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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 2023
Accounting Policies [Abstract] |
Schedule of Investment Properties | As of September 30, 2023, the Company’s portfolio consisted of the following:
| Properties |  | Square Footage
Operating retail properties(1) | 180 |  |  | 28,290,147 |
Office properties | 1 |  |  | 287,291 |
Development and redevelopment projects: |  |  |
Carillon medical office building | 1 |  |  | 126,000 |
The Corner (IN) | 1 |  |  | 24,000 |
Hamilton Crossing Centre | 1 |  |  | 92,283 |
Edwards Multiplex – Ontario | 1 |  |  | 124,614 |
(1)Included within operating retail properties are 10 properties that contain an office component. Excludes one operating retail property classified as held for sale as of September 30, 2023. Of the 180 operating retail properties, 177 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 September 30, 2023 and December 31, 2022 (in thousands):
| Balance as of
| September 30, 2023 |  | December 31, 2022
Land, buildings and improvements | $ | 7,643,839 |  |  | $ | 7,656,765 |
Construction in progress | 64,569 |  |  | 75,808 |
Investment properties, at cost | $ | 7,708,408 |  |  | $ | 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 nine months ended September 30, 2023 and 2022 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Fixed contractual lease payments – operating leases | $ | 159,491 |  |  | $ | 155,399 |  |  | $ | 478,215 |  |  | $ | 457,875 |
Variable lease payments – operating leases | 38,100 |  |  | 36,636 |  |  | 117,730 |  |  | 112,725 |
Bad debt reserve | (219) |  |  | (1,882) |  |  | (2,007) |  |  | (3,624) |
Straight-line rent adjustments | 3,132 |  |  | 4,328 |  |  | 9,900 |  |  | 12,951 |
Straight-line rent reserve for uncollectibility | (367) |  |  | (34) |  |  | (177) |  |  | (298) |
Amortization of in-place lease liabilities, net | 3,853 |  |  | 1,228 |  |  | 9,228 |  |  | 3,143 |
Rental income | $ | 203,990 |  |  | $ | 195,675 |  |  | $ | 612,889 |  |  | $ | 582,772 |
Schedule of Noncontrolling Interests | The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the nine months ended September 30, 2023 and 2022 (in thousands):
| Nine Months Ended September 30,
| 2023 |  | 2022
Noncontrolling interests balance as of January 1, | $ | 5,370 |  |  | $ | 5,146 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 201 |  |  | 139 |
Distributions to noncontrolling interests | (3,196) |  |  | — |
Noncontrolling interests balance as of September 30, | $ | 2,375 |  |  | $ | 5,285 |
Schedule of Weighted Average Interests of Parent and Limited Partners | For the three and nine months ended September 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Parent Company’s weighted average interest in Operating Partnership | 98.5 | % |  | 98.7 | % |  | 98.6 | % |  | 98.8 | %
Limited partners’ weighted average interests in Operating Partnership | 1.5 | % |  | 1.3 | % |  | 1.4 | % |  | 1.2 | %
Schedule of Redeemable Noncontrolling Interests | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the nine months ended September 30, 2023 and 2022 were as follows (in thousands):
| Nine Months Ended September 30,
| 2023 |  | 2022
Redeemable noncontrolling interests balance as of January 1, | $ | 53,967 |  |  | $ | 55,173 |
Net income allocable to redeemable noncontrolling interests | 499 |  |  | 269 |
Distributions declared to redeemable noncontrolling interests | (2,281) |  |  | (1,972) |
Other, net including adjustments to redemption value | 14,815 |  |  | 3,484 |
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of September 30, | $ | 67,000 |  |  | $ | 56,954 |
Limited partners’ interests in the Operating Partnership | $ | 67,000 |  |  | $ | 46,884 |
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 September 30, | $ | 67,000 |  |  | $ | 56,954 |

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