Oaks		763		30,438		(3,199	)		1,423		26,579		28,002		(3,347	)		24,655		—
Prestonbrook		7,069		8,622		1,190			7,069		9,812		16,881		(7,601	)		9,280		—
Prosperity Centre		11,682		26,215		250			11,681		26,466		38,147		(4,665	)		33,482		—
Ralphs Circle Center		20,939		6,317		98			20,939		6,415		27,354		(1,477	)		25,877		—
Red Bank Village		10,336		9,500		1,185			9,755		11,266		21,021		(4,134	)		16,887		—
Regency Commons		3,917		3,616		314			3,917		3,930		7,847		(2,848	)		4,999		—
Regency Square		4,770		25,191		6,797			5,060		31,698		36,758		(25,706	)		11,052		—
Rivertowns Square		15,505		52,505		2,994			16,853		54,151		71,004		(6,386	)		64,618		—
Rona Plaza		1,500		4,917		337			1,500		5,254		6,754		(3,375	)		3,379		—
Roosevelt Square		40,371		32,108		5,040			40,382		37,137		77,519		(4,308	)		73,211		—
Russell Ridge		2,234		6,903		1,593			2,234		8,496		10,730		(5,866	)		4,864		—
Ryanwood Square		10,581		10,044		157			10,573		10,209		20,782		(2,493	)		18,289		—
Salerno Village		1,355		—		—			1,355		—		1,355		(24	)		1,331		—
Sammamish-Highlands		9,300		8,075		8,730			9,592		16,513		26,105		(10,929	)		15,176		—
San Carlos Marketplace		36,006		57,886		415			36,006		58,301		94,307		(8,282	)		86,025		—
San Leandro Plaza		1,300		8,226		998			1,300		9,224		10,524		(5,401	)		5,123		—
Sandy Springs		6,889		28,056		3,777			6,889		31,833		38,722		(10,027	)		28,695		—
Sawgrass Promenade		10,846		12,525		462			10,846		12,987		23,833		(2,733	)		21,100		—
Scripps Ranch Marketplace		59,949		26,334		742			59,949		27,076		87,025		(4,080	)		82,945		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages
Serramonte Center		390,106		172,652		61,634			414,599		209,793		624,392		(53,682	)		570,710		—
Shaw's at Plymouth		3,968		8,367		—			3,968		8,367		12,335		(1,755	)		10,580		—
Sheridan Plaza		82,260		97,273		10,933			83,231		107,235		190,466		(17,647	)		172,819		—
Sherwood Crossroads		2,731		6,360		1,254			2,731		7,614		10,345		(3,999	)		6,346		—
Shiloh Springs		5,236		11,802		152			5,236		11,954		17,190		(255	)		16,935		—
Shoppes @ 104		11,193		—		2,774			7,078		6,889		13,967		(3,414	)		10,553		—
Shoppes at Homestead		5,420		9,450		2,248			5,420		11,698		17,118		(7,072	)		10,046		—
Shoppes at Lago Mar		8,323		11,347		190			8,323		11,537		19,860		(2,452	)		17,408		—
Shoppes at Sunlake Centre		16,643		15,091		3,047			17,247		17,534		34,781		(3,924	)		30,857		—
Shoppes of Grande Oak		5,091		5,985		616			5,091		6,601		11,692		(5,683	)		6,009		—
Shoppes of Jonathan's Landing		4,474		5,628		444			4,474		6,072		10,546		(1,215	)		9,331		—
Shoppes of Oakbrook		20,538		42,992		172			20,538		43,164		63,702		(7,207	)		56,495		(1,564	)
Shoppes of Silver Lakes		17,529		21,829		702			17,529		22,531		40,060		(4,670	)		35,390		—
Shoppes of Sunset		2,860		1,316		53			2,860		1,369		4,229		(351	)		3,878		—
Shoppes of Sunset II		2,834		715		3			2,834		718		3,552		(233	)		3,319		—
Shops at County Center		9,957		11,296		1,110			9,973		12,390		22,363		(11,028	)		11,335		—
Shops at Erwin Mill		9,082		6,124		392			9,087		6,511		15,598		(3,543	)		12,055		(10,000	)
Shops at John's Creek		1,863		2,014		(50	)		1,501		2,326		3,827		(1,571	)		2,256		—
Shops at Mira Vista		11,691		9,026		180			11,691		9,206		20,897		(2,810	)		18,087		(192	)
Shops at Quail Creek		1,487		7,717		882			1,448		8,638		10,086		(4,428	)		5,658		—
Shops at Saugus		19,201		17,984		105			18,811		18,479		37,290		(12,100	)		25,190		—
Shops at Skylake		84,586		39,342		1,880			85,117		40,691		125,808		(8,989	)		116,819		—
Shops on Main		17,020		27,055		16,102			18,534		41,643		60,177		(14,424	)		45,753		—
Sope Creek Crossing		2,985		12,001		3,445			3,332		15,099		18,431		(9,725	)		8,706		—
South Beach Regional		28,188		53,405		975			28,188		54,380		82,568		(10,337	)		72,231		—
South Point		6,563		7,939		309			6,563		8,248		14,811		(1,706	)		13,105		—
Southbury Green		26,661		34,325		5,725			29,743		36,968		66,711		(6,627	)		60,084		—
Southcenter		1,300		12,750		2,024			1,300		14,774		16,074		(8,981	)		7,093		—
Southpark at Cinco Ranch		18,395		11,306		7,408			21,438		15,671		37,109		(8,254	)		28,855		—
SouthPoint Crossing		4,412		12,235		1,408			4,382		13,673		18,055		(8,015	)		10,040		—
Starke		71		1,683		11			71		1,694		1,765		(900	)		865		—
Star's at Cambridge		31,082		13,520		(1	)		31,082		13,519		44,601		(2,424	)		42,177		—
Star's at Quincy		27,003		9,425		1			27,003		9,426		36,429		(2,388	)		34,041		—
Star's at West Roxbury		21,973		13,386		36			21,973		13,422		35,395		(2,413	)		32,982		—
Sterling Ridge		12,846		12,162		1,037			12,846		13,199		26,045		(10,606	)		15,439		—
Stroh Ranch		4,280		8,189		710			4,280		8,899		13,179		(7,024	)		6,155		—
Suncoast Crossing		9,030		10,764		4,522			13,374		10,942		24,316		(8,390	)		15,926		—
Talega Village Center		22,415		12,054		49			22,415		12,103		34,518		(2,144	)		32,374		—
Tamarac Town Square		12,584		9,221		1,369			12,584		10,590		23,174		(2,323	)		20,851		—
Tanasbourne Market		3,269		10,861		(290	)		3,149		10,691		13,840		(6,320	)		7,520		—
Tassajara Crossing		8,560		15,464		2,057			8,560		17,521		26,081		(10,152	)		15,929		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages
Tech Ridge Center		12,945		37,169		3,839			13,589		40,364		53,953		(16,109	)		37,844		(2,066	)
The Abbot		72,910		6,086		(5,444	)		72,910		642		73,552		(107	)		73,445		—
The Crossing Clarendon (fka Market Common Clarendon)		154,932		126,328		33,694			157,964		156,990		314,954		(21,897	)		293,057		—
The Field at Commonwealth		30,914		18,053		—			30,915		18,052		48,967		(5,612	)		43,355		—
The Gallery at Westbury Plaza		108,653		216,771		3,082			108,653		219,853		328,506		(34,260	)		294,246		—
The Hub Hillcrest Market		18,773		61,906		5,813			19,611		66,881		86,492		(18,830	)		67,662		—
The Marketplace		10,927		36,052		701			10,927		36,753		47,680		(5,931	)		41,749		—
The Plaza at St. Lucie West		1,718		6,204		(15	)		1,718		6,189		7,907		(1,097	)		6,810		—
The Point at Garden City Park		741		9,764		5,836			2,559		13,782		16,341		(3,686	)		12,655		—
The Pruneyard		112,136		86,918		1,863			112,136		88,781		200,917		(8,060	)		192,857		(2,200	)
The Shops at Hampton Oaks		843		372		85			737		563		1,300		(101	)		1,199		—
The Village at Hunter's Lake		9,666		12,900		6			9,666		12,906		22,572		(1,231	)		21,341		—
The Village at Riverstone		17,179		13,013		(104	)		17,179		12,909		30,088		(2,347	)		27,741		—
Town and Country		4,664		5,207		22			4,664		5,229		9,893		(1,558	)		8,335		—
Town Square		883		8,132		193			883		8,325		9,208		(5,462	)		3,746		—
Treasure Coast Plaza		7,553		21,554		1,024			7,553		22,578		30,131		(4,296	)		25,835		(1,598	)
Tustin Legacy		13,829		23,922		8			13,828		23,931		37,759		(4,988	)		32,771		—
Twin City Plaza		17,245		44,225		2,606			17,263		46,813		64,076		(20,005	)		44,071		—
Twin Peaks		5,200		25,827		9,444			6,067		34,404		40,471		(16,598	)		23,873		—
Unigold Shopping Center		5,490		5,144		6,625			5,561		11,698		17,259		(3,818	)		13,441		—
University Commons		4,070		30,785		529			4,070		31,314		35,384		(7,967	)		27,417		—
Valencia Crossroads		17,921		17,659		1,349			17,921		19,008		36,929		(17,083	)		19,846		—
Valley Stream		13,297		16,241		—			13,297		16,241		29,538		—			29,538		—
Village at La Floresta		13,140		20,559		(341	)		13,156		20,202		33,358		(6,566	)		26,792		—
Village at Lee Airpark		11,099		12,975		3,380			11,803		15,651		27,454		(12,485	)		14,969		—
Village Center		3,885		14,131		9,786			5,480		22,322		27,802		(11,968	)		15,834		—
Von's Circle Center		49,037		22,618		590			49,037		23,208		72,245		(4,333	)		67,912		(5,751	)
Wading River		14,969		18,641		—			14,969		18,641		33,610		—			33,610		—
Walker Center		3,840		7,232		4,240			3,878		11,434		15,312		(8,131	)		7,181		—
Walmart Norwalk		20,394		21,261		9			20,394		21,270		41,664		(4,510	)		37,154		—
Waterstone Plaza		5,498		13,500		62			5,498		13,562		19,060		(2,531	)		16,529		—
Welleby Plaza		1,496		7,787		1,733			1,496		9,520		11,016		(8,532	)		2,484		—
Wellington Town Square		2,041		12,131		2,192			2,597		13,767		16,364		(7,128	)		9,236		—
West Bird Plaza		12,934		18,594		2,430			15,209		18,749		33,958		(1,914	)		32,044		—
West Chester Plaza		1,857		7,572		668			1,857		8,240		10,097		(6,430	)		3,667		—
West Lake Shopping Center		10,561		9,792		162			10,561		9,954		20,515		(2,449	)		18,066		—
West Park Plaza		5,840		5,759		2,478			5,840		8,237		14,077		(4,870	)		9,207		—
Westbard Square		127,859		21,514		(2,052	)		127,569		19,752		147,321		(19,052	)		128,269		—
Westbury Plaza		116,129		51,460		5,073			117,396		55,266		172,662		(10,521	)		162,141		(88,000	)
Westchase		5,302		8,273		1,129			5,302		9,402		14,704		(4,430	)		10,274		—
Westchester Commons		3,366		11,751		10,944			4,894		21,167		26,061		(9,671	)		16,390		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages
Westlake Village Plaza and Center		7,043		27,195		30,201			17,620		46,819		64,439		(30,965	)		33,474		—
Westport Plaza		9,035		7,455		(42	)		9,035		7,413		16,448		(1,623	)		14,825		(1,789	)
Westport Row		43,597		16,428		5,937			45,260		20,702		65,962		(4,278	)		61,684		—
Westwood Village		19,933		25,301		(1,596	)		18,979		24,659		43,638		(16,464	)		27,174		—
Willa Springs		13,322		15,314		7			13,322		15,321		28,643		(240	)		28,403		(16,700	)
Williamsburg at Dunwoody		7,435		3,721		940			7,444		4,652		12,096		(1,248	)		10,848		—
Willow Festival		1,954		56,501		3,384			1,976		59,863		61,839		(20,061	)		41,778		—
Willow Oaks		6,664		7,908		(359	)		6,294		7,919		14,213		(3,049	)		11,164		—
Willows Shopping Center		51,964		78,029		1,261			51,992		79,262		131,254		(12,489	)		118,765		—
Woodcroft Shopping Center		1,419		6,284		1,480			1,421		7,762		9,183		(5,289	)		3,894		—
Woodman Van Nuys		5,500		7,195		440			5,500		7,635		13,135		(4,526	)		8,609		—
Woodmen Plaza		7,621		11,018		1,330			7,621		12,348		19,969		(11,665	)		8,304		—
Woodside Central		3,500		9,288		639			3,489		9,938		13,427		(5,954	)		7,473		—
Corporate Assets		—		—		1,333			—		1,333		1,333		(1,330	)		3		—
Land held for future development		13,248		—		(4,111	)		9,137		—		9,137		—			9,137		—
Construction in progress		—		—		139,300			—		139,300		139,300		—			139,300		—
	$	4,979,957		5,737,690		777,934			5,024,697		6,470,884		11,495,581		(2,174,963	)		9,320,618		(467,448	)

