Phillips Edison & Company (PECO) 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares shares in Millions	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40594
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		122.6
Fiscal period focus	Q3
Fiscal year focus	2024
Amendment flag	false
Entity CIK	0001476204
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment in real estate:
Land and improvements	$ 1,842,671	$ 1,768,487
Building and improvements	3,977,380	3,818,184
In-place lease assets	515,014	495,525
Above-market lease assets	75,500	74,446
Total investment in real estate assets	6,410,565	6,156,642
Accumulated depreciation and amortization	(1,713,033)	(1,540,551)
Net investment in real estate assets	4,697,532	4,616,091
Investment in unconsolidated joint ventures	27,294	25,220
Total investment in real estate assets, net	4,724,826	4,641,311
Cash and cash equivalents	6,446	4,872
Restricted cash	2,887	4,006
Goodwill	29,066	29,066
Other assets, net	187,033	186,411
Total assets	4,950,258	4,865,666
Liabilities:
Debt obligations, net	2,104,788	1,969,272
Below-market lease liabilities, net	114,796	108,223
Accounts payable and other liabilities	129,517	116,461
Deferred income	22,099	18,359
Total liabilities	2,371,200	2,212,315
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 September 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 122,615 and 122,024 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1,226	1,220
Additional paid-in capital (“APIC”)	3,558,407	3,546,838
Accumulated other comprehensive income (“AOCI”)	1,907	10,523
Accumulated deficit	(1,312,303)	(1,248,273)
Total stockholders’ equity	2,249,237	2,310,308
Noncontrolling interests	329,821	343,043
Total equity	2,579,058	2,653,351
Total liabilities and equity	$ 4,950,258	$ 4,865,666

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	122,615,000	122,024,000
Common stock, outstanding (in shares)	122,615,000	122,024,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental income	$ 161,780	$ 149,566	$ 478,134	$ 446,274
Fees and management income	2,856	2,168	7,943	7,192
Other property income	891	740	2,267	2,209
Total revenues	165,527	152,474	488,344	455,675
Operating Expenses:
Property operating	27,528	24,274	81,461	74,010
Real estate taxes	19,569	19,028	57,897	55,481
General and administrative	11,114	10,385	34,060	33,604
Depreciation and amortization	68,328	58,706	189,706	176,871
Total operating expenses	126,539	112,393	363,124	339,966
Other:
Interest expense, net	(24,998)	(21,522)	(71,954)	(61,663)
(Loss) gain on disposal of property, net	(19)	53	(34)	1,070
Other expense, net	(1,068)	(4,883)	(3,717)	(6,542)
Net income	12,903	13,729	49,515	48,574
Net income attributable to noncontrolling interests	(1,301)	(1,484)	(4,972)	(5,259)
Net income attributable to stockholders	$ 11,602	$ 12,245	$ 44,543	$ 43,315
Earnings per share of common stock:
Net income per share attributable to stockholders - basic (in dollars per share)	$ 0.09	$ 0.10	$ 0.36	$ 0.37
Net income per share attributable to stockholders - diluted (in dollars per share)	$ 0.09	$ 0.10	$ 0.36	$ 0.37
Comprehensive income:
Net income	$ 12,903	$ 13,729	$ 49,515	$ 48,574
Other comprehensive loss:
Change in unrealized value on interest rate swaps	(10,505)	(1,424)	(9,596)	(1,361)
Comprehensive income	2,398	12,305	39,919	47,213
Net income attributable to noncontrolling interests	(1,301)	(1,484)	(4,972)	(5,259)
Change in unrealized value on interest rate swaps attributable to noncontrolling interests	1,059	155	967	147
Reallocation of comprehensive (loss) income upon conversion of noncontrolling interests	(3)	56	13	57
Comprehensive income attributable to stockholders	$ 2,153	$ 11,032	$ 35,927	$ 42,158

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock Common Stock	APIC	AOCI	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022			117,126
Beginning balance at Dec. 31, 2022	$ 2,597,433	$ 2,236,487	$ 1,171	$ 3,383,978	$ 21,003	$ (1,169,665)	$ 360,946
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			1,991
Issuance of common stock	70,853	70,853	$ 20	70,833
Offering costs, discounts, and commissions	(854)	(854)		(854)
Change in unrealized value on interest rate swaps	(1,361)	(1,214)			(1,214)		(147)
Common distributions declared	(100,029)	(100,029)				(100,029)
Distributions to noncontrolling interests	(12,134)						(12,134)
Share-based compensation (in shares)			167
Share-based compensation	$ 5,010	654	$ 1	653			4,356
Conversion of noncontrolling interests (in shares)	294		294
Conversion of noncontrolling interests	$ 0	7,431	$ 3	7,371	57		(7,431)
Net income	48,574	43,315				43,315	5,259
Ending balance (in shares) at Sep. 30, 2023			119,578
Ending balance at Sep. 30, 2023	2,607,492	2,256,643	$ 1,195	3,461,981	19,846	(1,226,379)	350,849
Beginning balance (in shares) at Jun. 30, 2023			117,443
Beginning balance at Jun. 30, 2023	2,561,748	2,205,283	$ 1,174	3,387,764	21,059	(1,204,714)	356,465
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			1,991
Issuance of common stock	70,853	70,853	$ 20	70,833
Offering costs, discounts, and commissions	(854)	(854)		(854)
Change in unrealized value on interest rate swaps	(1,424)	(1,269)			(1,269)		(155)
Common distributions declared	(33,910)	(33,910)				(33,910)
Distributions to noncontrolling interests	(3,954)						(3,954)
Share-based compensation (in shares)			14
Share-based compensation	$ 1,304	993		993			311
Conversion of noncontrolling interests (in shares)	130		130
Conversion of noncontrolling interests	$ 0	3,302	$ 1	3,245	56		(3,302)
Net income	13,729	12,245				12,245	1,484
Ending balance (in shares) at Sep. 30, 2023			119,578
Ending balance at Sep. 30, 2023	2,607,492	2,256,643	$ 1,195	3,461,981	19,846	(1,226,379)	350,849
Beginning balance (in shares) at Dec. 31, 2023			122,024
Beginning balance at Dec. 31, 2023	2,653,351	2,310,308	$ 1,220	3,546,838	10,523	(1,248,273)	343,043
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			46
Change in unrealized value on interest rate swaps	(9,596)	(8,629)			(8,629)		(967)
Common distributions declared	(108,573)	(108,573)				(108,573)
Distributions to noncontrolling interests	(12,620)						(12,620)
Share-based compensation (in shares)			137
Share-based compensation	$ 6,981	1,689	$ 2	1,687			5,292
Conversion of noncontrolling interests (in shares)	408		408
Conversion of noncontrolling interests	$ 0	9,899	$ 4	9,882	13		(9,899)
Net income	49,515	44,543				44,543	4,972
Ending balance (in shares) at Sep. 30, 2024			122,615
Ending balance at Sep. 30, 2024	2,579,058	2,249,237	$ 1,226	3,558,407	1,907	(1,312,303)	329,821
Beginning balance (in shares) at Jun. 30, 2024			122,408
Beginning balance at Jun. 30, 2024	2,615,400	2,279,618	$ 1,224	3,554,309	11,356	(1,287,271)	335,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized value on interest rate swaps	(10,505)	(9,446)			(9,446)		(1,059)
Common distributions declared	(36,634)	(36,634)				(36,634)
Distributions to noncontrolling interests	(4,265)						(4,265)
Share-based compensation (in shares)			51
Share-based compensation	$ 2,159	408	$ 1	407			1,751
Conversion of noncontrolling interests (in shares)	156		156
Conversion of noncontrolling interests	$ 0	3,689	$ 1	3,691	(3)		(3,689)
Net income	12,903	11,602				11,602	1,301
Ending balance (in shares) at Sep. 30, 2024			122,615
Ending balance at Sep. 30, 2024	$ 2,579,058	$ 2,249,237	$ 1,226	$ 3,558,407	$ 1,907	$ (1,312,303)	$ 329,821

