0001476204-23-000129 | 10-Q | XBRL Viewer | Phillips Edison Company INC

Leases

9 Months Ended

Sep. 30, 2023


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,
	2023		2022		2023		2022
Rental income related to fixed lease payments(1)	$	111,832	$	105,252	$	331,776	$	309,925
Rental income related to variable lease payments(1)(2)	34,632		32,545		104,224		95,443
Straight-line rent amortization(3)	2,095		3,752		7,686		8,617
Amortization of lease assets	1,281		1,059		3,746		3,113
Lease buyout income	587		221		1,016		2,362
Adjustments for collectibility(4)	(861)		28		(2,174)		(625)
Total rental income	$	149,566	$	142,857	$	446,274	$	418,835

(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, 2023, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, are as follows (in thousands):


Year	Amount
Remaining 2023	$	106,535
2024	436,571
2025	383,983
2026	318,788
2027	253,865
Thereafter	651,844
Total	$	2,151,586

No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of September 30, 2023. As of September 30, 2023, our wholly-owned real estate investments in Florida and California represented 12.3% and 10.7% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse weather or economic events in the Florida (see “Hurricane Ian” in Note 4) and California real estate markets.

Equity - Schedule of Dividends Payable (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
	Nov. 01, 2023	Oct. 16, 2023	Oct. 02, 2023	Sep. 15, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)					$ 0.2841	$ 0.2733	$ 0.8439	$ 0.8133
Distributions paid							$ 100,341	$ 94,118
Dividend declared
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				$ 0.0975			$ 0.0933
Dividend declared \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)	$ 0.0975	$ 0.0975
Dividend paid \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Distributions paid	$ 12,978		$ 12,948

Real Estate Activity - Schedule of Asset Acquisition (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
ASSETS
Total assets	$ 97,409	$ 239,662
LIABILITIES
Debt obligations, net	9,614	0
Below-market lease liabilities	4,722	9,767
Total liabilities	14,336	9,767
Net assets acquired	83,073	229,895
In-place lease assets
ASSETS
Intangible assets acquired	7,954	19,296
Above-market lease assets
ASSETS
Intangible assets acquired	640	3,814
Below-market debt
ASSETS
Intangible assets acquired	444	0
Land and improvements
ASSETS
Property, plant and equipment	29,084	71,564
Building and improvements
ASSETS
Property, plant and equipment	$ 59,287	$ 144,988

Other Assets, Net

9 Months Ended

Sep. 30, 2023

Other Assets [Abstract]

Other Assets, Net


5. OTHER ASSETS, NET

The following is a summary of Other Assets, Net outstanding as of September 30, 2023 and December 31, 2022, excluding amounts related to assets classified as held for sale (in thousands):


	September 30, 2023		December 31, 2022
Other assets, net:
Deferred leasing commissions and costs	$	53,260	$	49,687
Deferred financing expenses(1)	8,984		8,984
Office equipment, including capital lease assets, and other	23,770		23,051
Corporate intangible assets	6,685		6,692
Total depreciable and amortizable assets	92,699		88,414
Accumulated depreciation and amortization	(52,630)		(47,483)
Net depreciable and amortizable assets	40,069		40,931
Accounts receivable, net(2)	42,651		37,274
Accounts receivable - affiliates	718		513
Deferred rent receivable, net(3)	60,227		52,141
Derivative assets	23,462		25,853
Prepaid expenses and other	14,001		14,575
Investment in third parties(4)	6,891		9,800
Investment in marketable securities	8,244		7,792
Total other assets, net	$	196,263	$	188,879

(1)Deferred financing expenses per the above table are related to our revolving credit facility, and as such we have elected to classify them as an asset rather than as a contra-liability.

(2)Net of $2.7 million and $3.0 million of general reserves for uncollectible amounts as of September 30, 2023 and December 31, 2022, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $6.7 million and $6.2 million as of September 30, 2023 and December 31, 2022, respectively.

(3)Net of $4.4 million and $4.2 million of receivables removed as of September 30, 2023 and December 31, 2022, respectively, related to straight-line rent for tenants previously or currently considered to be non-creditworthy.

(4)We recorded an impairment of our investment in a third-party company of $3.0 million in Other Expense, Net on our consolidated statements of operations for the three and nine months ended September 30, 2023 (see Note 11).

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our condensed consolidated interim financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. For example, significant estimates and assumptions have been made with respect to the useful lives of assets, remaining hold periods of assets, recoverable amounts of receivables, and other fair value measurement assessments required for the preparation of the consolidated interim financial statements. As a result, these estimates are subject to a degree of uncertainty.

There were no changes to our significant accounting policies during the nine months ended September 30, 2023, except for those discussed below. For a full summary of our significant accounting policies, refer to our 2022 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 21, 2023.

Basis of Presentation and Principles of Consolidation—The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2022, which are included in our 2022 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results expected for the full year.

The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation.

Income Taxes—Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as taxable REIT subsidiary entities and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. We recognized an insignificant amount of federal, state, and local income tax expense for the three and nine months ended September 30, 2023 and 2022, and we retain a full valuation allowance for our net deferred tax asset. All income tax amounts are included in Other Expense, Net on our consolidated statements of operations.

Newly Adopted Accounting Pronouncements—There were no newly adopted accounting pronouncements during the nine months ended September 30, 2023 that impacted the Company.

Real Estate Activity - Property Sales (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property parcel	Sep. 30, 2022 USD ($) property parcel
Real Estate Investments, Net [Abstract]
Number of properties sold \| property	1	3
Number of outparcels sold \| parcel	2	3
Contract price	$ 6,250	$ 28,737
Proceeds from sale of real estate, net	7,143	27,286
Gain on disposal of property, net	$ 1,070	$ 4,151

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common distributions declared (in dollars per share)	$ 0.2841	$ 0.2733	$ 0.8439	$ 0.8133

Real Estate Activity

9 Months Ended

Sep. 30, 2023

Real Estate Investments, Net [Abstract]

Real Estate Activity


4. REAL ESTATE ACTIVITY

Acquisitions—The following table summarizes our real estate acquisition activity (dollars in thousands):


	Nine Months Ended September 30,
	2023		2022
Number of properties acquired	5		5
Number of outparcels acquired(1)	1		3
Contract price	$	92,060	$	228,842
Total price of acquisitions(2)	83,073		229,895

(1)Outparcels acquired are adjacent to shopping centers that we own.

(2)Total price of acquisitions includes closing costs less credits and assumed debt obligations.

Subsequent to September 30, 2023, we acquired one property and one outparcel for $19.4 million

The aggregate purchase price of the assets acquired during the nine months ended September 30, 2023 and 2022 were allocated as follows (in thousands):


	September 30, 2023		September 30, 2022
ASSETS
Land and improvements	$	29,084	$	71,564
Building and improvements	59,287		144,988
In-place lease assets	7,954		19,296
Above-market lease assets	640		3,814
Below-market debt	444		—
Total assets	97,409		239,662

LIABILITIES
Debt obligations, net	9,614		—
Below-market lease liabilities	4,722		9,767
Total liabilities	14,336		9,767

Net assets acquired	$	83,073	$	229,895

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, 2023 and 2022 are as follows (in years):


	September 30, 2023	September 30, 2022
Acquired in-place leases	11	11
Acquired above-market leases	7	9
Acquired below-market leases	16	19
Assumed below-market debt	2	—

Property Dispositions—The following table summarizes our real estate disposition activity (dollars in thousands):


	Nine Months Ended September 30,
	2023		2022
Number of properties sold	1		3
Number of outparcels sold	2		3
Contract price	$	6,250	$	28,737
Proceeds from sale of real estate, net(1)(2)	7,143		27,286
Gain on disposal of property, net(2)	1,070		4,151

(1)Total proceeds from sale of real estate, net includes closing costs less credits.

