0001476204-24-000022 | 10-K | XBRL Viewer | Phillips Edison Company INC

INTANGIBLE ASSETS AND LIABILITIES - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of below market leases	$ (11,044)	$ (10,809)	$ (9,900)
Above-market contract	(499)	0	0
Corporate intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	361	364	372
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	34,380	36,851	34,221
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 5,865	$ 6,485	$ 6,319

EQUITY - Schedule of Dividends Payable Additional Information (Details) - $ / shares				4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 15, 2023	Nov. 01, 2023	Sep. 01, 2023	Dec. 31, 2023	Aug. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)						$ 1.1364	$ 1.0932	$ 1.035
Dividend declared
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)	$ 0.0975	$ 0.0975		$ 1.17	$ 1.12	$ 0.0933
Increase of distributions paid percentage			4.50%

INCOME TAXES - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Federal Income Tax Authority
Tax Credit Carryforward [Line Items]
Net operating loss (NOL) carryforward	$ 4.0
State Tax Authorities
Tax Credit Carryforward [Line Items]
Net operating loss (NOL) carryforward	$ 4.1

DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations

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


	Interest Rate(1)	2023			2022
Revolving credit facility	SOFR + 1.1%	$	181,000		$	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%	95,677			133,199
Finance lease liability		308			585
Discount on notes payable		(6,302)			(7,001)
Assumed market debt adjustments, net		(858)			(1,226)
Deferred financing expenses, net		(10,303)			(7,963)
Total		$	1,969,272		$	1,896,594

Weighted-average interest rate(3)		4.2		%	3.6		%

(1)Interest rates are as of December 31, 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 (see Notes 9 and 16).

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


	2023		2022
As to interest rate:
Fixed-rate debt(1)	$	1,540,985	$	1,633,784
Variable-rate debt	445,750		279,000
Total	$	1,986,735	$	1,912,784
As to collateralization:
Unsecured debt	$	1,495,750	$	1,384,000
Secured debt	490,985		528,784
Total	$	1,986,735	$	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 December 31, 2023, $700 million in variable rate debt is hedged to a fixed rate for a weighted-average period of 1.5 years (see Notes 9 and 16).

Schedule of Maturities of Long-Term Debt

Below is our maturity schedule with the respective principal payment obligations, excluding finance lease liabilities, market debt adjustments, discount on senior notes, and deferred financing expenses, net (in thousands):


	2024		2025		2026		2027		2028		Thereafter		Total

Unsecured debt(1)	$	—	$	240,000	$	582,750	$	323,000	$	—	$	350,000	$	1,495,750
Secured debt	28,123		37,636		1,908		200,595		17,367		205,048		490,677
Total	$	28,123	$	277,636	$	584,658	$	523,595	$	17,367	$	555,048	$	1,986,427

(1)Includes our revolving credit facility, term loans, and senior notes.

- 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.

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+ Details

FAIR VALUE MEASUREMENTS - Summary of Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Impairment of real estate assets	$ 0	$ 322	$ 6,754

DERIVATIVES AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES


9. 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 years ended December 31, 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 $11.5 million will be reclassified from AOCI as a decrease to Interest Expense, Net.

In May 2022, we replaced LIBOR with SOFR as the benchmark interest rate for the two $240 million senior unsecured term loan tranches, maturing in November 2025 and July 2026. In November 2022, we replaced LIBOR with SOFR as the benchmark interest rate for our three remaining LIBOR term loans, which had a notional amount of $475 million. In accordance with ASC Topic 848, Reference Rate Reform (“ASC 848”), we elected not to dedesignate our LIBOR denominated interest rate swaps related to this hedged debt. As a result of these changes in the benchmark rate of the LIBOR term loans, we amended all of our interest rate swaps with a total notional amount of $755 million to change the benchmark interest rate from LIBOR to SOFR. As a result of these amendments, we elected to apply practical expedients in accordance with ASC 848 related to contract modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes have been made to applicable debt and derivative contracts.

In March 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% which became effective in September 2023 and matures in September 2026.

In January 2024, we entered into an interest rate swap which has a notional amount of $150 million and swaps SOFR for a fixed rate of approximately 3.45% effective September 2024 and maturing December 2025.

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


	2023		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)	1.5		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 for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Amount of gain recognized in Other Comprehensive (Loss) Income	$	8,586	$	46,839	$	12,501
Amount of (gain) loss reclassified from AOCI into Interest Expense, Net	(20,402)		4,446		19,499

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 December 31, 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

INTANGIBLE ASSETS AND LIABILITIES - Other Intangible Asset and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	$ (182,689)	$ (173,878)
Accumulated amortization, below market lease	74,466	64,079
Corporate intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Corporate intangible assets	6,686	6,692
Accumulated amortization	(5,994)	(5,636)
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Corporate intangible assets	495,525	471,507
Accumulated amortization	(295,957)	(262,650)
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Corporate intangible assets	74,446	71,954
Accumulated amortization	(57,964)	(52,230)
Above-market Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Above-market contract	(2,496)	(2,496)
Accumulated amortization, above market contract	$ 499	$ 0

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Equity compensation	$ 1,934	$ 2,749
Accrued compensation	1,706	1,531
Net operating loss (“NOL”) carryforward	1,031	1,669
Reserves	300	300
Other	94	362
Gross deferred tax asset	5,065	6,611
Less: valuation allowance	(1,143)	(2,879)
Total deferred tax asset	3,922	3,732
Deferred tax liabilities:
Real estate and capitalized salaries	(3,150)	(3,239)
Investment in third parties	(563)	(443)
Other	(209)	(50)
Total deferred tax liabilities	(3,922)	(3,732)
Net deferred tax asset	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following is a summary of the activity in the liability for unpaid losses, which is recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets, for the years ended December 31, 2023 and 2022 (in thousands):


	2023		2022
Beginning balances	$	9,607	$	8,606
Incurred related to:
Current year	3,369		2,512
Prior years	(195)		366
Total incurred	3,174		2,878
Paid related to:
Current year	136		293
Prior years	3,235		1,584
Total paid	3,371		1,877
Liabilities for unpaid losses as of December 31	$	9,410	$	9,607

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES


10. INCOME TAXES

General—We have elected to be taxed as a REIT under the IRC. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth taxable year following the year of disqualification.

Income tax benefits from uncertain tax positions are recognized in the consolidated financial statements only if we believe it is more likely than not that the uncertain tax position will be sustained based solely on the technical merits of the tax position and consideration of the relevant taxing authority's widely understood administrative practices and precedents. We do not believe that we have any uncertain tax positions at December 31, 2023 and 2022.

The statute of limitations for the federal income tax returns remain open for the 2020 through 2022 tax years. The statute of limitations for state income tax returns remain open in accordance with each state's statute.

Our accounting policy is to classify interest and penalties as a component of income tax expense. We accrued an insignificant amount of interest and penalties as of December 31, 2023. We accrued an insignificant amount of interest and no penalties as of December 31, 2022.

Deferred Tax Assets and Liabilities—Deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which these temporary differences are expected to reverse. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, the magnitude and timing of future projected taxable income, and tax planning strategies. We believe, based on available evidence, it is not more likely than not that our net deferred tax asset will be realized in future periods and, therefore, have recorded a valuation allowance equal to the net deferred tax asset balance.

The following is a summary of our deferred tax assets and liabilities as of December 31, 2023 and 2022 (in thousands):


	2023		2022
Deferred tax assets:
Equity compensation	$	1,934	$	2,749
Accrued compensation	1,706		1,531
Net operating loss (“NOL”) carryforward	1,031		1,669
Reserves	300		300
Other	94		362
Gross deferred tax asset	5,065		6,611
Less: valuation allowance	(1,143)		(2,879)
Total deferred tax asset	3,922		3,732
Deferred tax liabilities:
Real estate and capitalized salaries	(3,150)		(3,239)
Investment in third parties	(563)		(443)
Other	(209)		(50)
Total deferred tax liabilities	(3,922)		(3,732)
Net deferred tax asset	$	—	$	—

Our deferred tax assets and liabilities result from the activities of our TRS entities. The TRS entities have a federal NOL carryforward of approximately $4.0 million. The federal NOL carryforward can be carried forward indefinitely. As of December 31, 2023, the TRS entities have state NOL carryforwards of approximately $4.1 million, which will expire as determined under each state's statute.

Differences between the net income or loss presented on the consolidated statements of operations and taxable income are primarily related to the timing of the recognition of gain on the sale of investment properties for financial reporting purposes and tax reporting, the recognition of impairment expense for financial reporting purposes which is not deductible for tax reporting purposes, and differences in the recognition of rental income and depreciation and amortization expense for both financial reporting and tax reporting.

Distributions—The following table reconciles Net Income Attributable to Stockholders to REIT taxable income before the dividends paid deduction for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Net income attributable to stockholders	$	56,848	$	48,323	$	15,121
Net (income) loss from TRS entities	(9,768)		968		(533)
Net income attributable to REIT operations	47,080		49,291		14,588
Book/tax differences	54,311		47,730		69,943
REIT taxable income	101,391		97,021		84,531
Less: Capital gains	(96)		—		(19,765)
REIT taxable income subject to 90% dividend requirement	$	101,295	$	97,021	$	64,766

Total gross distributions to our stockholders exceeded 100% of REIT taxable income for the years ended December 31, 2023, 2022, and 2021.

The tax characterization of our distributions declared for the years ended December 31, 2023, 2022, and 2021 was as follows:


	2023		2022		2021
Common stock:
Ordinary dividends	75.9	%	77.4	%	62.8	%
Non-dividend distributions	24.0	%	22.6	%	18.1	%
Capital gain distributions(1)	0.1	%	—	%	19.1	%
Total distributions per share of common stock	100.0	%	100.0	%	100.0	%

(1)Pursuant to U.S. Treasury Regulation §1.1061-6(c) and §1061 of the IRC, the One Year Amounts and Three Year Amounts disclosures are both zero with respect to direct and indirect holders of “applicable partnership interests” for us and our subsidiary REIT, Phillips Edison Institutional REIT, LLC for all years presented.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS


17. SUBSEQUENT EVENTS

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Aug. 03, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Offering costs, discounts, and commissions	$ 1,939	$ 1,090	$ 39,048
Number of real estate dispositions \| property	0	2
Restricted cash		$ 1,700
Accumulated amortization of debt discount (premium)	$ (1,800)	(300)
Accumulated amortization of deferred financing expenses	15,900	14,700
Allowance for uncollectibility, general reserve	1,900	3,000
Allowance for uncollectability, cash basis revenue recognition, non-creditworthy	$ 10,700	$ 10,400
New share repurchase program				$ 250,000
Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Minimum \| Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Maximum \| Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
IPO
Property, Plant and Equipment [Line Items]
Underwriting expenses			$ 4,300

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) shares in Millions, $ in Millions			12 Months Ended
	Jan. 18, 2022	Jan. 11, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Level 3 \| Earn-out liability \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlement of liability		$ 54.2
Income (expense) related to change in fair value			$ 0.0	$ 1.8	$ 30.4
Phillips Edison Limited Partnership
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OP units issued (in shares)	1.6	1.6

