Phillips Edison & Company (PECO) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares shares in Millions	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-54691
Entity Registrant Name	PHILLIPS EDISON & COMPANY, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1106076
Entity Address, Address Line One	11501 Northlake Drive
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45249
City Area Code	(513)
Local Phone Number	554-1110
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	PECO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		117.4
Fiscal period focus	Q2
Fiscal year focus	2023
Amendment flag	false
Entity CIK	0001476204
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investment in real estate:
Land and improvements	$ 1,703,349	$ 1,674,133
Building and improvements	3,653,088	3,572,146
In-place lease assets	477,974	471,507
Above-market lease assets	72,350	71,954
Total investment in real estate assets	5,906,761	5,789,740
Accumulated depreciation and amortization	(1,429,070)	(1,316,743)
Net investment in real estate assets	4,477,691	4,472,997
Investment in unconsolidated joint ventures	26,064	27,201
Total investment in real estate assets, net	4,503,755	4,500,198
Cash and cash equivalents	5,564	5,478
Restricted cash	4,352	11,871
Goodwill	29,066	29,066
Other assets, net	198,274	188,879
Total assets	4,741,011	4,735,492
Liabilities:
Debt obligations, net	1,951,186	1,896,594
Below-market lease liabilities, net	108,190	109,799
Accounts payable and other liabilities	98,187	113,185
Deferred income	21,700	18,481
Total liabilities	2,179,263	2,138,059
Commitments and contingencies (see Note 8)	0	0
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at June 30, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 117,443 and 117,126 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,174	1,171
Additional paid-in capital (“APIC”)	3,387,764	3,383,978
Accumulated other comprehensive income (“AOCI”)	21,059	21,003
Accumulated deficit	(1,204,714)	(1,169,665)
Total stockholders’ equity	2,205,283	2,236,487
Noncontrolling interests	356,465	360,946
Total equity	2,561,748	2,597,433
Total liabilities and equity	$ 4,741,011	$ 4,735,492

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	117,443,000	117,126,000
Common stock, outstanding (in shares)	117,443,000	117,126,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental income	$ 148,980	$ 137,230	$ 296,708	$ 275,978
Fees and management income	2,546	4,781	5,024	7,242
Other property income	611	505	1,469	1,459
Total revenues	152,137	142,516	303,201	284,679
Operating Expenses:
Property operating	24,674	22,852	49,736	46,172
Real estate taxes	18,397	16,473	36,453	33,964
General and administrative	11,686	11,376	23,219	22,908
Depreciation and amortization	59,667	60,769	118,165	117,995
Total operating expenses	114,424	111,470	227,573	221,039
Other:
Interest expense, net	(20,675)	(17,127)	(40,141)	(35,326)
Gain on disposal of property, net	75	2,793	1,017	4,161
Other expense, net	(904)	(1,457)	(1,659)	(5,822)
Net income	16,209	15,255	34,845	26,653
Net income attributable to noncontrolling interests	(1,758)	(1,727)	(3,775)	(3,046)
Net income attributable to stockholders	$ 14,451	$ 13,528	$ 31,070	$ 23,607
Earnings per share of common stock:
Net income per share attributable to stockholders - basic (in dollars per share)	$ 0.12	$ 0.12	$ 0.26	$ 0.21
Net income per share attributable to stockholders - diluted (in dollars per share)	$ 0.12	$ 0.12	$ 0.26	$ 0.21
Comprehensive income:
Net income	$ 16,209	$ 15,255	$ 34,845	$ 26,653
Other comprehensive income:
Change in unrealized value on interest rate swaps	6,562	9,834	63	37,407
Comprehensive income	22,771	25,089	34,908	64,060
Net income attributable to noncontrolling interests	(1,758)	(1,727)	(3,775)	(3,046)
Change in unrealized value on interest rate swaps attributable to noncontrolling interests	(712)	(1,535)	(8)	(4,237)
Reallocation of comprehensive income upon conversion of noncontrolling interests	28	432	1	220
Comprehensive income attributable to stockholders	20,329	22,259	31,126	56,997
Affiliates
Revenues:
Fees and management income	$ 2,546	$ 4,781	$ 5,024	$ 7,242

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock Common Stock	Common Stock Common Class B	APIC	AOCI	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021			19,550	93,665
Beginning balance at Dec. 31, 2021	$ 2,476,326	$ 2,149,514	$ 196	$ 936	$ 3,264,038	$ (24,819)	$ (1,090,837)	$ 326,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B common stock (in shares)			93,665	(93,665)
Conversion of Class B common stock	0		$ 936	$ (936)
Issuance of common stock (in shares)			1,860
Issuance of common stock, net	62,965	62,965	$ 18		62,947
Change in unrealized value on interest rate swaps	37,407	33,170				33,170		4,237
Common distributions declared	(61,921)	(61,921)					(61,921)
Distributions to noncontrolling interests	(8,217)							(8,217)
Share-based compensation (in shares)			102
Share-based compensation	$ 7,187	1,476	$ 1		1,475			5,711
Conversion of noncontrolling interests (in shares)	605		605
Conversion of noncontrolling interests	$ 0	13,412	$ 6		13,186	220		(13,412)
Settlement of earn-out liability	54,245							54,245
Net income	26,653	23,607					23,607	3,046
Ending balance (in shares) at Jun. 30, 2022			115,782	0
Ending balance at Jun. 30, 2022	2,594,645	2,222,223	$ 1,157	$ 0	3,341,646	8,571	(1,129,151)	372,422
Beginning balance (in shares) at Mar. 31, 2022			113,819
Beginning balance at Mar. 31, 2022	2,537,669	2,165,456	$ 1,138		3,276,151	(160)	(1,111,673)	372,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			1,860
Issuance of common stock, net	62,965	62,965	$ 18		62,947
Change in unrealized value on interest rate swaps	9,834	8,299				8,299		1,535
Common distributions declared	(31,006)	(31,006)					(31,006)
Distributions to noncontrolling interests	(4,113)							(4,113)
Share-based compensation (in shares)			31
Share-based compensation	$ 4,041	1,008	$ 0		1,008			3,033
Conversion of noncontrolling interests (in shares)	72		72
Conversion of noncontrolling interests	$ 0	1,973	$ 1		1,540	432		(1,973)
Net income	15,255	13,528					13,528	1,727
Ending balance (in shares) at Jun. 30, 2022			115,782	0
Ending balance at Jun. 30, 2022	2,594,645	2,222,223	$ 1,157	$ 0	3,341,646	8,571	(1,129,151)	372,422
Beginning balance (in shares) at Dec. 31, 2022			117,126	0
Beginning balance at Dec. 31, 2022	2,597,433	2,236,487	$ 1,171	$ 0	3,383,978	21,003	(1,169,665)	360,946
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized value on interest rate swaps	63	55				55		8
Common distributions declared	(66,119)	(66,119)					(66,119)
Distributions to noncontrolling interests	(8,180)							(8,180)
Share-based compensation (in shares)			153
Share-based compensation	$ 3,706	(339)	$ 1		(340)			4,045
Conversion of noncontrolling interests (in shares)	164		164
Conversion of noncontrolling interests	$ 0	4,129	$ 2		4,126	1		(4,129)
Net income	34,845	31,070					31,070	3,775
Ending balance (in shares) at Jun. 30, 2023			117,443	0
Ending balance at Jun. 30, 2023	2,561,748	2,205,283	$ 1,174	$ 0	3,387,764	21,059	(1,204,714)	356,465
Beginning balance (in shares) at Mar. 31, 2023			117,259
Beginning balance at Mar. 31, 2023	2,572,941	2,212,647	$ 1,172		3,382,368	15,181	(1,186,074)	360,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized value on interest rate swaps	6,562	5,850				5,850		712
Common distributions declared	(33,091)	(33,091)					(33,091)
Distributions to noncontrolling interests	(4,107)							(4,107)
Share-based compensation (in shares)			20
Share-based compensation	$ 3,234	1,270	$ 0		1,270			1,964
Conversion of noncontrolling interests (in shares)	164		164
Conversion of noncontrolling interests	$ 0	4,156	$ 2		4,126	28		(4,156)
Net income	16,209	14,451					14,451	1,758
Ending balance (in shares) at Jun. 30, 2023			117,443	0
Ending balance at Jun. 30, 2023	$ 2,561,748	$ 2,205,283	$ 1,174	$ 0	$ 3,387,764	$ 21,059	$ (1,204,714)	$ 356,465