(2)Activity for the nine months ended September 30, 2023 includes land acquired from us by local authorities.

Hurricane Ian - On September 28, 2022, Hurricane Ian struck the southeast United States and caused various amounts of damage to our properties located in the region. During 2022, we recorded gross cumulative accelerated depreciation of $2.7 million for damages sustained to the properties, which was reduced by insurance recoveries of $1.0 million (net of deductibles and self-insurance of $1.7 million) collected in 2023.

Debt Obligations

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt Obligations


6. DEBT OBLIGATIONS

The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, for our debt obligations as of September 30, 2023 and December 31, 2022 (dollars in thousands):


	Interest Rate(1)	September 30, 2023			December 31, 2022
Revolving credit facility	SOFR + 1.1%	$	82,000		$	79,000
Term loans(2)	3.3% - 6.7%	964,750			955,000
Senior unsecured notes due 2031	2.6%	350,000			350,000
Secured loan facilities	3.4% - 3.5%	395,000			395,000
Mortgages	3.5% - 6.4%	96,630			133,199
Finance lease liability		382			585
Discount on notes payable		(6,479)			(7,001)
Assumed market debt adjustments, net		(1,086)			(1,226)
Deferred financing expenses, net		(11,213)			(7,963)
Total		$	1,869,984		$	1,896,594

Weighted-average interest rate(3)		4.1		%	3.6		%

(1)Interest rates are as of September 30, 2023.

(2)Our term loans carry an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus a spread. While most of the rates are fixed through the use of swaps, a portion of these loans are not subject to a swap, and thus are still indexed to SOFR.

(3)Includes the effects of derivative financial instruments that were effective as of September 30, 2023 and December 31, 2022 (see Notes 7 and 12).

2023 Debt Activity—During the nine months ended September 30, 2023, we repaid $46.3 million in mortgage debt.

On July 31, 2023, we amended three senior unsecured term loans with a total notional amount of $475.0 million scheduled to mature during 2024. The amended three senior unsecured term loans have a total notional amount of $484.8 million. The $161.8 million unsecured term loan is priced at SOFR plus 1.35% and is scheduled to mature on January 31, 2026 extendable with two one-year options to 2028. The $158.0 million and $165.0 million unsecured term loans are priced at SOFR plus 1.35% and mature on January 31, 2027.

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, 2023 and December 31, 2022 is summarized below (in thousands):


	September 30, 2023		December 31, 2022
As to interest rate:
Fixed-rate debt(1)	$	1,542,012	$	1,633,784
Variable-rate debt	346,750		279,000
Total	$	1,888,762	$	1,912,784
As to collateralization:
Unsecured debt	$	1,396,750	$	1,384,000
Secured debt	492,012		528,784
Total	$	1,888,762	$	1,912,784

(1)Fixed-rate debt includes, and variable-rate debt excludes, the portion of such debt that has been hedged by interest rate derivatives. As of September 30, 2023, $700 million in variable-rate debt is hedged to a fixed rate for a weighted-average period of 1.8 years (see Notes 7 and 12).

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	119,578,000	117,126,000
Common stock, outstanding (in shares)	119,578,000	117,126,000

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to stockholders - basic	$	12,245	$	11,038	$	43,315	$	34,645
Net income attributable to convertible OP units(1)	1,484		1,135		5,259		4,181
Net income - diluted	$	13,729	$	12,173	$	48,574	$	38,826
Denominator:
Weighted-average shares - basic	118,292		116,760		117,610		114,833
OP units(1)	14,042		14,289		14,171		14,462
Dilutive restricted stock awards	466		544		554		510
Adjusted weighted-average shares - diluted	132,800		131,593		132,335		129,805
Earnings per common share:
Basic and diluted income per share	$	0.10	$	0.09	$	0.37	$	0.30

(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.

Organization (Details) $ in Thousands	3 Months Ended		9 Months Ended
Organization (Details) $ in Thousands	Sep. 30, 2023 USD ($) joint_venture fund property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) joint_venture fund property	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures \| joint_venture	2		2
Number of private funds \| fund	1		1
Number of real estate properties \| property	275		275
Fees and management income \| $	$ (2,168)	$ (2,081)	$ (7,192)	$ (9,323)
Necessity Retail Partners \| Performance Target Achievements \| Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Fees and management income \| $	$ 0	$ 0	$ (100)	$ (2,700)
Grocery Retail Partners I
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property	20		20
Equity method investment, ownership percentage (as a percent)	14.00%		14.00%
Necessity Retail Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	20.00%		20.00%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 48,574	$ 38,826
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets	175,212	175,305
Depreciation and amortization of corporate assets	1,659	2,703
Net amortization of above- and below-market leases	(3,784)	(3,161)
Amortization of deferred financing expenses	3,045	2,516
Amortization of debt and derivative adjustments	2,143	1,838
Gain on disposal of property, net	(1,070)	(4,151)
Impairment of investment in third parties	3,000	0
Change in fair value of earn-out liability	0	1,809
Straight-line rent	(8,089)	(9,086)
Share-based compensation	5,010	11,355
Return on investment in unconsolidated joint ventures	197	1,247
Other	44	297
Changes in operating assets and liabilities:
Other assets, net	(13,633)	(8,620)
Accounts payable and other liabilities	6,680	17,885
Net cash provided by operating activities	218,988	228,763
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(83,073)	(229,895)
Capital expenditures	(74,317)	(74,348)
Proceeds from sale of real estate, net	7,143	27,286
Return of investment in unconsolidated joint ventures	1,582	3,682
Insurance proceeds for property damage claims	2,326	0
Investment in marketable securities	0	(3,000)
Net cash used in investing activities	(146,339)	(276,275)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	296,000	282,000
Payments on revolving credit facility	(293,000)	(227,000)
Payments on mortgages and loans payable	(100,479)	(80,628)
Proceeds from loans payable	58,000	0
Distributions paid	(100,341)	(94,118)
Distributions to noncontrolling interests	(11,938)	(12,859)
Proceeds from issuance of common stock	70,853	90,124
Payment of offering costs	(854)	(1,090)
Net cash used in financing activities	(81,759)	(43,571)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(9,110)	(91,083)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	17,349	115,529
End of period	8,239	24,446
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	3,777	4,789
Restricted cash	4,462	19,657
Cash, cash equivalents, and restricted cash at end of period	8,239	24,446
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	53,957	47,352
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:
Settlement of earn-out liability	0	54,245
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities	888	0
Accrued capital expenditures	6,354	6,887
Assumed debt obligations, net	9,615	0
Assumed below-market debt	444	0
Change in distributions payable	(312)	27
Change in distributions payable - noncontrolling interests	$ 196	$ (710)

Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Equity


9. EQUITY

General—The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including one vote per nominee in the election of our Board of Directors (the “Board”). Our charter does not provide for cumulative voting in the election of directors.

At-the-Market Offering (“ATM”)—On February 10, 2022, we and the Operating Partnership entered into a sales agreement relating to the potential sale of shares of common stock pursuant to a continuous offering program. In accordance with the terms of the sales agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $250 million from time to time through our sales agents, or, if applicable, as forward sellers. During the three and nine months ended September 30, 2023, we issued 2.0 million shares of our common stock under the ATM program for net proceeds of $70.1 million, after approximately $0.7 million in commissions. During the three months ended September 30, 2022, we issued 0.8 million shares of our common stock under the ATM program for net proceeds of $26.2 million, after approximately $0.3 million in commissions. During the nine months ended September 30, 2022, we issued 2.6 million shares of our common stock under the ATM program for net proceeds of $89.2 million, after approximately $0.9 million in commissions. As of September 30, 2023, approximately $89.0 million of common stock remained available for issuance under the ATM program.