EQUITY - Narrative (Details)					1 Months Ended	3 Months Ended		12 Months Ended
EQUITY - Narrative (Details)	Jan. 18, 2022 shares	Jan. 11, 2022 shares	Jul. 19, 2021 USD ($) $ / shares shares	Jul. 02, 2021	Feb. 12, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Aug. 03, 2022 USD ($)	May 05, 2022 $ / shares shares	Feb. 10, 2022 USD ($)	Jun. 18, 2021
Class of Stock [Line Items]
Common stock, number of votes \| vote						1		1
Commission costs								$ 1,939,000	$ 1,090,000	$ 39,048,000
OP conversion ratio	1													1
Common stock, conversion ratio	1
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01
Reverse stock split, conversion ratio				0.33
Over-allotment, gross proceeds			$ 547,400,000
OP units, shares outstanding \| shares						13,800,000	14,100,000	13,800,000	14,100,000
Tender offer, authorized amount											$ 250,000,000
Phillips Edison Limited Partnership
Class of Stock [Line Items]
OP units issued (in shares) \| shares	1,600,000	1,600,000
Common Class B
Class of Stock [Line Items]
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						2,200,000	0	4,200,000	2,600,000
Sale of stock, gross weighted average price per share (in dollars per share) \| $ / shares						$ 35.92		$ 35.76	$ 34.23
Common stock, net proceeds						$ 77,500,000		$ 147,600,000	$ 89,200,000
Commission costs						800,000		1,500,000	$ 900,000
Common stock, subscription amount						$ 10,800,000		$ 10,800,000
At-the-Market Offering \| Subsequent event
Class of Stock [Line Items]
Common stock, number of shares issued in transaction (in shares) \| shares					46,000
Sale of stock, gross weighted average price per share (in dollars per share) \| $ / shares					$ 37.05
Common stock, net proceeds					$ 1,700,000
Commission costs					$ 17,000
IPO
Class of Stock [Line Items]
Common stock, number of shares issued in transaction (in shares) \| shares			17,000,000
Stock price (in dollars per share) \| $ / shares			$ 28.00
Over-allotment option
Class of Stock [Line Items]
Common stock, number of shares issued in transaction (in shares) \| shares			2,600,000

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 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 for the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share amounts):


	2023		2022		2021
Numerator:
Net income attributable to stockholders - basic	$	56,848	$	48,323	$	15,121
Net income attributable to convertible OP units(1)	6,914		6,206		2,112
Net income - diluted	$	63,762	$	54,529	$	17,233
Denominator:
Weighted-average shares - basic(2)	118,278		115,403		102,403
OP units(1)(3)	14,096		14,355		14,071
Dilutive restricted stock awards	596		574		198
Adjusted weighted-average shares - diluted	132,970		130,332		116,672
Earnings per common share:
Basic and diluted income per share	$	0.48	$	0.42	$	0.15

(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 years 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.

(2)Includes 4.4 million and 93.6 million weighted-average shares of Class B common stock and 111.0 million and 8.8 million weighted-average shares of common stock during the years ended December 31, 2022 and 2021, respectively.

(3)For the year ended December 31, 2021, diluted weighted-average shares include 0.7 million OP units awarded as a result of the full settlement of the earn-out in January 2022 (see Note 16).

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income attributable to stockholders - basic	$ 56,848	$ 48,323	$ 15,121
Net income attributable to convertible OP units	6,914	6,206	2,112
Net income - diluted	$ 63,762	$ 54,529	$ 17,233
Denominator:
Weighted-average shares - basic (in shares)	118,278	115,403	102,403
OP units (in shares)	14,096	14,355	14,071
Dilutive restricted stock awards (in shares)	596	574	198
Adjusted weighted-average shares - diluted (in shares)	132,970	130,332	116,672
Earnings Per Common Share
Basic income per share (in dollars per share)	$ 0.48	$ 0.42	$ 0.15
Diluted income per share (in dollars per share)	$ 0.48	$ 0.42	$ 0.15
IPO
Denominator:
OP units (in shares)			700
Common Class B
Denominator:
Weighted-average shares - basic (in shares)		4,400	93,600
Common Stock
Denominator:
Weighted-average shares - basic (in shares)		111,000	8,800

INCOME TAXES - Summary of REIT Taxable Income Subject to Dividend Distribution (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net income attributable to stockholders	$ 56,848	$ 48,323	$ 15,121
Net (income) loss from TRS entities	(9,768)	968	(533)
Net income attributable to REIT operations	47,080	49,291	14,588
Book/tax differences	54,311	47,730	69,943
REIT taxable income	101,391	97,021	84,531
Less: Capital gains	(96)	0	(19,765)
REIT taxable income subject to 90% dividend requirement	$ 101,295	$ 97,021	$ 64,766

- 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
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+ Details

LEASES - Lessee (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
ROU assets, net - operating leases	$ 3,734	$ 3,832
ROU assets, net - operating and finance leases	1,323	1,022
Operating lease liability	5,094	4,705
Finance lease liability	$ 308	$ 585
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Real Estate Investment Property, Net	Real Estate Investment Property, Net
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other liabilities	Accounts payable and other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Debt obligations, net	Debt obligations, net
Weighted-average remaining lease term, finance lease	1 year 2 months 12 days
Weighted-average remaining lease term, operating lease	20 years 6 months
Weighted average discount rate, finance lease	3.60%
Weighted average discount rate, operating lease	4.70%
Operating
2024	$ 650
2025	423
2026	363
2027	366
2028	377
Thereafter	5,772
Total undiscounted cash flows from leases	7,951
Total lease liabilities recorded at present value	5,094	$ 4,705
Difference between undiscounted cash flows and present value of lease liabilities	2,857
Finance
2024	295
2025	16
2026	9
2027	0
2028	0
Thereafter	0
Total undiscounted cash flows from leases	320
Total lease liabilities recorded at present value	308	$ 585
Difference between undiscounted cash flows and present value of lease liabilities	$ 12

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Accumulated Depreciation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at January 1	$ 1,001,863	$ 834,123
Depreciation expense	188,913	182,119
Accumulated depreciation of real estate dispositions	(4,146)	(12,644)
Impairment of real estate	0	(1,735)
Balance at December 31	$ 1,186,630	$ 1,001,863

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common distributions declared (in dollars per share)	$ 1.1364	$ 1.0932	$ 1.035

ORGANIZATION (Details) $ / shares in Units, $ in Millions			1 Months Ended
ORGANIZATION (Details) $ / shares in Units, $ in Millions	Jul. 19, 2021 USD ($) $ / shares shares	Jul. 02, 2021	Oct. 31, 2021 USD ($)	Dec. 31, 2023 property $ / shares shares	Dec. 31, 2022 property $ / shares shares	May 05, 2022 $ / shares shares	Oct. 01, 2020	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property				281
Issuance of common stock (in shares) \| shares	19,600,000
Common stock, par value (in dollars per share)	$ 0.01
Over-allotment, gross proceeds \| $	$ 547.4
Reverse stock split, conversion ratio		0.33
Senior unsecured notes due 2031 \| Senior notes
Schedule of Equity Method Investments [Line Items]
Debt face amount \| $			$ 350.0
Stated interest rate			2.625%
Debt discount			98.692%
Gross proceeds \| $			$ 345.4
Common Class B
Schedule of Equity Method Investments [Line Items]
Common stock, par value (in dollars per share)						$ 0.01
Common stock, authorized (in shares) \| shares						350,000,000
Common Stock
Schedule of Equity Method Investments [Line Items]
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (in shares) \| shares				1,000,000,000	1,000,000,000
IPO
Schedule of Equity Method Investments [Line Items]
Stock price (in dollars per share)	$ 28.00
Grocery Retail Partners I
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property				20	20
Equity method investment, ownership percentage				14.00%	14.00%		14.00%	15.00%

OTHER ASSETS, NET

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

OTHER ASSETS, NET


7. OTHER ASSETS, NET

The following is a summary of Other Assets, Net outstanding as of December 31, 2023 and 2022 (in thousands):


	2023		2022
Other assets, net:
Deferred leasing commissions and costs	$	53,379	$	49,687
Deferred financing expenses(1)	8,984		8,984
Office equipment, including capital lease assets, and other	24,073		23,051
Corporate intangible assets	6,686		6,692
Total depreciable and amortizable assets	93,122		88,414
Accumulated depreciation and amortization	(53,205)		(47,483)
Net depreciable and amortizable assets	39,917		40,931
Accounts receivable, net(2)	44,548		37,274
Accounts receivable - affiliates	803		513
Deferred rent receivable, net(3)	62,288		52,141
Derivative assets	12,669		25,853
Prepaid expenses and other	10,745		14,575
Investment in third parties(4)	6,875		9,800
Investment in marketable securities	8,566		7,792
Total other assets, net	$	186,411	$	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 $1.9 million and $3.0 million of general reserves for uncollectible amounts as of December 31, 2023 and 2022, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $6.0 million and $6.2 million as of December 31, 2023 and 2022, respectively.

(3)Net of $4.6 million and $4.2 million of receivables removed as of December 31, 2023 and 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 statement of operations for the year ended December 31, 2023 (see Note 15).

RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 19, 2021	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) lease
Related Party Transaction [Line Items]
Equity method investments		$ 9,800	$ 6,875	$ 9,800	$ 3,000
Paid service fees			1,900
Equity income			100
Number of leases \| lease					2
Related Party, Tax Protection Agreement Period	4 years
Grocery Retail Partners I
Related Party Transaction [Line Items]
Guarantor, maximum exposure			175,000
Equity method investee \| Third- Party Company
Related Party Transaction [Line Items]
Equity method investment, ownership percentage		15.00%		15.00%
Equity method investments		$ 6,800		$ 6,800
Service contract term		5 years
Required minimum annual payment		$ 1,200
Related Party
Related Party Transaction [Line Items]
Other asset impairment charges			(3,000)
Due to related parties			$ 200
Chief Executive Officer \| PECO Air
Related Party Transaction [Line Items]
Ownership interest			50.00%
2021 TPA \| Executive officers
Related Party Transaction [Line Items]
Off-balance sheet risks, liability			$ 122,700
PECO Air \| Related Party
Related Party Transaction [Line Items]
Expenses from transactions with related parties			$ 900	$ 900	$ 800

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 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 606 but are included in this table for the purpose of disclosing all related party revenues during the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Recurring fees(1)	$	3,894	$	3,962	$	4,345
Realized performance income(2)	75		2,742		675
Transactional revenue and reimbursements(3)	2,249		1,605		2,166
Insurance premiums(4)	3,428		3,232		3,149
Total fees and management income	$	9,646	$	11,541	$	10,335

(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.

COMPENSATION - Summary of Significant Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Expected volatility	38.00%	54.00%
Dividend yield	3.20%	3.25%
Risk-free interest rate	4.63%	1.52%

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Real Estate Owned - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at January 1	$ 5,246,279	$ 4,942,426
Real estate acquisitions	260,856	268,126
Net additions to/improvements of real estate	94,446	103,656
Real estate dispositions	(14,910)	(65,882)
Impairment of real estate	0	(2,047)
Balance at December 31	$ 5,586,671	$ 5,246,279

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS


16. 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 December 31, 2023 and 2022 (in thousands):


	2023				2022
	Recorded Principal Balance(1)		Fair Value		Recorded Principal Balance(1)		Fair Value
Revolving credit facility	$	181,000	$	181,714	$	79,000	$	79,299
Term loans	956,132		970,238		948,429		959,319
Senior unsecured notes due 2031	343,698		284,865		342,999		257,446
Secured portfolio loan facilities	392,575		351,339		392,093		343,921
Mortgages(2)	95,867		94,966		134,073		132,563
Total	$	1,969,272	$	1,883,122	$	1,896,594	$	1,772,548

(1)As of December 31, 2023 and 2022, respectively, recorded principal balances include: (i) net deferred financing fees of $10.3 million and $8.0 million; (ii) assumed market debt adjustments of $0.9 million and $1.2 million; and (iii) notes payable discounts of $6.3 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, earn-out liability, 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 years ended December 31, 2023 and 2022 were as follows (in thousands):


	2023						2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Recurring
Marketable securities(1)	$	8,566	$	—	$	—	$	7,792	$	—	$	—
Derivative assets(1)(2)	—		12,669		—		—		25,853		—
Nonrecurring
Impaired real estate assets, net(3)	$	—	$	—	$	—	$	—	$	5,225	$	—

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

(2)The fair values of the derivative assets exclude associated accrued interest receivable of $1.7 million and $1.4 million as of December 31, 2023 and 2022, respectively.

(3)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 December 31, 2023 and 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 820, 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 December 31, 2023 and 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.

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 during the year ended December 31, 2023. We recorded expense of $1.8 million and $30.4 million for the years ended December 31, 2022 and 2021, respectively.