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common distributions declared (in dollars per share)	$ 0.1025	$ 0.2975	$ 0.2841	$ 0.8825	$ 0.8439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 49,515	$ 48,574
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets	188,374	175,212
Depreciation and amortization of corporate assets	1,332	1,659
Net amortization of above- and below-market leases	(4,732)	(3,784)
Amortization of deferred financing expenses	3,566	3,045
Amortization of debt and derivative adjustments	2,453	2,143
Loss on extinguishment or modification of debt, net	1,230	367
Loss (gain) on disposal of property, net	34	(1,070)
Impairment of investment in third parties	0	3,000
Straight-line rent	(6,588)	(8,089)
Share-based compensation	6,981	5,010
Return on investment in unconsolidated joint ventures	206	197
Other	(610)	(323)
Changes in operating assets and liabilities:
Other assets, net	(12,156)	(13,633)
Accounts payable and other liabilities	21,102	6,680
Net cash provided by operating activities	250,707	218,988
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(205,002)	(83,073)
Capital expenditures	(55,640)	(74,317)
(Payments) proceeds from sale of real estate, net	(26)
(Payments) proceeds from sale of real estate, net		7,143
Investment in unconsolidated joint ventures	(3,626)	0
Return of investment in unconsolidated joint ventures	1,513	1,582
Insurance proceeds for property damage claims	3,160	2,326
Net cash used in investing activities	(259,621)	(146,339)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	372,000	296,000
Payments on revolving credit facility	(517,000)	(293,000)
Proceeds from notes and loans payable	683,108	58,000
Payments on mortgages and loans payable	(407,745)	(100,479)
Distributions paid	(108,585)	(100,341)
Distributions to noncontrolling interests	(12,409)	(11,938)
Proceeds from issuance of common stock	0	70,853
Payment of offering costs	0	(854)
Net cash provided by (used in) financing activities	9,369	(81,759)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	455	(9,110)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	8,878	17,349
End of period	9,333	8,239
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	6,446	3,777
Restricted cash	2,887	4,462
Cash, cash equivalents, and restricted cash at end of period	9,333	8,239
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	57,627	53,957
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities	57	888
Accrued capital expenditures	5,100	6,354
Assumed other liabilities	225	0
Assumed debt obligations, net	0	9,615
Assumed below-market debt	0	444
Change in distributions payable	(12)	(312)
Change in distributions payable - noncontrolling interests	$ 211	$ 196

Organization

Organization	9 Months Ended
	Sep. 30, 2024
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 three unconsolidated institutional joint ventures, Grocery Retail Partners I LLC (“GRP I”), Necessity Retail Venture LLC (“NRV”), and Necessity Retail Partners (“NRP”), in which we have partial ownership interests, and one private fund (collectively, the “Managed Funds”) as of September 30, 2024. In July 2024, through a subsidiary, we entered into a joint venture agreement with an affiliate of Cohen & Steers Income Opportunities REIT, Inc. (“Cohen & Steers”) targeting $300 million in total equity. We contributed $3.2 million for the purchase of one property at formation of the new joint venture, NRV, in exchange for a 20% ownership interest in NRV. Cohen & Steers acquired an 80% ownership interest in NRV by contributing $12.9 million for the purchase of the one property. In May 2024, we issued $350 million of 5.750% senior notes due 2034 at an issue price of 98.576% in an underwritten offering. In September 2024, we issued $350 million of 4.950% senior notes due 2035 at an issue price of 98.458% in an underwritten offering. The 2024 senior note issuances are fully and unconditionally guaranteed by us. As of September 30, 2024, we wholly-owned 290 real estate properties. Additionally, we owned a 14% interest in GRP I, which owned 20 properties, and a 20% ownership interest in NRV, which owned one property.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024, except for those discussed below. For a full summary of our significant accounting policies, refer to our 2023 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 12, 2024. 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, 2023, which are included in our 2023 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 nine months ended September 30, 2024 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 federal, state, and local income tax expense of $0.4 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $1.0 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively. We retained a full valuation allowance for our net deferred tax asset as of December 31, 2023. During the second quarter of 2024, we concluded that it was more likely than not that a significant portion of our net deferred tax asset will be realized. We reached this conclusion as certain of our taxable REIT subsidiary entities reported positive cumulative pre-tax earnings in recent years, and are projected to generate future pre-tax earnings. We released $0.3 million of the valuation allowance for the three months ended September 30, 2024 and we released $0.8 million of the valuation allowance for the nine months ended September 30, 2024. Income tax expense for the three and nine months ended September 30, 2024 was reduced by an amount equal to the amount of the valuation allowance released during the three and nine months ended September 30, 2024. We anticipate that there will be a small valuation allowance at December 31, 2024 for certain state net operating losses that we do not believe will be realized. All income tax amounts are included in Other Expense, Net on our consolidated statements of operations and comprehensive income (“consolidated statements of operations”). Recently Issued or Adopted Accounting Pronouncements —There were no recently issued or adopted accounting pronouncements during the nine months ended September 30, 2024 that impacted the Company. Reclassifications —Certain prior year amounts have been reclassified to conform to the current year presentation. Loss on Extinguishment or Modification of Debt, Net has been presented as a separate line item instead of within Other in the consolidated statements of cash flows.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Rental income related to fixed lease payments (1) $ 122,617 $ 111,832 $ 360,899 $ 331,776 Rental income related to variable lease payments (1)(2) 36,774 34,632 110,035 104,224 Straight-line rent amortization (3) 1,893 2,095 5,718 7,686 Amortization of lease assets 1,729 1,281 4,688 3,746 Lease buyout income 393 587 844 1,016 Adjustments for collectibility (4) (1,626) (861) (4,050) (2,174) Total rental income $ 161,780 $ 149,566 $ 478,134 $ 446,274 (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 September 30, 2024, 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 2024 $ 115,593 2025 478,272 2026 418,163 2027 350,807 2028 277,928 Thereafter 699,267 Total $ 2,340,030 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of September 30, 2024. As of September 30, 2024, our wholly-owned real estate investments in Florida and California represented 12.2% and 10.9% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse natural or economic events in the Florida and California real estate markets. In late September and early October 2024, Hurricanes Helene and Milton struck the southeast United States and caused various amounts of damage to our properties located in the region. While we are still in the process of analyzing the damages sustained to the properties, these are currently estimated to be approximately $2 million.