Class B Common Stock—On June 18, 2021, our stockholders approved an amendment to our charter (the “Articles of Amendment”) that effected a change, wherein each share of our common stock outstanding at the time the Articles of Amendment became effective was converted into one share of a newly created class of Class B common stock (the “Recapitalization”).

Per the terms of the Recapitalization, on January 18, 2022, each share of our Class B common stock automatically converted into one share of our listed common stock.

On May 5, 2022, we filed Articles Supplementary to our charter with the Maryland State Department of Assessments and Taxation in order to reclassify and designate all of the 350 million authorized shares of our Class B common stock, $0.01 par value per share, all of which were unissued at such time, as shares of our common stock, $0.01 par value per share. We no longer have Class B common stock authorized for issue.

Distributions—We declared and paid 2023 monthly distributions of $0.0933 per common share and Operating Partnership unit (“OP unit”) for each month beginning January 2023 through August 2023. On September 1, 2023, the Board authorized a 4.5% increase of our monthly distribution rate to $0.0975 per common share and OP unit. We declared and paid 2023 monthly distributions of $0.0975 per common share and OP unit for September 2023 and October 2023. Distributions paid to stockholders and OP unit holders of record subsequent to September 30, 2023 were as follows (dollars in thousands, excluding per share amounts):

Month

Date of Record

Date Distribution Paid

Monthly Distribution Rate

Cash Distribution

September

9/15/2023

10/2/2023

0.0975

12,948

October

10/16/2023

11/1/2023

0.0975

12,978

Convertible Noncontrolling Interests—As of September 30, 2023 and December 31, 2022, we had approximately 14.0 million and 14.1 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, 2023 and December 31, 2022 are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets.

On January 18, 2022, we issued approximately 1.6 million OP units in full settlement of the earn-out liability (see note 12).

The table below is a summary of our OP unit activity for the three and nine months ended September 30, 2023 and 2022 (dollars and shares in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
OP units converted into shares of common stock(1)	130		528		294		1,133
Distributions declared on OP units(2)	$	3,954	$	3,932	$	12,134	$	12,149

(1)Prior to the Recapitalization, OP units were converted to shares of common stock at a 1:1 ratio. From the Recapitalization through January 18, 2022, OP units were converted into shares of our Class B common stock at a 1:1 ratio. On January 18, 2022, each share of our Class B common stock automatically converted into one share of our listed common stock, and going forward, OP units will be converted into shares of our common stock at a 1:1 ratio.

(2)Distributions declared on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.

Share Repurchase Program—On August 3, 2022, our Board approved a new share repurchase program of up to $250 million of common stock. The program may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular number of shares. No share repurchases have been made to date under this program.

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

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

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
Recurring fees(1)	$	931	$	943	$	2,917	$	3,013
Realized performance income(2)	—		—		75		2,742
Transactional revenue and reimbursements(3)	381		306		1,647		1,147
Insurance premiums(4)	856		832		2,553		2,421
Total fees and management income	$	2,168	$	2,081	$	7,192	$	9,323

(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.

Leases - Lessor (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lessor (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Lease, Lease Income
Rental income related to fixed lease payments	$ 111,832	$ 105,252	$ 331,776	$ 309,925
Rental income related to variable lease payments	34,632	32,545	104,224	95,443
Straight-line rent amortization	2,095	3,752	7,686	8,617
Amortization of lease assets	1,281	1,059	3,746	3,113
Lease buyout income	587	221	1,016	2,362
Adjustments for collectability	(861)	28	(2,174)	(625)
Total rental income	149,566	$ 142,857	446,274	$ 418,835
Future Minimum Payments Due, Maturity
Remaining 2023	106,535		106,535
2024	436,571		436,571
2025	383,983		383,983
2026	318,788		318,788
2027	253,865		253,865
Thereafter	651,844		651,844
Total	$ 2,151,586		$ 2,151,586
Florida \| Geographic Concentration Risk \| Revenue Benchmark
Future Minimum Payments Due, Maturity
Concentration risk (as a percent)			12.30%
California \| Geographic Concentration Risk \| Revenue Benchmark
Future Minimum Payments Due, Maturity
Concentration risk (as a percent)			10.70%

Cover - shares shares in Millions	9 Months Ended
Cover - shares shares in Millions	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-54691
Entity Registrant Name	PHILLIPS EDISON & COMPANY, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1106076
Entity Address, Address Line One	11501 Northlake Drive
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45249
City Area Code	(513)
Local Phone Number	554-1110
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	PECO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		119.6
Fiscal period focus	Q3
Fiscal year focus	2023
Amendment flag	false
Entity CIK	0001476204
Current fiscal year end date	--12-31

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation—The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2022, which are included in our 2022 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation.
Income Taxes	Income Taxes—Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as taxable REIT subsidiary entities and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. We recognized an insignificant amount of federal, state, and local income tax expense for the three and nine months ended September 30, 2023 and 2022, and we retain a full valuation allowance for our net deferred tax asset. All income tax amounts are included in Other Expense, Net on our consolidated statements of operations.
Newly Adopted Accounting Pronouncements	Newly Adopted Accounting Pronouncements—There were no newly adopted accounting pronouncements during the nine months ended September 30, 2023 that impacted the Company.
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.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Real Estate Activity - Acquisition of Intangible Leases Amortization Periods (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired below-market leases	16 years	19 years
Assumed below market debt weighted average useful life	2 years	0 years
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired leases	11 years	11 years
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life, acquired leases	7 years	9 years

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share


10. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing Net Income Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to stockholders - basic	$	12,245	$	11,038	$	43,315	$	34,645
Net income attributable to convertible OP units(1)	1,484		1,135		5,259		4,181
Net income - diluted	$	13,729	$	12,173	$	48,574	$	38,826
Denominator:
Weighted-average shares - basic	118,292		116,760		117,610		114,833
OP units(1)	14,042		14,289		14,171		14,462
Dilutive restricted stock awards	466		544		554		510
Adjusted weighted-average shares - diluted	132,800		131,593		132,335		129,805
Earnings per common share:
Basic and diluted income per share	$	0.10	$	0.09	$	0.37	$	0.30

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements


12. FAIR VALUE MEASUREMENTS

The following describes the methods we use to estimate the fair value of our financial and nonfinancial assets and liabilities:

Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, and Accounts Payable—We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization.

Real Estate Investments—The purchase prices of the investment properties, including related lease intangible assets and liabilities, are allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates, and current market rents and allowances as determined by management.

Debt Obligations—We estimate the fair value of our revolving credit facility, term loans, secured portfolio of loans, and mortgages by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed. We estimate the fair value of our senior unsecured notes by using quoted prices in active markets, which are considered Level 1 inputs.

The following is a summary of borrowings as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023				December 31, 2022
	Recorded Principal Balance(1)		Fair Value		Recorded Principal Balance(1)		Fair Value
Revolving credit facility	$	82,000	$	82,522	$	79,000	$	79,299
Term loans	955,187		972,953		948,429		959,319
Senior unsecured notes due 2031	343,521		267,796		342,999		257,446
Secured portfolio loan facilities	392,454		335,421		392,093		343,921
Mortgages(2)	96,822		94,412		134,073		132,563
Total	$	1,869,984	$	1,753,104	$	1,896,594	$	1,772,548

(1)As of September 30, 2023 and December 31, 2022, respectively, recorded principal balances include: (i) net deferred financing fees of $11.2 million and $8.0 million; (ii) assumed market debt adjustments of $1.1 million and $1.2 million; and (iii) notes payable discounts of $6.5 million and $7.0 million.