Real Estate Asset Impairment—Our real estate assets are measured and recognized at fair value, less costs to sell held-for-sale properties, on a nonrecurring basis dependent upon when we determine an impairment has occurred. We impair assets that are under contract at a disposition price that is less than carrying value, or that have other operational impairment indicators. The valuation technique used for the fair value of all impaired real estate assets was the expected net sales proceeds, which we consider to be a Level 2 input in the fair value hierarchy.

We recorded the following expense upon impairment of real estate assets for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Impairment of real estate assets	$	—	$	322	$	6,754

- 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

LEASES - Lessor (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lessor (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease, Lease Income [Abstract]
Rental income related to fixed lease payments	$ 446,576	$ 416,865	$ 382,667
Rental income related to variable lease payments	138,691	127,316	119,077
Straight-line rent amortization	9,539	11,668	9,005
Amortization of lease assets	5,126	4,266	3,539
Lease buyout income	1,222	2,414	3,485
Adjustments for collectability	(3,653)	(1,991)	1,722
Total rental income	597,501	$ 560,538	$ 519,495
Future Minimum Payments Due, Maturity
2024	458,756
2025	410,401
2026	344,405
2027	277,629
2028	206,567
Thereafter	534,910
Total	$ 2,232,668
Florida \| Geographic concentration risk \| Revenue Benchmark
Future Minimum Payments Due, Maturity
Concentration risk, percentage	12.00%
California \| Geographic concentration risk \| Revenue Benchmark
Future Minimum Payments Due, Maturity
Concentration risk, percentage	11.00%

INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2023

Finite-Lived Intangible Assets, Net [Abstract]

INTANGIBLE ASSETS AND LIABILITIES


5. INTANGIBLE ASSETS AND LIABILITIES

Goodwill—During the years ended December 31, 2023, 2022, and 2021, we recorded no impairments to goodwill.

Other Intangible Assets and Liabilities—Other intangible assets and liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands):


	2023				2022
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Corporate intangible assets	$	6,686	$	(5,994)	$	6,692	$	(5,636)
In-place leases	495,525		(295,957)		471,507		(262,650)
Above-market leases	74,446		(57,964)		71,954		(52,230)
Below-market lease liabilities	(182,689)		74,466		(173,878)		64,079
Above-market contract(1)	(2,496)		499		(2,496)		—

(1)Recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets.

Summarized below is the amortization recorded on other intangible assets and liabilities for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Corporate intangible assets	$	361	$	364	$	372
In-place leases	34,380		36,851		34,221
Above-market leases	5,865		6,485		6,319
Below-market lease liabilities	(11,044)		(10,809)		(9,900)
Above-market contract	(499)		—		—

Estimated future amortization of the respective other intangible assets and liabilities as of December 31, 2023, excluding estimated amounts related to properties classified as held for sale, for each of the next five years is as follows (in thousands):


	Corporate Intangible Assets		In-Place Leases		Above-Market Leases		Below-Market Lease Liabilities		Above-Market Contract
2024	$	360	$	32,970	$	4,928	$	(10,689)	$	(499)
2025	325		28,281		3,561		(9,873)		(499)
2026	5		23,959		2,418		(9,122)		(499)
2027	1		20,805		1,691		(8,699)		(499)
2028	—		17,473		1,160		(8,227)		—

DEBT OBLIGATIONS

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT OBLIGATIONS


8. DEBT OBLIGATIONS


	Interest Rate(1)	2023			2022
Revolving credit facility	SOFR + 1.1%	$	181,000		$	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%	95,677			133,199
Finance lease liability		308			585
Discount on notes payable		(6,302)			(7,001)
Assumed market debt adjustments, net		(858)			(1,226)
Deferred financing expenses, net		(10,303)			(7,963)
Total		$	1,969,272		$	1,896,594

Weighted-average interest rate(3)		4.2		%	3.6		%

(1)Interest rates are as of December 31, 2023.

(3)Includes the effects of derivative financial instruments (see Notes 9 and 16).

2023 Debt Activity—On July 31, 2023, we amended three senior unsecured term loans with a total notional amount of $475 million scheduled to mature during 2024. The three senior unsecured term loans, as amended, have a total notional amount of $484.8 million. The $161.8 million unsecured term loan is priced based on a leverage grid, which is currently at SOFR plus 1.35% and is scheduled to mature on January 31, 2026 extendable with two one-year options to 2028. The $158 million and $165 million unsecured term loans are priced based on a leverage grid, which is currently at SOFR plus 1.35% and mature on January 31, 2027.

During the year ended December 31, 2023, we repaid $47.3 million in mortgage debt.

2022 Debt Activity—In May 2022, we amended our credit facility agreement (the “Amendment”) to, among other things, increase the total amount available under our unsecured revolving credit facility from $500 million to $800 million. The unsecured revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $1 billion, subject to the satisfaction of certain conditions. The unsecured revolving credit facility is scheduled to mature in January 2026, extendable at our option to January 2027. In addition to expanding the borrowing capacity, the Amendment replaced the London Interbank Offered Rate (“LIBOR”) with SOFR as the benchmark interest rate for the unsecured revolving credit facility and the two $240 million senior unsecured term loan tranches, maturing in November 2025 and July 2026. In August 2022, we amended two of our interest rate swaps with a total notional amount of $430 million to replace LIBOR with SOFR as the benchmark interest rate in conjunction with the Amendment (see Note 9).

In November 2022, we amended our three remaining LIBOR term loans with a notional amount of $475 million to replace LIBOR with SOFR as the benchmark interest rate. In December 2022, our two remaining LIBOR swaps with a total notional amount of $325 million were amended to transition from LIBOR to SOFR as the benchmark interest rate (see Note 9).

During the year ended December 31, 2022, we repaid $80.1 million in mortgage debt.

Revolving Credit Facility—We have an $800 million senior unsecured revolving credit facility with availability of $606.6 million, which is net of current letters of credit, as of December 31, 2023. The maturity date is January 2026, and we pay a facility fee of 0.25% on the total amount under the facility.

Term Loans—We have five unsecured term loans with maturities ranging from 2025 to 2027. Our term loans have interest rates of SOFR plus interest rate spreads based on our investment grade rating. We have utilized interest rate swaps to fix the rates on the majority of our term loans, with $264.8 million in term loans not fixed through such swaps.

As of December 31, 2023 and 2022, the weighted-average interest rate, including the impact of swaps, on our term loans was 4.7% and 3.8%, respectively.

Secured Debt—Our secured debt includes two facilities secured by certain properties in our portfolio, mortgage loans secured by individual properties, and finance leases. The interest rates on our secured debt are fixed. As of December 31, 2023 and 2022, our weighted average interest rate for our secured debt was 3.7% and 3.8%, respectively.

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


	2023		2022
As to interest rate:
Fixed-rate debt(1)	$	1,540,985	$	1,633,784
Variable-rate debt	445,750		279,000
Total	$	1,986,735	$	1,912,784
As to collateralization:
Unsecured debt	$	1,495,750	$	1,384,000
Secured debt	490,985		528,784
Total	$	1,986,735	$	1,912,784

Maturity Schedule—Below is our maturity schedule with the respective principal payment obligations, excluding finance lease liabilities, market debt adjustments, discount on senior notes, and deferred financing expenses, net (in thousands):


	2024		2025		2026		2027		2028		Thereafter		Total

Unsecured debt(1)	$	—	$	240,000	$	582,750	$	323,000	$	—	$	350,000	$	1,495,750
Secured debt	28,123		37,636		1,908		200,595		17,367		205,048		490,677
Total	$	28,123	$	277,636	$	584,658	$	523,595	$	17,367	$	555,048	$	1,986,427

(1)Includes our revolving credit facility, term loans, and senior notes.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-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

EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Dividends Payable

Distributions—In 2023, we declared and paid monthly distributions of $0.0933 per share and OP unit, or $1.12 annualized, 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 monthly distributions of $0.0975 per share and OP unit, or $1.17 annualized, for each month beginning September 2023 through December 2023. Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2023 were as follows (dollars in thousands, excluding per share amounts):

Month

Date of Record

Date Distribution Paid

Monthly Distribution Rate

Cash Distribution

December

12/15/2023

1/2/2024

0.0975

13,154

January

1/16/2024

2/1/2024

0.0975

13,223

Schedule of OP Unit Activity

The table below is a summary of our OP unit activity for the years ended December 31, 2023 and 2022 (dollars and shares in thousands):


	2023		2022
OP units converted into shares of common stock(1)	517		1,169
Distributions declared on OP units(2)	$	16,334	$	16,241

(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.

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Unconsolidated Joint Ventures

The following table summarizes balances on the consolidated balance sheets related to our unconsolidated joint ventures as of December 31, 2023 and 2022 (dollars in thousands):


	2023					2022
Joint Venture	Ownership Percentage		Number of Shopping Centers	Investment Balance		Ownership Percentage		Number of Shopping Centers	Investment Balance
GRP I	14	%	20	$	24,701	14	%	20	$	26,576
NRP	20	%	—	519		20	%	—	625

Equity Method Investments in Unconsolidated Joint Ventures, Investment Income

The following table summarizes the activity on the consolidated statements of operations related to our unconsolidated joint ventures as of December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Distributions to PECO After Formation or Assumption
GRP I	$	2,156	$	2,295	$	2,598
NRP	84		3,109		5,137

Gain (Loss) from Unconsolidated Joint Ventures(1)
GRP I	$	281	$	246	$	162
NRP	(21)		1,253		2,695

Amortization and Write-Off of Basis Differences(1)
NRP	$	—	$	219	$	1,162

(1)Recorded in Other Expense, Net in the consolidated statements of operations.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES


11. 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 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. Premiums paid to Silver Rock may be reimbursed by tenants pursuant to specific lease terms.

As of December 31, 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.


	2023		2022
Beginning balances	$	9,607	$	8,606
Incurred related to:
Current year	3,369		2,512
Prior years	(195)		366
Total incurred	3,174		2,878
Paid related to:
Current year	136		293
Prior years	3,235		1,584
Total paid	3,371		1,877
Liabilities for unpaid losses as of December 31	$	9,410	$	9,607

ORGANIZATION

12 Months Ended

Dec. 31, 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, in which we have partial ownership interests, and one private fund (collectively, the “Managed Funds”).

As of December 31, 2023, we wholly-owned 281 real estate properties. Additionally, we owned a 14% interest in Grocery Retail Partners I LLC (“GRP I”), which owned 20 properties.

On July 19, 2021, we closed our underwritten initial public offering (“underwritten IPO”), through which we issued 19.6 million shares, including the underwriters’ overallotment election, of a new class of common stock, $0.01 par value per share, at an initial price to the public of $28.00 per share. As a result of the underwritten IPO, we received gross proceeds of $547.4 million.

The basis of presentation of our shares of common stock is described as follows:

•Reverse Stock Split—On July 2, 2021, our board of directors (the “Board”) approved an amendment to our charter to effect a one-for-three reverse stock split. Concurrent with the reverse split, the Operating Partnership enacted a one-for-three reverse split of its outstanding Operating Partnership units (“OP units”). Unless otherwise indicated, the information in this Form 10-K gives effect to the reverse stock and OP unit splits (see Note 12).

•Recapitalization—On June 18, 2021, our stockholders approved an amendment to our charter (the “Articles of Amendment”) that effected a change of each share of our common stock outstanding at the time the amendment became effective into one share of a newly created class of Class B common stock (the “Recapitalization”). The Articles of Amendment became effective upon filing with, and acceptance by, the State Department of Assessments and Taxation of Maryland on July 2, 2021. Unless otherwise indicated, all information in this Form 10-K gives effect to the Recapitalization and references to “shares” and per share metrics refer to our common stock and Class B common stock, collectively. Our Class B common stock automatically converted into our publicly traded common stock on January 18, 2022 (see Note 12). Prior to the conversion, we have presented common stock and Class B common stock as separate classes within our consolidated balance sheets and consolidated statements of equity. 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.

•In October 2021, the Operating Partnership completed the registered offering of $350 million aggregate principal amount of 2.625% senior notes (“2021 Bond Offering”) priced at 98.692% of the principal amount and maturing in November 2031. The 2021 Bond Offering resulted in gross proceeds of $345.4 million. The notes are fully and unconditionally guaranteed by us.