(1)

See Item 2, Properties, for geographic location and year each operating property was acquired.

(2)

The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, provision for loss recorded, and demolition of part of the property for redevelopment.

See accompanying report of independent registered public accounting firm.

Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal income tax purposes was approximately $9.2 billion at December 31, 2021.

The changes in total real estate assets for the years ended December 31, 2021, 2020, and 2019 are as follows:


(in thousands)	2021			2020			2019
Beginning balance	$	11,101,858			11,095,294			10,863,162
Acquired properties and land		479,708			39,087			268,366
Developments and improvements		172,012			154,657			193,973
Disposal of building and tenant improvements		(10,898	)		(35,034	)		(34,824	)
Sale of properties		(107,090	)		(95,780	)		(60,195	)
Properties held for sale		(50,873	)		(38,122	)		(58,527	)
Provision for impairment		(89,136	)		(18,244	)		(76,661	)
Ending balance	$	11,495,581			11,101,858			11,095,294

The changes in accumulated depreciation for the years ended December 31, 2021, 2020, and 2019 are as follows:


(in thousands)	2021			2020			2019
Beginning balance	$	1,994,108			1,766,162			1,535,444
Depreciation expense		253,437			278,861			295,638
Disposal of building and tenant improvements		(10,898	)		(35,034	)		(34,824	)
Sale of properties		(28,715	)		(10,812	)		(4,643	)
Accumulated depreciation related to properties held for sale		(28,110	)		(4,357	)		(19,031	)
Provision for impairment		(4,859	)		(712	)		(6,422	)
Ending balance	$	2,174,963			1,994,108			1,766,162

See accompanying report of independent registered public accounting firm.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Organization and Principles of Consolidation

(a)

Organization and Principles of Consolidation

General

Consolidation

Ownership of the Parent Company

The Parent Company has a single class of common stock outstanding.

Ownership of the Operating Partnership

Estimates, Risks, and Uncertainties

Real Estate Partnerships

•


(in thousands)	December 31, 2021		December 31, 2020
Assets
Net real estate investments	$	379,075		127,240
Cash, cash equivalents, and restricted cash		5,202		4,496
Liabilities
Notes payable		5,000		6,340
Equity
Limited partners’ interests in consolidated partnerships		27,950		28,685

Noncontrolling Interests

Noncontrolling Interests of the Parent Company

Noncontrolling Interests of the Operating Partnership

Revenues and Tenant Receivable

(b)

Revenues and Tenant Receivable

Leasing Income and Tenant Receivables

The Company accounts for its leases under ASC Topic 842, Leases, as follows:

Classification

Recognition and Presentation

Collectibility

COVID-19 Pandemic and Rent Concessions

was part of the existing contract and therefore not treated like a lease modification. Deferral agreement receivables are subject to the same collectibility assessment as other tenant receivables.

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2021		2020
Tenant receivables	$	27,354		39,658
Straight-line rent receivables		103,942		86,615
Other receivables (1)		21,795		17,360
Total tenant and other receivables, net	$	153,091		143,633

(1)

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Real Estate Sales

Management Services and Other Property Income

Property and Asset Management Services

Leasing Services

Transaction Services

unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets.

Other Property Income

Other property income includes parking fee and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2021			2020		2019
Management, transaction, and other fees:
Property management services	Over time	$	14,415			14,444		14,744
Asset management services	Over time		6,921			6,963		7,135
Promote income	Over time		13,589	(1)		—		—
Leasing services	Point in time		4,096			3,150		3,692
Other transaction fees	Point in time		1,316			1,944		4,065
Total management, transaction, and other fees		$	40,337			26,501		29,636

(1)

Real Estate Investments

(c)

Real Estate Investments

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2021		December 31, 2020
Land	$	4,340,084	$	4,230,989
Land improvements		684,613		630,264
Buildings		5,270,540		5,083,660
Building and tenant improvements		1,061,044		997,704
Construction in progress		139,300		159,241
Total real estate assets	$	11,495,581		11,101,858

Capitalization and Depreciation

Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense.

Development and Redevelopment Costs

Acquisitions

Held for Sale

Impairment

Tax Basis

Cash, Cash Equivalents, and Restricted Cash

(d)

Cash, Cash Equivalents, and Restricted Cash

Other Assets

(e)

Other Assets

Goodwill

Investments

Goodwill

Investments

Deferred Leasing Costs

(f)

Deferred Leasing Costs

Derivative Financial Instruments

(g)

Derivative Financial Instruments

Income Taxes

(h)

Income Taxes

Lease Obligations

(i)

Lease Obligations

Earnings per Share and Unit

(j)

Earnings per Share and Unit

Stock-Based Compensation

(k)

Stock-Based Compensation

Segment Reporting

(l)

Segment Reporting

Business Concentration

(m)

Business Concentration

Fair Value of Assets and Liabilities

(n)

Fair Value of Assets and Liabilities

•

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

Recent Accounting Pronouncements

(o)

Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows:


(in thousands)	December 31, 2021		December 31, 2020
Assets
Net real estate investments	$	379,075		127,240
Cash, cash equivalents, and restricted cash		5,202		4,496
Liabilities
Notes payable		5,000		6,340
Equity
Limited partners’ interests in consolidated partnerships		27,950		28,685

Components of Tenant and Other Receivables, Net

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2021		2020
Tenant receivables	$	27,354		39,658
Straight-line rent receivables		103,942		86,615
Other receivables (1)		21,795		17,360
Total tenant and other receivables, net	$	153,091		143,633

(1)

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts

The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2021			2020		2019
Management, transaction, and other fees:
Property management services	Over time	$	14,415			14,444		14,744
Asset management services	Over time		6,921			6,963		7,135
Promote income	Over time		13,589	(1)		—		—
Leasing services	Point in time		4,096			3,150		3,692
Other transaction fees	Point in time		1,316			1,944		4,065
Total management, transaction, and other fees		$	40,337			26,501		29,636

(1)

Components of Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2021		December 31, 2020
Land	$	4,340,084	$	4,230,989
Land improvements		684,613		630,264
Buildings		5,270,540		5,083,660
Building and tenant improvements		1,061,044		997,704
Construction in progress		139,300		159,241
Total real estate assets	$	11,495,581		11,101,858

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Schedule of Business Acquisitions

The following tables detail consolidated shopping centers acquired or land acquired for development or redevelopment for the periods set forth below:


(in thousands)		December 31, 2021
Date Purchased	Property Name	City/State	Property Type	Purchase Price		Debt Assumed, Net of Premiums		Intangible Assets		Intangible Liabilities
7/30/21	Willa Springs (1)	Winter Springs, FL	Operating	$	34,500		17,682		1,562		643
8/1/21	Dunwoody Hall (1)	Dunwoody, GA	Operating		32,000		14,612		2,255		973
8/1/21	Alden Bridge (1)	Woodlands, TX	Operating		43,000		27,529		3,198		2,308
8/1/21	Hasley Canyon Village (1)	Castaic, CA	Operating		31,000		16,941		2,037		—
8/1/21	Shiloh Springs (1)	Garland, TX	Operating		19,500		—		1,825		1,079
8/1/21	Bethany Park Place (1)	Allen, TX	Operating		18,000		10,800		996		1,732
8/1/21	Blossom Valley (1)	Mountain View, CA	Operating		44,000		23,611		2,895		732
11/18/21	Blakeney Shopping Center	Charlotte, NC	Operating		181,000		—		14,096		4,431
12/30/21	Valley Stream	Long Island, NY	Operating		48,000		—		21,505		1,675
12/30/21	East Meadow	Long Island, NY	Operating		38,000		—		6,521		1,197
12/30/21	Wading River	Long Island, NY	Operating		35,000		—		4,998		1,469
12/30/21	Eastport	Long Island, NY	Operating		9,000		—		1,366		498
Total property acquisitions				$	533,000		111,175		63,254		16,737

(1)

(in thousands)

December 31, 2020

Date
Purchased

Property Name

City/State

Property
Type

Purchase
Price

Debt
Assumed,
Net of
Premiums

Intangible
Assets

Intangible
Liabilities

1/1/20

Country Walk Plaza (1)

Miami, FL

Operating

39,625

16,359

3,294

2,452

(1)

Property Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

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)	2021		2020		2019
Net proceeds from sale of real estate investments	$	206,193		189,444		137,572
Gain on sale of real estate, net of tax	$	91,119		67,465		24,242
Provision for impairment of real estate sold	$	112		958		1,836
Number of operating properties sold		7		6		7
Number of land parcels sold		5		11		6
Percent interest sold	100%		50% - 100%		100%

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021
(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%		67	$	153,125		1,537,411		34,655			78,112
New York Common Retirement Fund (NYC)	30.00%		2		11,688		82,446		315			6,939
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,360		135,537		1,976			10,256
Columbia Regency Partners II, LLC (Columbia II)	20.00%		12		35,251		352,469		10,987			55,059
Columbia Village District, LLC	30.00%		1		5,554		94,536		1,522			5,131
RegCal, LLC (RegCal)	25.00%		6		24,995		103,587		2,058			8,448
US Regency Retail I, LLC (USAA) (1)	20.01%		—		—		—		631			3,155
Other investments in real estate partnerships	35.00% - 50.00%		8		134,618		449,458		(5,058	)		32,176
Total investments in real estate partnerships			103	$	372,591		2,755,444		47,086			199,276

(1)


	December 31, 2020
(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%		67	$	179,728		1,583,097		25,425		56,244
New York Common Retirement Fund (NYC) (1)	30.00%		4		27,627		205,332		488		4,241
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		8,699		136,120		1,030		5,383
Columbia Regency Partners II, LLC (Columbia II)	20.00%		13		37,882		377,246		1,045		5,103
Columbia Village District, LLC	30.00%		1		10,108		94,551		757		2,531
RegCal, LLC (RegCal)	25.00%		6		25,908		107,283		1,296		5,397
US Regency Retail I, LLC (USAA) (2)	20.01%		7		—		85,006		790		3,948
Other investments in real estate partnerships (3)	35.00% - 50.00%		9		177,203		478,592		3,338		8,574
Total investments in real estate partnerships			114	$	467,155		3,067,227		34,169		91,421

(1)

(2)

(3)

In January 2020, the Company purchased an additional 16.62% interest in Town and Country Shopping Center, bringing its total ownership interest to 35%.

