0000950170-22-022118 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 03, 2022
Document Information [Line Items]
Entity Registrant Name	REGENCY CENTERS CORPORATION
Entity Central Index Key	0000910606
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	REG
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		171,122,720
Entity File Number	1-12298
Entity Tax Identification Number	59-3191743
Entity Address, Address Line One	One Independent Drive
Entity Address, Address Line Two	Suite 114
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	598-7000
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	FL
Partnership Interest [Member]
Document Information [Line Items]
Entity Registrant Name	REGENCY CENTERS, L.P.
Entity Central Index Key	0001066247
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity File Number	0-24763
Entity Tax Identification Number	59-3429602
Entity Address, Address Line One	One Independent Drive
Entity Address, Address Line Two	Suite 114
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	598-7000
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate Investment Property, at Cost [Abstract]
Real estate assets, at cost	$ 11,769,796	$ 11,495,581
Less: accumulated depreciation	2,360,663	2,174,963
Real estate assets, net	9,409,133	9,320,618
Investments in real estate partnerships	332,248	372,591
Properties held for sale	2,354	25,574
Cash, cash equivalents, and restricted cash, including $3,752 and $1,930 of restricted cash at September 30, 2022 and December 31, 2021, respectively	154,984	95,027
Tenant and other receivables	173,572	153,091
Deferred leasing costs, less accumulated amortization of $122,690 and $117,878 at September 30, 2022 and December 31, 2021, respectively	69,091	65,741
Acquired lease intangible assets, less accumulated amortization of $332,866 and $312,186 at September 30, 2022 and December 31, 2021, respectively	204,097	212,707
Right of use assets, net	277,656	280,783
Other assets	275,702	266,431
Total assets	10,898,837	10,792,563
Liabilities:
Notes payable	3,729,404	3,718,944
Accounts payable and other liabilities	328,285	322,271
Acquired lease intangible liabilities, less accumulated amortization of $186,515 and $172,293 at September 30, 2022 and December 31, 2021, respectively	350,531	363,276
Lease liabilities	215,100	215,788
Tenants' security, escrow deposits and prepaid rent	76,777	62,352
Total liabilities	4,700,097	4,682,631
Commitments and contingencies
Equity :
Common stock, $0.01 par value per share, 220,000,000 shares authorized; 171,119,166 and 171,213,008 shares issued at September 30, 2022 and December 31, 2021, respectively	1,711	1,712
Treasury stock at cost, 458,325 and 427,901 shares held at September 30, 2022 and December 31, 2021, respectively	(24,061)	(22,758)
Additional paid-in-capital	7,878,993	7,883,458
Accumulated other comprehensive income (loss)	8,253	(10,227)
Distributions in excess of net income	(1,749,013)	(1,814,814)
Total stockholders’ equity	6,115,883	6,037,371
Exchangeable operating partnership units, aggregate redemption value of $39,926 and $56,844 at September 30, 2022 and December 31, 2021, respectively	34,554	35,447
Limited partners' interests in consolidated partnerships	48,303	37,114
Total noncontrolling interests	82,857	72,561
Total equity	6,198,740	6,109,932
Total liabilities and equity	10,898,837	10,792,563
Partnership Interest [Member]
Real Estate Investment Property, at Cost [Abstract]
Real estate assets, at cost	11,769,796	11,495,581
Less: accumulated depreciation	2,360,663	2,174,963
Real estate assets, net	9,409,133	9,320,618
Investments in real estate partnerships	332,248	372,591
Properties held for sale	2,354	25,574
Cash, cash equivalents, and restricted cash, including $3,752 and $1,930 of restricted cash at September 30, 2022 and December 31, 2021, respectively	154,984	95,027
Tenant and other receivables	173,572	153,091
Deferred leasing costs, less accumulated amortization of $122,690 and $117,878 at September 30, 2022 and December 31, 2021, respectively	69,091	65,741
Acquired lease intangible assets, less accumulated amortization of $332,866 and $312,186 at September 30, 2022 and December 31, 2021, respectively	204,097	212,707
Right of use assets, net	277,656	280,783
Other assets	275,702	266,431
Total assets	10,898,837	10,792,563
Liabilities:
Notes payable	3,729,404	3,718,944
Accounts payable and other liabilities	328,285	322,271
Acquired lease intangible liabilities, less accumulated amortization of $186,515 and $172,293 at September 30, 2022 and December 31, 2021, respectively	350,531	363,276
Lease liabilities	215,100	215,788
Tenants' security, escrow deposits and prepaid rent	76,777	62,352
Total liabilities	4,700,097	4,682,631
Commitments and contingencies
Equity :
General partner; 171,119,166 and 171,213,008 units outstanding at September 30, 2022 and December 31, 2021, respectively	6,107,630	6,047,598
Limited partners; 741,433 and 760,046 units outstanding at September 30, 2022 and December 31, 2021, respectively	34,554	35,447
Accumulated other comprehensive income (loss)	8,253	(10,227)
Total partners' capital	6,150,437	6,072,818
Limited partners' interests in consolidated partnerships	48,303	37,114
Total capital	6,198,740	6,109,932
Total liabilities and equity	$ 10,898,837	$ 10,792,563

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Lease income	$ 295,756	$ 283,303	$ 882,265	$ 826,390
Other property income	2,466	4,401	8,290	9,428
Management, transaction, and other fees	5,767	19,671	18,950	33,419
Total revenues	303,989	307,375	909,505	869,237
Operating expenses:
Depreciation and amortization	80,270	75,459	237,462	226,935
Operating and maintenance	49,577	43,468	143,788	135,616
General and administrative	20,273	17,789	56,710	58,263
Real estate taxes	37,926	35,779	111,495	107,392
Other operating expenses	949	812	3,739	2,687
Total operating expenses	188,995	173,307	553,194	530,893
Other expense (income):
Interest expense, net	36,361	35,993	109,798	108,741
Provision for impairment of real estate, net of tax		(20)		115
Gain on sale of real estate, net of tax	(220)	(6,719)	(106,459)	(38,198)
Net investment loss (income)	1,215	209	9,177	(3,275)
Total other expense (income)	37,356	29,463	12,516	67,383
Income from operations before equity in income of investments in real estate partnerships	77,638	104,605	343,795	270,961
Equity in income of investments in real estate partnerships	11,209	14,243	47,855	26,344
Net income	88,847	118,848	391,650	297,305
Noncontrolling interests:
Exchangeable operating partnership units	(379)	(519)	(1,694)	(1,315)
Limited partners' interests in consolidated partnerships	(890)	(923)	(2,354)	(2,438)
Income attributable to noncontrolling interests	(1,269)	(1,442)	(4,048)	(3,753)
Net income attributable to common stockholders	$ 87,578	$ 117,406	$ 387,602	$ 293,552
Income per common share - basic	$ 0.51	$ 0.69	$ 2.26	$ 1.73
Income per common share - diluted	$ 0.51	$ 0.69	$ 2.26	$ 1.72
Partnership Interest [Member]
Revenues:
Lease income	$ 295,756	$ 283,303	$ 882,265	$ 826,390
Other property income	2,466	4,401	8,290	9,428
Management, transaction, and other fees	5,767	19,671	18,950	33,419
Total revenues	303,989	307,375	909,505	869,237
Operating expenses:
Depreciation and amortization	80,270	75,459	237,462	226,935
Operating and maintenance	49,577	43,468	143,788	135,616
General and administrative	20,273	17,789	56,710	58,263
Real estate taxes	37,926	35,779	111,495	107,392
Other operating expenses	949	812	3,739	2,687
Total operating expenses	188,995	173,307	553,194	530,893
Other expense (income):
Interest expense, net	36,361	35,993	109,798	108,741
Provision for impairment of real estate, net of tax		(20)		115
Gain on sale of real estate, net of tax	(220)	(6,719)	(106,459)	(38,198)
Net investment loss (income)	1,215	209	9,177	(3,275)
Total other expense (income)	37,356	29,463	12,516	67,383
Income from operations before equity in income of investments in real estate partnerships	77,638	104,605	343,795	270,961
Equity in income of investments in real estate partnerships	11,209	14,243	47,855	26,344
Net income	88,847	118,848	391,650	297,305
Noncontrolling interests:
Limited partners' interests in consolidated partnerships	(890)	(923)	(2,354)	(2,438)
Income attributable to noncontrolling interests	(890)	(923)	(2,354)	(2,438)
Net income attributable to common unit holders	$ 87,957	$ 117,925	$ 389,296	$ 294,867
Income per common share - basic	$ 0.51	$ 0.69	$ 2.26	$ 1.73
Income per common share - diluted	$ 0.51	$ 0.69	$ 2.26	$ 1.72

