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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Investment Properties
As of December 31, 2024, the Company’s portfolio consisted of the following:
PropertiesSquare 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 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 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, 2024December 31, 2023
Land, buildings and improvements$7,591,036 $7,684,066 
Construction in progress43,155 55,995 
Investment properties, at cost$7,634,191 $7,740,061 
Schedule of Cash and Cash Equivalents
The following table summarizes our total cash, cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
202420232022
Cash and cash equivalents$128,056 $36,413 $115,799 
Restricted cash and escrow deposits5,271 5,017 6,171 
Restricted cash associated with investment property held for sale225 — — 
Cash, cash equivalents and restricted cash$133,552 $41,430 $121,970 
Schedule of Restricted Cash
The following table summarizes our total cash, cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
202420232022
Cash and cash equivalents$128,056 $36,413 $115,799 
Restricted cash and escrow deposits5,271 5,017 6,171 
Restricted cash associated with investment property held for sale225 — — 
Cash, cash equivalents and restricted cash$133,552 $41,430 $121,970 
Schedule of Revenue Concentration
For the year ended December 31, 2024, the percentage of the Company’s revenue recognized from tenants leasing space in the states where the majority of our portfolio is concentrated, which includes Texas, Florida, Virginia, Indiana, and New York, was as follows:
Texas26.8 %
Florida11.0 %
Virginia7.3 %
Indiana6.4 %
New York6.1 %
Schedule of Tax Characterization of Dividends Paid The following table summarizes the tax characterization of the dividends paid by the Parent Company for the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Ordinary income96.4 %90.6 %86.1 %
Return of capital0.0 %0.0 %0.0 %
Capital gains3.6 %9.4 %13.9 %
100.0 %100.0 %100.0 %
Schedule of Noncontrolling Interests The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
202420232022
Noncontrolling interests balance as of January 1,$2,430 $5,370 $5,146 
Net income allocable to noncontrolling interests, excluding
redeemable noncontrolling interests
280 256 224 
Distributions to noncontrolling interests(1)
(817)(3,196)— 
Noncontrolling interests balance as of December 31,$1,893 $2,430 $5,370 
(1)During the year ended December 31, 2023, we received a $3.2 million distribution from excess proceeds related to a third-party financing.
Schedule of Ownership Interests of the Parent Company and Limited Partners For the years ended December 31, 2024, 2023 and 2022, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:
 Year Ended December 31,
 202420232022
Parent Company’s weighted average interest in the Operating Partnership98.3 %98.6 %98.7 %
Limited partners’ weighted average interests in the Operating Partnership 1.7 %1.4 %1.3 %
Schedule of Redeemable Noncontrolling Interests
The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
202420232022
Redeemable noncontrolling interests balance as of January 1,$73,287 $53,967 $55,173 
Net income allocable to redeemable noncontrolling interests65 629 258 
Distributions declared to redeemable noncontrolling interests(3,970)(3,159)(2,622)
Payment for redemption of redeemable noncontrolling interests— — (10,070)
Other, net including adjustments to redemption value28,692 21,850 11,228 
Total limited partners’ interests in the Operating Partnership and other
redeemable noncontrolling interests balance as of December 31,
$98,074 $73,287 $53,967 
Limited partners’ interests in the Operating Partnership$98,074 $73,287 $53,967 
Other redeemable noncontrolling interests in certain subsidiaries— — — 
Total limited partners’ interests in the Operating Partnership and other
redeemable noncontrolling interests balance as of December 31,
$98,074 $73,287 $53,967