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common distributions declared (in dollars per share)	$ 0.2799	$ 0.27	$ 0.5598	$ 0.54

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 34,845	$ 26,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets	117,068	116,169
Depreciation and amortization of corporate assets	1,097	1,826
Net amortization of above- and below-market leases	(2,490)	(2,080)
Amortization of deferred financing expenses	1,800	1,622
Amortization of debt and derivative adjustments	1,394	1,207
Gain on disposal of property, net	(1,017)	(4,161)
Change in fair value of earn-out liability	0	1,809
Straight-line rent	(5,824)	(5,146)
Share-based compensation	3,706	7,187
Return on investment in unconsolidated joint ventures	75	1,242
Other	(654)	(100)
Changes in operating assets and liabilities:
Other assets, net	(10,042)	(4,200)
Accounts payable and other liabilities	(9,568)	471
Net cash provided by operating activities	130,390	142,499
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(69,464)	(170,186)
Capital expenditures	(47,617)	(42,946)
Proceeds from sale of real estate, net	7,089	27,077
Return of investment in unconsolidated joint ventures	1,130	3,162
Insurance proceeds for property damage claims	1,859	0
Investment in marketable securities	0	(3,000)
Net cash used in investing activities	(107,003)	(185,893)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	236,000	197,000
Payments on revolving credit facility	(147,000)	(149,000)
Payments on mortgages and loans payable	(45,535)	(68,557)
Distributions paid	(66,321)	(61,979)
Distributions to noncontrolling interests	(7,964)	(8,877)
Proceeds from issuance of common stock, net of costs	0	62,965
Net cash used in financing activities	(30,820)	(28,448)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(7,433)	(71,842)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	17,349	115,529
End of period	9,916	43,687
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	5,564	24,657
Restricted cash	4,352	19,030
Cash, cash equivalents, and restricted cash at end of period	9,916	43,687
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	36,643	34,130
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:
Settlement of earn-out liability	0	54,245
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities	888	0
Accrued capital expenditures	6,684	4,800
Assumed debt obligations, net	9,615	0
Assumed below-market debt	444	0
Change in distributions payable	(202)	(58)
Change in distributions payable - noncontrolling interests	$ 216	$ (660)

Organization

Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. ORGANIZATION Phillips Edison & Company, Inc. (“we,” the “Company,” “PECO,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly-owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. We are a real estate investment trust (“REIT”) that invests primarily in omni-channel grocery-anchored neighborhood and community shopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. In addition to managing our own shopping centers, our third-party investment management business provides comprehensive real estate and asset management services to two unconsolidated institutional joint ventures, Grocery Retail Partners I LLC (“GRP I”) and Necessity Retail Partners (“NRP”), in which we have partial ownership interests, and one private fund (collectively, the “Managed Funds”) as of June 30, 2023. As of June 30, 2023, we wholly-owned 274 real estate properties. Additionally, we owned a 14% interest in GRP I, which owned 20 properties. NRP —As of June 30, 2023, we owned a 20% equity interest in NRP. NRP was initially formed in March 2016 pursuant to the terms of the joint venture agreement, as amended, between Phillips Edison Grocery Center REIT II, Inc. and an affiliate of TPG Real Estate and is set to expire in 2024 unless otherwise extended by the members. In May 2022, we sold the final property in the joint venture as a result of its planned expiration. With the monetization of the joint venture, we exceeded the targeted return and as such were paid compensation of $2.5 million during the three months ended June 30, 2022 and $0.1 million and $2.7 million during the six months ended June 30, 2023 and 2022, respectively, which is recorded in Fees and Management Income in our consolidated statements of operations and comprehensive income (“consolidated statements of operations”). We received no compensation during the three months ended June 30, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our condensed consolidated interim financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. For example, significant estimates and assumptions have been made with respect to the useful lives of assets, remaining hold periods of assets, recoverable amounts of receivables, and other fair value measurement assessments required for the preparation of the consolidated interim financial statements. As a result, these estimates are subject to a degree of uncertainty. There were no changes to our significant accounting policies during the six months ended June 30, 2023, except for those discussed below. For a full summary of our significant accounting policies, refer to our 2022 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 21, 2023. Basis of Presentation and Principles of Consolidation —The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2022, which are included in our 2022 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. Income Taxes —Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as taxable REIT subsidiary entities and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. We recognized an insignificant amount of federal, state, and local income tax expense for the three and six months ended June 30, 2023 and 2022, and we retain a full valuation allowance for our net deferred tax asset. All income tax amounts are included in Other Expense, Net on our consolidated statements of operations. Newly Adopted Accounting Pronouncements —There were no newly adopted accounting pronouncements during the six months ended June 30, 2023 that impacted the Company. Reclassifications —Certain prior period amounts have been reclassified to conform to the current year presentation in the consolidated statements of equity. The reallocation of operating partnership interests is now reflected within Conversion of Noncontrolling Interests, as opposed to being presented as a separate financial statement line item. There was no impact to the Company’s financial position as a result of this reclassification.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	3. LEASES Lessor —The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental income related to fixed lease payments (1) $ 111,080 $ 103,163 $ 219,944 $ 204,673 Rental income related to variable lease payments (1)(2) 33,829 29,431 69,592 62,898 Straight-line rent amortization (3) 3,148 3,170 5,591 4,865 Amortization of lease assets 1,249 1,062 2,465 2,054 Lease buyout income 74 177 429 2,141 Adjustments for collectibility (4) (400) 227 (1,313) (653) Total rental income $ 148,980 $ 137,230 $ 296,708 $ 275,978 (1) Includes rental income related to lease payments before assessing for collectibility. (2) Variable payments are primarily related to tenant recovery income. (3) Includes revenue adjustments to straight-line rent for tenants considered non-creditworthy. (4) Includes general reserves as well as adjustments for tenants considered non-creditworthy for which we are recording revenue on a cash basis, per Accounting Standards Codification (“ASC”) Topic 842, Leases . Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June 30, 2023, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, are as follows (in thousands): Year Amount Remaining 2023 $ 218,277 2024 423,303 2025 367,870 2026 302,336 2027 237,542 Thereafter 604,867 Total $ 2,154,195 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of June 30, 2023. As of June 30, 2023, our wholly-owned real estate investments in Florida and California represented 12.3% and 10.9% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse weather or economic events in the Florida (see “Hurricane Ian” in Note 4) and California real estate markets.

Real Estate Activity

Real Estate Activity	6 Months Ended
	Jun. 30, 2023
Real Estate Investments, Net [Abstract]
Real Estate Activity	4. REAL ESTATE ACTIVITY Acquisitions —The following table summarizes our real estate acquisition activity (dollars in thousands): Six Months Ended June 30, 2023 2022 Number of properties acquired 4 4 Number of outparcels acquired (1) — 1 Contract price $ 78,650 $ 169,342 Total price of acquisitions (2) 69,464 170,186 (1) Outparcels acquired are adjacent to shopping centers that we own. (2) Total price of acquisitions includes closing costs less credits and assumed debt obligations. The aggregate purchase price of the assets acquired during the six months ended June 30, 2023 and 2022 were allocated as follows (in thousands): June 30, 2023 June 30, 2022 ASSETS Land and improvements $ 25,084 $ 44,191 Building and improvements 49,877 116,087 In-place lease assets 592 14,346 Above-market lease assets 7,112 2,362 Below-market debt 444 — Total assets 83,109 176,986 LIABILITIES Debt obligations, net 9,615 — Below-market lease liabilities 4,030 6,800 Total liabilities 13,645 6,800 Net assets acquired $ 69,464 $ 170,186 The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles and below-market debt acquired during the six months ended June 30, 2023 and 2022 are as follows (in years): June 30, 2023 June 30, 2022 Acquired in-place leases 12 15 Acquired above-market leases 8 8 Acquired below-market leases 18 16 Assumed below-market debt 2 — Property Dispositions —The following table summarizes our real estate disposition activity (dollars in thousands): Six Months Ended June 30, 2023 2022 Number of properties sold 1 3 Number of outparcels sold 2 2 Contract price $ 6,250 $ 28,342 Proceeds from sale of real estate, net (1)(2) 7,089 27,077 Gain on disposal of property, net (2) 1,017 4,161 (1) Total proceeds from sale of real estate, net includes closing costs less credits. (2) Activity for the six months ended June 30, 2023 includes land acquired from us by local authorities. Hurricane Ian - On September 28, 2022, Hurricane Ian struck the southeast United States and caused various amounts of damage to our properties located in the region. During 2022, we recorded gross cumulative accelerated depreciation of $2.7 million for damages sustained to the properties, which was reduced by insurance recoveries of $1.0 million (net of deductibles and self-insurance of $1.7 million) collected in 2023.