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 88,847	$ 118,848	$ 391,650	$ 297,305
Other comprehensive income:
Effective portion of change in fair value of derivative instruments	7,069	(138)	20,473	3,646
Reclassification adjustment of derivative instruments included in net income	72	1,040	1,563	3,109
Unrealized loss on available-for-sale debt securities	(659)	49	(1,636)	(263)
Other comprehensive income	6,482	1,129	20,400	6,492
Comprehensive income	95,329	119,977	412,050	303,797
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	1,269	1,442	4,048	3,753
Other comprehensive income attributable to noncontrolling interests	617	(89)	1,920	485
Comprehensive income attributable to noncontrolling interests	1,886	1,531	5,968	4,238
Comprehensive income attributable to the Company	93,443	118,446	406,082	299,559
Partnership Interest [Member]
Net income	88,847	118,848	391,650	297,305
Other comprehensive income:
Effective portion of change in fair value of derivative instruments	7,069	(138)	20,473	3,646
Reclassification adjustment of derivative instruments included in net income	72	1,040	1,563	3,109
Unrealized loss on available-for-sale debt securities	(659)	49	(1,636)	(263)
Other comprehensive income	6,482	1,129	20,400	6,492
Comprehensive income	95,329	119,977	412,050	303,797
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	890	923	2,354	2,438
Other comprehensive income attributable to noncontrolling interests	589	(84)	1,831	457
Comprehensive income attributable to noncontrolling interests	1,479	1,007	4,185	2,895
Comprehensive income attributable to the Company	$ 93,850	$ 118,970	$ 407,865	$ 300,902

Consolidated Statements of Equity (Unaudited) - 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]	Total Noncontrolling Interest [Member]
Beginning 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
Net income	297,305					293,552	293,552	1,315	2,438	3,753
Other comprehensive income:
Other comprehensive income (loss) before reclassification	3,383				3,157		3,157	16	210	226
Amounts reclassified from accumulated other comprehensive income	3,109				2,850		2,850	12	247	259
Deferred compensation plan, net			(882)	959
Restricted stock issued, net of amortization	9,468	2		9,466			9,468
Common stock issued repurchased for taxes withheld for stock based compensation, net	(3,662)			(3,662)			(3,662)
Common stock issued under dividend reinvestment plan	1,172			1,172			1,172
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	(3,272)								(3,272)	(3,272)
Cash dividends declared - common stock/unit	(304,773)					(303,414)	(303,414)	(1,359)		(1,359)
Ending Balance at Sep. 30, 2021	6,143,464	1,712	(25,318)	7,882,613	(12,618)	(1,775,668)	6,070,721	35,612	37,131	72,743
Beginning Balance at Jun. 30, 2021	6,040,031	1,699	(25,887)	7,796,699	(13,658)	(1,791,773)	5,967,080	35,544	37,407	72,951
Net income	118,848					117,406	117,406	519	923	1,442
Other comprehensive income:
Other comprehensive income (loss) before reclassification	89				88		88	1		1
Amounts reclassified from accumulated other comprehensive income	1,040				952		952	4	84	88
Deferred compensation plan, net	77		569	(492)			77
Restricted stock issued, net of amortization	3,425			3,425			3,425
Common stock issued repurchased for taxes withheld for stock based compensation, net	80			80			80
Common stock issued under dividend reinvestment plan	404			404			404
Common stock issued, net of issuance costs	82,510	13		82,497			82,510
Distributions to partners	(1,283)								(1,283)	(1,283)
Cash dividends declared - common stock/unit	(101,757)					(101,301)	(101,301)	(456)		(456)
Ending Balance at Sep. 30, 2021	6,143,464	1,712	(25,318)	7,882,613	(12,618)	(1,775,668)	6,070,721	35,612	37,131	72,743
Beginning 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
Net income	391,650					387,602	387,602	1,694	2,354	4,048
Other comprehensive income:
Other comprehensive income (loss) before reclassification	18,837				17,067		17,067	81	1,689	1,770
Amounts reclassified from accumulated other comprehensive income	1,563				1,413		1,413	8	142	150
Deferred compensation plan, net			(1,303)	1,303
Restricted stock issued, net of amortization	12,699	2		12,697			12,699
Common stock issued repurchased for taxes withheld for stock based compensation, net	(5,996)			(5,996)			(5,996)
Common stock repurchased and retired	(75,419)	(13)		(75,406)			(75,419)
Common stock issued under dividend reinvestment plan	388			388			388
Common stock issued for partnership units exchanged				1,275			1,275	(1,275)		(1,275)
Common stock issued, net of issuance costs	61,284	10		61,274			61,284
Contributions from partners	11,903								11,903	11,903
Distributions to partners	(4,899)								(4,899)	(4,899)
Cash dividends declared - common stock/unit	(323,202)					(321,801)	(321,801)	(1,401)		(1,401)
Ending Balance at Sep. 30, 2022	6,198,740	1,711	(24,061)	7,878,993	8,253	(1,749,013)	6,115,883	34,554	48,303	82,857
Beginning Balance at Jun. 30, 2022	6,206,135	1,711	(23,882)	7,874,461	2,388	(1,729,645)	6,125,033	34,611	46,491	81,102
Net income	88,847					87,578	87,578	379	890	1,269
Other comprehensive income:
Other comprehensive income (loss) before reclassification	6,410				5,787		5,787	27	596	623
Amounts reclassified from accumulated other comprehensive income	72				78		78	1	(7)	(6)
Deferred compensation plan, net			(179)	179
Restricted stock issued, net of amortization	4,125			4,125			4,125
Common stock issued repurchased for taxes withheld for stock based compensation, net	92			92			92
Common stock issued under dividend reinvestment plan	136			136			136
Contributions from partners	1,457								1,457	1,457
Distributions to partners	(1,124)								(1,124)	(1,124)
Cash dividends declared - common stock/unit	(107,410)					(106,946)	(106,946)	(464)		(464)
Ending Balance at Sep. 30, 2022	$ 6,198,740	$ 1,711	$ (24,061)	$ 7,878,993	$ 8,253	$ (1,749,013)	$ 6,115,883	$ 34,554	$ 48,303	$ 82,857