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)	2021		2020
Investments in real estate, net	$	2,530,964		2,817,713
Acquired lease intangible assets, net		18,735		32,607
Other assets		205,745		216,907
Total assets	$	2,755,444		3,067,227
Notes payable	$	1,444,867		1,557,043
Acquired lease intangible liabilities, net		20,978		33,223
Other liabilities		90,097		97,321
Capital - Regency		438,510		509,873
Capital - Third parties		760,992		869,767
Total liabilities and capital	$	2,755,444		3,067,227


	December 31,
(in thousands)	2021			2020
Capital - Regency	$	438,510			509,873
Basis difference		(65,919	)		(47,119	)
Negative investment in USAA (1)		—			4,401
Investments in real estate partnerships	$	372,591			467,155

(1)

On August 1, 2021, the Company acquired the partner's 80% interest in the seven properties held in the USAA partnership. See note 2

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)	2021			2020			2019
Total revenues	$	416,222			381,094			417,053
Operating expenses:
Depreciation and amortization		94,026			101,590			97,844
Operating and maintenance		66,061			65,146			65,811
General and administrative		5,837			5,870			6,201
Real estate taxes		54,618			53,747			53,410
Other operating expenses		3,624			3,126			2,709
Total operating expenses	$	224,166			229,479			225,975
Other expense (income):
Interest expense, net		58,109			66,786			75,449
Gain on sale of real estate		(75,162	)		(7,146	)		(64,798	)
Early extinguishment of debt		—			554			—
Provision for impairment		9,833			—			9,223
Total other expense (income)		(7,220	)		60,194			19,874
Net income of the Partnerships	$	199,276			91,421			171,204
The Company's share of net income of the Partnerships	$	47,086			34,169			60,956

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)	2021		2020		2019
Net proceeds from sale of real estate investments	$	206,193		189,444		137,572
Gain on sale of real estate, net of tax	$	91,119		67,465		24,242
Provision for impairment of real estate sold	$	112		958		1,836
Number of operating properties sold		7		6		7
Number of land parcels sold		5		11		6
Percent interest sold	100%		50% - 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, 2021, 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
2022	$	7,736		254,893			7,300		269,929			98,932
2023		3,256		171,608			—		174,864			65,149
2024		1,877		33,690			—		35,567			14,233
2025		2,249		137,000			—		139,249			42,169
2026		2,471		125,286			—		127,757			41,768
Beyond 5 Years		8,723		697,479			—		706,202			257,620
Net unamortized loan costs, debt premium / (discount)		—		(8,701	)		—		(8,701	)		(3,080	)
Total notes payable	$	26,312		1,411,255			7,300		1,444,867			516,791

Schedule of Related Party Transactions

In addition to earning our Pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees as discussed in Note 1, as follows:


	Year ended December 31,
(in thousands)	2021		2020		2019
Asset management, property management, leasing, and investment and financing services	$	40,301		26,618		28,878

Unconsolidated Properties [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships during 2020, which had no such acquisitions in 2021:

(in thousands)

Year ended December 31, 2020

Date
Purchased

Property
Name

City/State

Property
Type

Co-investment
Partner

Ownership
%

Purchase
Price

Debt
Assumed,
Net of
Premiums

Intangible
Assets

Intangible
Liabilities

11/13/20

Eastfield at Baybrook

Houston, TX

Development

Other

50.00%

4,491

—

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)	2021		2020		2019
Proceeds from sale of real estate investments	$	224,708		27,974		142,754
Gain on sale of real estate	$	75,162		7,147		64,798
The Company's share of gain on sale of real estate	$	9,380		2,413		29,422
Number of operating properties sold		4		2		4
Number of land out-parcels sold		1		—		—

- Definition

+ References

+ Details

Other Assets (Tables)

12 Months Ended

Dec. 31, 2021

Other Assets [Abstract]

Schedule of Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:


(in thousands)	December 31, 2021		December 31, 2020
Goodwill	$	167,095		173,868
Investments		65,112		60,692
Prepaid and other		21,332		17,802
Furniture, fixtures, and equipment, net		5,444		6,560
Deferred financing costs, net		7,448		2,524
Total other assets	$	266,431		261,446

Schedule of Goodwill

The following table presents the goodwill balances and activity during the year to date periods ended:


	December 31, 2021									December 31, 2020
(in thousands)	Goodwill			Accumulated Impairment Losses			Total			Goodwill			Accumulated Impairment Losses			Total
Beginning of year balance	$	307,413			(133,545	)		173,868			310,388			(2,954	)		307,434
Goodwill allocated to Provision for impairment		—			—			—			—			(132,179	)		(132,179	)
Goodwill allocated to Properties held for sale		(2,465	)		—			(2,465	)		(1,191	)		1,191			—
Goodwill associated with disposed reporting units:
Goodwill allocated to Provision for impairment		(111	)		111			—			—			—			—
Goodwill allocated to Gain on sale of real estate		(4,308	)		—			(4,308	)		(1,784	)		397			(1,387	)
End of year balance	$	300,529			(133,434	)		167,095			307,413			(133,545	)		173,868

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Net Accumulated Amortization and Accretion

The Company had the following acquired lease intangibles:


	December 31,
(in thousands)	2021			2020
In-place leases	$	443,460		$	414,298
Above-market leases		81,433			59,381
Total intangible assets		524,893			473,679
Accumulated amortization		(312,186	)		(284,880	)
Acquired lease intangible assets, net	$	212,707			188,799
Below-market leases		535,569			523,678
Accumulated amortization		(172,293	)		(145,966	)
Acquired lease intangible liabilities, net	$	363,276			377,712

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:


	Year ended December 31,
(in thousands)	2021		2020		2019		Line item in Consolidated Statements of Operations
In-place lease amortization	$	33,621		48,297		60,250	Depreciation and amortization
Above-market lease amortization		5,487		7,658		9,112	Lease income
Acquired lease intangible asset amortization	$	39,108		55,955		69,362

Below-market lease amortization	$	30,378		50,103		54,730	Lease income

Schedule of Future Amortization Expense and Minimum Rent

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:


(in thousands)
In Process Year Ending December 31,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2022	$	31,473	$	22,238
2023		25,422		21,126
2024		19,359		19,061
2025		15,736		18,536
2026		12,779		17,939

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Operating Lease, Lease Income

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842:


(in thousands)	December 31, 2021		December 31, 2020			December 31, 2019
Operating lease income
Fixed and in-substance fixed lease income	$	797,502		807,603			813,444
Variable lease income		262,619		247,384			247,861
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		24,539		42,219			45,392
Uncollectible straight line rent (1)		5,227		(34,673	)		(7,002	)
Uncollectible amounts billable in lease income (1)		23,481		(82,367	)		(5,394	)
Total lease income	$	1,113,368		980,166			1,094,301

(1)

Lessor, Operating Lease, Payments to be Received, Maturity

Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:


(in thousands)
For the year ended December 31,	December 31, 2021
2022	$	793,177
2023		710,472
2024		609,200
2025		501,333
2026		398,196
Thereafter		1,409,012
Total	$	4,421,390

Lessee, Operating Lease Costs, Description

Operating lease expense under the Company's ground and office leases was as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Fixed operating lease expense
Ground leases	$	13,862		13,716		13,982
Office leases		4,309		4,334		4,229
Total fixed operating lease expense		18,171		18,050		18,211
Variable lease expense
Ground leases		1,032		1,044		1,693
Office leases		615		585		552
Total variable lease expense		1,647		1,629		2,245
Total lease expense	$	19,818		19,679		20,456
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	15,165		15,003		14,815

Lessee, Operating Lease, Liability, Maturity


(in thousands)	Lease Liabilities
For the year ended December 31,	Ground Leases			Office Leases			Total
2022	$	10,562			4,002			14,564
2023		10,775			3,323			14,098
2024		10,824			2,732			13,556
2025		10,827			2,561			13,388
2026		10,748			2,388			13,136
Thereafter		527,860			1,576			529,436
Total undiscounted lease liabilities	$	581,596			16,582			598,178
Present value discount		(381,062	)		(1,328	)		(382,390	)
Lease liabilities	$	200,534			15,254			215,788
Weighted average discount rate		5.2	%		3.4	%
Weighted average remaining term (in years)		47.7			4.8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Tax Status of Dividends

The following table summarizes the tax status of dividends paid on our common shares:


	Year ended December 31,
(in thousands)	2021		2020	2019
Dividend per share	$2.53	(1)	2.19	2.34
Ordinary income	92%		100%	97%
Capital gain (2)	8%		—%	3%

Additional tax status information:
Qualified dividend income	1%		—%	—%
Section 199A dividend	91%		100%	97%
Section 897 ordinary dividends	2%		—%	—%
Section 897 capital gains	4%		—%	—%

(1)

During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 dividend period, and the balance allocated to 2022.

(2)

Of the total capital gain distribution during 2021, 42% is excluded under Reg. 1.1061-4(b)(7). The remaining 58% is a Three Year Amount under Reg. 1.1061-6(c).