Real Estate Activity

Real Estate Activity	9 Months Ended
	Sep. 30, 2024
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): Nine Months Ended September 30, 2024 2023 Number of properties acquired 8 5 Number of outparcels acquired (1)(2) 4 1 Contract price $ 203,402 $ 92,060 Total price of acquisitions (3) 205,002 83,073 (1) Outparcels acquired are adjacent to shopping centers that we own. (2) During the nine months ended September 30, 2024, we acquired an outparcel adjacent to a property that is owned by our unconsolidated joint venture, GRP I. Therefore, the outparcel is an addition to our total property count. (3) Total price of acquisitions includes closing costs less credits and assumed liabilities. The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 and 2023 were allocated as follows (in thousands): September 30, 2024 September 30, 2023 ASSETS Land and improvements $ 68,403 $ 29,084 Building and improvements 130,577 59,287 In-place lease assets 20,413 7,954 Above-market lease assets 1,168 640 Below-market debt — 444 Total assets 220,561 97,409 LIABILITIES Debt obligations, net — 9,614 Below-market lease liabilities 15,334 4,722 Other liabilities assumed 225 — Total liabilities 15,559 14,336 Net assets acquired $ 205,002 $ 83,073 The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles and below-market debt acquired during the nine months ended September 30, 2024 and 2023 are as follows (in years): September 30, 2024 September 30, 2023 Acquired in-place leases 12 11 Acquired above-market leases 8 7 Acquired below-market leases 17 16 Assumed below-market debt — 2 Property Dispositions —We sold no properties during the nine months ended September 30, 2024, but we recognized a minimal loss on disposal of property due to miscellaneous write-off activity and expenses related to previous and future potential dispositions. During the nine months ended September 30, 2023, we sold one property and two outparcels at a contract price of $6.3 million, received $7.1 million in proceeds, and recognized a gain on disposal of property of $1.1 million which was primarily due to land acquired from us by local authorities.