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 88,847	$ 118,848	$ 391,650	$ 297,305
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			237,462	226,935
Amortization of deferred loan costs and debt premiums			4,297	4,608
(Accretion) and amortization of above and below market lease intangibles, net			(15,625)	(17,244)
Stock-based compensation, net of capitalization			12,592	9,272
Equity in income of investments in real estate partnerships	(11,209)	(14,243)	(47,855)	(26,344)
Gain on sale of real estate, net of tax			(106,459)	(38,198)
Provision for impairment of real estate, net of tax		(20)		115
Distribution of earnings from investments in real estate partnerships			45,238	54,310
Settlement of derivative instruments				(2,472)
Deferred compensation expense			(8,016)	2,707
Realized and unrealized (gain) loss on investments			9,253	(3,177)
Changes in assets and liabilities:
Tenant and other receivables			(18,544)	(8,659)
Deferred leasing costs			(7,022)	(7,103)
Other assets			(4,312)	(6,932)
Accounts payable and other liabilities			21,656	25,879
Tenants' security, escrow deposits and prepaid rent			13,927	(2,524)
Net cash provided by operating activities			528,242	508,478
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022 and $2,991 in 2021			(141,275)	(78,111)
Real estate development and capital improvements			(143,724)	(120,827)
Proceeds from sale of real estate			137,280	131,861
Issuance of notes receivable				(20)
Investments in real estate partnerships			(13,573)	(21,788)
Return of capital from investments in real estate partnerships			48,473	86,449
Dividends on investment securities			336	125
Acquisition of investment securities			(15,205)	(22,422)
Proceeds from sale of investment securities			15,821	23,162
Net cash used in investing activities			(111,867)	(1,571)
Cash flows from financing activities:
Net proceeds from common stock issuance			61,284	82,510
Repurchase of common shares in conjunction with equity award plans			(6,438)	(4,066)
Common units repurchased through share repurchase program			(75,419)
Proceeds from sale of treasury stock			64	96
Contributions from (distributions to) limited partners in consolidated partnerships, net			1,568	(3,272)
Distributions to exchangeable operating partnership unit holders			(1,413)	(1,363)
Dividends paid to common stockholders			(321,484)	(301,897)
Proceeds from unsecured credit facilities			95,000
Repayment of unsecured credit facilities			(95,000)	(265,000)
Repayment of notes payable			(5,995)	(13,764)
Scheduled principal payments			(8,503)	(8,448)
Payment of loan costs			(82)	(7,468)
Net cash used in financing activities			(356,418)	(522,672)
Net increase (decrease) in cash and cash equivalents and restricted cash			59,957	(15,765)
Cash and cash equivalents and restricted cash at beginning of the period			95,027	378,450	$ 378,450
Cash and cash equivalents and restricted cash at end of the period	154,984	362,685	154,984	362,685	95,027
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,985 and $3,012 in 2022 and 2021, respectively)			115,011	113,647
Cash paid for income taxes, net of refunds			488	358
Supplemental disclosure of non-cash transactions:
Common stock and exchangeable operating partnership dividends declared but not paid			107,410	101,753
Acquisition of real estate previously held within investments in real estate partnerships			17,179	(4,609)
Mortgage loans assumed by Company with the acquisition of real estate			22,779	111,090
Common stock issued for partnership units exchanged			1,275	99
Real estate received in lieu of promote interest				13,589
Change in accrued capital expenditures			10,230	5,830
Common stock issued under dividend reinvestment plan	136	404	388	1,172
Stock-based compensation capitalized			550	600
Contributions from limited partners in consolidated partnerships			5,434
Common stock issued for dividend reinvestment in trust			840	826
Contribution of stock awards into trust			2,136	1,416
Distribution of stock held in trust			786	966
Change in fair value of securities			1,896	334
Partnership Interest [Member]
Cash flows from operating activities:
Net income	88,847	118,848	391,650	297,305
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			237,462	226,935
Amortization of deferred loan costs and debt premiums			4,297	4,608
(Accretion) and amortization of above and below market lease intangibles, net			(15,625)	(17,244)
Stock-based compensation, net of capitalization			12,592	9,272
Equity in income of investments in real estate partnerships	(11,209)	(14,243)	(47,855)	(26,344)
Gain on sale of real estate, net of tax			(106,459)	(38,198)
Provision for impairment of real estate, net of tax		(20)		115
Distribution of earnings from investments in real estate partnerships			45,238	54,310
Settlement of derivative instruments				(2,472)
Deferred compensation expense			(8,016)	2,707
Realized and unrealized (gain) loss on investments			9,253	(3,177)
Changes in assets and liabilities:
Tenant and other receivables			(18,544)	(8,659)
Deferred leasing costs			(7,022)	(7,103)
Other assets			(4,312)	(6,932)
Accounts payable and other liabilities			21,656	25,879
Tenants' security, escrow deposits and prepaid rent			13,927	(2,524)
Net cash provided by operating activities			528,242	508,478
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022 and $2,991 in 2021			(141,275)	(78,111)
Real estate development and capital improvements			(143,724)	(120,827)
Proceeds from sale of real estate			137,280	131,861
Issuance of notes receivable				(20)
Investments in real estate partnerships			(13,573)	(21,788)
Return of capital from investments in real estate partnerships			48,473	86,449
Dividends on investment securities			336	125
Acquisition of investment securities			(15,205)	(22,422)
Proceeds from sale of investment securities			15,821	23,162
Net cash used in investing activities			(111,867)	(1,571)
Cash flows from financing activities:
Net proceeds from common stock issuance			61,284	82,510
Repurchase of common shares in conjunction with equity award plans			(6,438)	(4,066)
Common units repurchased through share repurchase program			(75,419)
Proceeds from sale of treasury stock			64	96
Contributions from (distributions to) limited partners in consolidated partnerships, net			1,568	(3,272)
Dividends paid to common stockholders			(322,897)	(303,260)
Proceeds from unsecured credit facilities			95,000
Repayment of unsecured credit facilities			(95,000)	(265,000)
Repayment of notes payable			(5,995)	(13,764)
Scheduled principal payments			(8,503)	(8,448)
Payment of loan costs			(82)	(7,468)
Net cash used in financing activities			(356,418)	(522,672)
Net increase (decrease) in cash and cash equivalents and restricted cash			59,957	(15,765)
Cash and cash equivalents and restricted cash at beginning of the period			95,027	378,450	378,450
Cash and cash equivalents and restricted cash at end of the period	$ 154,984	$ 362,685	154,984	362,685	$ 95,027
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,985 and $3,012 in 2022 and 2021, respectively)			115,011	113,647
Cash paid for income taxes, net of refunds			488	358
Supplemental disclosure of non-cash transactions:
Common stock and exchangeable operating partnership dividends declared but not paid			107,410	101,753
Acquisition of real estate previously held within investments in real estate partnerships			17,179	(4,609)
Mortgage loans assumed by Company with the acquisition of real estate			22,779	111,090
Common stock issued by Parent Company for partnership units exchanged			1,275	99
Change in accrued capital expenditures			10,230	5,830
Common stock issued under dividend reinvestment plan			388	1,172
Stock-based compensation capitalized			550	600
Contributions from limited partners in consolidated partnerships			5,434
Common stock issued for dividend reinvestment in trust			840	826
Contribution of stock awards into trust			2,136	1,416
Distribution of stock held in trust			786	966
Change in fair value of securities			$ 1,896	$ 334