Schedule of Components of Income Tax Expense (Benefit)

Our consolidated expense (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 was as follows:


	Year ended December 31,
(in thousands)	2021	2020	2019
Income tax expense (benefit):
Current	$620	2,157	1,576
Deferred	421	(891)	(331)
Total income tax expense (benefit) (1)	$1,041	1,266	1,245

(1)

Schedule of Effective Income Tax Rate Reconciliation


	Year ended December 31,
(in thousands)	2021	2020	2019
Computed expected tax expense (benefit)	$544	(3,665)	1,587
State income tax, net of federal benefit	477	(593)	650
Valuation allowance	15	1,043	(91)
Permanent items	1	5,079	(819)
All other items	4	(598)	(82)
Total income tax expense (1)	1,041	1,266	1,245
Income tax expense attributable to operations (1)	$1,041	1,266	1,245

(1)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:


	December 31,
(in thousands)	2021			2020
Deferred tax assets
Provision for impairment	$	—			508
Fixed assets		1,039			1,077
Net operating loss carryforward		—			109
Other		1,379			771
Deferred tax assets		2,418			2,465
Valuation allowance		(2,418	)		(2,465	)
Deferred tax assets, net	$	—			—
Deferred tax liabilities
Straight line rent	$	—			(88	)
Fixed assets		(13,004	)		(12,943	)
Other		(340	)		—
Deferred tax liabilities		(13,344	)		(13,031	)
Net deferred tax liabilities	$	(13,344	)		(13,031	)

Notes Payable and Unsecured Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following:


	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2021		2020
Notes payable:
Fixed rate mortgage loans	3/1/2032	4.0%	3.8%	$	359,414	$	272,750
Variable rate mortgage loans (1)	6/2/2027	3.2%	3.3%		115,539		146,046
Fixed rate unsecured debt	3/15/2049	3.8%	4.0%		3,243,991		3,239,609
Total notes payable				$	3,718,944		3,658,405
Unsecured credit facilities:
Line of Credit (2)	3/23/2025	1.0%	1.3%	$	—	$	—
Term Loan (3)		2.0%	2.1%		—		264,679
Total debt outstanding				$	3,718,944		3,923,084

(1)

(2)

Weighted average effective rate for the Line is calculated based on a fully drawn Line balance.

(3)

Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020, as the entire balance was repaid during January 2021.

Schedule of Maturities of Long-term Debt

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:


(in thousands)	December 31, 2021
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2022	$	11,389	$	5,848	$	—			17,237
2023		9,695		64,376		—			74,071
2024		4,849		90,742		250,000			345,591
2025		3,732		40,000		250,000			293,732
2026		3,922		88,000		200,000			291,922
Beyond 5 Years		6,661		138,234		2,575,000			2,719,895
Unamortized debt premium/(discount) and issuance costs		—		7,505		(31,009	)		(23,504	)
Total notes payable	$	40,248		434,705		3,243,991			3,718,944

(1)

Includes unsecured public and private debt and unsecured credit facilities.

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets:


								Fair Value at December 31,
(in thousands)								Assets (Liabilities) (1)
Effective Date	Maturity Date	Notional Amount		Bank Pays Variable Rate of	Regency Pays Fixed Rate of			2021			2020
8/1/16	1/5/22 (2)	$	265,000	1 Month LIBOR with Floor		1.053	%	$	—			(2,472	)
4/7/16	4/1/23		19,029	1 Month LIBOR		1.303	%		(175	)		(494	)
12/1/16	11/1/23		31,763	1 Month LIBOR		1.490	%		(412	)		(1,181	)
9/17/19	3/17/25		24,000	1 Month LIBOR		1.542	%		(364	)		(1,288	)
6/2/17	6/2/27		36,019	1 Month LIBOR with Floor		2.366	%		(1,907	)		(3,856	)
Total derivative financial instruments								$	(2,858	)		(9,291	)

(1)

(2)

In January 2021, the Company cash settled before maturity $265 million of notional interest rate swaps in connection with its repayment of the Term Loan.

Derivative Instruments, Gain (Loss)

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:


Location and Amount of Gain (Loss) Recognized in OCI on Derivative									Location and Amount of Gain (Loss) Reclassified from AOCI into Income							Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Year ended December 31,									Year ended December 31,							Year ended December 31,
(in thousands)	2021		2020			2019				2021		2020		2019			2021		2020		2019
Interest rate swaps	$	5,391		(19,187	)		(15,585	)	Interest expense, net	$	4,141		8,790		3,269	Interest expense, net	$	145,170		156,678		151,264
									Early extinguishment of debt (1)	$	—		2,472		—	Early extinguishment of debt	$	—		21,837		11,982

(1)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Balance Sheet Fair Values


	December 31,
	2021				2020
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	3,718,944		4,103,533	$	3,658,405		4,102,382
Unsecured credit facilities	$	—		—	$	264,679		265,226

Summary of Assets Measured on Recurring Basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:


	Fair Value Measurements as of December 31, 2021
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	49,513			49,513		—			—
Available-for-sale debt securities		15,599			—		15,599			—
Total	$	65,112			49,513		15,599			—
Liabilities:
Interest rate derivatives	$	(2,858	)		—		(2,858	)		—


	Fair Value Measurements as of December 31, 2020
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	44,986			44,986		—			—
Available-for-sale debt securities		15,706			—		15,706			—
Total	$	60,692			44,986		15,706			—
Liabilities:
Interest rate derivatives	$	(9,291	)		—		(9,291	)		—

Summary of Assets Measured on Non-recurring Basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis:


	Fair Value Measurements as of December 31, 2021
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Operating properties	$	140,500		—		—		140,500		(84,277	)


	Fair Value Measurements as of December 31, 2020
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Operating properties	$	25,000		—		25,000		—		(17,532	)

Equity and Capital (Tables)

12 Months Ended

Dec. 31, 2021

Equity And Capital [Abstract]

Schedule of Partnership Units Outstanding

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


	December 31,
(in thousands)	2021			2020
Partnership units owned by the general partner		171,213			169,680
Partnership units owned by the limited partners		760			765
Total partnership units outstanding		171,973			170,445
Percentage of partnership units owned by the general partner		99.6	%		99.6	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The Company recorded stock-based compensation in General and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below:


	Year ended December 31,
(in thousands)	2021			2020			2019
Restricted stock (1)	$	12,651			14,248			16,254
Directors' fees paid in common stock and other employee stock grants		530			452			410
Capitalized stock-based compensation		(666	)		(1,119	)		(2,325	)
Stock-based compensation, net of capitalization	$	12,515			13,581			14,339

(1)

Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

Schedule of Nonvested Share Activity

The following table summarizes non-vested restricted stock activity:


	Year ended December 31, 2021
	Number of Shares			Intrinsic Value (in thousands)		Weighted Average Grant Price
Non-vested as of December 31, 2020		618,935
Time-based awards granted (1) (4)		196,453				$	49.33
Performance-based awards granted (2) (4)		25,627				$	47.68
Market-based awards granted (3) (4)		146,136				$	42.63
Change in market-based awards earned for performance (3)		(15,513	)			$	47.18
Vested (5)		(223,158	)			$	49.02
Forfeited		(56,618	)			$	61.16
Non-vested as of December 31, 2021 (6)		691,862		$	51,744

(1)

(2)

(3)


	Year ended December 31,
	2021			2020			2019
Volatility		42.60	%		18.50	%		19.30	%
Risk free interest rate		0.18	%		1.30	%		2.43	%

(4)

The weighted-average grant price for restricted stock granted during the years is summarized below:


	Year ended December 31,
	2021		2020		2019
Weighted-average grant price for restricted stock	$	46.55	$	64.14	$	65.11

(5)

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):


	Year ended December 31,
	2021		2020		2019
Intrinsic value of restricted stock vested	$	10,939	$	14,423	$	17,684

(6)

Saving and Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Summary of balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations


	Year ended December 31,
(in thousands)	2021		2020		Location in Consolidated Balance Sheets
Assets:
Securities	$	44,464		40,964	Other assets
Liabilities:
Deferred compensation obligation	$	44,388		40,962	Accounts payable and other liabilities

Earnings per Share and Unit (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of earnings per share

The following summarizes the calculation of basic and diluted earnings per share:


	Year ended December 31,
(in thousands, except per share data)	2021		2020		2019
Numerator:
Income attributable to common stockholders - basic	$	361,411	$	44,889		239,430
Income attributable to common stockholders - diluted	$	361,411	$	44,889		239,430
Denominator:
Weighted average common shares outstanding for basic EPS		170,236		169,231		167,526
Weighted average common shares outstanding for diluted EPS (1) (2)		170,694		169,460		167,771
Income per common share – basic	$	2.12	$	0.27		1.43
Income per common share – diluted	$	2.12	$	0.26		1.43

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

Partnership Interest [Member]

Schedule of earnings per share

The following summarizes the calculation of basic and diluted earnings per unit:


	Year ended December 31,
(in thousands, except per share data)	2021		2020		2019
Numerator:
Income attributable to common unit holders - basic	$	363,026	$	45,092		240,064
Income attributable to common unit holders - diluted	$	363,026	$	45,092		240,064
Denominator:
Weighted average common units outstanding for basic EPU		170,998		169,997		167,990
Weighted average common units outstanding for diluted EPU (1) (2)		171,456		170,225		168,235
Income per common unit – basic	$	2.12	$	0.27		1.43
Income per common unit – diluted	$	2.12	$	0.26		1.43

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) ft² ShoppingCenter RetailShoppingCenter TenantAccount shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unsecured public and private notes	$ 200,000
General partners' capital account, units outstanding \| shares	171,213,000	169,680,000
Partners' capital account, units \| shares	171,973,054	170,445,000
Tenant and other receivables	$ 153,091	$ 143,633
Pre-development costs	1,500	10,500	$ 2,500
Tax basis of investments, unrealized appreciation (depreciation), net	2,600,000	2,700,000
Restricted cash and cash equivalent	$ 1,930	2,377
Cash and cash equivalents and restricted original maturity	90 days or less
Percentage of pro-rata annual base rent	20.00%
Number of tenant \| TenantAccount	0
Number of shopping center \| ShoppingCenter	0
Management, transaction, and other fee [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Tenant and other receivables	$ 13,200	9,900
Parent Company [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Restricted cash and cash equivalent	$ 1,900	2,400
Leases less than 10,000 sqft [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating leases, tenant space terms \| ft²	10,000
Leases greater then 10,000 sqft [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating leases, tenant space terms \| ft²	10,000
Minimum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Expected useful lives of the properties and other intangible assets	10 years
Operating leases, lease year range	3 years
Operating leases, lease year range for tenant space greater than 10,000 sq ft	5 years
Maximum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Expected useful lives of the properties and other intangible assets	40 years
Operating leases, lease year range	7 years
Maximum [Member] \| Revenue [Member] \| Customer Concentration Risk [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Concentration risk, percentage	5.00%
Land Improvements [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	15 years
Building and Improvements [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	40 years
Tenant Improvements [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	10 years
Furniture and Equipment [Member] \| Minimum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	3 years
Furniture and Equipment [Member] \| Maximum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	7 years
Refundable deposits - development
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Nonrefundable deposits and other predevelopment costs	$ 10,800	25,300
Operating Partnership [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage of outstanding common partnership units	99.60%
General partners' capital account, units outstanding \| shares	171,213,008
Parent company, ownership percentage of outstanding common partnership units of operating partnership	99.60%
Wholly Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties \| RetailShoppingCenter	302
Unconsolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties \| RetailShoppingCenter	103
Partially Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties \| RetailShoppingCenter	113
Consolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties \| RetailShoppingCenter	10
Development and Redevelopment [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest costs capitalized	$ 4,200	4,400	4,200
Maximum period of time in company capitalizes interest costs	12 months
Development [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Internal costs for employees directly related to development and redevelopment program	$ 11,300	$ 10,200	$ 20,400

Summary of Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 10,792,563	$ 10,936,904
Variable interest entity, consolidated, carrying amount, liabilities	4,682,631	4,878,757
Noncontrolling interest in variable interest entity	27,950	28,685
Variable Interest Entity, Primary Beneficiary [Member] \| Notes Payable [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	5,000	6,340
Variable Interest Entity, Primary Beneficiary [Member] \| Net Real Estate Investments [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	379,075	127,240
Variable Interest Entity, Primary Beneficiary [Member] \| Cash, Cash Equivalents, and Restricted Cash [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 5,202	$ 4,496

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Summary of Significant Accounting Policies - Components of Tenant and Other Receivables, Net (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

$ 153,091

$ 143,633

Tenant Receivables [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

27,354

39,658

Straight-line Rent Receivables [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

103,942

86,615

Other Receivable [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

^[1]

$ 21,795

$ 17,360

[1]	Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Summary of Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Product Information [Line Items]

Management, transaction, and other fees

$ 40,337

$ 26,501

$ 29,636

Property management services [Member]

Product Information [Line Items]

Management, transaction, and other fees

$ 14,415

14,444

14,744

Timing of satisfaction of performance obligations

Over time

Asset management services [Member]

Product Information [Line Items]

Management, transaction, and other fees

$ 6,921

6,963

7,135

Timing of satisfaction of performance obligations

Over time

Promote income [Member]

Product Information [Line Items]

Management, transaction, and other fees

^[1]

$ 13,589

Timing of satisfaction of performance obligations

Over time

Leasing services [Member]

Product Information [Line Items]

Management, transaction, and other fees

$ 4,096

3,150

3,692

Timing of satisfaction of performance obligations

Point in time

Other transaction fees [Member]

Product Information [Line Items]

Management, transaction, and other fees

$ 1,316

$ 1,944

$ 4,065

Timing of satisfaction of performance obligations

Point in time

[1]	The Company recognized $13.6 million in promote revenue during the year ended December 31, 2021, for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.