Other Assets, Net

Other Assets, Net	9 Months Ended
	Sep. 30, 2024
Other Assets [Abstract]
Other Assets, Net	5. OTHER ASSETS, NET The following is a summary of Other Assets, Net outstanding as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Other assets, net: Deferred leasing commissions and costs $ 53,830 $ 53,379 Deferred financing expenses (1) 8,984 8,984 Office equipment, including capital lease assets, and other 25,520 24,073 Corporate intangible assets 6,686 6,686 Total depreciable and amortizable assets 95,020 93,122 Accumulated depreciation and amortization (52,849) (53,205) Net depreciable and amortizable assets 42,171 39,917 Accounts receivable, net (2) 40,812 44,548 Accounts receivable - affiliates 1,217 803 Deferred rent receivable, net (3) 68,888 62,288 Derivative assets 1,809 12,669 Prepaid expenses and other 16,095 10,745 Investment in third parties 6,742 6,875 Investment in marketable securities 9,299 8,566 Total other assets, net $ 187,033 $ 186,411 (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 $3.0 million and $1.9 million of general reserves for uncollectible amounts as of September 30, 2024 and December 31, 2023, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $7.6 million and $6.0 million as of September 30, 2024 and December 31, 2023, respectively. (3) Net of $5.1 million and $4.6 million of receivables removed as of September 30, 2024 and December 31, 2023, respectively, related to straight-line rent for tenants previously or currently considered to be non-creditworthy.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (dollars in thousands): Interest Rate (1) September 30, 2024 December 31, 2023 Revolving credit facility SOFR + 0.9% $ 36,000 $ 181,000 Term loans (2) 3.8% - 6.2% 584,750 964,750 Senior unsecured notes due 2031 2.625% 350,000 350,000 Senior unsecured notes due 2034 5.750% 350,000 — Senior unsecured notes due 2035 4.950% 350,000 — Secured loan facilities 3.4% - 3.5% 395,000 395,000 Mortgages 3.5% - 6.2% 68,155 95,677 Finance lease liability 98 308 Discount on notes payable (22,708) (6,302) Assumed market debt adjustments, net (154) (858) Deferred financing expenses, net (6,353) (10,303) Total $ 2,104,788 $ 1,969,272 Weighted-average interest rate (3) 4.4 % 4.2 % (1) Interest rates are as of September 30, 2024. (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 September 30, 2024 and December 31, 2023 (see Notes 7 and 12). 2024 Debt Activity— During the nine months ended September 30, 2024, we repaid $27.5 million in mortgage debt. In May 2024, we issued $350 million of 5.750% senior notes due 2034 at an issue price of 98.576% in an underwritten offering. The offering resulted in gross proceeds of $345.0 million, which were used to pay down $202 million of our revolving credit facility and $135 million of our $240 million term loan that was set to mature in November 2025. In September 2024, we issued $350 million of 4.950% senior notes due 2035 at an issue price of 98.458% in an underwritten offering. The offering resulted in gross proceeds of $344.6 million, which were used to pay down $90 million of our revolving credit facility and $140 million of our $240 million term loan that is set to mature in July 2026. Additionally, we paid in full our $105 million term loan that was set to mature in November 2025. The 2024 senior note issuances are fully and unconditionally guaranteed by us. 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 September 30, 2024 and December 31, 2023 is summarized below (in thousands): September 30, 2024 December 31, 2023 As to interest rate (1) : Fixed-rate debt $ 1,988,253 $ 1,540,985 Variable-rate debt 145,750 445,750 Total $ 2,134,003 $ 1,986,735 As to collateralization: Unsecured debt $ 1,670,750 $ 1,495,750 Secured debt 463,253 490,985 Total $ 2,134,003 $ 1,986,735 (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 September 30, 2024, $475 million in variable-rate debt is hedged to a fixed rate for a weighted-average period of 1.5 years (see Notes 7 and 12).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023, 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 $2.6 million will be reclassified from AOCI as a decrease to Interest Expense, Net. In January 2024, we entered into an interest rate swap which has a notional amount of $150 million and swaps SOFR for a fixed rate of approximately 3.45% effective September 2024 and maturing December 2025. The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Count 3 4 Notional amount $ 475,000 $ 700,000 Fixed SOFR 2.8% - 3.4% 2.1% - 3.4% Maturity date 2025 - 2026 2024 - 2026 Weighted-average term (in years) 1.5 1.5 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount of (loss) gain recognized in Other Comprehensive Income $ (6,031) $ 4,367 $ 3,947 $ 14,477 Amount of gain reclassified from AOCI into Interest (4,474) (5,791) (13,543) (15,838) 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 September 30, 2024, 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	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, we had three letters of credit outstanding totaling approximately $21.1 million to provide security for our obligations under Silver Rock’s insurance and reinsurance contracts.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
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”) —In February 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 could 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 months ended September 30, 2024, no shares of our common stock were issued under this ATM program. During the nine months ended September 30, 2024, we issued approximately 46,000 shares of our common stock at a gross weighted average price of $37.05 per share under this ATM program for net proceeds of $1.7 million, after approximately $17,000 in commissions. During the three and nine months ended September 30, 2023, we issued 2.0 million shares of our common stock under this ATM program for net proceeds of $70.1 million, after approximately $0.7 million in commissions. In February 2024, we and the Operating Partnership entered into a new sales agreement relating to the potential sale of shares of common stock pursuant to a continuous offering program, which replaced the previous agreement. 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 nine months ended September 30, 2024, we issued no shares of our common stock under this ATM program. As of September 30, 2024, approximately $250 million of common stock remained available for issuance under the current ATM program. Distributions —For each month beginning January 2024 through August 2024, we declared and paid monthly distributions of $0.0975 per common share and Operating Partnership unit (“OP unit”). In September 2024, the Board authorized a 5.1% increase of our monthly distribution rate to $0.1025 per common share and OP unit, and we declared a monthly distribution of $0.1025 per common share and OP unit for September 2024. Distributions paid to stockholders and OP unit holders of record subsequent to September 30, 2024 were as follows (dollars in thousands, excluding per share amounts): Month Date of Record Date Distribution Paid Monthly Distribution Rate Cash Distribution September 9/16/2024 10/1/2024 $ 0.1025 $ 13,932 Convertible Noncontrolling Interests —As of September 30, 2024 and December 31, 2023, we had approximately 13.6 million and 13.8 million outstanding non-voting OP units, respectively. 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 September 30, 2024 and December 31, 2023 are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. The table below is a summary of our OP unit activity for the three and nine months ended September 30, 2024 and 2023 (dollars and shares in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 OP units converted into shares of common stock (1) 156 130 408 294 Distributions declared on OP units (2) $ 4,265 $ 3,954 $ 12,620 $ 12,134 (1) OP units convert 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 —In August 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	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income attributable to stockholders - basic $ 11,602 $ 12,245 $ 44,543 $ 43,315 Net income attributable to convertible OP units (1) 1,301 1,484 4,972 5,259 Net income - diluted $ 12,903 $ 13,729 $ 49,515 $ 48,574 Denominator: Weighted-average shares - basic 122,527 118,292 122,380 117,610 OP units (1) 13,685 14,042 13,705 14,171 Dilutive restricted stock awards 366 466 373 554 Adjusted weighted-average shares - diluted 136,578 132,800 136,458 132,335 Earnings per common share: Basic and diluted income per share $ 0.09 $ 0.10 $ 0.36 $ 0.37 (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	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Recurring fees (1) $ 1,016 $ 931 $ 3,014 $ 2,917 Realized performance income (2) — — — 75 Transactional revenue and reimbursements (3) 847 381 2,147 1,647 Insurance premiums (4) 993 856 2,782 2,553 Total fees and management income $ 2,856 $ 2,168 $ 7,943 $ 7,192 (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 September 30, 2024, the potential “make-whole amount” on the estimated aggregate amount of built-in gain subject to protection under the agreements is approximately $119.7 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 September 30, 2024, we were the limited guarantor of a $174.0 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 guaranty 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 September 30, 2024 and December 31, 2023. As of September 30, 2024, we were also the limited guarantor of a $23.2 million mortgage loan secured by the NRV property. Our guaranty for the NRV debt is limited to being the non-recourse carveout guarantor and the environmental indemnitor. Further, we are also party to an agreement with NRV in which any potential liability under such guaranty will be apportioned between us and NRV 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 September 30, 2024 and December 31, 2023.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Recorded Principal Balance (1) Fair Value Recorded Principal Balance (1) Fair Value Revolving credit facility $ 36,000 $ 36,119 $ 181,000 $ 181,714 Term loans 580,195 588,207 956,132 970,238 Senior unsecured notes due 2031 344,235 300,902 343,698 284,865 Senior unsecured notes due 2034 341,764 364,833 — — Senior unsecured notes due 2035 341,293 343,410 — — Secured portfolio loan facilities 392,936 367,058 392,575 351,339 Mortgages (2) 68,365 67,206 95,867 94,966 Total $ 2,104,788 $ 2,067,735 $ 1,969,272 $ 1,883,122 (1) As of September 30, 2024 and December 31, 2023, respectively, recorded principal balances include: (i) net deferred financing fees of $6.4 million and $10.3 million; (ii) assumed market debt adjustments of $0.2 million and $0.9 million; and (iii) notes payable discounts of $22.7 million and $6.3 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 nine months ended September 30, 2024 and the year ended December 31, 2023 were as follows (in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Marketable securities (1) $ 9,299 $ — $ — $ 8,566 $ — $ — Derivative assets (1)(2) — 1,809 — — 12,669 — (1) We record marketable securities and derivative assets in Other Assets, Net on our consolidated balance sheets. (2) The fair values of the derivative assets exclude associated accrued interest receivable of $0.6 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively. 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 September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, 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 nine months ended September 30, 2024 and September 30, 2023. 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	9 Months Ended
	Sep. 30, 2024
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)	9 Months Ended
	Sep. 30, 2024
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, 2023, which are included in our 2023 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 nine months ended September 30, 2024 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 federal, state, and local income tax expense of $0.4 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $1.0 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively. We retained a full valuation allowance for our net deferred tax asset as of December 31, 2023. During the second quarter of 2024, we concluded that it was more likely than not that a significant portion of our net deferred tax asset will be realized. We reached this conclusion as certain of our taxable REIT subsidiary entities reported positive cumulative pre-tax earnings in recent years, and are projected to generate future pre-tax earnings. We released $0.3 million of the valuation allowance for the three months ended September 30, 2024 and we released $0.8 million of the valuation allowance for the nine months ended September 30, 2024. Income tax expense for the three and nine months ended September 30, 2024 was reduced by an amount equal to the amount of the valuation allowance released during the three and nine months ended September 30, 2024. We anticipate that there will be a small valuation allowance at December 31, 2024 for certain state net operating losses that we do not believe will be realized. All income tax amounts are included in Other Expense, Net on our consolidated statements of operations and comprehensive income (“consolidated statements of operations”).
Recently Issued or Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements
Reclassifications	Reclassifications —Certain prior year amounts have been reclassified to conform to the current year presentation. Loss on Extinguishment or Modification of Debt, Net has been presented as a separate line item instead of within Other in the consolidated statements of cash flows.
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)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Rental income related to fixed lease payments (1) $ 122,617 $ 111,832 $ 360,899 $ 331,776 Rental income related to variable lease payments (1)(2) 36,774 34,632 110,035 104,224 Straight-line rent amortization (3) 1,893 2,095 5,718 7,686 Amortization of lease assets 1,729 1,281 4,688 3,746 Lease buyout income 393 587 844 1,016 Adjustments for collectibility (4) (1,626) (861) (4,050) (2,174) Total rental income $ 161,780 $ 149,566 $ 478,134 $ 446,274 (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 September 30, 2024, 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 2024 $ 115,593 2025 478,272 2026 418,163 2027 350,807 2028 277,928 Thereafter 699,267 Total $ 2,340,030