Consolidated Statement of Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 88,847	$ 118,848	$ 391,650	$ 297,305
Other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)	72	1,040	1,563	3,109
Deferred compensation plan, net		77
Contributions from partners	1,457		11,903
Distributions to partners	(1,124)	(1,283)	(4,899)	(3,272)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	4,125	3,425	12,699	9,468
Total Partners' Capital [Member]
Net income	87,578	117,406	387,602	293,552
Other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)	78	952	1,413	2,850
Deferred compensation plan, net		77
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	4,125	3,425	12,699	9,468
Partnership Interest [Member]
Beginning Balance	6,206,135	6,040,031	6,109,932	6,058,147
Net income	88,847	118,848	391,650	297,305
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	6,410	89	18,837	3,383
Amounts reclassified from accumulated other comprehensive income (loss)	72	1,040	1,563	3,109
Deferred compensation plan, net		77		77
Contributions from partners	1,457		11,903
Distributions to partners	(108,534)	(103,040)	(328,101)	(308,045)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	4,125	3,425	12,699	9,468
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company			(75,419)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs / redemptions		82,510	61,284	82,510
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	228	484	(5,608)	(2,490)
Ending Balance	6,198,740	6,143,464	6,198,740	6,143,464
Partnership Interest [Member] \| Total Partners' Capital [Member]
Beginning Balance	6,159,644	6,002,624	6,072,818	6,020,639
Net income	87,957	117,925	389,296	294,867
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	5,814	89	17,148	3,173
Amounts reclassified from accumulated other comprehensive income (loss)	79	956	1,421	2,862
Deferred compensation plan, net		77		77
Distributions to partners	(107,410)	(101,757)	(323,202)	(304,773)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	4,125	3,425	12,699	9,468
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company			(75,419)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs / redemptions		82,510	61,284	82,510
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	228	484	(5,608)	(2,490)
Ending Balance	6,150,437	6,106,333	6,150,437	6,106,333
Partnership Interest [Member] \| Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	2,388	(13,658)	(10,227)	(18,625)
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	5,787	88	17,067	3,157
Amounts reclassified from accumulated other comprehensive income (loss)	78	952	1,413	2,850
Ending Balance	8,253	(12,618)	8,253	(12,618)
Partnership Interest [Member] \| Noncontrolling Interests In Limited Partners Interest In Consolidated Partnerships [Member]
Beginning Balance	46,491	37,407	37,114	37,508
Net income	890	923	2,354	2,438
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	596		1,689	210
Amounts reclassified from accumulated other comprehensive income (loss)	(7)	84	142	247
Contributions from partners	1,457		11,903
Distributions to partners	(1,124)	(1,283)	(4,899)	(3,272)
Ending Balance	48,303	37,131	48,303	37,131
Partnership Interest [Member] \| General Partner Preferred and Common Units [Member]
Beginning Balance	6,122,645	5,980,738	6,047,598	6,003,537
Net income	87,578	117,406	387,602	293,552
Other comprehensive income (loss)
Deferred compensation plan, net		77
Distributions to partners	(106,946)	(101,301)	(321,801)	(303,414)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	4,125	3,425	12,699	9,468
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company			(75,419)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs / redemptions		82,510	61,284	82,510
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	228	484	(5,608)	(2,490)
Common units exchanged for common stock of Parent Company			1,275	99
Ending Balance	6,107,630	6,083,339	6,107,630	6,083,339
Partnership Interest [Member] \| Limited Partner [Member]
Beginning Balance	34,611	35,544	35,447	35,727
Net income	379	519	1,694	1,315
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	27	1	81	16
Amounts reclassified from accumulated other comprehensive income (loss)	1	4	8	12
Distributions to partners	(464)	(456)	(1,401)	(1,359)
Common units exchanged for common stock of Parent Company			(1,275)	(99)
Ending Balance	$ 34,554	$ 35,612	$ 34,554	$ 35,612

Organization and Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Significant Accounting Policies


1.	Organization and Significant Accounting Policies

General

Regency Centers Corporation (the "Parent Company") began its operations as a Real Estate Investment Trust ("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, and development and redevelopment of shopping centers through the Operating Partnership, and 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 September 30, 2022, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 308 properties and held partial interests in an additional 96 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").

The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature.

Risks and Uncertainties

The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be significantly influenced by many current economic challenges, which impact their cost of doing business, including but not limited to the impact of inflation, labor shortages, supply chain constraints, and increasing energy prices and interest rates. Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United States. The policies implemented by the U.S. government to address these issues, including raising interest rates, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting consumer spending, tenants' businesses, and/or decreasing future demand for space in shopping centers. The potential impact of current economic challenges on the Company’s financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties.

Consolidation

The Company consolidates properties that are wholly-owned and properties where it owns less than 100%, but 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.

Ownership of the Operating Partnership

The Operating Partnership's capital includes general and limited common Partnership Units. As of September 30, 2022, the Parent Company owned approximately 99.6% of the 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. 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 shares of 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

As of September 30, 2022, Regency had a partial ownership interest in 108 properties through partnerships, of which 12 are consolidated into the Company's financial statements. Regency's partners include institutional investors and other real estate developers and/or operators (the "Partners" or "limited partners"). Regency has a variable interest in these entities through its equity interests, with Regency the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners’ interests as Noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them using the equity method of accounting.

The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. Similarly, the obligations of the partnerships can only be settled by the assets of these partnerships or additional contributions by the partners.

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


(in thousands)	September 30, 2022		December 31, 2021
Assets
Net real estate investments	$	112,909		379,075
Cash, cash equivalents and restricted cash		2,928		5,202
Liabilities
Notes payable		4,931		5,000
Equity
Limited partners' interests in consolidated partnerships		27,339		27,950

Revenues and Other Receivables

Other property income includes parking fees 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:


		Three months ended September 30,					Nine months ended September 30,
(in thousands)	Timing of satisfaction of performance obligations	2022		2021			2022		2021
Management, transaction and other fees:
Property management services	Over time	$	3,224		3,450		$	10,152		10,974
Asset management services	Over time		1,680		1,709			5,105		5,143
Leasing services	Point in time		729		879			2,895		3,066
Other transaction fees	Point in time		134		13,633	(1)		798		14,236	(1)
Total management, transaction, and other fees		$	5,767		19,671		$	18,950		33,419

(1)

Includes $13.6 million of promote income earned for exceeding partnership return thresholds resulting from the Company's performance as managing member. This 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 $14.5 million and $13.2 million, as of September 30, 2022 and December 31, 2021, respectively.

