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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2025
Accounting Policies [Abstract] |
Schedule of Investment Properties | As of June 30, 2025, the Company’s portfolio consisted of the following:
| Properties |  | Square Footage
Operating retail/mixed-use properties | 171 |  |  | 27,256,979 |
Operating retail/mixed-use properties – unconsolidated joint ventures | 8 |  |  | 2,146,707 |
Total operating retail/mixed-use properties(1) | 179 |  |  | 29,403,686 |
Standalone office properties(2) | 2 |  |  | 412,812 |
Development and redevelopment projects: |  |  |
One Loudoun Expansion | — |  |  | 119,000 |
Hamilton Crossing Centre | 1 |  |  | 92,283 |
Edwards Multiplex – Ontario | 1 |  |  | 124,614 |
(1)Included within the operating retail/mixed-use properties are 11 properties that contain an office component. Excludes two operating retail properties classified as held for sale as of June 30, 2025. (2)Standalone office properties include the Company’s headquarters at 30 South Meridian and the Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024. The following table summarizes the composition of the Company’s investment properties as of June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025 |  | December 31, 2024
Land, buildings and improvements | $ | 7,381,763 |  |  | $ | 7,591,036 |
Construction in progress | 41,261 |  |  | 43,155 |
Investment properties, at cost | $ | 7,423,024 |  |  | $ | 7,634,191 |
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, 2025 and 2024 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Fixed contractual lease payments – operating leases | $ | 167,569 |  |  | $ | 161,673 |  |  | $ | 336,408 |  |  | $ | 322,213 |
Variable lease payments – operating leases | 41,176 |  |  | 39,663 |  |  | 87,466 |  |  | 80,133 |
Bad debt reserve | (1,625) |  |  | (1,544) |  |  | (3,701) |  |  | (2,133) |
Straight-line rent adjustments | 2,709 |  |  | 2,829 |  |  | 5,496 |  |  | 6,192 |
Straight-line rent (reserve) recovery for uncollectibility | (216) |  |  | 825 |  |  | (422) |  |  | 588 |
Amortization of in-place lease liabilities, net | 1,569 |  |  | 2,390 |  |  | 5,107 |  |  | 4,656 |
Rental income | $ | 211,182 |  |  | $ | 205,836 |  |  | $ | 430,354 |  |  | $ | 411,649 |
Schedule of Noncontrolling Interests | The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2025 and 2024 (in thousands):
| Six Months Ended June 30,
| 2025 |  | 2024
Noncontrolling interests balance as of January 1, | $ | 1,893 |  |  | $ | 2,430 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 151 |  |  | 141 |
Distributions to noncontrolling interests | (127) |  |  | (692) |
Noncontrolling interests balance as of June 30, | $ | 1,917 |  |  | $ | 1,879 |
Schedule of Weighted Average Interests of Parent and Limited Partners | For the three and six months ended June 30, 2025 and 2024, 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Parent Company’s weighted average interest in the Operating Partnership | 97.8 | % |  | 98.3 | % |  | 97.9 | % |  | 98.4 | %
Limited partners’ weighted average interests in the Operating Partnership | 2.2 | % |  | 1.7 | % |  | 2.1 | % |  | 1.6 | %
Schedule of Redeemable Noncontrolling Interests | The redeemable noncontrolling interests in the Operating Partnership for the six months ended June 30, 2025 and 2024 were as follows (in thousands):
| Six Months Ended June 30,
| 2025 |  | 2024
Redeemable noncontrolling interests balance as of January 1, | $ | 98,074 |  |  | $ | 73,287 |
Net income (loss) allocable to redeemable noncontrolling interests | 2,664 |  |  | (526) |
Distributions declared to redeemable noncontrolling interests | (3,936) |  |  | (1,809) |
Other, net including adjustments to redemption value | 6,089 |  |  | 5,141 |
Total limited partners’ interests in the Operating Partnership balance as of June 30, | $ | 102,891 |  |  | $ | 76,093 |

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