Real Estate Activity (Tables)

Real Estate Activity (Tables)	9 Months Ended
	Sep. 30, 2024
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): Nine Months Ended September 30, 2024 2023 Number of properties acquired 8 5 Number of outparcels acquired (1)(2) 4 1 Contract price $ 203,402 $ 92,060 Total price of acquisitions (3) 205,002 83,073 (1) Outparcels acquired are adjacent to shopping centers that we own. (2) During the nine months ended September 30, 2024, we acquired an outparcel adjacent to a property that is owned by our unconsolidated joint venture, GRP I. Therefore, the outparcel is an addition to our total property count. (3) Total price of acquisitions includes closing costs less credits and assumed liabilities.
Schedule of Asset Acquisition	The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 and 2023 were allocated as follows (in thousands): September 30, 2024 September 30, 2023 ASSETS Land and improvements $ 68,403 $ 29,084 Building and improvements 130,577 59,287 In-place lease assets 20,413 7,954 Above-market lease assets 1,168 640 Below-market debt — 444 Total assets 220,561 97,409 LIABILITIES Debt obligations, net — 9,614 Below-market lease liabilities 15,334 4,722 Other liabilities assumed 225 — Total liabilities 15,559 14,336 Net assets acquired $ 205,002 $ 83,073
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 nine months ended September 30, 2024 and 2023 are as follows (in years): September 30, 2024 September 30, 2023 Acquired in-place leases 12 11 Acquired above-market leases 8 7 Acquired below-market leases 17 16 Assumed below-market debt — 2

Other Assets, Net (Tables)

Other Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Other Assets [Abstract]
Schedule of Other Assets	The following is a summary of Other Assets, Net outstanding as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Other assets, net: Deferred leasing commissions and costs $ 53,830 $ 53,379 Deferred financing expenses (1) 8,984 8,984 Office equipment, including capital lease assets, and other 25,520 24,073 Corporate intangible assets 6,686 6,686 Total depreciable and amortizable assets 95,020 93,122 Accumulated depreciation and amortization (52,849) (53,205) Net depreciable and amortizable assets 42,171 39,917 Accounts receivable, net (2) 40,812 44,548 Accounts receivable - affiliates 1,217 803 Deferred rent receivable, net (3) 68,888 62,288 Derivative assets 1,809 12,669 Prepaid expenses and other 16,095 10,745 Investment in third parties 6,742 6,875 Investment in marketable securities 9,299 8,566 Total other assets, net $ 187,033 $ 186,411 (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 $3.0 million and $1.9 million of general reserves for uncollectible amounts as of September 30, 2024 and December 31, 2023, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $7.6 million and $6.0 million as of September 30, 2024 and December 31, 2023, respectively. (3) Net of $5.1 million and $4.6 million of receivables removed as of September 30, 2024 and December 31, 2023, respectively, related to straight-line rent for tenants previously or currently considered to be non-creditworthy.

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (dollars in thousands): Interest Rate (1) September 30, 2024 December 31, 2023 Revolving credit facility SOFR + 0.9% $ 36,000 $ 181,000 Term loans (2) 3.8% - 6.2% 584,750 964,750 Senior unsecured notes due 2031 2.625% 350,000 350,000 Senior unsecured notes due 2034 5.750% 350,000 — Senior unsecured notes due 2035 4.950% 350,000 — Secured loan facilities 3.4% - 3.5% 395,000 395,000 Mortgages 3.5% - 6.2% 68,155 95,677 Finance lease liability 98 308 Discount on notes payable (22,708) (6,302) Assumed market debt adjustments, net (154) (858) Deferred financing expenses, net (6,353) (10,303) Total $ 2,104,788 $ 1,969,272 Weighted-average interest rate (3) 4.4 % 4.2 % (1) Interest rates are as of September 30, 2024. (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 September 30, 2024 and December 31, 2023 (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 September 30, 2024 and December 31, 2023 is summarized below (in thousands): September 30, 2024 December 31, 2023 As to interest rate (1) : Fixed-rate debt $ 1,988,253 $ 1,540,985 Variable-rate debt 145,750 445,750 Total $ 2,134,003 $ 1,986,735 As to collateralization: Unsecured debt $ 1,670,750 $ 1,495,750 Secured debt 463,253 490,985 Total $ 2,134,003 $ 1,986,735 (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 September 30, 2024, $475 million in variable-rate debt is hedged to a fixed rate for a weighted-average period of 1.5 years (see Notes 7 and 12).