Recent Accounting Pronouncements

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


Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:

ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments	The amendments in this update affect lessor lease classification. Lessors should classify and account for a lease as an operating lease if both of the following criteria are met: (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. This update results in similar treatment under the current Topic 842 as under the previous Topic 840.	January 2022	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 as the Company's customary lease terms do not result in sales-type or direct financing classification, although future leases may.

Real Estate Investments

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Real Estate Investments


2.	Real Estate Investments

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


(in thousands)		Nine months ended September 30, 2022
Date Purchased	Property Name	City/State	Property Type	Regency Ownership	Purchase Price (1)		Debt Assumed, Net of Discounts (1)		Intangible Assets (1)		Intangible Liabilities (1)
Consolidated
3/1/2022	Glenwood Green	Old Bridge, NJ	Development	70%	$	11,000		—		—		—
3/31/2022	Island Village	Bainbridge Island, WA	Operating	100%		30,650		—		2,900		6,839
4/1/2022	Apple Valley (2)	Apple Valley, MN	Operating	100%		34,070		—		4,773		490
4/1/2022	Cedar Commons (2)	Minneapolis, MN	Operating	100%		29,330		—		4,369		58
4/1/2022	Corral Hollow (2)	Tracy, CA	Operating	100%		40,600		—		3,410		74
4/1/2022	Shops at the Columbia (2)	Washington, DC	Operating	100%		14,000		—		889		181
5/6/2022	Baederwood Shoppes	Jenkintown, PA	Operating	80%		51,603		22,779		5,796		1,062
Total consolidated					$	211,253		22,779		22,137		8,704
Unconsolidated
3/25/2022	Naperville Plaza	Naperville, IL	Operating	20%		52,380		22,074		4,336		814
6/24/2022	Baybrook East 1B	Houston, TX	Development	50%		5,540		—		—		—
Total unconsolidated					$	57,920		22,074		4,336		814

Total property acquisitions					$	269,173		44,853		26,473		9,518

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.

(2)

These properties were part of the four-property portfolio purchased from an existing unconsolidated real estate partnership, RegCal, LLC, in which the Company held a 25% ownership interest. The basis allocated to Real estate assets was $93.2 million on a combined basis, including the Company's carry over basis related to its 25% previously owned equity investment in the partnership.


(in thousands)		Nine months ended September 30, 2021
Date Purchased	Property Name	City/State	Property Type	Regency Ownership	Purchase Price (1)		Debt Assumed, Net of Discounts (1)		Intangible Assets (1)		Intangible Liabilities (1)
Consolidated
7/30/2021	Willa Springs (2)	Winter Springs, FL	Operating	100%	$	34,500		17,682		1,562		643
8/1/2021	Dunwoody Hall (2)	Dunwoody, GA	Operating	100%		32,000		14,612		2,255		973
8/1/2021	Alden Bridge (2)	Woodlands, TX	Operating	100%		43,000		27,529		3,198		2,308
8/1/2021	Hasley Canyon Village (2)	Castaic, CA	Operating	100%		31,000		16,941		2,037		—
8/1/2021	Shiloh Springs (2)	Garland, TX	Operating	100%		19,500		—		1,825		1,079
8/1/2021	Bethany Park Place (2)	Allen, TX	Operating	100%		18,000		10,800		996		1,732
8/1/2021	Blossom Valley (2)	Mountain View, CA	Operating	100%		44,000		23,611		2,895		732
Total consolidated					$	222,000		111,175		14,768		7,467

Total property acquisitions					$	222,000		111,175		14,768		7,467

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.

(2)

These properties were part of the seven-property portfolio purchased from an existing unconsolidated real estate partnership, US Regency Retail I, LLC. The basis allocated to Real estate assets was $192.9 million, including the Company's carryover basis related to its 20% previously owned equity interest in the partnership.

Notes Payable and Unsecured Credit Facilities

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facilities


5.	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 as of the dates set forth below:


(in thousands)	Weighted Average Contractual Rate	Weighted Average Effective Rate	September 30, 2022		December 31, 2021
Notes payable:
Fixed rate mortgage loans	3.9%	3.5%	$	344,843		359,414
Variable rate mortgage loans (1)	3.3%	3.6%		137,284		115,539
Fixed rate unsecured debt	3.8%	4.0%		3,247,277		3,243,991
Total notes payable				3,729,404		3,718,944
Unsecured credit facilities:
$1.25 Billion Line of Credit (the "Line") (2)	3.4%	3.8%		—		—
Total debt outstanding			$	3,729,404		3,718,944

(1)

Five of these six variable rate loans, representing $132.4 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5% to 4.1%.

(2)

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

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


(in thousands)	September 30, 2022
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2022 (2)	$	2,738		—		—			2,738
2023		9,695		59,376		—			69,071
2024		4,849		90,742		250,000			345,591
2025		3,732		45,000		250,000			298,732
2026		3,922		112,365		200,000			316,287
Beyond 5 Years		6,661		138,234		2,575,000			2,719,895
Unamortized debt premium/(discount) and issuance costs		—		4,813		(27,723	)		(22,910	)
Total	$	31,597		450,530		3,247,277			3,729,404

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

Reflects scheduled principal payments for the remainder of the year.

The Company was in compliance as of September 30, 2022, with all financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities and expects to remain in compliance thereafter.

- 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
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 470
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1E
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments


6.	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 mitigation of interest rate risk. 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 quality credit ratings. 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 attempt to stabilize interest expense where possible and to mitigate its exposure to interest rate movements. To accomplish these objectives, 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
(in thousands)						Assets (Liabilities) (1)
Effective Date	Maturity Date	Notional Amount		Receive Variable Rate of	Pay Fixed Rate of	September 30, 2022		December 31, 2021
4/7/16	4/1/23	$	18,736	1 Month LIBOR	1.303%	$	261		(175	)
12/1/16	11/1/23		31,291	1 Month LIBOR (2)	1.490%		948		(412	)
9/17/19	3/17/25		24,000	1 Month LIBOR	1.542%		1,495		(364	)
6/2/17	6/2/27		35,589	1 Month LIBOR with Floor	2.366%		2,362		(1,907	)
12/20/19 (3)	12/19/26		24,365	1 Month LIBOR	1.750%		2,080		—
						$	7,146		(2,858	)

(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 October 2022, the Company amended this LIBOR-based interest rate swap and related variable rate mortgage loan to transition to SOFR.

(3)

The Company assumed this interest rate swap which hedges debt also assumed with the purchase of Baederwood Shoppes in May 2022.