Summary of Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Parenthetical) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Product Information [Line Items]

Management, transaction, and other fees

$ 40,337

$ 26,501

$ 29,636

Promote income [Member]

Product Information [Line Items]

Management, transaction, and other fees

^[1]

$ 13,589

[1]	The Company recognized $13.6 million in promote revenue during the year ended December 31, 2021, for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.

Summary of Significant Accounting Policies - Components of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total real estate assets	$ 11,495,581	$ 11,101,858
Parent Company [Member]
Property Plant And Equipment [Line Items]
Land	4,340,084	4,230,989
Land improvements	684,613	630,264
Buildings	5,270,540	5,083,660
Building and tenant improvements	1,061,044	997,704
Construction in progress	139,300	159,241
Total real estate assets	$ 11,495,581	$ 11,101,858

Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Change in accounting principle accounting standards update adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2019-12 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

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+ Details

Real Estate Investments - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Purchase Price	$ 533,000
Debt Assumed, Net of Premiums	111,175
Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	63,254
Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 16,737
Willa Springs [Member]
Business Acquisition [Line Items]
Date Purchased	Jul. 30, 2021
Property Name	Willa Springs
City/State	Winter Springs, FL
Property Type	Operating
Purchase Price	$ 34,500
Debt Assumed, Net of Premiums	17,682
Willa Springs [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	1,562
Willa Springs [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 643
Dunwoody Hall [Member]
Business Acquisition [Line Items]
Date Purchased	Aug. 01, 2021
Property Name	Dunwoody Hall
City/State	Dunwoody, GA
Property Type	Operating
Purchase Price	$ 32,000
Debt Assumed, Net of Premiums	14,612
Dunwoody Hall [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	2,255
Dunwoody Hall [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 973
Alden Bridge [Member]
Business Acquisition [Line Items]
Date Purchased	Aug. 01, 2021
Property Name	Alden Bridge
City/State	Woodlands, TX
Property Type	Operating
Purchase Price	$ 43,000
Debt Assumed, Net of Premiums	27,529
Alden Bridge [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	3,198
Alden Bridge [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 2,308
Hasley Canyon Village [Member]
Business Acquisition [Line Items]
Date Purchased	Aug. 01, 2021
Property Name	Hasley Canyon Village
City/State	Castaic, CA
Property Type	Operating
Purchase Price	$ 31,000
Debt Assumed, Net of Premiums	16,941
Hasley Canyon Village [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 2,037
Shiloh Springs [Member]
Business Acquisition [Line Items]
Date Purchased	Aug. 01, 2021
Property Name	Shiloh Springs
City/State	Garland, TX
Property Type	Operating
Purchase Price	$ 19,500
Shiloh Springs [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	1,825
Shiloh Springs [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 1,079
Bethany Park Place [Member]
Business Acquisition [Line Items]
Date Purchased	Aug. 01, 2021
Property Name	Bethany Park Place
City/State	Allen, TX
Property Type	Operating
Purchase Price	$ 18,000
Debt Assumed, Net of Premiums	10,800
Bethany Park Place [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	996
Bethany Park Place [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 1,732
Blossom Valley [Member]
Business Acquisition [Line Items]
Date Purchased	Aug. 01, 2021
Property Name	Blossom Valley
City/State	Mountain View, CA
Property Type	Operating
Purchase Price	$ 44,000
Debt Assumed, Net of Premiums	23,611
Blossom Valley [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	2,895
Blossom Valley [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 732
Blakeney Shopping Center [Member]
Business Acquisition [Line Items]
Date Purchased	Nov. 18, 2021
Property Name	Blakeney Shopping Center
City/State	Charlotte, NC
Property Type	Operating
Purchase Price	$ 181,000
Blakeney Shopping Center [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	14,096
Blakeney Shopping Center [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 4,431
Valley Stream [Member]
Business Acquisition [Line Items]
Date Purchased	Dec. 30, 2021
Property Name	Valley Stream
City/State	Long Island, NY
Property Type	Operating
Purchase Price	$ 48,000
Valley Stream [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	21,505
Valley Stream [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 1,675
East Meadow [Member]
Business Acquisition [Line Items]
Date Purchased	Dec. 30, 2021
Property Name	East Meadow
City/State	Long Island, NY
Property Type	Operating
Purchase Price	$ 38,000
East Meadow [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	6,521
East Meadow [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 1,197
Wading River [Member]
Business Acquisition [Line Items]
Date Purchased	Dec. 30, 2021
Property Name	Wading River
City/State	Long Island, NY
Property Type	Operating
Purchase Price	$ 35,000
Wading River [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	4,998
Wading River [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 1,469
Eastport [Member]
Business Acquisition [Line Items]
Date Purchased	Dec. 30, 2021
Property Name	Eastport
City/State	Long Island, NY
Property Type	Operating
Purchase Price	$ 9,000
Eastport [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	1,366
Eastport [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 498
Country Walk Plaza [Member]
Business Acquisition [Line Items]
Date Purchased		Jan. 01, 2020
Property Name		Country Walk Plaza
City/State		Miami, FL
Property Type		Operating
Purchase Price		$ 39,625
Debt Assumed, Net of Premiums		16,359
Country Walk Plaza [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		3,294
Country Walk Plaza [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		$ 2,452

Real Estate Investments - Schedule of Business Acquisitions (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Percentage of purchase price of property	100.00%
Business acquisition gross purchase price	$ 192.9
Percentage of equity interest acquired	20.00%
Country Walk Plaza [Member]
Business Acquisition [Line Items]
Percentage of purchase price of property		100.00%
Percentage of equity interest acquired		30.00%

Property Dispositions (Details) $ in Thousands	12 Months Ended
Property Dispositions (Details) $ in Thousands	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property	Dec. 31, 2019 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of real estate investments \| $	$ 206,193	$ 189,444	$ 137,572
Gain on sale of real estate, net of tax \| $	91,119	67,465	24,242
Provision for impairment of real estate \| $	$ 84,389	$ 18,536	$ 54,174
Operating Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold classified as held for sale \| Property	1
Land Parcel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold classified as held for sale \| Property	1
Wholly Owned Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent interest sold	100.00%		100.00%
Wholly Owned Properties [Member] \| Minimum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent interest sold		50.00%
Wholly Owned Properties [Member] \| Maximum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent interest sold		100.00%
Real Estate Sold [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment of real estate \| $	$ 112	$ 958	$ 1,836
Operating Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	7	6	7
Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	5	11	6

Investments in Real Estate Partnerships - Schedule of Investments in Real Estate Partnerships (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2021

USD ($)

Property

Dec. 31, 2020

USD ($)

Property

Dec. 31, 2019

USD ($)

Schedule of Equity Method Investments [Line Items]

Number of Properties | Property

103

114

Total Investments

$ 372,591

$ 467,155

Total assets of the Partnership

10,792,563

10,936,904

The Company's Share of Net Income of the Partnership

47,086

34,169

$ 60,956

Net Income of the Partnership

366,288

47,317

$ 243,258

Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

2,755,444

3,067,227

Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 199,276

$ 91,421

GRI - Regency, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

40.00%

Number of Properties | Property

Total Investments

$ 153,125

$ 179,728

The Company's Share of Net Income of the Partnership

34,655

25,425

GRI - Regency, LLC [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

1,537,411

1,583,097

GRI - Regency, LLC [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 78,112

$ 56,244

New York Common Retirement Fund (NYC) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

30.00%

^[1]

Number of Properties | Property

^[1]

Total Investments

$ 11,688

$ 27,627

^[1]

The Company's Share of Net Income of the Partnership

315

488

^[1]

New York Common Retirement Fund (NYC) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

82,446

205,332

^[1]

New York Common Retirement Fund (NYC) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 6,939

$ 4,241

^[1]

Columbia Regency Retail Partners, LLC (Columbia I) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

20.00%

Number of Properties | Property

Total Investments

$ 7,360

$ 8,699

The Company's Share of Net Income of the Partnership

1,976

1,030

Columbia Regency Retail Partners, LLC (Columbia I) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

135,537

136,120

Columbia Regency Retail Partners, LLC (Columbia I) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 10,256

$ 5,383

Columbia Regency Partners II, LLC (Columbia II) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

20.00%

Number of Properties | Property

Total Investments

$ 35,251

$ 37,882

The Company's Share of Net Income of the Partnership

10,987

1,045

Columbia Regency Partners II, LLC (Columbia II) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

352,469

377,246

Columbia Regency Partners II, LLC (Columbia II) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 55,059

$ 5,103

Columbia Village District, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

30.00%

Number of Properties | Property

Total Investments

$ 5,554

$ 10,108

The Company's Share of Net Income of the Partnership

1,522

757

Columbia Village District, LLC [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

94,536

94,551

Columbia Village District, LLC [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 5,131

$ 2,531

RegCal, LLC (RegCal) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

25.00%

Number of Properties | Property

Total Investments

$ 24,995

$ 25,908

The Company's Share of Net Income of the Partnership

2,058

1,296

RegCal, LLC (RegCal) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

103,587

107,283

RegCal, LLC (RegCal) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 8,448

$ 5,397

US Regency Retail I, LLC (USAA) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

20.01%

^[2]

20.01%

^[3]

Number of Properties | Property

^[3]

The Company's Share of Net Income of the Partnership

$ 631

^[2]

$ 790

^[3]

US Regency Retail I, LLC (USAA) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

^[3]

85,006

US Regency Retail I, LLC (USAA) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 3,155

^[2]

$ 3,948

^[3]

Other Investments in Real Estate Partnerships [Member]

Schedule of Equity Method Investments [Line Items]

Number of Properties | Property

^[4]

Total Investments

$ 134,618

$ 177,203

^[4]

The Company's Share of Net Income of the Partnership

(5,058)

3,338

^[4]

Other Investments in Real Estate Partnerships [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

449,458

478,592

^[4]

Other Investments in Real Estate Partnerships [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 32,176

$ 8,574

^[4]

Other Investments in Real Estate Partnerships [Member] | Minimum [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

35.00%

^[4]

Other Investments in Real Estate Partnerships [Member] | Maximum [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

50.00%

^[4]

[1]	On January 1, 2020, the Company purchased the partner's 70% interest of a property owned by the NYC partnership (Country Walk Plaza), as discussed in note 2, and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings.
[2]	On August 1, 2021, the Company acquired the partner's 80% interest in the seven properties held in the USAA partnership and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings. See note 2.
[3]	The USAA partnership has 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 of $4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets.
[4]	In January 2020, the Company purchased an additional 16.62% interest in Town and Country Shopping Center, bringing its total ownership interest to 35%.

