v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Investment Properties
As of June 30, 2025, the Company’s portfolio consisted of the following:
PropertiesSquare Footage
Operating retail/mixed-use properties171 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 Centre1 92,283 
Edwards Multiplex – Ontario1 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, 2025December 31, 2024
Land, buildings and improvements$7,381,763 $7,591,036 
Construction in progress41,261 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,
2025202420252024
Fixed contractual lease payments – operating leases$167,569 $161,673 $336,408 $322,213 
Variable lease payments – operating leases41,176 39,663 87,466 80,133 
Bad debt reserve(1,625)(1,544)(3,701)(2,133)
Straight-line rent adjustments2,709 2,829 5,496 6,192 
Straight-line rent (reserve) recovery for uncollectibility(216)825 (422)588 
Amortization of in-place lease liabilities, net1,569 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,
20252024
Noncontrolling interests balance as of January 1,$1,893 $2,430 
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests151 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,
 2025202420252024
Parent Company’s weighted average interest in the Operating Partnership97.8%98.3%97.9%98.4%
Limited partners’ weighted average interests in the Operating Partnership2.2%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,
20252024
Redeemable noncontrolling interests balance as of January 1,$98,074 $73,287 
Net income (loss) allocable to redeemable noncontrolling interests2,664 (526)
Distributions declared to redeemable noncontrolling interests(3,936)(1,809)
Other, net including adjustments to redemption value6,089 5,141 
Total limited partners’ interests in the Operating Partnership balance as of June 30,
$102,891 $76,093