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Count 3 4 Notional amount $ 475,000 $ 700,000 Fixed SOFR 2.8% - 3.4% 2.1% - 3.4% Maturity date 2025 - 2026 2024 - 2026 Weighted-average term (in years) 1.5 1.5
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount of (loss) gain recognized in Other Comprehensive Income $ (6,031) $ 4,367 $ 3,947 $ 14,477 Amount of gain reclassified from AOCI into Interest (4,474) (5,791) (13,543) (15,838)

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Dividends Payable	Distributions —For each month beginning January 2024 through August 2024, we declared and paid monthly distributions of $0.0975 per common share and Operating Partnership unit (“OP unit”). In September 2024, the Board authorized a 5.1% increase of our monthly distribution rate to $0.1025 per common share and OP unit, and we declared a monthly distribution of $0.1025 per common share and OP unit for September 2024. Distributions paid to stockholders and OP unit holders of record subsequent to September 30, 2024 were as follows (dollars in thousands, excluding per share amounts): Month Date of Record Date Distribution Paid Monthly Distribution Rate Cash Distribution September 9/16/2024 10/1/2024 $ 0.1025 $ 13,932
Schedule of OP Unit Activity	The table below is a summary of our OP unit activity for the three and nine months ended September 30, 2024 and 2023 (dollars and shares in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 OP units converted into shares of common stock (1) 156 130 408 294 Distributions declared on OP units (2) $ 4,265 $ 3,954 $ 12,620 $ 12,134 (1) OP units convert 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)	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income attributable to stockholders - basic $ 11,602 $ 12,245 $ 44,543 $ 43,315 Net income attributable to convertible OP units (1) 1,301 1,484 4,972 5,259 Net income - diluted $ 12,903 $ 13,729 $ 49,515 $ 48,574 Denominator: Weighted-average shares - basic 122,527 118,292 122,380 117,610 OP units (1) 13,685 14,042 13,705 14,171 Dilutive restricted stock awards 366 466 373 554 Adjusted weighted-average shares - diluted 136,578 132,800 136,458 132,335 Earnings per common share: Basic and diluted income per share $ 0.09 $ 0.10 $ 0.36 $ 0.37 (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)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Recurring fees (1) $ 1,016 $ 931 $ 3,014 $ 2,917 Realized performance income (2) — — — 75 Transactional revenue and reimbursements (3) 847 381 2,147 1,647 Insurance premiums (4) 993 856 2,782 2,553 Total fees and management income $ 2,856 $ 2,168 $ 7,943 $ 7,192 (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)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Borrowings	The following is a summary of borrowings as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Recorded Principal Balance (1) Fair Value Recorded Principal Balance (1) Fair Value Revolving credit facility $ 36,000 $ 36,119 $ 181,000 $ 181,714 Term loans 580,195 588,207 956,132 970,238 Senior unsecured notes due 2031 344,235 300,902 343,698 284,865 Senior unsecured notes due 2034 341,764 364,833 — — Senior unsecured notes due 2035 341,293 343,410 — — Secured portfolio loan facilities 392,936 367,058 392,575 351,339 Mortgages (2) 68,365 67,206 95,867 94,966 Total $ 2,104,788 $ 2,067,735 $ 1,969,272 $ 1,883,122 (1) As of September 30, 2024 and December 31, 2023, respectively, recorded principal balances include: (i) net deferred financing fees of $6.4 million and $10.3 million; (ii) assumed market debt adjustments of $0.2 million and $0.9 million; and (iii) notes payable discounts of $22.7 million and $6.3 million. (2) Our finance lease liability is included in the mortgages line item, as presented
Schedule of Recurring and Nonrecurring Fair Value	Fair value measurements that occurred as of and during the nine months ended September 30, 2024 and the year ended December 31, 2023 were as follows (in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Marketable securities (1) $ 9,299 $ — $ — $ 8,566 $ — $ — Derivative assets (1)(2) — 1,809 — — 12,669 — (1) We record marketable securities and derivative assets in Other Assets, Net on our consolidated balance sheets. (2) The fair values of the derivative assets exclude associated accrued interest receivable of $0.6 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively.

Organization (Details)

Organization (Details) $ in Thousands	1 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) fund property joint_venture	Jul. 31, 2024 USD ($) property	May 31, 2024 USD ($)	Sep. 30, 2024 USD ($) fund property joint_venture	Sep. 30, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture	3			3
Number of private funds | fund	1			1
Contribution to acquire joint venture				$ 3,626	$ 0
Number of real estate properties | property	290			290
Senior notes | Senior unsecured notes due 2034
Schedule of Equity Method Investments [Line Items]
Debt face amount			$ 350,000
Stated interest rate			5.75%
Debt discount			98.576%
Senior notes | Senior unsecured notes due 2035
Schedule of Equity Method Investments [Line Items]
Debt face amount	$ 350,000			$ 350,000
Stated interest rate	4.95%			4.95%
Debt discount	98.458%
Necessity Retail Venture, LLC
Schedule of Equity Method Investments [Line Items]
Targeted investment amount		$ 300,000
Contribution to acquire joint venture		$ 3,200
Number of joint venture properties | property		1
Equity method investment, ownership percentage (as a percent)	20%	20%		20%
Number of real estate properties | property	1			1
Necessity Retail Venture, LLC | Cohen & Steers Income Opportunities REIT, Inc
Schedule of Equity Method Investments [Line Items]
Contribution to acquire joint venture		$ 12,900
Equity method investment, ownership percentage (as a percent)		80%
Grocery Retail Partners I
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	14%			14%
Number of real estate properties | property	20			20

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Income tax expense	$ 0.4	$ 0.1	$ 1	$ 0.4
Valuation allowance released	$ 0.3		$ 0.8

Leases - Lessor (Details)

Leases - Lessor (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 15, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Lease, Lease Income
Rental income related to fixed lease payments		$ 122,617	$ 111,832	$ 360,899	$ 331,776
Rental income related to variable lease payments		36,774	34,632	110,035	104,224
Straight-line rent amortization		1,893	2,095	5,718	7,686
Amortization of lease assets		1,729	1,281	4,688	3,746
Lease buyout income		393	587	844	1,016
Adjustments for collectability		(1,626)	(861)	(4,050)	(2,174)
Total rental income		161,780	$ 149,566	478,134	$ 446,274
Future Minimum Payments Due, Maturity
Remaining 2024		115,593		115,593
2025		478,272		478,272
2026		418,163		418,163
2027		350,807		350,807
2028		277,928		277,928
Thereafter		699,267		699,267
Total		$ 2,340,030		$ 2,340,030
Hurricane Helene and Milton | Subsequent event
Future Minimum Payments Due, Maturity
Hurricane damage	$ 2,000
Florida | Geographic Concentration Risk | Revenue Benchmark
Future Minimum Payments Due, Maturity
Concentration risk (as a percent)				12.20%
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	9 Months Ended
	Sep. 30, 2024 USD ($) property parcel	Sep. 30, 2023 USD ($) parcel property
Real Estate Investments, Net [Abstract]
Number of properties acquired | property	8	5
Number of outparcels acquired | parcel	4	1
Contract price	$ 203,402	$ 92,060
Total price of acquisitions	$ 205,002	$ 83,073