Investments in Real Estate Partnerships - Schedule of Investments in Real Estate Partnerships (Parenthetical) (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Aug. 01, 2021 Property	Jan. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property	Dec. 31, 2019 USD ($)	Jan. 01, 2020
Schedule of Equity Method Investments [Line Items]
Real Estate Partnerships, Number of Properties \| Property			103	114
Provision for impairment of real estate \| $			$ 84,389	$ 18,536	$ 54,174
US Regency Retail I, LLC (USAA) [Member]
Schedule of Equity Method Investments [Line Items]
Ownership	80.00%
Real Estate Partnerships, Number of Properties \| Property	7
US Regency Retail I, LLC (USAA) [Member] \| Accounts Payable and Accrued Liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Negative Investment Balance \| $		$ 4,400
Country Walk Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Ownership						70.00%
Other Investments in Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Additional Ownership Percentage Acquired		16.62%
Ownership Percentage		35.00%

Investments in Real Estate Partnerships - Balance Sheet Summarized Financial Information (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Schedule of Equity Method Investments [Line Items]

Acquired lease intangible assets, net

$ 212,707

$ 188,799

Other assets

266,431

261,446

Total assets

10,792,563

10,936,904

Notes payable

3,718,944

3,658,405

Acquired lease intangible liabilities, net

363,276

377,712

Capital - Regency

72,561

73,235

Capital - Third parties

6,037,371

5,984,912

Total liabilities and equity

10,792,563

10,936,904

Investments in real estate partnerships (note 4)

372,591

467,155

Other Liabilities [Member] | US Regency Retail I, LLC (USAA) [Member]

Schedule of Equity Method Investments [Line Items]

Investments in real estate partnerships (note 4)

^[1]

4,401

Basis Difference [Member]

Schedule of Equity Method Investments [Line Items]

Equity Method Investment, Difference Between Carrying Amount and Underlying Equity

65,919

(47,119)

Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets

2,755,444

3,067,227

Total Assets [Member] | US Regency Retail I, LLC (USAA) [Member]

Schedule of Equity Method Investments [Line Items]

Total assets

^[2]

85,006

Real Estate Partnership

Schedule of Equity Method Investments [Line Items]

Investments in real estate, net

2,530,964

2,817,713

Acquired lease intangible assets, net

18,735

32,607

Other assets

205,745

216,907

Total assets

2,755,444

3,067,227

Notes payable

1,444,867

1,557,043

Acquired lease intangible liabilities, net

20,978

33,223

Other liabilities

90,097

97,321

Total liabilities and equity

2,755,444

3,067,227

Regency [Member]

Schedule of Equity Method Investments [Line Items]

Capital - Regency

438,510

509,873

Third Parties [Member]

Schedule of Equity Method Investments [Line Items]

Capital - Third parties

$ 760,992

$ 869,767

[1]	On August 1, 2021, the Company acquired the partner's 80% interest in the seven properties held in the USAA partnership. See note 2
[2]	The USAA partnership has 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 of $4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets.

Investments in Real Estate Partnerships - Balance Sheet Summarized Financial Information (Parenthetical) (Details)	Aug. 01, 2021
USAA Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership	80.00%

Investments in Real Estate Partnerships - Schedule of Revenues and Expenses for Investments in Real Estate Partnerships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 1,166,161	$ 1,016,175	$ 1,133,138
Operating expenses:
Depreciation and amortization	303,331	345,900	374,283
Operating and maintenance	184,553	170,073	169,909
General and administrative	78,218	75,001	74,984
Real estate taxes	142,129	143,004	136,236
Other operating expenses	5,751	12,642	7,814
Total operating expenses	713,982	746,620	763,226
Other expense (income):
Interest expense, net	145,170	156,678	151,264
Gain on sale of real estate	(91,119)	(67,465)	(24,242)
Early extinguishment of debt		21,837	11,982
Provision for impairment	84,389	18,536	54,174
Total other expense (income)	132,977	256,407	187,610
Net income	366,288	47,317	243,258
Real Estate Partnership
Schedule of Equity Method Investments [Line Items]
Total revenues	416,222	381,094	417,053
Operating expenses:
Depreciation and amortization	94,026	101,590	97,844
Operating and maintenance	66,061	65,146	65,811
General and administrative	5,837	5,870	6,201
Real estate taxes	54,618	53,747	53,410
Other operating expenses	3,624	3,126	2,709
Total operating expenses	224,166	229,479	225,975
Other expense (income):
Interest expense, net	58,109	66,786	75,449
Gain on sale of real estate	(75,162)	(7,146)	(64,798)
Early extinguishment of debt	0	554	0
Provision for impairment	9,833	0	9,223
Total other expense (income)	(7,220)	60,194	19,874
Net Income [Member]
Other expense (income):
Net income	199,276	91,421	171,204
Unconsolidated Properties [Member]
Other expense (income):
Income (Loss) from Equity Method Investments	$ 47,086	$ 34,169	$ 60,956

Investments in Real Estate Partnerships - Schedule of Acquisitions by Real Estate Partnerships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Purchase Price	$ 533,000
Debt Assumed, Net of Premiums	111,175
Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	16,737
Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 63,254
Unconsolidated Properties [Member] \| Eastfield at Baybrook [Member]
Business Acquisition [Line Items]
Date Purchased		Nov. 13, 2020
Property Name		Eastfield at Baybrook
City/State		Houston, TX
Business Acquisition, Description of Acquired Entity		Development
Business Acquisition, Co-investment Partner		Other
Ownership Percentage		50.00%
Purchase Price		$ 4,491

Investments in Real Estate Partnerships - Summary of Shopping Centers and Land Parcels Disposed of Unconsolidated Real Estate Partnerships (Details) - Unconsolidated Properties [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property	Dec. 31, 2019 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Equity Method Investments	$ 224,708	$ 27,974	$ 142,754
Equity Method Investment, Realized Gain (Loss) on Disposal	75,162	7,147	64,798
Equity Method Investment, Realized Gain (Loss) on Disposal, Parent Company's Share	$ 9,380	$ 2,413	$ 29,422
Operating Segments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	4	2	4
Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	1	0	0

Investments in Real Estate Partnerships - Scheduled Principal Repayments on Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
2022	$ 17,237
2023	74,071
2024	345,591
2025	293,732
2026	291,922
Beyond 5 Years	2,719,895
Unamortized debt premium/(discount) and issuance costs	(23,504)
Total	3,718,944	$ 3,923,084
Mortgages [Member] \| Scheduled Principal Payments [Member]
Schedule of Equity Method Investments [Line Items]
2022	7,736
2023	3,256
2024	1,877
2025	2,249
2026	2,471
Beyond 5 Years	8,723
Unamortized debt premium/(discount) and issuance costs	0
Total	26,312
Mortgages [Member] \| Mortgage Loan Maturities [Member]
Schedule of Equity Method Investments [Line Items]
2022	254,893
2023	171,608
2024	33,690
2025	137,000
2026	125,286
Beyond 5 Years	697,479
Unamortized debt premium/(discount) and issuance costs	(8,701)
Total	1,411,255
Unsecured Debt [Member]
Schedule of Equity Method Investments [Line Items]
Total	3,243,991	$ 3,239,609
Unsecured Debt [Member] \| Unsecured Maturities [Member]
Schedule of Equity Method Investments [Line Items]
2022	7,300
2023	0
2024	0
2025	0
2026	0
Beyond 5 Years	0
Unamortized debt premium/(discount) and issuance costs	0
Total	$ 7,300

Investments in Real Estate Partnerships - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Debt Instrument [Line Items]
Percent of long term debt with fixed interest rate	93.20%
Weighted average fixed interest rate	3.70%
Maturity period	2034
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Weighted average variable interest rate	2.50%

Investments in Real Estate Partnerships - Related Party Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Asset management, property management, leasing, and investment and financing services	$ 40,301	$ 26,618	$ 28,878

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
Goodwill	$ 167,095	$ 173,868	$ 307,434
Investments	65,112	60,692
Prepaid and other	21,332	17,802
Furniture, fixtures, and equipment, net	5,444	6,560
Deferred financing costs, net	7,448	2,524
Total other assets	$ 266,431	$ 261,446

Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Schedule of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill Gross, Beginning balance	$ 307,413	$ 310,388
Goodwill Gross, allocated to Properties held for sale		(1,191)
Goodwill, ending balance	300,529	307,413
Goodwill, Accumulated Impairment Losses, Beginning balance	(133,545)	(2,954)
Goodwill Accumulated Impairment Losses, allocated to Provision for impairment		(132,179)
Goodwill Accumulated Impairment Losses, allocated to Properties held for sale		1,191
Goodwill, Accumulated Impairment Losses, Ending balance	(133,434)	(133,545)
Goodwill, Beginning balance	173,868	307,434
Goodwill allocated to Provision for impairment		(132,179)
Goodwill allocated to Properties held for sale	(2,465)
Goodwill, Ending balance	167,095	173,868
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Goodwill [Line Items]
Goodwill Gross, allocated to Gain on sale of real estate	(4,308)	(1,784)
Goodwill Accumulated Impairment Losses, allocated to Provision for impairment	(111)
Goodwill Accumulated Impairment Losses, allocated to Gain on sale of real estate		397
Goodwill allocated to Provision for impairment	111
Goodwill allocated to Gain on sale of real estate	$ (4,308)	$ (1,387)

Other Assets (Details) $ in Thousands	12 Months Ended
Other Assets (Details) $ in Thousands	Dec. 31, 2020 USD ($) Reportingunit
Goodwill [Line Items]
Goodwill, impairment loss \| $	$ 132,128
Accumulated Impairment Losses [Member] \| Natural Disasters and Other Casualty Events [Member]
Goodwill [Line Items]
Goodwill, impairment loss \| $	$ 132,200
Accumulated Impairment Losses [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| Natural Disasters and Other Casualty Events [Member]
Goodwill [Line Items]
Number of reporting units \| Reportingunit	269
Fair Value lower than carrying value \| Reportingunit	87