Other Assets, Net

Other Assets, Net	6 Months Ended
	Jun. 30, 2023
Other Assets [Abstract]
Other Assets, Net	5. OTHER ASSETS, NET The following is a summary of Other Assets, Net outstanding as of June 30, 2023 and December 31, 2022, excluding amounts related to assets classified as held for sale (in thousands): June 30, 2023 December 31, 2022 Other assets, net: Deferred leasing commissions and costs $ 51,652 $ 49,687 Deferred financing expenses (1) 8,984 8,984 Office equipment, including capital lease assets, and other 23,385 23,051 Corporate intangible assets 6,685 6,692 Total depreciable and amortizable assets 90,706 88,414 Accumulated depreciation and amortization (50,473) (47,483) Net depreciable and amortizable assets 40,233 40,931 Accounts receivable, net (2) 43,017 37,274 Accounts receivable - affiliates 798 513 Deferred rent receivable, net (3) 57,954 52,141 Derivative assets 25,231 25,853 Prepaid expenses and other 12,638 14,575 Investment in third parties 9,901 9,800 Investment in marketable securities 8,502 7,792 Total other assets, net $ 198,274 $ 188,879 (1) Deferred financing expenses per the above table are related to our revolving credit facility, and as such we have elected to classify them as an asset rather than as a contra-liability. (2) Net of $3.2 million and $3.0 million of general reserves for uncollectible amounts as of June 30, 2023 and December 31, 2022, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $6.5 million and $6.2 million as of June 30, 2023 and December 31, 2022, respectively. (3) Net of $4.1 million and $4.2 million of receivables removed as of June 30, 2023 and December 31, 2022, respectively, related to straight-line rent for tenants previously or currently considered to be non-creditworthy.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Obligations	6. DEBT OBLIGATIONS The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, for our debt obligations as of June 30, 2023 and December 31, 2022 (dollars in thousands): Interest Rate (1) June 30, 2023 December 31, 2022 Revolving credit facility SOFR + 1.1% $ 168,000 $ 79,000 Term loans (2) 2.5% - 6.5% 955,000 955,000 Senior unsecured notes due 2031 2.6% 350,000 350,000 Secured loan facilities 3.4% - 3.5% 395,000 395,000 Mortgages 3.5% - 6.4% 97,564 133,199 Finance lease liability 456 585 Discount on notes payable (6,654) (7,001) Assumed market debt adjustments, net (1,314) (1,226) Deferred financing expenses, net (6,866) (7,963) Total $ 1,951,186 $ 1,896,594 Weighted-average interest rate (3) 3.9 % 3.6 % (1) Interest rates are as of June 30, 2023. (2) Our term loans carry an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus a spread. While most of the rates are fixed through the use of swaps, a portion of these loans are not subject to a swap, and thus are still indexed to SOFR. (3) Includes the effects of derivative financial instruments that were effective as of June 30, 2023 and December 31, 2022 (see Notes 7 and 12). 2023 Debt Activity— During the six months ended June 30, 2023, we repaid $45.4 million in mortgage debt. On July 31, 2023, we amended three senior unsecured term loans with a total notional amount of $475.0 million scheduled to mature during 2024. The amended three senior unsecured term loans have a total notional amount of $484.8 million. The $161.8 million unsecured term loan is priced at SOFR plus 1.35% and is scheduled to mature on January 31, 2026 extendable with two one Debt Allocation —The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments, discount on senior notes, and deferred financing expenses, net, and including the effects of derivative financial instruments as of June 30, 2023 and December 31, 2022 is summarized below (in thousands): June 30, 2023 December 31, 2022 As to interest rate: Fixed-rate debt (1) $ 1,598,020 $ 1,633,784 Variable-rate debt 368,000 279,000 Total $ 1,966,020 $ 1,912,784 As to collateralization: Unsecured debt $ 1,473,000 $ 1,384,000 Secured debt 493,020 528,784 Total $ 1,966,020 $ 1,912,784 (1) Fixed-rate debt includes, and variable-rate debt excludes, the portion of such debt that has been hedged by interest rate derivatives. As of June 30, 2023, $755 million in variable-rate debt is hedged to a fixed rate for a weighted-average period of 1.1 years (see Notes 7 and 12).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	7. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives —We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding, and through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. Cash Flow Hedges of Interest Rate Risk —Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six months ended June 30, 2023 and 2022, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $18.2 million will be reclassified from AOCI as a decrease to Interest Expense, Net. On March 15, 2023, we entered into an interest rate swap which has a notional amount of $200 million and swaps SOFR for a fixed rate of approximately 3.36% effective September 15, 2023 and maturing September 1, 2026. The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Count 5 4 Notional amount (1) $ 755,000 $ 755,000 Fixed SOFR 1.2% - 3.4% 1.2% - 2.8% Maturity date 2023-2026 2023-2025 Weighted-average term (in years) 1.9 1.6 (1) Notional amount includes only interest rate swaps that were effective as of June 30, 2023 and December 31, 2022. The table below details the nature of the gain and loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount of gain recognized in Other Comprehensive Income $ 12,062 $ 7,080 $ 10,110 $ 29,979 Amount of (gain) loss reclassified from AOCI into Interest Expense, Net (5,500) 2,754 (10,047) 7,428 Credit-risk-related Contingent Features —We have agreements with our derivative counterparties that contain provisions where, if we default, or are capable of being declared in default, on any of our indebtedness, we could also be declared to be in default on our derivative obligations. As of June 30, 2023, there were no derivatives with a fair value in a net liability position, which would include accrued interest but exclude any adjustment for nonperformance risk related to these agreements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. COMMITMENTS AND CONTINGENCIES Litigation —We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements. Environmental Matters —In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not currently aware of any environmental matters that we believe are reasonably likely to have a material adverse effect on our consolidated financial statements. Captive Insurance —Our captive insurance company, Silver Rock Insurance, Inc. (“Silver Rock”), provides general liability insurance, wind, reinsurance, and other coverage to us and our GRP I joint venture. We capitalize Silver Rock in accordance with applicable regulatory requirements. Silver Rock establishes annual premiums based on the past loss experience of the insured properties. An independent third party was engaged to perform an actuarial estimate of projected future claims, related deductibles, and projected future expenses necessary to fund associated risk management programs. Premiums paid to Silver Rock may be adjusted based on this estimate, and such premiums may be reimbursed by tenants pursuant to specific lease terms. As of June 30, 2023, we had four letters of credit outstanding totaling approximately $12.5 million to provide security for our obligations under Silver Rock’s insurance and reinsurance contracts.

