SITE Centers (SITC) 10-Q30 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
Document and Entity Information - $ / shares	Sep. 30, 2024	Oct. 25, 2024	Dec. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity File Number	1-11690
Entity Tax Identification Number	34-1723097
Entity Address, Address Line One	3300 Enterprise Parkway
Entity Address, City or Town	Beachwood
Entity Address, Postal Zip Code	44122
City Area Code	216
Local Phone Number	755-5500
Entity Address, State or Province	OH
Entity Registrant Name	SITE Centers Corp.
Entity Central Index Key	0000894315
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common Stock, Par or Stated Value Per Share	$ 0.1		$ 0.1
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	OH
Entity Common Stock, Shares Outstanding		52,430,161
Common Shares [Member]
Document Information [Line Items]
Trading Symbol	SITC
Security Exchange Name	NYSE
Title of 12(b) Security	Common Shares
6.375% Class A Cumulative Redeemable Preferred Shares [Member]
Document Information [Line Items]
Trading Symbol	SITC PRA
Security Exchange Name	NYSE
Title of 12(b) Security	Cumulative Redeemable Preferred Shares

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Land	$ 613,990	$ 930,540
Buildings	1,700,647	3,311,368
Fixtures and tenant improvements	323,926	537,872
Total real estate rental property	2,638,563	4,779,780
Less: Accumulated depreciation	(799,336)	(1,570,377)
Real estate rental property, net	1,839,227	3,209,403
Construction in progress and land	17,887	51,379
Total real estate assets, net	1,857,114	3,260,782
Investments in and advances to joint ventures, net	32,179	39,372
Cash and cash equivalents	1,063,088	551,968
Restricted cash	21,038	17,063
Accounts receivable	38,842	65,623
Other assets, net	114,837	126,543
Total assets	3,127,098	4,061,351
Liabilities and Equity
Indebtedness	300,842	1,626,275
Accounts payable and other liabilities	171,541	195,727
Dividends payable	2,789	63,806
Total liabilities	475,172	1,885,808
Commitments and contingencies
SITE Centers Equity
Common shares, with par value, $0.10 stated value; 75,000,000 shares authorized; 52,467,187 and 52,393,384 shares issued at September 30, 2024 and December 31, 2023, respectively	5,247	5,239
Additional paid-in capital	5,927,905	5,923,919
Accumulated distributions in excess of net income	(3,460,210)	(3,934,736)
Deferred compensation obligation	4,968	5,167
Accumulated other comprehensive income	6,113	6,121
Less: Common shares in treasury at cost: 105,895 and 73,701 shares at September 30, 2024 and December 31, 2023, respectively	(7,097)	(5,167)
Total equity	2,651,926	2,175,543
Total liabilities and equity	3,127,098	4,061,351
Class A Cumulative Redeemable Preferred Shares [Member]
SITE Centers Equity
Cumulative redeemable preferred shares	$ 175,000	$ 175,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common shares, par value	$ 0.1	$ 0.1
Common shares, shares authorized	75,000,000	75,000,000
Common shares, shares issued	52,467,187	52,393,384
Treasury at cost	105,895	73,701
Class A Cumulative Redeemable Preferred Shares [Member]
Cumulative redeemable preferred shares, liquidation value	$ 500	$ 500
Cumulative redeemable preferred shares, shares authorized	750,000	750,000
Cumulative redeemable preferred shares, shares issued	350,000	350,000
Cumulative redeemable preferred shares, shares outstanding	350,000	350,000
Preferred stock dividend rate	6.375%	6.375%
Cumulative redeemable preferred shares, par value

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from operations:
Rental income	$ 89,017	$ 142,498	$ 322,089	$ 414,324
Fee and other income	1,746	2,261	6,436	7,285
Total revenue from operations	90,763	144,759	328,525	421,609
Rental operation expenses:
Operating and maintenance	16,185	20,986	55,980	66,628
Real estate taxes	12,170	20,543	45,056	60,875
Impairment charges			66,600	0
General and administrative	15,111	11,259	38,896	35,935
Depreciation and amortization	34,251	52,821	117,840	165,535
Total rental operation expenses	77,717	105,609	324,372	328,973
Other income (expense):
Interest expense	(16,706)	(21,147)	(54,045)	(61,991)
Interest income	13,997	0	29,841	0
Debt extinguishment costs	(32,559)	0	(43,004)	0
Gain on debt retirement			1,037	0
Loss on derivative instruments			(4,412)	0
Gain on derivative instruments	754	0
Transaction costs and other expense	(23,847)	(690)	(31,436)	(2,011)
Total other income (expense)	(58,361)	(21,837)	(102,019)	(64,002)
(Loss) income before earnings from equity method investments and other items	(45,315)	17,313	(97,866)	28,634
Equity in net income of joint ventures	328	518	406	6,495
Gain on sale and change in control of interest			2,669	3,749
Gain on disposition of real estate, net	368,139	31,047	633,169	31,230
Income before tax expense	323,152	48,878	538,378	70,108
Tax expense of taxable REIT subsidiaries and state franchise and income taxes	(199)	(236)	(732)	(811)
Net income	322,953	48,642	537,646	69,297
Income attributable to non-controlling interests, net	0	0	0	(18)
Net income attributable to SITE Centers	322,953	48,642	537,646	69,279
Preferred dividends	(2,789)	(2,789)	(8,367)	(8,367)
Net income attributable to common shareholders	$ 320,164	$ 45,853	$ 529,279	$ 60,912
Per share data:
Basic	$ 6.09	$ 0.87	$ 10.07	$ 1.16
Diluted	$ 6.07	$ 0.87	$ 10.03	$ 1.16

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 322,953	$ 48,642	$ 537,646	$ 69,297
Other comprehensive income (loss):
Change in cash flow hedges, net of amount reclassed to earnings	(2,459)	1,930	(8)	3,017
Total other comprehensive income (loss)	(2,459)	1,930	(8)	3,017
Comprehensive income	320,494	50,572	537,638	72,314
Total comprehensive income attributable to non-controlling interests	0	0	0	(18)
Total comprehensive income attributable to SITE Centers	$ 320,494	$ 50,572	$ 537,638	$ 72,296