Acquired Leases Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 524,893	$ 473,679
Accumulated amortization	(312,186)	(284,880)
Acquired lease intangible assets, net of amortization	212,707	188,799
Finite-Lived Intangible Liabilities, Accumulated Accretion	(172,293)	(145,966)
Off-market Lease, Unfavorable	363,276	377,712
Finite-Lived Intangible Assets, Amortization Expense	39,108	55,955	$ 69,362
Partnership Interest [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(312,186)	(284,880)
Acquired lease intangible assets, net of amortization	212,707	188,799
Off-market Lease, Unfavorable	363,276	377,712
In-place leases, net [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	443,460	414,298
Finite-Lived Intangible Assets, Amortization Expense	33,621	48,297	60,250
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	81,433	59,381
Finite-Lived Intangible Assets, Amortization Expense	5,487	7,658	9,112
Off-Market Lease, Unfavorable [Member]
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Liabilities, Gross	535,569	523,678
Acquired lease intangible liability accretion	$ 30,378	$ 50,103	$ 54,730

Acquired Lease Intangibles Schedule of Future Amortization Expense and Minimum Rent (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Amortization Expense [Abstract]
2022	$ 31,473
2023	25,422
2024	19,359
2025	15,736
2026	12,779
Net Accretion [Abstract]
Future Accretion, Year One	22,238
Future Accretion, Year Two	21,126
Future Accretion, Year Three	19,061
Future Accretion, Year Four	18,536
Future Accretion, Year Five	$ 17,939

Leases (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2021

USD ($)

Property

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Operating Leased Assets [Line Items]

Fixed and in-substance fixed lease income

$ 797,502

$ 807,603

$ 813,444

Variable lease income

262,619

247,384

247,861

Uncollectible straight line rent

^[1]

5,227

(34,673)

(7,002)

Uncollectible amounts billable in lease income

^[1]

23,481

(82,367)

(5,394)

Total lease income

1,113,368

980,166

1,094,301

793,177

710,472

609,200

501,333

398,196

1,409,012

$ 4,421,390

Number of Properties Subject to Ground Leases | Property

Last Ground Lease Expiration Date

2101

Last Office Lease Expiration Date

2029

Operating Lease, Expense

$ 19,818

19,679

20,456

Variable Lease, Cost

1,647

1,629

2,245

Operating cash flows for operating leases

15,165

15,003

14,815

Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months

14,564

Lessee, Operating Lease, Liability, Payments, Due Year Two

14,098

Lessee, Operating Lease, Liability, Payments, Due Year Three

13,556

Lessee, Operating Lease, Liability, Payments, Due Year Four

13,388

Lessee, Operating Lease, Liability, Payments, Due Year Five

13,136

Lessee, Operating Lease, Liability, Payments, Due after Year Five

529,436

Lessee, Operating Lease, Total Undiscounted Lease Liabilities

598,178

Lessee, Operating Lease, Present Value Discount

(382,390)

Lease liabilities

215,788

220,390

Lessor [Member]

Operating Leased Assets [Line Items]

Above/below market rent and tenant rent inducement amortization, net

24,539

42,219

45,392

Ground Lease [Member]

Operating Leased Assets [Line Items]

Operating Lease, Expense

13,862

13,716

13,982

Variable Lease, Cost

1,032

1,044

1,693

Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months

10,562

Lessee, Operating Lease, Liability, Payments, Due Year Two

10,775

Lessee, Operating Lease, Liability, Payments, Due Year Three

10,824

Lessee, Operating Lease, Liability, Payments, Due Year Four

10,827

Lessee, Operating Lease, Liability, Payments, Due Year Five

10,748

Lessee, Operating Lease, Liability, Payments, Due after Year Five

527,860

Lessee, Operating Lease, Total Undiscounted Lease Liabilities

581,596

Lessee, Operating Lease, Present Value Discount

(381,062)

Lease liabilities

$ 200,534

Operating Lease, Weighted Average Discount Rate, Percent

5.20%

Operating Lease, Weighted Average Remaining Lease Term

47 years 8 months 12 days

Office Lease [Member]

Operating Leased Assets [Line Items]

Operating Lease, Expense

$ 4,309

4,334

4,229

Variable Lease, Cost

615

585

552

Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months

4,002

Lessee, Operating Lease, Liability, Payments, Due Year Two

3,323

Lessee, Operating Lease, Liability, Payments, Due Year Three

2,732

Lessee, Operating Lease, Liability, Payments, Due Year Four

2,561

Lessee, Operating Lease, Liability, Payments, Due Year Five

2,388

Lessee, Operating Lease, Liability, Payments, Due after Year Five

1,576

Lessee, Operating Lease, Total Undiscounted Lease Liabilities

16,582

Lessee, Operating Lease, Present Value Discount

(1,328)

Lease liabilities

$ 15,254

Operating Lease, Weighted Average Discount Rate, Percent

3.40%

Operating Lease, Weighted Average Remaining Lease Term

4 years 9 months 18 days

Fixed Lease Expense [Member]

Operating Leased Assets [Line Items]

Operating Lease, Expense

$ 18,171

$ 18,050

$ 18,211

[1]	During the year ended December 31, 2021, the Company had improved rent collections following decreases in governmental operating restrictions on certain businesses which resulted in more favorable income than we experienced in 2020 during the height of the pandemic.

Income Taxes - Tax Status of Dividends (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Tax Status of Dividends [Line Items]
Dividend per share	$ 2.41	$ 2.38	$ 2.34
Ordinary income	92.00%	100.00%	97.00%
Capital gain	8.00%	0.00%	3.00%
Additional tax status information:
Allocation of Dividends, Qualified Dividend Income	1.00%	0.00%	0.00%
Allocation of Dividends, Section 199A Dividend	91.00%	100.00%	97.00%
Allocation of Dividend, Section 897 ordinary dividends	2.00%	0.00%	0.00%
Allocation of Dividends, Section 897 capital gains	4.00%	0.00%	0.00%
Parent Company [Member]
Schedule of Tax Status of Dividends [Line Items]
Dividend per share	$ 2.53	$ 2.19	$ 2.34

Income Taxes - Tax Status of Dividends (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Capital gain distribution	42.00%
Remaining capital gain distribution	58.00%

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 620	$ 2,157	$ 1,576
Deferred income tax expense (benefit)	421	(891)	(331)
Total income tax expense (benefit)	$ 1,041	$ 1,266	$ 1,245

Income Taxes - Income Tax Expense (Benefit) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Scheduleof Componentsof Income Tax Expense Benefit [Line Items]
Income tax expense (benefit)	$ 1,041,000	$ 1,266,000	$ 1,245,000
Other Operating Expenses [Member]
Scheduleof Componentsof Income Tax Expense Benefit [Line Items]
Income tax expense (benefit)	$ 943,000	(355,000)	757,000
Gain on Sale of Real Estate [Member]
Scheduleof Componentsof Income Tax Expense Benefit [Line Items]
Income tax expense (benefit)		$ 1,600,000	$ 488,000

Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Computed expected tax expense (benefit)	$ 544	$ (3,665)	$ 1,587
State income tax, net of federal benefit	477	(593)	650
Valuation allowance	15	1,043	(91)
Permanent items	1	5,079	(819)
All other items	4	(598)	(82)
Total income tax expense (benefit)	1,041	1,266	1,245
Income tax expense attributable to operations	$ 1,041	$ 1,266	$ 1,245

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Tax Reconciliation (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Scheduleof Componentsof Income Tax Expense Benefit [Line Items]
Income tax expense (benefit)	$ 1,041,000	$ 1,266,000	$ 1,245,000
Other Operating Expenses [Member]
Scheduleof Componentsof Income Tax Expense Benefit [Line Items]
Income tax expense (benefit)	$ 943,000	(355,000)	757,000
Gain on Sale of Real Estate [Member]
Scheduleof Componentsof Income Tax Expense Benefit [Line Items]
Income tax expense (benefit)		$ 1,600,000	$ 488,000

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets, Net [Abstract]
Provision for impairment	$ 0	$ 508
Fixed assets	1,039	1,077
Net operating loss carryforward	0	109
Other	1,379	771
Deferred tax assets	2,418	2,465
Valuation allowance	(2,418)	(2,465)
Deferred tax assets, net	0	0
Deferred Tax Liabilities, Net [Abstract]
Straight line rent	0	(88)
Fixed assets	(13,004)	(12,943)
Other	(340)	0
Deferred tax liabilities	(13,344)	(13,031)
Net deferred tax liabilities	$ (13,344)	$ (13,031)

Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Debt Instrument [Line Items]

Long-term Debt

$ 3,718,944

$ 3,923,084

Fixed Rate Mortgage Loans [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

Mar. 01, 2032

Debt, Weighted Average Contractual Interest Rate

4.00%

Debt, Weighted Average Effective Interest Rate

3.80%

Long-term Debt

$ 359,414

272,750

Unsecured Debt [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

Mar. 15, 2049

Debt, Weighted Average Contractual Interest Rate

3.80%

Debt, Weighted Average Effective Interest Rate

4.00%

Long-term Debt

$ 3,243,991

3,239,609

Notes Payable to Banks [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 3,718,944

3,658,405

Line of Credit [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

^[1]

Mar. 23, 2025

Debt, Weighted Average Contractual Interest Rate

^[1]

1.00%

Debt, Weighted Average Effective Interest Rate

^[1]

1.30%

Term Loan [Member]

Debt Instrument [Line Items]

Debt, Weighted Average Contractual Interest Rate

^[2]

2.00%

Debt, Weighted Average Effective Interest Rate

^[2]

2.10%

Term Loan [Member] | Unsecured Debt [Member]

Debt Instrument [Line Items]

Total credit facilities

^[2]

264,679

London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Mortgage Loans [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

^[3]

Jun. 02, 2027

Debt, Weighted Average Contractual Interest Rate

^[3]

3.20%

Debt, Weighted Average Effective Interest Rate

^[3]

3.30%

Long-term Debt

^[3]

$ 115,539

$ 146,046

[1]	Weighted average effective rate for the Line is calculated based on a fully drawn Line balance.
[2]	Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020, as the entire balance was repaid during January 2021.
[3]	Consists of five mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to mitigate the interest rate fluctuation risk. The effective fixed rates of the loans range from 2.5% to 4.1

Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parentheticals) (Details) - Variable Rate Mortgage Loans [Member] - London Interbank Offered Rate (LIBOR) [Member]	Dec. 31, 2021
Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, effective fixed interest rate	2.50%
Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, effective fixed interest rate	4.10%

Notes Payable and Unsecured Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Repayments of loan	$ 265
Line of Credit Facility, Interest Rate Description		LIBOR plus 0.875%
Debt maturing over the next twelve months		$ 17,237
Line of Credit Facility, Commitment Fee Amount		0.15%
Non-Recourse Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt maturing over the next twelve months		$ 5,800
Accordion Feature [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,250,000

Notes Payable and Unsecured Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Debt Instrument [Line Items]

$ 17,237

74,071

345,591

293,732

291,922

2,719,895

Unamortized debt premium/(discount) and issuance costs

(23,504)

Total

3,718,944

$ 3,923,084

Unsecured Debt [Member]

Debt Instrument [Line Items]

Total

3,243,991

$ 3,239,609

Scheduled Principal Payments [Member] | Mortgages [Member]

Debt Instrument [Line Items]

11,389

9,695

4,849

3,732

3,922

6,661

40,248

Mortgage Loan Maturities [Member] | Mortgages [Member]

Debt Instrument [Line Items]

