0000950170-24-016260 | 10-K | XBRL Viewer

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Real Estate Investments - Schedule of Other Properties Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Purchase Price	$ 83,563	$ 241,253
Debt Assumed, Net of Premiums		22,779
Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	7,989	25,432
Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 12,346	$ 19,571
Sienna Phase 1 [Member]
Business Acquisition [Line Items]
Date Purchased	May 01, 2023
Property Name	Sienna Phase 1
City/State	Houston, TX
Ownership	75.00%
Purchase Price	$ 2,695
Sun Vet [Member]
Business Acquisition [Line Items]
Date Purchased	May 18, 2023
Property Name	SunVet
City/State	Holbrook, NY
Ownership	100.00%
Purchase Price	$ 24,140
Nohl Plaza [Member]
Business Acquisition [Line Items]
Date Purchased	Oct. 11, 2023
Property Name	Nohl Plaza
City/State	Orange, CA
Ownership	100.00%
Purchase Price	$ 25,328
Nohl Plaza [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	3,940
Nohl Plaza [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 10,470
The Longmeadow Shops [Member]
Business Acquisition [Line Items]
Date Purchased	Dec. 01, 2023
Property Name	The Longmeadow Shops
City/State	Longmeadow, MA
Ownership	100.00%
Purchase Price	$ 31,400
The Longmeadow Shops [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	4,049
The Longmeadow Shops [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities	$ 1,876
Glenwood Green [Member]
Business Acquisition [Line Items]
Date Purchased		Mar. 01, 2022
Property Name		Glenwood Green
City/State		Old Bridge, NJ
Ownership		70.00%
Purchase Price		$ 11,000
Island Village [Member]
Business Acquisition [Line Items]
Date Purchased		Mar. 31, 2022
Property Name		Island Village
City/State		Bainbridge Island, WA
Ownership		100.00%
Purchase Price		$ 30,650
Island Village [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		2,900
Island Village [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		$ 6,839
Apple Valley [Member]
Business Acquisition [Line Items]
Date Purchased		Apr. 01, 2022
Property Name		Apple Valley (2)
City/State		Apple Valley, MN
Ownership		100.00%
Purchase Price		$ 34,070
Apple Valley [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		4,773
Apple Valley [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		$ 490
Cedar Commons [Member]
Business Acquisition [Line Items]
Date Purchased		Apr. 01, 2022
Property Name		Cedar Commons (2)
City/State		Minneapolis, MN
Ownership		100.00%
Purchase Price		$ 29,330
Cedar Commons [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		4,369
Cedar Commons [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		$ 58
Corral Hollow [Member]
Business Acquisition [Line Items]
Date Purchased		Apr. 01, 2022
Property Name		Corral Hollow (2)
City/State		Tracy, CA
Ownership		100.00%
Purchase Price		$ 40,600
Corral Hollow [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		3,410
Corral Hollow [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		$ 74
Shops at The Columbia [Member]
Business Acquisition [Line Items]
Date Purchased		Apr. 01, 2022
Property Name		Shops at the Columbia (2)
City/State		Washington, DC
Ownership		100.00%
Purchase Price		$ 14,000
Shops at The Columbia [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		889
Shops at The Columbia [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		$ 181
Baederwood Shoppes [Member]
Business Acquisition [Line Items]
Date Purchased		May 06, 2022
Property Name		Baederwood Shoppes
City/State		Jenkintown, PA
Ownership		80.00%
Purchase Price		$ 51,603
Debt Assumed, Net of Premiums		22,779
Baederwood Shoppes [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		5,796
Baederwood Shoppes [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		$ 1,062
East Meadow Plaza [Member]
Business Acquisition [Line Items]
Date Purchased		Oct. 12, 2022
Property Name		East Meadow Plaza
City/State		East Meadow, NY
Ownership		100.00%
Purchase Price		$ 30,000
East Meadow Plaza [Member] \| Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		3,295
East Meadow Plaza [Member] \| Off-Market Lease, Unfavorable [Member]
Business Acquisition [Line Items]
Intangible Assets/Liabilities		$ 10,867

Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Goodwill	$ 167,062	$ 167,062	$ 167,095
Investments	51,992	54,581
Prepaid and other	40,635	28,615
Derivative assets	14,213	6,575
Furniture, fixtures, and equipment, net	6,662	5,808
Deferred financing costs, net	2,865	5,156
Total other assets	$ 283,429	$ 267,797

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Investments in Real Estate Partnerships - Summary of Shopping Centers and Land Parcels Disposed of Unconsolidated Real Estate Partnerships (Details) - Unconsolidated Properties [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Equity Method Investments	$ 30,659	$ 116,377	$ 224,708
Equity Method Investment, Realized Gain (Loss) on Disposal	11,140	49,424	75,162
Equity Method Investment, Realized Gain (Loss) on Disposal, Parent Company's Share	$ 3,161	$ 12,748	$ 9,380
Operating Segments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	1	4	4
Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	0	0	1

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Net Accumulated Amortization and Accretion

The Company had the following acquired lease intangibles as of the periods set forth below:


	December 31,
(in thousands)	2023			2022
In-place leases	$	543,892			452,868
Above-market leases		103,896			82,930
Total intangible assets		647,788			535,798
Accumulated amortization		(364,413	)		(338,053	)
Acquired lease intangible assets, net	$	283,375			197,745
Below-market leases		609,369			547,519
Accumulated amortization		(211,067	)		(193,315	)
Acquired lease intangible liabilities, net	$	398,302			354,204

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:


	Year ended December 31,
(in thousands)	2023		2022		2021		Line item in Consolidated Statements of Operations
In-place lease amortization	$	44,102		34,568		33,621	Depreciation and amortization
Above-market lease amortization		6,571		5,828		5,487	Lease income
Acquired lease intangible asset amortization	$	50,673		40,396		39,108

Below-market lease amortization	$	37,831		28,642		30,378	Lease income

Schedule of Future Amortization Expense and Minimum Rent

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:


(in thousands)
In Process Year Ending December 31,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2024	$	45,098		22,598
2025		33,012		21,953
2026		26,791		21,216
2027		21,185		20,207
2028		16,764		20,065

Notes Payable and Unsecured Credit Facility - Additional Information (Details)			1 Months Ended	12 Months Ended
	Jan. 18, 2024 USD ($)	Aug. 18, 2023 USD ($) Property	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 08, 2024 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,250,000,000
Line of credit facility, interest rate description				SOFR plus a 0.10% market adjustment and an applicable margin of 0.865%
Long-term Debt				$ 4,153,949,000		$ 3,726,754,000
Debt discount (premium)				$ 30,884,000
Line of credit facility, commitment fee percentage				0.15%
Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,500,000,000
Line of credit extended maturity period			two additional six-month period
Fixed Rate Debt [Member] \| UBP [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 130,000,000
Debt discount (premium)		$ 13,600,000
Number of operating properties \| Property		11
Fixed Rate Debt [Member] \| UBP [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Scheduled maturity date		2024-08
Debt instrument, effective fixed interest rate		3.50%
Fixed Rate Debt [Member] \| UBP [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Scheduled maturity date		2037-06
Debt instrument, effective fixed interest rate		5.60%
Variable Rate Debt [Member] \| UBP [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 154,700,000
Debt discount (premium)		$ 1,100,000
Number of operating properties \| Property		9
Variable Rate Debt [Member] \| UBP [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Scheduled maturity date		2024-08
Debt instrument, effective fixed interest rate		3.10%
Variable Rate Debt [Member] \| UBP [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Scheduled maturity date		2032-01
Debt instrument, effective fixed interest rate		4.80%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt				$ 3,252,755,000		$ 3,248,373,000
Accordion Feature [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,250,000,000
Unsecured Revolving Credit Facility [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
Line of Credit Facility, Expiration Date	Mar. 23, 2028
Debt instrument, term	4 years
Line of credit extended maturity period	two six-month extension options
Debt instrument sustainability adjustment	1.00%
Unsecured Revolving Credit Facility [Member] \| Subsequent Event [Member] \| Secured Overnight Financing Rate SOFR [Member]
Debt Instrument [Line Items]
Variable rate adjustment	10.00%
Unsecured Revolving Credit Facility [Member] \| Subsequent Event [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Variable rate adjustment	72.50%
Unsecured Revolving Credit Facility [Member] \| Maximum [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
Senior Unsecured Debt due in 2034 [Member] \| Unsecured Debt [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument, issue price					$ 400,000,000
Percentage of debt par value					99.617%
Coupon rate					5.25%

Other Assets

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:


(in thousands)	December 31, 2023		December 31, 2022
Goodwill	$	167,062		167,062
Investments		51,992		54,581
Prepaid and other		40,635		28,615
Derivative assets		14,213		6,575
Furniture, fixtures, and equipment, net		6,662		5,808
Deferred financing costs, net		2,865		5,156
Total other assets	$	283,429		267,797

The following table presents the goodwill balances and activity during the year to date periods ended:


	December 31, 2023								December 31, 2022
(in thousands)	Goodwill			Accumulated Impairment Losses			Total		Goodwill			Accumulated Impairment Losses			Total
Beginning of year balance	$	300,496			(133,434	)		167,062	$	300,529			(133,434	)		167,095
Goodwill allocated to Properties held for sale		(5,972	)		5,972			—		—			—			—
Goodwill associated with disposed reporting units:
Goodwill allocated to Gain on sale of real estate		—			—			—		(33	)		—			(33	)
End of year balance	$	294,524			(127,462	)		167,062	$	300,496			(133,434	)		167,062

As the Company identifies properties ("reporting units") that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant.

Real Estate Investments - Schedule of Weighted Average Amortization Period of Intangible Assets and Liabilities (Details) - UBP Acquisition [Member]	12 Months Ended
	Dec. 31, 2023
In-place leases, net [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	8 years
Above Market Leases [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Below-Market Leases [Member]
Business Acquisition [Line Items]
Weighted Average Accretion Period of Intangible Liabilities	18 years 6 months

Investments in Real Estate Partnerships - Schedule of Acquisitions by Real Estate Partnerships (Parenthetical) (Details)	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Percentage of purchase price and allocation	100.00%	100.00%

Notes Payable and Unsecured Credit Facility (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2023		2022
Notes payable:
Fixed rate mortgage loans	6/1/2037	3.8%	4.2%	$	449,615		342,135
Variable rate mortgage loans (1)	1/31/2032	4.2%	4.3%		299,579		136,246
Fixed rate unsecured debt	3/15/2049	3.8%	4.0%		3,252,755		3,248,373
Total notes payable					4,001,949		3,726,754
Unsecured credit facilities:
$1.25 Billion Line of Credit (the "Line") (2)	3/23/2025	6.3%	6.6%		152,000		—
Total unsecured credit facilities					152,000		—
Total debt outstanding				$	4,153,949		3,726,754

(1)

As of December 31, 2023, 15 of these 17 variable rate loans, representing $294.9 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the 15 loans range from 2.5% to 6.7%.

(2)

Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. In January 2024, the Company amended its Line to, among other items, increase the borrowing capacity to $1.5 billion and to extend the expiration date to March, 2028 with the option to extend the expiration for two additional six-month period.

Schedule of Maturities of Long-term Debt

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:


(in thousands)	December 31, 2023
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2024	$	12,398		133,580			250,000			395,978
2025		11,094		52,537			402,000			465,631
2026		11,426		147,847			200,000			359,273
2027		8,612		222,558			525,000			756,170
2028		7,011		36,570			300,000			343,581
Beyond 5 Years		8,070		106,130			1,750,000			1,864,200
Unamortized debt premium/(discount) and issuance costs		—		(8,640	)		(22,244	)		(30,884	)
Total	$	58,611		690,582			3,404,756			4,153,949

(1)

Includes unsecured public and private debt and unsecured credit facilities.

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangible

Acquired Lease Intangibles

The Company had the following acquired lease intangibles as of the periods set forth below:


	December 31,
(in thousands)	2023			2022
In-place leases	$	543,892			452,868
Above-market leases		103,896			82,930
Total intangible assets		647,788			535,798
Accumulated amortization		(364,413	)		(338,053	)
Acquired lease intangible assets, net	$	283,375			197,745
Below-market leases		609,369			547,519
Accumulated amortization		(211,067	)		(193,315	)
Acquired lease intangible liabilities, net	$	398,302			354,204

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:


	Year ended December 31,
(in thousands)	2023		2022		2021		Line item in Consolidated Statements of Operations
In-place lease amortization	$	44,102		34,568		33,621	Depreciation and amortization
Above-market lease amortization		6,571		5,828		5,487	Lease income
Acquired lease intangible asset amortization	$	50,673		40,396		39,108

Below-market lease amortization	$	37,831		28,642		30,378	Lease income

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:


(in thousands)
In Process Year Ending December 31,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2024	$	45,098		22,598
2025		33,012		21,953
2026		26,791		21,216
2027		21,185		20,207
2028		16,764		20,065

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

13.

Stock-Based Compensation

The Company recorded stock-based compensation in General and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below:


	Year ended December 31,
(in thousands)	2023			2022			2021
Restricted stock (1)	$	17,277			16,667			12,651
Directors' fees paid in common stock and other employee stock grants		590			589			530
Capitalized stock-based compensation		(954	)		(735	)		(666	)
Stock-based compensation, net of capitalization	$	16,913			16,521			12,515

(1)

Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

The Company established its Omnibus Incentive Plan (the "Plan") under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.0 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2023, there were 4.1 million shares available for grant under the Plan.

Restricted Stock Awards

The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based or performance-based awards. Market based awards are valued using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite vesting period for the entire award.

The following table summarizes non-vested restricted stock activity:


	Year ended December 31, 2023
	Number of Shares			Intrinsic Value (in thousands)		Weighted Average Grant Price
Non-vested as of December 31, 2022		711,699
Time-based awards granted (1) (4)		162,616				$	66.62
Performance-based awards granted (2) (4)		15,882				$	67.53
Market-based awards granted (3) (4)		129,305				$	70.47
Change in market-based awards earned for performance (3)		36,483				$	66.78
Vested (5)		(299,938	)			$	65.74
Forfeited		(1,529	)			$	65.38
Non-vested as of December 31, 2023 (6)		754,518		$	50,553

(1)

Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period. These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed.

(2)

Performance-based awards are earned subject to future performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis.

(3)

Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows:


	Year ended December 31,
	2023			2022			2021
Volatility		45.50	%		43.10	%		42.60	%
Risk free interest rate		3.75	%		1.39	%		0.18	%

(4)

The weighted-average grant price for restricted stock granted during the years is summarized below:


	Year ended December 31,
	2023		2022		2021
Weighted-average grant price for restricted stock	$	68.28	$	72.86	$	46.55

(5)

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):


	Year ended December 31,
	2023		2022		2021
Intrinsic value of restricted stock vested	$	19,717	$	17,797	$	10,939

(6)

As of December 31, 2023, there was $20.3 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years. The Company issues new restricted stock from its authorized shares available at the date of grant.

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Aug. 18, 2023 $ / shares	May 17, 2023	Dec. 31, 2023 USD ($) ft² ShoppingCenter RetailShoppingCenter TenantAccount $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unsecured public and private notes			$ 200,000
Conversion of Stock, Description			The combined company continues to trade under the ticker symbol “REG” on the National Association of Securities Dealers Automated Quotations (the “NASDAQ”). The closing of the mergers completed on August 18, 2023 and each share of Urstadt Biddle’s common stock, par value $0.01 per share (“Urstadt Biddle common stock”), class A common stock, par value $0.01 per share (“Urstadt Biddle Class A common stock” and, together with Urstadt Biddle common stock, the “Urstadt Biddle common shares”), 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock converted into one equivalent share in UB Sub I, with respect to each class, subject to limited exceptions set forth in the merger agreement. Immediately thereafter, on August 18, 2023, each share of UB Sub I’s common stock, par value $0.01 per share, and class A common stock, par value $0.01 per share, converted into 0.347 of a share of common stock, par value $0.01 per share, of common stock of the Parent Company, without interest and subject to certain adjustments, subject to limited exceptions set forth in the merger agreement, and each share of UB Sub I’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of newly issued Parent Company 6.25% Series A Cumulative Redeemable Preferred Stock (“Parent Company Series A preferred stock”) and 5.875% Series B Cumulative Redeemable Preferred Stock (“Parent Company Series B preferred stock”), respectively (collectively referred to as the “Preferred Stock”).
Common stock, par value per share \| $ / shares			$ 0.01	$ 0.01
General partners' capital account, units outstanding \| shares			184,581,000	171,125,000
Partners' capital account, units \| shares			185,688,524	171,866,000
Tenant and other receivables			$ 206,162	$ 188,863
Pre-development costs			100	600	$ 1,500
Restricted cash and cash equivalent			$ 6,383	2,310
Cash and cash equivalents and restricted original maturity			90 days or less
Percentage of pro-rata annual base rent			20.00%
Number of tenant \| TenantAccount			0
Number of shopping center \| ShoppingCenter			0
Management, transaction, and other fee [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Tenant and other receivables			$ 18,500	16,400
Parent Company [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Restricted cash and cash equivalent			$ 6,400	2,300
Leases less than 10,000 sqft [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating leases, tenant space terms \| ft²			10,000
Leases greater then 10,000 sqft [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating leases, tenant space terms \| ft²			10,000
Minimum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Expected useful lives of the properties and other intangible assets			10 years
Operating leases, lease year range			3 years
Operating leases, lease year range for tenant space greater than 10,000 sq ft			5 years
Maximum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Expected useful lives of the properties and other intangible assets			40 years
Operating leases, lease year range			7 years
Maximum [Member] \| Revenue [Member] \| Customer Concentration Risk [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Concentration risk, percentage			10.00%
Merger Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Merger agreement date		May 17, 2023
Merger One [Member] \| Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock conversion ratio			1
Merger One [Member] \| Urstadt Biddle Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value per share \| $ / shares			$ 0.01
Merger One [Member] \| Urstadt Biddle Class A common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value per share \| $ / shares			$ 0.01
Merger One [Member] \| 6.25% Series H Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage			6.25%
Merger One [Member] \| 5.875% Series K Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage			5.875%
Merger Two [Member] \| Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock conversion ratio	0.347
Merger Two [Member] \| Urstadt Biddle Class A common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value per share \| $ / shares	$ 0.01
Merger Two [Member] \| UB Sub I common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value per share \| $ / shares	$ 0.01
Merger Two [Member] \| 6.25% Series H Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage	6.25%
Merger Two [Member] \| 5.875% Series K Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage	5.875%
Merger Two [Member] \| 6.250% Series A Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage	6.25%
Merger Two [Member] \| 5.875% Series B Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage	5.875%
Merger Two [Member] \| Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock conversion ratio	1
UBP Acquisition [Member] \| Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value per share \| $ / shares			$ 0.01
Land Improvements [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life			15 years
Building and Improvements [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life			40 years
Refundable deposits - development
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Nonrefundable deposits and other predevelopment costs			$ 7,700	6,900
Operating Partnership [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage of outstanding common partnership units			99.40%
General partners' capital account, units outstanding \| shares			184,581,070
Parent company, ownership percentage of outstanding common partnership units of operating partnership			99.40%
Wholly Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of operating properties \| RetailShoppingCenter			381
Unconsolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of operating properties \| RetailShoppingCenter			101
Partially Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of operating properties \| RetailShoppingCenter			119
Consolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of operating properties \| RetailShoppingCenter			18
Development and Redevelopment [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest costs capitalized			$ 5,700	4,200	4,200
Maximum period of time in company capitalizes interest costs			12 months
Development [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Internal costs for employees directly related to development and redevelopment program			$ 13,300	$ 10,800	$ 11,300

Stock-Based Compensation Stock-Based Compensation (Details) - USD ($)
$ in Thousands, shares in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount

$ (954)

$ (735)

$ (666)

Stock-based compensation, net of capitalization

$ 20,075

16,521

12,515

Share-based compensation arrangement by share-based payment award, number of shares Authorized

5.0

Share-based compensation arrangement by share-based payment award, number of shares available for grant

4.1

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Allocated Share-based Compensation Expense

^[1]

$ 17,277

16,667

12,651

Common Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Noninterest Expense Directors Fees

590

589

530

Parent Company [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation, net of capitalization

$ 16,913

$ 16,521

$ 12,515

[1]	Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods

Notes Payable and Unsecured Credit Facility - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parentheticals) (Details) - USD ($)
$ in Thousands

1 Months Ended

Jan. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Line of credit maximum amount

$ 1,250,000

Long-term Debt

4,153,949

$ 3,726,754

Subsequent Event [Member]

Debt Instrument [Line Items]

Line of credit maximum amount

$ 1,500,000

Line of credit maturity date

Mar. 31, 2028

Line of credit extended maturity period

two additional six-month period

Variable Rate Mortgage Loans [Member] | SOFR [Member]

Debt Instrument [Line Items]

Long-term Debt

^[1]

299,579

$ 136,246

Variable Rate Mortgage Loans [Member] | SOFR [Member] | Interest Rate Swaps [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 294,900

Variable Rate Mortgage Loans [Member] | Minimum [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument, effective fixed interest rate

2.50%

Variable Rate Mortgage Loans [Member] | Maximum [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument, effective fixed interest rate

6.70%

[1]	As of December 31, 2023, 15 of these 17 variable rate loans, representing $294.9 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the 15 loans range from 2.5% to 6.7%.

Investments in Real Estate Partnerships - Related Party Revenue (Parenthetical) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Product Information [Line Items]

Management, transaction, and other fees

$ 26,954

$ 25,851

$ 40,337

Promote income [Member]

Product Information [Line Items]

Management, transaction, and other fees

^[1]

$ 13,589

[1]	The Company recognized $13.6 million in promote revenue during the year ended December 31, 2021, for exceeding partnership return hurdles from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.

Equity and Capital (Tables)

12 Months Ended

Dec. 31, 2023

Equity And Capital [Abstract]

Summary of Terms and Conditions of Preferred Stock Outstanding

Terms and conditions of the preferred stock outstanding are summarized as follows:


	Preferred Stock Outstanding as of December 31, 2023
	Date of Issuance	Shares Issued and Outstanding		Liquidation Preference		Distribution Rate	Callable By Company
Series A	8/18/2023		4,600,000	$	115,000,000	6.250%	On demand
Series B	8/18/2023		4,400,000		110,000,000	5.875%	On or after 10/1/2024
			9,000,000	$	225,000,000

Schedule of Partnership Units Outstanding

The Parent Company, as general partner, owned the following Partnership Units outstanding:


	December 31,
(in thousands)	2023			2022
Partnership units owned by the general partner		184,581			171,125
Partnership units owned by the limited partners		1,108			741
Total partnership units outstanding		185,689			171,866
Percentage of partnership units owned by the general partner		99.4	%		99.6	%

Income Taxes - Tax Status of Dividends (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Capital gain distribution	42.00%
Remaining capital gain distribution	58.00%

Investments in Real Estate Partnerships - Scheduled Principal Repayments on Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
2024	$ 395,978
2025	465,631
2026	359,273
2027	756,170
2028	343,581
Beyond 5 Years	1,864,200
Unamortized debt premium/(discount) and issuance costs	(30,884)
Total	4,153,949	$ 3,726,754
Unsecured Debt [Member]
Schedule of Equity Method Investments [Line Items]
Total	3,252,755	$ 3,248,373
Unconsolidated Investments in Partnership [Member]
Schedule of Equity Method Investments [Line Items]
2024	37,408
2025	153,316
2026	282,340
2027	40,376
2028	250,872
Beyond 5 Years	746,012
Unamortized debt premium/(discount) and issuance costs	(10,622)
Total	1,499,702
Unconsolidated Investments in Partnership [Member] \| Mortgages [Member] \| Scheduled Principal Payments [Member]
Schedule of Equity Method Investments [Line Items]
2024	3,718
2025	6,094
2026	7,393
2027	7,576
2028	4,267
Beyond 5 Years	6,688
Unamortized debt premium/(discount) and issuance costs	0
Total	35,736
Unconsolidated Investments in Partnership [Member] \| Mortgages [Member] \| Mortgage Loan Maturities [Member]
Schedule of Equity Method Investments [Line Items]
2024	33,690
2025	147,222
2026	233,147
2027	32,800
2028	246,605
Beyond 5 Years	739,324
Unamortized debt premium/(discount) and issuance costs	(10,622)
Total	1,422,166
Unconsolidated Investments in Partnership [Member] \| Unsecured Debt [Member] \| Unsecured Maturities [Member]
Schedule of Equity Method Investments [Line Items]
2024	0
2025	0
2026	41,800
2027	0
2028	0
Beyond 5 Years	0
Unamortized debt premium/(discount) and issuance costs	0
Total	41,800
Unconsolidated Investments in Partnership, Pro-rata Share [Member] [Member]
Schedule of Equity Method Investments [Line Items]
2024	14,678
2025	48,506
2026	89,520
2027	13,669
2028	92,027
Beyond 5 Years	280,328
Unamortized debt premium/(discount) and issuance costs	(3,872)
Total	$ 534,856

Summary of Significant Accounting Policies - Components of Tenant and Other Receivables, Net (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

$ 206,162

$ 188,863

Tenant Receivables [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

34,814

31,486

Straight-line Rent Receivables [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

138,590

128,214

Other Receivable [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

^[1]

$ 32,758

$ 29,163

[1]	Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	$ 2,109
Notes payable	4,001,949	$ 3,726,754
Unsecured credit facilities	152,000
Trading Securities, Change in Unrealized Holding Gain (Loss)	4,200	(8,000)	$ 1,700
Impairment of Real Estate			$ (84,389)
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	37,039	40,089
Available-for-sale debt securities	14,953	14,492
Interest rate derivatives	14,213	6,575
Total	66,205	61,156
Interest Rate Cash Flow Hedge Liability at Fair Value	(1,335)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, fair value	2,109
Notes Payable, Fair Value	3,763,152	3,333,378
Unsecured credit facilities	152,000
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	14,953	14,492
Interest rate derivatives	14,213	6,575
Total	29,166	21,067
Interest Rate Cash Flow Hedge Liability at Fair Value	(1,335)
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	37,039	40,089
Total	$ 37,039	$ 40,089

Stock-Based Compensation Restricted Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate

45.50%

43.10%

42.60%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate

3.75%

1.39%

0.18%

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number

711,699

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

^[1]

(299,938)

Stock Issued During Period, Shares, Restricted Stock Award, Forfeited

(1,529)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number

754,518

^[2]

711,699

Non-Vested Restricted Stock Intrinsic Value

^[2]

$ 50,553

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value

^[1]

$ 65.74

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value

65.38

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 68.28

$ 72.86

$ 46.55

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value

$ 19,717

$ 17,797

$ 10,939

Share-based Payment Arrangement, Non-vested Award, Excluding Option, Unrecognized, Amount

$ 20,300

Share-based Payment Arrangement, Non-vested Award, Unrecognized, Period for Recognition

3 years

Time Based Awards Granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[3],[4]

162,616

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[3],[4]

$ 66.62

Performance Based Awards Granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[3],[5]

15,882

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[3],[5]

$ 67.53

Market Based Awards Granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[3],[6]

129,305

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[3],[6]

$ 70.47

Change in Market Based Awards Granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[6]

36,483

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[6]

$ 66.78

Nonvested Awards Time Based Vesting [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Time-based awards vesting description

Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period

[1]

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):


	Year ended December 31,
	2023		2022		2021
Intrinsic value of restricted stock vested	$	19,717	$	17,797	$	10,939

[2]

[3]

The weighted-average grant price for restricted stock granted during the years is summarized below:


	Year ended December 31,
	2023		2022		2021
Weighted-average grant price for restricted stock	$	68.28	$	72.86	$	46.55

[4]

[5]

[6]


	Year ended December 31,
	2023			2022			2021
Volatility		45.50	%		43.10	%		42.60	%
Risk free interest rate		3.75	%		1.39	%		0.18	%

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock/unit per share	$ 2.62	$ 2.525	$ 2.41

Earnings per Share and Unit (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of earnings per share

The following summarizes the calculation of basic and diluted earnings per share:


	Year ended December 31,
(in thousands, except per share data)	2023		2022		2021
Numerator:
Income attributable to common shareholders - basic	$	359,500		482,865		361,411
Income attributable to common shareholders - diluted	$	359,500		482,865		361,411
Denominator:
Weighted average common shares outstanding for basic EPS		176,085		171,404		170,236
Weighted average common shares outstanding for diluted EPS (1) (2)		176,371		171,791		170,694
Income per common share – basic	$	2.04		2.82		2.12
Income per common share – diluted	$	2.04		2.81		2.12

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million shares issuable under the forward ATM equity offering outstanding during 2021 as they would be anti-dilutive.

