XML 42 R29.htm IDEA: XBRL DOCUMENT v3.25.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Investment Properties

As of September 30, 2025, the Company’s portfolio consisted of the following:

			Properties						Square Footage
Operating retail/mixed-use properties			170						27,107,028
Operating retail/mixed-use properties – unconsolidated joint ventures			8						2,146,865
Total operating retail/mixed-use properties(1)			178						29,253,893
Standalone office properties(2)			2						412,812
Development and redevelopment projects:
One Loudoun Expansion			—						119,000
Hamilton Crossing Centre			1						—
Edwards Multiplex – Ontario			1						124,614

(1)Included within the operating retail/mixed-use properties are 11 properties that contain an office component. Excludes one operating retail property classified as held for sale as of September 30, 2025, as well as Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill metropolitan statistical area (“MSA”) that was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal.

(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 September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025						December 31, 2024
Land, buildings and improvements			$	7,360,431					$	7,591,036
Construction in progress			57,485						43,155
Investment properties, at cost			$	7,417,916					$	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 nine months ended September 30, 2025 and 2024 (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Fixed contractual lease payments – operating leases			$	162,469					$	163,913					$	498,877					$	486,126
Variable lease payments – operating leases			36,787						36,939						124,253						117,072
Bad debt reserve			(2,119)						(1,468)						(5,820)						(3,601)
Straight-line rent adjustments			3,236						3,595						8,732						9,787
Straight-line rent (reserve) recovery for uncollectibility			(98)						(309)						(520)						279
Amortization of in-place lease liabilities, net			1,918						2,264						7,025						6,920
Rental income			$	202,193					$	204,934					$	632,547					$	616,583

Schedule of Noncontrolling Interests

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the nine months ended September 30, 2025 and 2024 (in thousands):

			Nine Months Ended September 30,
			2025						2024
Noncontrolling interests balance as of January 1,			$	1,893					$	2,430
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests			233						204
Distributions to noncontrolling interests			(205)						(760)
Noncontrolling interests balance as of September 30,			$	1,921					$	1,874

Schedule of Weighted Average Interests of Parent and Limited Partners

For the three and nine months ended September 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Parent Company’s weighted average interest in the Operating Partnership			97.8		%				98.3		%				97.9		%				98.3		%
Limited partners’ weighted average interests in the Operating Partnership			2.2		%				1.7		%				2.1		%				1.7		%

Schedule of Redeemable Noncontrolling Interests

The redeemable noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2025 and 2024 were as follows (in thousands):

			Nine Months Ended September 30,
			2025						2024
Redeemable noncontrolling interests balance as of January 1,			$	98,074					$	73,287
Net income (loss) allocable to redeemable noncontrolling interests			2,379						(265)
Distributions declared to redeemable noncontrolling interests			(5,245)						(2,838)
Other, net including adjustments to redemption value			6,093						26,842
Total limited partners’ interests in the Operating Partnership balance as of September 30,			$	101,301					$	97,026

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

+ 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