Real Estate Activity - Schedu_2

Real Estate Activity - Schedule of Asset Acquisition (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
ASSETS
Total assets	$ 220,561	$ 97,409
LIABILITIES
Debt obligations, net	0	9,614
Below-market lease liabilities	15,334	4,722
Other liabilities assumed	225	0
Total liabilities	15,559	14,336
Net assets acquired	205,002	83,073
In-place lease assets
ASSETS
Intangible assets acquired	20,413	7,954
Above-market lease assets
ASSETS
Intangible assets acquired	1,168	640
Below-market debt
ASSETS
Intangible assets acquired	0	444
Land and improvements
ASSETS
Property, plant and equipment	68,403	29,084
Building and improvements
ASSETS
Property, plant and equipment	$ 130,577	$ 59,287

Real Estate Activity - Acquisit

Real Estate Activity - Acquisition of Intangible Leases Amortization Periods (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired below-market leases	17 years	16 years
Assumed below market debt weighted average useful life		2 years
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired leases	12 years	11 years
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired leases	8 years	7 years

Real Estate Activity - Property

Real Estate Activity - Property Dispositions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 property	Sep. 30, 2023 USD ($) property parcel
Real Estate Investments, Net [Abstract]
Number of properties sold | property	0	1
Number of outparcels sold | parcel		2
Contract price		$ 6,300
(Payments) proceeds from sale of real estate, net		7,143
Gain on disposal of property, net		$ 1,100

Other Assets, Net (Details)

Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Line Items]
Deferred leasing commissions and costs	$ 53,830	$ 53,379
Deferred financing expenses	8,984	8,984
Office equipment, including capital lease assets, and other	25,520	24,073
Corporate intangible assets	6,686	6,686
Total depreciable and amortizable assets	95,020	93,122
Accumulated depreciation and amortization	(52,849)	(53,205)
Net depreciable and amortizable assets	42,171	39,917
Deferred rent receivable, net	68,888	62,288
Derivative assets	1,809	12,669
Prepaid expenses and other	16,095	10,745
Investment in third parties	6,742	6,875
Investment in marketable securities	9,299	8,566
Other assets, net	187,033	186,411
Uncollectable lease receivables, general reserves	3,000	1,900
Lease billings, nonaccrual basis	7,600	6,000
Uncollectible lease receivables - straight line rent	5,100	4,600
Nonrelated Party
Other Assets [Line Items]
Accounts receivable, net	40,812	44,548
Affiliates
Other Assets [Line Items]
Accounts receivable, net	$ 1,217	$ 803

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	May 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liability	$ 98		$ 308
Discount on notes payable	(22,708)		(6,302)
Assumed market debt adjustments, net	(154)		(858)
Deferred financing expenses, net	(6,353)		(10,303)
Total	$ 2,104,788		$ 1,969,272
Weighted-average interest rate on debt (as a percent)	4.40%		4.20%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit - interest spread	0.90%
Outstanding principal balance	$ 36,000		$ 181,000
Term loans
Debt Instrument [Line Items]
Outstanding principal balance	$ 584,750	$ 240,000	964,750
Term loans | Minimum
Debt Instrument [Line Items]
Interest rate	3.80%
Term loans | Maximum
Debt Instrument [Line Items]
Interest rate	6.20%
Senior notes | Senior unsecured notes due 2031
Debt Instrument [Line Items]
Interest rate	2.625%
Outstanding principal balance	$ 350,000		350,000
Senior notes | Senior unsecured notes due 2034
Debt Instrument [Line Items]
Interest rate	5.75%
Outstanding principal balance	$ 350,000		0
Senior notes | Senior unsecured notes due 2035
Debt Instrument [Line Items]
Interest rate	4.95%
Outstanding principal balance	$ 350,000		0
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	3.40%
Secured loan facilities | Maximum | Secured loan facilities
Debt Instrument [Line Items]
Interest rate	3.50%
Mortgages
Debt Instrument [Line Items]
Outstanding principal balance	$ 68,155		$ 95,677
Mortgages | Minimum
Debt Instrument [Line Items]
Interest rate	3.50%
Mortgages | Maximum
Debt Instrument [Line Items]
Interest rate	6.20%

Debt Obligations - Narrative (D

Debt Obligations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2024	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Payments on debt			$ 407,745	$ 100,479
Gross payments			517,000	$ 293,000
Mortgage debt
Debt Instrument [Line Items]
Payments on debt			27,500
Outstanding principal balance	$ 68,155		68,155		$ 95,677
Senior notes | Senior unsecured notes due 2034
Debt Instrument [Line Items]
Debt face amount		$ 350,000
Stated interest rate		5.75%
Debt discount		98.576%
Gross proceeds		$ 345,000
Outstanding principal balance	350,000		350,000		0
Senior notes | Senior unsecured notes due 2035
Debt Instrument [Line Items]
Debt face amount	$ 350,000		$ 350,000
Stated interest rate	4.95%		4.95%
Debt discount	98.458%
Gross proceeds	$ 344,600
Outstanding principal balance	350,000		$ 350,000		0
Revolving credit facility
Debt Instrument [Line Items]
Gross payments	90,000	202,000
Outstanding principal balance	36,000		36,000		181,000
Term loans
Debt Instrument [Line Items]
Payments on debt		135,000
Outstanding principal balance	584,750	$ 240,000	584,750		$ 964,750
Term Loan Facility Maturing in July 2026
Debt Instrument [Line Items]
Payments on debt	140,000
Outstanding principal balance	240,000		$ 240,000
Term Loan Facility Maturing in November 2025
Debt Instrument [Line Items]
Payments on debt	$ 105,000

Debt Obligations - Schedule o_2

Debt Obligations - Schedule of Debt Allocation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fixed-rate debt	$ 1,988,253	$ 1,540,985
Variable-rate debt	145,750	445,750
Unsecured debt	1,670,750	1,495,750
Secured debt	463,253	490,985
Total	2,134,003	$ 1,986,735
Long-term Debt
Debt Instrument [Line Items]
Derivative liabilities	$ 475,000
Weighted-average term (in years)	1 year 6 months