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Distributions in Excess of Net Income [Member]	Deferred Compensation Obligation [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Treasury Stock at Cost [Member]	Non-Controlling Interests [Member]
Beginning Balance at Dec. 31, 2022	$ 2,092,622	$ 175,000	$ 5,239	$ 5,943,812	$ (4,046,370)	$ 5,025	$ 9,038	$ (4,916)	$ 5,794
Issuance of common shares related to stock plans	13	0	0	13	0	0	0	0	0
Repurchase of common shares	(26,611)	0	0	(26,611)	0	0	0	0	0
Stock-based compensation, net	(1,151)	0	0	(1,042)	0	(84)	0	(25)	0
Repurchase of OP units	(1,735)	0	0	4,059	0	0	0	0	(5,794)
Distributions to non-controlling interests	(18)	0	0	0	0	0	0	0	(18)
Dividends declared-common shares	(54,586)	0	0	0	(54,586)	0	0	0	0
Dividends declared-preferred shares	(5,578)	0	0	0	(5,578)	0	0	0	0
Comprehensive income (loss)	21,742	0	0	0	20,637	0	1,087	0	18
Ending Balance at Jun. 30, 2023	2,024,698	175,000	5,239	5,920,231	(4,085,897)	4,941	10,125	(4,941)	0
Beginning Balance at Dec. 31, 2022	2,092,622	175,000	5,239	5,943,812	(4,046,370)	5,025	9,038	(4,916)	5,794
Comprehensive income (loss)	72,314
Ending Balance at Sep. 30, 2023	2,046,717	175,000	5,239	5,921,778	(4,067,355)	5,053	12,055	(5,053)	0
Beginning Balance at Jun. 30, 2023	2,024,698	175,000	5,239	5,920,231	(4,085,897)	4,941	10,125	(4,941)	0
Issuance of common shares related to stock plans	7	0	0	7	0	0	0	0	0
Stock-based compensation, net	1,540	0	0	1,540	0	112	0	(112)	0
Dividends declared-common shares	(27,311)	0	0	0	(27,311)	0	0	0	0
Dividends declared-preferred shares	(2,789)	0	0	0	(2,789)	0	0	0	0
Comprehensive income (loss)	50,572	0	0	0	48,642	0	1,930	0	0
Ending Balance at Sep. 30, 2023	2,046,717	175,000	5,239	5,921,778	(4,067,355)	5,053	12,055	(5,053)	$ 0
Beginning Balance at Dec. 31, 2023	2,175,543	175,000	5,239	5,923,919	(3,934,736)	5,167	6,121	(5,167)
Stock-based compensation, net	1,743	0	0	1,743	0	(230)	0	230
Dividends declared-common shares	(54,753)	0	0	0	(54,753)	0	0	0
Dividends declared-preferred shares	(5,578)	0	0	0	(5,578)	0	0	0
Comprehensive income (loss)	217,144	0	0	0	214,693	0	2,451	0
Ending Balance at Jun. 30, 2024	2,334,099	175,000	5,239	5,925,662	(3,780,374)	4,937	8,572	(4,937)
Beginning Balance at Dec. 31, 2023	2,175,543	175,000	5,239	5,923,919	(3,934,736)	5,167	6,121	(5,167)
Comprehensive income (loss)	537,638
Ending Balance at Sep. 30, 2024	2,651,926	175,000	5,247	5,927,905	(3,460,210)	4,968	6,113	(7,097)
Beginning Balance at Jun. 30, 2024	2,334,099	175,000	5,239	5,925,662	(3,780,374)	4,937	8,572	(4,937)
Stock-based compensation, net	122	0	8	2,243	0	31	0	(2,160)
Dividends declared-common shares	0	0	0	0	0	0	0	0
Dividends declared-preferred shares	(2,789)	0	0	0	(2,789)	0	0	0
Comprehensive income (loss)	320,494	0	0	0	322,953	0	(2,459)	0
Ending Balance at Sep. 30, 2024	$ 2,651,926	$ 175,000	$ 5,247	$ 5,927,905	$ (3,460,210)	$ 4,968	$ 6,113	$ (7,097)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities:
Net income	$ 537,646	$ 69,297
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	117,840	165,535
Stock-based compensation	6,508	5,530
Amortization and write-off of debt issuance costs,commitment fees, and fair market value of debt adjustments	46,766	3,217
Gain on debt retirement	(1,037)	0
Loss on derivative instruments	4,412	0
Equity in net income of joint ventures	(406)	(6,495)
Operating cash distributions from joint ventures	0	258
Gain on sale and change in control of interests	(2,669)	(3,749)
Gain on disposition of real estate, net	(633,169)	(31,230)
Impairment charges	66,600	0
Assumption of buildings due to ground lease terminations	(2,678)	0
Net change in accounts receivable	6,584	(1,180)
Net change in accounts payable and accrued expenses	13,828	7,323
Net change in other operating assets and liabilities	(17,026)	(16,457)
Total adjustments	(394,447)	122,752
Net cash flow provided by operating activities	143,199	192,049
Cash flow from investing activities:
Real estate acquired, net of liabilities and cash assumed	(226,079)	(102,095)
Real estate developed and improvements to operating real estate	(57,870)	(80,782)
Proceeds from sale of joint venture interests	0	3,405
Proceeds from disposition of real estate	2,132,733	112,292
Equity contributions to joint ventures	(951)	(118)
Repayment of joint venture advances	730	318
Distributions from unconsolidated joint ventures	1,400	9,468
Net cash flow provided by (used for) investing activities	1,849,963	(57,512)
Cash flow from financing activities:
Proceeds from revolving credit facility, net	0	135,000
Proceeds from mortgage debt	530,000	0
Payment of loan commitment fees	(7,712)	0
Payments of debt issuance costs	(11,871)	0
Prepayment of Curbline loan costs	(5,034)	0
Repayment of senior notes	(1,305,920)	(87,209)
Repayment of mortgage debt and term loan	(548,751)	(16,224)
Payments of debt extinguishment costs	(8,099)	0
Proceeds from terminations of derivatives	8,098	0
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan	(4,774)	(5,224)
Repurchase of common shares	0	(26,611)
Repurchase of operating units	0	(1,735)
Distributions to redeemable operating partnership units	0	(37)
Dividends paid	(124,004)	(90,450)
Net cash flow used for financing activities	(1,478,067)	(92,490)
Net increase in cash, cash equivalents and restricted cash	515,095	42,047
Cash, cash equivalents and restricted cash, beginning of period	569,031	21,214
Cash, cash equivalents and restricted cash, end of period	$ 1,084,126	$ 63,261

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 322,953	$ 48,642	$ 537,646	$ 69,279

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Business and Financia

Nature of Business and Financial Statement Presentation	9 Months Ended
Nature of Business and Financial Statement Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Financial Statement Presentation	1. Nature of Business and Financial Statement Presentation Nature of Business SITE Centers Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “SITE Centers”) and unconsolidated joint ventures are primarily engaged in the business of owning, leasing, acquiring, redeveloping, developing and managing shopping centers. Unless otherwise provided, references herein to the Company or SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries. The Company’s tenant base includes a mixture of national and regional retail chains and local tenants. Consequently, the Company’s credit risk is primarily concentrated in the retail industry. On October 1, 2024, the Company completed the spin-off of 79 convenience retail properties consisting of approxima tely 2.7 million square feet of gross leasable area (“GLA”), into a separate, publicly-traded company named Curbline Properties Corp. (“Curbline” or “Curbline Properties”). At September 30, 2024, Curbline Properties was a wholly-owned subsidiary of SITE Centers. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Unaudited Interim Financial Statements These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and nine months ended September 30, 2024 and 2023, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . Principles of Consolidation The consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or loss) of these joint ventures is included in consolidated net income (loss). Effect of Reverse Stock Split on Presentation Prior to the commencement of trading on August 19, 2024, in anticipation of the spin-off of Curbline Properties, the Company effected a reverse stock split of its common shares at a ratio of one-for-four. All share and per share data included in these unaudited condensed consolidated financial statements gives retroactive effect to the reverse stock split for all periods presented. Disposition of Real Estate For the three and nine months ended September 30, 2024, the Company received gross proceeds of $ 1,361.6 million and $ 2,245.1 million, respectively, from the sale of 25 and 40 wholly- owned shopping centers (excluding certain retained convenience parcels) and one parcel at a wholly-owned shopping center resulting in gain on dispositions of $ 368.1 million and $ 633.2 million, respectively. For the three and nine months ended September 30, 2023, the Company received gross proceeds of $ 118.3 million from the sale of five wholly- owned shopping centers. Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): Nine Months Ended September 30, 2024 2023 Dividends declared, but not paid $ 2.8 $ 30.1 Accounts payable related to construction in progress 2.8 12.0 Repurchase of OP Units — 4.1 Assumption of buildings due to ground lease terminations 2.7 — Recently Issued Accounting Standards Segment Reporting. In November 2023, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update (“ASU”) 2023-07 which enhances segment disclosure requirements for entities required to report segment information in accordance with FASB Accounting Standards Codification (“ASC”) 280, Segment Reporting. The amendments in this update are effective for annual reporting periods beginning after December 15, 2023. There are aspects of this ASU that apply to entities with one reportable segment. The Company will review the extent of any disclosures necessary prior to implementation. Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. Income Taxes. In December 2023, the FASB issued ASU 2023-09 which enhances income tax disclosure requirements in accordance with FASB ASC 740, Income Taxes. The amendments in this update are effective for annual reporting periods beginning after December 15, 2023. The Company will review the extent of new disclosure necessary prior to implementation. Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or result of operations.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combinations [Abstract]
Acquisitions	2. Acquisitions During the nine months ended September 30, 2024, the Company acquired the following convenience centers and land (in thousands): Asset Location Date Gross Purchase Grove at Harper's Preserve Conroe, Texas February 2024 $ 10,650 Shops at Gilbert Crossroads Gilbert, Arizona March 2024 8,460 Collection at Brandon Boulevard-Ground Lease (A) Tampa, Florida April 2024 1,000 Wilmette Center Wilmette, Illinois May 2024 2,850 Sunrise Plaza Vero Beach, Florida May 2024 5,500 Meadowmont Village (B) Chapel Hill, North Carolina May 2024 44,250 Red Mountain Corner Phoenix, Arizona June 2024 2,100 Roswell Market Center Roswell, Georgia June 2024 17,750 Crocker Commons Westlake, Ohio July 2024 18,500 Maple Corner Henderson, Tennessee July 2024 8,250 Village Plaza Houston, Texas August 2024 31,000 Brookhaven Station Atlanta, Georgia August 2024 30,200 Loma Alta Station Oceanside, California September 2024 12,350 Nine Mile Corner Erie, Colorado September 2024 10,880 Crossroads Marketplace Chino Hills, California September 2024 34,150 $ 237,890 (A) Acquired the fee interest in a land parcel at this center. (B) Acquired from the DDRM Properties Joint Venture (Note 3). Meadowmont Village, consisting of 62,116 square feet of GLA was included in the spin-off of Curbline. The fair value of the acquisitions was allocated as follows (in thousands): Weighted-Average Land $ 104,632 N/A Buildings 113,110 (A) Tenant improvements 6,392 (A) In-place leases (including lease origination costs and fair market value of leases) 25,704 7.1 Other assets assumed 98 N/A 249,936 Less: Below-market leases ( 12,912 ) 15.7 Less: Other liabilities assumed ( 2,130 ) N/A Net assets acquired $ 234,894 (A) Depreciated in accordance with the Company’s policy. 2024 Consideration: Cash $ 226,079 Gain on Sale and Change in Control of Interests 2,669 Carrying value of previously held equity interest (Note 3) 6,146 Total consideration $ 234,894 Included in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2024, was $ 3.4 million and $ 4.5 million, respectively, in total revenues from the date of acquisition through September 30, 2024, for the properties acquired in 2024 .

