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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

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