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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Investment Properties

As of June 30, 2023, the Company’s portfolio consisted of the following:

			Properties						Square Footage
Operating retail properties(1)			181						28,590,350
Office properties			1						287,291
Development and redevelopment projects:
Carillon medical office building			1						126,000
The Corner (IN)			1						24,000

(1)Included within operating retail properties are 11 properties that contain an office component. Of the 181 operating retail properties, 178 are consolidated in these financial statements and the remaining three are accounted for under the equity method.

The following table summarizes the composition of the Company’s investment properties as of June 30, 2023 and December 31, 2022 (in thousands):

			Balance as of
			June 30, 2023						December 31, 2022
Land, buildings and improvements			$	7,589,842					$	7,656,765
Construction in progress			80,523						75,808
Investment properties, at cost			$	7,670,365					$	7,732,573

Schedule of Rental Income

Rental income related to the Company’s operating leases is comprised of the following for the three and six months ended June 30, 2023 and 2022 (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Fixed contractual lease payments – operating leases			$	160,134					$	152,652					$	318,724					$	302,476
Variable lease payments – operating leases			39,876						39,064						79,630						76,089
Bad debt reserve			(233)						(1,171)						(1,788)						(1,742)
Straight-line rent adjustments			2,910						4,530						6,768						8,623
Straight-line rent recovery (reserve) for uncollectibility			504						(202)						190						(264)
Amortization of in-place lease liabilities, net			2,645						1,332						5,375						1,915
Rental income			$	205,836					$	196,205					$	408,899					$	387,097

Schedule of Noncontrolling Interests

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2023 and 2022 (in thousands):

			Six Months Ended June 30,
			2023						2022
Noncontrolling interests balance as of January 1,			$	5,370					$	5,146
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests			134						62
Noncontrolling interests balance as of June 30,			$	5,504					$	5,208

Schedule of Weighted Average Interests of Parent and Limited Partners

For the three and six months ended June 30, 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 June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Parent Company’s weighted average interest in Operating Partnership			98.6		%				98.7		%				98.7		%				98.8		%
Limited partners’ weighted average interests in Operating Partnership			1.4		%				1.3		%				1.3		%				1.2		%

Schedule of Redeemable Noncontrolling Interests

The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the six months ended June 30, 2023 and 2022 were as follows (in thousands):

			Six Months Ended June 30,
			2023						2022
Redeemable noncontrolling interests balance as of January 1,			$	53,967					$	55,173
Net income allocable to redeemable noncontrolling interests			459						230
Distributions declared to redeemable noncontrolling interests			(1,456)						(1,219)
Other, net including adjustments to redemption value			7,957						2,995
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of June 30,			$	60,927					$	57,179
Limited partners’ interests in the Operating Partnership			$	60,927					$	47,109
Other redeemable noncontrolling interests in certain subsidiaries			—						10,070
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of June 30,			$	60,927					$	57,179

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