v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Investment Properties
As of June 30, 2026, the Company’s portfolio consisted of the following:
PropertiesSquare Footage
Operating retail/mixed-use properties155 23,823,958 
Operating retail/mixed-use properties – unconsolidated joint ventures
8 2,146,891 
Total operating retail/mixed-use properties(1)
163 25,970,849 
Standalone office properties(2)
2 413,221 
Development and redevelopment projects:
One Loudoun Expansion— 119,000 
One Loudoun Phase 2 Apartments— — 
Hamilton Crossing Centre1 — 
Edwards Multiplex – Ontario1 124,614 
(1)Included within the operating retail/mixed-use properties are 11 properties that contain an office component. Excludes 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.
The following table summarizes the composition of the Company’s investment properties as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Land, buildings and improvements$6,783,659 $6,938,588 
Construction in progress65,651 64,891 
Investment properties, at cost$6,849,310 $7,003,479 
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, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Fixed contractual lease payments – operating leases$155,614 $167,569 $310,696 $336,408 
Variable lease payments – operating leases35,223 41,176 76,441 87,466 
Bad debt reserve(1,824)(1,625)(3,346)(3,701)
Straight-line rent adjustments2,336 2,709 4,586 5,496 
Straight-line rent reserve for uncollectibility279 (216)(202)(422)
Amortization of in-place lease liabilities, net1,686 1,569 3,181 5,107 
Rental income$193,314 $211,182 $391,356 $430,354 
Schedule of Noncontrolling Interests The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2026 and 2025 (in thousands):
Six Months Ended June 30,
20262025
Noncontrolling interests balance as of January 1,$1,920 $1,893 
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests126 151 
Distributions to noncontrolling interests(155)(127)
Deconsolidation of joint venture(1,193)— 
Noncontrolling interests balance as of June 30,
$698 $1,917 
Schedule of Weighted Average Interests of Parent and Limited Partners in Operating Partnership For the three and six months ended June 30, 2026 and 2025, 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,
 2026202520262025
Parent Company’s weighted average interest in the Operating Partnership97.4%97.8%97.5%97.9%
Limited partners’ weighted average interests in the Operating Partnership2.6%2.2%2.5%2.1%
Schedule of Redeemable Noncontrolling Interests
The redeemable noncontrolling interests in the Operating Partnership for the six months ended June 30, 2026 and 2025 were as follows (in thousands):
Six Months Ended June 30,
20262025
Redeemable noncontrolling interests balance as of January 1,$116,245 $98,074 
Net income allocable to redeemable noncontrolling interests4,438 2,664 
Distributions declared to redeemable noncontrolling interests(3,668)(3,936)
Other, net including adjustments to redemption value33,619 6,089 
Total limited partners’ interests in the Operating Partnership balance as of June 30,
$150,634 $102,891