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2023 USD ($) letterOfCredit	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of letters of credit outstanding \| letterOfCredit	4
Letters of credit outstanding	$ 12,500
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balances	9,607	$ 8,606
Incurred related to:
Current year	3,369	2,512
Prior years	(195)	366
Total incurred	3,174	2,878
Paid related to:
Current year	136	293
Prior years	3,235	1,584
Total paid	3,371	1,877
Ending balances	$ 9,410	$ 9,607

DERIVATIVES AND HEDGING ACTIVITIES (Details) $ in Thousands	12 Months Ended
DERIVATIVES AND HEDGING ACTIVITIES (Details) $ in Thousands	Dec. 31, 2023 USD ($) debt_instrument interestRateSwap	Dec. 31, 2022 USD ($) interestRateSwap	Dec. 31, 2021 USD ($)	Jan. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Nov. 30, 2022 USD ($)	Nov. 30, 2022 loanFacility	Nov. 30, 2022 debt_instrument	Aug. 31, 2022 USD ($)	May 31, 2022 loanFacility
Derivative Instruments, Gain (Loss) [Line Items]
Unsecured debt	$ 1,495,750	$ 1,384,000
Amount of gain recognized in Other Comprehensive (Loss) Income	8,586	$ 46,839	$ 12,501
Contingent credit-risk-related derivative liabilities, fair value	0
Term loan due July 2026
Derivative Instruments, Gain (Loss) [Line Items]
Unsecured debt	240,000
Term loan due November 2025
Derivative Instruments, Gain (Loss) [Line Items]
Unsecured debt	$ 240,000
Term loans
Derivative Instruments, Gain (Loss) [Line Items]
Number of debt instruments \| debt_instrument	2
Notional amount					$ 484,800
Term loans \| LIBOR
Derivative Instruments, Gain (Loss) [Line Items]
Number of debt instruments								3	3
Notional amount							$ 475,000
Term loans \| SOFR
Derivative Instruments, Gain (Loss) [Line Items]
Number of debt instruments \| interestRateSwap		2
Notional amount		$ 325,000
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss reclassified from AOCI into Interest Expense, Net	$ (20,402)	$ 4,446	$ 19,499
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of senior unsecured term loans \| loanFacility											2
Notional amount										$ 430,000
Interest rate swap \| Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from OCI to income, estimated net amount to be transferred	$ 11,500
Interest rate swap \| Designated as hedging instrument \| SOFR
Derivative Instruments, Gain (Loss) [Line Items]
Count \| interestRateSwap	4
Notional amount	$ 700,000					$ 200,000
Weighted-average term (in years)	1 year 6 months
Interest rate swap \| Designated as hedging instrument \| SOFR \| Subsequent event
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				$ 150,000
Interest rate swap \| Designated as hedging instrument \| London Interbank Offered Rate (LIBOR) Swap Rate
Derivative Instruments, Gain (Loss) [Line Items]
Count \| interestRateSwap		4
Notional amount		$ 755,000
Weighted-average term (in years)		1 year 7 months 6 days
Minimum \| Designated as hedging instrument \| SOFR
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR	2.10%
Minimum \| Designated as hedging instrument \| London Interbank Offered Rate (LIBOR) Swap Rate
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR		1.20%
Maximum \| Designated as hedging instrument \| SOFR
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR	3.40%
Maximum \| Designated as hedging instrument \| London Interbank Offered Rate (LIBOR) Swap Rate
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR		2.80%
Maximum \| Interest rate swap \| Designated as hedging instrument \| SOFR
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR						3.36%
Maximum \| Interest rate swap \| Designated as hedging instrument \| SOFR \| Subsequent event
Derivative Instruments, Gain (Loss) [Line Items]
Fixed SOFR				3.45%

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS


15. 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 606 but are included in this table for the purpose of disclosing all related party revenues during the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Recurring fees(1)	$	3,894	$	3,962	$	4,345
Realized performance income(2)	75		2,742		675
Transactional revenue and reimbursements(3)	2,249		1,605		2,166
Insurance premiums(4)	3,428		3,232		3,149
Total fees and management income	$	9,646	$	11,541	$	10,335

(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 December 31, 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 Section 1031 Exchanges (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 December 31, 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 December 31, 2023 and 2022.

In December 2022, we contributed certain assets to a third-party company in exchange for a warrant representing a 15% equity interest in the company, subject to certain conditions. This non-cash investment had a fair market value of $6.8 million, was accounted for as an equity method investment, and was recorded in Other Assets, Net. In connection with the transaction, we entered into a services contract for the use of these assets with the third-party company for a term of five years, with a required minimum annual payment by us of $1.2 million. For the year ended December 31, 2023, we paid service fees of $1.9 million and recorded equity income of $0.1 million.

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 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 statement of operations for the year ended December 31, 2023 and reserved tenant receivables of $0.2 million as of December 31, 2023 as the company is considered to be non-creditworthy.

PECO Air L.L.C. (“PECO Air”), an entity in which Mr. Edison, our Chairman and Chief Executive Officer, owns a 50% interest, owns an airplane that we use for business purposes in the course of our operations. We paid approximately $0.9 million, $0.9 million, and $0.8 million to PECO Air for use of its airplane per the terms of our contractual agreements for the years ended December 31, 2023, 2022, and 2021, respectively.

- 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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 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 consolidated 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 financial statements. As a result, these estimates are subject to a degree of uncertainty.

Basis of Presentation and Principles of Consolidation—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.

Use of Estimates—The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. 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; initial valuations of tangible and intangible assets and liabilities, including goodwill, and

related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; the valuation and nature of derivatives and their effectiveness as hedges; valuations of contingent consideration; and other fair value measurement assessments required for the preparation of the consolidated financial statements. Actual results could differ from those estimates.

Stock Issuance Costs—Stock issuance costs are offset against stock issuance proceeds and capitalized as a component of APIC on the consolidated balance sheets. We had stock issuance costs of approximately $1.9 million, $1.1 million, and $39.0 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Other costs and expenses indirectly related to stock issuance activities are not capitalized and are included as expense on our consolidated statements of operations and comprehensive income (“consolidated statements of operations”). For the year ended December 31, 2021, we incurred other indirect costs and expenses related to our underwritten IPO of $4.3 million, which included grants of restricted stock units (“RSUs”), that were expensed and included as transaction costs in Other Expense, Net on our consolidated statements of operations.

Partially-Owned Entities—If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE, and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries. Further, as we hold a majority voting interest in the Operating Partnership, we qualify for the exemption from providing certain of the disclosure requirements associated with variable interest entities.

Additionally, a Section 1031 like-kind exchange (“Section 1031 Exchange”) pursuant to the Internal Revenue Code of 1986, as amended (the “IRC”), entails selling one property and reinvesting the proceeds in one or more properties that are similar in nature, character, or class within 180 days. A reverse Section 1031 Exchange occurs when one or more properties is purchased prior to selling one property to be matched in the like-kind exchange, during which time legal title to the purchased property is held by an intermediary. Because we retain essentially all of the legal and economic benefits and obligations related to the acquisition, we consider the purchased property in a reverse Section 1031 Exchange to be a VIE, and therefore, we will consolidate the entity as the primary beneficiary in these instances.

Noncontrolling Interests—Noncontrolling interests represent the portion of equity that we do not own in the entities we consolidate. We classify noncontrolling interests within permanent equity on our consolidated balance sheets. The amounts of consolidated net earnings attributable to us and to the noncontrolling interests are presented separately on our consolidated statements of operations. For additional information regarding noncontrolling interests, refer to Note 12.

Cash and Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. From time to time, the cash and cash equivalent balances at one or more of our financial institutions may exceed the Federal Depository Insurance Corporation coverage.

Restricted Cash—Restricted cash primarily consists of cash restricted for the purpose of facilitating a Section 1031 Exchange, escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements. During 2023, we did not sell any properties as part of facilitating a Section 1031 Exchange that remained open at the end of the year. During 2022, we sold two properties as part of facilitating a Section 1031 Exchange that remained open at the end of the year. The net proceeds of these sales were held as restricted cash with a qualified intermediary totaling $1.7 million.

Investment in Property and Lease Intangibles—We apply Accounting Standards Codification (“ASC”) Topic 805: Business Combinations (“ASC 805”) when evaluating any purchases of real estate. Under this guidance, our real estate acquisition activity is not generally considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs are capitalized and amortized over the life of the related assets, and there is no recognition of goodwill. None of our real estate acquisitions in 2023 and 2022 met the definition of a business; therefore, we accounted for all as asset acquisitions.

Real estate assets are stated at cost less accumulated depreciation. The majority of acquisition-related costs are capitalized and allocated to the various classes of assets acquired. These costs are then depreciated over the estimated useful lives associated with the assets acquired. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally not to exceed 5-7 years for furniture, fixtures, and equipment, 15 years for land improvements, and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred.

We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis, sales comparison approach, and replacement cost approach) that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant.

The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date

of acquisition. Such estimates include leasing commissions, legal costs, and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance, and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms.

Acquired above- and below-market lease values are recorded based on the present value (using discount rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed-rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such option in the calculation of the fair value of such lease and the period over which the lease is amortized.

We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rentals at market rates during the expected lease-up periods.

We estimate the fair value of assumed loans payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed loans payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the loan’s outstanding principal balance is amortized over the life of the loan as an adjustment to interest expense. Our accumulated amortization of above- and below-market debt was $1.8 million and $0.3 million as of December 31, 2023 and 2022, respectively.

Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. If deemed unrecoverable on an undiscounted basis, such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. For additional information regarding real estate asset impairments, refer to our fair value measurement accounting policy below.

Goodwill and Other Intangibles—In the case of an acquisition of a business, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. We evaluate goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Our annual testing date is November 30.

The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if we choose to bypass the qualitative approach for any reporting unit, we perform the quantitative approach described below.

When we perform a quantitative test of goodwill for impairment, we compare the carrying value of a reporting unit with its fair value. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.

If impairment indicators arise with respect to non-real estate intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted cash flows expected to be generated by the asset. If estimated future undiscounted cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize the shortfall from carrying value as an impairment loss in the current period.

Estimates of fair value used in our evaluation of goodwill and intangible assets are based upon discounted future cash flow projections, relevant competitor multiples, or other acceptable valuation techniques. These techniques are based, in turn, upon all available evidence including level three inputs (see fair value measurement policy below), such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Based on the results of our analysis, we concluded that goodwill was not impaired for the years ended December 31, 2023 and 2022.

Held for Sale Assets—We consider assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies, and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. As of December 31, 2023 and 2022, there were no properties classified as held for sale.

Deferred Financing Expenses—Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Deferred financing expenses related to our term loan facilities and mortgages are in Debt Obligations, Net, while deferred financing expenses related to our revolving credit facility are in Other Assets, Net, on our consolidated balance sheets. The accumulated amortization of deferred financing expenses in Debt Obligations, Net was $15.9 million and $14.7 million as of December 31, 2023 and 2022, respectively.

Fair Value Measurement—ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received at sale for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:

Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).

Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability.

Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held.

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.

Investments in Unconsolidated Joint Ventures—We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence over, but do not control, these entities. These investments were initially recorded at cost and are subsequently adjusted for contributions made to and distributions received from the joint ventures. Earnings or losses from our investments are recognized in accordance with the terms of the applicable joint venture agreements, generally through a pro rata allocation. Under a pro rata allocation, net income or loss is allocated between the partners in the joint ventures based on their respective stated ownership percentages.

We utilize the cumulative-earnings approach for purposes of determining whether distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities on the consolidated statements of cash flows. Under this approach, distributions are presumed to be returns on investment unless cumulative returns on investment exceed our cumulative equity in earnings. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash flows from investing activities.

On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of our investments in our unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value.

Management’s estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period. Where applicable, any estimated debt premiums, capitalization rates, discount rates, and credit spreads used in these models are based upon rates we believe to be within a reasonable range of current market rates.