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	9. EQUITY General —The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including one vote per nominee in the election of our Board of Directors (the “Board”). Our charter does not provide for cumulative voting in the election of directors. At-the-Market Offering (“ATM”) —On February 10, 2022, we and the Operating Partnership entered into a sales agreement relating to the potential sale of shares of common stock pursuant to a continuous offering program. In accordance with the terms of the sales agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $250 million from time to time through our sales agents, or, if applicable, as forward sellers. During the three and six months ended June 30, 2023, we issued no shares of our common stock under the ATM program. During the three and six months ended June 30, 2022, we issued 1.9 million shares of our common stock under the ATM program for net proceeds of $63.0 million, after approximately $0.6 million in commissions. As of June 30, 2023, $159.9 million of common stock remained available for issuance under the ATM program. Class B Common Stock —On June 18, 2021, our stockholders approved an amendment to our charter (the “Articles of Amendment”) that effected a change, wherein each share of our common stock outstanding at the time the Articles of Amendment became effective was converted into one share of a newly created class of Class B common stock (the “Recapitalization”). Per the terms of the Recapitalization, on January 18, 2022, each share of our Class B common stock automatically converted into one share of our listed common stock. On May 5, 2022, we filed Articles Supplementary to our charter with the Maryland State Department of Assessments and Taxation in order to reclassify and designate all of the 350 million authorized shares of our Class B common stock, $0.01 par value per share, all of which were unissued at such time, as shares of our common stock, $0.01 par value per share. We no longer have Class B common stock authorized for issue. Distributions —We declared and paid 2023 monthly distributions of $0.0933 per common share and Operating Partnership unit (“OP unit”) for each month beginning January 2023 through July 2023. Distributions paid to stockholders and OP unit holders of record subsequent to June 30, 2023 were as follows (dollars in thousands, excluding per share amounts): Month Date of Record Date Distribution Paid Monthly Distribution Rate Cash Distribution June 6/15/2023 7/3/2023 $ 0.0933 $ 12,228 July 7/17/2023 8/1/2023 0.0933 12,229 Convertible Noncontrolling Interests —As of June 30, 2023 and December 31, 2022, we had approximately 14.1 million outstanding non-voting OP units. Additionally, certain of our outstanding restricted share and performance share awards will result in the issuance of OP units upon vesting in future periods. Under the terms of the Fourth Amended and Restated Agreement of Limited Partnership, OP unit holders may elect to cause the Operating Partnership to redeem their OP units. The Operating Partnership controls the form of the redemption, and may elect to redeem OP units for shares of our common stock, provided that the OP units have been outstanding for at least one year, or for cash. As the form of redemption for OP units is within our control, the OP units outstanding as of June 30, 2023 and December 31, 2022 are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. On January 18, 2022, we issued approximately 1.6 million OP units in full settlement of the earn-out liability (see note 12). The table below is a summary of our OP unit activity for the three and six months ended June 30, 2023 and 2022 (dollars and shares in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 OP units converted into shares of common stock (1) 164 72 164 605 Distributions declared on OP units (2) $ 4,107 $ 4,113 $ 8,180 $ 8,217 (1) Prior to the Recapitalization, OP units were converted to shares of common stock at a 1:1 ratio. From the Recapitalization through January 18, 2022, OP units were converted into shares of our Class B common stock at a 1:1 ratio. On January 18, 2022, each share of our Class B common stock automatically converted into one share of our listed common stock, and going forward, OP units will be converted into shares of our common stock at a 1:1 ratio. (2) Distributions declared on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. Share Repurchase Program —On August 3, 2022, our Board approved a new share repurchase program of up to $250 million of common stock. The program may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular number of shares. No share repurchases have been made to date under this program.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	10. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing Net Income Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to stockholders - basic $ 14,451 $ 13,528 $ 31,070 $ 23,607 Net income attributable to convertible OP units (1) 1,758 1,727 3,775 3,046 Net income - diluted $ 16,209 $ 15,255 $ 34,845 $ 26,653 Denominator: Weighted-average shares - basic 117,304 114,124 117,264 113,850 OP units (1) 14,238 14,551 14,236 14,553 Dilutive restricted stock awards 345 442 504 454 Adjusted weighted-average shares - diluted 131,887 129,117 132,004 128,857 Earnings per common share: Basic and diluted income per share $ 0.12 $ 0.12 $ 0.26 $ 0.21 (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net Income Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all periods presented. OP units are allocated income on a consistent basis with the common stockholder and therefore have no dilutive impact to earnings per share of common stock.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	11. RELATED PARTY TRANSACTIONS Revenue —We have entered into agreements with the Managed Funds related to certain advisory, management, and administrative services we provide to their real estate assets in exchange for fees and reimbursement of certain expenses. Summarized below are amounts included in Fees and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds and other revenues that are not in the scope of ASC Topic 606, Revenue from Contracts with Customers, but that are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Recurring fees (1) $ 974 $ 995 $ 1,986 $ 2,070 Realized performance income (2) — 2,546 75 2,742 Transactional revenue and reimbursements (3) 724 447 1,266 841 Insurance premiums (4) 848 793 1,697 1,589 Total fees and management income $ 2,546 $ 4,781 $ 5,024 $ 7,242 (1) Recurring fees include asset management fees and property management fees. (2) Realized performance income includes fees received related to the achievement of certain performance targets in our NRP joint venture. (3) Transactional revenue includes items such as leasing commissions and construction management fees. (4) Insurance premium income includes amounts for reinsurance from third parties not affiliated with us. Tax Protection Agreement —Through our Operating Partnership, we are currently party to a tax protection agreement (the “2017 TPA”) with certain partners that contributed property to our Operating Partnership on October 4, 2017, among them certain of our executive officers, including Jeffrey S. Edison, our Chairman and Chief Executive Officer, under which the Operating Partnership agreed to indemnify such partners for tax liabilities that could accrue to them personally related to our potential disposition of certain properties within our portfolio. The 2017 TPA will expire on October 4, 2027. On July 19, 2021, we entered into an additional tax protection agreement (the “2021 TPA”) with certain of our executive officers, including Mr. Edison. The 2021 TPA carries a term of four years and will become effective upon the expiration of the 2017 TPA. As of June 30, 2023, the potential “make-whole amount” on the estimated aggregate amount of built-in gain subject to protection under the agreements is approximately $125.8 million. The protection provided under the terms of the 2021 TPA will expire in 2031. We have not recorded any liability related to the 2017 TPA or the 2021 TPA on our consolidated balance sheets for any periods presented, nor recognized any expense since the inception of the 2017 TPA, owing to the fact that any potential liability under the agreements is controlled by us and we believe we will either (i) continue to own and operate the protected properties or (ii) be able to successfully complete tax-deferred exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (unless there is a change in applicable law) or complete other tax-efficient transactions to avoid any liability under the agreements. Other Related Party Matters — As of June 30, 2023, we were the limited guarantor of a $175 million mortgage loan secured by GRP I properties. Our guaranty for the GRP I debt is limited to being the non-recourse carveout guarantor and the environmental indemnitor. Further, we are also party to an agreement with GRP I in which any potential liability under such guarantee will be apportioned between us and GRP I based on our respective ownership percentages in the joint venture. We have no liability recorded on our consolidated balance sheets for the guaranty as of June 30, 2023 and December 31, 2022.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	12. FAIR VALUE MEASUREMENTS The following describes the methods we use to estimate the fair value of our financial and nonfinancial assets and liabilities: Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, and Accounts Payable —We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Real Estate Investments —The purchase prices of the investment properties, including related lease intangible assets and liabilities, are allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates, and current market rents and allowances as determined by management. Debt Obligations —We estimate the fair value of our revolving credit facility, term loans, secured portfolio of loans, and mortgages by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed. We estimate the fair value of our senior unsecured notes by using quoted prices in active markets, which are considered Level 1 inputs. The following is a summary of borrowings as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Recorded Principal Balance (1) Fair Value Recorded Principal Balance (1) Fair Value Revolving credit facility $ 168,000 $ 168,772 $ 79,000 $ 79,299 Term loans 949,749 959,341 948,429 959,319 Senior unsecured notes due 2031 343,346 258,006 342,999 257,446 Secured portfolio loan facilities 392,334 340,752 392,093 343,921 Mortgages (2) 97,757 95,811 134,073 132,563 Total $ 1,951,186 $ 1,822,682 $ 1,896,594 $ 1,772,548 (1) As of June 30, 2023 and December 31, 2022, respectively, recorded principal balances include: (i) net deferred financing fees of $6.9 million and $8.0 million; (ii) assumed market debt adjustments of $1.3 million and $1.2 million; and (iii) notes payable discounts of $6.7 million and $7.0 million. (2) Our finance lease liability is included in the mortgages line item, as presented . Recurring and Nonrecurring Fair Value Measurements —Our marketable securities and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the six months ended June 30, 2023 and the year ended December 31, 2022 were as follows (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Marketable securities (1) $ 8,502 $ — $ — $ 7,792 $ — $ — Derivative assets (1) — 25,231 — — 25,853 — Nonrecurring Impaired real estate assets, net (2) $ — $ — $ — $ — $ 5,225 $ — (1) We record marketable securities and derivative assets in Other Assets, Net on our consolidated balance sheets. (2) The carrying value of impaired real estate assets may have subsequently increased or decreased after the measurement date due to capital improvements, depreciation, or sale. Marketable Securities— We estimate the fair value of marketable securities using Level 1 inputs. We utilize unadjusted quoted prices for identical assets in active markets that we have the ability to access. Derivative Instruments— As of June 30, 2023 and December 31, 2022, we had interest rate swaps that fixed SOFR on portions of our unsecured term loan facilities. All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments 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 fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC Topic 820, Fair Value Measurement , we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of June 30, 2023 and December 31, 2022, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Real Estate Asset Impairment —Our real estate assets are measured and recognized at fair value, less costs to sell for held-for-sale properties, on a nonrecurring basis dependent upon when we determine an impairment has occurred. There were no impairment charges recorded during the three and six months ended June 30, 2023 and June 30, 2022. On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. The first step is the identification of potential triggering events, such as significant decreases in occupancy or the presence of large dark or vacant spaces. If we observe any of these indicators for a shopping center, we then perform an additional screen test consisting of a years-to-recover analysis to determine if we will recover the net book value of the property over its remaining economic life based upon net operating income (“NOI”) as forecasted for the current year. In the event that the results of this first step indicate a triggering event for a center, we proceed to the second step, utilizing an undiscounted cash flow model for the center to identify potential impairment. If the undiscounted cash flows are less than the net book value of the center as of the balance sheet date, we record an impairment charge based on the fair value determined in the third step. In performing the third step, we utilize market data such as capitalization rates and sales price per square foot on comparable recent real estate transactions to estimate the fair value of the real estate assets. We also utilize expected net sales proceeds to estimate the fair value of any centers that are actively being marketed for sale. In addition to these procedures, we also review undeveloped or unimproved land parcels that we own for evidence of impairment and record any impairment charges as necessary. Primary impairment triggers for these land parcels are changes to our plans or intentions with regards to such properties, or planned dispositions at prices that are less than the current carrying values.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS In preparing the condensed and unaudited consolidated financial statements, we have evaluated subsequent events through the date of filing of this report on Form 10-Q for recognition and/or disclosure purposes. Based on this evaluation, we have determined that there were no events that have occurred that require recognition or disclosure, other than certain events and transactions that have been disclosed elsewhere in these consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2022, which are included in our 2022 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation.
Income Taxes	Income Taxes —Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as taxable REIT subsidiary entities and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. We recognized an insignificant amount of federal, state, and local income tax expense for the three and six months ended June 30, 2023 and 2022, and we retain a full valuation allowance for our net deferred tax asset. All income tax amounts are included in Other Expense, Net on our consolidated statements of operations.
Newly Adopted Accounting Pronouncements	Newly Adopted Accounting Pronouncements—There were no newly adopted accounting pronouncements during the six months ended June 30, 2023 that impacted the Company.
Reclassifications	Reclassifications —Certain prior period amounts have been reclassified to conform to the current year presentation in the consolidated statements of equity. The reallocation of operating partnership interests is now reflected within Conversion of Noncontrolling Interests, as opposed to being presented as a separate financial statement line item. There was no impact to the Company’s financial position as a result of this reclassification.
Earnings per Share	Basic earnings per share (“EPS”) is computed by dividing Net Income Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Operating Leases	All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental income related to fixed lease payments (1) $ 111,080 $ 103,163 $ 219,944 $ 204,673 Rental income related to variable lease payments (1)(2) 33,829 29,431 69,592 62,898 Straight-line rent amortization (3) 3,148 3,170 5,591 4,865 Amortization of lease assets 1,249 1,062 2,465 2,054 Lease buyout income 74 177 429 2,141 Adjustments for collectibility (4) (400) 227 (1,313) (653) Total rental income $ 148,980 $ 137,230 $ 296,708 $ 275,978 (1) Includes rental income related to lease payments before assessing for collectibility. (2) Variable payments are primarily related to tenant recovery income. (3) Includes revenue adjustments to straight-line rent for tenants considered non-creditworthy. (4) Includes general reserves as well as adjustments for tenants considered non-creditworthy for which we are recording revenue on a cash basis, per Accounting Standards Codification (“ASC”) Topic 842, Leases .
Schedule of Operating Lease Maturity	Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June 30, 2023, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, are as follows (in thousands): Year Amount Remaining 2023 $ 218,277 2024 423,303 2025 367,870 2026 302,336 2027 237,542 Thereafter 604,867 Total $ 2,154,195

