v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Investment Properties
As of March 31, 2025, the Company’s portfolio consisted of the following:
PropertiesSquare Footage
Operating retail properties(1)
180 27,782,403 
Office properties(2)
2 412,812 
Development and redevelopment projects:
One Loudoun Expansion— 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 two operating retail properties classified as held for sale as of March 31, 2025. Of the 180 operating retail properties, 176 are consolidated within these financial statements and the remaining four 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.
The following table summarizes the composition of the Company’s investment properties as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025December 31, 2024
Land, buildings and improvements$7,661,948 $7,591,036 
Construction in progress33,268 43,155 
Investment properties, at cost$7,695,216 $7,634,191 
Schedule of Rental Income
Rental income related to the Company’s operating leases is comprised of the following for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
Fixed contractual lease payments – operating leases$168,839 $160,540 
Variable lease payments – operating leases46,290 40,470 
Bad debt reserve(2,076)(589)
Straight-line rent adjustments2,787 3,363 
Straight-line rent reserve for uncollectibility(206)(237)
Amortization of in-place lease liabilities, net3,538 2,266 
Rental income$219,172 $205,813 
Schedule of Noncontrolling Interests The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
Noncontrolling interests balance as of January 1,$1,893 $2,430 
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests70 67 
Distributions to noncontrolling interests(62)(620)
Noncontrolling interests balance as of March 31,
$1,901 $1,877 
Schedule of Weighted Average Interests of Parent and Limited Partners For the three months ended March 31, 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 March 31,
 20252024
Parent Company’s weighted average interest in the Operating Partnership98.0 %98.4 %
Limited partners’ weighted average interests in the Operating Partnership2.0 %1.6 %
Schedule of Redeemable Noncontrolling Interests
The redeemable noncontrolling interests in the Operating Partnership for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
Three Months Ended March 31,
20252024
Redeemable noncontrolling interests balance as of January 1,$98,074 $73,287 
Net income allocable to redeemable noncontrolling interests464 213 
Distributions declared to redeemable noncontrolling interests(2,627)(882)
Other, net including adjustments to redemption value5,708 1,095 
Total limited partners’ interests in the Operating Partnership balance as of March 31,
$101,619 $73,713