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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Investment Properties
As of December 31, 2023, the Company’s portfolio consisted of the following:
PropertiesSquare Footage
Operating retail properties(1)
180 28,108,490 
Office properties1 287,291 
Development and redevelopment projects:
Carillon medical office building1 126,000 
The Corner – IN1 24,000 
Hamilton Crossing Centre1 92,283 
Edwards Multiplex – Ontario1 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,
20232022
Land, buildings and improvements$7,684,066 $7,656,765 
Construction in progress55,995 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,
202320222021
Cash and cash equivalents$36,413 $115,799 $93,241 
Restricted cash and escrow deposits5,017 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:
Texas26.2 %
Florida10.6 %
Virginia7.4 %
New York6.9 %
Indiana6.3 %
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:
202320222021
Ordinary income90.6 %86.1 %0.0 %
Return of capital0.0 %0.0 %13.4 %
Capital gains9.4 %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):
202320222021
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,
 202320222021
Parent Company’s weighted average interest in the Operating Partnership98.6 %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):
202320222021
Redeemable noncontrolling interests balance as of January 1,$53,967 $55,173 $43,275 
Net income (loss) allocable to redeemable noncontrolling interests629 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 value21,850 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