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 September 30, 2022, 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
	Three months ended September 30,					Three months ended September 30,					Three months ended September 30,
(in thousands)	2022		2021			2022		2021			2022		2021
Interest rate swaps	$	7,069		138	Interest expense	$	72		1,040	Interest expense, net	$	36,361		35,993

	Nine months ended September 30,					Nine months ended September 30,					Nine months ended September 30,
(in thousands)	2022		2021			2022		2021			2022		2021
Interest rate swaps	$	20,473		3,646	Interest expense	$	1,563		3,109	Interest expense, net	$	109,798		108,741

As of September 30, 2022, the Company expects approximately $4.3 million of accumulated comprehensive income 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.

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases


7.	Leases

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 common area maintenance ("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)	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Operating lease income
Fixed and in-substance fixed lease income	$	215,077		201,183	$	634,416		594,471
Variable lease income		70,473		62,810		210,390		195,538
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		5,484		6,457		16,786		18,460
Uncollectible straight-line rent		3,612		3,655		8,517		(172	)
Uncollectible amounts billable in lease income		1,110		9,198		12,156		18,093
Total lease income	$	295,756		283,303	$	882,265		826,390

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 in which collectibility is considered probable. 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 credit 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 no longer 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 following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets:


(in thousands)	September 30, 2022		December 31, 2021
Tenant receivables	$	25,802		27,354
Straight-line rent receivables		122,346		103,942
Other receivables (1)		25,424		21,795
Total tenant and other receivables	$	173,572		153,091

(1)

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

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements


8.	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 approximate their fair values, except for the following:

September 30, 2022

December 31, 2021

(in thousands)

Carrying
Amount

Fair Value

Carrying
Amount

Fair Value

Financial liabilities:

Notes payable

3,729,404

3,338,134

3,718,944

4,103,533

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 September 30, 2022, and December 31, 2021, 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, appropriate 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 loss (income) in the accompanying Consolidated Statements of Operations, and include unrealized losses of $1.0 million and $1.5 million during the three months ended September 30, 2022 and 2021, respectively, and unrealized losses of $9.5 million and unrealized gains of $217,000 during the nine months ended September 30, 2022 and 2021, respectively, on equity securities.

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 either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, 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 September 30, 2022
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities	$	38,848		38,848		—		—
Available-for-sale debt securities		14,129		—		14,129		—
Interest rate derivatives		7,146		—		7,146		—
Total	$	60,123		38,848		21,275		—


	Fair Value Measurements as of December 31, 2021
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(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	)		—

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a nonrecurring basis:

Fair Value Measurements as of December 31, 2021

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Total Gains

(in thousands)

Balance

(Level 1)

(Level 2)

(Level 3)

(Losses)

Operating properties

140,500

—

—

140,500

(84,277

)

During the nine months ended September 30, 2022, there were no real estate assets remeasured to estimated fair value on a nonrecurring basis. During the year ended December 31, 2021, the Company revalued two shopping centers to estimated fair value due to a change in expected hold period using a discounted cash flow model with a discount rate of 7.2% and a terminal capitalization rate of 5.25%.

- 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

Earnings per Share and Unit

9 Months Ended

Sep. 30, 2022

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit


11.	Earnings per Share and Unit

Parent Company Earnings per Share

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Income attributable to common stockholders - basic	$	87,578		117,406	$	387,602		293,552
Income attributable to common stockholders - diluted	$	87,578		117,406	$	387,602		293,552
Denominator:
Weighted average common shares outstanding for basic EPS		171,121		170,090		171,499		169,906
Weighted average common shares outstanding for diluted EPS		171,525		170,589		171,870		170,314
Income per common share – basic	$	0.51		0.69	$	2.26		1.73
Income per common share – diluted	$	0.51		0.69	$	2.26		1.72

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 were 741,433 and 760,046 for the three months ended September 30, 2022 and 2021, respectively, and were 750,671 and 762,601 for the nine months ended September 30, 2022 and 2021, respectively.

Operating Partnership Earnings per Unit

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Income attributable to common unit holders - basic	$	87,957		117,925	$	389,296		294,867
Income attributable to common unit holders - diluted	$	87,957		117,925	$	389,296		294,867
Denominator:
Weighted average common units outstanding for basic EPU		171,862		170,850		172,249		170,668
Weighted average common units outstanding for diluted EPU		172,267		171,349		172,620		171,076
Income per common unit – basic	$	0.51		0.69	$	2.26		1.73
Income per common unit – diluted	$	0.51		0.69	$	2.26		1.72

Organization and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation

Ownership of the Operating Partnership

Risks and Uncertainties

Real Estate Partnerships

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


(in thousands)	September 30, 2022		December 31, 2021
Assets
Net real estate investments	$	112,909		379,075
Cash, cash equivalents and restricted cash		2,928		5,202
Liabilities
Notes payable		4,931		5,000
Equity
Limited partners' interests in consolidated partnerships		27,339		27,950

Revenues and Other Receivables


		Three months ended September 30,					Nine months ended September 30,
(in thousands)	Timing of satisfaction of performance obligations	2022		2021			2022		2021
Management, transaction and other fees:
Property management services	Over time	$	3,224		3,450		$	10,152		10,974
Asset management services	Over time		1,680		1,709			5,105		5,143
Leasing services	Point in time		729		879			2,895		3,066
Other transaction fees	Point in time		134		13,633	(1)		798		14,236	(1)
Total management, transaction, and other fees		$	5,767		19,671		$	18,950		33,419

(1)

Recent Accounting Pronouncements

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


Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:

ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments	The amendments in this update affect lessor lease classification. Lessors should classify and account for a lease as an operating lease if both of the following criteria are met: (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. This update results in similar treatment under the current Topic 842 as under the previous Topic 840.	January 2022	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 as the Company's customary lease terms do not result in sales-type or direct financing classification, although future leases may.

Organization and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Variable Interest Entities

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


(in thousands)	September 30, 2022		December 31, 2021
Assets
Net real estate investments	$	112,909		379,075
Cash, cash equivalents and restricted cash		2,928		5,202
Liabilities
Notes payable		4,931		5,000
Equity
Limited partners' interests in consolidated partnerships		27,339		27,950

Revenues and Other Receivables


		Three months ended September 30,					Nine months ended September 30,
(in thousands)	Timing of satisfaction of performance obligations	2022		2021			2022		2021
Management, transaction and other fees:
Property management services	Over time	$	3,224		3,450		$	10,152		10,974
Asset management services	Over time		1,680		1,709			5,105		5,143
Leasing services	Point in time		729		879			2,895		3,066
Other transaction fees	Point in time		134		13,633	(1)		798		14,236	(1)
Total management, transaction, and other fees		$	5,767		19,671		$	18,950		33,419

(1)

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

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


Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:

ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments	The amendments in this update affect lessor lease classification. Lessors should classify and account for a lease as an operating lease if both of the following criteria are met: (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. This update results in similar treatment under the current Topic 842 as under the previous Topic 840.	January 2022	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 as the Company's customary lease terms do not result in sales-type or direct financing classification, although future leases may.

