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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Schedule of Investment Properties
As of March 31, 2024, the Company’s portfolio consisted of the following:
PropertiesSquare Footage
Operating retail properties(1)
180 28,096,542 
Office properties1 287,291 
Development and redevelopment projects:
Carillon medical office building1 126,000 
The Corner – IN(2)
1 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 within these financial statements and the remaining three are accounted for under the equity method.
(2)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.
The following table summarizes the composition of the Company’s investment properties as of March 31, 2024 and December 31, 2023 (in thousands):
Balance as of
March 31, 2024December 31, 2023
Land, buildings and improvements$7,696,890 $7,684,066 
Construction in progress61,482 55,995 
Investment properties, at cost$7,758,372 $7,740,061 
Schedule of Rental Income
Rental income related to the Company’s operating leases is comprised of the following for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31,
20242023
Fixed contractual lease payments – operating leases$160,540 $158,590 
Variable lease payments – operating leases40,470 39,754 
Bad debt reserve(589)(1,555)
Straight-line rent adjustments3,363 3,858 
Straight-line rent reserve for uncollectibility(237)(314)
Amortization of in-place lease liabilities, net2,266 2,730 
Rental income$205,813 $203,063 
Schedule of Noncontrolling Interests The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31,
20242023
Noncontrolling interests balance as of January 1,$2,430 $5,370 
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests67 104 
Distributions to noncontrolling interests(620)— 
Noncontrolling interests balance as of March 31,
$1,877 $5,474 
Schedule of Weighted Average Interests of Parent and Limited Partners For the three months ended March 31, 2024 and 2023, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:
Three Months Ended March 31,
 20242023
Parent Company’s weighted average interest in the Operating Partnership98.4 %98.7 %
Limited partners’ weighted average interests in the Operating Partnership1.6 %1.3 %
Schedule of Redeemable Noncontrolling Interests
The redeemable noncontrolling interests in the Operating Partnership for the three months ended March 31, 2024 and 2023 were as follows (in thousands):
Three Months Ended March 31,
20242023
Redeemable noncontrolling interests balance as of January 1,$73,287 $53,967 
Net income allocable to redeemable noncontrolling interests213 65 
Distributions declared to redeemable noncontrolling interests(882)(728)
Other, net including adjustments to redemption value1,095 3,750 
Total limited partners’ interests in the Operating Partnership balance as of March 31,
$73,713 $57,054