Real Estate Activity (Tables)

Real Estate Activity (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate Investments, Net [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes our real estate acquisition activity (dollars in thousands): Six Months Ended June 30, 2023 2022 Number of properties acquired 4 4 Number of outparcels acquired (1) — 1 Contract price $ 78,650 $ 169,342 Total price of acquisitions (2) 69,464 170,186 (1) Outparcels acquired are adjacent to shopping centers that we own. (2) Total price of acquisitions includes closing costs less credits and assumed debt obligations.
Schedule of Asset Acquisition	The aggregate purchase price of the assets acquired during the six months ended June 30, 2023 and 2022 were allocated as follows (in thousands): June 30, 2023 June 30, 2022 ASSETS Land and improvements $ 25,084 $ 44,191 Building and improvements 49,877 116,087 In-place lease assets 592 14,346 Above-market lease assets 7,112 2,362 Below-market debt 444 — Total assets 83,109 176,986 LIABILITIES Debt obligations, net 9,615 — Below-market lease liabilities 4,030 6,800 Total liabilities 13,645 6,800 Net assets acquired $ 69,464 $ 170,186
Schedule of Acquired Intangible Leases	The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles and below-market debt acquired during the six months ended June 30, 2023 and 2022 are as follows (in years): June 30, 2023 June 30, 2022 Acquired in-place leases 12 15 Acquired above-market leases 8 8 Acquired below-market leases 18 16 Assumed below-market debt 2 —
Schedule of Real Estate Disposal	The following table summarizes our real estate disposition activity (dollars in thousands): Six Months Ended June 30, 2023 2022 Number of properties sold 1 3 Number of outparcels sold 2 2 Contract price $ 6,250 $ 28,342 Proceeds from sale of real estate, net (1)(2) 7,089 27,077 Gain on disposal of property, net (2) 1,017 4,161 (1) Total proceeds from sale of real estate, net includes closing costs less credits.

Other Assets, Net (Tables)

Other Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Other Assets [Abstract]
Schedule of Other Assets	The following is a summary of Other Assets, Net outstanding as of June 30, 2023 and December 31, 2022, excluding amounts related to assets classified as held for sale (in thousands): June 30, 2023 December 31, 2022 Other assets, net: Deferred leasing commissions and costs $ 51,652 $ 49,687 Deferred financing expenses (1) 8,984 8,984 Office equipment, including capital lease assets, and other 23,385 23,051 Corporate intangible assets 6,685 6,692 Total depreciable and amortizable assets 90,706 88,414 Accumulated depreciation and amortization (50,473) (47,483) Net depreciable and amortizable assets 40,233 40,931 Accounts receivable, net (2) 43,017 37,274 Accounts receivable - affiliates 798 513 Deferred rent receivable, net (3) 57,954 52,141 Derivative assets 25,231 25,853 Prepaid expenses and other 12,638 14,575 Investment in third parties 9,901 9,800 Investment in marketable securities 8,502 7,792 Total other assets, net $ 198,274 $ 188,879 (1) Deferred financing expenses per the above table are related to our revolving credit facility, and as such we have elected to classify them as an asset rather than as a contra-liability. (2) Net of $3.2 million and $3.0 million of general reserves for uncollectible amounts as of June 30, 2023 and December 31, 2022, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $6.5 million and $6.2 million as of June 30, 2023 and December 31, 2022, respectively. (3) Net of $4.1 million and $4.2 million of receivables removed as of June 30, 2023 and December 31, 2022, respectively, related to straight-line rent for tenants previously or currently considered to be non-creditworthy.