(2)Our finance lease liability is included in the mortgages line item, as presented.

Recurring and Nonrecurring Fair Value Measurements—Our marketable securities and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the nine months ended September 30, 2023 and the year ended December 31, 2022 were as follows (in thousands):


	September 30, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Recurring
Marketable securities(1)	$	8,244	$	—	$	—	$	7,792	$	—	$	—
Derivative assets(1)	—		23,462		—		—		25,853		—

Nonrecurring
Impaired real estate assets, net(2)	$	—	$	—	$	—	$	—	$	5,225	$	—

(1)We record marketable securities and derivative assets in Other Assets, Net on our consolidated balance sheets.

(2)The carrying value of impaired real estate assets may have subsequently increased or decreased after the measurement date due to capital improvements, depreciation, or sale.

Marketable Securities—We estimate the fair value of marketable securities using Level 1 inputs. We utilize unadjusted quoted prices for identical assets in active markets that we have the ability to access.

Derivative Instruments—As of September 30, 2023 and December 31, 2022, we had interest rate swaps that fixed SOFR on portions of our unsecured term loan facilities.

All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

To comply with the provisions of ASC Topic 820, Fair Value Measurement, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of September 30, 2023 and December 31, 2022, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Real Estate Asset Impairment—Our real estate assets are measured and recognized at fair value, less costs to sell for held-for-sale properties, on a nonrecurring basis dependent upon when we determine an impairment has occurred. There were no impairment charges recorded during the three and nine months ended September 30, 2023 and September 30, 2022.

On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. The first step is the identification of potential triggering events, such as significant decreases in occupancy or the presence of large dark or vacant spaces. If we observe any of these indicators for a shopping center, we then perform an additional screen test consisting of a years-to-recover analysis to determine if we will recover the net book value of the property over its remaining economic life based upon net operating income (“NOI”) as forecasted for the current year. In the event that the results of this first step indicate a triggering event for a center, we proceed to the second step, utilizing an undiscounted cash flow model for the center to identify potential impairment. If the undiscounted cash flows are less than the net book value of the center as of the balance sheet date, we record an impairment charge based on the fair value determined in the third step. In performing the third step, we utilize market data such as capitalization rates and sales price per square foot on comparable recent real estate transactions to estimate the fair value of the real estate assets. We also utilize expected net sales proceeds to estimate the fair value of any centers that are actively being marketed for sale.

In addition to these procedures, we also review undeveloped or unimproved land parcels that we own for evidence of impairment and record any impairment charges as necessary. Primary impairment triggers for these land parcels are changes to our plans or intentions with regards to such properties, or planned dispositions at prices that are less than the current carrying values.

Earn-out—As part of our acquisition of Phillips Edison Limited Partnership (“PELP”) in 2017, an earn-out structure was established which gave PELP the opportunity to earn additional OP units based upon the potential achievement of certain performance targets subsequent to the acquisition. On January 11, 2022, we finalized the fair value of the earn-out liability based on our share price and issued approximately 1.6 million OP units in full settlement of the liability with a value of $54.2 million. Changes in the fair value of the earn-out liability were recorded to Other Expense, Net in the consolidated statements of operations. We recorded no expense for the three months ended September 30, 2023 and September 30, 2022. We recorded no expense for the nine months ended September 30, 2023 and $1.8 million in expense for the nine months ended September 30, 2022.

- Definition

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

+ References + Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Borrowings

The following is a summary of borrowings as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023				December 31, 2022
	Recorded Principal Balance(1)		Fair Value		Recorded Principal Balance(1)		Fair Value
Revolving credit facility	$	82,000	$	82,522	$	79,000	$	79,299
Term loans	955,187		972,953		948,429		959,319
Senior unsecured notes due 2031	343,521		267,796		342,999		257,446
Secured portfolio loan facilities	392,454		335,421		392,093		343,921
Mortgages(2)	96,822		94,412		134,073		132,563
Total	$	1,869,984	$	1,753,104	$	1,896,594	$	1,772,548

(2)Our finance lease liability is included in the mortgages line item, as presented.

Summary of Recurring and Nonrecurring Fair Value

Fair value measurements that occurred as of and during the nine months ended September 30, 2023 and the year ended December 31, 2022 were as follows (in thousands):


	September 30, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Recurring
Marketable securities(1)	$	8,244	$	—	$	—	$	7,792	$	—	$	—
Derivative assets(1)	—		23,462		—		—		25,853		—

Nonrecurring
Impaired real estate assets, net(2)	$	—	$	—	$	—	$	—	$	5,225	$	—

(1)We record marketable securities and derivative assets in Other Assets, Net on our consolidated balance sheets.

(2)The carrying value of impaired real estate assets may have subsequently increased or decreased after the measurement date due to capital improvements, depreciation, or sale.

Real Estate Activity (Tables)

9 Months Ended

Sep. 30, 2023

Real Estate Investments, Net [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes our real estate acquisition activity (dollars in thousands):


	Nine Months Ended September 30,
	2023		2022
Number of properties acquired	5		5
Number of outparcels acquired(1)	1		3
Contract price	$	92,060	$	228,842
Total price of acquisitions(2)	83,073		229,895

(1)Outparcels acquired are adjacent to shopping centers that we own.

(2)Total price of acquisitions includes closing costs less credits and assumed debt obligations.

Schedule of Asset Acquisition

The aggregate purchase price of the assets acquired during the nine months ended September 30, 2023 and 2022 were allocated as follows (in thousands):


	September 30, 2023		September 30, 2022
ASSETS
Land and improvements	$	29,084	$	71,564
Building and improvements	59,287		144,988
In-place lease assets	7,954		19,296
Above-market lease assets	640		3,814
Below-market debt	444		—
Total assets	97,409		239,662

LIABILITIES
Debt obligations, net	9,614		—
Below-market lease liabilities	4,722		9,767
Total liabilities	14,336		9,767

Net assets acquired	$	83,073	$	229,895

Schedule of Acquired Intangible Leases


	September 30, 2023	September 30, 2022
Acquired in-place leases	11	11
Acquired above-market leases	7	9
Acquired below-market leases	16	19
Assumed below-market debt	2	—

Schedule of Real Estate Disposal

The following table summarizes our real estate disposition activity (dollars in thousands):


	Nine Months Ended September 30,
	2023		2022
Number of properties sold	1		3
Number of outparcels sold	2		3
Contract price	$	6,250	$	28,737
Proceeds from sale of real estate, net(1)(2)	7,143		27,286
Gain on disposal of property, net(2)	1,070		4,151

(1)Total proceeds from sale of real estate, net includes closing costs less credits.

(2)Activity for the nine months ended September 30, 2023 includes land acquired from us by local authorities.

