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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Asset Acquisitions | The Company closed on the following asset acquisitions during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):
Date |  | Property Name |  | MSA |  | Property Type |  | Square Footage |  | Acquisition Price
September 22, 2023 |  | Prestonwood Place |  | Dallas/Ft. Worth |  | Multi-tenant retail |  | 155,975 |  |  | $ | 81,000 |
February 16, 2022 |  | Pebble Marketplace |  | Las Vegas |  | Multi-tenant retail |  | 85,796 |  |  | $ | 44,100 |
April 13, 2022 |  | MacArthur Crossing |  | Dallas/Ft. Worth |  | Two-tenant building |  | 56,077 |  |  | 21,920 |
July 15, 2022 |  | Palms Plaza |  | Miami |  | Multi-tenant retail |  | 68,976 |  |  | 35,750 |
|  |  |  |  |  |  |  | 210,849 |  |  | $ | 101,770 |
December 22, 2021 |  | Nora Plaza Shops |  | Indianapolis, IN |  | Multi-tenant retail outparcel |  | 23,722 |  |  | $ | 13,500 |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed for the asset acquisitions completed during the years ended December 31, 2023, 2022 and 2021 (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Investment properties, net | $ | 75,506 |  |  | $ | 99,096 |  |  | $ | 13,488 |
Lease-related intangible assets, net(1) | 6,971 |  |  | 5,223 |  |  | 304 |
Other assets | — |  |  | 11 |  |  | — |
Total acquired assets | 82,477 |  |  | 104,330 |  |  | 13,792 |
Mortgage payable | — |  |  | — |  |  | 3,578 |
Accounts payable and accrued expenses | 2,823 |  |  | 1,140 |  |  | 100 |
Deferred revenue and other liabilities | 1,556 |  |  | 2,855 |  |  | 189 |
Total assumed liabilities | 4,379 |  |  | 3,995 |  |  | 3,867 |
Fair value of net assets acquired | $ | 78,098 |  |  | $ | 100,335 |  |  | $ | 9,925 |
(1)The weighted average remaining life of leases at the acquired properties is approximately 6.2 years, 6.7 years, and 5.3 years for asset acquisitions completed during the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule of Level 3 Assumptions Used in Determining Value of Acquired Assets | The range of the most significant Level 3 assumptions used in determining the value of the real estate and related assets acquired through asset acquisitions are as follows:
| 2023 |  | 2022 |  | 2021
Net rental rate per square foot – Retail Anchors | N/A |  | $20.50 to $40.00 |  | N/A
Net rental rate per square foot – Small Shops | $30.00 to $65.00 |  | $24.00 to $65.00 |  | $31.50 to $45.00
Discount rate | 8.5% |  | 5.75% to 7.25% |  | 9.0%
Business Combination, Pro Forma Information | The following unaudited pro forma financial information is based upon the Company’s historical consolidated statements of operations for the year ended December 31, 2021, adjusted to give effect for the properties assumed through the merger as if they were acquired as of January 1, 2020. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods (in thousands, except per share data).
| Year Ended December 31, 2021
Rental income | $ | 740,954 |
Net income | $ | 21,283 |
Net income attributable to common shareholders | $ | 20,535 |
Net income attributable to common shareholders per common share: |
Basic(1) | $ | 0.09 |
Diluted(1) | $ | 0.09 |
(1)The pro forma earnings for the year ended December 31, 2021 were adjusted to exclude $86.5 million of merger costs incurred.
Supplemental Schedule of Non-Cash Investing and Financing Activities | The following table summarizes the merger-related non-cash investing and financing activities for the year ended December 31, 2021 (in thousands):
| Year Ended December 31, 2021
Investment properties | $ | 4,439,387 |
Acquired lease intangible assets | $ | 524,058 |
Mortgage and other indebtedness, net | $ | (1,848,476) |
In-place lease liabilities | $ | (171,378) |
Noncontrolling interests | $ | (4,463) |
Other assets and liabilities, net(1) | $ | (106,751) |
Company common shares issued in exchange for RPAI common stock | $ | (2,847,369) |
(1)Includes lease liabilities arising from obtaining right-of-use assets of $41,086, which was determined using an estimate of our incremental borrowing rate that was specific to each lease based upon the term and underlying asset with a weighted average incremental borrowing rate of 5.4%.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of acquisition of assets or a business through noncash (or part noncash) transactions. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Disclosure may include the equity interest acquired, value of assets acquired, value of liabilities acquired, net monetary assets acquired, number of shares, warrants or options issued as consideration for a business or asset acquired and other information necessary to a fair presentation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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