For additional information regarding our unconsolidated joint ventures, refer to Note 6.

Leases—We are party to a number of lease agreements, both as a lessor as well as a lessee of various types of assets.

Lessor—The majority of our revenue is lease revenue derived from our real estate assets, which is accounted for under ASC Topic 842, Leases (“ASC 842”). We record lease and lease-related revenue as Rental Income on the consolidated statements of operations, in accordance with ASC 842.

We enter into leases primarily as a lessor as part of our real estate operations, and leases represent the majority of our revenue. We lease space in our properties generally in the form of operating leases. Our leases typically provide for reimbursements from tenants for common area maintenance, insurance, and real estate tax expenses. Common area maintenance reimbursements can be fixed, with revenue earned on a straight-line basis over the term of the lease, or variable, with revenue recognized as services are performed for which we will be reimbursed.

The lease agreements frequently contain fixed-price renewal options to extend the terms of leases and other terms and conditions as negotiated. In calculating the term of our leases, we consider whether these options are reasonably certain to be exercised. Our determination involves a combination of contract-, asset-, entity-, and market-based factors and involves considerable judgment. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Currently, our tenants have no options to purchase at the end of the lease term, although in a small number of leases, a tenant, usually the anchor tenant, may have the right of first refusal to purchase one of our properties if we elect to sell the center.

We evaluate whether a lease is an operating, sales-type, or direct financing lease using the criteria established in ASC 842. Leases will be considered either sales-type or direct financing leases if any of the following criteria are met:

•if the lease transfers ownership of the underlying asset to the lessee by the end of the term;

•if the lease grants the lessee an option to purchase the underlying asset that is reasonably certain to be exercised;

•if the lease term is for the major part of the remaining economic life of the underlying asset; or

•if the present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset.

We utilize substantial judgment in determining the fair value of the leased asset, the economic life of the leased asset, and the relevant borrowing rate in performing our lease classification analysis. If none of the criteria listed above are met, the lease is classified as an operating lease. Currently, all of our leases are classified as operating leases, and we expect that the majority, if not all, of our leases will continue to be classified as operating leases based upon our typical lease terms.

We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of when revenue recognition under a lease begins, as well as the nature of the leased asset, is dependent upon our assessment of who is the owner, for accounting purposes, of any related tenant improvements. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete.

If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (i.e., the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether the lessee or we are the owner of the tenant improvements for accounting purposes. These factors include:

•whether the lease stipulates how and on what a tenant improvement allowance may be spent;

•whether the tenant or landlord retains legal title to the improvements;

•the uniqueness of the improvements;

•the expected economic life of the tenant improvements relative to the length of the lease; and

•who constructs or directs the construction of the improvements.

The majority of our leases provide for fixed rental escalations, and we recognize rental income on a straight-line basis over the term of each lease in such instances. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease.

Reimbursements from tenants for recoverable real estate taxes and operating expenses that are fixed per the terms of the applicable lease agreements are recorded on a straight-line basis, as described above. The majority of our lease agreements with tenants, however, provide for tenant reimbursements that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. Both fixed and variable tenant reimbursements are recorded as Rental Income in the consolidated statements of operations. In certain cases, the lease agreement may stipulate that a tenant make a direct payment for real estate taxes to the relevant taxing authorities. In these cases, we do not record any revenue or expense related to these tenant expenditures. Although we expect such cases to be rare, in the event that a direct-paying tenant failed to make their required payment to the taxing authorities, we would potentially be liable for such amounts, although they are not recorded as a liability in our consolidated balance sheets per the requirements of ASC 842. We have made a policy election to exclude amounts collected from customers for all sales tax and other similar taxes from the transaction price in our recognition of lease revenue. We record such taxes on a net basis in our consolidated statements of operations.

Additionally, we record an immaterial amount of variable revenue in the form of percentage rental income. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e., breakpoint) that triggers the contingent rental income is achieved.

In some instances, as part of our negotiations, we may offer lease incentives to our tenants. These incentives usually take the form of payments made to or on behalf of the tenant, and such incentives will be deducted from the lease payment and recorded on a straight-line basis over the term of the new lease.

We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectibility is reasonably assured, and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. We record lease termination income as Rental Income in the consolidated statements of operations.

Lease receivables are reviewed continually to determine whether or not it is probable that we will realize substantially all remaining lease payments for each of our tenants (i.e., whether a tenant is deemed to be a credit risk). Additionally, we record a general reserve based on our review of operating lease receivables at a company level to ensure they are properly valued based on analysis of historical bad debt, outstanding balances, and the current economic climate. If we determine it is not probable that we will collect substantially all of the remaining lease payments from a tenant, revenue for that tenant is recorded on a cash basis (“cash-basis tenant”), including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. We will resume recording lease income on an accrual basis for cash-basis tenants once we believe the collection of rent for the remaining lease term is probable, which will generally be after a period of regular payments. Under ASC 842, the aforementioned adjustments as well as any reserve for disputed charges are recorded as a reduction of Rental Income on the consolidated statements of operations. As of December 31, 2023 and 2022, the reserve in accounts receivable for uncollectible amounts was $1.9 million and $3.0 million, respectively. Receivables on our consolidated balance sheets exclude amounts removed related to tenants considered to be non-creditworthy, which were $10.7 million and $10.4 million as of December 31, 2023 and 2022, respectively.

Lessee—We enter into leases as a lessee as part of our real estate operations in the form of ground leases of land for certain properties, and as part of our corporate operations in the form of office space and office equipment leases. Ground leases typically contain one or more options to renew for additional terms and may include options that grant us, as the lessee, the right to terminate the lease, without penalty, in advance of the full lease term. Our office space leases generally have no renewal options. Office equipment leases typically have options to extend the term for a year or less, but contain minimal termination rights. In calculating the term of our leases, we consider whether we are reasonably certain to exercise renewal and/or termination options. Our determination involves a combination of contract-, asset-, entity-, and market-based factors and involves considerable judgment.

Currently, neither our operating leases nor our finance leases have residual value guarantees or other restrictions or covenants, but a small number may contain non-lease components which have been deemed not material and are not separated from the leasing component. We evaluate whether a lease is a finance or operating lease using the criteria established in ASC 842. The criteria we use to determine whether a lease is a finance lease are the same as those we use to determine whether a lease is sales-type lease as a lessor. If none of the finance lease criteria is met, we classify the lease as an operating lease.

We record ROU assets and liabilities in the consolidated balance sheets based upon the terms and conditions of the applicable lease agreement. We use discount rates to calculate the present value of lease payments when determining lease classification and measuring our lease liability. We use the rate implicit in the lease as our discount rate unless that rate cannot be readily determined, in which case we consider various factors, including our incremental secured borrowing rate, in selecting an appropriate discount rate. This requires the application of judgment, and we consider the length of the lease as well as the length and securitization of our outstanding debt agreements in selecting an appropriate rate. Refer to Note 3 for further detail.

Revenue Recognition—In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We provide services to the Managed Funds, all of which are considered related parties. These services primarily include asset acquisition and disposition services, asset management, operating and leasing of properties, construction management, and other general and administrative responsibilities. These services are currently provided under various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements.

Fee

Performance Obligation Satisfied

Form and Timing of Payment

Description

Asset Management

Over time

In cash, monthly

Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon invested equity and the applicable rate.

Property Management

Over time

In cash, monthly

Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts.

Leasing Commissions

Point in time (upon close of a transaction)

In cash, upon completion

Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.

Construction Management

Point in time (upon close of a project)

In cash, upon completion

Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.

Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we calculate the amount earned at the end of each month.

Sales or transfers to non-customers of non-financial assets or in substance non-financial assets that do not meet the definition of a business are accounted for within the scope of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, our sales of real estate would be considered a sale of a non-

financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through a Section 1031 Exchange by purchasing another property within a specified time period. For additional information regarding gain on sale of assets, refer to Note 4.

Share-Based Compensation—We account for equity awards in accordance with ASC Topic 718, Compensation—Stock Compensation, which requires that all share-based payments to employees and non-employee directors be recognized in the consolidated statements of operations over the requisite service period based on their fair value. Prior to our underwritten IPO, fair value was based on the estimated value per share (“EVPS”) of our stock. Subsequent to our underwritten IPO, fair value for certain of our equity awards is based on our Nasdaq closing stock price at the date of the grant. Beginning in 2022, fair value for our performance-based awards is calculated using the Monte Carlo method, which is intended to estimate the fair value of the awards using dividend yields, expected volatilities that are primarily based on available implied data and peer group companies’ historical data, and post-vesting restriction periods.

Share-based compensation expense for all awards is included in General and Administrative and Property Operating in our consolidated statements of operations, excluding the expense related to RSUs awarded in connection with our underwritten IPO, which is included in Other Expense, Net. For more information about our stock-based compensation program, see Note 13.

Share Repurchase Programs—Shares repurchased pursuant to a share repurchase program are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Starting in August 2010, we offered a share repurchase program which allowed stockholders who participated to have their shares repurchased subject to approval and certain limitations and restrictions. Prior to its termination in August 2021, we had an accumulated deficit balance; therefore, the excess over the par value has historically been applied to additional paid-in capital.

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.

Segments—Our principal business is the ownership and operation of community and neighborhood shopping centers. We do not distinguish our principal business, or group our operations, by geography or size for purposes of measuring performance. Accordingly, we have presented our results as a single reportable segment.

Income Taxes—We have elected to be taxed as a REIT under the IRC. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year.

Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as taxable REIT subsidiary (“TRS”) entities and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. We recognized an insignificant amount of federal, state, and local income tax expense for the years ended December 31, 2023, 2022, and 2021, 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. For more information regarding our income taxes, see Note 10.

Recently Issued Accounting Pronouncements—In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that entities with a single reportable segment are subject to both new and existing reporting requirements under Topic 280. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The ASU also makes several other changes to income tax disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2024. The guidance should be applied prospectively; however, retrospective application is permitted. Early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE


14. 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.


	2023		2022		2021
Numerator:
Net income attributable to stockholders - basic	$	56,848	$	48,323	$	15,121
Net income attributable to convertible OP units(1)	6,914		6,206		2,112
Net income - diluted	$	63,762	$	54,529	$	17,233
Denominator:
Weighted-average shares - basic(2)	118,278		115,403		102,403
OP units(1)(3)	14,096		14,355		14,071
Dilutive restricted stock awards	596		574		198
Adjusted weighted-average shares - diluted	132,970		130,332		116,672
Earnings per common share:
Basic and diluted income per share	$	0.48	$	0.42	$	0.15

all years 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.

(3)For the year ended December 31, 2021, diluted weighted-average shares include 0.7 million OP units awarded as a result of the full settlement of the earn-out in January 2022 (see Note 16).

FAIR VALUE MEASUREMENTS - Summary of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	$ 1,969,272	$ 1,896,594
Deferred financing costs	10,303	7,963
Assumed market debt adjustments, net	858	1,226
Discount on notes payable	6,302	7,001
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,883,122	1,772,548
Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	956,132	948,429
Term loans \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	970,238	959,319
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	343,698	342,999
Senior notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	284,865	257,446
Secured loan facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	392,575	392,093
Secured loan facilities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	351,339	343,921
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	95,867	134,073
Mortgages \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	94,966	132,563
Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Principal Balance	181,000	79,000
Revolving credit facility \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 181,714	$ 79,299

FAIR VALUE MEASUREMENTS - Summary of Recurring and Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	$ 8,566	$ 7,792
Interest receivable	1,700	1,400
Recurring \| Level 1
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	8,566	7,792
Recurring \| Level 1 \| Interest rate swap \| Designated as hedging instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Derivative assets	0	0
Recurring \| Level 2
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	0	0
Recurring \| Level 2 \| Interest rate swap \| Designated as hedging instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Derivative assets	12,669	25,853
Recurring \| Level 3
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Marketable securities	0	0
Recurring \| Level 3 \| Interest rate swap \| Designated as hedging instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
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

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Operating Leases

Lease income related to our operating leases was as follows for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Rental income related to fixed lease payments(1)	$	446,576	$	416,865	$	382,667
Rental income related to variable lease payments(1)(2)	138,691		127,316		119,077
Straight-line rent amortization(3)	9,539		11,668		9,005
Amortization of lease assets	5,126		4,266		3,539
Lease buyout income	1,222		2,414		3,485
Adjustments for collectibility(4)	(3,653)		(1,991)		1,722
Total rental income	$	597,501	$	560,538	$	519,495

(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 ASC 842.