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, for our debt obligations as of June 30, 2023 and December 31, 2022 (dollars in thousands): Interest Rate (1) June 30, 2023 December 31, 2022 Revolving credit facility SOFR + 1.1% $ 168,000 $ 79,000 Term loans (2) 2.5% - 6.5% 955,000 955,000 Senior unsecured notes due 2031 2.6% 350,000 350,000 Secured loan facilities 3.4% - 3.5% 395,000 395,000 Mortgages 3.5% - 6.4% 97,564 133,199 Finance lease liability 456 585 Discount on notes payable (6,654) (7,001) Assumed market debt adjustments, net (1,314) (1,226) Deferred financing expenses, net (6,866) (7,963) Total $ 1,951,186 $ 1,896,594 Weighted-average interest rate (3) 3.9 % 3.6 % (1) Interest rates are as of June 30, 2023. (2) Our term loans carry an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus a spread. While most of the rates are fixed through the use of swaps, a portion of these loans are not subject to a swap, and thus are still indexed to SOFR. (3) Includes the effects of derivative financial instruments that were effective as of June 30, 2023 and December 31, 2022 (see Notes 7 and 12).
Schedule of Debt Allocation	The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments, discount on senior notes, and deferred financing expenses, net, and including the effects of derivative financial instruments as of June 30, 2023 and December 31, 2022 is summarized below (in thousands): June 30, 2023 December 31, 2022 As to interest rate: Fixed-rate debt (1) $ 1,598,020 $ 1,633,784 Variable-rate debt 368,000 279,000 Total $ 1,966,020 $ 1,912,784 As to collateralization: Unsecured debt $ 1,473,000 $ 1,384,000 Secured debt 493,020 528,784 Total $ 1,966,020 $ 1,912,784 (1) Fixed-rate debt includes, and variable-rate debt excludes, the portion of such debt that has been hedged by interest rate derivatives. As of June 30, 2023, $755 million in variable-rate debt is hedged to a fixed rate for a weighted-average period of 1.1 years (see Notes 7 and 12).

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Count 5 4 Notional amount (1) $ 755,000 $ 755,000 Fixed SOFR 1.2% - 3.4% 1.2% - 2.8% Maturity date 2023-2026 2023-2025 Weighted-average term (in years) 1.9 1.6 (1) Notional amount includes only interest rate swaps that were effective as of June 30, 2023 and December 31, 2022.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The table below details the nature of the gain and loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount of gain recognized in Other Comprehensive Income $ 12,062 $ 7,080 $ 10,110 $ 29,979 Amount of (gain) loss reclassified from AOCI into Interest Expense, Net (5,500) 2,754 (10,047) 7,428

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Dividends Payable	Distributions —We declared and paid 2023 monthly distributions of $0.0933 per common share and Operating Partnership unit (“OP unit”) for each month beginning January 2023 through July 2023. Distributions paid to stockholders and OP unit holders of record subsequent to June 30, 2023 were as follows (dollars in thousands, excluding per share amounts): Month Date of Record Date Distribution Paid Monthly Distribution Rate Cash Distribution June 6/15/2023 7/3/2023 $ 0.0933 $ 12,228 July 7/17/2023 8/1/2023 0.0933 12,229
Schedule of OP Unit Activity	The table below is a summary of our OP unit activity for the three and six months ended June 30, 2023 and 2022 (dollars and shares in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 OP units converted into shares of common stock (1) 164 72 164 605 Distributions declared on OP units (2) $ 4,107 $ 4,113 $ 8,180 $ 8,217 (1) Prior to the Recapitalization, OP units were converted to shares of common stock at a 1:1 ratio. From the Recapitalization through January 18, 2022, OP units were converted into shares of our Class B common stock at a 1:1 ratio. On January 18, 2022, each share of our Class B common stock automatically converted into one share of our listed common stock, and going forward, OP units will be converted into shares of our common stock at a 1:1 ratio. (2) Distributions declared on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to stockholders - basic $ 14,451 $ 13,528 $ 31,070 $ 23,607 Net income attributable to convertible OP units (1) 1,758 1,727 3,775 3,046 Net income - diluted $ 16,209 $ 15,255 $ 34,845 $ 26,653 Denominator: Weighted-average shares - basic 117,304 114,124 117,264 113,850 OP units (1) 14,238 14,551 14,236 14,553 Dilutive restricted stock awards 345 442 504 454 Adjusted weighted-average shares - diluted 131,887 129,117 132,004 128,857 Earnings per common share: Basic and diluted income per share $ 0.12 $ 0.12 $ 0.26 $ 0.21 (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net Income Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all periods presented. OP units are allocated income on a consistent basis with the common stockholder and therefore have no dilutive impact to earnings per share of common stock.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Disaggregation of Revenue	Summarized below are amounts included in Fees and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds and other revenues that are not in the scope of ASC Topic 606, Revenue from Contracts with Customers, but that are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Recurring fees (1) $ 974 $ 995 $ 1,986 $ 2,070 Realized performance income (2) — 2,546 75 2,742 Transactional revenue and reimbursements (3) 724 447 1,266 841 Insurance premiums (4) 848 793 1,697 1,589 Total fees and management income $ 2,546 $ 4,781 $ 5,024 $ 7,242 (1) Recurring fees include asset management fees and property management fees. (2) Realized performance income includes fees received related to the achievement of certain performance targets in our NRP joint venture. (3) Transactional revenue includes items such as leasing commissions and construction management fees. (4) Insurance premium income includes amounts for reinsurance from third parties not affiliated with us.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Borrowings	The following is a summary of borrowings as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Recorded Principal Balance (1) Fair Value Recorded Principal Balance (1) Fair Value Revolving credit facility $ 168,000 $ 168,772 $ 79,000 $ 79,299 Term loans 949,749 959,341 948,429 959,319 Senior unsecured notes due 2031 343,346 258,006 342,999 257,446 Secured portfolio loan facilities 392,334 340,752 392,093 343,921 Mortgages (2) 97,757 95,811 134,073 132,563 Total $ 1,951,186 $ 1,822,682 $ 1,896,594 $ 1,772,548 (1) As of June 30, 2023 and December 31, 2022, respectively, recorded principal balances include: (i) net deferred financing fees of $6.9 million and $8.0 million; (ii) assumed market debt adjustments of $1.3 million and $1.2 million; and (iii) notes payable discounts of $6.7 million and $7.0 million. (2) Our finance lease liability is included in the mortgages line item, as presented
Summary of Recurring and Nonrecurring Fair Value	Fair value measurements that occurred as of and during the six months ended June 30, 2023 and the year ended December 31, 2022 were as follows (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Marketable securities (1) $ 8,502 $ — $ — $ 7,792 $ — $ — Derivative assets (1) — 25,231 — — 25,853 — Nonrecurring Impaired real estate assets, net (2) $ — $ — $ — $ — $ 5,225 $ — (1) We record marketable securities and derivative assets in Other Assets, Net on our consolidated balance sheets. (2) The carrying value of impaired real estate assets may have subsequently increased or decreased after the measurement date due to capital improvements, depreciation, or sale.

