ORGANIZATION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

As of December 31, 2024, the Company’s portfolio consisted of the following:


	Properties	Square Footage
Operating retail properties(1)	179	27,668,416
Office properties(2)	2	412,568
Development and redevelopment projects:
The Corner – IN(3)	1	24,000
One Loudoun Expansion(4)	—	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 December 31, 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)Office properties include Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.

(3)This property is held in an unconsolidated joint venture in which the Company has a 50% ownership interest.

(4)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 December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Land, buildings and improvements	$	7,591,036	$	7,684,066
Construction in progress	43,155		55,995
Investment properties, at cost	$	7,634,191	$	7,740,061