5,848

64,376

90,742

40,000

88,000

138,234

Unamortized debt premium/(discount) and issuance costs

7,505

Total

434,705

Unsecured Maturities [Member] | Unsecured Debt [Member]

Debt Instrument [Line Items]

2024

^[1]

250,000

2025

^[1]

250,000

2026

^[1]

200,000

Beyond 5 Years

^[1]

2,575,000

Unamortized debt premium/(discount) and issuance costs

^[1]

(31,009)

Total

^[1]

$ 3,243,991

[1]	Includes unsecured public and private debt and unsecured credit facilities

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 5,391	$ (19,187)	$ (15,585)
Amount reclassified from accumulated other comprehensive loss	4,141	8,790	3,269
Interest Expense	145,170	156,678	151,264
Amount reclassified from accumulated other comprehensive loss, Early extinguishment of debt		2,472
Early extinguishment of debt		21,837	$ 11,982
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	3,000
Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge Liability at Fair Value	(2,858)	(9,291)
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge Liability at Fair Value	(2,858)	(9,291)
Interest Rate Cash Flow Hedge Derivative At Fair Value Net	$ (2,858)	9,291
Derivative @ 1.053% 265,000T [Member]
Derivative [Line Items]
Derivative, Inception Date	Aug. 01, 2016
Derivative, Maturity Date	Jan. 05, 2022
Derivative, Notional Amount	$ 265,000
Derivative, Description of Variable Rate Basis	1 Month LIBOR with Floor
Derivative, Fixed Interest Rate	1.053%
Interest Rate Cash Flow Hedge Liability at Fair Value		(2,472)
Derivative @ 1.303% 19,029T [Member]
Derivative [Line Items]
Derivative, Inception Date	Apr. 07, 2016
Derivative, Maturity Date	Apr. 01, 2023
Derivative, Notional Amount	$ 19,029
Derivative, Description of Variable Rate Basis	1 Month LIBOR
Derivative, Fixed Interest Rate	1.303%
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (175)	(494)
Derivative @ 1.490% 31,763T [Member]
Derivative [Line Items]
Derivative, Inception Date	Dec. 01, 2016
Derivative, Maturity Date	Nov. 01, 2023
Derivative, Notional Amount	$ 31,763
Derivative, Description of Variable Rate Basis	1 Month LIBOR
Derivative, Fixed Interest Rate	1.49%
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (412)	(1,181)
Derivative @ 1.542% 24,000T [Member]
Derivative [Line Items]
Derivative, Inception Date	Sep. 17, 2019
Derivative, Maturity Date	Mar. 17, 2025
Derivative, Notional Amount	$ 24,000
Derivative, Description of Variable Rate Basis	1 Month LIBOR
Derivative, Fixed Interest Rate	1.542%
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (364)	(1,288)
Derivative @ 2.366% 36,019T [Member]
Derivative [Line Items]
Derivative, Inception Date	Jun. 02, 2017
Derivative, Maturity Date	Jun. 02, 2027
Derivative, Notional Amount	$ 36,019
Derivative, Description of Variable Rate Basis	1 Month LIBOR with Floor
Derivative, Fixed Interest Rate	2.366%
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (1,907)	$ (3,856)

Derivative Financial Instruments (Parentheticals) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Repayments of unsecured debt		$ 300,000	$ 250,000
Term Loan [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Repayments of unsecured debt	$ 265,000

Fair Value Measurements (Details) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 3,718,944	$ 3,658,405
Unsecured credit facilities		264,679
Trading Securities, Change in Unrealized Holding Gain (Loss)	(1,700)	3,000	$ 3,800
Impairment of Real Estate	(84,389)	(18,536)	$ (54,174)
Impairment of Real Estate		17,500
Potrero Shopping Centers [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	84,300
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI	49,513	44,986
Available-for-sale Securities	15,599	15,706
Total	65,112	60,692
Interest Rate Cash Flow Hedge Liability at Fair Value	(2,858)	(9,291)
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating properties	140,500	25,000
Impairment of Real Estate	(84,277)	(17,532)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value	4,103,533	4,102,382
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	15,599	15,706
Total	15,599	15,706
Interest Rate Cash Flow Hedge Liability at Fair Value	(2,858)	(9,291)
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating properties		25,000
Fair Value, Inputs, Level 2 [Member] \| Unsecured Credit Facilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured credit facilities, Fair Value		265,226
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI	49,513	44,986
Total	$ 49,513	$ 44,986
Fair Value, Inputs, Level 3 [Member] \| Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment Rate	0.072
Fair Value, Inputs, Level 3 [Member] \| Terminal Capitalization Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment Rate	0.0525
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating properties	$ 140,500

Equity and Capital - Additional Information (Details)			1 Months Ended			12 Months Ended
Equity and Capital - Additional Information (Details)	Feb. 09, 2022 $ / shares	Feb. 03, 2021 USD ($)	Sep. 30, 2021 USD ($) Agreement $ / shares shares	Jun. 30, 2021 $ / shares shares	May 31, 2021 $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 $ / shares
Class of Stock [Line Items]
Common stock dividend declared, per share \| $ / shares						$ 2.41	$ 2.38	$ 2.34
Common stock remaining available for Issuance \| shares						350,400,000
Net proceeds from common stock issuance \| $						$ 82,510,000	$ 125,608,000
Stock Repurchase Program, Authorized Amount \| $		$ 250,000,000
Stock Repurchase Program Expiration Date		Feb. 03, 2023
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock dividend declared, per share \| $ / shares	$ 0.625
Common stock, dividends declared date	Feb. 09, 2022
Common stock, dividends payable date	Apr. 05, 2022
Common stock, dividends record date	Mar. 15, 2022
ATM Equity Offering Program [Member] \| Forward Equity Offering [Member]
Class of Stock [Line Items]
Number of shares issuable \| shares			1,332,142	2,316,760	2,316,760
Sale of stock, average offering price \| $ / shares			$ 63.71	$ 64.59	$ 64.59
Number of forward sale agreement settled \| Agreement			2
Underwriting discount and offering expense \| $			$ 1,100,000
Settlement period						1 year
Proceeds from issuance of remaining shares of common stock \| $						$ 65,000,000
Net proceeds from common stock issuance \| $			$ 82,500,000
Maximum [Member]
Class of Stock [Line Items]
Equity Issuances, Common Shares Authorized for Issuance \| shares						500,000,000.0
Common Stock [Member]
Class of Stock [Line Items]
Issuance of exchangeable operating partnership, units \| shares						5,000
Common Stock [Member] \| AOCI Attributable to Parent [Member]
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Shares \| shares						0

Equity and Capital - Schedule of Partnership Units Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
General partner units, outstanding	171,213,000	169,680,000
Limited partner units, outstanding	760,000	765,000
Total partnership units outstanding	171,973,054	170,445,000
Operating Partnership [Member]
Class of Stock [Line Items]
General partner units, outstanding	171,213,008
Parent company, ownership percentage of outstanding common partnership units of operating partnership	99.60%
Operating Partnership [Member] \| General Partner [Member]
Class of Stock [Line Items]
Parent company, ownership percentage of outstanding common partnership units of operating partnership	99.60%	99.60%

Stock-Based Compensation Stock-Based Compensation (Details) - USD ($)
$ in Thousands, shares in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount

$ (666)

$ (1,119)

$ (2,325)

Stock-based compensation, net of capitalization

$ 12,515

13,581

14,339

Share-based compensation arrangement by share-based payment award, number of shares Authorized

5.0

Share-based compensation arrangement by share-based payment award, number of shares available for grant

4.3

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Allocated Share-based Compensation Expense

^[1]

$ 12,651

14,248

16,254

Common Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Noninterest Expense Directors Fees

530

452

410

Parent Company [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation, net of capitalization

$ 12,515

$ 13,581

$ 14,339

[1]	Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods

Stock-Based Compensation Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	42.60%	18.50%	19.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.18%	1.30%	2.43%
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	618,935
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(223,158)
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	(56,618)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	691,862	618,935
Non-Vested Restricted Stock Intrinsic Value	$ 51,744
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 49.02
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	61.16
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 46.55	$ 64.14	$ 65.11
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 10,939	$ 14,423	$ 17,684
Share-based Payment Arrangement, Non-vested Award, Excluding Option, Unrecognized, Amount	$ 13,900
Share-based Payment Arrangement, Non-vested Award, Unrecognized, Period for Recognition	3 years
Time Based Awards Granted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	(196,453)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 49.33
Performance Based Awards Granted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	(25,627)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 47.68
Market Based Awards Granted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	(146,136)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 42.63
Change in Market Based Awards Granted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	(15,513)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 47.18
Nonvested Awards Time Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time-based awards vesting description	Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period

Saving and Retirement Plans 401K Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, percentage of employee deferrals to company matching contributions	100.00%
Profit Sharing Contribution, Vesting Period	3 years
Defined Contribution Plan, Cost	$ 4,100,000	$ 3,500,000	$ 3,500,000
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 5,000

Saving and Retirement Plans Non-Qualified Deferred Compensation Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Securities	$ 44,464	$ 40,964
Accounts Payable and Other Liabilities [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation obligation	$ 44,388	$ 40,962

Earnings per Share and Unit (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Earnings Per Share Basic [Line Items]

Income per common share - basic

$ 2.12

$ 0.27

$ 1.43

Income per common share - diluted

$ 2.12

$ 0.26

$ 1.43

Weighted Average Limited Partnership Units Outstanding, Basic

761,955

765,046

464,286

Continuing Operations [Member] | Parent Company [Member]

Earnings Per Share Basic [Line Items]

Income attributable to common stockholders/unit holders - basic

$ 361,411

$ 44,889

$ 239,430

Income attributable to common stockholders/unit holders - diluted

$ 361,411

$ 44,889

$ 239,430

Weighted average common shares/units outstanding for basic EPS/EPU

170,236,000

169,231,000

167,526,000

Weighted average common shares/units outstanding for diluted EPS/EPU

^[1],[2]

170,694,000

169,460,000

167,771,000

Income per common share - basic

$ 2.12

$ 0.27

$ 1.43

Income per common share - diluted

$ 2.12

$ 0.26

$ 1.43

Continuing Operations [Member] | Partnership Interest [Member]

Earnings Per Share Basic [Line Items]

Income attributable to common stockholders/unit holders - basic

$ 363,026

$ 45,092

$ 240,064

Income attributable to common stockholders/unit holders - diluted

$ 363,026

$ 45,092

$ 240,064

Weighted average common shares/units outstanding for basic EPS/EPU

170,998,000

169,997,000

167,990,000

Weighted average common shares/units outstanding for diluted EPS/EPU

^[1],[2]

171,456,000

170,225,000

168,235,000

Income per common share - basic

$ 2.12

$ 0.27

$ 1.43

Income per common share - diluted

$ 2.12

$ 0.26

$ 1.43

[1]	Includes the dilutive impact of unvested restricted stock.
[2]	Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive.

Earnings per Share and Unit (Parenthetical) (Details) - ATM Equity Offering Program [Member] - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excludes from earnings per share amount	1.0	1.9
Partnership Interest [Member]
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excludes from earnings per share amount	1.0	1.9

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50.0
Letters of Credit Outstanding, Amount	$ 9.4	$ 9.7