Investments in and Advances to

Investments in and Advances to Joint Ventures	9 Months Ended
Investments in and Advances to Joint Ventures	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Joint Ventures	3. Investments in and Advances to Joint Ventures At September 30, 2024 and December 31, 2023, the Company had ownership interests in various unconsolidated joint ventures that had investments in 11 and 13 shopping center properties, respectively. The changes to Investments in and Advances to Joint Ventures are as follows (in thousands): Balance, December 31, 2023 $ 39,372 Equity in net loss ( 895 ) Distributions ( 1,400 ) Contributions 951 Amortization of basis differentials 1,424 Carrying value of previously held equity interest ( 6,146 ) Repayment of advances ( 730 ) Change in fair value of derivative ( 397 ) Balance, September 30, 2024 $ 32,179 A reconciliation of the consolidated joint venture equity is as follows (in thousands): September 30, 2024 December 31, 2023 Company's share of accumulated equity $ 27,801 $ 35,782 Basis differentials 2,385 1,099 Deferred leasing and development fees, net of portion related to the Company's interest — ( 136 ) Amounts payable to the Company 1,993 2,627 Investments in and Advances to Joint Ventures, net $ 32,179 $ 39,372 Revenues earned by the Company for providing asset management, property management and leasing and development services to all of the Company’s unconsolidated joint ventures were $ 1.3 million and $ 4.1 million and $ 1.6 million and $ 5.2 million for the three and nine months ended September 30, 2024 and 2023, respectively. Disposition of Shopping Centers In May 2024, the Company acquired one asset previously owned by the DDRM Properties Joint Venture (Meadowmont Village, Chapel Hill, North Carolina) for $ 44.2 million and stepped up its 20 % interest due to a change in control. The transaction resulted in a Gain on Sale and Change in Control of Interests of $ 2.7 million. In June 2024, the DDRM Properties Joint Venture sold one asset (Hilltop Plaza, Richmond, California) for $ 36.5 million. There are no remaining assets in this joint venture.

Other Assets and Intangibles, n

Other Assets and Intangibles, net	9 Months Ended
Other Assets and Intangibles, net	Sep. 30, 2024
Other Assets [Abstract]
Other Assets and Intangibles, net	4. Other Assets and Intangibles, net Other assets, liabilities and intangibles consist of the following (in thousands): September 30, 2024 Asset Accumulated Amortization Net Intangible assets, net: In-place leases $ 117,136 $ ( 70,500 ) $ 46,636 Above-market leases 8,018 ( 5,408 ) 2,610 Lease origination costs 18,824 ( 8,476 ) 10,348 Tenant relationships 24,544 ( 20,769 ) 3,775 Below market ground lease (as lessee) (A) 13,670 ( 17 ) 13,653 Total intangible assets, net (B) 182,192 ( 105,170 ) 77,022 Operating lease ROU assets 16,086 Other assets: Prepaid expenses (C) 11,007 Other assets 7,965 Deposits 2,757 Total other assets, net $ 114,837 Liability Accumulated Amortization Net Below-market leases $ 51,508 $ ( 12,779 ) $ 38,729 (A) In connection with the sale of two assets in June 2024 to unrelated third parties, intercompany ground leases related to certain portions of land that had initial terms of 90-years and 99-years, respectively, with a fixed, prepaid rent of $ 1 were assumed by the buyers. Such intercompany ground leases were previously eliminated in consolidation and treated as a sale leaseback when the shopping centers were sold. The leased back land pertains to land underlying convenience assets that were retained by the Company. Upon sale of the shopping centers, the Company recognized below-market ground lease assets of approximately $ 13.7 million. (B) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $ 4.4 million and $ 5.5 million for the three months ended September 30, 2024 and 2023, respectively, and $ 13.6 million and $ 17.7 million for the nine months ended September 30, 2024 and 2023, respectively. (C) Includes $ 5.0 million of prepaid loan costs relating to a revolving line of credit and delayed-draw term loan facility for Curbline. The Company is obligated to pay such c osts under the Separation and Distribution Agreement (Note 1 0). December 31, 2023 Asset Accumulated Amortization Net Intangible assets, net: In-place leases $ 184,545 $ ( 134,263 ) $ 50,282 Above-market leases 22,220 ( 18,627 ) 3,593 Lease origination costs 22,903 ( 14,654 ) 8,249 Tenant relationships 79,758 ( 72,892 ) 6,866 Total intangible assets, net 309,426 ( 240,436 ) 68,990 Operating lease ROU assets 17,373 Other assets: Loan commitment fees (A) 13,485 Prepaid expenses 5,104 Swap receivables (B) 11,115 Other assets 2,294 Deposits 2,857 Deferred charges, net 5,325 Total other assets, net $ 126,543 Liability Accumulated Amortization Net Below-market leases $ 81,487 $ ( 35,391 ) $ 46,096 (A) Fees related to a commitment obtained in October 2023 for a $ 1.1 billion mortgage facility to be secured by an originally identified group of 40 properties (the “Mortgage Commitment”). The fees paid to date related to the Mortgage Commitment were recorded as a deferred fee as the facility had not closed and therefore no amounts had been drawn. The Company terminated the Mortgage Commitment in August 2024 when it closed a separate $ 530.0 million mortgage financing on different terms (Note 5). At termination, when it became probable that the Mortgage Commitment would not be drawn upon, the remaining fees were expensed. For the three and nine months ended September 30, 2024, the Company wrote-off $ 10.9 million and $ 21.2 million, respectively, of fees relating to the Mortgage Commitment to Debt extinguishment costs on the Company’s Consolidated Statements of Operations. (B) Included cash flow hedge and derivative on unsecured notes (Note 6).