- 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)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Schedule of Business Acquisitions

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


(in thousands)		Nine months ended September 30, 2022
Date Purchased	Property Name	City/State	Property Type	Regency Ownership	Purchase Price (1)		Debt Assumed, Net of Discounts (1)		Intangible Assets (1)		Intangible Liabilities (1)
Consolidated
3/1/2022	Glenwood Green	Old Bridge, NJ	Development	70%	$	11,000		—		—		—
3/31/2022	Island Village	Bainbridge Island, WA	Operating	100%		30,650		—		2,900		6,839
4/1/2022	Apple Valley (2)	Apple Valley, MN	Operating	100%		34,070		—		4,773		490
4/1/2022	Cedar Commons (2)	Minneapolis, MN	Operating	100%		29,330		—		4,369		58
4/1/2022	Corral Hollow (2)	Tracy, CA	Operating	100%		40,600		—		3,410		74
4/1/2022	Shops at the Columbia (2)	Washington, DC	Operating	100%		14,000		—		889		181
5/6/2022	Baederwood Shoppes	Jenkintown, PA	Operating	80%		51,603		22,779		5,796		1,062
Total consolidated					$	211,253		22,779		22,137		8,704
Unconsolidated
3/25/2022	Naperville Plaza	Naperville, IL	Operating	20%		52,380		22,074		4,336		814
6/24/2022	Baybrook East 1B	Houston, TX	Development	50%		5,540		—		—		—
Total unconsolidated					$	57,920		22,074		4,336		814

Total property acquisitions					$	269,173		44,853		26,473		9,518

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.

(2)


(in thousands)		Nine months ended September 30, 2021
Date Purchased	Property Name	City/State	Property Type	Regency Ownership	Purchase Price (1)		Debt Assumed, Net of Discounts (1)		Intangible Assets (1)		Intangible Liabilities (1)
Consolidated
7/30/2021	Willa Springs (2)	Winter Springs, FL	Operating	100%	$	34,500		17,682		1,562		643
8/1/2021	Dunwoody Hall (2)	Dunwoody, GA	Operating	100%		32,000		14,612		2,255		973
8/1/2021	Alden Bridge (2)	Woodlands, TX	Operating	100%		43,000		27,529		3,198		2,308
8/1/2021	Hasley Canyon Village (2)	Castaic, CA	Operating	100%		31,000		16,941		2,037		—
8/1/2021	Shiloh Springs (2)	Garland, TX	Operating	100%		19,500		—		1,825		1,079
8/1/2021	Bethany Park Place (2)	Allen, TX	Operating	100%		18,000		10,800		996		1,732
8/1/2021	Blossom Valley (2)	Mountain View, CA	Operating	100%		44,000		23,611		2,895		732
Total consolidated					$	222,000		111,175		14,768		7,467

Total property acquisitions					$	222,000		111,175		14,768		7,467

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.

(2)

Notes Payable and Unsecured Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


(in thousands)	Weighted Average Contractual Rate	Weighted Average Effective Rate	September 30, 2022		December 31, 2021
Notes payable:
Fixed rate mortgage loans	3.9%	3.5%	$	344,843		359,414
Variable rate mortgage loans (1)	3.3%	3.6%		137,284		115,539
Fixed rate unsecured debt	3.8%	4.0%		3,247,277		3,243,991
Total notes payable				3,729,404		3,718,944
Unsecured credit facilities:
$1.25 Billion Line of Credit (the "Line") (2)	3.4%	3.8%		—		—
Total debt outstanding			$	3,729,404		3,718,944

(1)

(2)

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

Schedule of maturities of long-term debt

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


(in thousands)	September 30, 2022
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2022 (2)	$	2,738		—		—			2,738
2023		9,695		59,376		—			69,071
2024		4,849		90,742		250,000			345,591
2025		3,732		45,000		250,000			298,732
2026		3,922		112,365		200,000			316,287
Beyond 5 Years		6,661		138,234		2,575,000			2,719,895
Unamortized debt premium/(discount) and issuance costs		—		4,813		(27,723	)		(22,910	)
Total	$	31,597		450,530		3,247,277			3,729,404

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

Reflects scheduled principal payments for the remainder of the year.

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

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
(in thousands)						Assets (Liabilities) (1)
Effective Date	Maturity Date	Notional Amount		Receive Variable Rate of	Pay Fixed Rate of	September 30, 2022		December 31, 2021
4/7/16	4/1/23	$	18,736	1 Month LIBOR	1.303%	$	261		(175	)
12/1/16	11/1/23		31,291	1 Month LIBOR (2)	1.490%		948		(412	)
9/17/19	3/17/25		24,000	1 Month LIBOR	1.542%		1,495		(364	)
6/2/17	6/2/27		35,589	1 Month LIBOR with Floor	2.366%		2,362		(1,907	)
12/20/19 (3)	12/19/26		24,365	1 Month LIBOR	1.750%		2,080		—
						$	7,146		(2,858	)

(1)

(2)

In October 2022, the Company amended this LIBOR-based interest rate swap and related variable rate mortgage loan to transition to SOFR.

(3)

The Company assumed this interest rate swap which hedges debt also assumed with the purchase of Baederwood Shoppes in May 2022.

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
	Three months ended September 30,					Three months ended September 30,					Three months ended September 30,
(in thousands)	2022		2021			2022		2021			2022		2021
Interest rate swaps	$	7,069		138	Interest expense	$	72		1,040	Interest expense, net	$	36,361		35,993

	Nine months ended September 30,					Nine months ended September 30,					Nine months ended September 30,
(in thousands)	2022		2021			2022		2021			2022		2021
Interest rate swaps	$	20,473		3,646	Interest expense	$	1,563		3,109	Interest expense, net	$	109,798		108,741

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of balance sheet fair values

September 30, 2022

December 31, 2021

(in thousands)

Carrying
Amount

Fair Value

Carrying
Amount

Fair Value

Financial liabilities:

Notes payable

3,729,404

3,338,134

3,718,944

4,103,533

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 September 30, 2022
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities	$	38,848		38,848		—		—
Available-for-sale debt securities		14,129		—		14,129		—
Interest rate derivatives		7,146		—		7,146		—
Total	$	60,123		38,848		21,275		—


	Fair Value Measurements as of December 31, 2021
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(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	)		—

Summary of assets measured on non-recurring basis

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a nonrecurring basis:

Fair Value Measurements as of December 31, 2021

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Total Gains

(in thousands)

Balance

(Level 1)

(Level 2)

(Level 3)

(Losses)

Operating properties

140,500

—

—

140,500

(84,277

)

Earnings per Share and Unit (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of earnings per share

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Income attributable to common stockholders - basic	$	87,578		117,406	$	387,602		293,552
Income attributable to common stockholders - diluted	$	87,578		117,406	$	387,602		293,552
Denominator:
Weighted average common shares outstanding for basic EPS		171,121		170,090		171,499		169,906
Weighted average common shares outstanding for diluted EPS		171,525		170,589		171,870		170,314
Income per common share – basic	$	0.51		0.69	$	2.26		1.73
Income per common share – diluted	$	0.51		0.69	$	2.26		1.72

Partnership Interest [Member]

