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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

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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