Schedule of Operating Lease Maturity, Lessor

Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of December 31, 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
2024	$	458,756
2025	410,401
2026	344,405
2027	277,629
2028	206,567
Thereafter	534,910
Total	$	2,232,668

Schedule of Lessee Leases

Lessee—Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of December 31, 2023 and 2022 (in thousands):


Balance Sheet Information	Balance Sheet Location	2023		2022
ROU assets, net - operating leases	Investment in Real Estate	$	3,734	$	3,832
ROU assets, net - operating and finance leases	Other Assets, Net	1,323		1,022
Operating lease liability	Accounts Payable and Other Liabilities	5,094		4,705
Finance lease liability	Debt Obligations, Net	308		585

Schedule of Finance Lease Maturity

Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2023 (in thousands):


	Undiscounted
Year	Operating		Finance
2024	$	650	$	295
2025	423		16
2026	363		9
2027	366		—
2028	377		—
Thereafter	5,772		—
Total undiscounted cash flows from leases	7,951		320
Total lease liabilities recorded at present value	5,094		308
Difference between undiscounted cash flows and present value of lease liabilities	$	2,857	$	12

Schedule of Operating Lease Maturity, Lessee

Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2023 (in thousands):


	Undiscounted
Year	Operating		Finance
2024	$	650	$	295
2025	423		16
2026	363		9
2027	366		—
2028	377		—
Thereafter	5,772		—
Total undiscounted cash flows from leases	7,951		320
Total lease liabilities recorded at present value	5,094		308
Difference between undiscounted cash flows and present value of lease liabilities	$	2,857	$	12

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to stockholders - basic	$ 56,848	$ 48,323	$ 15,121

- Definition

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

+ References

+ Details

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Snow View Plaza	Parma, OH	$—	$4,104	$6,432	$1,449	$4,490	$7,495	$11,985	$4,490	1981	12/15/2010
Lakeside Plaza	Salem, VA	—	3,344	5,247	1,066	3,591	6,066	9,657	3,539	1988	11/23/2011
St. Charles Plaza	Davenport, FL	—	4,090	4,399	829	4,437	4,881	9,318	3,622	2007	11/23/2011
Burwood Village Center	Glen Burnie, MD	—	5,448	10,167	714	5,809	10,520	16,329	6,336	1971	11/23/2011
Centerpoint	Easley, SC	—	2,750	4,361	1,627	3,441	5,297	8,738	3,162	2002	11/23/2011
Southampton Village	Tyrone, GA	—	3,046	5,788	1,559	3,439	6,954	10,393	3,496	2003	11/23/2011
Cureton Town Center	Waxhaw, NC	—	6,569	6,197	2,726	5,954	9,538	15,492	5,640	2006/2018	12/29/2011
Tramway Crossing	Sanford, NC	—	2,016	3,071	1,081	2,650	3,518	6,168	2,555	1996	2/23/2012
Village At Glynn Place	Brunswick, GA	—	5,812	7,368	1,878	6,078	8,980	15,058	5,123	1992/2009	4/27/2012
Meadowthorpe Manor Shoppes	Lexington, KY	—	4,093	4,185	2,209	4,636	5,851	10,487	2,953	1989/2022	5/9/2012
Brentwood Commons	Bensenville, IL	—	6,105	8,024	2,525	6,350	10,304	16,654	5,376	1981/2015	7/5/2012
Sidney Towne Center	Sidney, OH	—	1,429	3,802	1,748	2,209	4,770	6,979	3,382	1981/2007	8/2/2012
Broadway Plaza	Tucson, AZ	—	4,979	7,169	2,992	6,187	8,953	15,140	5,196	1982/2003	8/13/2012
Baker Hill	Glen Ellyn, IL	—	7,068	13,738	10,185	7,731	23,260	30,991	11,588	1998/2018	9/6/2012
New Prague Commons	New Prague, MN	—	3,248	6,604	3,149	3,447	9,554	13,001	5,576	2008/2019	10/12/2012
Heron Creek Towne Center	North Port, FL	—	4,062	4,082	966	4,359	4,751	9,110	2,719	2001	12/17/2012
Quartz Hill Towne Centre	Lancaster, CA	11,740	6,689	13,529	1,285	7,317	14,186	21,503	6,850	1991/2012	12/27/2012
Village One Plaza	Modesto, CA	17,700	5,166	18,752	980	5,533	19,365	24,898	8,736	2007	12/28/2012
Hilfiker Shopping Center	Salem, OR	—	2,879	4,750	166	3,004	4,791	7,795	2,311	1984/2011	12/28/2012
Butler Creek	Acworth, GA	—	3,925	6,129	3,745	4,377	9,422	13,799	4,251	1989	1/15/2013
Fairview Oaks	Ellenwood, GA	6,430	3,563	5,266	1,408	3,931	6,306	10,237	3,245	1996	1/15/2013
Grassland Crossing	Alpharetta, GA	—	3,680	5,791	1,305	3,864	6,912	10,776	3,477	1996	1/15/2013
Hamilton Ridge	Buford, GA	—	4,772	7,168	2,868	5,122	9,686	14,808	4,498	2002	1/15/2013
Mableton Crossing	Mableton, GA	—	4,426	6,413	1,481	4,913	7,407	12,320	4,039	1997	1/15/2013
Shops at Westridge	McDonough, GA	—	2,788	3,901	2,123	2,973	5,839	8,812	2,903	2006/2020	1/15/2013
Fairlawn Town Centre	Fairlawn, OH	20,000	10,398	29,005	5,155	11,658	32,900	44,558	16,684	1962/2012	1/30/2013
Macland Pointe	Marietta, GA	—	3,493	5,364	1,470	3,975	6,352	10,327	3,691	1992	2/13/2013
Kleinwood Center	Spring, TX	—	11,478	18,954	1,341	11,797	19,976	31,773	10,386	2003	3/21/2013
Murray Landing	Columbia, SC	6,750	3,221	6,856	2,335	3,804	8,608	12,412	4,095	2003/2016	3/21/2013
Vineyard Shopping Center	Tallahassee, FL	—	2,761	4,221	642	3,062	4,562	7,624	2,618	2002	3/21/2013
Lutz Lake Crossing	Lutz, FL	—	2,636	6,600	1,066	3,031	7,271	10,302	3,358	2002	4/4/2013
Publix at Seven Hills	Spring Hill, FL	—	2,171	5,642	1,378	2,518	6,673	9,191	3,110	1991/2006	4/4/2013
Hartville Centre	Hartville, OH	—	2,069	3,691	1,963	2,493	5,230	7,723	2,770	1988/2008	4/23/2013
Sunset Shopping Center	Corvallis, OR	15,410	7,933	14,939	3,128	8,246	17,754	26,000	7,583	1998/2023	5/31/2013
Savage Town Square	Savage, MN	9,000	4,106	9,409	481	4,422	9,574	13,996	4,910	2003	6/19/2013
Glenwood Crossings	Kenosha, WI	—	1,872	9,914	1,289	2,418	10,657	13,075	4,734	1992/2018	6/27/2013


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Shiloh Square Shopping Center	Kennesaw, GA	—	4,685	8,729	2,474	4,864	11,024	15,888	4,835	1996/2003	6/27/2013
Pavilions at San Mateo	Albuquerque, NM	—	6,470	18,726	2,486	7,024	20,658	27,682	9,264	1997/2012	6/27/2013
Boronda Plaza	Salinas, CA	14,750	9,027	11,870	728	9,374	12,251	21,625	5,744	2003/2021	7/3/2013
Westwoods Shopping Center	Arvada, CO	—	3,706	11,115	1,340	4,594	11,567	16,161	5,530	2003/2011	8/8/2013
Paradise Crossing	Lithia Springs, GA	—	2,204	6,064	1,044	2,535	6,777	9,312	3,178	2000	8/13/2013
Contra Loma Plaza	Antioch, CA	—	3,018	3,926	2,036	3,758	5,222	8,980	2,269	1989/2022	8/19/2013
South Oaks Plaza	St. Louis, MO	—	1,938	6,634	2,680	2,186	9,066	11,252	3,483	1969/2021	8/21/2013
Yorktown Centre	Millcreek Township, PA	—	3,736	15,396	2,995	4,590	17,537	22,127	8,851	1989/2020	8/30/2013
Dyer Town Center	Dyer, IN	8,071	6,017	10,214	912	6,499	10,644	17,143	5,354	2004/2005	9/4/2013
East Burnside Plaza	Portland, OR	—	2,484	5,422	186	2,601	5,491	8,092	2,068	1955/1999	9/12/2013
Red Maple Village	Tracy, CA	20,584	9,250	19,466	783	9,656	19,843	29,499	7,876	2009	9/18/2013
Crystal Beach Plaza	Palm Harbor, FL	6,360	2,334	7,918	794	2,488	8,558	11,046	3,945	2010	9/25/2013
CitiCentre Plaza	Carroll, IA	—	770	2,530	605	1,071	2,834	3,905	1,343	1991/2018	10/2/2013
Duck Creek Plaza	Bettendorf, IA	—	4,612	13,007	1,866	5,239	14,246	19,485	5,860	2005/2022	10/8/2013
Cahill Plaza	Inver Grove Heights, MN	—	2,587	5,114	979	2,990	5,690	8,680	2,824	1995/2020	10/9/2013
College Plaza	Normal, IL	—	4,460	17,772	6,054	5,151	23,135	28,286	8,049	1983/2018	10/22/2013
Courthouse Marketplace	Virginia Beach, VA	11,650	6,130	8,061	1,746	6,403	9,534	15,937	4,368	2005	10/25/2013
Hastings Marketplace	Hastings, MN	—	3,980	10,045	1,220	4,532	10,713	15,245	5,026	2002	11/6/2013
Coquina Plaza	Southwest Ranches, FL	—	9,458	11,770	1,359	9,798	12,789	22,587	5,363	1998	11/7/2013
Shoppes of Paradise Lakes	Miami, FL	—	5,811	6,020	1,103	6,156	6,778	12,934	3,182	1999	11/7/2013
Collington Plaza	Bowie, MD	—	12,207	15,142	2,162	12,605	16,906	29,511	7,123	1996	11/21/2013
Golden Town Center	Golden, CO	14,711	7,065	10,166	2,016	7,721	11,526	19,247	5,630	1993/2003	11/22/2013
Northstar Marketplace	Ramsey, MN	—	2,810	9,204	3,662	3,023	12,653	15,676	4,487	2004/2023	11/27/2013
Bear Creek Plaza	Petoskey, MI	—	5,677	17,611	1,737	5,894	19,131	25,025	8,770	1998/2018	12/18/2013
East Side Square	Springfield, OH	—	394	963	187	412	1,132	1,544	540	2007	12/18/2013
Flag City Station	Findlay, OH	—	4,685	9,630	3,699	4,993	13,021	18,014	5,240	1992/2020	12/18/2013
Town & Country Shopping Center	Noblesville, IN	13,480	7,361	16,269	505	7,456	16,679	24,135	7,746	1998/2023	12/18/2013
Sulphur Grove	Huber Heights, OH	—	553	2,142	789	611	2,873	3,484	1,145	2004	12/18/2013
Southgate Shopping Center	Des Moines, IA	—	2,434	8,358	1,795	2,977	9,610	12,587	$4,604	1972/2014	12/20/2013
Sterling Pointe Center	Lincoln, CA	24,073	7,039	20,822	2,196	7,733	22,324	30,057	8,784	2004/2017	12/20/2013
Arcadia Plaza	Phoenix, AZ	—	5,774	6,904	3,274	6,118	9,834	15,952	4,312	1980/2018	12/30/2013
Stop & Shop Plaza	Enfield, CT	—	8,892	15,028	1,448	9,401	15,967	25,368	7,373	1988/1998	12/30/2013


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Fairacres Shopping Center	Oshkosh, WI	—	3,543	5,189	1,315	4,057	5,990	10,047	3,126	1992/2016	1/21/2014
Savoy Plaza	Savoy, IL	—	4,304	10,895	946	4,789	11,356	16,145	5,742	1999/2015	1/31/2014
The Shops of Uptown	Park Ridge, IL	—	7,744	16,884	2,135	8,182	18,581	26,763	6,919	2006	2/25/2014
Chapel Hill North Center	Chapel Hill, NC	5,746	4,776	10,189	1,897	5,173	11,689	16,862	5,537	1998	2/28/2014
Coppell Market Center	Coppell, TX	—	4,870	12,236	511	5,142	12,475	17,617	5,301	2008	3/5/2014
Winchester Gateway	Winchester, VA	—	9,342	23,468	2,436	9,658	25,588	35,246	10,856	2006	3/5/2014
Stonewall Plaza	Winchester, VA	—	7,929	16,642	1,164	8,137	17,598	25,735	7,675	2007	3/5/2014
Town Fair Center	Louisville, KY	—	8,108	14,411	5,576	8,957	19,138	28,095	8,703	1988/2019	3/12/2014
Villages at Eagles Landing	Stockbridge, GA	—	2,824	5,515	1,240	3,365	6,214	9,579	3,368	1995	3/13/2014
ChampionsGate Village	Davenport, FL	—	1,814	6,060	1,107	2,075	6,906	8,981	2,995	2001	3/14/2014
Towne Centre at Wesley Chapel	Wesley Chapel, FL	—	2,466	5,553	1,012	2,776	6,255	9,031	2,623	2000	3/14/2014
Statler Square	Staunton, VA	—	4,108	9,072	1,288	4,695	9,773	14,468	4,566	1989/1997	3/21/2014
Burbank Plaza	Burbank, IL	—	2,972	4,546	3,965	3,705	7,778	11,483	3,644	1972/2018	3/25/2014
Hamilton Village	Chattanooga, TN	—	12,682	19,103	5,816	13,293	24,308	37,601	10,968	1989/2021	4/3/2014
Waynesboro Plaza	Waynesboro, VA	—	5,597	8,334	332	5,814	8,449	14,263	4,243	2005	4/30/2014
Southwest Marketplace	Las Vegas, NV	—	16,018	11,270	3,251	16,337	14,202	30,539	6,660	2008/2017	5/5/2014
Hampton Village	Taylors, SC	—	5,456	7,254	4,432	6,081	11,061	17,142	5,521	1959/2019	5/21/2014
Central Station	Louisville, KY	12,095	6,143	6,932	3,077	6,723	9,429	16,152	4,282	2005/2018	5/23/2014
Kirkwood Market Place	Houston, TX	—	5,786	9,697	1,760	6,054	11,189	17,243	4,569	1979/2012	5/23/2014
Fairview Plaza	New Cumberland, PA	—	2,786	8,500	638	3,174	8,750	11,924	3,380	1992/1999	5/27/2014
Broadway Promenade	Sarasota, FL	—	3,831	6,795	1,092	4,239	7,479	11,718	2,853	2007	5/28/2014
Townfair Center	Indiana, PA	—	7,007	13,233	1,432	7,357	14,315	21,672	7,026	1995/2016	5/29/2014
Heath Brook Commons	Ocala, FL	6,930	3,470	8,352	1,140	3,759	9,203	12,962	3,836	2002	5/30/2014
The Orchards	Yakima, WA	—	5,425	8,743	647	5,819	8,996	14,815	4,111	2002	6/3/2014
Shaw's Plaza Hanover	Hanover, MA	—	2,826	5,314	10	2,826	5,324	8,150	2,200	1994/2000	6/23/2014
Shaw's Plaza Easton	Easton, MA	—	5,520	7,173	967	5,897	7,763	13,660	3,481	1984/2004	6/23/2014
Lynnwood Place	Jackson, TN	—	3,341	4,826	1,150	3,814	5,503	9,317	2,751	1986/2013	7/28/2014
Thompson Valley Towne Center	Loveland, CO	—	5,758	17,387	2,870	6,432	19,583	26,015	7,826	1999	8/1/2014
Lumina Commons	Wilmington, NC	5,812	2,008	11,249	1,647	2,131	12,773	14,904	4,561	1974/2007	8/4/2014
Driftwood Village	Ontario, CA	—	6,811	12,993	1,794	7,617	13,981	21,598	5,632	1985	8/7/2014
French Golden Gate	Bartow, FL	—	2,599	12,877	2,479	2,923	15,032	17,955	5,209	1960/2011	8/28/2014
Orchard Square	Washington Township, MI	—	1,361	11,550	895	1,638	12,168	13,806	4,748	1999/2011	9/8/2014
Trader Joe's Center	Dublin, OH	6,745	2,338	7,922	3,558	2,941	10,877	13,818	4,214	1986	9/11/2014
Palmetto Pavilion	North Charleston, SC	—	2,509	8,526	1,421	3,583	8,873	12,456	3,546	2003	9/11/2014


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Five Town Plaza	Springfield, MA	—	8,912	19,635	7,580	10,497	25,630	36,127	12,429	1970/2019	9/24/2014
Fairfield Crossing	Beavercreek, OH	—	3,572	10,026	283	3,722	10,159	13,881	4,290	1994	10/24/2014
Beavercreek Towne Center	Beavercreek, OH	—	14,055	30,799	4,853	15,335	34,372	49,707	15,283	1994/2019	10/24/2014
Grayson Village	Loganville, GA	—	3,952	5,620	2,482	4,290	7,764	12,054	4,129	2002/2019	10/24/2014
The Fresh Market Commons	Pawleys Island, SC	—	2,442	4,941	228	2,535	5,076	7,611	2,268	2011/2014	10/28/2014
Claremont Village	Everett, WA	—	5,635	10,544	1,776	6,344	11,611	17,955	4,815	1994/2012	11/6/2014
Cherry Hill Marketplace	Westland, MI	—	4,641	10,137	3,068	5,321	12,525	17,846	6,122	1992/2017	12/17/2014
Nor'Wood Shopping Center	Colorado Springs, CO	—	5,358	6,684	950	5,607	7,385	12,992	3,857	2003/2007	1/8/2015
Sunburst Plaza	Glendale, AZ	—	3,435	6,041	3,095	4,380	8,191	12,571	3,701	1970/2022	2/11/2015
Rivermont Station	Johns Creek, GA	—	6,876	8,916	5,098	7,270	13,620	20,890	6,446	1996/2022	2/27/2015
Breakfast Point Marketplace	Panama City Beach, FL	—	5,578	12,052	902	6,112	12,420	18,532	5,369	2009/2010	3/13/2015
Falcon Valley	Lenexa, KS	—	3,131	6,873	418	3,495	6,927	10,422	3,287	2008/2009	3/13/2015
Kohl's Onalaska	Onalaska, WI	—	2,670	5,648	300	2,670	5,948	8,618	2,760	1992/2021	3/13/2015
Coronado Center	Santa Fe, NM	11,560	4,396	16,460	5,230	4,885	21,201	26,086	7,254	1964/2019	5/1/2015
West Creek Plaza	Coconut Creek, FL	—	3,459	6,131	807	3,654	6,743	10,397	2,469	2006/2013	7/10/2015
Northwoods Crossing	Taunton, MA	—	10,092	14,437	394	10,194	14,729	24,923	8,735	2003/2022	5/24/2016
Murphy Marketplace	Murphy, TX	—	28,651	33,122	5,083	29,449	37,407	66,856	12,284	2008/2021	6/24/2016
Harbour Village	Jacksonville, FL	—	5,630	16,727	4,117	6,146	20,328	26,474	6,548	2006/2021	9/22/2016
Oak Mill Plaza	Niles, IL	—	6,843	13,692	6,843	7,617	19,761	27,378	7,344	1977/2023	10/3/2016
Southern Palms	Tempe, AZ	21,760	10,025	24,346	4,812	10,495	28,688	39,183	11,201	1982/2018	10/26/2016
Golden Eagle Village	Clermont, FL	6,678	3,746	7,735	911	3,988	8,404	12,392	3,059	2011	10/27/2016
Atwater Marketplace(4)	Atwater, CA	—	6,116	7,597	(11,465)	417	1,831	2,248	132	2023	2/10/2017
Rocky Ridge Town Center	Roseville, CA	19,098	5,449	29,207	1,105	5,686	30,075	35,761	7,991	1996/2015	4/18/2017
Greentree Centre	Racine, WI	—	2,955	8,718	510	3,076	9,107	12,183	2,998	1989/2018	5/5/2017
Sierra Del Oro Towne Centre	Corona, CA	—	9,011	17,989	2,365	9,481	19,884	29,365	6,165	1991/2017	6/20/2017
Birdneck Shopping Center	Virginia Beach, VA	—	1,900	3,253	1,023	2,091	4,085	6,176	1,878	1987/2017	10/4/2017
Crossroads Plaza	Asheboro, NC	—	1,722	2,720	815	2,216	3,041	5,257	1,590	1984/2016	10/4/2017
Dunlop Village	Colonial Heights, VA	—	2,420	4,892	2,386	2,735	6,963	9,698	2,273	1987/2012	10/4/2017
Edgecombe Square	Tarboro, NC	—	1,412	2,258	515	1,493	2,692	4,185	1,811	1990/2013	10/4/2017
Forest Park Square	Cincinnati, OH	—	4,007	5,877	1,288	4,501	6,671	11,172	3,066	1988/2018	10/4/2017
Goshen Station	Goshen, OH	3,605	1,555	4,621	181	1,800	4,557	6,357	2,426	1973/2003	10/4/2017
The Village Shopping Center	Mooresville, IN	—	2,059	8,325	944	2,323	9,005	11,328	3,099	1965/2019	10/4/2017
Hickory Plaza	Nashville, TN	—	2,927	5,099	2,455	3,008	7,473	10,481	2,208	1974/2020	10/4/2017