Indebtedness

Indebtedness	9 Months Ended
Indebtedness	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	5. Indebtedness The Company’s indebtedness consists of the following (in thousands): September 30, 2024 December 31, 2023 Unsecured Indebtedness: Senior Notes, net $ — $ 1,303,243 Term Loan, net — 198,856 Revolving Credit Facility — — — 1,502,099 Mortgage Indebtedness, net 300,842 124,176 Total Indebtedness $ 300,842 $ 1,626,275 Senior Notes In August 2024, the Company used cash on hand and proceeds from the Mortgage Facility, discussed below, to repay all of its outstanding senior unsecured indebtedness, including redeeming its senior unsecured notes due in 2025, 2026 and 2027 (the “Senior Notes”) and recorded Debt Extinguishment Costs of $ 6.7 million which included a make-whole amount of $ 4.1 million related to the redemption of its Senior Notes due in 2027. The make-whole premium was partially offset by $ 1.3 million of cash received upon the termination of the swaption which is recorded in Gain on Derivative instruments as discussed in Note 6. During the first two quarters of 2024, the Company repurchased $ 88.3 million aggregate principal amount of its outstanding Senior Notes at a discount to par. In connection with these purchases, the Company recorded a net Gain on Debt Retirement of $ 1.0 million. Term Loan In August 2024, the Company repaid in full all outstanding amounts under the Third Amended and Restated Term Loan Agreement, dated as of June 6, 2022 (the “Term Loan Agreement”), by and among the Company, Wells Fargo National Bank, as administrative agent, and the lenders from time to time party thereto. At the time of the repayment, the principal amount outstanding under the Term Loan Agreement was $ 200.0 million and the Company recorded Debt Extinguishment Costs of $ 0.9 million. The Company received $ 6.8 million of cash related to an interest rate swap that was also terminated in connection with the repayment of the Term Loan Agreement (Note 6). Revolving Credit Facility On August 15, 2024, the Company repaid in full all outstanding amounts under its unsecured revolving credit facility with a syndicate of financial institutions and JPMorgan Chase Bank, N.A., as administrative agent (the “Revolving Credit Facility”). Simultaneously with such repayment, the Company permanently terminated the lenders’ commitments under the Revolving Credit Facility in accordance with the terms thereof. At the time of termination of the lenders’ commitments, there were no revolving loans outstanding under the Revolving Credit Facility. The Company was required to comply with certain covenants under the Revolving Credit Facility relating to total outstanding indebtedness, secured indebtedness, value of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these financial covenants through the termination date. In conjunction with the termination, the Company recorded $ 3.9 million in Debt Extinguishment Costs. Mortgage Facility On August 7, 2024, the Company closed and funded a $ 530.0 million mortgage loan (the “Mortgage Facility”) provided by affiliates of Atlas SP Partners, L.P. and Athene Annuity and Life Company (collectively, the “Lenders”). In connection with the Mortgage Facility’s closing, the Company terminated the Mortgage Commitment. In connection with the Mortgage Facility’s closing, certain wholly-owned subsidiaries of the Company (collectively, the “Borrowers”) delivered certain promissory notes (collectively, the “Notes”) evidencing their obligation to pay the principal, interest and other amounts under the Mortgage Facility. The Notes are secured by, among other things, mortgages encumbering the Borrowers’ respective properties (a total of 23 properties at closing) (the “Properties”), and related personal property, leases and rents. The Mortgage Facility will mature on September 6, 2026 , subject to two one-year extensions at the Borrowers’ option (subject to satisfaction of certain conditions) . The interest rate applicable to the Notes is equal to 30-day term SOFR (subject to a rate index floor of 3.50 %) plus a spread of 2.75 % per annum. During the continuance of an event of default, the contract rate of interest on the Notes will increase to the lesser of (i) the maximum rate allowed by law or (ii) 4 % above the interest rate then otherwise applicable. The Mortgage Facility is structured as an interest only loan throughout the initial two-year term and any exercised extension periods. The principal amount outstanding under the Mortgage Facility may be prepaid in whole or in part by the Borrowers at any time without penalty, provided that prepayments made prior to the first anniversary of the closing date in excess of 35 % of the initial principal amount of the Mortgage Facility will be subject to Borrowers’ payment of a spread maintenance premium equal to 2.75 % per annum based on the number of days remaining prior to the first anniversary of the closing date. So long as no default then exists and subject to other customary release conditions, the Borrowers may cause the Lenders to release Properties from the Mortgage Facility in connection with their sale by paying 115 % of the initial loan amount allocated to such Property (plus the spread maintenance premium, if applicable) provided that after giving effect to such release, the debt yield of the remaining Properties is equal to or greater than (i) the debt yield on the Mortgage Facility’s closing date and (ii) the debt yield in effect immediately prior to such release. All rents received from the Properties will be deposited into lockbox accounts in the name of the Borrowers for the benefit of and controlled by the Lenders. So long as no Trigger Period (as defined below) is continuing, Borrowers shall have control over all funds in such lockbox accounts. During a Trigger Period, substantially all amounts in the lockbox accounts will be remitted to a cash management account controlled by the Lenders on a daily basis and will be used by the Lenders to fund monthly debt service, real estate taxes, insurance, required reserves, other amounts owing to the Lenders and other property-level operating costs, with all remaining amounts to be held by the Lenders as additional collateral for the Mortgage Facility. A “Trigger Period” commences (i) upon the occurrence of any event of default under the Mortgage Facility (and ends upon the cure or waiver of the event of default); (ii) when the debt yield falls below 10.5% (and ends when the debt yield exceeds 10.5% for one calendar quarter); or (iii) upon any bankruptcy action with respect to any Borrower or manager of a Property that has not been discharged within 60 days of filing. Throughout the term of the Mortgage Facility, the Company is required to maintain (i) a net worth of not less than 15 % of the then outstanding principal amount of the loan (but in no event less than $ 100.0 million) and (ii) minimum liquid assets of not less than 5 % of the then outstanding principal amount of the loan (but in no event less than $ 15.0 million). As of September 30, 2024, the outstanding principal balance of the Mortgage Facility was $ 206.9 million and 13 properties continued to serve as collateral for the Mortgage Facility. In conjunction with the release of 10 Properties from the Mortgage Facility in connection with the dispositions occurring subsequent to the closing date, the Company recorded debt extinguishment costs of $ 10.1 million in the three months ended September 30, 2024.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	9 Months Ended
Financial Instruments and Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	6. Financial Instruments and Fair Value Measurements The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments. Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Other Liabilities The carrying amounts reported in the Company’s consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities. Debt The following methods and assumptions were used by the Company in estimating fair value disclosures of debt. The fair market value of Senior Notes was determined using a pricing model to approximate the trading price of the Company’s public debt. The fair market value for all other debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile, including the Company’s non-performance risk and loan to value. The Company’s Senior Notes were and all other debt is classified as Level 2 and Level 3, respectively, in the fair value hierarchy. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Carrying values that are different from estimated fair values are summarized as follows (in thousands): September 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Senior Notes $ — $ — $ 1,303,243 $ 1,278,186 Revolving Credit Facility and Term Loan — — 198,856 200,000 Mortgage Indebtedness 300,842 313,079 124,176 127,749 $ 300,842 $ 313,079 $ 1,626,275 $ 1,605,935 Items Measured on Fair Value on a Recurring Basis The Company maintained a swap agreement (included in Other Assets) measured at a fair value on a recurring basis of $ 11.1 million at December 31, 2023. In August 2024, the swap agreement was terminated. The estimated fair value was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contract, are incorporated in the fair value to account for potential non-performance risk, including the Company’s own non-performance risk and the respective counterparty’s non-performance risk. The valuation techniques used by the Company to determine such fair value fell within Level 2 of the fair value hierarchy. Cash Flow Hedges of Interest Rate Risk The Company may use swaps and caps as part of its interest rate risk management strategy. The swaps designated as cash flow hedges involved the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Prior to the termination and repayment of amounts outstanding under the Term Loan Agreement (Note 5) on August 15, 2024, the Company had one effective swap with a notional amount of $ 200.0 million, expiring in June 2027 , which converted the variable-rate SOFR component of the interest rate applicable to its term loan to a fixed rate of 2.75 %. In August of 2024, in conjunction with the repayment of the Term Loan Agreement (Note 5), the swap was terminated and re-designated to convert the variable-rate SOFR component of the interest rate applicable to $ 200.0 million of the loan outstanding under the new Mortgage Facility to a fixed rate of 2.75 %. At the time or termination, the Company received a cash payment of $ 6.8 million and the fair value of the derivative remaining in Accumulated Other Comprehensive Income was $ 6.4 million. This amount will be subsequently reclassified into interest expense in the period that the hedged forecasted transaction is probable of affecting earnings. All components of the swap were included in the assessment of hedge effectiveness. The Company expects to reflect within the next 12 months, a decrease to interest expense (and a corresponding increase to earnings) of approximately $ 2.2 million. Derivative – Unsecured Notes In 2023, the Company entered into swaption agreements with a notional amount aggregating $ 450.0 million to partially hedge the impact of changes in benchmark interest rates on potential yield maintenance premiums applicable to the redemption of its Senior Notes due in 2027. The swaptions did not qualify for hedge accounting. As a result, these derivative instruments were recorded in the Company’s consolidated balance sheets at fair market value, with changes in value recorded through earnings as of each balance sheet date until exercise or expiration. In August 2024, the swaption agreements were terminated and the Company received a cash payment of $ 1.3 million. The Company reported a non-cash loss of $ 0.3 million and $ 5.5 million, respectively, related to the valuation adjustments associated with these instruments for the three and nine months ended September 30, 2024, which is recorded in Loss on derivative instruments on the Company’s Consolidated Statement of Operations.

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
Other Comprehensive Income	Sep. 30, 2024
Equity [Abstract]
Other Comprehensive Income	7. Other Comprehensive Income The changes in Accumulated Other Comprehensive Income by component are as follows (in thousands): 2024 Balance, December 31, 2023 $ 6,121 Change in cash flow hedges 3,391 Amounts reclassified from accumulated other comprehensive income ( 3,399 ) Balance, September 30, 2024 (A) $ 6,113 (A) Includes derivative financial instruments entered into by the Company (Note 6) and by an unconsolidated joint venture.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings Per Share Prior to the commencement of trading on August 19, 2024, the Company effectuated a one-for-four reverse split of its common shares. The share amounts and earnings per share amounts disclosed below have been adjusted to reflect the one-for-four reverse stock split. The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts): Three Months Nine Months Ended September 30, Ended September 30, 2024 2023 2024 2023 Numerators – Basic and Diluted Net income $ 322,953 $ 48,642 $ 537,646 $ 69,297 Income attributable to non-controlling interests — — — ( 18 ) Preferred dividends ( 2,789 ) ( 2,789 ) ( 8,367 ) $ ( 8,367 ) Earnings attributable to unvested shares and OP Units ( 1,171 ) ( 100 ) ( 2,005 ) $ ( 295 ) Net income attributable to common shareholders after $ 318,993 $ 45,753 $ 527,274 $ 60,617 Denominators – Number of Shares Basic — Average shares outstanding 52,400 52,322 52,381 52,376 Assumed conversion of dilutive securities—PRSUs 153 28 177 60 Diluted — Average shares outstanding 52,553 52,350 52,558 52,436 Earnings Per Share: Basic $ 6.09 $ 0.87 $ 10.07 $ 1.16 Diluted $ 6.07 $ 0.87 $ 10.03 $ 1.16 For the three and nine months ended September 30, 2024, Performance Restricted Stock Units (“PRSUs”) issued in March 2024, March 2023 and March 2022 were considered in the computation of diluted EPS. The PRSUs issued in March 2021 were considered in the computation of diluted EPS for both the three and nine months ended September 30, 2023. The PRSUs issued in March 2022 were considered in the computation of diluted EPS for the three months ended September 30, 2023 and were not considered in the computation of diluted EPS for the nine months ended September 30, 2023 because they were antidilutive. PRSUs issued in March 2023 were not considered in the computation of diluted EPS for the three months ended September 30, 2023, because they were antidilutive and were considered in the computation of diluted EPS for the nine months ended September 30, 2023 . In March 2024, the Company issued 44,631 common shares in settlement of PRSUs granted in March 2021. Common Share Dividends The Company declared cash dividends of $ 1.04 per common share and $ 1.56 per common share for the nine-month periods ended September 30, 2024 and 2023, respectively.