Partnership Interest [Member]

Schedule of earnings per share

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):


	Year ended December 31,
(in thousands, except per share data)	2023		2022		2021
Numerator:
Income attributable to common unit holders - basic	$	361,508		484,970		363,026
Income attributable to common unit holders - diluted	$	361,508		484,970		363,026
Denominator:
Weighted average common units outstanding for basic EPU		177,038		172,152		170,998
Weighted average common units outstanding for diluted EPU (1) (2)		177,324		172,540		171,456
Income per common unit – basic	$	2.04		2.82		2.12
Income per common unit – diluted	$	2.04		2.81		2.12

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

Property Dispositions

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below:


	Year ended December 31,
(in thousands, except number sold data)	2023		2022		2021
Net proceeds from sale of real estate investments	$	11,167		143,133		206,193
Gain on sale of real estate, net of tax	$	661		109,005		91,119
Provision for impairment of real estate sold	$	—		—		112
Number of operating properties sold		—		2		7
Number of land parcels sold		5		5		5
Percent interest sold	100%		100%			100	%

Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Computed expected tax expense (benefit)	$ 371	$ 504	$ 544
State income tax, net of federal benefit	60	52	477
Valuation allowance	227	(323)	15
Permanent items	2	1	1
All other items	235	(273)	4
Total income tax expense (benefit)	895	(39)	1,041
Income tax expense attributable to operations	$ 895	$ (39)	$ 1,041

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The Company recorded stock-based compensation in General and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below:


	Year ended December 31,
(in thousands)	2023			2022			2021
Restricted stock (1)	$	17,277			16,667			12,651
Directors' fees paid in common stock and other employee stock grants		590			589			530
Capitalized stock-based compensation		(954	)		(735	)		(666	)
Stock-based compensation, net of capitalization	$	16,913			16,521			12,515

(1)

Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

Schedule of Nonvested Share Activity

The following table summarizes non-vested restricted stock activity:


	Year ended December 31, 2023
	Number of Shares			Intrinsic Value (in thousands)		Weighted Average Grant Price
Non-vested as of December 31, 2022		711,699
Time-based awards granted (1) (4)		162,616				$	66.62
Performance-based awards granted (2) (4)		15,882				$	67.53
Market-based awards granted (3) (4)		129,305				$	70.47
Change in market-based awards earned for performance (3)		36,483				$	66.78
Vested (5)		(299,938	)			$	65.74
Forfeited		(1,529	)			$	65.38
Non-vested as of December 31, 2023 (6)		754,518		$	50,553

(1)

(2)

(3)


	Year ended December 31,
	2023			2022			2021
Volatility		45.50	%		43.10	%		42.60	%
Risk free interest rate		3.75	%		1.39	%		0.18	%

(4)

The weighted-average grant price for restricted stock granted during the years is summarized below:


	Year ended December 31,
	2023		2022		2021
Weighted-average grant price for restricted stock	$	68.28	$	72.86	$	46.55

(5)

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):


	Year ended December 31,
	2023		2022		2021
Intrinsic value of restricted stock vested	$	19,717	$	17,797	$	10,939

(6)

Leases (Details) $ in Thousands	12 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Operating Leased Assets [Line Items]
Fixed and in-substance fixed lease income	$ 928,364	$ 851,409	$ 797,502
Variable lease income	324,037	287,149	262,619
Uncollectible straight line rent	1,261	12,510	5,227
Uncollectible amounts billable in lease income	(549)	13,841	23,481
Total lease income	1,283,939	1,187,452	1,113,368
2024	972,980
2025	872,330
2026	757,633
2027	633,290
2028	480,640
Thereafter	1,740,783
Total	$ 5,457,656
Number of Properties Subject to Ground Leases \| Property	21
Last Ground Lease Expiration Date	2121
Last Office Lease Expiration Date	2029
Total fixed operating lease expense	$ 18,830	17,921	18,171
Total variable lease expense	2,315	2,202	1,647
Total lease expense	21,145	20,123	19,818
Operating cash flows for operating leases	15,823	14,656	15,165
2024	16,037
2025	16,426
2026	16,214
2027	15,060
2028	14,356
Thereafter	702,914
Total undiscounted lease liabilities	781,007
Present value discount	(534,944)
Lease liabilities	246,063	213,722
Lessor [Member]
Operating Leased Assets [Line Items]
Above/below market rent and tenant rent inducement amortization, net	30,826	22,543	24,539
Ground Lease [Member]
Operating Leased Assets [Line Items]
Total fixed operating lease expense	14,727	13,759	13,862
Total variable lease expense	1,586	1,591	1,032
2024	12,955
2025	12,962
2026	12,883
2027	12,909
2028	13,051
Thereafter	702,602
Total undiscounted lease liabilities	767,362
Present value discount	(533,777)
Lease liabilities	$ 233,585
Weighted average discount rate	5.50%
Weighted average remaining term (in years)	49 years 4 months 24 days
Office Lease [Member]
Operating Leased Assets [Line Items]
Total fixed operating lease expense	$ 4,103	4,162	4,309
Total variable lease expense	729	$ 611	$ 615
2024	3,082
2025	3,464
2026	3,331
2027	2,151
2028	1,305
Thereafter	312
Total undiscounted lease liabilities	13,645
Present value discount	(1,167)
Lease liabilities	$ 12,478
Weighted average discount rate	3.70%
Weighted average remaining term (in years)	4 years 1 month 6 days

Derivative Instruments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Derivative [Line Items]

Assets (Liabilities)

^[1]

$ 12,878

$ 6,575

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax

(2,448)

20,061

$ 5,391

Amount reclassified from accumulated other comprehensive loss

$ (7,536)

$ 833

$ 4,141

Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]

Interest Expense

$ 154,249

$ 146,186

$ 145,170

Early extinguishment of debt

(99)

Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months

$ 10,600

Derivative @ 1.443% [Member]

Derivative [Line Items]

Derivative, Inception Date

Dec. 01, 2022

Derivative, Maturity Date

Mar. 17, 2025

Derivative, Notional Amount

$ 24,000

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

1.443%

Assets (Liabilities)

^[1]

$ 873

1,443

Derivative @ 2.261% [Member]

Derivative [Line Items]

Derivative, Inception Date

Dec. 16, 2022

Derivative, Maturity Date

Jun. 02, 2027

Derivative, Notional Amount

$ 34,873

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

2.261%

Assets (Liabilities)

^[1]

$ 1,540

2,158

Derivative @ 3.995% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Jan. 17, 2023

Derivative, Maturity Date

Aug. 15, 2024

Derivative, Notional Amount

$ 13,033

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

3.995%

Assets (Liabilities)

^[1]

$ 196

Derivative @ 1.498% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Jul. 17, 2017

Derivative, Maturity Date

Jul. 01, 2027

Derivative, Notional Amount

$ 43,150

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

1.498%

Assets (Liabilities)

^[1]

$ 3,041

Derivative @ 1.475% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Sep. 21, 2016

Derivative, Maturity Date

Oct. 01, 2026

Derivative, Notional Amount

$ 8,768

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

1.475%

Assets (Liabilities)

^[1]

$ 526

Derivative @ 4.830% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Aug. 16, 2018

Derivative, Maturity Date

Aug. 15, 2028

Derivative, Notional Amount

$ 8,764

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

4.83%

Assets (Liabilities)

^[1]

$ 214

Derivative @ 3.165% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Mar. 18, 2019

Derivative, Maturity Date

Apr. 01, 2029

Derivative, Notional Amount

$ 23,078

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

3.165%

Assets (Liabilities)

^[1]

$ 473

Derivative @ 3.053% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Feb. 01, 2002

Derivative, Maturity Date

Feb. 01, 2032

Derivative, Notional Amount

$ 33,667

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

3.053%

Assets (Liabilities)

^[1]

$ 4,879

Derivative @ 3.633% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Jan. 03, 2023

Derivative, Maturity Date

Jul. 01, 2029

Derivative, Notional Amount

$ 10,944

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

3.633%

Assets (Liabilities)

^[1]

$ 861

Derivative @ 3.705% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Jan. 03, 2023

Derivative, Maturity Date

Nov. 01, 2024

Derivative, Notional Amount

$ 5,000

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

3.705%

Assets (Liabilities)

^[1]

$ 106

Derivative @ 4.229% [Member]

Derivative [Line Items]

Derivative, Inception Date

Feb. 24, 2023

Derivative, Maturity Date

Dec. 31, 2026

Derivative, Notional Amount

$ 15,342

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

4.229%

Assets (Liabilities)

^[1]

$ (212)

152

Derivative @ 1.684% [Member]

Derivative [Line Items]

Derivative, Inception Date

Feb. 21, 2023

Derivative, Maturity Date

Dec. 21, 2026

Derivative, Notional Amount

$ 24,365

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

1.684%

Assets (Liabilities)

^[1]

$ 1,386

1,939

Derivative @ 4.314% [Member]

Derivative [Line Items]

Derivative, Inception Date

Sep. 19, 2023

Derivative, Maturity Date

Sep. 19, 2028

Derivative, Notional Amount

$ 30,919

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

4.314%

Assets (Liabilities)

^[1]

$ (1,008)

$ 883

Derivative @ 2.334% [Member]

Derivative [Line Items]

Derivative, Inception Date

^[2]

Oct. 31, 2017

Derivative, Maturity Date

Oct. 01, 2024

Derivative, Notional Amount

$ 6,025

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

2.334%

Assets (Liabilities)

^[1]

$ 118

Derivative @ 5.560% [Member]

Derivative [Line Items]

Derivative, Inception Date

Dec. 01, 2023

Derivative, Maturity Date

Dec. 01, 2026

Derivative, Notional Amount

$ 13,000

Derivative, Description of Variable Rate Basis

SOFR

Derivative, Fixed Interest Rate

4.06%

Assets (Liabilities)

^[1]

$ (115)

[1]	Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.
[2]	Derivative instruments assumed as part of the UBP acquisitions.

Equity and Capital

12 Months Ended

Dec. 31, 2023

Equity And Capital [Abstract]

Equity and Capital

12.

Equity and Capital

UBP Acquisition

See Note 1 — Acquisition of Urstadt Biddle Properties Inc, for discussion regarding UBP acquisition.

Preferred Stock of the Parent Company

Terms and conditions of the preferred stock outstanding are summarized as follows:


	Preferred Stock Outstanding as of December 31, 2023
	Date of Issuance	Shares Issued and Outstanding		Liquidation Preference		Distribution Rate	Callable By Company
Series A	8/18/2023		4,600,000	$	115,000,000	6.250%	On demand
Series B	8/18/2023		4,400,000		110,000,000	5.875%	On or after 10/1/2024
			9,000,000	$	225,000,000

Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option, except that the Parent Company Series B preferred stock is not redeemable until on or after October 1, 2024. The holders of the Preferred Stock have general preference rights over common stock holders with respect to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be entitled to vote. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of Common Stock.

Dividends Declared

On February 7, 2024, the Board:

•

Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on April 30, 2024. The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on April 15, 2024; and

•

Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on April 30, 2024 The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on April 15, 2024.

Common Stock of the Parent Company

Dividends Declared

On February 7, 2024, the Board declared a common stock dividend of $0.67 per share, payable on April 3, 2024, to shareholders of record as of March 13, 2024.

At the Market ("ATM") Program

Under the Parent Company's ATM program, as authorized by the Board, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors. No sales occurred under the ATM program during 2023. As of December 31, 2023, $500 million of common stock remained available for issuance under this ATM equity program.

Stock Repurchase Program

The Board has authorized a two-year common stock repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million of its outstanding common stock through open market purchases, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any will be dependent upon market conditions and other factors. The stock repurchased, if not retired, would be treated as treasury stock. The Board's authorization for this Repurchase Program will expire on February 7, 2025, unless modified, extended or earlier terminated by the Board.

During the year ended December 31, 2023, the Company executed multiple trades to repurchase 349,519 common shares under the Repurchase Program for a total of $20.0 million at a weighted average price of $57.22 per share. All repurchased shares were retired on the respective settlement dates. At December 31, 2023, $230.0 million remained available under this Repurchase Program.

Preferred Units of the Operating Partnership

The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by RCLP is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Company.

Common Units of the Operating Partnership

Common Units are issued, or redeemed and retired, for each share of Parent Company stock issued or redeemed, or retired, as described above. During the year ended December 31, 2023, the Operating Partnership issued 520,589 exchangeable operating partnership units, valued at $31.3 million, as partial purchase price consideration for the acquisition of two properties. In addition, 3,340 Partnership Units were converted to Parent Company common stock, and 151,228 Partnership Units were converted to $9.2 million in cash at the Parent Company's election.

General Partners

The Parent Company, as general partner, owned the following Partnership Units outstanding:


	December 31,
(in thousands)	2023			2022
Partnership units owned by the general partner		184,581			171,125
Partnership units owned by the limited partners		1,108			741
Total partnership units outstanding		185,689			171,866
Percentage of partnership units owned by the general partner		99.4	%		99.6	%

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Equity and Capital - Summary of Terms and Conditions of Preferred Stock Outstanding (Details) - UBP Acquisition [Member] - Preferred Stock [Member] $ in Thousands	Dec. 31, 2023 USD ($) shares
Class of Stock [Line Items]
Shares Issued and Outstanding \| shares	9,000,000
Liquidation Preference \| $	$ 225,000,000
Series A [Member]
Class of Stock [Line Items]
Date of Issuance	Aug. 18, 2023
Shares Issued and Outstanding \| shares	4,600,000
Liquidation Preference \| $	$ 115,000,000
Distribution Rate	6.25%
Series B [Member]
Class of Stock [Line Items]
Date of Issuance	Aug. 18, 2023
Shares Issued and Outstanding \| shares	4,400,000
Liquidation Preference \| $	$ 110,000,000
Distribution Rate	5.875%
Callable By Company	Oct. 01, 2024

Summary of Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 12,426,913	$ 10,860,220
Variable interest entity, consolidated, carrying amount, liabilities	5,234,978	4,682,181
Noncontrolling interest in variable interest entity	88,794	24,364
Variable Interest Entity, Primary Beneficiary [Member] \| Notes Payable [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	33,211	4,188
Variable Interest Entity, Primary Beneficiary [Member] \| Net Real Estate Investments [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	270,674	107,725
Variable Interest Entity, Primary Beneficiary [Member] \| Cash, Cash Equivalents, and Restricted Cash [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 8,201	$ 2,420

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+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a)

Organization and Principles of Consolidation

General

Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership, and has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.

As of December 31, 2023, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 381 properties and held partial interests in an additional 101 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").

Acquisition of Urstadt Biddle Properties Inc.

On May 17, 2023, the Parent Company entered into an Agreement and Plan of Merger (the “merger agreement”) by and among the Parent Company, Hercules Merger Sub, LLC, a wholly owned subsidiary of the Parent Company (“Merger Sub”), UBP, UB Maryland I, Inc., a wholly owned subsidiary of Urstadt Biddle (“UB Sub I”), and UB Maryland II, Inc., a wholly owned subsidiary of UB Sub I (“UB Sub II”), pursuant to which, (a) UB Sub II merged with and into Urstadt Biddle (the “first merger”), with Urstadt Biddle surviving the first merger as a wholly owned subsidiary of UB Sub I, and (b) following the first merger, UB Sub I merged with and into Merger Sub (the “second merger” and together with the first merger, the “mergers”), with Merger Sub being the surviving entity in the second merger. The combined company continues to trade under the ticker symbol “REG” on the National Association of Securities Dealers Automated Quotations (the “NASDAQ”).

The closing of the mergers completed on August 18, 2023 and each share of Urstadt Biddle’s common stock, par value $0.01 per share (“Urstadt Biddle common stock”), class A common stock, par value $0.01 per share (“Urstadt Biddle Class A common stock” and, together with Urstadt Biddle common stock, the “Urstadt Biddle common shares”), 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock converted into one equivalent share in UB Sub I, with respect to each class, subject to limited exceptions set forth in the merger agreement. Immediately thereafter, on August 18, 2023, each share of UB Sub I’s common stock, par value $0.01 per share, and class A common stock, par value $0.01 per share, converted into 0.347 of a share of common stock, par value $0.01 per share, of common stock of the Parent Company, without interest and subject to certain adjustments, subject to limited exceptions set forth in the merger agreement, and each share of UB Sub I’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of newly issued Parent Company 6.25% Series A Cumulative Redeemable Preferred Stock (“Parent Company Series A preferred stock”) and 5.875% Series B Cumulative Redeemable Preferred Stock (“Parent Company Series B preferred stock”), respectively (collectively referred to as the “Preferred Stock”).

Estimates, Risks, and Uncertainties

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to weaken.

The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be influenced by current economic challenges, which impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit. Additionally, macroeconomic and geopolitical challenges, including the war involving Russia and Ukraine, Middle East conflicts and wars, and the economic and other possible conflicts involving China (including any slowing of its economy), could impact aspects

of the U.S. economy and, therefore, consumer spending. The policies implemented by the U.S. government to address these issues, including raising interest rates, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting consumer spending, tenants' businesses, and/or decreasing future demand for space in shopping centers. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties.

Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling financial interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method of accounting. All significant inter-company balances and transactions are eliminated in the Consolidated Financial Statements.

The Company consolidates properties that are wholly-owned and properties where it owns less than 100% but has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

Ownership of the Parent Company

The Parent Company has a single class of common stock and two series of preferred stock outstanding.

Ownership of the Operating Partnership

The Operating Partnership's capital includes Common Units and Preferred Units. As of December 31, 2023, the Parent Company owned approximately 99.4% or 184,581,070 of the 185,688,524 of the outstanding Common Units, with the remaining limited partner's Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.

Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or common stock (i.e., registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, as it relates to EOP units outstanding and concluded that the Parent Company has the right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities that most significantly impact the Operating Partnership’s economic performance. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages.

Real Estate Partnerships

As of December 31, 2023, Regency held partial ownership interests in 119 properties through partnerships, of which 18 are consolidated. Regency's partners include institutional investors and real estate developers and/or operators (the "Partners" or "Limited Partners"). These partnerships have been established to own and operate real estate property. Regency has a variable interest in these entities through its equity ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them in accordance with the equity method of accounting.

The assets of these partnerships are restricted to the use of the partnerships and cannot be reached by general creditors of the Company. Similarly, the obligations of the partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. As managing member, Regency maintains the books and records and typically provides leasing property and asset management services to the partnerships. The Partners' level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets.

•

Certain partnerships were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model.

Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method of accounting and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. If distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment results in a negative investment balance for a partnership, it is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets.

The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range from 10 to 40 years.

The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third-party construction loans. The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows:


(in thousands)	December 31, 2023		December 31, 2022
Assets
Net real estate investments	$	270,674		107,725
Cash, cash equivalents, and restricted cash		8,201		2,420
Liabilities
Notes payable		33,211		4,188
Equity
Limited partners’ interests in consolidated partnerships		88,794		24,364

Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These partnership units have a defined redemption amount and the unit holders generally have the right to redeem their units at any time after a certain period from issuance. For these partnership units, the Company has the option to settle redemption amounts in cash or common stock. The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. The partnership units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets.

Noncontrolling Interests of the Parent Company

The Consolidated Financial Statements of the Parent Company include the following ownership interests held by owners other than the common shareholders of the Parent Company: (i) the EOP units and (ii) the minority-owned interest held by third parties in consolidated partnerships ("Limited partners' interests in consolidated partnerships"). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's shareholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company.

The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.

Noncontrolling Interests of the Operating Partnership

The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has the right, but not the obligation, to purchase the other members' interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in Net income and Comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership.

(b)

Revenues and Tenant Receivable

Leasing Income and Tenant Receivables

The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"), which are recognized when the tenants achieve the specified targets as defined in their lease agreements. Additionally, most lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes and insurance and common area maintenance ("CAM") costs (collectively "Recoverable Costs") incurred.

Lease terms generally range from three to seven years for tenant spaces under 10,000 square feet ("Shop Space") and in excess of five years for spaces greater than 10,000 square feet ("Anchor Space"). Many leases also provide tenants the option to extend their lease beyond the initial term of the lease. If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be re-leased to a new tenant. This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter period of the life of the subsequent lease or the useful life of the improvement.

The Company accounts for its leases under ASC Topic 842, Leases ("Topic 842"), as follows:

Classification

Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company's leases, are classified as operating leases. However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. At December 31, 2023, the Company classified one lease as a sales type lease, with all others classified as operating leases.

Recognition and Presentation

Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable. CAM is considered a non-lease component of the lease contract under Topic 842. However, as the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant's use of the underlying lease asset, the Company elected, as part of an available practical expedient, to combine CAM with the remaining lease components, along with tenant's reimbursement of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated Statements of Operations.

For sales type leases, the Company records any selling profit or loss arising from the lease at inception within Gain on sale of real estate, net of tax in the accompanying Consolidated Statement of Operations, as well as any initial direct costs recorded as an expense if, at commencement, the fair value of the underlying asset differs from its carrying amount, otherwise, they are deferred and included in the net investment in the lease. The net investment in the sales-type lease represents the lease receivable, the components of which are the future lease payments and any guaranteed residual value for the underlying assets, as well as any unguaranteed residual asset expected at the end of the lease term, each measured at net present value discounted using a rate implicit in the lease. Interest income is recorded within Lease income in the accompanying Consolidated Statements of Operations over the lease term so as to produce a constant periodic rate of return on the Company’s net investment in the leases. At the commencement date, the Company derecognizes the carrying amount of the underlying asset. When measuring the net investment in a long-term ground lease, the undiscounted residual value of the land will be limited to its fair value at commencement which will likely equate to its cost.

Collectibility

At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company's credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period.

In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company's historical collection experience. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. Uncollectible lease income is a direct charge against Lease income. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates.

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2023		2022
Tenant receivables	$	34,814		31,486
Straight-line rent receivables		138,590		128,214
Other receivables (1)		32,758		29,163
Total tenant and other receivables, net	$	206,162		188,863

(1)

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Real Estate Sales

The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. While generally rare, any retained noncontrolling interest is measured at fair value at that time.

Management Services and Other Property Income

The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers within the scope of Topic 606.

Property and Asset Management Services

The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods.

Several of the Company's partnership agreements provide for incentive payments, generally referred to as "promotes" or "earnouts," to Regency for appreciation in property values in Regency's capacity as managing member. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal.

Leasing Services

Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures' shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or the commencement of rent payments.

Transaction Services

The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets.

Other Property Income

Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.

Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2023		2022		2021
Management, transaction, and other fees:
Property management services	Over time	$	14,075		13,470		14,415
Asset management services	Over time		6,542		6,752		6,921
Promote income	Over time		—		—		13,589	(1)
Leasing services	Point in time		3,908		3,945		4,096
Other transaction fees	Point in time		2,429		1,684		1,316
Total management, transaction, and other fees		$	26,954		25,851		40,337

(1)

The Company recognized $13.6 million in promote revenue during the year ended December 31, 2021, for exceeding partnership return hurdles from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.

The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $18.5 million and $16.4 million, as of December 31, 2023 and 2022, respectively.

(c)

Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2023		December 31, 2022
Land	$	4,802,583		4,379,877
Land improvements		758,779		707,227
Buildings		6,371,894		5,465,877
Building and tenant improvements		1,302,954		1,171,650
Construction in progress		218,181		133,433
Total real estate assets	$	13,454,391		11,858,064

Capitalization and Depreciation

Real estate assets are stated at cost, less accumulated depreciation, and amortization. The Company periodically assesses the useful lives of its depreciable real estate assets, including those intended to be redeveloped in the near term, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.

As part of the leasing process, the Company may provide lessees with allowances for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease.

Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term.

Development and Redevelopment Costs

All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development or redevelopment of the property, construction costs, interest costs, real estate taxes, insurance, legal costs, salaries and related costs of personnel directly involved and other costs incurred during the period of development or redevelopment.

Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing or redeveloping a shopping center. As of December 31, 2023 and 2022, the Company had nonrefundable deposits and other pre-development costs of approximately $7.7 million and $6.9 million, respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2023, 2022, and 2021, the Company expensed pre-development costs of approximately $0.1 million, $0.6 million, and $1.5 million, respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.

Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs incurred. The Company discontinues interest and real estate tax capitalization when a project is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on a project beyond 12 months after substantial completion of the building. During the years ended December 31, 2023, 2022, and 2021, the Company capitalized interest of $5.7 million, $4.2 million, and $4.2 million, respectively, on our development and redevelopment projects.

We have a staff of employees directly supporting our development and redevelopment program. All direct internal costs attributable to these development activities are capitalized as part of each development and redevelopment project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended December 31, 2023, 2022, and 2021, we capitalized $13.3 million, $10.8 million, and $11.3 million, respectively, of direct internal costs incurred to support our development and redevelopment program.

Acquisitions

Upon acquisition of operating real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, land improvements, buildings, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the purchase price of the acquired properties based on their relative fair value to the applicable assets and liabilities. Acquisitions of operating properties are generally considered asset acquisitions and therefore transaction costs are capitalized. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company's methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.

The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases.

Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable. The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable.

The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.

Held for Sale

The Company classifies real estate assets as held-for-sale upon satisfaction of all the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.

Valuation of Real Estate Investments and Impairments

The Company continually evaluates whether there are any events or changes in circumstances, that could indicate the carrying values of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.

Estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in events or changes in circumstances may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. If a property previously classified as held and used is changed to held for sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired.

The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. The discounted cash flow approach uses similar assumptions to the undiscounted cash flow approach above, as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the estimate of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information.

(d)

Cash, Cash Equivalents, and Restricted Cash

Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2023 and 2022, $6.4 million and $2.3 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans.

(e)

Other Assets

Goodwill

Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. See note 5.

The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more

likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below.

The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Investments

The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices.

Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Investment income in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income.

Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Investment income in the Consolidated Statements of Operations.

Derivative Instruments

The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative instruments. Specifically, the Company enters into derivative instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative instruments are used to manage fluctuations in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings.

All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated other comprehensive income (loss) ("AOCI"). Upon the settlement of a hedge, gains and losses remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items.

In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.

(f)

Deferred Leasing Costs

Deferred leasing costs consist of costs associated with leasing the Company's shopping centers, and are presented net of accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early, the remaining leasing costs are written off.

Under ASC Topic 842, the Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant's operating lease that would not have been incurred if the lease had not been obtained. These costs generally consist of third party broker payments. Non-contingent internal leasing and legal costs associated with leasing activities are expensed within General and administrative expenses.

(g)

Income Taxes

The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Code. As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its shareholders are at least equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a TRS or qualify as a REIT. The TRS's are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.4% owner, is allocated its Pro-rata share of tax attributes.

The Company accounts for income taxes related to its TRS's under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. A valuation allowance is recorded to reduce deferred tax assets when it is believed that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent and projected results of operations in order to make that determination.

In addition, tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2020 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.

(h)

Lease Obligations

The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term.

In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Leasehold improvements are capitalized as tenant improvements, included in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.

Under Topic 842, the Company recognizes Lease liabilities on its Consolidated Balance Sheets for its ground and office leases and corresponding Right of use assets related to these same ground and office leases which are classified as operating leases. A key input in estimating the Lease liabilities and resulting Right of use assets is establishing the discount rate in the lease, which since the rates implicit in the lease contracts are not readily determinable, requires additional inputs for the longer-term ground leases, including market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and a securitization adjustment necessary to reflect the collateralized payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities.

The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods. For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease.

(i)

Earnings per Share and Unit

Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable.

(j)

Stock-Based Compensation

The Company grants stock-based compensation to its employees and directors. The Company recognizes the cost of stock-based compensation based on the grant-date fair value of the award, which is expensed over the vesting period.

When the Parent Company issues common stock as compensation, it receives an equal number of common units from the Operating Partnership. The Company is committed to contributing to the Operating Partnership all proceeds from the share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the "Plan"). Accordingly, the Parent Company's ownership in the Operating Partnership will increase based on the amount of proceeds contributed to the Operating Partnership for the common units it receives. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company.

(k)

Segment Reporting

The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures.

The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance.

(l)

Business Concentration

Grocer anchor tenants represent approximately 20.0% of Pro-rata annual base rent. No single tenant accounts for 10% or more of revenue and none of the shopping centers are located outside the United States.

(m)

Fair Value of Assets and Liabilities

ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:

•

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

The Company also re-measures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a re-measurement event occurs.

(n) Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:


Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:

ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship.	March 2020 through March 31, 2023	The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation.

ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805.	January 1, 2023	The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	The amendments are aimed at enhancing the disclosures public entities provide regarding significant segment expenses so that investors can “better understand an entity’s overall performance” and assess “potential future cash flows.”	January 1, 2024	The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.

ASU 2023-09, Income Taxes (Topic 740):Improvements to Income Tax Disclosures.	ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold.	January 1, 2025	The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.

Commitments and Contingencies (Details) - USD ($) $ in Millions	May 17, 2023	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 50.0
Letters of Credit Outstanding, Amount		$ 8.5	$ 9.4
Merger Agreement [Member]
Loss Contingencies [Line Items]
Merger agreement date	May 17, 2023

Investments in Real Estate Partnerships

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Real Estate Partnerships

The Company invests in real estate partnerships, which consist of the following:


	December 31, 2023
(in thousands)	Regency's Ownership	Number of Properties		Total Investment		Total Assets of the Partnership		The Company's Share of Net Income of the Partnership		Net Income of the Partnership
GRI - Regency, LLC (GRIR)	40.00%		66	$	144,371		1,475,611		35,901		84,224
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,045		139,224		1,630		8,559
Columbia Regency Partners II, LLC (Columbia II)	20.00%		14		42,994		424,672		1,743		8,769
Columbia Village District, LLC	30.00%		1		6,123		97,522		2,199		7,383
Individual Investors
Ballard Bocks	49.90%		2		62,140		120,379		1,486		3,297
Town & Country Center	35.00%		1		42,074		224,579		1,075		3,136
Others(1)	11.80% - 66.67%		10		65,858		208,006		6,507		19,770
Total investments in real estate partnerships			101	$	370,605		2,689,993		50,541		135,138

(1)

New York Common Retirement Fund (NYC) and RegCal, LLC (RegCal) no longer have any operating properties and any residual balances have been included in Others as of December 31, 2023. The residual balances are primarily made up of the Company’s share of remaining working capital.


	December 31, 2022
(in thousands)	Regency's Ownership	Number of Properties		Total Investment		Total Assets of the Partnership		The Company's Share of Net Income of the Partnership		Net Income of the Partnership
GRI - Regency, LLC (GRIR)	40.00%		66	$	155,302		1,501,876		35,819		83,989
New York Common Retirement Fund (NYC)(1)	30.00%		—		674		2,468		9,173		35,673
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,423		138,493		1,817		9,392
Columbia Regency Partners II, LLC (Columbia II)	20.00%		13		41,757		405,927		1,735		8,674
Columbia Village District, LLC	30.00%		1		5,836		96,002		1,669		5,597
RegCal, LLC (RegCal)(2)	25.00%		1		5,789		24,326		4,499		18,258
Individual Investors
Ballard Bocks	49.90%		2		62,624		126,482		1,300		2,925
Town & Country Center	35.00%		1		40,409		206,931		819		2,404
Others	50.00%		5		30,563		105,500		2,993		6,254
Total investments in real estate partnerships			96	$	350,377		2,608,005		59,824		173,166

(1)

On May 25, 2022, the NYC partnership sold the remaining two properties and distributed sales proceeds to the members. Dissolution will follow final distributions, which are expected in 2024.

(2)

During April 2022, we acquired our partner's 75% share in four properties held in the RegCal, LLC, partnership for a total purchase price of $88.5 million. Upon acquisition, these four properties were consolidated into Regency's financial statements.

The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:


	December 31,
(in thousands)	2023		2022
Investments in real estate, net	$	2,432,859		2,359,289
Acquired lease intangible assets, net		16,723		16,821
Other assets		240,411		231,895
Total assets	$	2,689,993		2,608,005
Notes payable	$	1,499,702		1,398,297
Acquired lease intangible liabilities, net		15,112		17,619
Other liabilities		80,457		81,714
Capital - Regency		418,205		412,784
Capital - Third parties		676,517		697,591
Total liabilities and capital	$	2,689,993		2,608,005

The following table reconciles the Company's capital recorded by the unconsolidated partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheet:


	December 31,
(in thousands)	2023			2022
Capital - Regency	$	418,205			412,784
Basis difference		(47,600	)		(62,407	)
Investments in real estate partnerships	$	370,605			350,377

The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows:


	Year ended December 31,
(in thousands)	2023			2022			2021
Total revenues	$	390,843			378,096			416,222
Operating expenses:
Depreciation and amortization		88,974			86,193			94,026
Property operating expense		65,509			61,224			66,061
Real estate taxes		47,529			42,010			54,618
General and administrative		5,008			5,615			5,837
Other operating expenses		3,119			3,851			3,624
Total operating expenses	$	210,139			198,893			224,166
Other expense (income):
Interest expense, net		56,706			54,874			58,109
Gain on sale of real estate		(11,140	)		(49,424	)		(75,162	)
Early extinguishment of debt		—			587			—
Provision for impairment		—			—			9,833
Total other expense (income)		45,566			6,037			(7,220	)
Net income of the Partnerships	$	135,138			173,166			199,276
The Company's share of net income of the Partnerships	$	50,541			59,824			47,086

Acquisitions

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships for the periods set forth below:

        (in thousands)

        Year ended December 31, 2023

        Date
Purchased

        Property
Name

        City/State

        Property
Type

        Real Estate Partner

        Ownership
%

        Purchase Price (1)

        Debt Assumed, Net of Premiums (1)

        Intangible Assets (1)

        Intangible Liabilities (1)

9/19/2023

Old Town Square

Chicago, IL

Operating

Other

20%

27,510

—

3,625

503

Total property acquisitions

27,510

—

3,625

503

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.


(in thousands)		Year ended December 31, 2022
Date Purchased	Property Name	City/State	Property Type	Real Estate Partner	Ownership %	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
03/25/22	Naperville Plaza	Naperville, IL	Operating	Columbia II	20.00%	$	52,380		22,074		4,336		814
06/24/22	Baybrook East 1B	Houston, TX	Development	Other	50.00%	$	5,540		—		—		—
Total property acquisitions						$	57,920		22,074		4,336		814

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.

Dispositions

The following table provides a summary of shopping centers and land parcels disposed of through our unconsolidated real estate partnerships:


	Year ended December 31,
(in thousands)	2023		2022		2021
Proceeds from sale of real estate investments	$	30,659		116,377		224,708
Gain on sale of real estate	$	11,140		49,424		75,162
The Company's share of gain on sale of real estate	$	3,161		12,748		9,380
Number of operating properties sold		1		4		4
Number of land out-parcels sold		—		—		1

Notes Payable

Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2023, were as follows:


(in thousands) Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities		Total			Regency's Pro-Rata Share
2024	$	3,718		33,690			—		37,408			14,678
2025		6,094		147,222			—		153,316			48,506
2026		7,393		233,147			41,800		282,340			89,520
2027		7,576		32,800			—		40,376			13,669
2028		4,267		246,605			—		250,872			92,027
Beyond 5 Years		6,688		739,324			—		746,012			280,328
Net unamortized loan costs, debt premium / (discount)		—		(10,622	)		—		(10,622	)		(3,872	)
Total notes payable	$	35,736		1,422,166			41,800		1,499,702			534,856

These fixed and variable rate notes payable are all non-recourse to the partnerships, and mature through 2034, with 95.4% having a weighted average fixed interest rate of 3.8%. The remaining notes payable float with SOFR and had a weighted average variable interest rate of 7.2% at December 31, 2023.

As notes payable mature, they will be repaid from proceeds from new borrowings and/or partner capital contributions. Refinancing debt at maturity in the current interest rate environment could result in higher interest expense in future periods if rates remain elevated. The Company is obligated to contribute its Pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a real estate partner was unable to fund its share of the capital requirements of the real estate partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner's membership interest.

Management fee income

In addition to earning our Pro-rata share of net income or loss in each of these real estate partnerships, we receive fees as discussed in Note 1, as follows:


	Year ended December 31,
(in thousands)	2023		2022		2021
Asset management, property management, leasing, and investment and financing services	$	26,954		25,851		40,301	(1)

(1)

In connection with the USAA partnership, we received and recognized a one-time promote fee of $13.6 million during the year ended December 31, 2021, in consideration for exceeding return thresholds resulting from our performance as managing member.

Earnings per Share and Unit (Parenthetical) (Details) - ATM Equity Offering Program [Member] shares in Millions	12 Months Ended
	Dec. 31, 2021 shares
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excludes from earnings per share amount	1.0
Partnership Interest [Member]
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excludes from earnings per share amount	1.0

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets:


						Fair Value at December 31,
(in thousands)						Assets (Liabilities) (1)
Effective Date	Maturity Date	Notional Amount		Bank Pays Variable Rate of	Regency Pays Fixed Rate of	2023			2022
12/1/22	3/17/25		24,000	SOFR	1.443%		873			1,443
12/16/22	6/2/27		34,873	SOFR	2.261%		1,540			2,158
1/17/23(2)	8/15/24		13,033	SOFR	3.995%		196			-
7/17/17(2)	7/1/27		43,150	SOFR	1.498%		3,041			-
9/21/16(2)	10/1/26		8,768	SOFR	1.475%		526			-
8/16/18(2)	8/15/28		8,764	SOFR	4.830%		214			-
3/18/19(2)	4/1/29		23,078	SOFR	3.165%		473			-
2/1/22(2)	2/1/32		33,667	SOFR	3.053%		4,879			-
1/3/23(2)	7/1/29		10,944	SOFR	3.633%		861			-
1/3/23(2)	11/1/24		5,000	SOFR	3.705%		106			-
2/24/23	12/31/26		15,342	SOFR	4.229%		(212	)		152
2/21/23	12/21/26		24,365	SOFR	1.684%		1,386			1,939
9/19/23	9/19/28		30,919	SOFR	4.314%		(1,008	)		883
10/31/17(2)	10/1/24		6,025	SOFR	2.334%		118			-
12/1/23	12/1/26		13,000	SOFR	4.060%		(115	)		-
Total derivative financial instruments						$	12,878			6,575

(1)

Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.

(2)

Derivative instruments assumed as part of the UBP acquisitions.

Derivative Instruments, Gain (Loss)

The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:


Location and Amount of Gain (Loss) Recognized in OCI on Derivative								Location and Amount of Loss (Gain) Reclassified from AOCI into Income								Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Year ended December 31,								Year ended December 31,								Year ended December 31,
(in thousands)	2023			2022		2021			2023			2022		2021			2023			2022		2021
Interest rate swaps	$	(2,448	)		20,061		5,391	Interest expense, net	$	(7,536	)		833		4,141	Interest expense, net	$	154,249			146,186		145,170
																Early extinguishment of debt	$	(99	)		—		—

Equity and Capital - Additional Information (Details)		12 Months Ended
Equity and Capital - Additional Information (Details)	Feb. 07, 2024 $ / shares	Dec. 31, 2023 USD ($) Property $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Aug. 18, 2023 $ / shares
Class of Stock [Line Items]
Common stock dividend declared, per share \| $ / shares		$ 2.62	$ 2.525	$ 2.41
Stock repurchased and retired during period, value		$ 20,006,000	$ 75,419,000
Common stock remaining available for Issuance \| shares		500,000,000
Net proceeds from common stock issuance		$ (33,000)	61,284,000	$ 82,510,000
Common stock repurchase program period		2 years
Stock repurchase program, authorized amount		$ 250,000,000
Stock repurchase program expiration date		Feb. 07, 2025
Exchangeable operating partnership units \| shares		520,589
Exchangeable operating partnership units issued for acquisition of real estate		$ 31,253,000
Operating partnership number of properties acquired \| Property		2
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock dividend declared, per share \| $ / shares	$ 0.67
Dividends declared date	Feb. 07, 2024
Dividends payable date	Apr. 03, 2024
Dividends record date	Mar. 13, 2024
Maximum [Member]
Class of Stock [Line Items]
Equity issuances, common shares authorized for issuance \| shares		500,000,000
Series A Preferred Stock [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Dividends payable date	Apr. 30, 2024
Dividends record date	Apr. 15, 2024
Preferred stock dividend per share paid \| $ / shares	$ 0.390625
Series B Preferred Stock [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Dividends payable date	Apr. 30, 2024
Dividends record date	Apr. 15, 2024
Preferred stock dividend per share paid \| $ / shares	$ 0.3672
UBP Acquisition [Member] \| Series B Preferred Stock [Member]
Class of Stock [Line Items]
Redeemable price per share \| $ / shares					$ 25
Common Stock [Member]
Class of Stock [Line Items]
Stock repurchased and retired during period, value		$ 3,000	13,000
Issuance of exchangeable operating partnership, units \| shares		3,340
Common Stock [Member] \| AOCI Attributable to Parent [Member]
Class of Stock [Line Items]
Stock repurchased and retired during period, shares \| shares		349,519
Stock repurchased and retired during period, value		$ 20,000,000
Shares repurchased weighted average price per share \| $ / shares		$ 57.22
Stock repurchased remaining authorized value		$ 230,000,000
Parent [Member]
Class of Stock [Line Items]
Stock repurchased and retired during period, value		$ 20,006,000	$ 75,419,000
Issuance of operating partnership units \| shares		151,228
Partnership Units converted to cash		$ 9,200,000

Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Real Estate Partnerships

The Company invests in real estate partnerships, which consist of the following:


	December 31, 2023
(in thousands)	Regency's Ownership	Number of Properties		Total Investment		Total Assets of the Partnership		The Company's Share of Net Income of the Partnership		Net Income of the Partnership
GRI - Regency, LLC (GRIR)	40.00%		66	$	144,371		1,475,611		35,901		84,224
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,045		139,224		1,630		8,559
Columbia Regency Partners II, LLC (Columbia II)	20.00%		14		42,994		424,672		1,743		8,769
Columbia Village District, LLC	30.00%		1		6,123		97,522		2,199		7,383
Individual Investors
Ballard Bocks	49.90%		2		62,140		120,379		1,486		3,297
Town & Country Center	35.00%		1		42,074		224,579		1,075		3,136
Others(1)	11.80% - 66.67%		10		65,858		208,006		6,507		19,770
Total investments in real estate partnerships			101	$	370,605		2,689,993		50,541		135,138

(1)


	December 31, 2022
(in thousands)	Regency's Ownership	Number of Properties		Total Investment		Total Assets of the Partnership		The Company's Share of Net Income of the Partnership		Net Income of the Partnership
GRI - Regency, LLC (GRIR)	40.00%		66	$	155,302		1,501,876		35,819		83,989
New York Common Retirement Fund (NYC)(1)	30.00%		—		674		2,468		9,173		35,673
Columbia Regency Retail Partners, LLC (Columbia I)	20.00%		7		7,423		138,493		1,817		9,392
Columbia Regency Partners II, LLC (Columbia II)	20.00%		13		41,757		405,927		1,735		8,674
Columbia Village District, LLC	30.00%		1		5,836		96,002		1,669		5,597
RegCal, LLC (RegCal)(2)	25.00%		1		5,789		24,326		4,499		18,258
Individual Investors
Ballard Bocks	49.90%		2		62,624		126,482		1,300		2,925
Town & Country Center	35.00%		1		40,409		206,931		819		2,404
Others	50.00%		5		30,563		105,500		2,993		6,254
Total investments in real estate partnerships			96	$	350,377		2,608,005		59,824		173,166

(1)

On May 25, 2022, the NYC partnership sold the remaining two properties and distributed sales proceeds to the members. Dissolution will follow final distributions, which are expected in 2024.

(2)

Balance Sheet Summarized Financial Information

The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:


	December 31,
(in thousands)	2023		2022
Investments in real estate, net	$	2,432,859		2,359,289
Acquired lease intangible assets, net		16,723		16,821
Other assets		240,411		231,895
Total assets	$	2,689,993		2,608,005
Notes payable	$	1,499,702		1,398,297
Acquired lease intangible liabilities, net		15,112		17,619
Other liabilities		80,457		81,714
Capital - Regency		418,205		412,784
Capital - Third parties		676,517		697,591
Total liabilities and capital	$	2,689,993		2,608,005


	December 31,
(in thousands)	2023			2022
Capital - Regency	$	418,205			412,784
Basis difference		(47,600	)		(62,407	)
Investments in real estate partnerships	$	370,605			350,377

Schedule of Revenues and Expenses for Investments in Real Estate Partnerships

The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows:


	Year ended December 31,
(in thousands)	2023			2022			2021
Total revenues	$	390,843			378,096			416,222
Operating expenses:
Depreciation and amortization		88,974			86,193			94,026
Property operating expense		65,509			61,224			66,061
Real estate taxes		47,529			42,010			54,618
General and administrative		5,008			5,615			5,837
Other operating expenses		3,119			3,851			3,624
Total operating expenses	$	210,139			198,893			224,166
Other expense (income):
Interest expense, net		56,706			54,874			58,109
Gain on sale of real estate		(11,140	)		(49,424	)		(75,162	)
Early extinguishment of debt		—			587			—
Provision for impairment		—			—			9,833
Total other expense (income)		45,566			6,037			(7,220	)
Net income of the Partnerships	$	135,138			173,166			199,276
The Company's share of net income of the Partnerships	$	50,541			59,824			47,086

Schedule of Properties Disposed of

The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below:


	Year ended December 31,
(in thousands, except number sold data)	2023		2022		2021
Net proceeds from sale of real estate investments	$	11,167		143,133		206,193
Gain on sale of real estate, net of tax	$	661		109,005		91,119
Provision for impairment of real estate sold	$	—		—		112
Number of operating properties sold		—		2		7
Number of land parcels sold		5		5		5
Percent interest sold	100%		100%			100	%

Scheduled Principal Repayments on Notes Payable

Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2023, were as follows:


(in thousands) Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities		Total			Regency's Pro-Rata Share
2024	$	3,718		33,690			—		37,408			14,678
2025		6,094		147,222			—		153,316			48,506
2026		7,393		233,147			41,800		282,340			89,520
2027		7,576		32,800			—		40,376			13,669
2028		4,267		246,605			—		250,872			92,027
Beyond 5 Years		6,688		739,324			—		746,012			280,328
Net unamortized loan costs, debt premium / (discount)		—		(10,622	)		—		(10,622	)		(3,872	)
Total notes payable	$	35,736		1,422,166			41,800		1,499,702			534,856

Schedule of Related Party Transactions

In addition to earning our Pro-rata share of net income or loss in each of these real estate partnerships, we receive fees as discussed in Note 1, as follows:


	Year ended December 31,
(in thousands)	2023		2022		2021
Asset management, property management, leasing, and investment and financing services	$	26,954		25,851		40,301	(1)

(1)

Unconsolidated Properties [Member]

Schedule of Equity Method Investments [Line Items]

Components of Purchase Price

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships for the periods set forth below:

        (in thousands)

        Year ended December 31, 2023

        Date
Purchased

        Property
Name

        City/State

        Property
Type

        Real Estate Partner

        Ownership
%

        Purchase Price (1)

        Debt Assumed, Net of Premiums (1)

        Intangible Assets (1)

        Intangible Liabilities (1)

9/19/2023

Old Town Square

Chicago, IL

Operating

Other

20%

27,510

—

3,625

503

Total property acquisitions

27,510

—

3,625

503

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.


(in thousands)		Year ended December 31, 2022
Date Purchased	Property Name	City/State	Property Type	Real Estate Partner	Ownership %	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
03/25/22	Naperville Plaza	Naperville, IL	Operating	Columbia II	20.00%	$	52,380		22,074		4,336		814
06/24/22	Baybrook East 1B	Houston, TX	Development	Other	50.00%	$	5,540		—		—		—
Total property acquisitions						$	57,920		22,074		4,336		814

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.

Schedule of Properties Disposed of

The following table provides a summary of shopping centers and land parcels disposed of through our unconsolidated real estate partnerships:


	Year ended December 31,
(in thousands)	2023		2022		2021
Proceeds from sale of real estate investments	$	30,659		116,377		224,708
Gain on sale of real estate	$	11,140		49,424		75,162
The Company's share of gain on sale of real estate	$	3,161		12,748		9,380
Number of operating properties sold		1		4		4
Number of land out-parcels sold		—		—		1

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Lessor Accounting

Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for CAM, real estate taxes, and insurance ("Recoverable Costs"). Income for these amounts is recognized on a straight-line basis.

Variable lease income includes the following two main items in the lease contracts:

(i)

Recoveries from tenants represent the tenants' contractual obligations to reimburse the Company for their portion of recoverable costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property.

(ii)

Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:


(in thousands)	December 31, 2023			December 31, 2022		December 31, 2021
Operating lease income
Fixed and in-substance fixed lease income	$	928,364			851,409		797,502
Variable lease income		324,037			287,149		262,619
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		30,826			22,543		24,539
Uncollectible straight-line rent		1,261			12,510		5,227
Uncollectible amounts billable in lease income		(549	)		13,841		23,481
Total lease income	$	1,283,939			1,187,452		1,113,368

Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:


(in thousands)
For the year ended December 31,	December 31, 2023
2024	$	972,980
2025		872,330
2026		757,633
2027		633,290
2028		480,640
Thereafter		1,740,783
Total	$	5,457,656

At December 31, 2023, the Company had one lease classified as a sales-type lease, with lease income recorded over the lease term in the form of variable interest income representing the constant periodic rate of return on the Company’s net investment in the lease, and fixed contractual obligations.

Lessee Accounting

The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center.

The Company has 21 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2121, and in most cases, provide for renewal options.

In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Office leases expire through the year 2029, and in many cases, provide for renewal options.

The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods, with ground lease expense presented within Property operating expense, and office lease expense presented within General and administrative in the accompanying Consolidated Statements of Operations.

Operating lease expense under the Company's ground and office leases were as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:


(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Fixed operating lease expense
Ground leases	$	14,727		13,759		13,862
Office leases		4,103		4,162		4,309
Total fixed operating lease expense		18,830		17,921		18,171
Variable lease expense
Ground leases		1,586		1,591		1,032
Office leases		729		611		615
Total variable lease expense		2,315		2,202		1,647
Total lease expense	$	21,145		20,123		19,818
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	15,823		14,656		15,165

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2023, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets:


(in thousands)	Lease Liabilities
For the year ended December 31,	Ground Leases			Office Leases			Total
2024	$	12,955			3,082			16,037
2025		12,962			3,464			16,426
2026		12,883			3,331			16,214
2027		12,909			2,151			15,060
2028		13,051			1,305			14,356
Thereafter		702,602			312			702,914
Total undiscounted lease liabilities	$	767,362			13,645			781,007
Present value discount		(533,777	)		(1,167	)		(534,944	)
Lease liabilities	$	233,585			12,478			246,063
Weighted average discount rate		5.5	%		3.7	%
Weighted average remaining term (in years)		49.4			4.1

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net of cash acquired	$ 0	$ 3,061	$ 2,991
Capitalized interest	5,695	4,166	4,202
UBP Acquisition [Member]
Net of cash acquired	14,143
Partnership Interest [Member]
Net of cash acquired	0	3,061	2,991
Capitalized interest	5,695	$ 4,166	$ 4,202
Partnership Interest [Member] \| UBP Acquisition [Member]
Net of cash acquired	$ 14,143

Investments in Real Estate Partnerships - Related Party Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Schedule of Equity Method Investments [Line Items]

Asset management, property management, leasing, and investment and financing services

$ 1,322,466

$ 1,224,022

$ 1,166,161

Related Party [Member]

Schedule of Equity Method Investments [Line Items]

Asset management, property management, leasing, and investment and financing services

$ 26,954

$ 25,851

$ 40,301

^[1]

[1]	In connection with the USAA partnership, we received and recognized a one-time promote fee of $13.6 million during the year ended December 31, 2021, in consideration for exceeding return thresholds resulting from our performance as managing member.

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Investments in Real Estate Partnerships - Schedule of Acquisitions by Real Estate Partnerships (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Business Acquisition [Line Items]

Purchase Price

$ 83,563

$ 241,253

Debt Assumed, Net of Premiums

22,779

Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

12,346

19,571

Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

7,989

25,432

Unconsolidated Properties [Member]

Business Acquisition [Line Items]

Purchase Price

27,510

^[1]

57,920

^[2]

Debt Assumed, Net of Premiums

^[2]

22,074

Unconsolidated Properties [Member] | Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

503

^[1]

814

^[2]

Unconsolidated Properties [Member] | Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

$ 3,625

^[1]

$ 4,336

^[2]

Unconsolidated Properties [Member] | Naperville Plaza [Member]

Business Acquisition [Line Items]

Date Purchased

Mar. 25, 2022

Property Name

Naperville Plaza

City/State

Naperville, IL

Business Acquisition, Description of Acquired Entity

Operating

Business Acquisition, Real Estate Partner

Columbia II

Ownership Percentage

20.00%

Purchase Price

^[2]

$ 52,380

Debt Assumed, Net of Premiums

^[2]

22,074

Unconsolidated Properties [Member] | Naperville Plaza [Member] | Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[2]

4,336

Unconsolidated Properties [Member] | Naperville Plaza [Member] | Off-Market Favorable Lease [Member] | Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[2]

$ 814

Unconsolidated Properties [Member] | Baybrook East 1B [Member]

Business Acquisition [Line Items]

Date Purchased

Jun. 24, 2022

Property Name

Baybrook East 1B

City/State

Houston, TX

Business Acquisition, Description of Acquired Entity

Development

Business Acquisition, Real Estate Partner

Other

Ownership Percentage

50.00%

Purchase Price

^[2]

$ 5,540

Unconsolidated Properties [Member] | Old Town Square [Member]

Business Acquisition [Line Items]

Date Purchased

Sep. 19, 2023

Property Name

Old Town Square

City/State

Chicago, IL

Business Acquisition, Description of Acquired Entity

Operating

Business Acquisition, Real Estate Partner

Other

Ownership Percentage

20.00%

Purchase Price

^[1]

$ 27,510

Unconsolidated Properties [Member] | Old Town Square [Member] | Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[1]

503

Unconsolidated Properties [Member] | Old Town Square [Member] | Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[1]

$ 3,625

[1]	Amounts reflected for purchase price and allocation are reflected at 100%.
[2]	Amounts reflected for purchase price and allocation are reflected at 100%.

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

11.

Fair Value Measurements

(a)

Disclosure of Fair Value of Financial Instruments

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following:


	December 31,
	2023				2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	2,109		2,109	$	—		—
Financial liabilities:
Notes payable, net	$	4,001,949		3,763,152	$	3,726,754		3,333,378
Unsecured credit facilities	$	152,000		152,000	$	—		—

The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2023 and 2022, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.

The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.

(b)

Fair Value Measurements

The following financial instruments are measured at fair value on a recurring basis:

Securities

The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment (income) loss in the accompanying Consolidated Statements of Operations, and include unrealized gains of $4.2 million for the year ended December 31, 2023, unrealized losses of $8.0 million for the year ended December 31, 2022 and unrealized gains of $1.7 million for the year ended December 31, 2021.

Available-for-Sale Debt Securities

Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through Other comprehensive income.

Interest Rate Derivatives

The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:


	Fair Value Measurements as of December 31, 2023
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	37,039			37,039		—			—
Available-for-sale debt securities		14,953			—		14,953			—
Interest rate derivatives		14,213			—		14,213			—
Total	$	66,205			37,039		29,166			—
Liabilities:
Interest rate derivatives	$	(1,335	)		—		(1,335	)		—


	Fair Value Measurements as of December 31, 2022
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	40,089		40,089		—		—
Available-for-sale debt securities		14,492		—		14,492		—
Interest rate derivatives		6,575		—		6,575		—
Total	$	61,156		40,089		21,067		—

During the year ended December 31, 2023 and December 31, 2022, there were no real estate assets re-measured to estimated fair value on a nonrecurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Statement of Capital - USD ($) $ in Thousands	12 Months Ended
Consolidated Statement of Capital - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 370,867	$ 488,035	$ 366,288
Other comprehensive income
Amounts reclassified from accumulated other comprehensive income (loss)	(7,536)	833	4,141
Deferred compensation plan, net		(1)	75
Contributions from partners	74,730	13,223
Issuance of exchangeable operating partnership units	31,253
Distributions to partners	(7,813)	(14,816)	(4,345)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	20,441	16,667	12,652
Total Partners' Capital [Member]
Net income	364,557	482,865	361,411
Other comprehensive income
Amounts reclassified from accumulated other comprehensive income (loss)	(6,805)	779	3,795
Deferred compensation plan, net		(1)	75
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	20,441	16,667	12,652
Partnership Interest [Member]
Beginning Balance	6,178,039	6,109,932	6,058,147
Net income	370,867	488,035	366,288
Other comprehensive income
Other comprehensive income before reclassifications	(2,111)	18,752	4,986
Amounts reclassified from accumulated other comprehensive income (loss)	(7,536)	833	4,141
Deferred compensation plan, net		(1)	75
Contributions from partners	74,730	13,223
Issuance of exchangeable operating partnership units	31,253
Distributions to partners	(476,567)	(449,717)	(416,600)
Preferred unit distributions	(5,057)
Reallocation of limited partners' interest, net of transaction costs		(216)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	20,441	16,667	12,652
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs	225,000
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company	(20,006)	(75,419)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	818,497	61,284	82,510
Repurchase of exchangeable operating partnership units	(9,163)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(6,452)	(5,334)	(2,267)
Ending Balance	7,191,935	6,178,039	6,109,932
Partnership Interest [Member] \| Total Partners' Capital [Member]
Beginning Balance	6,131,474	6,072,818	6,020,639
Net income	366,565	484,970	363,026
Other comprehensive income
Other comprehensive income before reclassifications	(2,072)	17,088	4,626
Amounts reclassified from accumulated other comprehensive income (loss)	(6,844)	784	3,812
Deferred compensation plan, net		(1)	75
Issuance of exchangeable operating partnership units	31,253
Distributions to partners	(468,754)	(434,901)	(412,255)
Preferred unit distributions	(5,057)
Reallocation of limited partners' interest, net of transaction costs		(6,482)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	20,441	16,667	12,652
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs	225,000
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company	(20,006)	(75,419)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	818,497	61,284	82,510
Repurchase of exchangeable operating partnership units	(9,163)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(6,452)	(5,334)	(2,267)
Ending Balance	7,074,882	6,131,474	6,072,818
Partnership Interest [Member] \| Accumulated Other Comprehensive Loss [Member]
Beginning Balance	7,560	(10,227)	(18,625)
Other comprehensive income
Other comprehensive income before reclassifications	(2,063)	17,008	4,603
Amounts reclassified from accumulated other comprehensive income (loss)	(6,805)	779	3,795
Ending Balance	(1,308)	7,560	(10,227)
Partnership Interest [Member] \| Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]
Beginning Balance	46,565	37,114	37,508
Net income	4,302	3,065	3,262
Other comprehensive income
Other comprehensive income before reclassifications	(39)	1,664	360
Amounts reclassified from accumulated other comprehensive income (loss)	(692)	49	329
Contributions from partners	74,730	13,223
Distributions to partners	(7,813)	(14,816)	(4,345)
Reallocation of limited partners' interest, net of transaction costs		6,266
Ending Balance	117,053	46,565	37,114
Partnership Interest [Member] \| General Partner Preferred and Common Units [Member]
Beginning Balance	6,089,425	6,047,598	6,003,537
Net income	364,557	482,865	361,411
Other comprehensive income
Deferred compensation plan, net		(1)	75
Adjustment for noncontrolling interests in the Operating Partnership	13,518
Distributions to partners	(466,126)	(433,028)	(410,419)
Preferred unit distributions	(5,057)
Reallocation of limited partners' interest, net of transaction costs		(6,482)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	20,441	16,667	12,652
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs	225,000
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company	(20,006)	(75,419)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	818,497	61,284	82,510
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(6,452)	(5,334)	(2,267)
Common units exchanged for common stock of Parent Company	198	1,275	99
Ending Balance	7,033,995	6,089,425	6,047,598
Partnership Interest [Member] \| Limited Partner [Member]
Beginning Balance	34,489	35,447	35,727
Net income	2,008	2,105	1,615
Other comprehensive income
Other comprehensive income before reclassifications	(9)	80	23
Amounts reclassified from accumulated other comprehensive income (loss)	(39)	5	17
Adjustment for noncontrolling interests in the Operating Partnership	(13,518)
Issuance of exchangeable operating partnership units	31,253
Distributions to partners	(2,628)	(1,873)	(1,836)
Repurchase of exchangeable operating partnership units	(9,163)
Common units exchanged for common stock of Parent Company	(198)	(1,275)	(99)
Ending Balance	$ 42,195	$ 34,489	$ 35,447

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

10.

Derivative Instruments

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with quality credit ratings. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

The Company's objectives in using interest rate derivatives are to attempt to stabilize interest expense where possible and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets:


						Fair Value at December 31,
(in thousands)						Assets (Liabilities) (1)
Effective Date	Maturity Date	Notional Amount		Bank Pays Variable Rate of	Regency Pays Fixed Rate of	2023			2022
12/1/22	3/17/25		24,000	SOFR	1.443%		873			1,443
12/16/22	6/2/27		34,873	SOFR	2.261%		1,540			2,158
1/17/23(2)	8/15/24		13,033	SOFR	3.995%		196			-
7/17/17(2)	7/1/27		43,150	SOFR	1.498%		3,041			-
9/21/16(2)	10/1/26		8,768	SOFR	1.475%		526			-
8/16/18(2)	8/15/28		8,764	SOFR	4.830%		214			-
3/18/19(2)	4/1/29		23,078	SOFR	3.165%		473			-
2/1/22(2)	2/1/32		33,667	SOFR	3.053%		4,879			-
1/3/23(2)	7/1/29		10,944	SOFR	3.633%		861			-
1/3/23(2)	11/1/24		5,000	SOFR	3.705%		106			-
2/24/23	12/31/26		15,342	SOFR	4.229%		(212	)		152
2/21/23	12/21/26		24,365	SOFR	1.684%		1,386			1,939
9/19/23	9/19/28		30,919	SOFR	4.314%		(1,008	)		883
10/31/17(2)	10/1/24		6,025	SOFR	2.334%		118			-
12/1/23	12/1/26		13,000	SOFR	4.060%		(115	)		-
Total derivative financial instruments						$	12,878			6,575

(1)

(2)

Derivative instruments assumed as part of the UBP acquisitions.

These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of December 31, 2023, does not have any derivatives that are not designated as hedges.

The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:


Location and Amount of Gain (Loss) Recognized in OCI on Derivative								Location and Amount of Loss (Gain) Reclassified from AOCI into Income								Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Year ended December 31,								Year ended December 31,								Year ended December 31,
(in thousands)	2023			2022		2021			2023			2022		2021			2023			2022		2021
Interest rate swaps	$	(2,448	)		20,061		5,391	Interest expense, net	$	(7,536	)		833		4,141	Interest expense, net	$	154,249			146,186		145,170
																Early extinguishment of debt	$	(99	)		—		—

As of December 31, 2023, the Company expects approximately $10.6 million of accumulated comprehensive income on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets, Net [Abstract]
Other	$ 1,893	$ 1,007
Deferred tax assets	1,893	1,007
Valuation allowance	(1,893)	(1,007)
Deferred tax assets, net	0	0
Deferred Tax Liabilities, Net [Abstract]
Fixed assets	(12,563)	(12,527)
Other	(780)	(61)
Deferred tax liabilities	(13,343)	(12,588)
Net deferred tax liabilities	$ (13,343)	$ (12,588)

Notes Payable and Unsecured Credit Facility - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Long-term Debt

$ 4,153,949

$ 3,726,754

Line of Credit

$ 152,000

Fixed Rate Mortgage Loans [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

Jun. 01, 2037

Debt, Weighted Average Contractual Interest Rate

3.80%

Debt, Weighted Average Effective Interest Rate

4.20%

Long-term Debt

$ 449,615

342,135

Unsecured Debt [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

Mar. 15, 2049

Debt, Weighted Average Contractual Interest Rate

3.80%

Debt, Weighted Average Effective Interest Rate

4.00%

Long-term Debt

$ 3,252,755

3,248,373

Notes Payable to Banks [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 4,001,949

3,726,754

Line of Credit [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

^[1]

Mar. 23, 2025

Debt, Weighted Average Contractual Interest Rate

^[1]

6.30%

Debt, Weighted Average Effective Interest Rate

^[1]

6.60%

Long-term Debt

^[1]

$ 152,000

SOFR [Member] | Variable Rate Mortgage Loans [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

^[2]

Jan. 31, 2032

Debt, Weighted Average Contractual Interest Rate

^[2]

4.20%

Debt, Weighted Average Effective Interest Rate

^[2]

4.30%

Long-term Debt

^[2]

$ 299,579

$ 136,246

[1]	Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. In January 2024, the Company amended its Line to, among other items, increase the borrowing capacity to $1.5 billion and to extend the expiration date to March, 2028 with the option to extend the expiration for two additional six-month period.
[2]	As of December 31, 2023, 15 of these 17 variable rate loans, representing $294.9 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the 15 loans range from 2.5% to 6.7%.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows:


(in thousands)	December 31, 2023		December 31, 2022
Assets
Net real estate investments	$	270,674		107,725
Cash, cash equivalents, and restricted cash		8,201		2,420
Liabilities
Notes payable		33,211		4,188
Equity
Limited partners’ interests in consolidated partnerships		88,794		24,364

Components of Tenant and Other Receivables, Net

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2023		2022
Tenant receivables	$	34,814		31,486
Straight-line rent receivables		138,590		128,214
Other receivables (1)		32,758		29,163
Total tenant and other receivables, net	$	206,162		188,863

(1)

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Revenues and Other Receivables

The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2023		2022		2021
Management, transaction, and other fees:
Property management services	Over time	$	14,075		13,470		14,415
Asset management services	Over time		6,542		6,752		6,921
Promote income	Over time		—		—		13,589	(1)
Leasing services	Point in time		3,908		3,945		4,096
Other transaction fees	Point in time		2,429		1,684		1,316
Total management, transaction, and other fees		$	26,954		25,851		40,337

(1)

Components of Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2023		December 31, 2022
Land	$	4,802,583		4,379,877
Land improvements		758,779		707,227
Buildings		6,371,894		5,465,877
Building and tenant improvements		1,302,954		1,171,650
Construction in progress		218,181		133,433
Total real estate assets	$	13,454,391		11,858,064

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:


Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:

ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship.	March 2020 through March 31, 2023	The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation.

ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805.	January 1, 2023	The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	The amendments are aimed at enhancing the disclosures public entities provide regarding significant segment expenses so that investors can “better understand an entity’s overall performance” and assess “potential future cash flows.”	January 1, 2024	The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.

ASU 2023-09, Income Taxes (Topic 740):Improvements to Income Tax Disclosures.	ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold.	January 1, 2025	The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Earnings per Share and Unit

12 Months Ended

Dec. 31, 2023

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit

15.

Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:


	Year ended December 31,
(in thousands, except per share data)	2023		2022		2021
Numerator:
Income attributable to common shareholders - basic	$	359,500		482,865		361,411
Income attributable to common shareholders - diluted	$	359,500		482,865		361,411
Denominator:
Weighted average common shares outstanding for basic EPS		176,085		171,404		170,236
Weighted average common shares outstanding for diluted EPS (1) (2)		176,371		171,791		170,694
Income per common share – basic	$	2.04		2.82		2.12
Income per common share – diluted	$	2.04		2.81		2.12

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of income to the common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted income per share calculations.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):


	Year ended December 31,
(in thousands, except per share data)	2023		2022		2021
Numerator:
Income attributable to common unit holders - basic	$	361,508		484,970		363,026
Income attributable to common unit holders - diluted	$	361,508		484,970		363,026
Denominator:
Weighted average common units outstanding for basic EPU		177,038		172,152		170,998
Weighted average common units outstanding for diluted EPU (1) (2)		177,324		172,540		171,456
Income per common unit – basic	$	2.04		2.82		2.12
Income per common unit – diluted	$	2.04		2.81		2.12

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of income to the common unit holders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted income per unit calculations.

Saving and Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Saving and Retirement Plans

14.

Saving and Retirement Plans

401(k) Retirement Plan

The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer eligible compensation up to the maximum allowable amount determined by the IRS. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to a maximum of $5,000 of their eligible compensation, is fully vested and funded as of December 31, 2023. Additionally, an annual profit sharing contribution may be made, which are fully vested after three years in service. Costs for Company contributions to the plan totaled $5.3 million, $4.4 million, and $4.1 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Non-Qualified Deferred Compensation Plan ("NQDCP")

The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust.

The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock:


	Year ended December 31,
(in thousands)	2023		2022		Location in Consolidated Balance Sheets
Assets:
Securities	$	31,852		36,163	Other assets
Liabilities:
Deferred compensation obligation	$	31,770		36,085	Accounts payable and other liabilities

Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment (income) loss in the accompanying Consolidated Statements of Operations. Changes in participant obligations, which is based on changes in the value of their investment elections, is recognized within General and administrative expenses within the accompanying Consolidated Statements of Operations.

Investments in shares of the Company's common stock are included, at cost, as Treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within Additional paid in capital in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to the Regency common stock fund are recorded directly within shareholders' equity.

Real Estate Investments - Components of Purchase Price (Details) - UBP Acquisition [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Business Acquisition [Line Items]
Shares of common stock issued for acquisition \| shares	13,568
Closing stock price on August 17, 2023 \| $ / shares	$ 61.03
Value of common stock issued for acquisition	$ 828,025
Other adjustments	(9,495)
Total value of common stock issued	818,530
Debt repaid	$ 39,266
Preferred stock converted \| shares	225,000
Transaction costs	$ 57,197
Other cash payments	68
Total purchase price	$ 1,140,061

Summary of Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Parenthetical) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Product Information [Line Items]

Management, transaction, and other fees

$ 26,954

$ 25,851

$ 40,337

Promote income [Member]

Product Information [Line Items]

Management, transaction, and other fees

^[1]

$ 13,589

[1]	The Company recognized $13.6 million in promote revenue during the year ended December 31, 2021, for exceeding partnership return hurdles from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 364,557	$ 482,865	$ 361,411

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	REGENCY CENTERS CORPORATION
Entity Central Index Key	0000910606
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 10.5
Entity Common Stock, Shares Outstanding		184,578,554
Entity Shell Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Emerging Growth Company	false
Entity File Number	1-12298
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-3191743
Entity Address, Address Line One	One Independent Drive
Entity Address, Address Line Two	Suite 114
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	598-7000
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of Regency Centers Corporation's proxy statement, prepared in connection with its upcoming 2024 Annual Meeting of Shareholders, are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described therein. 1 Per SEC guidance, this blank checkbox is included on this cover page but no disclosure with respect thereto shall be made until the adoption and effectiveness of related stock exchange listing standards.
Document Financial Statement Error Correction	false
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Jacksonville, Florida
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REG
Security Exchange Name	NASDAQ
6.250% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	REGCP
Security Exchange Name	NASDAQ
5.875% Series B Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	REGCO
Security Exchange Name	NASDAQ
Partnership Interest [Member]
Document Information [Line Items]
Entity Registrant Name	REGENCY CENTERS, L.P.
Entity Central Index Key	0001066247
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Shell Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Emerging Growth Company	false
Entity File Number	0-24763
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-3429602
Entity Address, Address Line One	One Independent Drive
Entity Address, Address Line Two	Suite 114
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	598-7000
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction	false
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Jacksonville, Florida

Property Dispositions (Details) $ in Thousands	12 Months Ended
Property Dispositions (Details) $ in Thousands	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of real estate investments	$ 11,167	$ 143,133	$ 206,193
Gain on sale of real estate, net of tax	$ 661	$ 109,005	91,119
Provision for impairment of real estate			$ 84,389
Wholly Owned Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent interest sold	100.00%	100.00%	100.00%
Real Estate Sold [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment of real estate			$ 112
Operating Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property		2	7
Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	5	5	5

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Distributions in Excess of Net Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest Exchangeable Operating Partnership Units [Member]	Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]	Total Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2020	$ 6,058,147		$ 1,697	$ (24,436)	$ 7,792,082	$ (18,625)	$ (1,765,806)	$ 5,984,912	$ 35,727	$ 37,508	$ 73,235
Net income	366,288						361,411	361,411	1,615	3,262	4,877
Other comprehensive income
Other comprehensive income before reclassification	4,986					4,603		4,603	23	360	383
Amounts reclassified from accumulated other comprehensive income (loss)	4,141					3,795		3,795	17	329	346
Deferred compensation plan, net	75			1,678	(1,603)			75
Restricted stock issued, net of amortization	12,652		2		12,650			12,652
Common stock repurchased for taxes withheld for stock-based compensation, net	(3,553)				(3,553)			(3,553)
Common stock issued under dividend reinvestment plan	1,286				1,286			1,286
Common stock issued for partnership units exchanged					99			99	(99)		(99)
Common stock issued, net of issuance costs	82,510		13		82,497			82,510
Distributions to partners	(4,345)									(4,345)	(4,345)
Cash dividends declared - common stock/unit	(412,255)						(410,419)	(410,419)	(1,836)		(1,836)
Ending Balance at Dec. 31, 2021	6,109,932		1,712	(22,758)	7,883,458	(10,227)	(1,814,814)	6,037,371	35,447	37,114	72,561
Net income	488,035						482,865	482,865	2,105	3,065	5,170
Other comprehensive income
Other comprehensive income before reclassification	18,752					17,008		17,008	80	1,664	1,744
Amounts reclassified from accumulated other comprehensive income (loss)	833					779		779	5	49	54
Deferred compensation plan, net	(1)			(1,703)	1,702			(1)
Restricted stock issued, net of amortization	16,667		2		16,665			16,667
Common stock repurchased for taxes withheld for stock-based compensation, net	(5,858)				(5,858)			(5,858)
Common stock repurchased and retired	(75,419)		(13)		(75,406)			(75,419)
Common stock issued under dividend reinvestment plan	524				524			524
Common stock issued for partnership units exchanged					1,275			1,275	(1,275)		(1,275)
Common stock issued, net of issuance costs	61,284		10		61,274			61,284
Reallocation of noncontrolling interest, net of transaction costs	(216)				(6,482)			(6,482)		6,266	6,266
Contributions from partners	13,223									13,223	13,223
Distributions to partners	(14,816)									(14,816)	(14,816)
Cash dividends declared - common stock/unit	(434,901)						(433,028)	(433,028)	(1,873)		(1,873)
Ending Balance at Dec. 31, 2022	6,178,039		1,711	(24,461)	7,877,152	7,560	(1,764,977)	6,096,985	34,489	46,565	81,054
Net income	370,867						364,557	364,557	2,008	4,302	6,310
Other comprehensive income
Other comprehensive income before reclassification	(2,111)					(2,063)		(2,063)	(9)	(39)	(48)
Amounts reclassified from accumulated other comprehensive income (loss)	(7,536)					(6,805)		(6,805)	(39)	(692)	(731)
Adjustment for noncontrolling interests in the Operating Partnership					13,518			13,518	(13,518)		(13,518)
Deferred compensation plan, net				(1,027)	1,027
Restricted stock issued, net of amortization	20,441		2		20,439			20,441
Common stock repurchased for taxes withheld for stock-based compensation, net	(7,074)				(7,074)			(7,074)
Common stock repurchased and retired	(20,006)		(3)		(20,003)			(20,006)
Repurchase of exchangeable operating partnership units	(9,163)								(9,163)		(9,163)
Common stock issued under dividend reinvestment plan	622				622			622
Common stock issued for partnership units exchanged					198			198	(198)		(198)
Common stock issued, net of issuance costs	818,497		136		818,361			818,497
Issuance of exchangeable operating partnership units	31,253								31,253		31,253
Issuance of preferred stock	225,000	$ 225,000						225,000
Contributions from partners	74,730									74,730	74,730
Distributions to partners	(7,813)									(7,813)	(7,813)
Cash dividends declared - preferred stock/unit	(5,057)						(5,057)	(5,057)
Cash dividends declared - common stock/unit	(468,754)						(466,126)	(466,126)	(2,628)		(2,628)
Ending Balance at Dec. 31, 2023	$ 7,191,935	$ 225,000	$ 1,846	$ (25,488)	$ 8,704,240	$ (1,308)	$ (1,871,603)	$ 7,032,687	$ 42,195	$ 117,053	$ 159,248

Income Taxes - Tax Status of Dividends (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Tax Status of Dividends [Line Items]
Dividend per share, common shares	$ 2.62	$ 2.525	$ 2.41
Series A [Member]
Schedule of Tax Status of Dividends [Line Items]
Dividend per share, preferred shares	0.39
Series B [Member]
Schedule of Tax Status of Dividends [Line Items]
Dividend per share, preferred shares	$ 0.37
Common Stock [Member]
Schedule of Tax Status of Dividends [Line Items]
Ordinary income	100.00%	100.00%	92.00%
Capital gain	0.00%	0.00%	8.00%
Additional tax status information:
Allocation of Dividends, Qualified Dividend Income	0.00%	0.00%	1.00%
Allocation of Dividends, Section 199A Dividend	100.00%	100.00%	91.00%
Allocation of Dividend, Section 897 ordinary dividends	0.00%	0.00%	2.00%
Allocation of Dividends, Section 897 capital gains	0.00%	0.00%	4.00%
Preferred Stock [Member] \| Series A [Member]
Schedule of Tax Status of Dividends [Line Items]
Ordinary income	100.00%
Capital gain	0.00%
Additional tax status information:
Allocation of Dividends, Qualified Dividend Income	0.00%
Allocation of Dividends, Section 199A Dividend	100.00%
Allocation of Dividend, Section 897 ordinary dividends	0.00%
Allocation of Dividends, Section 897 capital gains	0.00%
Preferred Stock [Member] \| Series B [Member]
Schedule of Tax Status of Dividends [Line Items]
Ordinary income	100.00%
Capital gain	0.00%
Additional tax status information:
Allocation of Dividends, Qualified Dividend Income	0.00%
Allocation of Dividends, Section 199A Dividend	100.00%
Allocation of Dividend, Section 897 ordinary dividends	0.00%
Parent Company [Member]
Schedule of Tax Status of Dividends [Line Items]
Dividend per share, common shares	$ 2.56	$ 2.53	$ 2.53

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 796	$ (332)	$ 620
Deferred income tax expense (benefit)	99	293	421
Total income tax expense (benefit)	$ 895	$ (39)	$ 1,041

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 9B. Other Information Rule 10b5-1 Trading Plans On September 13, 2023, Martin E. Stein Jr., the Company’s Executive Chairman of the Board of the Company, took the following actions: (i) Mr. Stein terminated a trading arrangement he had previously adopted with respect to the sale of the Company’s common stock (a “Rule 10b5-1 Trading Plan”). Mr. Stein’s Rule 10b5-1 Trading Plan was adopted on February 23, 2023 and, prior to its termination by Mr. Stein, was to expire by its terms on March 31, 2024. This Rule 10b5-1 Trading Plan provided for the sale of up to 100,000 shares of common stock pursuant to multiple limit orders. As of the date of termination of this plan, Mr. Stein had not sold any shares of common stock under its terms. (ii) Mr. Stein adopted a new Rule 10b5-1 Trading Plan that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Mr. Stein’s Rule 10b5-1 Trading Plan, which expires on February 15, 2025, provides for the sale of up to 50,000 shares of common stock pursuant to multiple limit orders. On December 14, 2023, Mr. Stein sold 25,000 shares of common stock at $68.00 per share in accordance with this Rule 10b5-1 Trading Plan. Entry into Material Definitive Agreements Indemnification Agreements On November 2, 2023, the Company entered into an indemnification agreement (an “Indemnification Agreement”) with each current member of its Board of Directors and each of its executive officers (each being referred to as an “Indemnified Party” and collectively as the “Indemnified Parties”). These Indemnification Agreements require the Company, among other things, to indemnify and hold harmless its directors and executive officers against claims, lawsuits, proceedings and liabilities (collectively, “Claims”) that may arise by reason of their status or capacity with, or service to, the Company and its subsidiaries, to the fullest extent permitted by the Company’s Articles of Incorporation, Bylaws and the Florida Business Corporation Act. These Indemnification Agreements also require the Company to advance expenses incurred by the Indemnified Parties in investigating or defending any such Claims, and sets forth various procedures in respect of such advancement and indemnification. The Indemnification Agreements also require the Company to procure customary directors and officers liability insurance, subject to certain conditions. The Company believes that these agreements are appropriate and necessary to attract and retain qualified individuals to serve as directors and executive officers. The foregoing summary of the terms of the Indemnification Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the “form of” Indemnification Agreement, a copy of which is incorporated by reference as Exhibit 10(k) herein.
Name	Martin E. Stein Jr
Title	Executive Chairman
Rule10 B51 Trading Plan [Member]
Trading Arrangements, by Individual
Adoption Date	February 23, 2023
Termination Date	September 13, 2023
Aggregate Available	100,000
Expiration Date	March 31, 2024
New Rule10 B51 Trading Plan [Member]
Trading Arrangements, by Individual
Adoption Date	September 13, 2023
Arrangement Duration	430 days
Aggregate Available	50,000
Expiration Date	February 15, 2025

Investments in Real Estate Partnerships - Schedule of Revenues and Expenses for Investments in Real Estate Partnerships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 1,322,466	$ 1,224,022	$ 1,166,161
Operating expenses:
Depreciation and amortization	352,282	319,697	303,331
Real estate taxes	165,560	149,795	142,129
General and administrative	97,806	79,903	78,218
Total operating expenses	854,316	751,709	713,982
Other expense (income):
Interest expense, net	154,249	146,186	145,170
Gain on sale of real estate	(661)	(109,005)	(91,119)
Early extinguishment of debt	(99)
Provision for impairment			84,389
Total other expense	147,824	44,102	132,977
Net income	370,867	488,035	366,288
Real Estate Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Total revenues	390,843	378,096	416,222
Operating expenses:
Depreciation and amortization	88,974	86,193	94,026
Property operating expense	65,509	61,224	66,061
Real estate taxes	47,529	42,010	54,618
General and administrative	5,008	5,615	5,837
Other operating expenses	3,119	3,851	3,624
Total operating expenses	210,139	198,893	224,166
Other expense (income):
Interest expense, net	56,706	54,874	58,109
Gain on sale of real estate	(11,140)	(49,424)	(75,162)
Early extinguishment of debt	0	587	0
Provision for impairment	0	0	9,833
Total other expense	45,566	6,037	(7,220)
Net Income [Member]
Other expense (income):
Net income	135,138	173,166	199,276
Unconsolidated Properties [Member]
Other expense (income):
Income (Loss) from Equity Method Investments	$ 50,541	$ 59,824	$ 47,086

Notes Payable and Unsecured Credit Facility - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

$ 395,978

465,631

359,273

756,170

343,581

1,864,200

Unamortized debt premium/(discount) and issuance costs

(30,884)

Total

4,153,949

$ 3,726,754

Unsecured Debt [Member]

Debt Instrument [Line Items]

Total

3,252,755

$ 3,248,373

Scheduled Principal Payments [Member] | Mortgages [Member]

Debt Instrument [Line Items]

12,398

11,094

11,426

8,612

7,011

8,070

58,611

Mortgage Loan Maturities [Member] | Mortgages [Member]

Debt Instrument [Line Items]

133,580

52,537

147,847

222,558

36,570

106,130

Unamortized debt premium/(discount) and issuance costs

(8,640)

Total

690,582

Unsecured Maturities [Member] | Unsecured Debt [Member]

Debt Instrument [Line Items]

2024

^[1]

250,000

2025

^[1]

402,000

2026

^[1]

200,000

2027

^[1]

525,000

2028

^[1]

300,000

Beyond 5 Years

^[1]

1,750,000

Unamortized debt premium/(discount) and issuance costs

^[1]

(22,244)

Total

^[1]

$ 3,404,756

[1]	Includes unsecured public and private debt and unsecured credit facilities

Investments in Real Estate Partnerships - Schedule of Investments in Real Estate Partnerships (Parenthetical) (Details) $ in Millions		1 Months Ended	12 Months Ended
	May 25, 2022 Property	Apr. 30, 2022 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 Property
Schedule of Equity Method Investments [Line Items]
Real Estate Partnerships, Number of Properties \| Property			101	96
New York Common Retirement Fund (NYC) [Member]
Schedule of Equity Method Investments [Line Items]
Real Estate Partnership, Number of properties sold \| Property	2
Operating properties and residual balances classified as others \| $			$ 0.0
RegCal, LLC (RegCal) [Member]
Schedule of Equity Method Investments [Line Items]
Ownership		75.00%
Real Estate Partnerships, Number of Properties \| Property		4
Operating properties and residual balances classified as others \| $			$ 0.0
Total purchase price \| $		$ 88.5

Investments in Real Estate Partnerships - Balance Sheet Summarized Financial Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	$ 11,142,315	$ 9,792,581
Acquired lease intangible assets, net	283,375	197,745
Other assets	283,429	267,797
Total assets	12,426,913	10,860,220
Notes payable	4,001,949	3,726,754
Acquired lease intangible liabilities, net	398,302	354,204
Capital - Regency	159,248	81,054
Capital - Third parties	7,032,687	6,096,985
Total liabilities and equity	12,426,913	10,860,220
Investments in real estate partnerships (note 4)	370,605	350,377
Basis Difference [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	(47,600)	(62,407)
Real Estate Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	2,432,859	2,359,289
Acquired lease intangible assets, net	16,723	16,821
Other assets	240,411	231,895
Total assets	2,689,993	2,608,005
Notes payable	1,499,702	1,398,297
Acquired lease intangible liabilities, net	15,112	17,619
Other liabilities	80,457	81,714
Total liabilities and equity	2,689,993	2,608,005
Regency [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Regency	418,205	412,784
Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third parties	$ 676,517	$ 697,591

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Lease income	$ 1,283,939	$ 1,187,452	$ 1,113,368
Other property income	11,573	10,719	12,456
Management, transaction, and other fees	26,954	25,851	40,337
Total revenues	1,322,466	1,224,022	1,166,161
Operating expenses:
Depreciation and amortization	352,282	319,697	303,331
Property operating expense	229,209	196,148	184,553
Real estate taxes	165,560	149,795	142,129
General and administrative	97,806	79,903	78,218
Other operating expenses	9,459	6,166	5,751
Total operating expenses	854,316	751,709	713,982
Other expense (income):
Interest expense, net	154,249	146,186	145,170
Provision for impairment of real estate			84,389
Gain on sale of real estate, net of tax	(661)	(109,005)	(91,119)
Early extinguishment of debt	(99)
Net investment (income) loss	(5,665)	6,921	(5,463)
Total other expense	147,824	44,102	132,977
Income from operations before equity in income of investments in real estate partnerships	320,326	428,211	319,202
Equity in income of investments in real estate partnerships (note 4)	50,541	59,824	47,086
Net income	370,867	488,035	366,288
Noncontrolling interests:
Exchangeable operating partnership units	(2,008)	(2,105)	(1,615)
Limited partners’ interests in consolidated partnerships	(4,302)	(3,065)	(3,262)
Income attributable to noncontrolling interests	(6,310)	(5,170)	(4,877)
Net income attributable to the Company	364,557	482,865	361,411
Preferred stock dividends	(5,057)
Net income attributable to common shareholders	$ 359,500	$ 482,865	$ 361,411
Income per common share - basic (note 15)	$ 2.04	$ 2.82	$ 2.12
Income per common share - diluted (note 15)	$ 2.04	$ 2.81	$ 2.12
Partnership Interest [Member]
Revenues:
Lease income	$ 1,283,939	$ 1,187,452	$ 1,113,368
Other property income	11,573	10,719	12,456
Management, transaction, and other fees	26,954	25,851	40,337
Total revenues	1,322,466	1,224,022	1,166,161
Operating expenses:
Depreciation and amortization	352,282	319,697	303,331
Property operating expense	229,209	196,148	184,553
Real estate taxes	165,560	149,795	142,129
General and administrative	97,806	79,903	78,218
Other operating expenses	9,459	6,166	5,751
Total operating expenses	854,316	751,709	713,982
Other expense (income):
Interest expense, net	154,249	146,186	145,170
Provision for impairment of real estate			84,389
Gain on sale of real estate, net of tax	(661)	(109,005)	(91,119)
Early extinguishment of debt	(99)
Net investment (income) loss	(5,665)	6,921	(5,463)
Total other expense	147,824	44,102	132,977
Income from operations before equity in income of investments in real estate partnerships	320,326	428,211	319,202
Equity in income of investments in real estate partnerships (note 4)	50,541	59,824	47,086
Net income	370,867	488,035	366,288
Noncontrolling interests:
Limited partners’ interests in consolidated partnerships	(4,302)	(3,065)	(3,262)
Income attributable to noncontrolling interests	(4,302)	(3,065)	(3,262)
Net income attributable to the Company	366,565	484,970	363,026
Preferred unit distributions and issuance costs	(5,057)
Net income attributable to common unit holders	$ 361,508	$ 484,970	$ 363,026
Income per common unit - basic (note 15):	$ 2.04	$ 2.82	$ 2.12
Income per common unit - diluted (note 15):	$ 2.04	$ 2.81	$ 2.12

Real Estate Investments - Additional Information (Details) - Kroger New Albany Center [Member] $ in Millions	Nov. 30, 2022 USD ($)
Real Estate [Line Items]
Business acquisition gross purchase price	$ 9.0
Percentage of equity interest acquired	50.00%

Equity and Capital - Schedule of Partnership Units Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
General partner units, outstanding	184,581,000	171,125,000
Limited partner units, outstanding	1,108,000	741,000
Total partnership units outstanding	185,688,524	171,866,000
Operating Partnership [Member]
Class of Stock [Line Items]
General partner units, outstanding	184,581,070
Parent company, ownership percentage of outstanding common partnership units of operating partnership	99.40%
Operating Partnership [Member] \| General Partner [Member]
Class of Stock [Line Items]
Parent company, ownership percentage of outstanding common partnership units of operating partnership	99.40%	99.60%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Saving and Retirement Plans Non-Qualified Deferred Compensation Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Securities	$ 31,852	$ 36,163
Accounts Payable and Other Liabilities [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation obligation	$ 31,770	$ 36,085

Notes Payable and Unsecured Credit Facility

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facility

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2023		2022
Notes payable:
Fixed rate mortgage loans	6/1/2037	3.8%	4.2%	$	449,615		342,135
Variable rate mortgage loans (1)	1/31/2032	4.2%	4.3%		299,579		136,246
Fixed rate unsecured debt	3/15/2049	3.8%	4.0%		3,252,755		3,248,373
Total notes payable					4,001,949		3,726,754
Unsecured credit facilities:
$1.25 Billion Line of Credit (the "Line") (2)	3/23/2025	6.3%	6.6%		152,000		—
Total unsecured credit facilities					152,000		—
Total debt outstanding				$	4,153,949		3,726,754

(1)

(2)

Notes Payable

Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually.

The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2023, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt.

Unsecured Credit Facilities

The Company has an unsecured line of credit commitment (the "Line") with a syndicate of banks. At December 31, 2023, the Line had a borrowing capacity of $1.25 billion, which is reduced by the balance of outstanding borrowings and commitments from issued letters of credit. The Line bears interest at a variable rate of SOFR plus a 0.10% market adjustment and an applicable margin of 0.865%, and is subject to a commitment fee of 0.15%. Both the applicable margin and the commitment fee are based on the Company's corporate credit rating.

The Company is required to comply with certain financial covenants as defined in the Line credit agreement, such as Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2023, the Company is in compliance with all financial covenants for the Line.

On January 8, 2024, the Company priced a public offering of $400 million of senior unsecured debt due in 2034, and were issued at 99.617% of par value with a coupon of 5.250%.

On January 18, 2024, the Company entered into a Sixth Amended and Restated Credit Agreement (the "Credit Agreement"), with the financial institutions party thereto, as Lenders, and Wells Fargo Bank, National Association, as Administrative Agent. The Credit Agreement provides for an unsecured revolving credit facility in the amount of $1.50 billion for a term of four years (plus two six-month extension options) and includes an accordion feature which permits the borrower to request increases in the size of the revolving loan facility by up to an additional $1.50 billion. The interest rate on the revolving credit facility is equal to the Secured Overnight Financing Rate ("SOFR") plus a margin that is determined based on the borrower’s long-term unsecured debt ratings and ratio of indebtedness to total asset value. At the time of the closing, the effective interest rate was SOFR plus a credit spread adjustment of 10 basis points plus a margin of 72.5 basis points. The Credit Agreement also incorporates sustainability-linked adjustments to the interest rate, which provide for upward or downward adjustments to the applicable margin if the Company achieves, or fails to achieve, certain specified targets based on Scope 1 and Scope 2 emission standards as set forth in the Credit Agreement. At the time of the closing, a 1 basis point downward sustainability-linked adjustment to the interest rate was applicable. The maturity date of the Credit Agreement is March 23, 2028 with the option to extend the expiration for two additional six month periods.

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:


(in thousands)	December 31, 2023
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2024	$	12,398		133,580			250,000			395,978
2025		11,094		52,537			402,000			465,631
2026		11,426		147,847			200,000			359,273
2027		8,612		222,558			525,000			756,170
2028		7,011		36,570			300,000			343,581
Beyond 5 Years		8,070		106,130			1,750,000			1,864,200
Unamortized debt premium/(discount) and issuance costs		—		(8,640	)		(22,244	)		(30,884	)
Total	$	58,611		690,582			3,404,756			4,153,949

(1)

Includes unsecured public and private debt and unsecured credit facilities.

In connection with the acquisition of UBP on August 18, 2023, the Company completed the following debt transactions:

•

Assumed fixed rate debt of $130.0 million in the aggregate (including a mark to market debt discount of $13.6 million) that, on a property-by-property basis, encumbers 11 operating properties, and includes one unsecured note. This indebtedness has scheduled maturity dates ranging from August 2024 to June 2037, and accrues interest at rates ranging from 3.5% to 5.6% per annum.

•

Assumed variable rate debt of $154.7 million in the aggregate (including a mark to market debt premium of $1.1 million) that collectively encumbers 9 operating properties. This indebtedness has interest rate swaps in place to mitigate rate fluctuation risk. Based on these swap agreements, the effective fixed rates range from 3.1% to 4.8% per annum. The scheduled maturity dates range from August 2024 to January 2032.

The Company was in compliance as of December 31, 2023, with all financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Operating Lease, Lease Income

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:


(in thousands)	December 31, 2023			December 31, 2022		December 31, 2021
Operating lease income
Fixed and in-substance fixed lease income	$	928,364			851,409		797,502
Variable lease income		324,037			287,149		262,619
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		30,826			22,543		24,539
Uncollectible straight-line rent		1,261			12,510		5,227
Uncollectible amounts billable in lease income		(549	)		13,841		23,481
Total lease income	$	1,283,939			1,187,452		1,113,368

Lessor, Operating Lease, Payments to be Received, Maturity

Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:


(in thousands)
For the year ended December 31,	December 31, 2023
2024	$	972,980
2025		872,330
2026		757,633
2027		633,290
2028		480,640
Thereafter		1,740,783
Total	$	5,457,656

Lessee, Operating Lease Costs, Description


(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Fixed operating lease expense
Ground leases	$	14,727		13,759		13,862
Office leases		4,103		4,162		4,309
Total fixed operating lease expense		18,830		17,921		18,171
Variable lease expense
Ground leases		1,586		1,591		1,032
Office leases		729		611		615
Total variable lease expense		2,315		2,202		1,647
Total lease expense	$	21,145		20,123		19,818
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	15,823		14,656		15,165

Lessee, Operating Lease, Liability, Maturity


(in thousands)	Lease Liabilities
For the year ended December 31,	Ground Leases			Office Leases			Total
2024	$	12,955			3,082			16,037
2025		12,962			3,464			16,426
2026		12,883			3,331			16,214
2027		12,909			2,151			15,060
2028		13,051			1,305			14,356
Thereafter		702,602			312			702,914
Total undiscounted lease liabilities	$	767,362			13,645			781,007
Present value discount		(533,777	)		(1,167	)		(534,944	)
Lease liabilities	$	233,585			12,478			246,063
Weighted average discount rate		5.5	%		3.7	%
Weighted average remaining term (in years)		49.4			4.1

Acquired Leases Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 647,788	$ 535,798
Accumulated amortization	(364,413)	(338,053)
Finite-Lived Intangible Assets, Net, Total	283,375	197,745
Finite-Lived Intangible Liabilities, Accumulated Accretion	(211,067)	(193,315)
Off-market Lease, Unfavorable	398,302	354,204
Finite-Lived Intangible Assets, Amortization Expense	50,673	40,396	$ 39,108
Partnership Interest [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(364,413)	(338,053)
Finite-Lived Intangible Assets, Net, Total	283,375	197,745
Off-market Lease, Unfavorable	398,302	354,204
In-place leases, net [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	543,892	452,868
Finite-Lived Intangible Assets, Amortization Expense	44,102	34,568	33,621
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	103,896	82,930
Finite-Lived Intangible Assets, Amortization Expense	6,571	5,828	5,487
Off-Market Lease, Unfavorable [Member]
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Liabilities, Gross	609,369	547,519
Acquired lease intangible liability accretion	$ 37,831	$ 28,642	$ 30,378

Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Consolidated Real Estate and Accumulated Depreciation


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
101 7th Avenue	$	48,340		34,895		(57,260	)		15,378		10,597		25,975		(1,818	)		24,157		—
111 Kraft Avenue		1,220		3,932		—			1,220		3,932		5,152		(39	)		5,113		—
1175 Third Avenue		40,560		25,617		866			40,560		26,483		67,043		(4,243	)		62,800		—
1225-1239 Second Ave		23,033		17,173		(33	)		23,033		17,140		40,173		(3,637	)		36,536		—
200 Potrero		4,860		2,251		135			4,860		2,386		7,246		(535	)		6,711		—
22 Crescent Road		2,198		272		(318	)		2,152		—		2,152		—			2,152		—
25 Valley Drive		3,141		2,945		—			3,141		2,945		6,086		(37	)		6,049		—
260-270 Sawmill Road		3,943		58		—			3,943		58		4,001		(1	)		4,000		—
27 Purchase Street		903		2,239		—			903		2,239		3,142		(21	)		3,121		—
321-323 Railroad Ave		3,044		2,414		1			3,044		2,415		5,459		(29	)		5,430		—
410 South Broadway		2,372		1,603		—			2,372		1,603		3,975		(15	)		3,960		—
470 Main Street		1,021		4,361		(1	)		1,021		4,360		5,381		(70	)		5,311		—
48 Purchase Street		1,214		4,414		6			1,214		4,420		5,634		(42	)		5,592		—
4S Commons Town Center		30,760		35,830		3,021			30,812		38,799		69,611		(30,862	)		38,749		(79,032	)
530 Old Post Rd		1,673		552		—			1,673		552		2,225		(11	)		2,214		—
6401 Roosevelt		2,685		934		288			2,685		1,222		3,907		(139	)		3,768		—
7 Riversville		2,170		1,634		—			2,170		1,634		3,804		(20	)		3,784		—
90 - 30 Metropolitan Avenue		16,614		24,171		343			16,614		24,514		41,128		(4,940	)		36,188		—
91 Danbury Road		732		851		25			732		876		1,608		(220	)		1,388		—
970 High Ridge Center		5,695		5,204		(1	)		5,695		5,203		10,898		(67	)		10,831		—
Airport Plaza		1,293		11,119		—			1,293		11,119		12,412		(119	)		12,293		—
Alafaya Village		3,004		5,852		220			3,004		6,072		9,076		(1,398	)		7,678		—
Alden Bridge		17,014		21,958		623			17,014		22,581		39,595		(2,363	)		37,232		(26,000	)
Aldi Square		6,394		1,704		—			6,394		1,704		8,098		(41	)		8,057		—
Amerige Heights Town Center		10,109		11,288		1,591			10,109		12,879		22,988		(6,797	)		16,191		—
Anastasia Plaza		9,065		—		1,270			3,338		6,997		10,335		(4,250	)		6,085		—
Apple Valley Square		5,438		21,328		(33	)		5,358		21,375		26,733		(2,788	)		23,945		—
Arcadian Shopping Center		14,546		26,716		31			14,546		26,747		41,293		(298	)		40,995		(13,033	)
Ashford Place		2,584		9,865		1,278			2,584		11,143		13,727		(9,409	)		4,318		—
Atlantic Village		4,282		18,827		2,145			4,868		20,386		25,254		(6,183	)		19,071		—
Avenida Biscayne (fka Aventura Square)		88,098		20,771		764			89,657		19,976		109,633		(4,374	)		105,259		—
Aventura Shopping Center		2,751		10,459		11,071			9,486		14,795		24,281		(5,369	)		18,912		—
Baederwood Shopping Center		12,016		33,556		887			12,016		34,443		46,459		(2,158	)		44,301		(24,365	)
Balboa Mesa Shopping Center		23,074		33,838		14,113			27,758		43,267		71,025		(21,154	)		49,871		—
Banco Popular Building		2,160		1,137		(1,294	)		2,003		—		2,003		—			2,003		—
Belleview Square		8,132		9,756		5,081			8,323		14,646		22,969		(10,673	)		12,296		—
Belmont Chase		13,881		17,193		(247	)		14,372		16,455		30,827		(9,231	)		21,596		—
Berkshire Commons		2,295		9,551		3,061			2,965		11,942		14,907		(9,854	)		5,053		—
Bethany Park Place		4,832		12,405		532			4,832		12,937		17,769		(1,440	)		16,329		(10,200	)
Bethel Hub Center		1,738		3,918		88			1,738		4,006		5,744		(47	)		5,697		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
Biltmore Shopping Center		4,632		3,766		11			4,632		3,777		8,409		(47	)		8,362		—
Bird 107 Plaza		10,371		5,136		125			10,371		5,261		15,632		(1,452	)		14,180		—
Bird Ludlam		42,663		38,481		1,126			42,663		39,607		82,270		(9,570	)		72,700		—
Black Rock		22,251		20,815		587			22,251		21,402		43,653		(7,461	)		36,192		(15,342	)
Blakeney Town Center		82,411		89,165		3,178			82,425		92,329		174,754		(7,764	)		166,990		—
Bloomfield Crossing		3,365		11,453		—			3,365		11,453		14,818		(137	)		14,681		—
Bloomingdale Square		3,940		14,912		23,012			8,639		33,225		41,864		(13,921	)		27,943		—
Blossom Valley		31,988		5,850		823			31,988		6,673		38,661		(901	)		37,760		(22,300	)
Boca Village Square		43,888		9,726		353			43,888		10,079		53,967		(3,389	)		50,578		—
Boonton ACME Shopping Center		8,664		9,601		—			8,664		9,601		18,265		(139	)		18,126		(10,585	)
Boulevard Center		3,659		10,787		3,750			3,659		14,537		18,196		(9,678	)		8,518		—
Boynton Lakes Plaza		2,628		11,236		5,218			3,606		15,476		19,082		(9,941	)		9,141		—
Boynton Plaza		12,879		20,713		597			12,879		21,310		34,189		(5,343	)		28,846		—
Brentwood Plaza		2,788		3,473		380			2,788		3,853		6,641		(1,999	)		4,642		—
Briarcliff La Vista		694		3,292		785			694		4,077		4,771		(3,518	)		1,253		—
Briarcliff Village		4,597		24,836		6,113			5,519		30,027		35,546		(22,604	)		12,942		—
Brick Walk		25,299		41,995		2,258			25,299		44,253		69,552		(13,635	)		55,917		(30,919	)
BridgeMill Market		7,521		13,306		1,057			7,522		14,362		21,884		(4,303	)		17,581		—
Bridgeton		3,033		8,137		621			3,067		8,724		11,791		(4,005	)		7,786		—
Brighten Park		3,983		18,687		12,076			3,887		30,859		34,746		(23,089	)		11,657		—
Broadway Plaza		40,723		42,170		2,015			40,723		44,185		84,908		(10,433	)		74,475		—
Brooklyn Station on Riverside		7,019		8,688		353			6,998		9,062		16,060		(3,453	)		12,607		—
Brookside Plaza		35,161		17,494		5,966			36,163		22,458		58,621		(7,166	)		51,455		—
Buckhead Court		1,417		7,432		4,425			1,417		11,857		13,274		(10,379	)		2,895		—
Buckhead Landing		45,502		16,642		(3,255	)		42,552		16,337		58,889		(8,210	)		50,679		—
Buckhead Station		70,411		36,518		937			70,448		37,418		107,866		(10,853	)		97,013		—
Buckley Square		2,970		5,978		1,424			2,970		7,402		10,372		(5,222	)		5,150		—
Caligo Crossing		2,459		4,897		163			2,546		4,973		7,519		(4,274	)		3,245		—
Cambridge Square		774		4,347		604			774		4,951		5,725		(4,358	)		1,367		—
Carmel Commons		2,466		12,548		5,844			3,422		17,436		20,858		(12,733	)		8,125		—
Carmel ShopRite Plaza		5,828		15,321		—			5,828		15,321		21,149		(174	)		20,975		—
Carriage Gate		833		4,974		3,233			1,302		7,738		9,040		(7,541	)		1,499		—
Carytown Exchange		24,121		21,263		(44	)		24,122		21,218		45,340		(4,162	)		41,178		—
Cashmere Corners		3,187		9,397		686			3,187		10,083		13,270		(3,127	)		10,143		—
Cedar Commons		4,704		16,748		140			4,704		16,888		21,592		(1,717	)		19,875		—
Cedar Hill Shopping Center		7,266		9,372		35			7,280		9,393		16,673		(120	)		16,553		(7,035	)
Centerplace of Greeley III		6,661		11,502		244			4,607		13,800		18,407		(7,740	)		10,667		—
Charlotte Square		1,141		6,845		1,511			1,141		8,356		9,497		(2,794	)		6,703		—
Chasewood Plaza		4,612		20,829		5,947			6,886		24,502		31,388		(21,856	)		9,532		—
Chastain Square		30,074		12,644		2,479			30,074		15,123		45,197		(5,178	)		40,019		—
Cherry Grove		3,533		15,862		5,763			3,533		21,625		25,158		(14,466	)		10,692		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
Chilmark Shopping Center		4,952		15,407		—			4,952		15,407		20,359		(168	)		20,191		—
Chimney Rock		23,623		48,200		685			23,623		48,885		72,508		(18,914	)		53,594		—
Circle Center West		22,930		9,028		304			22,930		9,332		32,262		(2,513	)		29,749		—
Circle Marina Center		29,303		18,437		77			28,880		18,937		47,817		(2,642	)		45,175		(24,000	)
CityLine Market		12,208		15,839		464			12,306		16,205		28,511		(6,478	)		22,033		—
CityLine Market Phase II		2,744		3,081		104			2,744		3,185		5,929		(1,136	)		4,793		—
Clayton Valley Shopping Center		24,189		35,422		2,474			24,538		37,547		62,085		(30,482	)		31,603		—
Clocktower Plaza Shopping Ctr		49,630		19,624		550			49,630		20,174		69,804		(5,041	)		64,763		—
Clybourn Commons		15,056		5,594		499			15,056		6,093		21,149		(2,220	)		18,929		—
Cochran's Crossing		13,154		12,315		2,839			13,154		15,154		28,308		(12,149	)		16,159		—
Compo Acres Shopping Center		28,627		10,395		952			28,627		11,347		39,974		(2,735	)		37,239		—
Concord Shopping Plaza		30,819		36,506		1,699			31,272		37,752		69,024		(8,597	)		60,427		—
Copps Hill Plaza		29,515		40,673		2,473			29,514		43,147		72,661		(9,074	)		63,587		(7,706	)
Coral Reef Shopping Center		14,922		15,200		2,542			15,332		17,332		32,664		(4,734	)		27,930		—
Corkscrew Village		8,407		8,004		899			8,407		8,903		17,310		(4,641	)		12,669		—
Cornerstone Square		1,772		6,944		1,988			1,772		8,932		10,704		(7,179	)		3,525		—
Corral Hollow		8,887		24,121		62			8,887		24,183		33,070		(1,649	)		31,421		—
Corvallis Market Center		6,674		12,244		915			6,696		13,137		19,833		(8,297	)		11,536		—
Cos Cob Commons		6,608		14,967		11			6,608		14,978		21,586		(163	)		21,423		(13,142	)
Cos Cob Plaza		4,030		4,225		—			4,030		4,225		8,255		(53	)		8,202		(3,902	)
Country Walk Plaza		18,713		20,373		421			18,713		20,794		39,507		(2,857	)		36,650		(16,000	)
Countryside Shops		17,982		35,574		13,746			23,175		44,127		67,302		(14,636	)		52,666		—
Courtyard Shopping Center		5,867		4		3			5,867		7		5,874		(3	)		5,871		—
Culver Center		108,841		32,308		3,391			108,841		35,699		144,540		(9,219	)		135,321		—
Danbury Green		30,303		19,255		1,967			30,303		21,222		51,525		(4,970	)		46,555		—
Danbury Square		6,592		23,543		542			6,592		24,085		30,677		(248	)		30,429		—
Dardenne Crossing		4,194		4,005		803			4,343		4,659		9,002		(2,726	)		6,276		—
Darinor Plaza		693		32,140		1,328			711		33,450		34,161		(8,335	)		25,826		—
DeCicco's Plaza		8,890		23,368		30			8,890		23,398		32,288		(240	)		32,048		—
Diablo Plaza		5,300		8,181		2,880			5,300		11,061		16,361		(7,125	)		9,236		—
Dunwoody Hall		15,145		12,110		924			15,145		13,034		28,179		(1,255	)		26,924		(13,800	)
Dunwoody Village		3,342		15,934		7,519			3,342		23,453		26,795		(18,473	)		8,322		—
East Meadow		12,325		21,378		715			12,267		22,151		34,418		(1,923	)		32,495		—
East Meadow Plaza		13,135		25,070		(27	)		13,137		25,041		38,178		(1,902	)		36,276		—
East Pointe		1,730		7,189		2,622			1,941		9,600		11,541		(7,486	)		4,055		—
East San Marco		4,663		14,313		(144	)		4,519		14,313		18,832		(1,023	)		17,809		—
Eastchester Plaza		5,017		7,379		20			5,017		7,399		12,416		(82	)		12,334		—
Eastport		2,985		5,649		784			2,925		6,493		9,418		(568	)		8,850		—
El Camino Shopping Center		7,600		11,538		15,728			10,328		24,538		34,866		(13,584	)		21,282		—
El Cerrito Plaza		11,025		27,371		3,818			11,025		31,189		42,214		(15,804	)		26,410		—
El Norte Pkwy Plaza		2,834		7,370		3,039			3,263		9,980		13,243		(7,042	)		6,201		—
Emerson Plaza		8,615		7,835		65			8,641		7,874		16,515		(99	)		16,416		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
Encina Grande		5,040		11,572		20,254			10,518		26,348		36,866		(17,639	)		19,227		—
Fairfield Center		6,731		29,420		1,757			6,731		31,177		37,908		(9,194	)		28,714		—
Fairfield Crossroads		9,982		9,796		(1	)		9,982		9,795		19,777		(119	)		19,658		—
Falcon Marketplace		1,340		4,168		507			1,246		4,769		6,015		(3,276	)		2,739		—
Fellsway Plaza		30,712		7,327		10,350			34,924		13,465		48,389		(8,847	)		39,542		(34,873	)
Fenton Marketplace		2,298		8,510		(7,919	)		512		2,377		2,889		(1,428	)		1,461		—
Ferry Street Plaza		7,960		24,439		100			7,960		24,539		32,499		(258	)		32,241		(8,796	)
Fleming Island		3,077		11,587		3,735			3,111		15,288		18,399		(10,020	)		8,379		—
Fountain Square		29,722		29,041		438			29,784		29,417		59,201		(14,462	)		44,739		—
French Valley Village Center		11,924		16,856		543			11,822		17,501		29,323		(15,956	)		13,367		—
Friars Mission Center		6,660		28,021		2,922			6,660		30,943		37,603		(19,452	)		18,151		—
Gardens Square		2,136		8,273		894			2,136		9,167		11,303		(6,220	)		5,083		—
Gateway Shopping Center		52,665		7,134		12,960			55,087		17,672		72,759		(20,577	)		52,182		—
Gelson's Westlake Market Plaza		3,157		11,153		6,182			4,654		15,838		20,492		(10,315	)		10,177		—
Glen Oak Plaza		4,103		12,951		1,826			4,124		14,756		18,880		(6,036	)		12,844		—
Glenwood Village		1,194		5,381		613			1,194		5,994		7,188		(5,082	)		2,106		—
Golden Hills Plaza		12,699		18,482		3,843			11,521		23,503		35,024		(13,838	)		21,186		—
Goodwives Shopping Center		17,091		26,274		184			17,092		26,457		43,549		(282	)		43,267		(23,078	)
Grand Ridge Plaza		24,208		61,033		6,199			24,918		66,522		91,440		(32,434	)		59,006		—
Greens Farms Plaza		4,831		3,138		(1	)		4,831		3,137		7,968		(59	)		7,909		—
Greenwich Commons		3,831		6,990		1			3,831		6,991		10,822		(72	)		10,750		(4,866	)
Greenwood Shopping Centre		7,777		24,829		1,079			7,777		25,908		33,685		(6,997	)		26,688		—
H Mart Plaza		1,296		2,469		—			1,296		2,469		3,765		(24	)		3,741		—
Hammocks Town Center		28,764		25,113		1,484			28,764		26,597		55,361		(7,202	)		48,159		—
Hancock		8,232		28,260		(13,805	)		4,692		17,995		22,687		(12,162	)		10,525		—
Harpeth Village Fieldstone		2,284		9,443		947			2,284		10,390		12,674		(6,769	)		5,905		—
Harrison Shopping Square		6,034		5,195		—			6,034		5,195		11,229		(71	)		11,158		—
Hasley Canyon Village		17,630		8,231		65			17,630		8,296		25,926		(881	)		25,045		(16,000	)
Heritage 202 Center		1,694		5,901		(1	)		1,694		5,900		7,594		(67	)		7,527		—
Heritage Plaza		12,390		26,097		14,924			12,215		41,196		53,411		(22,818	)		30,593		—
Hershey		7		808		12			7		820		827		(601	)		226		—
Hewlett Crossing I & II		11,850		18,205		949			11,850		19,154		31,004		(3,806	)		27,198		—
Hibernia Pavilion		4,929		5,065		244			4,929		5,309		10,238		(4,498	)		5,740		—
High Ridge Center		26,078		21,460		4			26,078		21,464		47,542		(254	)		47,288		(9,047	)
Hillcrest Village		1,600		1,909		51			1,600		1,960		3,560		(1,245	)		2,315		—
Hilltop Village		2,995		4,581		4,423			3,104		8,895		11,999		(5,268	)		6,731		—
Hinsdale Lake Commons		5,734		16,709		12,058			8,343		26,158		34,501		(18,222	)		16,279		—
Holly Park		8,975		23,799		2,334			8,828		26,280		35,108		(9,330	)		25,778		—
Howell Mill Village		5,157		14,279		7,444			9,610		17,270		26,880		(9,115	)		17,765		—
Hyde Park		9,809		39,905		11,630			9,971		51,373		61,344		(31,988	)		29,356		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
Indian Springs Center		24,974		25,903		1,318			25,050		27,145		52,195		(9,052	)		43,143		—
Indigo Square		8,087		9,849		(4	)		8,087		9,845		17,932		(2,940	)		14,992		—
Inglewood Plaza		1,300		2,159		1,283			1,300		3,442		4,742		(2,099	)		2,643		—
Island Village		12,354		23,660		175			12,361		23,828		36,189		(1,721	)		34,468		—
Keller Town Center		2,294		12,841		1,382			2,404		14,113		16,517		(8,293	)		8,224		—
Kirkman Shoppes		9,364		26,243		787			9,367		27,027		36,394		(6,805	)		29,589		—
Kirkwood Commons		6,772		16,224		1,479			6,802		17,673		24,475		(7,209	)		17,266		—
Klahanie Shopping Center		14,451		20,089		441			14,451		20,530		34,981		(5,244	)		29,737		—
Knotts Landing		2,062		23,536		—			2,062		23,536		25,598		(201	)		25,397		—
Kroger New Albany Center		3,844		6,599		1,455			3,844		8,054		11,898		(6,789	)		5,109		—
Lake Mary Centre		24,036		57,476		2,541			24,036		60,017		84,053		(16,636	)		67,417		—
Lake Pine Plaza		2,008		7,632		1,286			2,029		8,897		10,926		(5,852	)		5,074		—
Lakeview Shopping Center		6,341		22,296		313			6,341		22,609		28,950		(283	)		28,667		(10,944	)
Lebanon/Legacy Center		3,913		7,874		1,310			3,913		9,184		13,097		(7,333	)		5,764		—
Littleton Square		2,030		8,859		(3,519	)		2,433		4,937		7,370		(3,437	)		3,933		—
Lloyd King Center		1,779		10,060		1,661			1,779		11,721		13,500		(7,766	)		5,734		—
Lower Nazareth Commons		15,992		12,964		4,112			16,343		16,725		33,068		(14,163	)		18,905		—
Main & Bailey		603		13,428		—			603		13,428		14,031		(174	)		13,857		—
Mandarin Landing		7,913		27,230		658			7,913		27,888		35,801		(10,155	)		25,646		—
Marine's Taste of Italy		420		1,266		—			420		1,266		1,686		(11	)		1,675		—
Market at Colonnade Center		6,455		9,839		213			6,160		10,347		16,507		(6,063	)		10,444		—
Market at Preston Forest		4,400		11,445		1,881			4,400		13,326		17,726		(8,790	)		8,936		—
Market at Round Rock		2,000		9,676		6,329			1,996		16,009		18,005		(11,672	)		6,333		—
Market at Springwoods Village		12,592		12,781		137			12,592		12,918		25,510		(4,984	)		20,526		(3,750	)
Marketplace at Briargate		1,706		4,885		399			1,727		5,263		6,990		(3,573	)		3,417		—
McLean Plaza		12,527		12,039		22			12,527		12,061		24,588		(149	)		24,439		(5,000	)
Meadtown Shopping Center		9,961		15,328		5			9,961		15,333		25,294		(195	)		25,099		(9,364	)
Mellody Farm		35,628		66,847		(289	)		35,628		66,558		102,186		(17,637	)		84,549		—
Melrose Market		4,451		10,807		(370	)		4,451		10,437		14,888		(1,773	)		13,115		—
Midland Park Shopping Center		9,814		24,226		104			9,814		24,330		34,144		(283	)		33,861		(17,722	)
Millhopper Shopping Center		1,073		5,358		6,043			1,901		10,573		12,474		(8,252	)		4,222		—
Mockingbird Commons		3,000		10,728		3,365			3,000		14,093		17,093		(8,806	)		8,287		—
Monument Jackson Creek		2,999		6,765		1,411			2,999		8,176		11,175		(6,686	)		4,489		—
Morningside Plaza		4,300		13,951		1,228			4,300		15,179		19,479		(9,699	)		9,780		—
Murrayhill Marketplace		2,670		18,401		14,569			2,903		32,737		35,640		(20,011	)		15,629		—
Naples Walk		18,173		13,554		2,322			18,173		15,876		34,049		(8,566	)		25,483		—
New City PCSB Bank Pad		837		1,306		(1	)		837		1,305		2,142		(14	)		2,128		—
New Milford Plaza		7,955		18,349		54			7,955		18,403		26,358		(223	)		26,135		—
Newberry Square		2,412		10,150		1,356			2,412		11,506		13,918		(10,204	)		3,714		—
Newfield Green		22,993		7,778		9			22,993		7,787		30,780		(158	)		30,622		(19,278	)
Newland Center		12,500		10,697		8,913			16,276		15,834		32,110		(11,960	)		20,150		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
Nocatee Town Center		10,124		8,691		8,962			11,045		16,732		27,777		(10,815	)		16,962		—
Nohl Plaza		1,688		6,733		—			1,688		6,733		8,421		(91	)		8,330		—
North Hills		4,900		19,774		4,471			4,900		24,245		29,145		(14,662	)		14,483		—
Northgate Marketplace		5,668		13,727		38			4,995		14,438		19,433		(8,210	)		11,223		—
Northgate Marketplace Ph II		12,189		30,171		126			12,189		30,297		42,486		(10,600	)		31,886		—
Northgate Plaza (Maxtown Road)		1,769		6,652		4,983			2,840		10,564		13,404		(7,232	)		6,172		—
Northgate Square		5,011		8,692		1,196			5,011		9,888		14,899		(5,557	)		9,342		—
Northlake Village		2,662		11,284		5,876			2,662		17,160		19,822		(7,745	)		12,077		—
Oakbrook Plaza		4,000		6,668		6,295			4,766		12,197		16,963		(7,003	)		9,960		—
Oakleaf Commons		3,503		11,671		2,052			3,190		14,036		17,226		(9,223	)		8,003		—
Oakshade Town Center		6,591		28,966		498			6,591		29,464		36,055		(12,717	)		23,338		(4,085	)
Ocala Corners		1,816		10,515		650			1,816		11,165		12,981		(6,152	)		6,829		—
Old Greenwich CVS		3,704		2,065		—			3,704		2,065		5,769		(31	)		5,738		(891	)
Old St Augustine Plaza		2,368		11,405		13,514			3,455		23,832		27,287		(13,127	)		14,160		—
Orange Meadows		4,984		16,731		569			4,984		17,300		22,284		(281	)		22,003		—
Orangetown Shopping Center		4,716		15,472		106			4,718		15,576		20,294		(189	)		20,105		(6,005	)
Pablo Plaza		11,894		21,407		11,241			14,135		30,407		44,542		(9,583	)		34,959		—
Paces Ferry Plaza		2,812		12,639		21,232			13,803		22,880		36,683		(14,913	)		21,770		—
Panther Creek		14,414		14,748		6,165			15,212		20,115		35,327		(16,359	)		18,968		—
Pavillion		15,626		22,124		1,517			15,626		23,641		39,267		(6,996	)		32,271		—
Peartree Village		5,197		19,746		936			5,197		20,682		25,879		(15,171	)		10,708		—
Pelham Manor Plaza		4,708		6,243		19			4,710		6,260		10,970		(65	)		10,905		—
Persimmon Place		25,975		38,114		691			26,692		38,088		64,780		(17,940	)		46,840		—
Pike Creek		5,153		20,652		9,595			5,873		29,527		35,400		(16,394	)		19,006		—
Pine Island		21,086		28,123		3,780			21,086		31,903		52,989		(10,192	)		42,797		—
Pine Lake Village		6,300		10,991		1,905			6,300		12,896		19,196		(8,395	)		10,801		—
Pine Ridge Square		13,951		23,147		565			13,951		23,712		37,663		(5,819	)		31,844		—
Pine Tree Plaza		668		6,220		1,038			668		7,258		7,926		(4,649	)		3,277		—
Pinecrest Place		4,193		13,275		(165	)		3,992		13,311		17,303		(3,560	)		13,743		—
Plaza Escuela		24,829		104,395		4,047			24,829		108,442		133,271		(20,348	)		112,923		—
Plaza Hermosa		4,200		10,109		3,881			4,202		13,988		18,190		(9,062	)		9,128		—
Point 50		15,239		11,367		69			14,628		12,047		26,675		(2,273	)		24,402		—
Point Royale Shopping Center		18,201		14,889		6,748			19,386		20,452		39,838		(7,643	)		32,195		—
Pompton Lakes Towne Square		12,940		16,392		136			12,940		16,528		29,468		(194	)		29,274		—
Post Road Plaza		15,240		5,196		176			15,240		5,372		20,612		(1,412	)		19,200		—
Potrero Center		133,422		116,758		(88,645	)		85,205		76,330		161,535		(15,070	)		146,465		—
Powell Street Plaza		8,248		30,716		4,172			8,248		34,888		43,136		(20,033	)		23,103		—
Powers Ferry Square		3,687		17,965		10,088			5,758		25,982		31,740		(22,479	)		9,261		—
Powers Ferry Village		1,191		4,672		663			1,191		5,335		6,526		(4,415	)		2,111		—
Prairie City Crossing		4,164		13,032		623			4,164		13,655		17,819		(7,785	)		10,034		—
Preston Oaks		763		30,438		513			1,534		30,180		31,714		(5,281	)		26,433		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
Prestonbrook		7,069		8,622		(593	)		5,244		9,854		15,098		(8,167	)		6,931		—
Prosperity Centre		11,682		26,215		750			11,681		26,966		38,647		(6,214	)		32,433		—
Purchase Street Shops		466		1,388		1			466		1,389		1,855		(22	)		1,833		—
Ralphs Circle Center		20,939		6,317		162			20,939		6,479		27,418		(2,080	)		25,338		—
Red Bank Village		10,336		9,500		1,267			9,755		11,348		21,103		(4,948	)		16,155		—
Regency Commons		3,917		3,616		371			3,917		3,987		7,904		(3,073	)		4,831		—
Regency Square		4,770		25,191		7,003			5,060		31,904		36,964		(27,508	)		9,456		—
Ridgeway Shopping Center		47,684		96,414		204			47,684		96,618		144,302		(969	)		143,333		(43,150	)
Rite Aid Plaza-Waldwick Plaza		1,774		5,753		10			1,774		5,763		7,537		(58	)		7,479		—
Rivertowns Square		15,505		52,505		5,381			16,853		56,538		73,391		(10,252	)		63,139		—
Rona Plaza		1,500		4,917		397			1,500		5,314		6,814		(3,632	)		3,182		—
Roosevelt Square		40,371		32,108		7,587			40,382		39,684		80,066		(7,150	)		72,916		—
Russell Ridge		2,234		6,903		1,684			2,234		8,587		10,821		(6,294	)		4,527		—
Ryanwood Square		10,581		10,044		361			10,581		10,405		20,986		(3,525	)		17,461		—
Sammamish-Highlands		9,300		8,075		8,945			9,592		16,728		26,320		(12,078	)		14,242		—
San Carlos Marketplace		36,006		57,886		402			36,006		58,288		94,294		(11,710	)		82,584		—
San Leandro Plaza		1,300		8,226		1,537			1,300		9,763		11,063		(5,971	)		5,092		—
Sandy Springs		6,889		28,056		4,754			6,889		32,810		39,699		(12,255	)		27,444		—
Sawgrass Promenade		10,846		12,525		1,105			10,846		13,630		24,476		(3,906	)		20,570		—
Scripps Ranch Marketplace		59,949		26,334		1,045			59,949		27,379		87,328		(5,986	)		81,342		—
Serramonte Center		390,106		172,652		95,691			416,509		241,940		658,449		(77,112	)		581,337		—
Shaw's at Plymouth		3,968		8,367		—			3,968		8,367		12,335		(2,481	)		9,854		—
Shelton Square		13,383		25,265		2,844			13,383		28,109		41,492		(362	)		41,130		—
Sheridan Plaza		82,260		97,273		15,832			83,814		111,551		195,365		(25,907	)		169,458		—
Sherwood Crossroads		2,731		6,360		920			2,454		7,557		10,011		(4,394	)		5,617		—
Shiloh Springs		5,236		11,802		625			5,236		12,427		17,663		(1,394	)		16,269		—
Shoppes @ 104		11,193		—		3,002			7,078		7,117		14,195		(4,159	)		10,036		—
Shoppes at Homestead		5,420		9,450		2,490			5,420		11,940		17,360		(7,824	)		9,536		—
Shoppes at Lago Mar		8,323		11,347		287			8,323		11,634		19,957		(3,457	)		16,500		—
Shoppes at Sunlake Centre		16,643		15,091		6,360			18,001		20,093		38,094		(5,764	)		32,330		—
Shoppes of Grande Oak		5,091		5,985		953			5,091		6,938		12,029		(6,045	)		5,984		—
Shoppes of Jonathan's Landing		4,474		5,628		514			4,474		6,142		10,616		(1,634	)		8,982		—
Shoppes of Oakbrook		20,538		42,992		402			20,538		43,394		63,932		(13,126	)		50,806		—
Shoppes of Silver Lakes		17,529		21,829		1,933			17,529		23,762		41,291		(6,674	)		34,617		—
Shoppes of Sunset		2,860		1,316		680			2,860		1,996		4,856		(482	)		4,374		—
Shoppes of Sunset II		2,834		715		623			2,834		1,338		4,172		(363	)		3,809		—
Shops at County Center		9,957		11,296		2,197			9,973		13,477		23,450		(12,136	)		11,314		—
Shops at Erwin Mill		9,082		6,124		575			9,087		6,694		15,781		(4,316	)		11,465		(10,000	)
Shops at John's Creek		1,863		2,014		(63	)		1,501		2,313		3,814		(1,701	)		2,113		—
Shops at Mira Vista		11,691		9,026		739			11,691		9,765		21,456		(3,555	)		17,901		(165	)
Shops at Quail Creek		1,487		7,717		1,146			1,448		8,902		10,350		(4,938	)		5,412		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
Shops at Saugus		19,201		17,984		555			18,811		18,929		37,740		(13,955	)		23,785		—
Shops at Skylake		84,586		39,342		2,382			85,117		41,193		126,310		(12,523	)		113,787		—
Shops at The Columbia		3,117		8,869		—			3,117		8,869		11,986		(627	)		11,359		—
Shops on Main		17,020		27,055		16,431			18,534		41,972		60,506		(18,076	)		42,430		—
Somers Commons		7,019		29,808		2,366			7,019		32,174		39,193		(343	)		38,850		—
Sope Creek Crossing		2,985		12,001		3,482			3,332		15,136		18,468		(10,741	)		7,727		—
South Beach Regional		28,188		53,405		1,383			28,188		54,788		82,976		(13,782	)		69,194		—
South Pass Village		11,079		31,610		56			11,079		31,666		42,745		(361	)		42,384		(20,144	)
South Point		6,563		7,939		586			6,563		8,525		15,088		(2,430	)		12,658		—
Southbury Green		26,661		34,325		7,247			29,743		38,490		68,233		(9,918	)		58,315		—
Southcenter		1,300		12,750		2,350			1,300		15,100		16,400		(9,929	)		6,471		—
Southpark at Cinco Ranch		18,395		11,306		7,531			21,438		15,794		37,232		(9,989	)		27,243		—
SouthPoint Crossing		4,412		12,235		1,556			4,382		13,821		18,203		(8,865	)		9,338		—
Staples Plaza-Yorktown Heights		7,131		47,704		268			7,131		47,972		55,103		(465	)		54,638		—
Starke		71		1,683		13			71		1,696		1,767		(986	)		781		—
Star's at Cambridge		31,082		13,520		(1	)		31,082		13,519		44,601		(3,426	)		41,175		—
Star's at Quincy		27,003		9,425		1			27,003		9,426		36,429		(2,887	)		33,542		—
Star's at West Roxbury		21,973		13,386		282			21,973		13,668		35,641		(3,390	)		32,251		—
Station Centre @ Old Greenwich		9,121		7,603		—			9,121		7,603		16,724		(110	)		16,614		(6,770	)
Sterling Ridge		12,846		12,162		1,660			12,846		13,822		26,668		(11,447	)		15,221		—
Stroh Ranch		4,280		8,189		1,192			4,280		9,381		13,661		(7,573	)		6,088		—
Suncoast Crossing		9,030		10,764		4,602			13,374		11,022		24,396		(9,744	)		14,652		—
Sunny Valley Shops		2,820		5,055		31			2,820		5,086		7,906		(71	)		7,835		—
Talega Village Center		22,415		12,054		86			22,415		12,140		34,555		(2,894	)		31,661		—
Tamarac Town Square		12,584		9,221		1,503			12,584		10,724		23,308		(3,183	)		20,125		—
Tanasbourne Market		3,269		10,861		(294	)		3,149		10,687		13,836		(7,083	)		6,753		—
Tanglewood Shopping Center		5,920		7,889		9			5,920		7,898		13,818		(100	)		13,718		(3,163	)
Tassajara Crossing		8,560		15,464		2,791			8,560		18,255		26,815		(11,227	)		15,588		—
Tech Ridge Center		12,945		37,169		4,362			13,589		40,887		54,476		(20,180	)		34,296		—
The Abbot		72,910		6,086		51,854			79,217		51,633		130,850		(2,904	)		127,946		—
The Crossing Clarendon		154,932		126,328		54,813			161,278		174,795		336,073		(31,880	)		304,193		—
The Dock-Dockside		20,974		49,185		2			20,974		49,187		70,161		(527	)		69,634		(33,667	)
The Field at Commonwealth		30,982		18,248		37			30,983		18,284		49,267		(9,071	)		40,196		—
The Gallery at Westbury Plaza		108,653		216,771		4,150			108,653		220,921		329,574		(48,381	)		281,193		—
The Hub Hillcrest Market		18,773		61,906		7,706			19,611		68,774		88,385		(23,007	)		65,378		—
The Longmeadow Shops		5,451		23,738		15			5,451		23,753		29,204		(82	)		29,122		(13,000	)
The Marketplace		10,927		36,052		1,230			10,927		37,282		48,209		(8,304	)		39,905		—
The Plaza at St. Lucie West		1,718		6,204		39			1,718		6,243		7,961		(1,515	)		6,446		—
The Point at Garden City Park		741		9,764		5,889			2,559		13,835		16,394		(5,256	)		11,138		—
The Pruneyard		112,136		86,918		2,810			112,136		89,728		201,864		(14,462	)		187,402		(2,200	)
The Shops at Hampton Oaks		843		372		(313	)		297		605		902		(266	)		636		—
The Village at Hunter's Lake		9,735		12,982		35			9,735		13,017		22,752		(2,929	)		19,823		—


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
The Village at Riverstone		17,179		13,013		(111	)		17,179		12,902		30,081		(3,838	)		26,243		—
Town and Country		4,664		5,207		22			4,664		5,229		9,893		(2,110	)		7,783		—
Town Square		883		8,132		739			883		8,871		9,754		(5,677	)		4,077		—
Towne Centre at Somers		3,235		30,998		22			3,235		31,020		34,255		(326	)		33,929		—
Treasure Coast Plaza		7,553		21,554		1,198			7,553		22,752		30,305		(5,975	)		24,330		—
Tustin Legacy		13,829		23,922		42			13,828		23,965		37,793		(7,310	)		30,483		—
Twin City Plaza		17,245		44,225		2,685			17,263		46,892		64,155		(22,416	)		41,739		—
Twin Peaks		5,200		25,827		9,650			6,585		34,092		40,677		(19,041	)		21,636		—
Unigold Shopping Center		5,490		5,144		6,637			5,561		11,710		17,271		(5,788	)		11,483		—
University Commons		4,070		30,785		729			4,070		31,514		35,584		(10,327	)		25,257		—
Valencia Crossroads		17,921		17,659		1,298			17,921		18,957		36,878		(17,499	)		19,379		—
Valley Ridge Shopping Center		13,363		19,803		49			13,363		19,852		33,215		(238	)		32,977		(16,775	)
Valley Stream		13,297		16,241		533			13,887		16,184		30,071		(1,403	)		28,668		—
Van Houten Plaza		2,178		2,747		—			2,178		2,747		4,925		(39	)		4,886		—
Veterans Plaza		2,328		7,104		31			2,328		7,135		9,463		(85	)		9,378		—
Village at La Floresta		13,140		20,559		(59	)		13,156		20,484		33,640		(8,735	)		24,905		—
Village at Lee Airpark		11,099		12,975		3,823			11,803		16,094		27,897		(14,880	)		13,017		—
Village Center		3,885		14,131		10,047			5,480		22,583		28,063		(13,473	)		14,590		—
Village Commons		312		5,950		114			312		6,064		6,376		(85	)		6,291		—
Von's Circle Center		49,037		22,618		924			49,037		23,542		72,579		(6,091	)		66,488		(4,273	)
Wading River		14,969		18,641		634			14,915		19,329		34,244		(1,476	)		32,768		—
Waldwick Plaza		1,724		5,824		—			1,724		5,824		7,548		(73	)		7,475		—
Walker Center		3,840		7,232		4,094			3,878		11,288		15,166		(8,612	)		6,554		—
Walmart Norwalk		20,394		21,261		9			20,394		21,270		41,664		(6,377	)		35,287		—
Washington Commons		7,829		12,182		36			7,829		12,218		20,047		(150	)		19,897		(8,766	)
Waterstone Plaza		5,498		13,500		131			5,498		13,631		19,129		(3,544	)		15,585		—
Welleby Plaza		1,496		7,787		2,338			1,496		10,125		11,621		(8,928	)		2,693		—
Wellington Town Square		2,041		12,131		3,010			2,600		14,582		17,182		(7,916	)		9,266		—
West Bird Plaza		12,934		18,594		339			15,386		16,481		31,867		(4,044	)		27,823		—
West Chester Plaza		1,857		7,572		725			1,857		8,297		10,154		(6,979	)		3,175		—
West Lake Shopping Center		10,561		9,792		447			10,561		10,239		20,800		(3,114	)		17,686		—
West Park Plaza		5,840		5,759		3,003			5,840		8,762		14,602		(5,619	)		8,983		—
Westbard Square		127,859		21,514		(8,648	)		127,934		12,791		140,725		(12,024	)		128,701		—
Westbury Plaza		116,129		51,460		6,901			117,832		56,658		174,490		(14,612	)		159,878		(88,000	)
Westchase		5,302		8,273		1,428			5,302		9,701		15,003		(4,971	)		10,032		—
Westchester Commons		3,366		11,751		11,160			4,894		21,383		26,277		(11,182	)		15,095		—
Westlake Village Plaza and Center		7,043		27,195		30,794			17,620		47,412		65,032		(36,156	)		28,876		—
Westport Plaza		9,035		7,455		(29	)		9,035		7,426		16,461		(2,271	)		14,190		—
Westport Row		43,597		16,428		14,673			46,170		28,528		74,698		(7,180	)		67,518		—
Westwood Village		19,933		25,301		(1,050	)		18,979		25,205		44,184		(18,416	)		25,768		—
Willa Springs		13,322		15,314		330			13,322		15,644		28,966		(1,358	)		27,608		(16,700	)


	Initial Cost							Total Cost									Net Cost
Shopping Centers (1)	Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Net of Accumulated Depreciation		Mortgages or Encumbrances
Williamsburg at Dunwoody		7,435		3,721		1,193			7,444		4,905		12,349		(1,763	)		10,586		—
Willow Festival		1,954		56,501		3,641			1,976		60,120		62,096		(23,333	)		38,763		—
Willow Oaks		6,664		7,908		(272	)		6,294		8,006		14,300		(3,998	)		10,302		—
Willows Shopping Center		51,964		78,029		3,414			51,992		81,415		133,407		(17,960	)		115,447		—
Woodcroft Shopping Center		1,419		6,284		1,799			1,421		8,081		9,502		(5,807	)		3,695		—
Woodman Van Nuys		5,500		7,195		384			5,500		7,579		13,079		(4,833	)		8,246		—
Woodmen Plaza		7,621		11,018		1,441			7,621		12,459		20,080		(12,436	)		7,644		—
Woodside Central		3,500		9,288		895			3,489		10,194		13,683		(6,498	)		7,185		—
Corporate Assets		—		2,127		1,336			—		3,463		3,463		(1,489	)		1,974		—
Land held for future development		11,323		—		(4,611	)		6,712		—		6,712		—			6,712		—
Construction in progress		—		—		218,181			—		218,181		218,181		—			218,181		—
	$	5,506,209		6,848,826		1,099,356			5,561,362		7,893,029		13,454,391		(2,691,386	)		10,763,005		(757,833	)

(1)

See "Item 2 - Properties" of this Report, for geographic location, year each operating property was acquired, and year constructed or last major renovation.

(2)

The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, provision for losses recorded, and demolition of part of the property for redevelopment.

See accompanying report of independent registered public accounting firm.

Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal income tax purposes was approximately $10.8 billion at December 31, 2023.

The changes in total real estate assets for the years ended December 31, 2023, 2022, and 2021 are as follows:


(in thousands)	2023			2022			2021
Beginning balance	$	11,858,064			11,495,581			11,101,858
Acquired properties and land		1,445,428			224,653			479,708
Developments and improvements		206,085			171,629			172,012
Disposal of building and tenant improvements		(14,149	)		(29,523	)		(10,898	)
Sale of properties		(19,366	)		(4,276	)		(107,090	)
Properties held for sale		(21,671	)		—			(50,873	)
Provision for impairment		—			—			(89,136	)
Ending balance	$	13,454,391			11,858,064			11,495,581

The changes in accumulated depreciation for the years ended December 31, 2023, 2022, and 2021 are as follows:


(in thousands)	2023			2022			2021
Beginning balance	$	2,415,860			2,174,963			1,994,108
Depreciation expense		293,705			270,520			253,437
Disposal of building and tenant improvements		(14,149	)		(29,523	)		(10,898	)
Sale of properties		(569	)		(100	)		(28,715	)
Accumulated depreciation related to properties held for sale		(3,461	)		—			(28,110	)
Provision for impairment		—			—			(4,859	)
Ending balance	$	2,691,386			2,415,860			2,174,963

See accompanying report of independent registered public accounting firm.

Summary of Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Product Information [Line Items]

Management, transaction, and other fees

$ 26,954

$ 25,851

$ 40,337

Property management services [Member]

Product Information [Line Items]

Management, transaction, and other fees

$ 14,075

13,470

14,415

Timing of satisfaction of performance obligations

Over time

Asset management services [Member]

Product Information [Line Items]

Management, transaction, and other fees

$ 6,542

6,752

6,921

Timing of satisfaction of performance obligations

Over time

Promote income [Member]

Product Information [Line Items]

Management, transaction, and other fees

^[1]

13,589

Timing of satisfaction of performance obligations

Over time

Leasing services [Member]

Product Information [Line Items]

Management, transaction, and other fees

$ 3,908

3,945

4,096

Timing of satisfaction of performance obligations

Point in time

Other transaction fees [Member]

Product Information [Line Items]

Management, transaction, and other fees

$ 2,429

$ 1,684

$ 1,316

Timing of satisfaction of performance obligations

Point in time

[1]	The Company recognized $13.6 million in promote revenue during the year ended December 31, 2021, for exceeding partnership return hurdles from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.

Saving and Retirement Plans 401K Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, percentage of employee deferrals to company matching contributions	100.00%
Profit Sharing Contribution, Vesting Period	3 years
Defined Contribution Plan, Cost	$ 5,300,000	$ 4,400,000	$ 4,100,000
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 5,000

Investments in Real Estate Partnerships - Schedule of Investments in Real Estate Partnerships (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

Property

Dec. 31, 2022

USD ($)

Property

Dec. 31, 2021

USD ($)

Schedule of Equity Method Investments [Line Items]

Number of Properties | Property

101

Total Investments

$ 370,605

$ 350,377

Total assets of the Partnership

2,608,005

The Company's Share of Net Income of the Partnership

50,541

59,824

$ 47,086

Net Income of the Partnership

$ 173,166

Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

2,689,993

Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 135,138

GRI - Regency, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

40.00%

Number of Properties | Property

Total Investments

$ 144,371

$ 155,302

The Company's Share of Net Income of the Partnership

35,901

35,819

GRI - Regency, LLC [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

1,475,611

1,501,876

GRI - Regency, LLC [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 84,224

$ 83,989

New York Common Retirement Fund (NYC) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

^[1]

30.00%

Total Investments

^[1]

$ 674

The Company's Share of Net Income of the Partnership

^[1]

9,173

New York Common Retirement Fund (NYC) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

^[1]

2,468

New York Common Retirement Fund (NYC) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

^[1]

$ 35,673

Columbia Regency Retail Partners, LLC (Columbia I) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

20.00%

Number of Properties | Property

Total Investments

$ 7,045

$ 7,423

The Company's Share of Net Income of the Partnership

1,630

1,817

Columbia Regency Retail Partners, LLC (Columbia I) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

139,224

138,493

Columbia Regency Retail Partners, LLC (Columbia I) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 8,559

$ 9,392

Columbia Regency Partners II, LLC (Columbia II) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

20.00%

Number of Properties | Property

Total Investments

$ 42,994

$ 41,757

The Company's Share of Net Income of the Partnership

1,743

1,735

Columbia Regency Partners II, LLC (Columbia II) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

424,672

405,927

Columbia Regency Partners II, LLC (Columbia II) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 8,769

$ 8,674

Columbia Village District, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

30.00%

Number of Properties | Property

Total Investments

$ 6,123

$ 5,836

The Company's Share of Net Income of the Partnership

2,199

1,669

Columbia Village District, LLC [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

97,522

96,002

Columbia Village District, LLC [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 7,383

$ 5,597

RegCal, LLC (RegCal) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

^[2]

25.00%

Number of Properties | Property

^[2]

Total Investments

^[2]

$ 5,789

The Company's Share of Net Income of the Partnership

^[2]

4,499

RegCal, LLC (RegCal) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

^[2]

24,326

RegCal, LLC (RegCal) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

^[2]

$ 18,258

Ballard Bocks [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

49.90%

Number of Properties | Property

Total Investments

$ 62,140

$ 62,624

The Company's Share of Net Income of the Partnership

1,486

1,300

Ballard Bocks [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

120,379

126,482

Ballard Bocks [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 3,297

$ 2,925

Town & Country Center [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

35.00%

Number of Properties | Property

Total Investments

$ 42,074

$ 40,409

The Company's Share of Net Income of the Partnership

1,075

(819)

Town & Country Center [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

224,579

206,931

Town & Country Center [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 3,136

$ 2,404

Others [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

50.00%

Number of Properties | Property

^[3]

Total Investments

$ 65,858

^[3]

$ 30,563

The Company's Share of Net Income of the Partnership

6,507

^[3]

(2,993)

Others [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

208,006

^[3]

105,500

Others [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 19,770

^[3]

$ 6,254

Others [Member] | Minimum [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

^[3]

11.80%

Others [Member] | Maximum [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

^[3]

66.67%

[1]	On May 25, 2022, the NYC partnership sold the remaining two properties and distributed sales proceeds to the members. Dissolution will follow final distributions, which are expected in 2024.
[2]	During April 2022, we acquired our partner's 75% share in four properties held in the RegCal, LLC, partnership for a total purchase price of $88.5 million. Upon acquisition, these four properties were consolidated into Regency's financial statements.
[3]	New York Common Retirement Fund (NYC) and RegCal, LLC (RegCal) no longer have any operating properties and any residual balances have been included in Others as of December 31, 2023. The residual balances are primarily made up of the Company’s share of remaining working capital.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 370,867	$ 488,035	$ 366,288
Other comprehensive income :
Effective portion of change in fair value of derivative instruments	(2,448)	20,061	5,391
Reclassification adjustment of derivative instruments included in net income	(7,536)	833	4,141
Unrealized gain (loss) on available-for-sale debt securities	337	(1,309)	(405)
Other comprehensive (loss) income	(9,647)	19,585	9,127
Comprehensive income	361,220	507,620	375,415
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	6,310	5,170	4,877
Other comprehensive (loss) income attributable to noncontrolling interests	(779)	1,798	729
Comprehensive income attributable to noncontrolling interests	5,531	6,968	5,606
Comprehensive income attributable to the Company	355,689	500,652	369,809
Partnership Interest [Member]
Net income	370,867	488,035	366,288
Other comprehensive income :
Effective portion of change in fair value of derivative instruments	(2,448)	20,061	5,391
Reclassification adjustment of derivative instruments included in net income	(7,536)	833	4,141
Unrealized gain (loss) on available-for-sale debt securities	337	(1,309)	(405)
Other comprehensive (loss) income	(9,647)	19,585	9,127
Comprehensive income	361,220	507,620	375,415
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	4,302	3,065	3,262
Other comprehensive (loss) income attributable to noncontrolling interests	(731)	1,713	689
Comprehensive income attributable to noncontrolling interests	3,571	4,778	3,951
Comprehensive income attributable to the Company	$ 357,649	$ 502,842	$ 371,464

Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details)		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2023
ASU 2020-04 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle accounting standards update adopted		true
New Accounting Pronouncement or Change in Accounting Principle, Description		ASU 2020-04
Change in accounting principle, accounting standards update, adoption date		Mar. 01, 2020
ASU 2021-08 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle accounting standards update adopted		true
New Accounting Pronouncement or Change in Accounting Principle, Description		ASU 2021-08
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]		true
ASU 2023-07 [Member] \| Subsequent Event [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle accounting standards update adopted	true
New Accounting Pronouncement or Change in Accounting Principle, Description	ASU 2023-07
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

+ Details

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Real Estate Investments - Schedule of Total Purchase Price Including Transaction Costs Capitalized and Allocated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Total liabilities assumed		$ 22,779
UBP Acquisition [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Real estate assets	$ 1,379,835
Investments in unconsolidated real estate partnerships	35,942
Real estate assets	1,415,777
Cash, accounts receivable and other assets	51,902
Lease intangible assets	128,663
Total assets acquired	1,596,342
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Notes payable	284,706
Accounts payable, accrued expenses, and other liabilities	37,500
Lease intangible liabilities	69,583
Total liabilities assumed	391,789
Non-controlling interest	64,492
Total purchase price	$ 1,140,061

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.

Commitments and Contingencies

Litigation

The Company is a party to litigation, and is subject to other disputes, in each case that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred.

Environmental

The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, older underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.

Letters of Credit

The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Company had $8.5 million and $9.4 million in letters of credit outstanding as of December 31, 2023, and 2022, respectively.

Real Estate Investments - Schedule of Other Properties Acquired (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Business Acquisition [Line Items]
Percentage of purchase price and allocation	100.00%	100.00%
Percentage of purchase price of property	25.00%
RegCal, LLC [Member]
Business Acquisition [Line Items]
Business acquisition gross purchase price	$ 93.2
Percentage of equity interest acquired	25.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Organization and Principles of Consolidation

(a)

Organization and Principles of Consolidation

General

Consolidation

Ownership of the Parent Company

The Parent Company has a single class of common stock and two series of preferred stock outstanding.

Ownership of the Operating Partnership

Acquisition of Urstadt Biddle Properties Inc.

Estimates

Estimates, Risks, and Uncertainties

Risks and Uncertainties

Real Estate Partnerships

•


(in thousands)	December 31, 2023		December 31, 2022
Assets
Net real estate investments	$	270,674		107,725
Cash, cash equivalents, and restricted cash		8,201		2,420
Liabilities
Notes payable		33,211		4,188
Equity
Limited partners’ interests in consolidated partnerships		88,794		24,364

Noncontrolling Interests

Noncontrolling Interests of the Parent Company

Noncontrolling Interests of the Operating Partnership

Revenues and Tenant Receivable

(b)

Revenues and Tenant Receivable

Leasing Income and Tenant Receivables

The Company accounts for its leases under ASC Topic 842, Leases ("Topic 842"), as follows:

Classification

Recognition and Presentation

Collectibility

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2023		2022
Tenant receivables	$	34,814		31,486
Straight-line rent receivables		138,590		128,214
Other receivables (1)		32,758		29,163
Total tenant and other receivables, net	$	206,162		188,863

(1)

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Real Estate Sales

Management Services and Other Property Income

Property and Asset Management Services

Leasing Services

Transaction Services

Other Property Income

Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2023		2022		2021
Management, transaction, and other fees:
Property management services	Over time	$	14,075		13,470		14,415
Asset management services	Over time		6,542		6,752		6,921
Promote income	Over time		—		—		13,589	(1)
Leasing services	Point in time		3,908		3,945		4,096
Other transaction fees	Point in time		2,429		1,684		1,316
Total management, transaction, and other fees		$	26,954		25,851		40,337

(1)

Real Estate Assets

(c)

Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2023		December 31, 2022
Land	$	4,802,583		4,379,877
Land improvements		758,779		707,227
Buildings		6,371,894		5,465,877
Building and tenant improvements		1,302,954		1,171,650
Construction in progress		218,181		133,433
Total real estate assets	$	13,454,391		11,858,064

Capitalization and Depreciation

Development and Redevelopment Costs

Acquisitions

Held for Sale

Valuation of Real Estate Investments and Impairments

Cash, Cash Equivalents, and Restricted Cash

(d)

Cash, Cash Equivalents, and Restricted Cash

Other Assets

(e)

Other Assets

Goodwill

Investments

Goodwill

Investments

Derivative Instruments

Deferred Leasing Costs

(f)

Deferred Leasing Costs

Income Taxes

(g)

Income Taxes

Lease Obligations

(h)

Lease Obligations

Earnings per Share and Unit

(i)

Earnings per Share and Unit

Stock-Based Compensation

(j)

Stock-Based Compensation

Segment Reporting

(k)

Segment Reporting

Business Concentration

(l)

Business Concentration

Fair Value of Assets and Liabilities

(m)

Fair Value of Assets and Liabilities

•

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

Recent Accounting Pronouncements

(n) Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:


Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:

ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship.	March 2020 through March 31, 2023	The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation.

ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805.	January 1, 2023	The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	The amendments are aimed at enhancing the disclosures public entities provide regarding significant segment expenses so that investors can “better understand an entity’s overall performance” and assess “potential future cash flows.”	January 1, 2024	The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.

ASU 2023-09, Income Taxes (Topic 740):Improvements to Income Tax Disclosures.	ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold.	January 1, 2025	The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.

Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Schedule of Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:


(in thousands)	December 31, 2023		December 31, 2022
Goodwill	$	167,062		167,062
Investments		51,992		54,581
Prepaid and other		40,635		28,615
Derivative assets		14,213		6,575
Furniture, fixtures, and equipment, net		6,662		5,808
Deferred financing costs, net		2,865		5,156
Total other assets	$	283,429		267,797

Schedule of Goodwill

The following table presents the goodwill balances and activity during the year to date periods ended:


	December 31, 2023								December 31, 2022
(in thousands)	Goodwill			Accumulated Impairment Losses			Total		Goodwill			Accumulated Impairment Losses			Total
Beginning of year balance	$	300,496			(133,434	)		167,062	$	300,529			(133,434	)		167,095
Goodwill allocated to Properties held for sale		(5,972	)		5,972			—		—			—			—
Goodwill associated with disposed reporting units:
Goodwill allocated to Gain on sale of real estate		—			—			—		(33	)		—			(33	)
End of year balance	$	294,524			(127,462	)		167,062	$	300,496			(133,434	)		167,062

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Property Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Properties Disposed of

The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below:


	Year ended December 31,
(in thousands, except number sold data)	2023		2022		2021
Net proceeds from sale of real estate investments	$	11,167		143,133		206,193
Gain on sale of real estate, net of tax	$	661		109,005		91,119
Provision for impairment of real estate sold	$	—		—		112
Number of operating properties sold		—		2		7
Number of land parcels sold		5		5		5
Percent interest sold	100%		100%			100	%

- Definition

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Balance Sheet Fair Values


	December 31,
	2023				2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	2,109		2,109	$	—		—
Financial liabilities:
Notes payable, net	$	4,001,949		3,763,152	$	3,726,754		3,333,378
Unsecured credit facilities	$	152,000		152,000	$	—		—

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:


	Fair Value Measurements as of December 31, 2023
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	37,039			37,039		—			—
Available-for-sale debt securities		14,953			—		14,953			—
Interest rate derivatives		14,213			—		14,213			—
Total	$	66,205			37,039		29,166			—
Liabilities:
Interest rate derivatives	$	(1,335	)		—		(1,335	)		—


	Fair Value Measurements as of December 31, 2022
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	40,089		40,089		—		—
Available-for-sale debt securities		14,492		—		14,492		—
Interest rate derivatives		6,575		—		6,575		—
Total	$	61,156		40,089		21,067		—

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code with certain of its subsidiaries treated as taxable REIT subsidiary entities, which are subject to federal and state income taxes. The following table summarizes the tax status of dividends paid on our common stock:


	Year ended December 31,
	2023				2022				2021
Dividend per share	$	2.56		(1)		2.53		(2)		2.53		(3)
Ordinary income		100	%			100	%			92	%
Capital gain (4)		—	%			—	%			8	%
Additional tax status information:
Qualified dividend income		—	%			—	%			1	%
Section 199A dividend		100	%			100	%			91	%
Section 897 ordinary dividends		—	%			—	%			2	%
Section 897 capital gains		—	%			—	%			4	%

(1)

During 2023, the Company declared four quarterly dividends, the last of which was paid on January 3, 2024, with a portion allocated to the 2023 dividend period, and the balance allocated to 2024.

(2)

During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a portion allocated to the 2022 dividend period, and the balance allocated to 2023.

(3)

During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 dividend period, and the balance allocated to 2022.

(4)

Of the total capital gain distribution during 2021, 42% is excluded under Reg. 1.1061-4(b)(7). The remaining 58% is a Three Year Amount under Reg. 1.1061-6(c).

The following table summarizes the tax status of dividends paid on our Series A preferred stock:


	Year ended December 31,
	2023
Dividend per share	$	0.39
Ordinary income		100	%
Capital gain		—	%
Additional tax status information:
Qualified dividend income		—	%
Section 199A dividend		100	%
Section 897 ordinary dividends		—	%
Section 897 capital gains		—	%

The following table summarizes the tax status of dividends paid on our Series B preferred stock:


	Year ended December 31,
	2023
Dividend per share	$	0.37
Ordinary income		100	%
Capital gain		—	%
Additional tax status information:
Qualified dividend income		—	%
Section 199A dividend		100	%
Section 897 ordinary dividends		—	%
Section 897 capital gains		—	%

Our consolidated expense (benefit) for income taxes for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year ended December 31,
(in thousands)	2023		2022			2021
Income tax expense (benefit):
Current	$	796		(332	)		620
Deferred		99		293			421
Total income tax expense (benefit) (1)	$	895		(39	)		1,041

(1)

Included within Other operating expenses in the Consolidated Statements of Operations.

The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows:


	Year ended December 31,
(in thousands)	2023		2022			2021
Computed expected tax expense (benefit)	$	371		504			544
State income tax, net of federal benefit		60		52			477
Valuation allowance		227		(323	)		15
Permanent items		2		1			1
All other items		235		(273	)		4
Total income tax expense (1)		895		(39	)		1,041
Income tax expense attributable to operations (1)	$	895		(39	)		1,041

(1)

Included within Other operating expenses in the Consolidated Statements of Operations.

The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:


	December 31,
(in thousands)	2023			2022
Deferred tax assets
Other		1,893			1,007
Deferred tax assets		1,893			1,007
Valuation allowance		(1,893	)		(1,007	)
Deferred tax assets, net	$	—			—
Deferred tax liabilities
Fixed assets		(12,563	)		(12,527	)
Other		(780	)		(61	)
Deferred tax liabilities		(13,343	)		(12,588	)
Net deferred tax liabilities	$	(13,343	)		(12,588	)

The Company believes it is more likely than not that the remaining deferred tax assets will not be realized unless tax planning strategies are implemented.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Acquired Lease Intangibles Schedule of Future Amortization Expense and Minimum Rent (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Amortization Expense [Abstract]
2024	$ 45,098
2025	33,012
2026	26,791
2027	21,185
2028	16,764
Net Accretion [Abstract]
Future Accretion, Year One	22,598
Future Accretion, Year Two	21,953
Future Accretion, Year Three	21,216
Future Accretion, Year Four	20,207
Future Accretion, Year Five	$ 20,065

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted cash and cash equivalent	$ 6,383	$ 2,310
Deferred costs accumulated amortization	124,107	117,137
Accumulated amortization of acquired lease intangible assets	364,413	338,053
Accumulated accretion of acquired lease intangible liabilities	$ 211,067	$ 193,315
Preferred stock, par value per share	$ 0.01
Preferred stock, shares authorized	30,000,000	0
Preferred stock, shares issued	9,000,000	0
Preferred stock, liquidation preferences	$ 25
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	220,000,000	220,000,000
Common stock, shares issued	184,581,070	171,124,593
Treasury stock, shares held at cost	448,140	465,415
Exchangeable operating partnership units aggregate redemption value	$ 74,199	$ 46,340
General partner units, outstanding	184,581,000	171,125,000
Limited partner units, outstanding	1,108,000	741,000
Partnership Interest [Member]
Restricted cash and cash equivalent	$ 6,383	$ 2,310
Deferred costs accumulated amortization	124,107	117,137
Accumulated amortization of acquired lease intangible assets	364,413	338,053
Accumulated accretion of acquired lease intangible liabilities	$ 211,067	$ 193,315
Preferred stock, par value per units	$ 0.01
Preferred units of general partner units, liquidation preferences	$ 25
Preferred units, authorized	30,000,000	0
Preferred units, issued	9,000,000	0
General partner units, outstanding	184,581,070	171,124,593
Limited partner units, outstanding	1,107,454	741,433

Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Schedule of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill Gross, Beginning balance	$ 300,496	$ 300,529
Goodwill Gross, allocated to Properties held for sale	(5,972)
Goodwill, ending balance	294,524	300,496
Goodwill, Accumulated Impairment Losses, Beginning balance	(133,434)	(133,434)
Goodwill Accumulated Impairment Losses, allocated to Properties held for sale	5,972
Goodwill, Accumulated Impairment Losses, Ending balance	(127,462)	(133,434)
Goodwill, Beginning balance	167,062	167,095
Goodwill, Ending balance	$ 167,062	167,062
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Goodwill [Line Items]
Goodwill Gross, allocated to Gain on sale of real estate		(33)
Goodwill allocated to Gain on sale of real estate		$ (33)

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

Saving and Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Summary of balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations


	Year ended December 31,
(in thousands)	2023		2022		Location in Consolidated Balance Sheets
Assets:
Securities	$	31,852		36,163	Other assets
Liabilities:
Deferred compensation obligation	$	31,770		36,085	Accounts payable and other liabilities

Earnings per Share and Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Earnings Per Share Basic [Line Items]

Income attributable to common shareholders/unit holders - basic

$ 359,500

$ 482,865

$ 361,411

Income per common share - basic

$ 2.04

$ 2.82

$ 2.12

Income per common share - diluted

$ 2.04

$ 2.81

$ 2.12

Continuing Operations [Member] | Parent Company [Member]

Earnings Per Share Basic [Line Items]

Income attributable to common shareholders/unit holders - basic

$ 359,500

$ 482,865

$ 361,411

Income attributable to common shareholders/unit holders - diluted

$ 359,500

$ 482,865

$ 361,411

Weighted average common shares/units outstanding for basic EPS/EPU

176,085

171,404

170,236

Weighted average common shares/units outstanding for diluted EPS/EPU

^[1],[2]

176,371

171,791

170,694

Income per common share - basic

$ 2.04

$ 2.82

$ 2.12

Income per common share - diluted

$ 2.04

$ 2.81

$ 2.12

Continuing Operations [Member] | Partnership Interest [Member]

Earnings Per Share Basic [Line Items]

Income attributable to common shareholders/unit holders - basic

$ 361,508

$ 484,970

$ 363,026

Income attributable to common shareholders/unit holders - diluted

$ 361,508

$ 484,970

$ 363,026

Weighted average common shares/units outstanding for basic EPS/EPU

177,038

172,152

170,998

Weighted average common shares/units outstanding for diluted EPS/EPU

^[1],[2]

177,324

172,540

171,456

Income per common share - basic

$ 2.04

$ 2.82

$ 2.12

Income per common share - diluted

$ 2.04

$ 2.81

$ 2.12

[1]	Includes the dilutive impact of unvested restricted stock.
[2]	Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million shares issuable under the forward ATM equity offering outstanding during 2021 as they would be anti-dilutive.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 370,867	$ 488,035	$ 366,288
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	352,282	319,697	303,331
Amortization of deferred loan costs and debt premiums	8,252	5,799	6,003
Accretion of above and below market lease intangibles, net	(29,130)	(20,995)	(22,936)
Stock-based compensation, net of capitalization	20,075	16,521	12,515
Equity in income of investments in real estate partnerships	(50,541)	(59,824)	(47,086)
Gain on sale of real estate, net of tax	(661)	(109,005)	(91,119)
Provision for impairment of real estate, net of tax			84,389
Early extinguishment of debt	(99)
Distribution of earnings from investments in real estate partnerships	66,531	61,416	71,934
Settlement of derivative instruments			(2,472)
Deferred compensation expense (income)	4,782	(6,128)	4,572
Realized and unrealized (gain) loss on investments	(5,571)	7,040	(5,348)
Changes in assets and liabilities:
Tenant and other receivables	(13,904)	(35,274)	(24,869)
Deferred leasing costs	(11,156)	(10,801)	(6,966)
Other assets	3,028	1,292	(1,226)
Accounts payable and other liabilities	5,152	(9,088)	6,677
Tenants’ security, escrow deposits and prepaid rent	(316)	7,130	5,701
Net cash provided by operating activities	719,591	655,815	659,388
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $0, $3,061 and $2,991 in 2023, 2022 and 2021, respectively	(45,386)	(169,639)	(392,051)
Acquisition of UBP, net of cash acquired of $14,143	(82,389)
Real estate development and capital improvements	(232,855)	(195,418)	(177,631)
Proceeds from sale of real estate	11,167	143,133	206,193
Issuance of notes receivable	(4,000)		(20)
Collection of notes receivable	4,000	1,823
Investments in real estate partnerships	(13,119)	(36,266)	(23,476)
Return of capital from investments in real estate partnerships	11,308	48,473	99,945
Dividends on investment securities	1,283	1,113	813
Acquisition of investment securities	(7,990)	(21,112)	(23,971)
Proceeds from sale of investment securities	16,003	21,785	23,846
Net cash used in investing activities	(341,978)	(206,108)	(286,352)
Cash flows from financing activities:
Net proceeds from common stock issuance	(33)	61,284	82,510
Repurchase of common shares in conjunction with equity award plans	(7,662)	(6,447)	(4,083)
Common shares repurchased through share repurchase program	(20,006)	(75,419)
Proceeds from sale of treasury stock	103	64	96
Contributions from limited partners in consolidated partnerships	10,238
Distributions to limited partners in consolidated partnerships	(7,813)	(7,245)	(4,345)
Distributions to exchangeable operating partnership unit holders	(2,368)	(1,867)	(1,815)
Redemption of exchangeable operating partnership units	(9,163)
Dividends paid to common stockholders	(453,065)	(428,276)	(403,085)
Dividends paid to preferred shareholders	(3,413)
Proceeds from unsecured credit facilities	557,000	95,000
Repayment of unsecured credit facilities	(405,000)	(95,000)	(265,000)
Proceeds from notes payable	59,500
Repayment of notes payable	(61,592)	(6,745)	(42,014)
Scheduled principal payments	(11,235)	(11,219)	(11,255)
Payment of loan costs	(526)	(88)	(7,468)
Net cash used in financing activities	(355,035)	(475,958)	(656,459)
Net change in cash, cash equivalents, and restricted cash	22,578	(26,251)	(283,423)
Cash, cash equivalents, and restricted cash at beginning of the year	68,776	95,027	378,450
Cash, cash equivalents, and restricted cash at end of the year	91,354	68,776	95,027
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $5,695, $4,166, and $4,202 in 2023, 2022, and 2021, respectively)	147,176	141,359	140,084
Cash paid for income taxes, net of refunds	933	570	378
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	126,683	111,709	107,480
Previously held equity investments in real estate assets acquired		17,179	(4,609)
Mortgage loans assumed by Company with the acquisition of real estate	98	22,779	111,104
Right of use assets obtained in exchange for new operating lease liabilities	36,577
Sale of leased asset in exchange for net investment in sales-type lease	8,510
Common stock issued for partnership units exchanged	199	1,275	99
Issuance of exchangeable operating partnership units	31,253
Real estate received in lieu of promote interest			13,589
Change in accrued capital expenditures	8,877	4,888	10,188
Common stock issued under dividend reinvestment plan	622	524	1,286
Stock-based compensation capitalized	954	735	666
Contributions to investments in real estate partnerships	920
Contributions from limited partners in consolidated partnerships, net		5,436
Reallocation of equity upon acquisition of a limited partner's interest in a consolidated partnership		6,266
Common stock issued for dividend reinvestment in trust	1,193	1,126	1,084
Contribution of stock awards into trust	2,080	2,250	1,416
Distribution of stock held in trust	2,245	786	3,647
Change in fair value of securities	338	1,658	513
UBP Acquisition [Member]
Supplemental disclosure of non-cash transactions:
Notes payable assumed in acquisition, at fair value	284,706
Noncontrolling interest assumed in acquisition, at fair value	64,492
Common Stock [Member] \| UBP Acquisition [Member]
Supplemental disclosure of non-cash transactions:
Stock exchanged	818,530
Preferred Stock [Member] \| UBP Acquisition [Member]
Supplemental disclosure of non-cash transactions:
Stock exchanged	225,000
Partnership Interest [Member]
Cash flows from operating activities:
Net income	370,867	488,035	366,288
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	352,282	319,697	303,331
Amortization of deferred loan costs and debt premiums	8,252	5,799	6,003
Accretion of above and below market lease intangibles, net	(29,130)	(20,995)	(22,936)
Stock-based compensation, net of capitalization	20,075	16,521	12,515
Equity in income of investments in real estate partnerships	(50,541)	(59,824)	(47,086)
Gain on sale of real estate, net of tax	(661)	(109,005)	(91,119)
Provision for impairment of real estate, net of tax			84,389
Early extinguishment of debt	(99)
Distribution of earnings from investments in real estate partnerships	66,531	61,416	71,934
Settlement of derivative instruments			(2,472)
Deferred compensation expense (income)	4,782	(6,128)	4,572
Realized and unrealized (gain) loss on investments	(5,571)	7,040	(5,348)
Changes in assets and liabilities:
Tenant and other receivables	(13,904)	(35,274)	(24,869)
Deferred leasing costs	(11,156)	(10,801)	(6,966)
Other assets	3,028	1,292	(1,226)
Accounts payable and other liabilities	5,152	(9,088)	6,677
Tenants’ security, escrow deposits and prepaid rent	(316)	7,130	5,701
Net cash provided by operating activities	719,591	655,815	659,388
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $0, $3,061 and $2,991 in 2023, 2022 and 2021, respectively	(45,386)	(169,639)	(392,051)
Acquisition of UBP, net of cash acquired of $14,143	(82,389)
Real estate development and capital improvements	(232,855)	(195,418)	(177,631)
Proceeds from sale of real estate	11,167	143,133	206,193
Issuance of notes receivable	(4,000)		(20)
Collection of notes receivable	4,000	1,823
Investments in real estate partnerships	(13,119)	(36,266)	(23,476)
Return of capital from investments in real estate partnerships	11,308	48,473	99,945
Dividends on investment securities	1,283	1,113	813
Acquisition of investment securities	(7,990)	(21,112)	(23,971)
Proceeds from sale of investment securities	16,003	21,785	23,846
Net cash used in investing activities	(341,978)	(206,108)	(286,352)
Cash flows from financing activities:
Net proceeds from common stock issuance	(33)	61,284	82,510
Repurchase of common shares in conjunction with equity award plans	(7,662)	(6,447)	(4,083)
Common shares repurchased through share repurchase program	(20,006)	(75,419)
Proceeds from sale of treasury stock	103	64	96
Distributions to partners	(455,433)	(430,143)	(404,900)
Contributions from limited partners in consolidated partnerships	10,238
Distributions to limited partners in consolidated partnerships	(7,813)	(7,245)	(4,345)
Redemption of exchangeable operating partnership units	(9,163)
Dividends paid to preferred shareholders	(3,413)
Proceeds from unsecured credit facilities	557,000	95,000
Repayment of unsecured credit facilities	(405,000)	(95,000)	(265,000)
Proceeds from notes payable	59,500
Repayment of notes payable	(61,592)	(6,745)	(42,014)
Scheduled principal payments	(11,235)	(11,219)	(11,255)
Payment of loan costs	(526)	(88)	(7,468)
Net cash used in financing activities	(355,035)	(475,958)	(656,459)
Net change in cash, cash equivalents, and restricted cash	22,578	(26,251)	(283,423)
Cash, cash equivalents, and restricted cash at beginning of the year	68,776	95,027	378,450
Cash, cash equivalents, and restricted cash at end of the year	91,354	68,776	95,027
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $5,695, $4,166, and $4,202 in 2023, 2022, and 2021, respectively)	147,176	141,359	140,084
Cash paid for income taxes, net of refunds	933	570	378
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	126,683	111,709	107,480
Previously held equity investments in real estate assets acquired		17,179	(4,609)
Mortgage loans assumed by Company with the acquisition of real estate	98	22,779	111,104
Right of use assets obtained in exchange for new operating lease liabilities	36,577
Sale of leased asset in exchange for net investment in sales-type lease	8,510
Common stock issued for partnership units exchanged	199	1,275	99
Issuance of exchangeable operating partnership units	31,253
Real estate received in lieu of promote interest			13,589
Change in accrued capital expenditures	8,877	4,888	10,188
Common stock issued under dividend reinvestment plan	622	524	1,286
Stock-based compensation capitalized	954	735	666
Contributions to investments in real estate partnerships	920
Contributions from limited partners in consolidated partnerships, net		5,436
Reallocation of equity upon acquisition of a limited partner's interest in a consolidated partnership		6,266
Common stock issued for dividend reinvestment in trust	1,193	1,126	1,084
Contribution of stock awards into trust	2,080	2,250	1,416
Distribution of stock held in trust	2,245	786	3,647
Change in fair value of securities	338	$ 1,658	$ 513
Partnership Interest [Member] \| UBP Acquisition [Member]
Supplemental disclosure of non-cash transactions:
Notes payable assumed in acquisition, at fair value	284,706
Noncontrolling interest assumed in acquisition, at fair value	64,492
Partnership Interest [Member] \| Common Stock [Member] \| UBP Acquisition [Member]
Supplemental disclosure of non-cash transactions:
Stock exchanged	818,530
Partnership Interest [Member] \| Preferred Stock [Member] \| UBP Acquisition [Member]
Supplemental disclosure of non-cash transactions:
Stock exchanged	$ 225,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Tax Status of Dividends

The following table summarizes the tax status of dividends paid on our common stock:


	Year ended December 31,
	2023				2022				2021
Dividend per share	$	2.56		(1)		2.53		(2)		2.53		(3)
Ordinary income		100	%			100	%			92	%
Capital gain (4)		—	%			—	%			8	%
Additional tax status information:
Qualified dividend income		—	%			—	%			1	%
Section 199A dividend		100	%			100	%			91	%
Section 897 ordinary dividends		—	%			—	%			2	%
Section 897 capital gains		—	%			—	%			4	%

(1)

During 2023, the Company declared four quarterly dividends, the last of which was paid on January 3, 2024, with a portion allocated to the 2023 dividend period, and the balance allocated to 2024.

(2)

During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a portion allocated to the 2022 dividend period, and the balance allocated to 2023.

(3)

During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 dividend period, and the balance allocated to 2022.

(4)

Of the total capital gain distribution during 2021, 42% is excluded under Reg. 1.1061-4(b)(7). The remaining 58% is a Three Year Amount under Reg. 1.1061-6(c).

The following table summarizes the tax status of dividends paid on our Series A preferred stock:


	Year ended December 31,
	2023
Dividend per share	$	0.39
Ordinary income		100	%
Capital gain		—	%
Additional tax status information:
Qualified dividend income		—	%
Section 199A dividend		100	%
Section 897 ordinary dividends		—	%
Section 897 capital gains		—	%

The following table summarizes the tax status of dividends paid on our Series B preferred stock:


	Year ended December 31,
	2023
Dividend per share	$	0.37
Ordinary income		100	%
Capital gain		—	%
Additional tax status information:
Qualified dividend income		—	%
Section 199A dividend		100	%
Section 897 ordinary dividends		—	%
Section 897 capital gains		—	%

Schedule of Components of Income Tax Expense (Benefit)

Our consolidated expense (benefit) for income taxes for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year ended December 31,
(in thousands)	2023		2022			2021
Income tax expense (benefit):
Current	$	796		(332	)		620
Deferred		99		293			421
Total income tax expense (benefit) (1)	$	895		(39	)		1,041

(1)

Included within Other operating expenses in the Consolidated Statements of Operations.

Schedule of Effective Income Tax Rate Reconciliation


	Year ended December 31,
(in thousands)	2023		2022			2021
Computed expected tax expense (benefit)	$	371		504			544
State income tax, net of federal benefit		60		52			477
Valuation allowance		227		(323	)		15
Permanent items		2		1			1
All other items		235		(273	)		4
Total income tax expense (1)		895		(39	)		1,041
Income tax expense attributable to operations (1)	$	895		(39	)		1,041

(1)

Included within Other operating expenses in the Consolidated Statements of Operations.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:


	December 31,
(in thousands)	2023			2022
Deferred tax assets
Other		1,893			1,007
Deferred tax assets		1,893			1,007
Valuation allowance		(1,893	)		(1,007	)
Deferred tax assets, net	$	—			—
Deferred tax liabilities
Fixed assets		(12,563	)		(12,527	)
Other		(780	)		(61	)
Deferred tax liabilities		(13,343	)		(12,588	)
Net deferred tax liabilities	$	(13,343	)		(12,588	)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Net real estate investments:
Real estate assets, at cost (note 1)	$ 13,454,391	$ 11,858,064
Less: accumulated depreciation	2,691,386	2,415,860
Real estate assets, net	10,763,005	9,442,204
Investments in sales-type lease, net	8,705
Investments in real estate partnerships (note 4)	370,605	350,377
Net real estate investments	11,142,315	9,792,581
Properties held for sale	18,878
Cash, cash equivalents, and restricted cash, including $6,383 and $2,310 of restricted cash at December 31, 2023 and 2022, respectively (note 1)	91,354	68,776
Tenant and other receivables (note 1)	206,162	188,863
Deferred leasing costs, less accumulated amortization of $124,107 and $117,137 at December 31, 2023 and 2022, respectively	73,398	68,945
Acquired lease intangible assets, less accumulated amortization of $364,413 and $338,053 at December 31, 2023 and 2022, respectively (note 6)	283,375	197,745
Right of use assets, net	328,002	275,513
Other assets (note 5)	283,429	267,797
Total assets	12,426,913	10,860,220
Liabilities:
Notes payable, net (note 9)	4,001,949	3,726,754
Unsecured credit facility (note 9)	152,000
Accounts payable and other liabilities	358,612	317,259
Acquired lease intangible liabilities, less accumulated amortization of $211,067 and $193,315 at December 31, 2023 and 2022, respectively (note 6)	398,302	354,204
Lease liabilities	246,063	213,722
Tenants’ security, escrow deposits and prepaid rent	78,052	70,242
Total liabilities	5,234,978	4,682,181
Stockholders' equity/Partners' capital:
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued, in the aggregate, in Series A and Series B at December 31, 2023 with liquidation preferences of $25 per share and no shares authorized or issued at December 31, 2022	225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 184,581,070 and 171,124,593 shares issued at December 31, 2023 and 2022, respectively	1,846	1,711
Treasury stock at cost, 448,140 and 465,415 shares held at December 31, 2023 and 2022, respectively	(25,488)	(24,461)
Additional paid-in-capital	8,704,240	7,877,152
Accumulated other comprehensive (loss) income	(1,308)	7,560
Distributions in excess of net income	(1,871,603)	(1,764,977)
Total shareholders' equity	7,032,687	6,096,985
Noncontrolling interests (note 12):
Exchangeable operating partnership units, aggregate redemption value of $74,199 and $46,340 at December 31, 2023 and 2022, respectively	42,195	34,489
Limited partners' interests in consolidated partnerships (note 1)	117,053	46,565
Total noncontrolling interests	159,248	81,054
Total equity	7,191,935	6,178,039
Total liabilities and equity	12,426,913	10,860,220
Partnership Interest [Member]
Net real estate investments:
Real estate assets, at cost (note 1)	13,454,391	11,858,064
Less: accumulated depreciation	2,691,386	2,415,860
Real estate assets, net	10,763,005	9,442,204
Investments in sales-type lease, net	8,705
Investments in real estate partnerships (note 4)	370,605	350,377
Net real estate investments	11,142,315	9,792,581
Properties held for sale	18,878
Cash, cash equivalents, and restricted cash, including $6,383 and $2,310 of restricted cash at December 31, 2023 and 2022, respectively (note 1)	91,354	68,776
Tenant and other receivables (note 1)	206,162	188,863
Deferred leasing costs, less accumulated amortization of $124,107 and $117,137 at December 31, 2023 and 2022, respectively	73,398	68,945
Acquired lease intangible assets, less accumulated amortization of $364,413 and $338,053 at December 31, 2023 and 2022, respectively (note 6)	283,375	197,745
Right of use assets, net	328,002	275,513
Other assets (note 5)	283,429	267,797
Total assets	12,426,913	10,860,220
Liabilities:
Notes payable, net (note 9)	4,001,949	3,726,754
Unsecured credit facility (note 9)	152,000
Accounts payable and other liabilities	358,612	317,259
Acquired lease intangible liabilities, less accumulated amortization of $211,067 and $193,315 at December 31, 2023 and 2022, respectively (note 6)	398,302	354,204
Lease liabilities	246,063	213,722
Tenants’ security, escrow deposits and prepaid rent	78,052	70,242
Total liabilities	5,234,978	4,682,181
Stockholders' equity/Partners' capital:
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued, in the aggregate, in Series A and Series B at December 31, 2023 with liquidation preferences of $25 per unit and no units authorized or issued at December 31, 2022 General partner; 184,581,070 and 171,124,593 units outstanding at December 31, 2023 and 2022, respectively	225,000
General partner; 184,581,070 and 171,124,593 units outstanding at December 31, 2023 and 2022, respectively	6,808,995	6,089,425
Limited partners; 1,107,454 and 741,433 units outstanding at December 31, 2023 and 2022, respectively	42,195	34,489
Accumulated other comprehensive (loss) income	(1,308)	7,560
Total partners’ capital	7,074,882	6,131,474
Noncontrolling interests (note 12):
Limited partners' interests in consolidated partnerships (note 1)	117,053	46,565
Total capital	7,191,935	6,178,039
Total liabilities and equity	$ 12,426,913	$ 10,860,220

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Line Item]

Schedule of Business Acquisitions

The following tables detail the other properties acquired for the periods set forth below:


(in thousands)		December 31, 2023
Date Purchased	Property Name	City/State	Property Type	Regency Ownership	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
5/1/2023	Sienna Phase 1	Houston, TX	Development	75%	$	2,695		—		—		—
5/18/2023	SunVet	Holbrook, NY	Development	100%		24,140		—		—		—
10/11/2023	Nohl Plaza	Orange, CA	Operating	100%		25,328		—		3,940		10,470
12/1/2023	The Longmeadow Shops	Longmeadow, MA	Operating	100%		31,400		—		4,049		1,876
Total property acquisitions					$	83,563		—		7,989		12,346

(1)

Amounts for purchase price and allocation are reflected at 100%.


(in thousands)		December 31, 2022
Date Purchased	Property Name	City/State	Property Type	Regency Ownership	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
3/1/2022	Glenwood Green	Old Bridge, NJ	Development	70%	$	11,000		—		—		—
3/31/2022	Island Village	Bainbridge Island, WA	Operating	100%		30,650		—		2,900		6,839
4/1/2022	Apple Valley (2)	Apple Valley, MN	Operating	100%		34,070		—		4,773		490
4/1/2022	Cedar Commons (2)	Minneapolis, MN	Operating	100%		29,330		—		4,369		58
4/1/2022	Corral Hollow (2)	Tracy, CA	Operating	100%		40,600		—		3,410		74
4/1/2022	Shops at the Columbia (2)	Washington, DC	Operating	100%		14,000		—		889		181
5/6/2022	Baederwood Shoppes	Jenkintown, PA	Operating	80%		51,603		22,779		5,796		1,062
10/12/2022	East Meadow Plaza	East Meadow, NY	Operating	100%		30,000		—		3,295		10,867
Total property acquisitions					$	241,253		22,779		25,432		19,571

(1)

Amounts for purchase price and allocation are reflected at 100%.

(2)

These properties were part of the four property portfolio purchased from an existing unconsolidated real partnership, RegCal, LLC, in which the Company held a 25% ownership interest. The basis allocated to Real estate assets was $93.2 million on a combined basis, including the Company's carry over basis related to its 25% previously owned equity investment in the partnership.

UBP Acquisition [Member]

Real Estate [Line Item]

Components of Purchase Price

the following table provides the components that make up the total purchase price for the UBP acquisition:


(in thousands, except stock price)	Purchase Price
Shares of common stock issued for acquisition		13,568
Closing stock price on August 17, 2023	$	61.03
Value of common stock issued for acquisition	$	828,025
Other adjustments		(9,495	)
Total value of common stock issued	$	818,530
Debt repaid		39,266
Preferred stock converted		225,000
Transaction costs		57,197
Other cash payments		68
Total purchase price	$	1,140,061

Schedule of Total Purchase Price Including Transaction Costs Capitalized and Allocated

The total purchase price, including direct transaction costs capitalized, was allocated as follows:


(in thousands)	Purchase Price Allocation
Real estate assets	$	1,379,835
Investments in unconsolidated real estate partnerships		35,942
Real estate assets		1,415,777
Cash, accounts receivable and other assets		51,902
Lease intangible assets		128,663
Total assets acquired		1,596,342

Notes payable		284,706
Accounts payable, accrued expenses, and other liabilities		37,500
Lease intangible liabilities		69,583
Total liabilities assumed		391,789
Non-controlling interest		64,492
Total purchase price	$	1,140,061

Schedule of Weighted Average Amortization Period of Intangible Assets and Liabilities

The following table details the weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the UBP acquisition:


(in years)	Weighted Average Amortization Period
Assets:
In-place leases		8.0
Above-market leases		7.0
Liabilities:
Below-market leases		18.5

Real Estate Investments

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Real Estate Investments

UBP Acquisition

General

With respect to the acquisition of UBP discussed in Note 1 - Acquisition of Urstadt Biddle Properties Inc, the following table provides the components that make up the total purchase price for the UBP acquisition:


(in thousands, except stock price)	Purchase Price
Shares of common stock issued for acquisition		13,568
Closing stock price on August 17, 2023	$	61.03
Value of common stock issued for acquisition	$	828,025
Other adjustments		(9,495	)
Total value of common stock issued	$	818,530
Debt repaid		39,266
Preferred stock converted		225,000
Transaction costs		57,197
Other cash payments		68
Total purchase price	$	1,140,061

Purchase Price Allocation

The acquisition has been accounted for using the asset acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, that the total cost or total consideration exchanged be allocated to the real estate properties and related lease intangibles on a relative fair value basis. All the other assets acquired, and liabilities assumed, including notes payable, are recorded at fair value. The total purchase price, including direct transaction costs capitalized, was allocated as follows:


(in thousands)	Purchase Price Allocation
Real estate assets	$	1,379,835
Investments in unconsolidated real estate partnerships		35,942
Real estate assets		1,415,777
Cash, accounts receivable and other assets		51,902
Lease intangible assets		128,663
Total assets acquired		1,596,342

Notes payable		284,706
Accounts payable, accrued expenses, and other liabilities		37,500
Lease intangible liabilities		69,583
Total liabilities assumed		391,789
Non-controlling interest		64,492
Total purchase price	$	1,140,061

The acquired assets and assumed liabilities for an acquired operating property generally include, but are not limited to: land, buildings and improvements, identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases. This methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements and also determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. The fair market value of the acquired operating properties is based on a valuation prepared by Regency with assistance of a third party valuation specialist. The third-party specialist utilized stabilized NOI and market specific capitalization rates as the primary valuation inputs in determining the fair value of the real estate assets. The fair value of land is generally based on relevant market data, such as a comparison of the subject site to similar parcels that have recently been sold or are currently being offered on the market for sale. Management reviews the inputs used by the third-party specialist as well as the allocation of the purchase price to ensure reasonableness and that the procedures are performed in accordance with management's policy. Management and the third-party valuation specialist prepared their fair value estimates for each of the operating properties acquired. The allocation of the purchase price described above requires a significant amount of judgment and represents management's best estimate of the fair value as of the acquisition date.


(in years)	Weighted Average Amortization Period
Assets:
In-place leases		8.0
Above-market leases		7.0
Liabilities:
Below-market leases		18.5

Other Acquisitions

The following tables detail the other properties acquired for the periods set forth below:


(in thousands)		December 31, 2023
Date Purchased	Property Name	City/State	Property Type	Regency Ownership	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
5/1/2023	Sienna Phase 1	Houston, TX	Development	75%	$	2,695		—		—		—
5/18/2023	SunVet	Holbrook, NY	Development	100%		24,140		—		—		—
10/11/2023	Nohl Plaza	Orange, CA	Operating	100%		25,328		—		3,940		10,470
12/1/2023	The Longmeadow Shops	Longmeadow, MA	Operating	100%		31,400		—		4,049		1,876
Total property acquisitions					$	83,563		—		7,989		12,346

(1)

Amounts for purchase price and allocation are reflected at 100%.


(in thousands)		December 31, 2022
Date Purchased	Property Name	City/State	Property Type	Regency Ownership	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
3/1/2022	Glenwood Green	Old Bridge, NJ	Development	70%	$	11,000		—		—		—
3/31/2022	Island Village	Bainbridge Island, WA	Operating	100%		30,650		—		2,900		6,839
4/1/2022	Apple Valley (2)	Apple Valley, MN	Operating	100%		34,070		—		4,773		490
4/1/2022	Cedar Commons (2)	Minneapolis, MN	Operating	100%		29,330		—		4,369		58
4/1/2022	Corral Hollow (2)	Tracy, CA	Operating	100%		40,600		—		3,410		74
4/1/2022	Shops at the Columbia (2)	Washington, DC	Operating	100%		14,000		—		889		181
5/6/2022	Baederwood Shoppes	Jenkintown, PA	Operating	80%		51,603		22,779		5,796		1,062
10/12/2022	East Meadow Plaza	East Meadow, NY	Operating	100%		30,000		—		3,295		10,867
Total property acquisitions					$	241,253		22,779		25,432		19,571

(1)

Amounts for purchase price and allocation are reflected at 100%.

(2)

In addition to the acquisitions listed above, the Company acquired, for $9.0 million, the remaining 50% ownership interest from its partner in Kroger New Albany Center, an existing consolidated property.

Investments in Real Estate Partnerships - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023
Debt Instrument [Line Items]
Percent of long term debt with fixed interest rate	95.40%
Weighted average fixed interest rate	3.80%
Maturity period	2034
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Weighted average variable interest rate	7.20%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Components of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total real estate assets	$ 13,454,391	$ 11,858,064
Parent Company [Member]
Property Plant And Equipment [Line Items]
Land	4,802,583	4,379,877
Land improvements	758,779	707,227
Buildings	6,371,894	5,465,877
Building and tenant improvements	1,302,954	1,171,650
Construction in progress	218,181	133,433
Total real estate assets	$ 13,454,391	$ 11,858,064