- Definition

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

+ References

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

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Other Assets, Net (Tables)

9 Months Ended

Sep. 30, 2023

Other Assets [Abstract]

Schedule of Other Assets

The following is a summary of Other Assets, Net outstanding as of September 30, 2023 and December 31, 2022, excluding amounts related to assets classified as held for sale (in thousands):


	September 30, 2023		December 31, 2022
Other assets, net:
Deferred leasing commissions and costs	$	53,260	$	49,687
Deferred financing expenses(1)	8,984		8,984
Office equipment, including capital lease assets, and other	23,770		23,051
Corporate intangible assets	6,685		6,692
Total depreciable and amortizable assets	92,699		88,414
Accumulated depreciation and amortization	(52,630)		(47,483)
Net depreciable and amortizable assets	40,069		40,931
Accounts receivable, net(2)	42,651		37,274
Accounts receivable - affiliates	718		513
Deferred rent receivable, net(3)	60,227		52,141
Derivative assets	23,462		25,853
Prepaid expenses and other	14,001		14,575
Investment in third parties(4)	6,891		9,800
Investment in marketable securities	8,244		7,792
Total other assets, net	$	196,263	$	188,879

(1)Deferred financing expenses per the above table are related to our revolving credit facility, and as such we have elected to classify them as an asset rather than as a contra-liability.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


8. COMMITMENTS AND CONTINGENCIES

Litigation—We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements.

Environmental Matters—In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not currently aware of any environmental matters that we believe are reasonably likely to have a material adverse effect on our consolidated financial statements.

Captive Insurance—Our captive insurance company, Silver Rock Insurance, Inc. (“Silver Rock”), provides general liability insurance, wind, reinsurance, and other coverage to us and our GRP I joint venture. We capitalize Silver Rock in accordance with applicable regulatory requirements.

Silver Rock establishes annual premiums based on the past loss experience of the insured properties. An independent third party was engaged to perform an actuarial estimate of projected future claims, related deductibles, and projected future expenses necessary to fund associated risk management programs. Premiums paid to Silver Rock may be adjusted based on this estimate, and such premiums may be reimbursed by tenants pursuant to specific lease terms.

As of September 30, 2023, we had four letters of credit outstanding totaling approximately $12.5 million to provide security for our obligations under Silver Rock’s insurance and reinsurance contracts.

Organization

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization


1. ORGANIZATION

Phillips Edison & Company, Inc. (“we,” the “Company,” “PECO,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly-owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership.

We are a real estate investment trust (“REIT”) that invests primarily in omni-channel grocery-anchored neighborhood and community shopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. In addition to managing our own shopping centers, our third-party investment management business provides comprehensive real estate and asset management services to two unconsolidated institutional joint ventures, Grocery Retail Partners I LLC (“GRP I”) and Necessity Retail Partners (“NRP”), in which we have partial ownership interests, and one private fund (collectively, the “Managed Funds”) as of September 30, 2023.

As of September 30, 2023, we wholly-owned 275 real estate properties. Additionally, we owned a 14% interest in GRP I, which owned 20 properties.

NRP—As of September 30, 2023, we owned a 20% equity interest in NRP. NRP was initially formed in March 2016 pursuant to the terms of the joint venture agreement, as amended, between Phillips Edison Grocery Center REIT II, Inc. and an affiliate of TPG Real Estate and is set to expire in 2024 unless otherwise extended by the members. In May 2022, we sold the final property in the joint venture as a result of its planned expiration. With the monetization of the joint venture, we exceeded the targeted return and as such were paid compensation of $0.1 million and $2.7 million during the nine months ended September 30, 2023 and 2022, respectively, which is recorded in Fees and Management Income in our consolidated statements of operations and comprehensive income (“consolidated statements of operations”). We received no compensation during the three months ended September 30, 2023 and 2022.

Related Party Transactions - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 19, 2021	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) contract
Related Party Transaction [Line Items]
Investment in third parties(4)		$ 6,891	$ 6,891	$ 9,800	$ 3,000
Number of leases \| contract					2
Executive officers \| 2021 TPA
Related Party Transaction [Line Items]
Term of contract (in years)	4 years
Off-balance sheet risks, liability		122,700	122,700
Grocery Retail Partners I
Related Party Transaction [Line Items]
Guarantor, maximum exposure		175,000	175,000
Affiliates
Related Party Transaction [Line Items]
Impairment expense		$ (3,000)	(3,000)
Due to related parties			$ 200

Debt Obligations - Schedule of Debt Allocation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fixed-rate debt	$ 1,542,012	$ 1,633,784
Variable-rate debt	346,750	279,000
Unsecured debt	1,396,750	1,384,000
Secured debt	492,012	528,784
Total	1,888,762	$ 1,912,784
Long-term Debt
Debt Instrument [Line Items]
Derivative liabilities	$ 700,000
Weighted-average term (in years)	1 year 9 months 18 days

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

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

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

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

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

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Line Items]
Deferred leasing commissions and costs	$ 53,260	$ 49,687
Deferred financing expenses	8,984	8,984
Office equipment, including capital lease assets, and other	23,770	23,051
Corporate intangible assets	6,685	6,692
Total depreciable and amortizable assets	92,699	88,414
Accumulated depreciation and amortization	(52,630)	(47,483)
Net depreciable and amortizable assets	40,069	40,931
Deferred rent receivable, net	60,227	52,141
Derivative assets	23,462	25,853
Prepaid expenses and other	14,001	14,575
Investment in third parties(4)	6,891	9,800	$ 3,000
Investment in marketable securities	8,244	7,792
Other assets, net	196,263	188,879
Uncollectable lease receivables, general reserves	2,700	3,000
Lease billings, nonaccrual basis	6,700	6,200
Uncollectible lease receivables - straight line rent	4,400	4,200
Nonrelated Party
Other Assets [Line Items]
Accounts receivable, net	42,651	37,274
Affiliates
Other Assets [Line Items]
Accounts receivable, net	$ 718	$ 513

Equity - Schedule of OP Unit Activity (Details) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Jan. 18, 2022	Jun. 18, 2021
Class of Stock [Line Items]
OP units converted into shares of common stock (in shares) \| shares	130	528	294	1,133
Distributions paid on OP units \| $	$ 3,954	$ 3,932	$ 12,134	$ 12,149
OP conversion ratio					1	1
Common stock, conversion ratio	1		1		1
Common Class B
Class of Stock [Line Items]
OP conversion ratio					1

- Definition

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

+ References

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

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

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

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

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

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

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

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

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

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

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

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

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

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

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

+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income attributable to stockholders - basic	$ 12,245	$ 11,038	$ 43,315	$ 34,645
Net income attributable to convertible OP units	1,484	1,135	5,259	4,181
Net income - diluted	$ 13,729	$ 12,173	$ 48,574	$ 38,826
Denominator:
Weighted-average shares - basic (in shares)	118,292	116,760	117,610	114,833
OP units (in shares)	14,042	14,289	14,171	14,462
Dilutive restricted stock awards (in shares)	466	544	554	510
Adjusted weighted-average shares - diluted (in shares)	132,800	131,593	132,335	129,805
Earnings per common share:
Basic income per share (in dollars per share)	$ 0.10	$ 0.09	$ 0.37	$ 0.30
Diluted income per share (in dollars per share)	$ 0.10	$ 0.09	$ 0.37	$ 0.30

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment in real estate:
Land and improvements	$ 1,714,136	$ 1,674,133
Building and improvements	3,679,549	3,572,146
In-place lease assets	477,859	471,507
Above-market lease assets	72,398	71,954
Total investment in real estate assets	5,943,942	5,789,740
Accumulated depreciation and amortization	(1,484,658)	(1,316,743)
Net investment in real estate assets	4,459,284	4,472,997
Investment in unconsolidated joint ventures	25,609	27,201
Total investment in real estate assets, net	4,484,893	4,500,198
Cash and cash equivalents	3,777	5,478
Restricted cash	4,462	11,871
Goodwill	29,066	29,066
Other assets, net	196,263	188,879
Total assets	4,718,461	4,735,492
Liabilities:
Debt obligations, net	1,869,984	1,896,594
Below-market lease liabilities, net	105,302	109,799
Accounts payable and other liabilities	117,783	113,185
Deferred income	17,900	18,481
Total liabilities	2,110,969	2,138,059
Commitments and contingencies (see Note 8)	0	0
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at September 30, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 119,578 and 117,126 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	1,195	1,171
Additional paid-in capital (“APIC”)	3,461,981	3,383,978
Accumulated other comprehensive income (“AOCI”)	19,846	21,003
Accumulated deficit	(1,226,379)	(1,169,665)
Total stockholders’ equity	2,256,643	2,236,487
Noncontrolling interests	350,849	360,946
Total equity	2,607,492	2,597,433
Total liabilities and equity	$ 4,718,461	$ 4,735,492

Debt Obligations - Narrative (Details) $ in Millions		9 Months Ended
Debt Obligations - Narrative (Details) $ in Millions	Jul. 31, 2023 USD ($) tranche extension	Sep. 30, 2023 USD ($) tranche
Mortgages
Debt Instrument [Line Items]
Repayments of debt		$ 46.3
Term loans
Debt Instrument [Line Items]
Number of tranches \| tranche	3
Notional amount	$ 484.8
Term loans \| Senior Unsecured Term Loans Due 2024
Debt Instrument [Line Items]
Number of tranches \| tranche		3
Notional amount		$ 475.0
Term loans \| Senior Unsecured Term Loans Due Jan 2026
Debt Instrument [Line Items]
Debt face amount	$ 161.8
Number of extension options \| extension	2
Extension term	1 year
Term loans \| Senior Unsecured Term Loans Due Jan 2026 \| SOFR
Debt Instrument [Line Items]
Line of credit - interest spread	1.35%
Term loans \| Senior Unsecured Term Loan, One, Due Jan 2027
Debt Instrument [Line Items]
Debt face amount	$ 158.0
Term loans \| Senior Unsecured Term Loan, One, Due Jan 2027 \| SOFR
Debt Instrument [Line Items]
Line of credit - interest spread	1.35%
Term loans \| Senior Unsecured Term Loan, Two, Due Jan 2027
Debt Instrument [Line Items]
Debt face amount	$ 165.0
Term loans \| Senior Unsecured Term Loan, Two, Due Jan 2027 \| SOFR
Debt Instrument [Line Items]
Line of credit - interest spread	1.35%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to stockholders - basic	$ 12,245	$ 11,038	$ 43,315	$ 34,645

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

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

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

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

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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

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

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

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

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

+ Details

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock Common Stock	Common Stock Common Class B	APIC	AOCI	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021			19,550	93,665
Beginning balance at Dec. 31, 2021	$ 2,476,326	$ 2,149,514	$ 196	$ 936	$ 3,264,038	$ (24,819)	$ (1,090,837)	$ 326,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B common stock (in shares)			93,665	(93,665)
Conversion of Class B common stock	0		$ 936	$ (936)
Issuance of common stock (in shares)			2,633
Issuance of common stock	90,124	90,124	$ 26		90,098
Offering costs, discounts, and commissions	(1,090)	(1,090)			(1,090)
Change in unrealized value on interest rate swaps	51,415	45,665				45,665		5,750
Common distributions declared	(94,145)	(94,145)					(94,145)
Distributions to noncontrolling interests	(12,149)							(12,149)
Share-based compensation (in shares)			103
Share-based compensation	$ 11,355	3,860	$ 1		3,859			7,495
Conversion of noncontrolling interests (in shares)	1,133		1,133
Conversion of noncontrolling interests	$ 0	25,021	$ 11		24,733	277		(25,021)
Settlement of earn-out liability	54,245							54,245
Net income	38,826	34,645					34,645	4,181
Ending balance (in shares) at Sep. 30, 2022			117,084	0
Ending balance at Sep. 30, 2022	2,614,907	2,253,594	$ 1,170	$ 0	3,381,638	21,123	(1,150,337)	361,313
Beginning balance (in shares) at Jun. 30, 2022			115,782
Beginning balance at Jun. 30, 2022	2,594,645	2,222,223	$ 1,157		3,341,646	8,571	(1,129,151)	372,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			773
Issuance of common stock	26,417	26,417	$ 8		26,409
Offering costs, discounts, and commissions	(348)	(348)			(348)
Change in unrealized value on interest rate swaps	14,008	12,495				12,495		1,513
Common distributions declared	(32,224)	(32,224)					(32,224)
Distributions to noncontrolling interests	(3,932)							(3,932)
Share-based compensation (in shares)			1
Share-based compensation	$ 4,168	2,384	$ 0		2,384			1,784
Conversion of noncontrolling interests (in shares)	528		528
Conversion of noncontrolling interests	$ 0	11,609	$ 5		11,547	57		(11,609)
Net income	12,173	11,038					11,038	1,135
Ending balance (in shares) at Sep. 30, 2022			117,084	0
Ending balance at Sep. 30, 2022	2,614,907	2,253,594	$ 1,170	$ 0	3,381,638	21,123	(1,150,337)	361,313
Beginning balance (in shares) at Dec. 31, 2022			117,126	0
Beginning balance at Dec. 31, 2022	2,597,433	2,236,487	$ 1,171	$ 0	3,383,978	21,003	(1,169,665)	360,946
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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	0
Ending balance at Sep. 30, 2023	2,607,492	2,256,643	$ 1,195	$ 0	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	$ 0		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	0
Ending balance at Sep. 30, 2023	$ 2,607,492	$ 2,256,643	$ 1,195	$ 0	$ 3,461,981	$ 19,846	$ (1,226,379)	$ 350,849

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events


13. SUBSEQUENT EVENTS

In preparing the condensed and unaudited consolidated financial statements, we have evaluated subsequent events through the date of filing of this report on Form 10-Q for recognition and/or disclosure purposes. Based on this evaluation, we have determined that there were no events that have occurred that require recognition or disclosure, other than certain events and transactions that have been disclosed elsewhere in these consolidated financial statements.

Related Party Transactions - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Fees and management income	$ 2,168	$ 2,081	$ 7,192	$ 9,323
Affiliates
Related Party Transaction [Line Items]
Fees and management income	2,168	2,081	7,192	9,323
Affiliates \| Recurring fees
Related Party Transaction [Line Items]
Fees and management income	931	943	2,917	3,013
Affiliates \| Realized performance income
Related Party Transaction [Line Items]
Fees and management income	0	0	75	2,742
Affiliates \| Transactional revenue and reimbursements
Related Party Transaction [Line Items]
Fees and management income	381	306	1,647	1,147
Affiliates \| Insurance premiums
Related Party Transaction [Line Items]
Fees and management income	$ 856	$ 832	$ 2,553	$ 2,421

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
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

Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Dividends Payable

Month

Date of Record

Date Distribution Paid

Monthly Distribution Rate

Cash Distribution

September

9/15/2023

10/2/2023

0.0975

12,948

October

10/16/2023

11/1/2023

0.0975

12,978

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, 2023 and 2022 (dollars and shares in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
OP units converted into shares of common stock(1)	130		528		294		1,133
Distributions declared on OP units(2)	$	3,954	$	3,932	$	12,134	$	12,149

(2)Distributions declared on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.

Related Party Transactions

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
Recurring fees(1)	$	931	$	943	$	2,917	$	3,013
Realized performance income(2)	—		—		75		2,742
Transactional revenue and reimbursements(3)	381		306		1,647		1,147
Insurance premiums(4)	856		832		2,553		2,421
Total fees and management income	$	2,168	$	2,081	$	7,192	$	9,323

(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, 2023, the potential “make-whole amount” on the estimated aggregate amount of built-in gain subject to protection under the agreements is approximately $122.7 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, 2023, we were the limited guarantor of a $175 million mortgage loan secured by GRP I properties. Our guaranty for the GRP I debt is limited to being the non-recourse carveout guarantor and the environmental indemnitor. Further, we are also party to an agreement with GRP I in which any potential liability under such guarantee will be apportioned between us and GRP I based on our respective ownership percentages in the joint venture. We have no liability recorded on our consolidated balance sheets for the guaranty as of September 30, 2023 and December 31, 2022.

During 2021, we made a cash investment of $3.0 million into a third-party company in exchange for preferred shares of their stock. As part of the investment agreement, the third-party company entered into leases at two of our properties. During the quarter ended September 30, 2023, we determined that the investment in the third-party company was fully impaired due to the value of the investment being significantly reduced, which is not deemed to be temporary, indicated by the company’s inability to pay rent. As a result, we recorded impairment expense of $3.0 million in Other Expense, Net on our consolidated statements of operations for the three and nine months ended September 30, 2023 and reserved tenant receivables of $0.2 million as of September 30, 2023 as the company is considered to be non-creditworthy.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations


	Interest Rate(1)	September 30, 2023			December 31, 2022
Revolving credit facility	SOFR + 1.1%	$	82,000		$	79,000
Term loans(2)	3.3% - 6.7%	964,750			955,000
Senior unsecured notes due 2031	2.6%	350,000			350,000
Secured loan facilities	3.4% - 3.5%	395,000			395,000
Mortgages	3.5% - 6.4%	96,630			133,199
Finance lease liability		382			585
Discount on notes payable		(6,479)			(7,001)
Assumed market debt adjustments, net		(1,086)			(1,226)
Deferred financing expenses, net		(11,213)			(7,963)
Total		$	1,869,984		$	1,896,594

Weighted-average interest rate(3)		4.1		%	3.6		%

(1)Interest rates are as of September 30, 2023.

(3)Includes the effects of derivative financial instruments that were effective as of September 30, 2023 and December 31, 2022 (see Notes 7 and 12).

Schedule of Debt Allocation

The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments, discount on senior notes, and deferred financing expenses, net, and including the effects of derivative financial instruments as of September 30, 2023 and December 31, 2022 is summarized below (in thousands):


	September 30, 2023		December 31, 2022
As to interest rate:
Fixed-rate debt(1)	$	1,542,012	$	1,633,784
Variable-rate debt	346,750		279,000
Total	$	1,888,762	$	1,912,784
As to collateralization:
Unsecured debt	$	1,396,750	$	1,384,000
Secured debt	492,012		528,784
Total	$	1,888,762	$	1,912,784

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

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

Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of September 30, 2023 and December 31, 2022 (dollars in thousands):


	September 30, 2023		December 31, 2022
Count	4		4
Notional amount	$	700,000	$	755,000
Fixed SOFR	2.1% - 3.4%		1.2% - 2.8%
Maturity date	2024-2026		2023-2025
Weighted-average term (in years)	1.8		1.6

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,
	2023		2022		2023		2022
Amount of gain recognized in Other Comprehensive Income	$	4,367	$	14,084	$	14,477	$	44,063
Amount of (gain) loss reclassified from AOCI into Interest Expense, Net	(5,791)		(76)		(15,838)		7,352

Fair Value Measurements - Summary of Recurring and Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	$ 8,244	$ 7,792
Derivative assets	23,462	25,853
Recurring \| Level 1
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	8,244	7,792
Derivative assets	0	0
Recurring \| Level 2
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	0	0
Derivative assets	23,462	25,853
Recurring \| Level 3
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	0	0
Derivative assets	0	0
Nonrecurring \| Level 1
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Impaired real estate assets, net	0	0
Nonrecurring \| Level 2
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Impaired real estate assets, net	0	5,225
Nonrecurring \| Level 3
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Impaired real estate assets, net	$ 0	$ 0

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Real Estate Activity - Narrative (Details) $ in Thousands		1 Months Ended	9 Months Ended		12 Months Ended
Real Estate Activity - Narrative (Details) $ in Thousands	Sep. 28, 2022 USD ($)	Nov. 01, 2023 USD ($) property parcel	Sep. 30, 2023 USD ($) property parcel	Sep. 30, 2022 USD ($) property parcel	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Number of properties acquired \| property			5	5
Number of outparcels acquired \| parcel			1	3
Contract price			$ 92,060	$ 228,842
Subsequent event
Asset Acquisition [Line Items]
Number of properties acquired \| property		1
Number of outparcels acquired \| parcel		1
Contract price		$ 19,400
Hurricane Ian
Asset Acquisition [Line Items]
Depreciation					$ 2,700
Insurance recoveries			$ 1,000
Collect insurance proceeds	$ 1,700

Fair Value Measurements - Narrative (Details) - USD ($) shares in Millions			3 Months Ended		9 Months Ended
	Jan. 18, 2022	Jan. 11, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge of real estate			$ 0	$ 0	$ 0	$ 0
Change in fair value of earn-out liability			$ 0	$ 0	$ 0	$ 1,809,000
Level 3 \| Contingent Consideration \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlement of liability		$ 54,200,000
Phillips Edison Limited Partnership
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PELP transaction, OP units issued and issuable (in shares)	1.6	1.6

Derivatives and Hedging Activities (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Derivatives and Hedging Activities (Details) $ in Thousands	Sep. 30, 2023 USD ($) Debt_Instrument	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Debt_Instrument	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Debt_Instrument	Mar. 15, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in Other Comprehensive Income	$ 4,367	$ 14,084	$ 14,477	$ 44,063
Interest Expense, Net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss reclassified from AOCI into Interest Expense, Net	$ (5,791)	$ (76)	(15,838)	$ 7,352
Interest rate swap \| Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from OCI to income, decrease to interest expense, net			$ 17,300
Interest rate swap \| SOFR \| Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Count \| Debt_Instrument	4		4
Notional amount	$ 700,000		$ 700,000			$ 200,000
Weighted-average term (in years)			1 year 9 months 18 days
Interest rate swap \| SOFR \| Designated as hedging instrument \| Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR	2.10%		2.10%
Interest rate swap \| SOFR \| Designated as hedging instrument \| Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR	3.40%		3.40%			3.36%
Interest rate swap \| London Interbank Offered Rate (LIBOR) Swap Rate \| Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Count \| Debt_Instrument					4
Notional amount					$ 755,000
Weighted-average term (in years)					1 year 7 months 6 days
Interest rate swap \| London Interbank Offered Rate (LIBOR) Swap Rate \| Designated as hedging instrument \| Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR					1.20%
Interest rate swap \| London Interbank Offered Rate (LIBOR) Swap Rate \| Designated as hedging instrument \| Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR					2.80%

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Summary of Operating Leases

All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Rental income related to fixed lease payments(1)	$	111,832	$	105,252	$	331,776	$	309,925
Rental income related to variable lease payments(1)(2)	34,632		32,545		104,224		95,443
Straight-line rent amortization(3)	2,095		3,752		7,686		8,617
Amortization of lease assets	1,281		1,059		3,746		3,113
Lease buyout income	587		221		1,016		2,362
Adjustments for collectibility(4)	(861)		28		(2,174)		(625)
Total rental income	$	149,566	$	142,857	$	446,274	$	418,835

(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.

Schedule of Operating Lease Maturity


Year	Amount
Remaining 2023	$	106,535
2024	436,571
2025	383,983
2026	318,788
2027	253,865
Thereafter	651,844
Total	$	2,151,586

Equity - Narrative (Details)				3 Months Ended		9 Months Ended		14 Months Ended
Equity - Narrative (Details)	Sep. 01, 2023	Jan. 18, 2022 shares	Jan. 11, 2022 shares	Sep. 30, 2023 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 $ / shares shares	Aug. 03, 2022 USD ($)	May 05, 2022 $ / shares shares	Feb. 10, 2022 USD ($)	Jun. 18, 2021
Class of Stock [Line Items]
Common stock, votes per share (in votes per share) \| vote				1		1		1
Commission costs \| $						$ 854,000	$ 1,090,000
OP conversion ratio		1											1
Common stock, conversion ratio		1		1		1		1
OP units outstanding, shares \| shares				14,000,000		14,000,000		14,000,000	14,100,000
Stock repurchase program, authorized amount \| $										$ 250,000,000
Number of shares repurchased during period \| shares								0
Phillips Edison Limited Partnership
Class of Stock [Line Items]
PELP transaction, OP units issued and issuable (in shares) \| shares		1,600,000	1,600,000
Dividend declared
Class of Stock [Line Items]
Increase of distributions paid percent	4.50%
Common Class B
Class of Stock [Line Items]
OP conversion ratio		1
Common stock, authorized (in shares) \| shares											350,000,000
Common stock, par value (in dollars per share) \| $ / shares											$ 0.01
Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares) \| shares				1,000,000,000		1,000,000,000		1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01		$ 0.01		$ 0.01	$ 0.01		$ 0.01
At-the-Market Offering
Class of Stock [Line Items]
Common stock, sales agreement, authorized amount \| $												$ 250,000,000
Common stock, number of shares issued in transaction (in shares) \| shares				2,000,000	800,000	2,000,000	2,600,000
Common stock, net proceeds \| $				$ 70,100,000	$ 26,200,000	$ 70,100,000	$ 89,200,000
Commission costs \| $				700,000	$ 300,000	700,000	$ 900,000
Common stock, value remaining for future issuance \| $				$ 89,000,000		$ 89,000,000		$ 89,000,000

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Rental income	$ 149,566	$ 142,857	$ 446,274	$ 418,835
Fees and management income	2,168	2,081	7,192	9,323
Other property income	740	716	2,209	2,175
Total revenues	152,474	145,654	455,675	430,333
Operating Expenses:
Property operating	24,274	23,089	74,010	69,261
Real estate taxes	19,028	18,041	55,481	52,005
General and administrative	10,385	10,843	33,604	33,751
Depreciation and amortization	58,706	60,013	176,871	178,008
Total operating expenses	112,393	111,986	339,966	333,025
Other:
Interest expense, net	(21,522)	(17,569)	(61,663)	(52,895)
Gain (loss) on disposal of property, net	53	(10)	1,070	4,151
Other expense, net	(4,883)	(3,916)	(6,542)	(9,738)
Net income	13,729	12,173	48,574	38,826
Net income attributable to noncontrolling interests	(1,484)	(1,135)	(5,259)	(4,181)
Net income attributable to stockholders	$ 12,245	$ 11,038	$ 43,315	$ 34,645
Earnings per share of common stock:
Net income per share attributable to stockholders - basic (in dollars per share)	$ 0.10	$ 0.09	$ 0.37	$ 0.30
Net income per share attributable to stockholders - diluted (in dollars per share)	$ 0.10	$ 0.09	$ 0.37	$ 0.30
Comprehensive income:
Net income	$ 13,729	$ 12,173	$ 48,574	$ 38,826
Other comprehensive income:
Change in unrealized value on interest rate swaps	(1,424)	14,008	(1,361)	51,415
Comprehensive income	12,305	26,181	47,213	90,241
Net income attributable to noncontrolling interests	(1,484)	(1,135)	(5,259)	(4,181)
Change in unrealized value on interest rate swaps attributable to noncontrolling interests	155	(1,513)	147	(5,750)
Reallocation of comprehensive income upon conversion of noncontrolling interests	56	57	57	277
Comprehensive income attributable to stockholders	$ 11,032	$ 23,590	$ 42,158	$ 80,587

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease liability	$ 382	$ 585
Discount on notes payable	(6,479)	(7,001)
Assumed market debt adjustments, net	(1,086)	(1,226)
Deferred financing expenses, net	(11,213)	(7,963)
Total	$ 1,869,984	$ 1,896,594
Weighted-average interest rate on debt (as a percent)	4.10%	3.60%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit - interest spread	1.10%
Outstanding principal balance	$ 82,000	$ 79,000
Term loans
Debt Instrument [Line Items]
Outstanding principal balance	$ 964,750	955,000
Term loans \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	3.30%
Term loans \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.70%
Senior notes \| Senior unsecured notes due 2031
Debt Instrument [Line Items]
Interest rate (as a percent)	2.60%
Outstanding principal balance	$ 350,000	350,000
Secured loan facilities \| Secured loan facilities
Debt Instrument [Line Items]
Outstanding principal balance	$ 395,000	395,000
Secured loan facilities \| Minimum \| Secured loan facilities
Debt Instrument [Line Items]
Interest rate (as a percent)	3.40%
Secured loan facilities \| Maximum \| Secured loan facilities
Debt Instrument [Line Items]
Interest rate (as a percent)	3.50%
Mortgages
Debt Instrument [Line Items]
Outstanding principal balance	$ 96,630	$ 133,199
Mortgages \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	3.50%
Mortgages \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.40%

Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities


7. DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives—We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding, and through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings.

Cash Flow Hedges of Interest Rate Risk—Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the nine months ended September 30, 2023 and 2022, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $17.3 million will be reclassified from AOCI as a decrease to Interest Expense, Net.

On March 15, 2023, we entered into an interest rate swap which has a notional amount of $200 million and swaps SOFR for a fixed rate of approximately 3.36% effective September 15, 2023 and maturing September 1, 2026.

The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of September 30, 2023 and December 31, 2022 (dollars in thousands):


	September 30, 2023		December 31, 2022
Count	4		4
Notional amount	$	700,000	$	755,000
Fixed SOFR	2.1% - 3.4%		1.2% - 2.8%
Maturity date	2024-2026		2023-2025
Weighted-average term (in years)	1.8		1.6

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,
	2023		2022		2023		2022
Amount of gain recognized in Other Comprehensive Income	$	4,367	$	14,084	$	14,477	$	44,063
Amount of (gain) loss reclassified from AOCI into Interest Expense, Net	(5,791)		(76)		(15,838)		7,352

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, 2023, there were no derivatives with a fair value in a net liability position, which would include accrued interest but exclude any adjustment for nonperformance risk related to these agreements.

Real Estate Activity - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property parcel	Sep. 30, 2022 USD ($) property parcel
Real Estate Investments, Net [Abstract]
Number of properties acquired \| property	5	5
Number of outparcels acquired \| parcel	1	3
Contract price	$ 92,060	$ 228,842
Total price of acquisitions	$ 83,073	$ 229,895

Fair Value Measurements - Summary of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	$ 1,869,984	$ 1,896,594
Deferred financing costs	11,213	7,963
Assumed market debt adjustments, net	1,086	1,226
Discount on notes payable	6,479	7,001
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,753,104	1,772,548
Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	955,187	948,429
Term loans \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	972,953	959,319
Secured loan facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	392,454	392,093
Secured loan facilities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	335,421	343,921
Line of Credit \| Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	82,000	79,000
Line of Credit \| Revolving credit facility \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	82,522	79,299
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	343,521	342,999
Senior notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	267,796	257,446
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	96,822	134,073
Mortgages \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 94,412	$ 132,563