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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Investment Properties | As of December 31, 2023, the Company’s portfolio consisted of the following:
| Properties |  | Square Footage
Operating retail properties(1) | 180 |  |  | 28,108,490 |
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. 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 December 31, 2023 and 2022 (in thousands):
| Balance as of December 31,
| 2023 |  | 2022
Land, buildings and improvements | $ | 7,684,066 |  |  | $ | 7,656,765 |
Construction in progress | 55,995 |  |  | 75,808 |
Investment properties, at cost | $ | 7,740,061 |  |  | $ | 7,732,573 |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following is a summary of our total cash, cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash and cash equivalents | $ | 36,413 |  |  | $ | 115,799 |  |  | $ | 93,241 |
Restricted cash and escrow deposits | 5,017 |  |  | 6,171 |  |  | 7,122 |
Cash, cash equivalents and restricted cash | $ | 41,430 |  |  | $ | 121,970 |  |  | $ | 100,363 |
Schedule of Revenue Concentration | For the year ended December 31, 2023, the percentage of the Company’s revenue recognized from tenants leasing space in the states where the majority of our portfolio is concentrated, which includes Texas, Florida, Virginia, New York, and Indiana, was as follows:
Texas | 26.2 | %
Florida | 10.6 | %
Virginia | 7.4 | %
New York | 6.9 | %
Indiana | 6.3 | %
Schedule of Tax Characterization of Dividends Paid | The following table summarizes the tax characterization of the dividends paid by the Parent Company for the years ended December 31, 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
Ordinary income | 90.6 | % |  | 86.1 | % |  | 0.0 | %
Return of capital | 0.0 | % |  | 0.0 | % |  | 13.4 | %
Capital gains | 9.4 | % |  | 13.9 | % |  | 86.6 | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %
Schedule of Noncontrolling Interests | The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the years ended December 31, 2023, 2022 and 2021 (in thousands):
| 2023 |  | 2022 |  | 2021
Noncontrolling interests balance as of January 1, | $ | 5,370 |  |  | $ | 5,146 |  |  | $ | 698 |
Noncontrolling interests acquired in the RPAI merger | — |  |  | — |  |  | 4,463 |
Net income (loss) allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 256 |  |  | 224 |  |  | (15) |
Distributions to noncontrolling interests | (3,196) |  |  | — |  |  | — |
Noncontrolling interests balance as of December 31, | $ | 2,430 |  |  | $ | 5,370 |  |  | $ | 5,146 |
Schedule of Ownership Interests of the Parent Company and Limited Partners | For the years ended December 31, 2023, 2022 and 2021, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Parent Company’s weighted average interest in the Operating Partnership | 98.6 | % |  | 98.7 | % |  | 97.8 | %
Limited partners’ weighted average interests in the Operating Partnership | 1.4 | % |  | 1.3 | % |  | 2.2 | %
Schedule of Redeemable Noncontrolling Interests | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Redeemable noncontrolling interests balance as of January 1, | $ | 53,967 |  |  | $ | 55,173 |  |  | $ | 43,275 |
Net income (loss) allocable to redeemable noncontrolling interests | 629 |  |  | 258 |  |  | (901) |
Distributions declared to redeemable noncontrolling interests | (3,159) |  |  | (2,622) |  |  | (2,208) |
Payment for redemption of redeemable noncontrolling interests | — |  |  | (10,070) |  |  | — |
Other, net including adjustments to redemption value | 21,850 |  |  | 11,228 |  |  | 15,007 |
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of December 31, | $ | 73,287 |  |  | $ | 53,967 |  |  | $ | 55,173 |
Limited partners’ interests in the Operating Partnership | $ | 73,287 |  |  | $ | 53,967 |  |  | $ | 45,103 |
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 December 31, | $ | 73,287 |  |  | $ | 53,967 |  |  | $ | 55,173 |

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