Organization (Details)

Organization (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property joint_venture fund	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property joint_venture fund	Jun. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture	2		2
Number of private funds | fund	1		1
Number of real estate properties | property	274		274
Fees and management income | $	$ (2,546)	$ (4,781)	$ (5,024)	$ (7,242)
Necessity Retail Partners | Performance Target Achievements | Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Fees and management income | $	$ 0	$ (2,500)	$ (100)	$ (2,700)
Grocery Retail Partners I
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	20		20
Equity method investment, ownership percentage (as a percent)	14%		14%
Necessity Retail Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	20%		20%

Leases - Lessor (Details)

Leases - Lessor (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Lease, Lease Income
Rental income related to fixed lease payments	$ 111,080	$ 103,163	$ 219,944	$ 204,673
Rental income related to variable lease payments	33,829	29,431	69,592	62,898
Straight-line rent amortization	3,148	3,170	5,591	4,865
Amortization of lease assets	1,249	1,062	2,465	2,054
Lease buyout income	74	177	429	2,141
Adjustments for collectability	(400)	227	(1,313)	(653)
Total rental income	148,980	$ 137,230	296,708	$ 275,978
Future Minimum Payments Due, Maturity
Remaining 2023	218,277		218,277
2024	423,303		423,303
2025	367,870		367,870
2026	302,336		302,336
2027	237,542		237,542
Thereafter	604,867		604,867
Total	$ 2,154,195		$ 2,154,195
Florida | Geographic Concentration Risk | Revenue Benchmark
Future Minimum Payments Due, Maturity
Concentration risk (as a percent)			12.30%
California | Geographic Concentration Risk | Revenue Benchmark
Future Minimum Payments Due, Maturity
Concentration risk (as a percent)			10.90%

Real Estate Activity - Schedule

Real Estate Activity - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) property parcel	Jun. 30, 2022 USD ($) property parcel
Real Estate Investments, Net [Abstract]
Number of properties acquired | property	4	4
Number of outparcels acquired | parcel	0	1
Contract price	$ 78,650	$ 169,342
Total price of acquisitions	$ 69,464	$ 170,186

Real Estate Activity - Schedu_2

Real Estate Activity - Schedule of Asset Acquisition (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
ASSETS
Total assets	$ 83,109	$ 176,986
LIABILITIES
Debt obligations, net	9,615	0
Below-market lease liabilities	4,030	6,800
Total liabilities	13,645	6,800
Net assets acquired	69,464	170,186
In-place lease assets
ASSETS
Intangible assets acquired	592	14,346
Above-market lease assets
ASSETS
Intangible assets acquired	7,112	2,362
Below-market debt
ASSETS
Intangible assets acquired	444	0
Land and improvements
ASSETS
Property, plant and equipment	25,084	44,191
Building and improvements
ASSETS
Property, plant and equipment	$ 49,877	$ 116,087

Real Estate Activity - Acquisit

Real Estate Activity - Acquisition of Intangible Leases Amortization Periods (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired below-market leases	18 years	16 years
Assumed below market debt weighted average useful life	2 years	0 years
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired leases	12 years	15 years
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired leases	8 years	8 years

Real Estate Activity - Property

Real Estate Activity - Property Sales (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) parcel property	Jun. 30, 2022 USD ($) property parcel
Real Estate Investments, Net [Abstract]
Number of properties sold | property	1	3
Number of outparcels sold | parcel	2	2
Contract price	$ 6,250	$ 28,342
Proceeds from sale of real estate, net	7,089	27,077
Gain on disposal of property, net	$ 1,017	$ 4,161

Real Estate Activity - Narrativ

Real Estate Activity - Narrative (Details) - Hurricane Ian - USD ($) $ in Millions		6 Months Ended	12 Months Ended
	Sep. 28, 2022	Jun. 30, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Depreciation			$ 2.7
Insurance recoveries		$ 1
Collect insurance proceeds	$ 1.7

Other Assets, Net (Details)

Other Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets [Line Items]
Deferred leasing commissions and costs	$ 51,652	$ 49,687
Deferred financing expenses	8,984	8,984
Office equipment, including capital lease assets, and other	23,385	23,051
Corporate intangible assets	6,685	6,692
Total depreciable and amortizable assets	90,706	88,414
Accumulated depreciation and amortization	(50,473)	(47,483)
Net depreciable and amortizable assets	40,233	40,931
Deferred rent receivable, net	57,954	52,141
Derivative assets	25,231	25,853
Prepaid expenses and other	12,638	14,575
Investment in third parties	9,901	9,800
Investment in marketable securities	8,502	7,792
Other assets, net	198,274	188,879
Uncollectable lease receivables, general reserves	3,200	3,000
Lease billings, nonaccrual basis	6,500	6,200
Uncollectible lease receivables - straight line rent	4,100	4,200
Nonrelated Party
Other Assets [Line Items]
Accounts receivable, net	43,017	37,274
Affiliates
Other Assets [Line Items]
Accounts receivable, net	$ 798	$ 513

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease liability	$ 456	$ 585
Discount on notes payable	(6,654)	(7,001)
Assumed market debt adjustments, net	(1,314)	(1,226)
Deferred financing expenses, net	(6,866)	(7,963)
Total	$ 1,951,186	$ 1,896,594
Weighted-average interest rate on debt (as a percent)	3.90%	3.60%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit - interest spread	1.10%
Outstanding principal balance	$ 168,000	$ 79,000
Term loans
Debt Instrument [Line Items]
Outstanding principal balance	$ 955,000	955,000
Term loans | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	2.50%
Term loans | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.50%
Senior notes | Senior unsecured notes due 2031
Debt Instrument [Line Items]
Interest rate (as a percent)	2.60%
Outstanding principal balance	$ 350,000	350,000
Secured loan facilities | Secured loan facilities
Debt Instrument [Line Items]
Outstanding principal balance	$ 395,000	395,000
Secured loan facilities | Minimum | Secured loan facilities
Debt Instrument [Line Items]
Interest rate (as a percent)	3.40%
Secured loan facilities | Maximum | Secured loan facilities
Debt Instrument [Line Items]
Interest rate (as a percent)	3.50%
Mortgages
Debt Instrument [Line Items]
Outstanding principal balance	$ 97,564	$ 133,199
Mortgages | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	3.50%
Mortgages | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.40%

Debt Obligations - Narrative (D

Debt Obligations - Narrative (Details) $ in Thousands			6 Months Ended
	Aug. 01, 2023	Jul. 31, 2023 USD ($) numberOfTranches extension	Jun. 30, 2023 USD ($) numberOfTranches
Mortgages
Debt Instrument [Line Items]
Repayments of debt			$ 45,400
Term loans | Senior Unsecured Term Loans Due 2024
Debt Instrument [Line Items]
Number of tranches | numberOfTranches			3
Notional amount			$ 475,000
Term loans | Subsequent event
Debt Instrument [Line Items]
Number of tranches | numberOfTranches		3
Notional amount		$ 484,800
Term loans | Subsequent event | Senior Unsecured Term Loans Due Jan 2026
Debt Instrument [Line Items]
Debt face amount		$ 161,800
Number of extension options | extension		2
Extension term	1 year
Term loans | Subsequent event | Senior Unsecured Term Loans Due Jan 2026 | SOFR
Debt Instrument [Line Items]
Line of credit - interest spread		1.35%
Term loans | Subsequent event | Senior Unsecured Term Loan, One, Due Jan 2027
Debt Instrument [Line Items]
Debt face amount		$ 158,000
Term loans | Subsequent event | Senior Unsecured Term Loan, One, Due Jan 2027 | SOFR
Debt Instrument [Line Items]
Line of credit - interest spread		1.35%
Term loans | Subsequent event | Senior Unsecured Term Loan, Two, Due Jan 2027
Debt Instrument [Line Items]
Debt face amount		$ 165,000
Term loans | Subsequent event | Senior Unsecured Term Loan, Two, Due Jan 2027 | SOFR
Debt Instrument [Line Items]
Line of credit - interest spread		1.35%

Debt Obligations - Schedule o_2

Debt Obligations - Schedule of Debt Allocation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fixed-rate debt	$ 1,598,020	$ 1,633,784
Variable-rate debt	368,000	279,000
Unsecured debt	1,473,000	1,384,000
Secured debt	493,020	528,784
Total	1,966,020	$ 1,912,784
Long-term Debt
Debt Instrument [Line Items]
Derivative liabilities	$ 755,000
Weighted-average term (in years)	1 year 1 month 6 days