Impairment Charges

Impairment Charges	9 Months Ended
Impairment Charges	Sep. 30, 2024
Asset Impairment Charges [Abstract]
Impairment Charges	9. Impairment Charges For the nine months ended September 30, 2024, the Company recorded impairment charges aggregating $ 66.6 million, based on the difference between the carrying value of the assets and the estimated fair market value. The impairment charges recorded were triggered by a change in the hold period assumptions. Items Measured at Fair Value The Company is required to assess the fair value of certain impaired consolidated investments. The valuation of impaired real estate assets is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each asset, as well as the income capitalization approach considering prevailing market capitalization rates, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties and/or consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence. In general, the Company considers multiple valuation techniques when measuring fair value of an investment. However, in certain circumstances, a single valuation technique may be appropriate. These valuations are calculated based on market conditions and assumptions made by management at the time the valuation adjustments and impairments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change. The following table presents information about the fair value of real estate that was impaired, and therefore, measured on a fair value basis, along with the related impairment charge for the nine months ended September 30, 2024 . The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions): Fair Value Measurements Level 1 Level 2 Level 3 Total Total September 30, 2024 Long-lived assets held and used $ — $ — $ 138.2 $ 138.2 $ 66.6 The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value (in millions, except per square foot): Quantitative Information about Level 3 Fair Value Measurements Fair Value at Valuation Description September 30, 2024 Technique Unobservable Inputs Range Impairment of consolidated assets $ 22.2 Indicative Bid Indicative Bid (A) N/A 116.0 Income Capitalization Approach Market Capitalization Rate 7.0 %— 7.7 % Cost per square foot $ 44 (A) Fair value measurements based upon an indicative bid and developed by third-party sources (including offers and comparable sales values), subject to the Company’s corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events Curbline Spin Off On October 1, 2024, the Company completed the spin-off of Curbline Properties. At the time of the spin-off, Curbline owned 79 convenience retail properties, consisting of approximately 2.7 million square feet of GLA of convenience retail real estate. In connection with the spin-off, on October 1, 2024, the Company, Curbline and Curbline Properties LP (the “Operating Partnership”) entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”), pursuant to which, among other things, the Company transferred its portfolio of convenience retail properties, $ 800.0 million of unrestricted cash and certain other assets, liabilities and obligations to Curbline and effected a pro rata special distribution of all of the outstanding shares of Curbline common stock to common shareholders of the Company as of September 23, 2024, the record date. On the spin-off date, holders of the Company’s common shares received two shares of common stock of Curbline for every one common share of the Company held on the record date. On October 1, 2024, the Company, Curbline and the Operating Partnership also entered into a Shared Services Agreement (the “Shared Services Agreement”) for certain business services to be provided by the Company to the Operating Partnership and by the Operating Partnership to the Company. Unless terminated earlier, the term of the Shared Services Agreement will expire on October 1, 2027. The Company, Curbline and the Operating Partnership also entered into a tax matters agreement, which governs the rights, responsibilities and obligations of the parties following the spin-off with respect to various tax matters and provides for the allocation of tax-related assets, liabilities and obligations. In addition, the Company, Curbline and the Operating Partnership entered into an employee matters agreement, which governs the respective rights, responsibilities and obligations of the parties following the spin-off with respect to transitioning employees, equity plans and retirement plans, health and welfare benefits, and other employment, compensation and benefit-related matters. Class A Preferred Stock Redemption The Company provided notice of its intent to redeem all of its outstanding 6.375 % Class A Cumulative Redeemable Preferred Shares and the associated depositary shares on October 24, 2024, with payment of the redemption price plus accrued and unpaid dividends of to be made on or after November 26, 2024. The Company expects to record a non-cash charge of approximately $ 6.1 million to net income attributable to common shareholders in the fourth quarter of 2024, which represents the difference between the redemption price and the carrying amount immediately prior to redemption, which was recorded to additional paid in capital upon original issuance.

Nature of Business and Financ_2

Nature of Business and Financial Statement Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business SITE Centers Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “SITE Centers”) and unconsolidated joint ventures are primarily engaged in the business of owning, leasing, acquiring, redeveloping, developing and managing shopping centers. Unless otherwise provided, references herein to the Company or SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries. The Company’s tenant base includes a mixture of national and regional retail chains and local tenants. Consequently, the Company’s credit risk is primarily concentrated in the retail industry. On October 1, 2024, the Company completed the spin-off of 79 convenience retail properties consisting of approxima tely 2.7 million square feet of gross leasable area (“GLA”), into a separate, publicly-traded company named Curbline Properties Corp. (“Curbline” or “Curbline Properties”). At September 30, 2024, Curbline Properties was a wholly-owned subsidiary of SITE Centers.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.
Unaudited Interim Financial Statements	Unaudited Interim Financial Statements These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and nine months ended September 30, 2024 and 2023, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 .
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or loss) of these joint ventures is included in consolidated net income (loss).
Effect of Reverse Stock Split on Presentation	Effect of Reverse Stock Split on Presentation Prior to the commencement of trading on August 19, 2024, in anticipation of the spin-off of Curbline Properties, the Company effected a reverse stock split of its common shares at a ratio of one-for-four. All share and per share data included in these unaudited condensed consolidated financial statements gives retroactive effect to the reverse stock split for all periods presented.
Disposition of Real Estate	Disposition of Real Estate For the three and nine months ended September 30, 2024, the Company received gross proceeds of $ 1,361.6 million and $ 2,245.1 million, respectively, from the sale of 25 and 40 wholly- owned shopping centers (excluding certain retained convenience parcels) and one parcel at a wholly-owned shopping center resulting in gain on dispositions of $ 368.1 million and $ 633.2 million, respectively. For the three and nine months ended September 30, 2023, the Company received gross proceeds of $ 118.3 million from the sale of five wholly- owned shopping centers.
Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information	Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): Nine Months Ended September 30, 2024 2023 Dividends declared, but not paid $ 2.8 $ 30.1 Accounts payable related to construction in progress 2.8 12.0 Repurchase of OP Units — 4.1 Assumption of buildings due to ground lease terminations 2.7 —
Recently Issued Accounting Standards	Recently Issued Accounting Standards Segment Reporting. In November 2023, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update (“ASU”) 2023-07 which enhances segment disclosure requirements for entities required to report segment information in accordance with FASB Accounting Standards Codification (“ASC”) 280, Segment Reporting. The amendments in this update are effective for annual reporting periods beginning after December 15, 2023. There are aspects of this ASU that apply to entities with one reportable segment. The Company will review the extent of any disclosures necessary prior to implementation. Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. Income Taxes. In December 2023, the FASB issued ASU 2023-09 which enhances income tax disclosure requirements in accordance with FASB ASC 740, Income Taxes. The amendments in this update are effective for annual reporting periods beginning after December 15, 2023. The Company will review the extent of new disclosure necessary prior to implementation. Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or result of operations.

Nature of Business and Financ_3

Nature of Business and Financial Statement Presentation (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-cash Investing and Financing Activities	Non-cash investing and financing activities are summarized as follows (in millions): Nine Months Ended September 30, 2024 2023 Dividends declared, but not paid $ 2.8 $ 30.1 Accounts payable related to construction in progress 2.8 12.0 Repurchase of OP Units — 4.1 Assumption of buildings due to ground lease terminations 2.7 —

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Sep. 30, 2024
Business Combinations [Abstract]
Schedule of Company Acquired Shopping Centers	During the nine months ended September 30, 2024, the Company acquired the following convenience centers and land (in thousands): Asset Location Date Gross Purchase Grove at Harper's Preserve Conroe, Texas February 2024 $ 10,650 Shops at Gilbert Crossroads Gilbert, Arizona March 2024 8,460 Collection at Brandon Boulevard-Ground Lease (A) Tampa, Florida April 2024 1,000 Wilmette Center Wilmette, Illinois May 2024 2,850 Sunrise Plaza Vero Beach, Florida May 2024 5,500 Meadowmont Village (B) Chapel Hill, North Carolina May 2024 44,250 Red Mountain Corner Phoenix, Arizona June 2024 2,100 Roswell Market Center Roswell, Georgia June 2024 17,750 Crocker Commons Westlake, Ohio July 2024 18,500 Maple Corner Henderson, Tennessee July 2024 8,250 Village Plaza Houston, Texas August 2024 31,000 Brookhaven Station Atlanta, Georgia August 2024 30,200 Loma Alta Station Oceanside, California September 2024 12,350 Nine Mile Corner Erie, Colorado September 2024 10,880 Crossroads Marketplace Chino Hills, California September 2024 34,150 $ 237,890 (A) Acquired the fee interest in a land parcel at this center. (B) Acquired from the DDRM Properties Joint Venture (Note 3). Meadowmont Village, consisting of 62,116 square feet of GLA was included in the spin-off of Curbline.
Schedule of Acquisition Cost of Shopping Centers	The fair value of the acquisitions was allocated as follows (in thousands): Weighted-Average Land $ 104,632 N/A Buildings 113,110 (A) Tenant improvements 6,392 (A) In-place leases (including lease origination costs and fair market value of leases) 25,704 7.1 Other assets assumed 98 N/A 249,936 Less: Below-market leases ( 12,912 ) 15.7 Less: Other liabilities assumed ( 2,130 ) N/A Net assets acquired $ 234,894 (A) Depreciated in accordance with the Company’s policy.
Consideration	2024 Consideration: Cash $ 226,079 Gain on Sale and Change in Control of Interests 2,669 Carrying value of previously held equity interest (Note 3) 6,146 Total consideration $ 234,894

