XML 41 R28.htm IDEA: XBRL DOCUMENT
v3.24.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Accounting Policies [Abstract] |
Schedule of Investment Properties | As of September 30, 2024, the Company’s portfolio consisted of the following:
| Properties |  | Square Footage
Operating retail properties(1) | 179 |  |  | 27,720,361 |
Office properties | 1 |  |  | 287,291 |
Development and redevelopment projects: |  |  |
Carillon medical office building | 1 |  |  | 126,000 |
The Corner – IN(2) | 1 |  |  | 24,000 |
One Loudoun Expansion(3) | — |  |  | 119,000 |
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. Excludes one operating retail property classified as held for sale as of September 30, 2024. Of the 179 operating retail properties, 176 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. (3)During the three months ended September 30, 2024, the Company began development activities on the retail and office portions of the expansion project at One Loudoun Downtown (the “One Loudoun Expansion”) in the Washington, D.C. metropolitan statistical area (“MSA”). The Company estimates that it will incur net project costs of approximately $65.0 million to $75.0 million related to the One Loudoun Expansion. The following table summarizes the composition of the Company’s investment properties as of September 30, 2024 and December 31, 2023 (in thousands):
| Balance as of
| September 30, 2024 |  | December 31, 2023
Land, buildings and improvements | $ | 7,543,145 |  |  | $ | 7,684,066 |
Construction in progress | 64,704 |  |  | 55,995 |
Investment properties, at cost | $ | 7,607,849 |  |  | $ | 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 nine months ended September 30, 2024 and 2023 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Fixed contractual lease payments – operating leases | $ | 163,913 |  |  | $ | 159,491 |  |  | $ | 486,126 |  |  | $ | 478,215 |
Variable lease payments – operating leases | 36,939 |  |  | 38,100 |  |  | 117,072 |  |  | 117,730 |
Bad debt reserve | (1,468) |  |  | (219) |  |  | (3,601) |  |  | (2,007) |
Straight-line rent adjustments | 3,595 |  |  | 3,132 |  |  | 9,787 |  |  | 9,900 |
Straight-line rent reserve for uncollectibility | (309) |  |  | (367) |  |  | 279 |  |  | (177) |
Amortization of in-place lease liabilities, net | 2,264 |  |  | 3,853 |  |  | 6,920 |  |  | 9,228 |
Rental income | $ | 204,934 |  |  | $ | 203,990 |  |  | $ | 616,583 |  |  | $ | 612,889 |
Schedule of Noncontrolling Interests | The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the nine months ended September 30, 2024 and 2023 (in thousands):
| Nine Months Ended September 30,
| 2024 |  | 2023
Noncontrolling interests balance as of January 1, | $ | 2,430 |  |  | $ | 5,370 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 204 |  |  | 201 |
Distributions to noncontrolling interests(1) | (760) |  |  | (3,196) |
Noncontrolling interests balance as of September 30, | $ | 1,874 |  |  | $ | 2,375 |
(1)During the nine months ended September 30, 2023, we received a $3.2 million distribution from excess proceeds related to a third-party financing.
Schedule of Weighted Average Interests of Parent and Limited Partners | For the three and nine months ended September 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Parent Company’s weighted average interest in the Operating Partnership | 98.3 | % |  | 98.5 | % |  | 98.3 | % |  | 98.6 | %
Limited partners’ weighted average interests in the Operating Partnership | 1.7 | % |  | 1.5 | % |  | 1.7 | % |  | 1.4 | %
Schedule of Redeemable Noncontrolling Interests | The redeemable noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2024 and 2023 were as follows (in thousands):
| Nine Months Ended September 30,
| 2024 |  | 2023
Redeemable noncontrolling interests balance as of January 1, | $ | 73,287 |  |  | $ | 53,967 |
Net (loss) income allocable to redeemable noncontrolling interests | (265) |  |  | 499 |
Distributions declared to redeemable noncontrolling interests | (2,838) |  |  | (2,281) |
Other, net including adjustments to redemption value | 26,842 |  |  | 14,815 |
Total limited partners’ interests in the Operating Partnership balance as of September 30, | $ | 97,026 |  |  | $ | 67,000 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The tabular disclosure of the effects of any changes in a parent's ownership interest in a subsidiary on the equity attributable to the parent if the ownership interests in a subsidiary changes during the period. The changes represented by this element did not result in the deconsolidation of the subsidiary. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4M -Publisher FASB -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4M Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A + Details
Name: | us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A + Details
Name: | us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
Name: | us-gaap_RedeemableNoncontrollingInterestTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration