0000950170-24-052749 | 10-Q | XBRL Viewer

Notes Payable and Unsecured Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2024

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:


(in thousands)	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	March 31, 2024		December 31, 2023
Notes payable:
Fixed rate mortgage loans	6/1/2037	3.8%	4.4%	$	439,864		449,615
Variable rate mortgage loans (1)	1/31/2032	4.2%	4.2%		298,375		299,579
Fixed rate unsecured debt	3/15/2049	4.0%	4.1%		3,648,942		3,252,755
Total notes payable, net					4,387,181		4,001,949
Unsecured credit facilities:
$1.5 Billion Line of Credit (the "Line") (2)	3/23/2028	6.3%	6.7%		30,000		152,000
Total unsecured credit facilities					30,000		152,000
Total debt outstanding				$	4,417,181		4,153,949

(1)

As of March 31, 2024, 98.3% of the variable rate mortgage loans are fixed through interest rate swaps.

(2)

The Line is scheduled to mature on March 23, 2028. The Company has the option to extend the maturity for two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

Schedule of Maturities of Long-term Debt

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


(in thousands)	March 31, 2024
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2024 (2)	$	7,989		133,580			250,000			391,569
2025		9,678		52,537			250,000			312,215
2026		9,920		147,848			200,000			357,768
2027		7,013		222,558			525,000			754,571
2028		5,312		36,570			330,000			371,882
Beyond 5 Years		7,956		106,092			2,150,000			2,264,048
Unamortized debt premium/(discount) and issuance costs		—		(8,814	)		(26,058	)		(34,872	)
Total	$	47,868		690,371			3,678,942			4,417,181

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

Reflects scheduled principal payments and maturities for the remainder of the year.

Real Estate Investments

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Real Estate Investments


2.	Real Estate Investments

The table below details properties acquired during the three months ended March 31, 2024:

        (in thousands)

        Three months ended March 31, 2024

        Date Purchased

        Property Name

        City/State

        Property
Type

        Regency Ownership

        Purchase
Price (1)

        Debt
Assumed,
Net of
Discounts (1)

        Intangible
Assets (1)

        Intangible
Liabilities (1)

        Consolidated

2/23/2024

The Shops at Stone Bridge

Cheshire, CT

Development

100%

8,000

—

—

—

Total consolidated

8,000

—

—

—

(1)

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

The Company had no property acquisitions during the three months ended March 31, 2023.

Organization and Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 12,650,903	$ 12,426,913
Variable interest entity, consolidated, carrying amount, liabilities	5,472,884	5,234,978
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	348,951	342,621
Variable interest entity, consolidated, carrying amount, liabilities	108,642	107,258
Variable Interest Entity, Primary Beneficiary [Member] \| Notes Payable [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	33,092	33,211
Variable Interest Entity, Primary Beneficiary [Member] \| Accounts Payable and Other Liabilities [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	31,853	29,919
Variable Interest Entity, Primary Beneficiary [Member] \| Acquired Lease Intangible Liabilities, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	21,103	21,456
Variable Interest Entity, Primary Beneficiary [Member] \| Tenants' Security, Escrow Deposits and Prepaid Rent [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	1,112	1,239
Variable Interest Entity, Primary Beneficiary [Member] \| Lease Liabilities [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	21,482	21,433
Variable Interest Entity, Primary Beneficiary [Member] \| Real Estate Assets, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	276,484	270,674
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	8,324	8,201
Variable Interest Entity, Primary Beneficiary [Member] \| Tenant and Other Receivables, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	4,777	3,883
Variable Interest Entity, Primary Beneficiary [Member] \| Deferred Costs, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	2,406	2,494
Variable Interest Entity, Primary Beneficiary [Member] \| Acquired Lease Intangible Assets, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	11,284	12,099
Variable Interest Entity, Primary Beneficiary [Member] \| Right of Use Assets, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	44,102	44,377
Variable Interest Entity, Primary Beneficiary [Member] \| Other Assets [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 1,574	$ 893

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements


8.	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 those instruments listed below:


	March 31, 2024				December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable(1)	$	30,634		30,634		2,109		2,109
Financial liabilities:
Notes payable, net	$	4,387,181		4,143,622		4,001,949		3,763,152
Unsecured credit facilities(1)	$	30,000		30,000		152,000		152,000

(1)

The carrying amounts approximated its fair values due to the variable nature of the terms or the timing of issuance.

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 March 31, 2024, and December 31, 2023, 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) Recurring Fair Value

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 in the accompanying Consolidated Statements of Operations, and include unrealized gains of $2.4 million and $1.6 million during the three months ended March 31, 2024 and 2023, respectively.

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 March 31, 2024
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities	$	126,225			126,225		—			—
Available-for-sale debt securities		14,362			—		14,362			—
Interest rate derivatives		16,711			—		16,711			—
Total	$	157,298			126,225		31,073			—
Liabilities:
Interest rate derivatives	$	(393	)		—		(393	)		—


	Fair Value Measurements as of December 31, 2023
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(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	)		—

- 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

Other Assets (Tables)

3 Months Ended

Mar. 31, 2024

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 dates set forth below:


(in thousands)	March 31, 2024		December 31, 2023
Goodwill	$	167,062		167,062
Investments(1)		140,587		51,992
Prepaid and other		56,937		40,635
Derivative assets		16,711		14,213
Furniture, fixtures, and equipment, net ("FF&E")		6,424		6,662
Deferred financing costs, net(2)		11,712		2,865
Total other assets	$	399,433		283,429

(1)

During the three months ended March 31, 2024, the Company invested approximately $90 million in commercial deposits from the proceeds received from the January public offering of senior unsecured notes.

(2)

The Company incurred additional financing costs related to recasting its Line of Credit. See Note 5 — Notes Payable and Unsecured Credit Facilities for discussion regarding these transactions.

Real Estate Investments - Schedule of Properties Acquired (Details) - Consolidated Properties [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Business Acquisition [Line Items]
Purchase Price	$ 8,000
The Shops at Stone Bridge [Member]
Business Acquisition [Line Items]
Date Purchased	Feb. 23, 2024
Property Name	The Shops at Stone Bridge
City/State	Cheshire, CT
Ownership	100.00%
Purchase Price	$ 8,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Restricted cash and cash equivalent	$ 5,401	$ 6,383
Deferred costs accumulated amortization	125,643	124,107
Accumulated amortization of acquired lease intangible assets	364,829	364,413
Accumulated accretion of acquired lease intangible liabilities	$ 202,474	$ 211,067
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	9,000,000	9,000,000
Preferred stock, shares outstanding	9,000,000	9,000,000
Preferred stock, liquidation preferences	$ 25	$ 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	184,774,486	184,581,070
Common stock, shares outstanding	184,774,486	184,581,070
Treasury stock, shares held at cost	452,690	448,140
Exchangeable operating partnership units aggregate redemption value	$ 66,587	$ 74,199
Partnership Interest [Member]
Restricted cash and cash equivalent	5,401	6,383
Deferred costs accumulated amortization	125,643	124,107
Accumulated amortization of acquired lease intangible assets	364,829	364,413
Accumulated accretion of acquired lease intangible liabilities	$ 202,474	$ 211,067
Preferred stock, par value per units	$ 0.01	$ 0.01
Preferred units, authorized	30,000,000	30,000,000
Preferred units, issued	9,000,000	9,000,000
Preferred units, outstanding	9,000,000	9,000,000
Preferred units of general partner units, outstanding	9,000,000	9,000,000
Preferred units of general partner units, liquidation preferences	$ 25	$ 25
General partner units, issued	184,774,486	184,581,070
General partner units, outstanding	184,774,486	184,581,070
Limited partner units, issued	1,099,516	1,107,454
Limited partner units, outstanding	1,099,516	1,107,454

Organization and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Acquisition of UBP

Acquisition of Urstadt Biddle Properties Inc.

On August 18, 2023, the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisition. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of Parent Company Series A preferred stock and Parent Company Series B preferred stock, respectively.

As a result of the acquisition, the Company acquired 74 properties representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships. See the Company's audited Annual Report on Form 10-K for the year ended December 31, 2023 for further disclosure regarding the acquisition transaction.

Risks and Uncertainties

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 may 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, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, current Middle East conflicts and wars, and the economic conflicts with China, as well as the 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 and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases in federal government spending, and economic sanctions and tariffs, 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. See Item 1A of Part I of the Company's Annual Report on Form 10-K for a more detailed discussion of the Risk Factors potentially impacting the Company's business and results of operations.

Consolidation

The Company consolidates properties that are wholly-owned, and properties where it owns less than 100% but holds a controlling financial interest in the partnerships. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities.

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 March 31, 2024, the Parent Company owned approximately 99.4% of the outstanding Common Units, with the remaining Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.

Real Estate Partnerships

As of March 31, 2024, Regency held partial ownership interests in 119 properties through real estate partnerships, of which 18 are consolidated. Regency's partners include institutional investors, real estate developers and/or operators, and passive investors (the "Partners" or "Limited Partners"). These partnerships have been established to own and operate real estate properties. The Company’s involvement with these entities is through its ownership and management of the properties. The entities 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. Regency has variable interests in these entities through its equity ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. 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 have a controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance with the equity method of accounting.

The assets of these partnerships are restricted to use by the respective partnerships and cannot be reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners.

The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:


(in thousands)	March 31, 2024		December 31, 2023
Assets
Real estate assets, net	$	276,484		270,674
Cash, cash equivalents and restricted cash		8,324		8,201
Tenant and other receivables, net		4,777		3,883
Deferred costs, net		2,406		2,494
Acquired lease intangible assets, net		11,284		12,099
Right of use assets, net		44,102		44,377
Other assets		1,574		893
Total Assets	$	348,951		342,621
Liabilities
Notes payable	$	33,092		33,211
Accounts payable and other liabilities		31,853		29,919
Acquired lease intangible liabilities, net		21,103		21,456
Tenants' security, escrow deposits and prepaid rent		1,112		1,239
Lease liabilities		21,482		21,433
Total Liabilities	$	108,642		107,258

Revenues, and Tenant and Other Receivables

Revenues, and Tenant and other Receivables

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 derived 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:


		Three months ended March 31,
(in thousands)	Timing of satisfaction of performance obligations	2024		2023
Management, transaction, and other fees:
Property management services	Over time	$	3,961		3,458
Asset management services	Over time		1,602		1,629
Leasing services	Point in time		574		718
Other fees	Point in time		259		233
Total management, transaction, and other fees		$	6,396		6,038

The accounts receivable for management, transactions, and other fees, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $16.5 million and $18.5 million, as of March 31, 2024 and December 31, 2023, respectively.

Recent Accounting Pronouncements

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


Standard	Description	Earlier of Effective Date or the Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:
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 standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

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 will review the extent of new disclosures necessary prior to implementation. Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's financial position and/or results of operations.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Accrued liabilities for environmental remediation	$ 15.9	$ 16.5
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Line of Credit Facility, Maximum Borrowing Capacity	$ 50.0
Letters of Credit Outstanding, Amount	$ 8.5	$ 8.5

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation


10.	Stock-Based Compensation

During the three months ended March 31, 2024, the Company granted 322,159 shares of restricted stock with a weighted-average grant-date fair value of $60.31 per share. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives Outstanding

Detail on the Company's interest rate derivatives outstanding as of March 31, 2024 and December 31, 2023 is as follows:


	Number of Instruments
Interest Rate Swaps	March 31, 2024		December 31, 2023
Notional amount		323,678		294,928
Number of instruments		16		15

Schedule of Fair Value of Interest Rate Derivatives

Detail on the fair value of the Company's interest rate derivatives as of March 31, 2024 and December 31, 2023 is as follows:


(in thousands)	Fair Value
Interest rate swaps classified as:	March 31, 2024			December 31, 2023
Derivative assets	$	16,711			14,213
Derivative liabilities		(393	)		(1,335	)

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 Gain (Loss) Reclassified from AOCI into Income							Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Three months ended March 31,						Three months ended March 31,							Three months ended March 31,
(in thousands)	2024		2023				2024			2023				2024		2023
Interest rate swaps	$	8,593		(2,736	)	Interest income	$	(2,367	)		(1,492	)	Interest expense, net	$	42,868		36,393

Leases (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Operating Leased Assets [Line Items]

Fixed and in-substance fixed lease income

$ 256,626

$ 219,641

Variable lease income

92,290

80,780

Uncollectible straight-line rent

^[1]

(400)

578

Uncollectible amounts billable in lease (loss) income

(1,233)

1,937

Total lease income

353,106

308,801

Accounts and Notes Receivable, Net

229,407

$ 206,162

Straight-line rent receivables

144,022

138,590

Tenant Receivables [Member]

Operating Leased Assets [Line Items]

Accounts and Notes Receivable, Net

27,357

34,814

Notes Receivable [Member]

Operating Leased Assets [Line Items]

Accounts and Notes Receivable, Net

30,634

2,109

Other Receivable [Member]

Operating Leased Assets [Line Items]

Accounts and Notes Receivable, Net

27,394

$ 30,649

Lessor [Member]

Operating Leased Assets [Line Items]

Above/below market rent and tenant rent inducement amortization, net

$ 5,823

$ 5,865

[1]	The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis accounting for certain leases.

Consolidated Statements of Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 112,658	$ 98,488
Other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,367)	(1,492)
Contributions from partners	1,472	1,777
Distributions to partners	(4,364)	(1,039)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	6,576	4,819
Total Partners' Capital [Member]
Net income	109,774	97,281
Other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,214)	(1,317)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	6,576	4,819
Partnership Interest [Member]
Beginning Balance	7,191,935	6,178,039
Net income	112,658	98,488
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	8,474	(2,544)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,367)	(1,492)
Contributions from partners	1,472	1,777
Distributions to partners	(128,896)	(112,868)
Preferred unit distributions	(3,413)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	6,576	4,819
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company		(20,006)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(8,420)	(6,778)
Ending Balance	7,178,019	6,139,435
Partnership Interest [Member] \| Total Partners' Capital [Member]
Beginning Balance	7,074,882	6,131,474
Net income	110,416	97,701
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	8,035	(2,327)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,227)	(1,322)
Distributions to partners	(124,532)	(111,829)
Preferred unit distributions	(3,413)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	6,576	4,819
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company		(20,006)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(8,420)	(6,778)
Ending Balance	7,061,317	6,091,732
Partnership Interest [Member] \| Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(1,308)	7,560
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	7,987	(2,316)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,214)	(1,317)
Ending Balance	4,465	3,927
Partnership Interest [Member] \| Noncontrolling Interests In Limited Partners Interest In Consolidated Partnerships [Member]
Beginning Balance	117,053	46,565
Net income	2,242	787
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	439	(217)
Amounts reclassified from accumulated other comprehensive income (loss)	(140)	(170)
Contributions from partners	1,472	1,777
Distributions to partners	(4,364)	(1,039)
Ending Balance	116,702	47,703
Partnership Interest [Member] \| General Partner Preferred and Common Units [Member]
Beginning Balance	7,033,995	6,089,425
Net income	109,774	97,281
Other comprehensive income (loss)
Distributions to partners	(123,795)	(111,347)
Preferred unit distributions	(3,413)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	6,576	4,819
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company		(20,006)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(8,420)	(6,778)
Exchangeable operating partnership units converted to common stock of Parent Company	529
Ending Balance	7,015,246	6,053,394
Partnership Interest [Member] \| Limited Partner [Member]
Beginning Balance	42,195	34,489
Net income	642	420
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	48	(11)
Amounts reclassified from accumulated other comprehensive income (loss)	(13)	(5)
Distributions to partners	(737)	(482)
Exchangeable operating partnership units converted to common stock of Parent Company	(529)
Ending Balance	$ 41,606	$ 34,411

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares		3 Months Ended
	May 02, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock/unit per share	$ 0.65	$ 0.67	$ 0.65

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Balance Sheet Fair Values


	March 31, 2024				December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable(1)	$	30,634		30,634		2,109		2,109
Financial liabilities:
Notes payable, net	$	4,387,181		4,143,622		4,001,949		3,763,152
Unsecured credit facilities(1)	$	30,000		30,000		152,000		152,000

(1)

The carrying amounts approximated its fair values due to the variable nature of the terms or the timing of issuance.

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 March 31, 2024
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities	$	126,225			126,225		—			—
Available-for-sale debt securities		14,362			—		14,362			—
Interest rate derivatives		16,711			—		16,711			—
Total	$	157,298			126,225		31,073			—
Liabilities:
Interest rate derivatives	$	(393	)		—		(393	)		—


	Fair Value Measurements as of December 31, 2023
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(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	)		—

Equity and Capital - Additional Information (Details) - USD ($)			3 Months Ended
	May 01, 2024	May 02, 2023	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Common stock dividend declared, per share		$ 0.65	$ 0.67	$ 0.65
Dividends payable date		Jul. 06, 2023
Dividends record date		Jun. 14, 2023
Dividends declared date		May 02, 2023
Stock repurchase program, authorized amount			$ 250,000,000
Stock repurchase program expiration date			Feb. 07, 2025
Stock repurchased and retired during period, value				$ 20,006,000
At the Market ("ATM") Program [Member]
Class of Stock [Line Items]
Common stock issued during period			$ 0	0
Common stock remaining available for issuance			$ 500,000,000
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock dividend declared, per share	$ 0.67
Dividends payable date	Jul. 03, 2024
Dividends record date	Jun. 12, 2024
Dividends declared date	May 01, 2024
Common Stock [Member]
Class of Stock [Line Items]
Stock repurchased and retired during period, value				$ 3,000
Issuance of exchangeable operating partnership, units			7,938	0
Series A Preferred Stock [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Dividends payable date	Jul. 31, 2024
Dividends record date	Jul. 16, 2024
Preferred stock dividend per share paid	$ 0.390625
Series B Preferred Stock [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Dividends payable date	Jul. 31, 2024
Dividends record date	Jul. 16, 2024
Preferred stock dividend per share paid	$ 0.3672
AOCI Attributable to Parent [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Stock repurchased and retired during period, shares				349,519
Stock repurchased and retired during period, value			$ 0	$ 20,000,000
Shares repurchased weighted average price per share				$ 57.22
Stock repurchased remaining authorized value			230,000,000
Maximum [Member] \| At the Market ("ATM") Program [Member]
Class of Stock [Line Items]
Equity issuances, common stock authorized for issuance			$ 500,000,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Net real estate investments:
Real estate assets, at cost	$ 13,456,499	$ 13,454,391
Less: accumulated depreciation	2,748,712	2,691,386
Real estate assets, net	10,707,787	10,763,005
Investments in sales-type lease, net	11,532	8,705
Investments in real estate partnerships	368,709	370,605
Net real estate investments	11,088,028	11,142,315
Properties held for sale, net	33,572	18,878
Cash, cash equivalents, and restricted cash, including $5,401 and $6,383 of restricted cash at March 31, 2024 and December 31, 2023, respectively	230,101	91,354
Tenant and other receivables, net	229,407	206,162
Deferred leasing costs, less accumulated amortization of $125,643 and $124,107 at March 31, 2024 and December 31, 2023, respectively	77,484	73,398
Acquired lease intangible assets, less accumulated amortization of $364,829 and $364,413 at March 31, 2024 and December 31, 2023, respectively	266,831	283,375
Right of use assets, net	326,047	328,002
Other assets	399,433	283,429
Total assets	12,650,903	12,426,913
Liabilities:
Notes payable, net	4,387,181	4,001,949
Unsecured credit facility	30,000	152,000
Accounts payable and other liabilities	344,641	358,612
Acquired lease intangible liabilities, less accumulated amortization of $202,474 and $211,067 at March 31, 2024 and December 31, 2023, respectively	389,908	398,302
Lease liabilities	245,235	246,063
Tenants' security, escrow deposits and prepaid rent	75,919	78,052
Total liabilities	5,472,884	5,234,978
Commitments and contingencies
Shareholders' equity/Partners' capital:
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 and shares issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2024 and December 31, 2023 with liquidation preference of $25 per share	225,000	225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 184,774,486 and 184,581,070 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1,848	1,846
Treasury stock at cost, 452,690 and 448,140 shares held at March 31, 2024 and December 31, 2023, respectively	(26,321)	(25,488)
Additional paid-in-capital	8,703,756	8,704,240
Accumulated other comprehensive income (loss)	4,465	(1,308)
Distributions in excess of net income	(1,889,037)	(1,871,603)
Total shareholders' equity	7,019,711	7,032,687
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $66,587 and $74,199 at March 31, 2024 and December 31, 2023, respectively	41,606	42,195
Limited partners' interests in consolidated partnerships	116,702	117,053
Total noncontrolling interests	158,308	159,248
Total equity	7,178,019	7,191,935
Total liabilities and equity	12,650,903	12,426,913
Partnership Interest [Member]
Net real estate investments:
Real estate assets, at cost	13,456,499	13,454,391
Less: accumulated depreciation	2,748,712	2,691,386
Real estate assets, net	10,707,787	10,763,005
Investments in sales-type lease, net	11,532	8,705
Investments in real estate partnerships	368,709	370,605
Net real estate investments	11,088,028	11,142,315
Properties held for sale, net	33,572	18,878
Cash, cash equivalents, and restricted cash, including $5,401 and $6,383 of restricted cash at March 31, 2024 and December 31, 2023, respectively	230,101	91,354
Tenant and other receivables, net	229,407	206,162
Deferred leasing costs, less accumulated amortization of $125,643 and $124,107 at March 31, 2024 and December 31, 2023, respectively	77,484	73,398
Acquired lease intangible assets, less accumulated amortization of $364,829 and $364,413 at March 31, 2024 and December 31, 2023, respectively	266,831	283,375
Right of use assets, net	326,047	328,002
Other assets	399,433	283,429
Total assets	12,650,903	12,426,913
Liabilities:
Notes payable, net	4,387,181	4,001,949
Unsecured credit facility	30,000	152,000
Accounts payable and other liabilities	344,641	358,612
Acquired lease intangible liabilities, less accumulated amortization of $202,474 and $211,067 at March 31, 2024 and December 31, 2023, respectively	389,908	398,302
Lease liabilities	245,235	246,063
Tenants' security, escrow deposits and prepaid rent	75,919	78,052
Total liabilities	5,472,884	5,234,978
Commitments and contingencies
Shareholders' equity/Partners' capital:
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2024 and December 31, 2023 with liquidation preference of $25 per unit	225,000	225,000
General partner's common units, 184,774,486 and 184,581,070 units issued and outstanding at March 31,2024 and December 31,2023, respectively	6,790,246	6,808,995
Limited partners' common units, 1,099,516 and 1,107,454 units issued and outstanding at March 31, 2024 and December 31, 2023 respectively	41,606	42,195
Accumulated other comprehensive income (loss)	4,465	(1,308)
Total partners' capital	7,061,317	7,074,882
Noncontrolling interests:
Limited partners' interests in consolidated partnerships	116,702	117,053
Total capital	7,178,019	7,191,935
Total liabilities and equity	$ 12,650,903	$ 12,426,913

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Lease income	$ 353,106	$ 308,801
Other property income	4,350	3,138
Management, transaction, and other fees	6,396	6,038
Total revenues	363,852	317,977
Operating expenses:
Depreciation and amortization	97,585	82,707
Property operating expense	63,274	51,022
Real estate taxes	44,307	38,477
General and administrative	26,132	25,280
Other operating expenses (income)	2,643	(497)
Total operating expenses	233,941	196,989
Other expense, net:
Interest expense, net	42,868	36,393
Gain on sale of real estate, net of tax	(11,403)	(250)
Loss on early extinguishment of debt	180
Net investment income	(2,431)	(1,727)
Total other expense, net	29,214	34,416
Income before equity in income of investments in real estate partnerships	100,697	86,572
Equity in income of investments in real estate partnerships	11,961	11,916
Net income	112,658	98,488
Noncontrolling interests:
Exchangeable operating partnership units	(642)	(420)
Limited partners' interests in consolidated partnerships	(2,242)	(787)
Net income attributable to noncontrolling interests	(2,884)	(1,207)
Net income attributable to the Company/ Partnership	109,774	97,281
Preferred stock dividends	(3,413)
Net income attributable to common shareholders	$ 106,361	$ 97,281
Net income per common share - basic	$ 0.58	$ 0.57
Net income per common share - diluted	$ 0.58	$ 0.57
Partnership Interest [Member]
Revenues:
Lease income	$ 353,106	$ 308,801
Other property income	4,350	3,138
Management, transaction, and other fees	6,396	6,038
Total revenues	363,852	317,977
Operating expenses:
Depreciation and amortization	97,585	82,707
Property operating expense	63,274	51,022
Real estate taxes	44,307	38,477
General and administrative	26,132	25,280
Other operating expenses (income)	2,643	(497)
Total operating expenses	233,941	196,989
Other expense, net:
Interest expense, net	42,868	36,393
Gain on sale of real estate, net of tax	(11,403)	(250)
Loss on early extinguishment of debt	180
Net investment income	(2,431)	(1,727)
Total other expense, net	29,214	34,416
Income before equity in income of investments in real estate partnerships	100,697	86,572
Equity in income of investments in real estate partnerships	11,961	11,916
Net income	112,658	98,488
Noncontrolling interests:
Limited partners' interests in consolidated partnerships	(2,242)	(787)
Net income attributable to noncontrolling interests	(2,242)	(787)
Net income attributable to the Company/ Partnership	110,416	97,701
Preferred unit distributions	(3,413)
Net income attributable to common unit holders	$ 107,003	$ 97,701
Net income per common unit - basic	$ 0.58	$ 0.57
Net income per common unit - diluted	$ 0.58	$ 0.57

Derivative Financial Instruments - Schedule of Interest Rate Derivatives Outstanding (Details) - Interest Rate Swaps [Member] $ in Thousands	Mar. 31, 2024 USD ($) Instrument	Dec. 31, 2023 USD ($) Instrument
Derivative [Line Items]
Notional amount \| $	$ 323,678	$ 294,928
Number of instruments \| Instrument	16	15

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases


7.	Leases

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 the lease contract, which are primarily related to base rent, and in some cases stated amounts for common area maintenance ("CAM"), real estate taxes, and insurance (collectively, "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:

•

Recoveries from tenants represents 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.

•

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 ASC Topic 842:


(in thousands)	Three months ended March 31,
	2024			2023
Operating lease income
Fixed and in-substance fixed lease income	$	256,626			219,641
Variable lease income		92,290			80,780
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		5,823			5,865
Uncollectible straight-line rent (1)		(400	)		578
Uncollectible amounts billable in lease (loss) income		(1,233	)		1,937
Total lease income	$	353,106			308,801

(1)

The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis accounting for certain leases.

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


(in thousands)	March 31, 2024		December 31, 2023
Tenant receivables	$	27,357		34,814
Straight-line rent receivables		144,022		138,590
Notes receivable		30,634		2,109
Other receivables(1)		27,394		30,649
Total tenant and other receivables	$	229,407		206,162

(1)

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

During three months ended March 31, 2024 the Company issued a note receivable in the amount of $29.8 million at an interest rate of 6.9% maturing in January 2027, secured by a grocery-anchored shopping center.

Derivative Financial Instruments - Schedule of Fair Value of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets	$ 16,711	$ 14,213
Interest Rate Swaps [Member]
Derivative [Line Items]
Derivative assets	16,711	14,213
Derivative liabilities	$ (393)	$ (1,335)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized interest	$ 1,656	$ 1,250
Partnership Interest [Member]
Capitalized interest	$ 1,656	$ 1,250

Property Dispositions and Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2024

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:


	Three months ended March 31,
(in thousands, except number sold data)	2024		2023
Net proceeds from sale of real estate investments	$	30,033		2,923
Gain on sale of real estate, net of tax		11,403		250
Number of operating properties sold		1		—
Number of land parcels sold		—		1
Percent interest sold	100%		100%

Schedule of Properties Held for Sale

The following table presents the assets associated with the properties classified as held for sale:


(in thousands)	March 31, 2024			December 31, 2023
Land and improvements	$	27,003			9,120
Buildings and improvements		9,425			12,551
Less: accumulated depreciation		(2,928	)		(3,461	)
Real estate, net		33,500			18,210
Other assets, net		72			668
Assets associated with real estate assets held for sale	$	33,572			18,878

- 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.

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+ Details

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments


6.	Derivative Financial 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.

Detail on the Company's interest rate derivatives outstanding as of March 31, 2024 and December 31, 2023 is as follows:


	Number of Instruments
Interest Rate Swaps	March 31, 2024		December 31, 2023
Notional amount		323,678		294,928
Number of instruments		16		15

Detail on the fair value of the Company's interest rate derivatives as of March 31, 2024 and December 31, 2023 is as follows:


(in thousands)	Fair Value
Interest rate swaps classified as:	March 31, 2024			December 31, 2023
Derivative assets	$	16,711			14,213
Derivative liabilities		(393	)		(1,335	)

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 March 31, 2024, 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 Gain (Loss) Reclassified from AOCI into Income							Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Three months ended March 31,						Three months ended March 31,							Three months ended March 31,
(in thousands)	2024		2023				2024			2023				2024		2023
Interest rate swaps	$	8,593		(2,736	)	Interest income	$	(2,367	)		(1,492	)	Interest expense, net	$	42,868		36,393

As of March 31, 2024, the Company expects approximately $6.4 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.

Organization and Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 6,396	$ 6,038
Property management services [Member]
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 3,961	3,458
Timing of satisfaction of performance obligations	Over time
Asset management services [Member]
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 1,602	1,629
Timing of satisfaction of performance obligations	Over time
Leasing services [Member]
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 574	718
Timing of satisfaction of performance obligations	Point in time
Other fees [Member]
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 259	$ 233
Timing of satisfaction of performance obligations	Point in time

Stock-Based Compensation (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted \| shares	322,159
Weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 60.31

- 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.

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+ Details

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

Mar. 31, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Long-term Debt

$ 4,417,181

$ 4,153,949

Line of Credit

$ 30,000

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

4.40%

Long-term Debt

$ 439,864

449,615

Unsecured Debt [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

Mar. 15, 2049

Debt, Weighted Average Contractual Interest Rate

4.00%

Debt, Weighted Average Effective Interest Rate

4.10%

Long-term Debt

$ 3,648,942

3,252,755

Notes Payable to Banks [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 4,387,181

4,001,949

Line of Credit [Member]

Debt Instrument [Line Items]

Long-term Debt, Maturity Date

^[1]

Mar. 23, 2028

Debt, Weighted Average Contractual Interest Rate

^[1]

6.30%

Debt, Weighted Average Effective Interest Rate

^[1]

6.70%

Long-term Debt

^[1]

$ 30,000

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]

4.20%

Long-term Debt

^[2]

$ 298,375

$ 299,579

[1]	The Line is scheduled to mature on March 23, 2028. The Company has the option to extend the maturity for two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.
[2]	As of March 31, 2024, 98.3% of the variable rate mortgage loans are fixed through interest rate swaps.

Organization and Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details)	3 Months Ended
	Mar. 31, 2024
ASU 2023-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle accounting standards update adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024
New Accounting Pronouncement or Change in Accounting Principle, Description	ASU 2023-07
ASU 2023-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle accounting standards update adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2025
New Accounting Pronouncement or Change in Accounting Principle, Description	ASU 2023-09

- 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

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-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 15
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Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 66: http://www.xbrl.org/2003/role/disclosureRef
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Reference 67: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
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Reference 70: http://www.xbrl.org/2003/role/disclosureRef
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Reference 71: http://www.xbrl.org/2003/role/disclosureRef
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Reference 73: http://www.xbrl.org/2003/role/disclosureRef
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Reference 74: http://www.xbrl.org/2003/role/disclosureRef
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Reference 75: http://www.xbrl.org/2003/role/disclosureRef
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Reference 76: http://www.xbrl.org/2003/role/disclosureRef
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Reference 79: http://www.xbrl.org/2003/role/disclosureRef
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Reference 80: http://www.xbrl.org/2003/role/disclosureRef
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Reference 81: http://www.xbrl.org/2003/role/disclosureRef
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Reference 82: http://www.xbrl.org/2003/role/disclosureRef
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Reference 84: http://www.xbrl.org/2003/role/disclosureRef
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Reference 86: http://www.xbrl.org/2003/role/disclosureRef
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Reference 90: http://www.xbrl.org/2003/role/disclosureRef
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Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

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 ASC Topic 842:


(in thousands)	Three months ended March 31,
	2024			2023
Operating lease income
Fixed and in-substance fixed lease income	$	256,626			219,641
Variable lease income		92,290			80,780
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		5,823			5,865
Uncollectible straight-line rent (1)		(400	)		578
Uncollectible amounts billable in lease (loss) income		(1,233	)		1,937
Total lease income	$	353,106			308,801

(1)

The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis accounting for certain leases.

Components Of Tenant And Other Receivables

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


(in thousands)	March 31, 2024		December 31, 2023
Tenant receivables	$	27,357		34,814
Straight-line rent receivables		144,022		138,590
Notes receivable		30,634		2,109
Other receivables(1)		27,394		30,649
Total tenant and other receivables	$	229,407		206,162

(1)

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

Organization and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:


(in thousands)	March 31, 2024		December 31, 2023
Assets
Real estate assets, net	$	276,484		270,674
Cash, cash equivalents and restricted cash		8,324		8,201
Tenant and other receivables, net		4,777		3,883
Deferred costs, net		2,406		2,494
Acquired lease intangible assets, net		11,284		12,099
Right of use assets, net		44,102		44,377
Other assets		1,574		893
Total Assets	$	348,951		342,621
Liabilities
Notes payable	$	33,092		33,211
Accounts payable and other liabilities		31,853		29,919
Acquired lease intangible liabilities, net		21,103		21,456
Tenants' security, escrow deposits and prepaid rent		1,112		1,239
Lease liabilities		21,482		21,433
Total Liabilities	$	108,642		107,258

Revenues and Tenant and Other Receivables

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


		Three months ended March 31,
(in thousands)	Timing of satisfaction of performance obligations	2024		2023
Management, transaction, and other fees:
Property management services	Over time	$	3,961		3,458
Asset management services	Over time		1,602		1,629
Leasing services	Point in time		574		718
Other fees	Point in time		259		233
Total management, transaction, and other fees		$	6,396		6,038

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

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


Standard	Description	Earlier of Effective Date or the Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:
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 standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

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 will review the extent of new disclosures necessary prior to implementation. Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's financial position and/or results of operations.

- 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

Other Assets - Schedule of Other Assets (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Public Offering of Senior Unsecured Notes [Member]
Goodwill [Line Items]
Investment in commerical deposits	$ 90

- 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
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Real Estate Investments - Additional Information (Details)	Mar. 31, 2023 Property
Real Estate [Line Items]
Number of real estate properties acquired	0

Property Dispositions and Assets Held for Sale

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions and Assets Held for Sale


3.	Property Dispositions and Assets Held for Sale

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


	Three months ended March 31,
(in thousands, except number sold data)	2024		2023
Net proceeds from sale of real estate investments	$	30,033		2,923
Gain on sale of real estate, net of tax		11,403		250
Number of operating properties sold		1		—
Number of land parcels sold		—		1
Percent interest sold	100%		100%

As of March 31, 2024 the Company had one property held for sale. As of December 31, 2023 the Company had one property held for sale that was subsequently sold during the period as noted in the table above. There were no liabilities associated with the properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale:


(in thousands)	March 31, 2024			December 31, 2023
Land and improvements	$	27,003			9,120
Buildings and improvements		9,425			12,551
Less: accumulated depreciation		(2,928	)		(3,461	)
Real estate, net		33,500			18,210
Other assets, net		72			668
Assets associated with real estate assets held for sale	$	33,572			18,878

Earnings per Share and Unit (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of earnings per share

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


	Three months ended March 31,
(in thousands, except per share data)	2024		2023
Numerator:
Net income attributable to common shareholders - basic	$	106,361		97,281
Net income attributable to common shareholders - diluted	$	106,361		97,281
Denominator:
Weighted average common shares outstanding for basic EPS		184,678		171,212
Weighted average common shares outstanding for diluted EPS (1)		184,770		171,494
Net income per common share – basic	$	0.58		0.57
Net income per common share – diluted	$	0.58		0.57

(1)

Includes the dilutive impact of unvested restricted stock.

Partnership Interest [Member]

Schedule of earnings per share

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


	Three months ended March 31,
(in thousands, except per unit data)	2024		2023
Numerator:
Net income attributable to common unit holders - basic	$	107,003		97,701
Net income attributable to common unit holders - diluted	$	107,003		97,701
Denominator:
Weighted average common units outstanding for basic EPU		185,779		171,953
Weighted average common units outstanding for diluted EPU (1)		185,872		172,235
Net income per common unit – basic	$	0.58		0.57
Net income per common unit – diluted	$	0.58		0.57

(1)

Includes the dilutive impact of unvested restricted stock.

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Trading securities, change in unrealized holding gain (loss)	$ 2.4	$ 1.6

- Definition

Amount of unrealized gain (loss) on investment in debt and equity securities.

+ References + Details

Earnings per Share and Unit

3 Months Ended

Mar. 31, 2024

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit


11.	Earnings per Share and Unit

Parent Company Earnings per Share

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


	Three months ended March 31,
(in thousands, except per share data)	2024		2023
Numerator:
Net income attributable to common shareholders - basic	$	106,361		97,281
Net income attributable to common shareholders - diluted	$	106,361		97,281
Denominator:
Weighted average common shares outstanding for basic EPS		184,678		171,212
Weighted average common shares outstanding for diluted EPS (1)		184,770		171,494
Net income per common share – basic	$	0.58		0.57
Net income per common share – diluted	$	0.58		0.57

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed conversion of the EOP units and certain other convertible units had an anti-dilutive effect upon the calculation of net income to the common shareholders per share. Accordingly, the impact of such assumed conversions has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 1,101,104 and 741,433 for the three months ended March 31, 2024 and 2023, respectively.

Operating Partnership Earnings per Unit

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


	Three months ended March 31,
(in thousands, except per unit data)	2024		2023
Numerator:
Net income attributable to common unit holders - basic	$	107,003		97,701
Net income attributable to common unit holders - diluted	$	107,003		97,701
Denominator:
Weighted average common units outstanding for basic EPU		185,779		171,953
Weighted average common units outstanding for diluted EPU (1)		185,872		172,235
Net income per common unit – basic	$	0.58		0.57
Net income per common unit – diluted	$	0.58		0.57

(1)

Includes the dilutive impact of unvested restricted stock.

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

Real Estate Investments - Schedule of Properties Acquired (Parenthetical) (Details)	Mar. 31, 2024
Business Acquisition [Line Items]
Percentage of purchase price and allocation	100.00%

Organization and Significant Accounting Policies - Additional Information (Details) $ in Thousands, ft² in Millions		3 Months Ended
	Aug. 18, 2023 ft² Property	Mar. 31, 2024 USD ($) RetailShoppingCenter	Dec. 31, 2023 USD ($)	Mar. 31, 2023 Property
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unsecured public and private notes		$ 200,000
Number of real estate properties \| Property				0
Tenant and other receivables, net		$ 229,407	$ 206,162
Conversion of Stock, Description		On August 18, 2023, the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisition. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of Parent Company Series A preferred stock and Parent Company Series B preferred stock, respectively.
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 One [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 Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Asset acquisition agreement date	Aug. 18, 2023
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, net		$ 16,500	$ 18,500
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%
Wholly Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties	74	381
Gross lease area \| ft²	5.3
Partially Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties	10	119
Consolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties \| RetailShoppingCenter		18
Unconsolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties \| RetailShoppingCenter		101

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 112,658	$ 98,488
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97,585	82,707
Amortization of deferred loan costs and debt premiums	2,762	1,490
Accretion of above and below market lease intangibles, net	(5,287)	(5,478)
Stock-based compensation, net of capitalization	6,294	4,810
Equity in income of investments in real estate partnerships	(11,961)	(11,916)
Gain on sale of real estate, net of tax	(11,403)	(250)
Loss on early extinguishment of debt	180
Distribution of earnings from investments in real estate partnerships	16,960	14,524
Deferred compensation expense	2,089	1,448
Realized and unrealized gain on investments	(2,358)	(1,674)
Changes in assets and liabilities:
Tenant and other receivables	1,220	6,710
Deferred leasing costs	(3,714)	(672)
Other assets	(15,724)	(12,631)
Accounts payable and other liabilities	(19,410)	(20,858)
Tenants' security, escrow deposits and prepaid rent	(2,133)	5,401
Net cash provided by operating activities	167,758	162,099
Cash flows from investing activities:
Real estate development and capital improvements	(60,850)	(44,569)
Proceeds from sale of real estate	30,033	3,603
Proceeds from property insurance casualty claims	4,110
Issuance of notes receivable	(29,830)
Collection of notes receivable	1,561
Investments in real estate partnerships	(4,156)	(604)
Return of capital from investments in real estate partnerships	3,152
Dividends on investment securities	122	187
Acquisition of investment securities	(92,527)	(2,171)
Proceeds from sale of investment securities	6,049	4,504
Net cash used in investing activities	(142,336)	(39,050)
Cash flows from financing activities:
Repurchase of common shares in conjunction with equity award plans	(8,730)	(7,066)
Common shares repurchased through share repurchase program		(20,006)
Proceeds from sale of treasury stock	210	2
Contributions from limited partners in consolidated partnerships	1,472	738
Distributions to limited partners in consolidated partnerships	(4,364)
Distributions to exchangeable operating partnership unit holders	(742)	(482)
Dividends paid to common shareholders	(123,507)	(111,085)
Dividends paid to preferred unit holders/shareholders	(3,413)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount	398,468
Proceeds from unsecured credit facilities	132,419	115,000
Repayment of unsecured credit facilities	(254,419)	(85,000)
Proceeds from notes payable		15,500
Repayment of notes payable	(7,597)	(28,306)
Scheduled principal payments	(3,183)	(2,836)
Payment of loan costs	(13,289)	(141)
Net cash provided by (used in) financing activities	113,325	(123,682)
Net increase (decrease) in cash and cash equivalents and restricted cash	138,747	(633)
Cash and cash equivalents and restricted cash at beginning of the period	91,354	68,776
Cash and cash equivalents and restricted cash at end of the period	230,101	68,143
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $1,656 and $1,250 in 2024 and 2023, respectively)	47,981	44,107
Cash paid for income taxes, net of refunds	6,070	112
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	126,807	111,829
Right of use assets obtained in exchange for new operating lease liabilities	829
Sale of leased asset in exchange for net investment in sales-type lease	703
Common stock issued for partnership units exchanged	529
Change in accrued capital expenditures	1,619	10,596
Common stock issued under dividend reinvestment plan	158	142
Stock-based compensation capitalized	434	155
Contributions from limited partners in consolidated partnerships	231
Common stock issued for dividend reinvestment in trust	301	303
Contribution of stock awards into trust	1,048	1,201
Distribution of stock held in trust	476	265
Change in fair value of securities	118	243
Partnership Interest [Member]
Cash flows from operating activities:
Net income	112,658	98,488
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97,585	82,707
Amortization of deferred loan costs and debt premiums	2,762	1,490
Accretion of above and below market lease intangibles, net	(5,287)	(5,478)
Stock-based compensation, net of capitalization	6,294	4,810
Equity in income of investments in real estate partnerships	(11,961)	(11,916)
Gain on sale of real estate, net of tax	(11,403)	(250)
Loss on early extinguishment of debt	180
Distribution of earnings from investments in real estate partnerships	16,960	14,524
Deferred compensation expense	2,089	1,448
Realized and unrealized gain on investments	(2,358)	(1,674)
Changes in assets and liabilities:
Tenant and other receivables	1,220	6,710
Deferred leasing costs	(3,714)	(672)
Other assets	(15,724)	(12,631)
Accounts payable and other liabilities	(19,410)	(20,858)
Tenants' security, escrow deposits and prepaid rent	(2,133)	5,401
Net cash provided by operating activities	167,758	162,099
Cash flows from investing activities:
Real estate development and capital improvements	(60,850)	(44,569)
Proceeds from sale of real estate	30,033	3,603
Proceeds from property insurance casualty claims	4,110
Issuance of notes receivable	(29,830)
Collection of notes receivable	1,561
Investments in real estate partnerships	(4,156)	(604)
Return of capital from investments in real estate partnerships	3,152
Dividends on investment securities	122	187
Acquisition of investment securities	(92,527)	(2,171)
Proceeds from sale of investment securities	6,049	4,504
Net cash used in investing activities	(142,336)	(39,050)
Cash flows from financing activities:
Repurchase of common shares in conjunction with equity award plans	(8,730)	(7,066)
Common shares repurchased through share repurchase program		(20,006)
Proceeds from sale of treasury stock	210	2
Contributions from limited partners in consolidated partnerships	1,472	738
Distributions to limited partners in consolidated partnerships	(4,364)
Dividends paid to common shareholders	(124,249)	(111,567)
Dividends paid to preferred unit holders/shareholders	(3,413)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount	398,468
Proceeds from unsecured credit facilities	132,419	115,000
Repayment of unsecured credit facilities	(254,419)	(85,000)
Proceeds from notes payable		15,500
Repayment of notes payable	(7,597)	(28,306)
Scheduled principal payments	(3,183)	(2,836)
Payment of loan costs	(13,289)	(141)
Net cash provided by (used in) financing activities	113,325	(123,682)
Net increase (decrease) in cash and cash equivalents and restricted cash	138,747	(633)
Cash and cash equivalents and restricted cash at beginning of the period	91,354	68,776
Cash and cash equivalents and restricted cash at end of the period	230,101	68,143
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $1,656 and $1,250 in 2024 and 2023, respectively)	47,981	44,107
Cash paid for income taxes, net of refunds	6,070	112
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	126,807	111,829
Right of use assets obtained in exchange for new operating lease liabilities	829
Sale of leased asset in exchange for net investment in sales-type lease	703
Common stock issued by Parent Company for partnership units exchanged	529
Change in accrued capital expenditures	1,619	10,596
Common stock issued under dividend reinvestment plan	158	142
Stock-based compensation capitalized	434	155
Contributions from limited partners in consolidated partnerships	231
Common stock issued for dividend reinvestment in trust	301	303
Contribution of stock awards into trust	1,048	1,201
Distribution of stock held in trust	476	265
Change in fair value of securities	$ 118	$ 243

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Earnings Per Share Basic [Line Items]

Net income attributable to common shareholders - basic

$ 106,361

$ 97,281

Net income per common share - basic

$ 0.58

$ 0.57

Net income per common share - diluted

$ 0.58

$ 0.57

Weighted Average Limited Partnership Units Outstanding, Basic

1,101,104

741,433

Continuing Operations [Member] | Parent Company [Member]

Earnings Per Share Basic [Line Items]

Net income attributable to common shareholders - basic

$ 106,361

$ 97,281

Net income attributable to common shareholders - diluted

$ 106,361

$ 97,281

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

184,678,000

171,212,000

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

^[1]

184,770,000

171,494,000

Net income per common share - basic

$ 0.58

$ 0.57

Net income per common share - diluted

$ 0.58

$ 0.57

Continuing Operations [Member] | Partnership Interest [Member]

Earnings Per Share Basic [Line Items]

Net income attributable to common shareholders - basic

$ 107,003

$ 97,701

Net income attributable to common shareholders - diluted

$ 107,003

$ 97,701

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

185,779,000

171,953,000

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

^[2]

185,872,000

172,235,000

Net income per common share - basic

$ 0.58

$ 0.57

Net income per common share - diluted

$ 0.58

$ 0.57

[1]	Includes the dilutive impact of unvested restricted stock.
[2]	Includes the dilutive impact of unvested restricted stock.

Notes Payable and Unsecured Credit Facilities - Additional Information (Details) - USD ($)		3 Months Ended
	Jan. 18, 2024	Mar. 31, 2024	Jan. 08, 2024
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 periods
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
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] \| SOFR [Member]
Debt Instrument [Line Items]
Variable rate adjustment	10.00%
Unsecured Revolving Credit Facility [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Variable rate adjustment	72.50%
Maximum [Member] \| Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
Unsecured Debt [Member] \| Senior Unsecured Notes Due in 2034 [Member]
Debt Instrument [Line Items]
Debt instrument, issue price			$ 400,000,000
Percentage of debt par value			99.617%
Coupon rate			5.25%

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Issuance of note receivable	$ 29,830
Notes Receivable [Member]
Lessee, Lease, Description [Line Items]
Issuance of note receivable	$ 29,800
Interest rate	6.90%

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions in Excess of Net Income [Member]	Total Shareholders' Equity [Member]	Noncontrolling Interests Exchangeable Operating Partnership Units [Member]	Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]	Total Noncontrolling Interest [Member]
Beginning 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	98,488						97,281	97,281	420	787	1,207
Other comprehensive income (loss)
Other comprehensive income before reclassification	(2,544)					(2,316)		(2,316)	(11)	(217)	(228)
Amounts reclassified from accumulated other comprehensive income (loss)	(1,492)					(1,317)		(1,317)	(5)	(170)	(175)
Deferred compensation plan, net				(1,238)	1,238
Restricted stock issued, net of amortization	4,819		2		4,817			4,819
Common stock repurchased for taxes withheld for stock based compensation, net	(6,920)				(6,920)			(6,920)
Common stock repurchased and retired	(20,006)		(3)		(20,003)			(20,006)
Common stock issued under dividend reinvestment plan	142				142			142
Contributions from partners	1,777									1,777	1,777
Distributions to partners	(1,039)									(1,039)	(1,039)
Cash dividends declared - common stock/unit	(111,829)						(111,347)	(111,347)	(482)		(482)
Ending Balance at Mar. 31, 2023	6,139,435		1,710	(25,699)	7,856,426	3,927	(1,779,043)	6,057,321	34,411	47,703	82,114
Beginning 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
Net income	112,658						109,774	109,774	642	2,242	2,884
Other comprehensive income (loss)
Other comprehensive income before reclassification	8,474					7,987		7,987	48	439	487
Amounts reclassified from accumulated other comprehensive income (loss)	(2,367)					(2,214)		(2,214)	(13)	(140)	(153)
Deferred compensation plan, net				(833)	833
Restricted stock issued, net of amortization	6,576		2		6,574			6,576
Common stock repurchased for taxes withheld for stock based compensation, net	(8,578)				(8,578)			(8,578)
Common stock issued under dividend reinvestment plan	158				158			158
Common stock issued for exchangeable operating partnership units					529			529	(529)		(529)
Contributions from partners	1,472									1,472	1,472
Distributions to partners	(4,364)									(4,364)	(4,364)
Cash dividends declared - preferred stock/unit	(3,413)						(3,413)	(3,413)
Cash dividends declared - common stock/unit	(124,532)						(123,795)	(123,795)	(737)		(737)
Ending Balance at Mar. 31, 2024	$ 7,178,019	$ 225,000	$ 1,848	$ (26,321)	$ 8,703,756	$ 4,465	$ (1,889,037)	$ 7,019,711	$ 41,606	$ 116,702	$ 158,308

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

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Long-term Debt

$ 4,417,181

$ 4,153,949

Percentage of variable rate mortgage loans fixed through interest rate swaps

98.30%

Line of credit maximum amount

$ 1,500,000

Line of credit maturity date

Mar. 23, 2028

Line of credit extended maturity period

two additional six-month periods

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

Debt Instrument [Line Items]

Long-term Debt

^[1]

$ 298,375

$ 299,579

[1]	As of March 31, 2024, 98.3% of the variable rate mortgage loans are fixed through interest rate swaps.

- 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 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


12.	Commitments and Contingencies

Litigation

The Company is a party to litigation and other disputes 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 of the Company taken as a whole as of March 31, 2024.

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.

The Company had accrued liabilities of $15.9 million and $16.5 million for environmental remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively.

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 in letters of credit outstanding as of both March 31, 2024 and December 31, 2023.

Fair Value Measurements (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Notes receivable

^[1]

$ 30,634

$ 2,109

Notes payable, net

4,387,181

4,001,949

Unsecured credit facilities

30,000

152,000

Fair Value, Measurements, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Securities

126,225

37,039

Available-for-sale debt securities

14,362

14,953

Interest rate derivatives

16,711

14,213

Total

157,298

66,205

Interest Rate Cash Flow Hedge Liability at Fair Value

(393)

(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

^[1]

30,634

2,109

Notes payable, net, Fair Value

4,143,622

3,763,152

Unsecured credit facilities, Fair Value

30,000

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

14,362

14,953

Interest rate derivatives

16,711

14,213

Total

31,073

29,166

Interest Rate Cash Flow Hedge Liability at Fair Value

(393)

(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

126,225

37,039

Total

$ 126,225

$ 37,039

[1]	The carrying amounts approximated its fair values due to the variable nature of the terms or the timing of issuance.

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 112,658	$ 98,488
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments	8,593	(2,736)
Reclassification adjustment of derivative instruments included in net income	(2,367)	(1,492)
Unrealized (loss) gain on available-for-sale debt securities	(119)	192
Other comprehensive income (loss)	6,107	(4,036)
Comprehensive income	118,765	94,452
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	2,884	1,207
Other comprehensive income (loss) attributable to noncontrolling interests	334	(403)
Comprehensive income attributable to noncontrolling interests	3,218	804
Comprehensive income attributable to the Company	115,547	93,648
Partnership Interest [Member]
Net income	112,658	98,488
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments	8,593	(2,736)
Reclassification adjustment of derivative instruments included in net income	(2,367)	(1,492)
Unrealized (loss) gain on available-for-sale debt securities	(119)	192
Other comprehensive income (loss)	6,107	(4,036)
Comprehensive income	118,765	94,452
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	2,242	787
Other comprehensive income (loss) attributable to noncontrolling interests	299	(387)
Comprehensive income attributable to noncontrolling interests	2,541	400
Comprehensive income attributable to the Company	$ 116,224	$ 94,052

Property Dispositions and Assets Held for Sale - Schedule of Properties Disposed of (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Property	Mar. 31, 2023 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of real estate investments \| $	$ 30,033	$ 2,923
Gain on sale of real estate, net of tax \| $	$ 11,403	$ 250
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%
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	1
Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property		1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 109,774	$ 97,281

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: 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 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section 45
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Other Assets

3 Months Ended

Mar. 31, 2024

Other Assets [Abstract]

Other Assets


4.	Other Assets

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


(in thousands)	March 31, 2024		December 31, 2023
Goodwill	$	167,062		167,062
Investments(1)		140,587		51,992
Prepaid and other		56,937		40,635
Derivative assets		16,711		14,213
Furniture, fixtures, and equipment, net ("FF&E")		6,424		6,662
Deferred financing costs, net(2)		11,712		2,865
Total other assets	$	399,433		283,429

(1)

(2)

The Company incurred additional financing costs related to recasting its Line of Credit. See Note 5 — Notes Payable and Unsecured Credit Facilities for discussion regarding these transactions.

Property Dispositions and Assets Held for Sale - Schedule of Properties Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Less: accumulated depreciation	$ (2,748,712)	$ (2,691,386)
Real estate assets, net	10,707,787	10,763,005
Assets associated with real estate assets held for sale	33,572	18,878
Assets Held for Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land and improvemnets	27,003	9,120
Buildings and improvements	9,425	12,551
Less: accumulated depreciation	(2,928)	(3,461)
Real estate assets, net	33,500	18,210
Other assets, net	72	668
Assets associated with real estate assets held for sale	$ 33,572	$ 18,878

Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Other Assets [Abstract]

Goodwill

$ 167,062

Investments

^[1]

140,587

51,992

Prepaid and other

56,937

40,635

Derivative assets

16,711

14,213

Furniture, fixtures, and equipment, net ("FF&E")

6,424

6,662

Deferred financing costs, net

^[2]

11,712

2,865

Total other assets

$ 399,433

$ 283,429

[1]	During the three months ended March 31, 2024, the Company invested approximately $90 million in commercial deposits from the proceeds received from the January public offering of senior unsecured notes.
[2]	The Company incurred additional financing costs related to recasting its Line of Credit. See Note 5 — Notes Payable and Unsecured Credit Facilities for discussion regarding these transactions.

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

Derivative Financial Instruments - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 6.4

Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate [Line Items]

Schedule of Properties Acquired

The table below details properties acquired during the three months ended March 31, 2024:

        (in thousands)

        Three months ended March 31, 2024

        Date Purchased

        Property Name

        City/State

        Property
Type

        Regency Ownership

        Purchase
Price (1)

        Debt
Assumed,
Net of
Discounts (1)

        Intangible
Assets (1)

        Intangible
Liabilities (1)

        Consolidated

2/23/2024

The Shops at Stone Bridge

Cheshire, CT

Development

100%

8,000

—

—

—

Total consolidated

8,000

—

—

—

(1)

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

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

Mar. 31, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

2024

^[1]

$ 391,569

312,215

357,768

754,571

371,882

2,264,048

Unamortized debt premium/(discount) and issuance costs

(34,872)

Total

4,417,181

$ 4,153,949

Unsecured Debt [Member]

Debt Instrument [Line Items]

Total

3,648,942

$ 3,252,755

Scheduled Principal Payments [Member] | Mortgages [Member]

Debt Instrument [Line Items]

2024

^[1]

7,989

9,678

9,920

7,013

5,312

7,956

47,868

Mortgage Loan Maturities [Member] | Mortgages [Member]

Debt Instrument [Line Items]

2024

^[1]

133,580

52,537

147,848

222,558

36,570

106,092

Unamortized debt premium/(discount) and issuance costs

(8,814)

Total

690,371

Unsecured Maturities [Member] | Unsecured Debt [Member]

Debt Instrument [Line Items]

2024

^[1]

250,000

2025

^[2]

250,000

2026

^[2]

200,000

2027

^[2]

525,000

2028

^[2]

330,000

Beyond 5 Years

^[2]

2,150,000

Unamortized debt premium/(discount) and issuance costs

^[2]

(26,058)

Total

^[2]

$ 3,678,942

[1]	Reflects scheduled principal payments and maturities for the remainder of the year.
[2]	Includes unsecured public and private debt and unsecured credit facilities.

Equity and Capital

3 Months Ended

Mar. 31, 2024

Equity And Capital [Abstract]

Equity and Capital


9.	Equity and Capital

Preferred Stock of the Parent Company

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


	Preferred Stock Outstanding as of March 31, 2024 and 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

Dividends Declared

On May 1, 2024, the Board:

•

Declared dividends on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on July 31, 2024. The dividends will be payable to holders of record of the Series A Preferred Stock as of the close of business on July 16, 2024; and

•

Declared dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on July 31, 2024. The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on July 16, 2024.

Common Stock of the Parent Company

Dividends Declared

On May 1, 2024, the Board declared a common stock dividend of $0.67 per share, payable on July 3, 2024, to shareholders of record as of June 12, 2024. On May 2, 2023, our Board of Directors declared a common stock dividend of $0.65 per share, payable on July 6, 2023, to shareholders of record as of June 14, 2023.

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 both the three months ended March 31, 2024, and 2023. As of March 31, 2024, $500 million of common stock remained available for issuance under this ATM equity program.

Stock Repurchase Program

The Board has authorized a 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 three months ended March 31, 2024, the Company made no repurchases. At March 31, 2024, $230.0 million remained available under this Repurchase Program.

During the three months ended March 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.

Preferred Units of the Operating Partnership

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

Common Units of the Operating Partnership

Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above. During the three months ended March 31, 2024, 7,938 Partnership Units were converted to Parent Company common stock. No such conversions took place during the three months ended March 31, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Property Dispositions and Assets Held for Sale - Additional Information (Details) - Property	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties			0
Assets Held for Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	1	1

Notes Payable and Unsecured Credit Facilities

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facilities


5.	Notes Payable and Unsecured Credit Facilities

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:


(in thousands)	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	March 31, 2024		December 31, 2023
Notes payable:
Fixed rate mortgage loans	6/1/2037	3.8%	4.4%	$	439,864		449,615
Variable rate mortgage loans (1)	1/31/2032	4.2%	4.2%		298,375		299,579
Fixed rate unsecured debt	3/15/2049	4.0%	4.1%		3,648,942		3,252,755
Total notes payable, net					4,387,181		4,001,949
Unsecured credit facilities:
$1.5 Billion Line of Credit (the "Line") (2)	3/23/2028	6.3%	6.7%		30,000		152,000
Total unsecured credit facilities					30,000		152,000
Total debt outstanding				$	4,417,181		4,153,949

(1)

As of March 31, 2024, 98.3% of the variable rate mortgage loans are fixed through interest rate swaps.

(2)

On January 8, 2024, the Company priced a public offering of $400 million of senior unsecured notes due in 2034, and the notes were issued on January 18, 2024 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.

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


(in thousands)	March 31, 2024
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2024 (2)	$	7,989		133,580			250,000			391,569
2025		9,678		52,537			250,000			312,215
2026		9,920		147,848			200,000			357,768
2027		7,013		222,558			525,000			754,571
2028		5,312		36,570			330,000			371,882
Beyond 5 Years		7,956		106,092			2,150,000			2,264,048
Unamortized debt premium/(discount) and issuance costs		—		(8,814	)		(26,058	)		(34,872	)
Total	$	47,868		690,371			3,678,942			4,417,181

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

Reflects scheduled principal payments and maturities for the remainder of the year.

The Company was in compliance as of March 31, 2024, 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))
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-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
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-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
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-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
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-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
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Equity and Capital (Tables)

3 Months Ended

Mar. 31, 2024

Equity [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 March 31, 2024 and 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

Organization and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Significant Accounting Policies


1.	Organization and Significant Accounting Policies

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. 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 March 31, 2024, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis 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").

Basis of Presentation

The information included in this Report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as certain disclosures in this Report that would duplicate those included in such Annual Report on Form 10-K are not included in these consolidated financial statements. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature.

Acquisition of Urstadt Biddle Properties Inc.

Risks and Uncertainties

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

Real Estate Partnerships

The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:


(in thousands)	March 31, 2024		December 31, 2023
Assets
Real estate assets, net	$	276,484		270,674
Cash, cash equivalents and restricted cash		8,324		8,201
Tenant and other receivables, net		4,777		3,883
Deferred costs, net		2,406		2,494
Acquired lease intangible assets, net		11,284		12,099
Right of use assets, net		44,102		44,377
Other assets		1,574		893
Total Assets	$	348,951		342,621
Liabilities
Notes payable	$	33,092		33,211
Accounts payable and other liabilities		31,853		29,919
Acquired lease intangible liabilities, net		21,103		21,456
Tenants' security, escrow deposits and prepaid rent		1,112		1,239
Lease liabilities		21,482		21,433
Total Liabilities	$	108,642		107,258

Revenues, and Tenant and other Receivables


		Three months ended March 31,
(in thousands)	Timing of satisfaction of performance obligations	2024		2023
Management, transaction, and other fees:
Property management services	Over time	$	3,961		3,458
Asset management services	Over time		1,602		1,629
Leasing services	Point in time		574		718
Other fees	Point in time		259		233
Total management, transaction, and other fees		$	6,396		6,038

Recent Accounting Pronouncements

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


Standard	Description	Earlier of Effective Date or the Date of adoption	Effect on the financial statements or other significant matters
Recently adopted:
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 standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

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 will review the extent of new disclosures necessary prior to implementation. Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's financial position and/or results of operations.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 01, 2024
Document Information [Line Items]
Entity Registrant Name	REGENCY CENTERS CORPORATION
Entity Central Index Key	0000910606
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		184,779,092
Entity File Number	1-12298
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 Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	FL
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	REG
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
6.250% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	REGCP
Title of 12(b) Security	6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
5.875% Series B Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	REGCO
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
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 Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity File Number	0-24763
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 Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Derivative Financial Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 8,593	$ (2,736)
Amount reclassified from accumulated other comprehensive loss	$ (2,367)	$ (1,492)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense, net	Interest expense, net
Interest expense, net	$ 42,868	$ 36,393

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