Investments in and Advances t_2

Investments in and Advances to Joint Ventures (Tables)	9 Months Ended
Investments in and Advances to Joint Ventures (Tables)	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Changes to Investments in and Advances to Joint Ventures	The changes to Investments in and Advances to Joint Ventures are as follows (in thousands): Balance, December 31, 2023 $ 39,372 Equity in net loss ( 895 ) Distributions ( 1,400 ) Contributions 951 Amortization of basis differentials 1,424 Carrying value of previously held equity interest ( 6,146 ) Repayment of advances ( 730 ) Change in fair value of derivative ( 397 ) Balance, September 30, 2024 $ 32,179
Schedule of Reconciliation of Consolidated Joint Venture Equity	A reconciliation of the consolidated joint venture equity is as follows (in thousands): September 30, 2024 December 31, 2023 Company's share of accumulated equity $ 27,801 $ 35,782 Basis differentials 2,385 1,099 Deferred leasing and development fees, net of portion related to the Company's interest — ( 136 ) Amounts payable to the Company 1,993 2,627 Investments in and Advances to Joint Ventures, net $ 32,179 $ 39,372

Other Assets and Intangibles,_2

Other Assets and Intangibles, net (Tables)	9 Months Ended
Other Assets and Intangibles, net (Tables)	Sep. 30, 2024
Other Assets [Abstract]
Components of Other assets, liabilities and intangibles	Other assets, liabilities and intangibles consist of the following (in thousands): September 30, 2024 Asset Accumulated Amortization Net Intangible assets, net: In-place leases $ 117,136 $ ( 70,500 ) $ 46,636 Above-market leases 8,018 ( 5,408 ) 2,610 Lease origination costs 18,824 ( 8,476 ) 10,348 Tenant relationships 24,544 ( 20,769 ) 3,775 Below market ground lease (as lessee) (A) 13,670 ( 17 ) 13,653 Total intangible assets, net (B) 182,192 ( 105,170 ) 77,022 Operating lease ROU assets 16,086 Other assets: Prepaid expenses (C) 11,007 Other assets 7,965 Deposits 2,757 Total other assets, net $ 114,837 Liability Accumulated Amortization Net Below-market leases $ 51,508 $ ( 12,779 ) $ 38,729 (A) In connection with the sale of two assets in June 2024 to unrelated third parties, intercompany ground leases related to certain portions of land that had initial terms of 90-years and 99-years, respectively, with a fixed, prepaid rent of $ 1 were assumed by the buyers. Such intercompany ground leases were previously eliminated in consolidation and treated as a sale leaseback when the shopping centers were sold. The leased back land pertains to land underlying convenience assets that were retained by the Company. Upon sale of the shopping centers, the Company recognized below-market ground lease assets of approximately $ 13.7 million. (B) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $ 4.4 million and $ 5.5 million for the three months ended September 30, 2024 and 2023, respectively, and $ 13.6 million and $ 17.7 million for the nine months ended September 30, 2024 and 2023, respectively. (C) Includes $ 5.0 million of prepaid loan costs relating to a revolving line of credit and delayed-draw term loan facility for Curbline. The Company is obligated to pay such c osts under the Separation and Distribution Agreement (Note 1 0). December 31, 2023 Asset Accumulated Amortization Net Intangible assets, net: In-place leases $ 184,545 $ ( 134,263 ) $ 50,282 Above-market leases 22,220 ( 18,627 ) 3,593 Lease origination costs 22,903 ( 14,654 ) 8,249 Tenant relationships 79,758 ( 72,892 ) 6,866 Total intangible assets, net 309,426 ( 240,436 ) 68,990 Operating lease ROU assets 17,373 Other assets: Loan commitment fees (A) 13,485 Prepaid expenses 5,104 Swap receivables (B) 11,115 Other assets 2,294 Deposits 2,857 Deferred charges, net 5,325 Total other assets, net $ 126,543 Liability Accumulated Amortization Net Below-market leases $ 81,487 $ ( 35,391 ) $ 46,096 (A) Fees related to a commitment obtained in October 2023 for a $ 1.1 billion mortgage facility to be secured by an originally identified group of 40 properties (the “Mortgage Commitment”). The fees paid to date related to the Mortgage Commitment were recorded as a deferred fee as the facility had not closed and therefore no amounts had been drawn. The Company terminated the Mortgage Commitment in August 2024 when it closed a separate $ 530.0 million mortgage financing on different terms (Note 5). At termination, when it became probable that the Mortgage Commitment would not be drawn upon, the remaining fees were expensed. For the three and nine months ended September 30, 2024, the Company wrote-off $ 10.9 million and $ 21.2 million, respectively, of fees relating to the Mortgage Commitment to Debt extinguishment costs on the Company’s Consolidated Statements of Operations. (B) Included cash flow hedge and derivative on unsecured notes (Note 6).

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
Indebtedness (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Unsecured Indebtedness	The Company’s indebtedness consists of the following (in thousands): September 30, 2024 December 31, 2023 Unsecured Indebtedness: Senior Notes, net $ — $ 1,303,243 Term Loan, net — 198,856 Revolving Credit Facility — — — 1,502,099 Mortgage Indebtedness, net 300,842 124,176 Total Indebtedness $ 300,842 $ 1,626,275

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
Financial Instruments and Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values Different from Estimated Fair Values	Carrying values that are different from estimated fair values are summarized as follows (in thousands): September 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Senior Notes $ — $ — $ 1,303,243 $ 1,278,186 Revolving Credit Facility and Term Loan — — 198,856 200,000 Mortgage Indebtedness 300,842 313,079 124,176 127,749 $ 300,842 $ 313,079 $ 1,626,275 $ 1,605,935

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
Other Comprehensive Income (Tables)	Sep. 30, 2024
Equity [Abstract]
Changes in Accumulated OCI by Component	The changes in Accumulated Other Comprehensive Income by component are as follows (in thousands): 2024 Balance, December 31, 2023 $ 6,121 Change in cash flow hedges 3,391 Amounts reclassified from accumulated other comprehensive income ( 3,399 ) Balance, September 30, 2024 (A) $ 6,113 (A) Includes derivative financial instruments entered into by the Company (Note 6) and by an unconsolidated joint venture.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS	The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts): Three Months Nine Months Ended September 30, Ended September 30, 2024 2023 2024 2023 Numerators – Basic and Diluted Net income $ 322,953 $ 48,642 $ 537,646 $ 69,297 Income attributable to non-controlling interests — — — ( 18 ) Preferred dividends ( 2,789 ) ( 2,789 ) ( 8,367 ) $ ( 8,367 ) Earnings attributable to unvested shares and OP Units ( 1,171 ) ( 100 ) ( 2,005 ) $ ( 295 ) Net income attributable to common shareholders after $ 318,993 $ 45,753 $ 527,274 $ 60,617 Denominators – Number of Shares Basic — Average shares outstanding 52,400 52,322 52,381 52,376 Assumed conversion of dilutive securities—PRSUs 153 28 177 60 Diluted — Average shares outstanding 52,553 52,350 52,558 52,436 Earnings Per Share: Basic $ 6.09 $ 0.87 $ 10.07 $ 1.16 Diluted $ 6.07 $ 0.87 $ 10.03 $ 1.16

Impairment Charges (Tables)

Impairment Charges (Tables)	9 Months Ended
Impairment Charges (Tables)	Sep. 30, 2024
Asset Impairment Charges [Abstract]
Impairment Charges Measured at Fair Value of Real Estate on Non-Recurring Basis	The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions): Fair Value Measurements Level 1 Level 2 Level 3 Total Total September 30, 2024 Long-lived assets held and used $ — $ — $ 138.2 $ 138.2 $ 66.6
Summary of Significant Unobservable Inputs	The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value (in millions, except per square foot): Quantitative Information about Level 3 Fair Value Measurements Fair Value at Valuation Description September 30, 2024 Technique Unobservable Inputs Range Impairment of consolidated assets $ 22.2 Indicative Bid Indicative Bid (A) N/A 116.0 Income Capitalization Approach Market Capitalization Rate 7.0 %— 7.7 % Cost per square foot $ 44 (A) Fair value measurements based upon an indicative bid and developed by third-party sources (including offers and comparable sales values), subject to the Company’s corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values.

Nature of Business and Financ_4

Nature of Business and Financial Statement Presentation - Additional Information (Detail) $ in Thousands, ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Parcel ShoppingCenter	Sep. 30, 2023 USD ($) ShoppingCenter	Sep. 30, 2024 USD ($) Parcel ShoppingCenter	Sep. 30, 2023 USD ($) ShoppingCenter	Oct. 01, 2024 ft²
Accounting Policies [Abstract]
Gross leasable area (GLA) included in anticipated spinoff \| ft²					2.7
Gross proceeds from sale of real estate assets	$ 1,361,600	$ 118,300	$ 2,245,100	$ 118,300
Number of Shopping Centers Sold During Quarter \| ShoppingCenter	25	5	40	5
Number of parcel at a wholly-owned shopping center \| Parcel	1		1
Gain on dispositions	$ 368,139	$ 31,047	$ 633,169	$ 31,230

Nature of Business and Financ_5

Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other Significant Noncash Transactions [Line Items]
Dividends declared, but not paid	$ 2,789	$ 30,100	$ 63,806
Accounts payable related to construction in progress	2,800	12,000
Repurchase of OP Units	0	4,100
Assumption of buildings due to ground lease terminations	$ 2,700	$ 0

Acquisitions - Schedule of Comp

Acquisitions - Schedule of Company Acquired Shopping Centers (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Business Acquisition [Line Items]
Purchase Price	$ 237,890
Grove at Harper's Preserve [Member] \| Conroe, Texas [Member]
Business Acquisition [Line Items]
Date Acquired	2024-02
Purchase Price	$ 10,650
Shops at Gilbert Crossroads [Member] \| Gilbert, Arizona [Member]
Business Acquisition [Line Items]
Date Acquired	2024-03
Purchase Price	$ 8,460
Collection at Brandon Boulevard-Ground Lease [Member] \| Tampa Florida [Member]
Business Acquisition [Line Items]
Date Acquired	2024-04
Purchase Price	$ 1,000
Wilmette Center [Member] \| Wilmette, Illinois [Member]
Business Acquisition [Line Items]
Date Acquired	2024-05
Purchase Price	$ 2,850
Sunrise Plaza [Member] \| Vero Beach, Florida [Member]
Business Acquisition [Line Items]
Date Acquired	2024-05
Purchase Price	$ 5,500
Meadowmont Village [Member] \| Chapel Hill, North Carolina [Member]
Business Acquisition [Line Items]
Date Acquired	2024-05
Purchase Price	$ 44,250
Red Mountain Corner [Member] \| Phoenix Arizona [Member]
Business Acquisition [Line Items]
Date Acquired	2024-06
Purchase Price	$ 2,100
Roswell Market Center [Member] \| Roswell Georgia [Member]
Business Acquisition [Line Items]
Date Acquired	2024-06
Purchase Price	$ 17,750
Crocker Commons [Member] \| Westlake, Ohio [Member]
Business Acquisition [Line Items]
Date Acquired	2024-07
Purchase Price	$ 18,500
Maple Corner [Member] \| Henderson, Tennessee [Member]
Business Acquisition [Line Items]
Date Acquired	2024-07
Purchase Price	$ 8,250
Village Plaza [Member] \| Houston, Texas [Member]
Business Acquisition [Line Items]
Date Acquired	2024-08
Purchase Price	$ 31,000
Brookhaven Station [Member] \| Atlanta, Georgia [Member]
Business Acquisition [Line Items]
Date Acquired	2024-08
Purchase Price	$ 30,200
Loma Alta Station [Member] \| Oceanside, California [Member]
Business Acquisition [Line Items]
Date Acquired	2024-09
Purchase Price	$ 12,350
Nine Mile Corner [Member] \| Erie, Colorado [Member]
Business Acquisition [Line Items]
Date Acquired	2024-09
Purchase Price	$ 10,880
Crossroads Marketplace [Member] \| Chino Hills, California [Member]
Business Acquisition [Line Items]
Date Acquired	2024-09
Purchase Price	$ 34,150

Acquisitions - Schedule of Co_2

Acquisitions - Schedule of Company Acquired Shopping Centers (Parenthetical) (Detail) - ft²	Oct. 01, 2024	Sep. 30, 2024
Business Acquisition [Line Items]
Gross leasable area (GLA) included in anticipated spinoff	2,700,000
D D R M Properties Joint Venture
Business Acquisition [Line Items]
Gross leasable area (GLA) included in anticipated spinoff		62,116

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Less: Below-market leases	$ (38,729)		$ (46,096)
Gain on Sale and Change in Control of Interests	2,669	$ 3,749
Acquisition Related Costs [Member]
Business Acquisition [Line Items]
Cash	226,079
Gain on Sale and Change in Control of Interests	2,669
Carrying value of previously held equity interest	6,146
Total consideration	234,894
Shopping Center Acquired [Member]
Business Acquisition [Line Items]
Land	104,632
Buildings	113,110
Tenant improvements	6,392
Other assets assumed	98
Assets acquired	249,936
Less: Below-market leases	(12,912)
Less: Other liabilities assumed	(2,130)
Net assets acquired	234,894
Shopping Center Acquired [Member] \| In-Place Leases (Including Lease Origination Costs and Fair Market Value of Leases) [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 25,704
Weighted Average Amortization Period	7 years 1 month 6 days
Shopping Center Acquired [Member] \| Below-Market Leases [Member]
Business Acquisition [Line Items]
Weighted Average Amortization Period	15 years 8 months 12 days

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Business Combinations [Abstract]
Revenues from the date of acquisition	$ 3.4	$ 4.5

Investments in and Advances t_3

Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2024 USD ($) ShoppingCenter	May 31, 2024 USD ($) ShoppingCenter	Sep. 30, 2024 USD ($) ShoppingCenter	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ShoppingCenter	Sep. 30, 2023 USD ($)	Dec. 31, 2023 ShoppingCenter
Schedule Of Equity Method Investments [Line Items]
Revenue			$ 1,300	$ 4,100	$ 1,600	$ 5,200
Gain on sale and change in control of interest					$ 2,669	$ 3,749
D D R M Properties Joint Venture
Schedule Of Equity Method Investments [Line Items]
Number of properties acquired \| ShoppingCenter		1
Purchase price of assets		$ 44,200
Previous ownership interest stepped up due to change in control		20%
Gain on sale and change in control of interest		$ 2,700
Number of properties sold \| ShoppingCenter	1
Sales price of joint venture assets	$ 36,500
Unconsolidated Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Shopping centers owned \| ShoppingCenter			11		11		13

Investments in and Advances t_4

Investments in and Advances to Joint Ventures - Schedule of Changes to Investments in and Advances to Joint Ventures (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Beginning Balance	$ 39,372
Contributions	951	$ 118
Ending Balance	32,179
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Beginning Balance	39,372
Equity in net loss	(895)
Distributions	(1,400)
Contributions	951
Amortization of basis differentials	1,424
Carrying value of previously held equity interest	(6,146)
Repayment of advances	(730)
Change in fair value of derivative	(397)
Ending Balance	$ 32,179

Investments in and Advances t_5

Investments in and Advances to Joint Ventures - Schedule of Reconciliation of Consolidated Joint Venture Equity (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Company's share of accumulated equity	$ 27,801	$ 35,782
Basis differentials	2,385	1,099
Deferred leasing and development fees, net of portion related to the Company's interest	0	(136)
Amounts payable to the Company	1,993	2,627
Investments in and Advances to Joint Ventures, net	$ 32,179	$ 39,372

Other Assets and Intangibles,_3

Other Assets and Intangibles, net - Components of Other assets, liabilities and intangibles (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets, net:
Asset	$ 182,192	$ 309,426
Accumulated Amortization	(105,170)	(240,436)
Finite-Lived Intangible Assets, Net, Total	77,022	68,990
Operating lease ROU assets	16,086	17,373
Other assets:
Loan commitment fees		13,485
Prepaid expenses	11,007	5,104
Swap receivables		11,115
Other assets	7,965	2,294
Deposits	2,757	2,857
Deferred charges, net		5,325
Total other assets, net	114,837	126,543
Below-market leases, Liability	51,508	81,487
Below-market leases, Accumulated Amortization	(12,779)	(35,391)
Below Market Lease, Net, Total	38,729	46,096
In-Place Leases [Member]
Intangible assets, net:
Asset	117,136	184,545
Accumulated Amortization	(70,500)	(134,263)
Finite-Lived Intangible Assets, Net, Total	46,636	50,282
Above-Market Leases [Member]
Intangible assets, net:
Asset	8,018	22,220
Accumulated Amortization	(5,408)	(18,627)
Finite-Lived Intangible Assets, Net, Total	2,610	3,593
Lease origination costs [Member]
Intangible assets, net:
Asset	18,824	22,903
Accumulated Amortization	(8,476)	(14,654)
Finite-Lived Intangible Assets, Net, Total	10,348	8,249
Tenant Relationships [Member]
Intangible assets, net:
Asset	24,544	79,758
Accumulated Amortization	(20,769)	(72,892)
Finite-Lived Intangible Assets, Net, Total	3,775	$ 6,866
Below Market Ground Lease [Member]
Intangible assets, net:
Asset	13,670
Accumulated Amortization	(17)
Finite-Lived Intangible Assets, Net, Total	$ 13,653

Other Assets and Intangibles,_4

Other Assets and Intangibles, net - Components of Other Assets and Intangibles (Parenthetical) (Detail)		1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 07, 2024 USD ($)	Oct. 31, 2023 USD ($) Property	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amortization expense			$ 4,400,000	$ 5,500,000	$ 13,600,000	$ 17,700,000
Prepaid expenses			11,007,000		$ 11,007,000			$ 5,104,000
Initial terms of sale of two assets					In connection with the sale of two assets in June 2024 to unrelated third parties, intercompany ground leases related to certain portions of land that had initial terms of 90-years and 99-years, respectively, with a fixed, prepaid rent of $1 were assumed by the buyers. Such intercompany ground leases were previously eliminated in consolidation and treated as a sale leaseback when the shopping centers were sold. The leased back land pertains to land underlying convenience assets that were retained by the Company. Upon sale of the shopping centers, the Company recognized below-market ground lease assets of approximately $13.7 million.
Prepaid rent			1		$ 1
Right of use asset							$ 13,700,000
Curbline
Debt Instrument [Line Items]
Prepaid expenses			5,000,000		5,000,000
Mortgages
Debt Instrument [Line Items]
Mortgage facility		$ 1,100,000,000
Number of properties \| Property		40
Fee wrote-off			10,900,000		21,200,000
Mortgage Facility
Debt Instrument [Line Items]
Mortgage facility			$ 206,900,000		$ 206,900,000
Number of properties \| Property					13
Proceeds from mortgage facility	$ 530,000,000

Indebtedness - Summary of Unsec

Indebtedness - Summary of Unsecured Indebtedness (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Senior Notes, net	$ 0	$ 1,303,243
Total unsecured indebtedness	0	1,502,099
Mortgage Indebtedness, net	300,842	124,176
Total indebtedness	300,842	1,626,275
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes, net	0	1,303,243
Mortgages [Member]
Debt Instrument [Line Items]
Mortgage Indebtedness, net	300,842	124,176
Term Loan [Member]
Debt Instrument [Line Items]
Term loan, net	0	198,856
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 0	$ 0

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) $ in Thousands			1 Months Ended	3 Months Ended			9 Months Ended
	Aug. 15, 2024 USD ($)	Aug. 07, 2024 USD ($) Property	Aug. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Make-whole premium paid on senior notes			$ 4,100
Gain on debt retirement							$ 1,037	$ 0
Swaption [Member]
Debt Instrument [Line Items]
Proceeds from termination of derivative instrument			1,300
Term Loan [Member]
Debt Instrument [Line Items]
Debt extinguishment costs			900
Repayment of principal amount outstanding			200,000
Term Loan [Member] \| Interest Rate Swap [Member]
Debt Instrument [Line Items]
Proceeds from termination of derivative instrument			6,800
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt extinguishment costs	$ 3,900
Senior Notes [Member]
Debt Instrument [Line Items]
Debt extinguishment costs			$ 6,700
Gain on debt retirement							$ 1,000
Unsecured debt purchased					$ 88,300	$ 88,300
Mortgage Facility [Member]
Debt Instrument [Line Items]
Proceeds from mortgage facility		$ 530,000
Number of properties closed \| Property		23
Mortgage Facility Maturity Extension Option							mature on September 6, 2026, subject to two one-year extensions at the Borrowers’ option (subject to satisfaction of certain conditions)
Mortgage facility maturity date							Sep. 06, 2026
Floor interest rate		3.50%
Interest rate plus spread		2.75%
Description of interest rate of default event							the maximum rate allowed by law or (ii) 4% above the interest rate then otherwise applicable.
Percentage of interest rate increased		4%
Percentage of excess prepayment on initial principal amount		35%
Percentage related to spread maintenance premium		2.75%
Percentage of initial loan payment		115%
Description of contingent payment of principal or interest							A “Trigger Period” commences (i) upon the occurrence of any event of default under the Mortgage Facility (and ends upon the cure or waiver of the event of default); (ii) when the debt yield falls below 10.5% (and ends when the debt yield exceeds 10.5% for one calendar quarter); or (iii) upon any bankruptcy action with respect to any Borrower or manager of a Property that has not been discharged within 60 days of filing.
Description of factors that may affect minimum net worth requirements							Throughout the term of the Mortgage Facility, the Company is required to maintain (i) a net worth of not less than 15% of the then outstanding principal amount of the loan (but in no event less than $100.0 million) and (ii) minimum liquid assets of not less than 5% of the then outstanding principal amount of the loan (but in no event less than $15.0 million).
Percentage of minimum net worth outstanding principle amount		15%
Minimum net worth outstanding principle amount		$ 100,000
Percentage of minimum liquid assets outstanding principle amount		5%
Minimum liquid assets outstanding principle amount		$ 15,000
Mortgage facility				$ 206,900			$ 206,900
Number of properties \| Property							13
Number of properties released \| Property							10
Debt extinguishment costs				$ 10,100

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Schedule of Carrying Values Different from Estimated Fair Values (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 0	$ 1,303,243
Revolving Credit Facility and Term Loan	0	198,856
Mortgage Indebtedness	300,842	124,176
Total indebtedness	300,842	1,626,275
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	0	1,278,186
Revolving Credit Facility and Term Loan	0	200,000
Mortgage Indebtedness	313,079	127,749
Total indebtedness	$ 313,079	$ 1,605,935

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 15, 2024	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative financial instruments					$ 11.1
Fair value of derivative instrument		$ 6.4
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional amount of swap	$ 200
Fixed rate of debt	2.75%
Expiration date of swap	2027-06
Repayment of principal amount outstanding		200
Proceeds from termination of derivative instrument		$ 6.8
Debt instrument, interest rate		2.75%
Gain (loss) on derivative instruments, net			$ 2.2	$ 2.2
Swaption [Member]
Derivatives, Fair Value [Line Items]
Notional amount of swap					$ 450
Proceeds from termination of derivative instrument		$ 1.3
Non-cash loss			$ 0.3	$ 5.5

Senior Notes - Additional Infor

Senior Notes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Gain on purchase of debt instrument			$ 1,037	$ 0
Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured debt purchased	$ 88,300	$ 88,300
Gain on purchase of debt instrument			$ 1,000

Other Comprehensive Income - Ch

Other Comprehensive Income - Changes in Accumulated OCI by Component (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,175,543
Change in cash flow hedges	3,391
Amounts reclassified from accumulated other comprehensive income to interest expense	(3,399)
Ending Balance	2,651,926
Accumulated Other Comprehensive (Loss) Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	6,121
Ending Balance	$ 6,113

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS (Detail) - 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
Earnings Per Share [Abstract]
Net income	$ 322,953	$ 48,642	$ 537,646	$ 69,297
Income attributable to non-controlling interests	0	0	0	(18)
Preferred dividends	(2,789)	(2,789)	(8,367)	(8,367)
Earnings attributable to unvested shares and OP Units	(1,171)	(100)	(2,005)	(295)
Net income attributable to common shareholders after allocation to participating securities	$ 318,993	$ 45,753	$ 527,274	$ 60,617
Denominators – Number of Shares
Basic—Average shares outstanding	52,400	52,322	52,381	52,376
Assumed conversion of dilutive securities - PRSUs	153	28	177	60
Diluted—Average shares outstanding	52,553	52,350	52,558	52,436
Earnings Per Share:
Basic	$ 6.09	$ 0.87	$ 10.07	$ 1.16
Diluted	$ 6.07	$ 0.87	$ 10.03	$ 1.16

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Earnings Per Share [Line Items]
Common share dividends declared per share		$ 1.04	$ 1.56
Performance Restricted Stock Units [Member]
Schedule Of Earnings Per Share [Line Items]
Common shares issued	44,631

Impairment Charges - Additional

Impairment Charges - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Impairment Charges [Abstract]
Impairment charges	$ 66,600	$ 0

Impairment Charges - Impairment

Impairment Charges - Impairment Charges Measured at Fair Value of Real Estate on Non-Recurring Basis (Detail) - Fair Value Measurements Nonrecurring $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 138.2
Long-lived assets held and used, Total Impairment Charges	66.6
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 138.2

Impairment Charges - Summary of

Impairment Charges - Summary of Significant Unobservable Inputs (Detail) - Fair Value Measurements Nonrecurring	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Assets, Fair Value	$ 138,200,000
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Assets, Fair Value	138,200,000
Impairment of Consolidated Assets [Member] \| Level 3 [Member] \| Indicative Bid
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Assets, Fair Value	22,200,000
Impairment of Consolidated Assets [Member] \| Level 3 [Member] \| Income Capitalization Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Assets, Fair Value	$ 116,000,000
Impairment of Consolidated Assets [Member] \| Level 3 [Member] \| Income Capitalization Approach \| Market Capitalization Rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input rate	7%
Impairment of Consolidated Assets [Member] \| Level 3 [Member] \| Income Capitalization Approach \| Market Capitalization Rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input rate	7.70%
Impairment of Consolidated Assets [Member] \| Level 3 [Member] \| Income Capitalization Approach \| Cost Per Square Foot
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input Amount	44

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) ft² in Millions, $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 24, 2024	Dec. 31, 2024 USD ($)	Sep. 30, 2024	Dec. 31, 2023	Oct. 01, 2024 USD ($) ft² Property
Subsequent Event [Line Items]
Gross leasable area (GLA) of convenience retail real estate \| ft²					2.7
Class A Cumulative Redeemable Preferred Shares [Member]
Subsequent Event [Line Items]
Preferred stock dividend rate			6.375%	6.375%
Subsequent Event [Member] \| Class A Cumulative Redeemable Preferred Shares [Member]
Subsequent Event [Line Items]
Preferred stock dividend rate	6.375%
Preferred stock redemption premium \| $		$ 6.1
Subsequent Event [Member] \| Curbline [Member]
Subsequent Event [Line Items]
Number of retail properties owned \| Property					79
Gross leasable area (GLA) of convenience retail real estate \| ft²					2.7
Investments and Cash \| $					$ 800