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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2023
Accounting Policies [Abstract] |
Schedule of Investment Properties | As of March 31, 2023, the Company’s portfolio consisted of the following (square footage in thousands):
| Properties |  | Square Footage
Operating retail properties(1) | 181 |  |  | 28,545 |
Office properties | 1 |  |  | 287 |
Development and redevelopment projects: |  |  |
The Landing at Tradition – Phase II(2) | — |  |  | 40 |
Carillon medical office building | 1 |  |  | 126 |
The Corner (IN) | 1 |  |  | 24 |
(1)Included within operating retail properties are 11 properties that contain an office component. Excludes one operating retail property classified as held for sale as of March 31, 2023. Of the 181 operating retail properties, 178 are consolidated in these financial statements and the remaining three are accounted for under the equity method. (2)The operating portion of this property is included within the property count for operating retail properties. The following table summarizes the composition of the Company’s investment properties as of March 31, 2023 and December 31, 2022 (in thousands):
| Balance as of
| March 31, 2023 |  | December 31, 2022
Land, buildings and improvements | $ | 7,625,276 |  |  | $ | 7,656,765 |
Construction in progress | 94,401 |  |  | 75,808 |
Investment properties, at cost | $ | 7,719,677 |  |  | $ | 7,732,573 |
Schedule of Rental Income | Rental income related to the Company’s operating leases is comprised of the following for the three months ended March 31, 2023 and 2022 (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Fixed contractual lease payments – operating leases | $ | 158,590 |  |  | $ | 149,824 |  |  |  |  |
Variable lease payments – operating leases | 39,754 |  |  | 37,025 |  |  |  |  |
Bad debt reserve | (1,555) |  |  | (571) |  |  |  |  |
Straight-line rent adjustments | 3,858 |  |  | 4,093 |  |  |  |  |
Straight-line rent reserve for uncollectibility | (314) |  |  | (62) |  |  |  |  |
Amortization of in-place lease liabilities, net | 2,730 |  |  | 583 |  |  |  |  |
Rental income | $ | 203,063 |  |  | $ | 190,892 |  |  |  |  |
Schedule of Noncontrolling Interests | The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2023 and 2022 (in thousands):
| Three Months Ended March 31,
| 2023 |  | 2022
Noncontrolling interests balance as of January 1, | $ | 5,370 |  |  | $ | 5,146 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 104 |  |  | 12 |
Noncontrolling interests balance as of March 31, | $ | 5,474 |  |  | $ | 5,158 |
Schedule of Weighted Average Interests of Parent and OP | For the three months ended March 31, 2023 and 2022, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Parent Company’s weighted average interest in Operating Partnership | 98.7 | % |  | 98.9 | % |  |  |  |
Limited partners’ weighted average interests in Operating Partnership | 1.3 | % |  | 1.1 | % |  |  |  |
Schedule of Redeemable Noncontrolling Interests | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
| Three Months Ended March 31,
| 2023 |  | 2022
Redeemable noncontrolling interests balance as of January 1, | $ | 53,967 |  |  | $ | 55,173 |
Net income (loss) allocable to redeemable noncontrolling interests | 65 |  |  | (34) |
Distributions declared to redeemable noncontrolling interests | (728) |  |  | (584) |
Other, net including adjustments to redemption value | 3,750 |  |  | 5,821 |
Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of March 31, | $ | 57,054 |  |  | $ | 60,376 |
Limited partners’ interests in Operating Partnership | $ | 57,054 |  |  | $ | 50,306 |
Other redeemable noncontrolling interests in certain subsidiaries | — |  |  | 10,070 |
Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of March 31, | $ | 57,054 |  |  | $ | 60,376 |

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