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) Debt_Instrument	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Debt_Instrument	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Debt_Instrument	Mar. 15, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in Other Comprehensive Income	$ 12,062	$ 7,080	$ 10,110	$ 29,979
Interest Expense, Net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss reclassified from AOCI into Interest Expense, Net	$ (5,500)	$ 2,754	(10,047)	$ 7,428
Interest rate swap | Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from OCI to income, decrease to interest expense, net			$ 18,200
Interest rate swap | SOFR | Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Count | Debt_Instrument	5		5
Notional amount	$ 755,000		$ 755,000			$ 200,000
Weighted-average term (in years)			1 year 10 months 24 days
Interest rate swap | SOFR | Designated as hedging instrument | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR	1.20%		1.20%
Interest rate swap | SOFR | Designated as hedging instrument | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR	3.40%		3.40%			3.36%
Interest rate swap | London Interbank Offered Rate (LIBOR) Swap Rate | Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Count | Debt_Instrument					4
Notional amount					$ 755,000
Weighted-average term (in years)					1 year 7 months 6 days
Interest rate swap | London Interbank Offered Rate (LIBOR) Swap Rate | Designated as hedging instrument | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR					1.20%
Interest rate swap | London Interbank Offered Rate (LIBOR) Swap Rate | Designated as hedging instrument | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR					2.80%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($) obligation
Commitments and Contingencies Disclosure [Abstract]
Number of letters of credit outstanding | obligation	4
Letters of credit outstanding | $	$ 12.5

Equity - Narrative (Details)

Equity - Narrative (Details)				3 Months Ended		6 Months Ended
	Jun. 15, 2023 $ / shares	Jan. 18, 2022 shares	Jan. 11, 2022 shares	Jun. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2022 $ / shares	Jun. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Aug. 03, 2022 USD ($)	May 05, 2022 $ / shares shares	Feb. 10, 2022 USD ($)	Jun. 18, 2021
Class of Stock [Line Items]
Common stock, votes per share (in votes per share) | vote				1		1
OP conversion ratio		1										1
Common stock, conversion ratio		1		1		1
Common distributions declared (in dollars per share) | $ / shares				$ 0.2799	$ 0.27	$ 0.5598	$ 0.54
OP units outstanding, shares | shares				14,100,000		14,100,000		14,100,000
Stock repurchase program, authorized amount | $									$ 250,000,000
Phillips Edison Limited Partnership
Class of Stock [Line Items]
PELP transaction, OP units issued and issuable (in shares) | shares		1,600,000	1,600,000
Dividend declared
Class of Stock [Line Items]
Common distributions declared (in dollars per share) | $ / shares	$ 0.0933
Common Class B
Class of Stock [Line Items]
OP conversion ratio		1
Common stock, authorized (in shares) | shares										350,000,000
Common stock, par value (in dollars per share) | $ / shares										$ 0.01
Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares) | shares				1,000,000,000		1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01		$ 0.01		$ 0.01
At-the-Market Offering
Class of Stock [Line Items]
Common stock, sales agreement, authorized amount | $											$ 250,000,000
Common stock, number of shares issued in transaction (in shares) | shares				0		0	1,900,000
Common stock, net proceeds | $							$ 63,000,000
Commission costs | $							$ 600,000
Common stock, value remaining for future issuance | $				$ 159,900,000		$ 159,900,000

Equity - Schedule of Dividends

Equity - Schedule of Dividends Payable (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		6 Months Ended
	Aug. 01, 2023	Jul. 17, 2023	Jul. 03, 2023	Jun. 15, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)					$ 0.2799	$ 0.27	$ 0.5598	$ 0.54
Distributions paid							$ 66,321	$ 61,979
Dividend declared
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				$ 0.0933
Dividend declared | Subsequent event
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)		$ 0.0933
Dividend paid | Subsequent event
Equity, Class of Treasury Stock [Line Items]
Distributions paid	$ 12,229		$ 12,228

Equity - Schedule of OP Unit Ac

Equity - Schedule of OP Unit Activity (Details) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jan. 18, 2022	Jun. 18, 2021
Class of Stock [Line Items]
OP units converted into shares of common stock (in shares) | shares	164	72	164	605
Distributions paid on OP units | $	$ 4,107	$ 4,113	$ 8,180	$ 8,217
OP conversion ratio					1	1
Common stock, conversion ratio	1		1		1
Common Class B
Class of Stock [Line Items]
OP conversion ratio					1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income attributable to stockholders - basic	$ 14,451	$ 13,528	$ 31,070	$ 23,607
Net income attributable to convertible OP units	1,758	1,727	3,775	3,046
Net income - diluted	$ 16,209	$ 15,255	$ 34,845	$ 26,653
Denominator:
Weighted-average shares - basic (in shares)	117,304	114,124	117,264	113,850
OP units (in shares)	14,238	14,551	14,236	14,553
Dilutive restricted stock awards (in shares)	345	442	504	454
Adjusted weighted-average shares - diluted (in shares)	131,887	129,117	132,004	128,857
Earnings per common share:
Basic income per share (in dollars per share)	$ 0.12	$ 0.12	$ 0.26	$ 0.21
Diluted income per share (in dollars per share)	$ 0.12	$ 0.12	$ 0.26	$ 0.21

Related Party Transactions - Di

Related Party Transactions - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Fees and management income	$ 2,546	$ 4,781	$ 5,024	$ 7,242
Affiliates
Related Party Transaction [Line Items]
Fees and management income	2,546	4,781	5,024	7,242
Affiliated entity | Recurring fees
Related Party Transaction [Line Items]
Fees and management income	974	995	1,986	2,070
Affiliated entity | Realized performance income
Related Party Transaction [Line Items]
Fees and management income	0	2,546	75	2,742
Affiliated entity | Transactional revenue and reimbursements
Related Party Transaction [Line Items]
Fees and management income	724	447	1,266	841
Affiliated entity | Insurance premiums
Related Party Transaction [Line Items]
Fees and management income	$ 848	$ 793	$ 1,697	$ 1,589

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Jul. 19, 2021	Jun. 30, 2023
Executive officers | 2021 TPA
Related Party Transaction [Line Items]
Term of contract (in years)	4 years
Off-balance sheet risks, liability		$ 125.8
Grocery Retail Partners I
Related Party Transaction [Line Items]
Guarantor, maximum exposure		$ 175

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	$ 1,951,186	$ 1,896,594
Deferred financing costs	6,866	7,963
Assumed market debt adjustments, net	1,314	1,226
Discount on notes payable	6,654	7,001
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,822,682	1,772,548
Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	949,749	948,429
Term loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	959,341	959,319
Secured loan facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	392,334	392,093
Secured loan facilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	340,752	343,921
Line of Credit | Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	168,000	79,000
Line of Credit | Revolving credit facility | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	168,772	79,299
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	343,346	342,999
Senior notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	258,006	257,446
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	97,757	134,073
Mortgages | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 95,811	$ 132,563

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Recurring and Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	$ 8,502	$ 7,792
Derivative assets	25,231	25,853
Recurring | Level 1
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	8,502	7,792
Derivative assets	0	0
Recurring | Level 2
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	0	0
Derivative assets	25,231	25,853
Recurring | Level 3
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	0	0
Derivative assets	0	0
Nonrecurring | Level 1
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Impaired real estate assets, net	0	0
Nonrecurring | Level 2
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Impaired real estate assets, net	0	5,225
Nonrecurring | Level 3
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Impaired real estate assets, net	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) shares in Millions			3 Months Ended		6 Months Ended
	Jan. 18, 2022	Jan. 11, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate			$ 0	$ 0	$ 0	$ 0
Change in fair value of earn-out liability			$ 0	$ 0	$ 0	$ 1,809,000
Level 3 | Contingent Consideration | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlement of liability		$ 54,200,000
Phillips Edison Limited Partnership
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PELP transaction, OP units issued and issuable (in shares)	1.6	1.6