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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Schedule of Investment Properties
As of June 30, 2024, the Company’s portfolio consisted of the following:
PropertiesSquare Footage
Operating retail properties(1)
178 27,607,987 
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. Excludes one operating retail property classified as held for sale as of June 30, 2024. Of the 178 operating retail properties, 175 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 June 30, 2024 and December 31, 2023 (in thousands):
Balance as of
June 30, 2024December 31, 2023
Land, buildings and improvements$7,475,763 $7,684,066 
Construction in progress70,353 55,995 
Investment properties, at cost$7,546,116 $7,740,061 
Schedule of Rental Income
Rental income related to the Company’s operating leases is comprised of the following for the three and six months ended June 30, 2024 and 2023 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Fixed contractual lease payments – operating leases$161,673 $160,134 $322,213 $318,724 
Variable lease payments – operating leases39,663 39,876 80,133 79,630 
Bad debt reserve(1,544)(233)(2,133)(1,788)
Straight-line rent adjustments2,829 2,910 6,192 6,768 
Straight-line rent reserve for uncollectibility825 504 588 190 
Amortization of in-place lease liabilities, net2,390 2,645 4,656 5,375 
Rental income$205,836 $205,836 $411,649 $408,899 
Schedule of Noncontrolling Interests The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2024 and 2023 (in thousands):
Six Months Ended June 30,
20242023
Noncontrolling interests balance as of January 1,$2,430 $5,370 
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests141 134 
Distributions to noncontrolling interests(692)— 
Noncontrolling interests balance as of June 30,
$1,879 $5,504 
Schedule of Weighted Average Interests of Parent and Limited Partners For the three and six months ended June 30, 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 June 30,Six Months Ended June 30,
 2024202320242023
Parent Company’s weighted average interest in the Operating Partnership98.3 %98.6 %98.4 %98.7 %
Limited partners’ weighted average interests in the Operating Partnership1.7 %1.4 %1.6 %1.3 %
Schedule of Redeemable Noncontrolling Interests
The redeemable noncontrolling interests in the Operating Partnership for the six months ended June 30, 2024 and 2023 were as follows (in thousands):
Six Months Ended June 30,
20242023
Redeemable noncontrolling interests balance as of January 1,$73,287 $53,967 
Net (loss) income allocable to redeemable noncontrolling interests(526)459 
Distributions declared to redeemable noncontrolling interests(1,809)(1,456)
Other, net including adjustments to redemption value5,141 7,957 
Total limited partners’ interests in the Operating Partnership balance as of June 30,
$76,093 $60,927