Schedule of earnings per share

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Income attributable to common unit holders - basic	$	87,957		117,925	$	389,296		294,867
Income attributable to common unit holders - diluted	$	87,957		117,925	$	389,296		294,867
Denominator:
Weighted average common units outstanding for basic EPU		171,862		170,850		172,249		170,668
Weighted average common units outstanding for diluted EPU		172,267		171,349		172,620		171,076
Income per common unit – basic	$	0.51		0.69	$	2.26		1.73
Income per common unit – diluted	$	0.51		0.69	$	2.26		1.72

Organization and Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 10,898,837	$ 10,792,563
Variable interest entity, consolidated, carrying amount, liabilities	4,700,097	4,682,631
Noncontrolling interest in variable interest entity	27,339	27,950
Variable Interest Entity, Primary Beneficiary [Member] \| Notes Payable [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	4,931	5,000
Variable Interest Entity, Primary Beneficiary [Member] \| Net Real Estate Investments [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	112,909	379,075
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	$ 2,928	$ 5,202

- 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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Organization and Significant Accounting Policies - Schedule of Recently Adopted Accounting Pronouncements (Details) - ASU 2021-05 [Member]	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle accounting standards update adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

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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

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Restricted cash and cash equivalent	$ 3,752	$ 1,930
Deferred costs accumulated amortization	122,690	117,878
Accumulated amortization of acquired lease intangible assets	332,866	312,186
Accumulated accretion of acquired lease intangible liabilities	$ 186,515	$ 172,293
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	220,000,000	220,000,000
Common stock, shares issued	171,119,166	171,213,008
Treasury stock, shares held at cost	458,325	427,901
Exchangeable operating partnership units aggregate redemption value	$ 39,926	$ 56,844
Partnership Interest [Member]
Restricted cash and cash equivalent	3,752	1,930
Deferred costs accumulated amortization	122,690	117,878
Accumulated amortization of acquired lease intangible assets	332,866	312,186
Accumulated accretion of acquired lease intangible liabilities	$ 186,515	$ 172,293
General partner units, outstanding	171,119,166	171,213,008
Limited partner units, outstanding	741,433	760,046

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Capitalized interest	$ 2,985	$ 3,012
Cash Acquired from Acquisition	3,061	2,991
Partnership Interest [Member]
Capitalized interest	2,985	3,012
Cash Acquired from Acquisition	$ 3,061	$ 2,991

Organization and Significant Accounting Policies - Organization and Principles of Consolidation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) RetailShoppingCenter	Dec. 31, 2021 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unsecured public and private notes \| $	$ 200,000
Tenant and other receivables \| $	173,572	$ 153,091
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 \| $	$ 14,500	$ 13,200
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%
Wholly Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties	308
Partially Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties	108
Consolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties	12
Unconsolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties	96

Real Estate Investments - Schedule of Business Acquisitions (Parenthetical) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Percentage of purchase price and allocation	100.00%	100.00%
Percentage of purchase price of property	25.00%	20.00%
RegCal, LLC [Member]
Business Acquisition [Line Items]
Business acquisition gross purchase price	$ 93,200,000
Percentage of equity interest acquired	25.00%
US Regency Retail I, LLC [Member]
Business Acquisition [Line Items]
Business acquisition gross purchase price		$ 192,900

Property Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
Property Dispositions (Details) $ in Thousands	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of real estate investments \| $	$ 859	$ 24,284	$ 137,280	$ 131,861
Gain on sale of real estate, net of tax \| $	$ 220	6,719	$ 106,459	38,198
Provision for impairment of real estate sold \| $		$ (20)		$ 115
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		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%	100.00%	100.00%
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			1	6
Land Parcels and Development Project Interests [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	1	3	4	4

Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets [Abstract]
Goodwill, net	$ 167,095	$ 167,095
Investments	52,977	65,112
Prepaid and other	37,023	21,332
Deferred financing costs, net	5,729	7,448
Furniture, fixtures, and equipment, net	5,732	5,444
Derivative assets	7,146
Total other assets	$ 275,702	$ 266,431

Schedule of Goodwill (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill [Line Items]
Goodwill, Beginning balance	$ 167,095
Goodwill, Ending balance	$ 167,095

Fair Value Measurements (Details)	3 Months Ended		9 Months Ended		12 Months Ended
Fair Value Measurements (Details)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 3,729,404,000		$ 3,729,404,000		$ 3,718,944,000
Unrealized (losses) and gains on equity securities	(1,000,000.0)	$ 1,500,000	(9,500,000)	$ 217,000
Impairment of Real Estate		$ 20,000		$ (115,000)
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	38,848,000		38,848,000		49,513,000
Available-for-sale debt securities	14,129,000		14,129,000		15,599,000
Interest rate derivatives	7,146,000		7,146,000
Total	60,123,000		60,123,000		65,112,000
Interest rate derivatives					(2,858,000)
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating properties					140,500,000
Impairment of Real Estate					(84,277,000)
Fair Value Inputs Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, Fair Value	3,338,134,000		3,338,134,000		4,103,533,000
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 debt securities	14,129,000		14,129,000		15,599,000
Interest rate derivatives	7,146,000		7,146,000
Total	21,275,000		21,275,000		15,599,000
Interest rate derivatives					(2,858,000)
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	38,848,000		38,848,000		49,513,000
Total	$ 38,848,000		$ 38,848,000		$ 49,513,000
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					$ 140,500,000

Equity and Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 01, 2022	Feb. 03, 2021	Apr. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Common stock dividend declared, per share				$ 0.625	$ 0.595	$ 1.875	$ 1.785
Net proceeds from common stock issuance						$ 61,284	$ 82,510
Common stock remaining available for Issuance				350,400,000		350,400,000
Stock repurchase program, authorized amount		$ 250,000
Stock repurchase program expiration date		Feb. 03, 2023
Stock repurchased and retired during period, value						$ (75,419)
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock dividend declared, per share	$ 0.65
Common stock, dividends payable date	Jan. 04, 2023
Common stock, dividends record date	Dec. 16, 2022
Common stock, dividends declared date	Nov. 02, 2022
Common Stock [Member]
Class of Stock [Line Items]
Issuance of exchangeable operating partnership, units						18,613
Common Stock [Member] \| AOCI Attributable to Parent [Member]
Class of Stock [Line Items]
Stock repurchased and retired during period, shares						1,294,201
Stock repurchased and retired during period, value						$ 75,400
Shares repurchased weighted average price per share						$ 58.25
Stock repurchased remaining authorized value				$ 174,600		$ 174,600
ATM Equity Offering Program [Member] \| Forward Equity Offering [Member]
Class of Stock [Line Items]
Number of shares issuable			984,618
Sale of stock, average offering price								$ 64.59
Underwriting discount and offering expense			$ 3,300
Net proceeds from common stock issuance			$ 61,300
Maximum [Member]
Class of Stock [Line Items]
Equity issuances, common shares authorized for issuance				500,000,000		500,000,000

Stock-Based Compensation (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted \| shares	272,003
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 72.88

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50.0
Letters of Credit Outstanding, Amount	$ 9.4	$ 9.4