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Debt_Instrument	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Debt_Instrument	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Debt_Instrument	Jan. 31, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized in Other Comprehensive Income	$ (6,031)	$ 4,367	$ 3,947	$ 14,477
Interest Expense, Net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI into Interest Expense, Net	$ (4,474)	$ (5,791)	(13,543)	$ (15,838)
Interest rate swap | Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from OCI to income, decrease to interest expense, net			$ 2,600
Interest rate swap | LIBOR | Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Count | Debt_Instrument					4
Notional amount					$ 700,000
Weighted-average term (in years)					1 year 6 months
Interest rate swap | LIBOR | Designated as hedging instrument | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR					2.10%
Interest rate swap | LIBOR | Designated as hedging instrument | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR					3.40%
Interest rate swap | SOFR | Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Count | Debt_Instrument	3		3
Notional amount	$ 475,000		$ 475,000			$ 150,000
Fixed SOFR						3.45%
Weighted-average term (in years)			1 year 6 months
Interest rate swap | SOFR | Designated as hedging instrument | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR	2.80%		2.80%
Interest rate swap | SOFR | Designated as hedging instrument | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR	3.40%		3.40%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($) letterOfCredit
Commitments and Contingencies Disclosure [Abstract]
Number of letters of credit outstanding | letterOfCredit	3
Letters of credit outstanding | $	$ 21.1

Equity - Narrative (Details)

Equity - Narrative (Details)	3 Months Ended		9 Months Ended		26 Months Ended
	Sep. 30, 2024 USD ($) vote shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) vote $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) vote shares	Feb. 29, 2024 USD ($)	Dec. 31, 2023 shares	Aug. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)
Class of Stock [Line Items]
Common stock, votes per share (in votes per share) | vote	1		1		1
Common stock, sales agreement, authorized amount						$ 250,000,000
Payment of offering costs			$ 0	$ 854,000
OP units outstanding, shares | shares	13,600,000		13,600,000		13,600,000		13,800,000
Stock repurchase program, authorized amount								$ 250,000,000
Number of shares repurchased during period | shares					0
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	2,000,000	46,000	2,000,000
Sale of stock, gross weighted average price per share (in dollars per share) | $ / shares			$ 37.05
Common stock, net proceeds		$ 70,100,000	$ 1,700,000	$ 70,100,000
Payment of offering costs		$ 700,000	17,000	$ 700,000
Common stock, value remaining for future issuance	$ 250,000,000		$ 250,000,000		$ 250,000,000

Equity - Schedule of Dividends

Equity - Schedule of Dividends Payable (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)	$ 0.1025	$ 0.2975	$ 0.2841	$ 0.8825	$ 0.8439
Increase of distributions paid percentage	5.10%
Distributions paid	$ 13,932
O 2024 M8
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				0.0975
O 2024 M6
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				0.0975
O 2024 M7
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				0.0975
O 2024 M5
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				0.0975
O 2024 M4
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				0.0975
O 2024 M3
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				0.0975
O 2024 M1
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				0.0975
O 2024 M2
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				$ 0.0975
O 2024 M9
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)	$ 0.1025

Equity - Schedule of OP Unit Ac

Equity - Schedule of OP Unit Activity (Details) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Jan. 18, 2022
Equity [Abstract]
OP units converted into shares of common stock (in shares) | shares	156	130	408	294
Distributions paid on OP units | $	$ 4,265	$ 3,954	$ 12,620	$ 12,134
OP conversion ratio					1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to stockholders - basic	$ 11,602	$ 12,245	$ 44,543	$ 43,315
Net income attributable to convertible OP units	1,301	1,484	4,972	5,259
Net income - diluted	$ 12,903	$ 13,729	$ 49,515	$ 48,574
Denominator:
Weighted-average shares - basic (in shares)	122,527	118,292	122,380	117,610
OP units (in shares)	13,685	14,042	13,705	14,171
Dilutive restricted stock awards (in shares)	366	466	373	554
Adjusted weighted-average shares - diluted (in shares)	136,578	132,800	136,458	132,335
Earnings per common share:
Basic income per share (in dollars per share)	$ 0.09	$ 0.10	$ 0.36	$ 0.37
Diluted income per share (in dollars per share)	$ 0.09	$ 0.10	$ 0.36	$ 0.37

Related Party Transactions - Di

Related Party Transactions - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Fees and management income	$ 2,856	$ 2,168	$ 7,943	$ 7,192
Insurance premiums
Related Party Transaction [Line Items]
Fees and management income	993	856	2,782	2,553
Affiliates | Recurring fees
Related Party Transaction [Line Items]
Fees and management income	1,016	931	3,014	2,917
Affiliates | Realized performance income
Related Party Transaction [Line Items]
Fees and management income	0	0	0	75
Affiliates | Transactional revenue and reimbursements
Related Party Transaction [Line Items]
Fees and management income	$ 847	$ 381	$ 2,147	$ 1,647

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Jul. 19, 2021	Sep. 30, 2024
Executive officers | 2021 TPA
Related Party Transaction [Line Items]
Term of contract	4 years
Off-balance sheet risks, liability		$ 119.7
Grocery Retail Partners I
Related Party Transaction [Line Items]
Guarantor, maximum exposure		174
Necessity Retail Venture, LLC
Related Party Transaction [Line Items]
Guarantor, maximum exposure		$ 23.2

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	$ 2,104,788	$ 1,969,272
Deferred financing costs	6,353	10,303
Assumed market debt adjustments, net	154	858
Discount on notes payable	22,708	6,302
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,067,735	1,883,122
Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	580,195	956,132
Term loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	588,207	970,238
Senior unsecured notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	344,235	343,698
Senior unsecured notes due 2031 | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	300,902	284,865
Senior unsecured notes due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	341,764	0
Senior unsecured notes due 2034 | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	364,833	0
Senior unsecured notes due 2035
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	341,293	0
Senior unsecured notes due 2035 | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	343,410	0
Secured loan facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	392,936	392,575
Secured loan facilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	367,058	351,339
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	68,365	95,867
Mortgages | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	67,206	94,966
Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	36,000	181,000
Revolving credit facility | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 36,119	$ 181,714

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Recurring and Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	$ 9,299	$ 8,566
Derivative assets	1,809	12,669
Interest receivable	600	1,700
Recurring | Level 1
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	9,299	8,566
Recurring | Level 1 | Interest rate swap | Not designated as hedging instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Derivative assets	0	0
Recurring | Level 2
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	0	0
Recurring | Level 2 | Interest rate swap | Not designated as hedging instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Derivative assets	1,809	12,669
Recurring | Level 3
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	0	0
Recurring | Level 3 | Interest rate swap | Not designated as hedging instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Derivative assets	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Impairment charge of real estate	$ 0	$ 0	$ 0	$ 0