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Highland Fair	Gresham, OR	—	3,263	7,979	693	3,411	8,524	11,935	2,563	1984/2013	10/4/2017
Mayfair Village	Hurst, TX	16,398	15,343	16,522	4,103	15,874	20,094	35,968	7,081	1981/2022	10/4/2017
LaPlata Plaza	La Plata, MD	17,860	8,434	22,855	2,397	8,749	24,937	33,686	6,975	2003/2019	10/4/2017
Lafayette Square	Lafayette, IN	—	5,387	5,636	1,162	5,422	6,763	12,185	4,896	1963/2022	10/4/2017
Commerce Square	Brownwood, TX	—	6,027	8,341	745	5,844	9,269	15,113	1,926	1969/2022	10/4/2017
Monfort Heights	Cincinnati, OH	4,216	2,357	3,545	9	2,357	3,554	5,911	1,481	1987/2015	10/4/2017
Mountain Park Plaza	Roswell, GA	—	6,118	6,652	945	6,230	7,485	13,715	2,458	1988/2003	10/4/2017
Nordan Shopping Center	Danville, VA	—	1,911	6,751	975	2,063	7,574	9,637	2,782	1961/2015	10/4/2017
Northside Plaza	Clinton, NC	—	1,406	5,471	789	1,541	6,125	7,666	2,386	1982/2015	10/4/2017
Park Place Plaza	Port Orange, FL	—	2,347	8,458	(2,201)	1,956	6,648	8,604	1,699	1984/2012	10/4/2017
Parsons Village	Seffner, FL	—	3,465	10,864	(3,964)	2,481	7,884	10,365	2,141	1983/1994	10/4/2017
Hillside - West	Hillside, UT	—	691	1,739	3,870	4,561	1,739	6,300	832	2006	10/4/2017
South Oaks Shopping Center	Live Oak, FL	—	1,742	5,119	1,864	1,943	6,782	8,725	3,067	1976/2022	10/4/2017
Summerville Galleria	Summerville, SC	—	4,104	8,668	1,473	4,651	9,594	14,245	3,302	1989/2014	10/4/2017
The Oaks	Hudson, FL	—	3,876	6,668	11,966	4,726	17,784	22,510	3,106	1981/2022	10/4/2017
Riverplace Centre	Noblesville, IN	5,175	3,890	4,044	1,025	4,008	4,951	8,959	2,609	1992/2020	10/4/2017
Towne Crossing Shopping Center	Mesquite, TX	—	5,358	15,584	2,595	5,507	18,030	23,537	5,717	1984/2016	10/4/2017
Village at Waterford	Midlothian, VA	—	2,702	5,194	992	3,019	5,869	8,888	2,119	1991/2016	10/4/2017
Windsor Center	Dallas, NC	—	2,488	5,186	639	2,643	5,670	8,313	2,566	1974/2015	10/4/2017
12 West Marketplace	Litchfield, MN	—	835	3,538	186	1,007	3,552	4,559	1,931	1989/2010	10/4/2017
Willowbrook Commons	Nashville, TN	—	5,384	6,002	824	5,767	6,443	12,210	2,450	2005	10/4/2017
Edgewood Towne Center	Edgewood, PA	—	10,029	22,535	3,359	10,852	25,071	35,923	9,683	1990/2021	10/4/2017
Everson Pointe	Snellville, GA	7,734	4,222	8,421	537	4,377	8,803	13,180	3,058	1999	10/4/2017
Village Square of Delafield	Delafield, WI	8,257	6,206	6,869	498	6,526	7,047	13,573	2,941	2007/2017	10/4/2017
Shoppes of Lake Village	Leesburg, FL	—	7,193	3,795	7,108	7,581	10,515	18,096	3,682	1987/2021	2/26/2018
Sierra Vista Plaza	Murrieta, CA	—	9,824	11,669	2,572	10,472	13,593	24,065	3,665	1991/2021	9/28/2018
Wheat Ridge Marketplace	Wheat Ridge, CO	—	7,926	8,393	1,410	8,490	9,239	17,729	3,024	1996/2019	10/3/2018
Atlantic Plaza	North Reading, MA	—	12,341	12,699	2,276	12,667	14,649	27,316	4,674	1959/2014	11/9/2018
Staunton Plaza	Staunton, VA	—	4,818	14,380	102	4,883	14,417	19,300	3,245	2006	11/16/2018
Bethany Village	Alpharetta, GA	—	6,138	8,355	837	6,246	9,084	15,330	2,430	2001	11/16/2018
Northpark Village	Lubbock, TX	—	3,087	6,047	388	3,242	6,280	9,522	1,540	1990	11/16/2018
Kings Crossing	Sun City Center, FL	10,467	5,654	11,225	571	5,887	11,563	17,450	2,889	2000/2018	11/16/2018
Lake Washington Crossing	Melbourne, FL	—	4,222	13,553	3,192	4,369	16,598	20,967	3,499	1987/2023	11/16/2018
Kipling Marketplace	Littleton, CO	—	4,020	10,405	622	4,201	10,846	15,047	3,155	1983/2009	11/16/2018


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
MetroWest Village	Orlando, FL	—	6,841	15,333	1,539	7,164	16,549	23,713	4,087	1990	11/16/2018
Spring Cypress Village	Houston, TX	—	9,579	14,567	1,939	9,792	16,293	26,085	3,972	1982/2012	11/16/2018
Commonwealth Square	Folsom, CA	—	9,955	12,586	1,432	10,129	13,844	23,973	4,862	1987	11/16/2018
Point Loomis	Milwaukee, WI	—	4,171	4,901	2,183	4,171	7,084	11,255	2,812	1965/2022	11/16/2018
Shasta Crossroads	Redding, CA	—	9,598	18,643	(2,455)	8,462	17,324	25,786	3,498	1989/2016	11/16/2018
Milan Plaza	Milan, MI	—	925	1,974	329	1,064	2,164	3,228	1,396	1960/2018	11/16/2018
Hilander Village	Roscoe, IL	—	2,571	7,461	2,329	2,667	9,694	12,361	3,284	1994/2022	11/16/2018
Laguna 99 Plaza	Elk Grove, CA	—	5,422	16,952	247	5,444	17,177	22,621	4,000	1992/2015	11/16/2018
Southfield Center	St. Louis, MO	—	5,612	13,643	1,929	6,535	14,649	21,184	4,074	1987/2021	11/16/2018
Waterford Park Plaza	Plymouth, MN	—	4,935	19,543	417	5,149	19,746	24,895	5,032	1989/2023	11/16/2018
Colonial Promenade	Winter Haven, FL	—	12,403	22,097	893	12,464	22,929	35,393	6,858	1986/2008	11/16/2018
Willimantic Plaza	Willimantic, CT	—	3,596	8,859	388	3,792	9,051	12,843	3,432	1968/2024	11/16/2018
Quivira Crossings	Overland Park, KS	—	7,512	10,729	1,684	8,251	11,674	19,925	3,870	1996/2015	11/16/2018
Spivey Junction	Stockbridge, GA	—	4,083	10,414	238	4,204	10,531	14,735	2,768	1998	11/16/2018
Plaza Farmington	Farmington, NM	—	6,322	9,619	485	6,711	9,715	16,426	2,874	2004	11/16/2018
Harvest Plaza	Akron, OH	—	2,693	6,083	282	2,865	6,193	9,058	1,803	1974/2015	11/16/2018
Oakhurst Plaza	Seminole, FL	—	2,782	4,506	540	2,974	4,854	7,828	1,569	1974/2001	11/16/2018
Old Alabama Square	Johns Creek, GA	—	10,782	17,359	1,446	10,885	18,702	29,587	4,503	2000	11/16/2018
North Point Landing	Modesto, CA	20,061	8,040	28,422	1,186	8,230	29,418	37,648	6,453	1964/2008	11/16/2018
Glenwood Crossing	Cincinnati, OH	—	4,581	3,922	178	4,607	4,074	8,681	1,803	1999/2015	11/16/2018
Rosewick Crossing	La Plata, MD	—	8,252	23,507	1,006	8,360	24,405	32,765	5,742	2008	11/16/2018
Vineyard Center	Templeton, CA	4,943	1,753	6,406	202	1,796	6,565	8,361	1,473	2007	11/16/2018
Ocean Breeze Plaza	Ocean Breeze, FL	—	6,416	9,986	951	6,513	10,840	17,353	2,941	1993/2010	11/16/2018
Central Valley Marketplace	Ceres, CA	15,526	6,163	17,535	83	6,180	17,601	23,781	4,019	2005	11/16/2018
51st & Olive Square	Glendale, AZ	—	2,236	9,038	480	2,593	9,161	11,754	2,448	1975/2007	11/16/2018
West Acres Shopping Center	Fresno, CA	—	4,866	5,627	635	5,091	6,037	11,128	2,556	1990/2015	11/16/2018
Meadows on the Parkway	Boulder, CO	—	23,953	32,744	1,800	24,340	34,157	58,497	7,840	1989	11/16/2018
Wyandotte Plaza	Kansas City, KS	—	5,204	17,566	774	5,343	18,201	23,544	4,394	1961/2015	11/16/2018
Broadlands Marketplace	Broomfield, CO	—	7,434	9,459	1,125	8,002	10,016	18,018	2,921	2002	11/16/2018
Village Center	Racine, WI	—	6,051	26,473	1,211	6,253	27,482	33,735	7,205	2002/2021	11/16/2018
Shoregate Town Center	Willowick, OH	—	7,152	16,282	6,979	7,386	23,027	30,413	7,508	1958/2022	11/16/2018
Plano Market Street	Plano, TX	—	14,837	33,178	1,973	15,166	34,822	49,988	7,640	2009	11/16/2018
Island Walk Shopping Center	Fernandina Beach, FL	—	8,190	19,992	1,301	8,297	21,186	29,483	5,758	1987/2012	11/16/2018
Normandale Village	Bloomington, MN	10,777	8,390	11,407	2,113	8,977	12,933	21,910	4,996	1973/2017	11/16/2018


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
North Pointe Plaza	North Charleston, SC	—	10,232	26,348	1,393	10,817	27,156	37,973	8,129	1989/2022	11/16/2018
Palmer Town Center	Easton, PA	—	7,331	23,525	1,768	7,390	25,234	32,624	6,113	2005	11/16/2018
Alico Commons	Fort Myers, FL	—	4,670	16,557	638	4,965	16,900	21,865	4,008	2009/2020	11/16/2018
Windover Square	Melbourne, FL	11,048	4,115	13,309	472	4,225	13,671	17,896	3,207	1984/2010	11/16/2018
Rockledge Square	Rockledge, FL	—	3,477	4,469	4,208	3,761	8,393	12,154	1,651	1985/2022	11/16/2018
Fairfield Commons	Lakewood, CO	—	8,802	29,946	2,085	8,924	31,909	40,833	6,878	1985/2014	11/16/2018
Cocoa Commons	Cocoa, FL	—	4,838	8,247	1,454	4,915	9,624	14,539	3,177	1986/2000	11/16/2018
Hamilton Mill Village	Dacula, GA	—	7,059	9,734	550	7,193	10,150	17,343	2,918	1996/2016	11/16/2018
Sheffield Crossing	Sheffield Village, OH	—	8,841	10,232	360	9,051	10,382	19,433	3,469	1989/2013	11/16/2018
The Shoppes at Windmill Place	Batavia, IL	—	8,186	16,005	885	8,344	16,732	25,076	4,317	1991/1997	11/16/2018
Stone Gate Plaza	Crowley, TX	—	5,261	7,007	1,260	5,423	8,105	13,528	2,231	2003	11/16/2018
Everybody's Plaza	Cheshire, CT	—	2,520	10,096	683	2,568	10,731	13,299	2,377	1960/2014	11/16/2018
Lakewood City Center	Lakewood, OH	—	1,593	10,308	406	1,685	10,622	12,307	2,331	1991/2011	11/16/2018
Carriagetown Marketplace	Amesbury, MA	—	7,084	15,492	1,107	7,171	16,512	23,683	4,499	2000	11/16/2018
Crossroads of Shakopee	Shakopee, MN	—	8,869	20,320	1,212	9,062	21,339	30,401	6,252	1998	11/16/2018
Broadway Pavilion	Santa Maria, CA	—	8,512	20,427	788	8,591	21,136	29,727	5,311	1987	11/16/2018
Sanibel Beach Place	Fort Myers, FL	—	3,918	7,043	2,441	4,434	8,968	13,402	2,195	2003/2022	11/16/2018
Shoppes at Glen Lakes	Weeki Wachee, FL	—	4,662	7,473	618	4,780	7,973	12,753	2,230	2008	11/16/2018
Bartow Marketplace	Cartersville, GA	19,305	11,944	24,610	841	12,080	25,315	37,395	8,851	1995	11/16/2018
Bloomingdale Hills	Riverview, FL	—	4,384	5,179	429	4,479	5,513	9,992	2,212	2002/2012	11/16/2018
University Plaza	Amherst, NY	—	6,402	9,800	1,056	6,452	10,806	17,258	4,128	1980/2020	11/16/2018
McKinney Market Street	McKinney, TX	244	10,941	16,061	1,714	11,085	17,631	28,716	5,044	2003/2017	11/16/2018
Montville Commons	Montville, CT	—	12,417	11,091	609	12,549	11,568	24,117	4,183	2007	11/16/2018
Shaw's Plaza Raynham	Raynham, MA	—	8,378	26,829	1,103	8,428	27,882	36,310	7,391	1965/2022	11/16/2018
Suntree Square	Southlake, TX	—	6,335	15,642	671	6,424	16,224	22,648	3,667	2000	11/16/2018
Green Valley Plaza	Henderson, NV	—	7,284	16,879	605	7,358	17,410	24,768	4,292	1978/1982	11/16/2018
Crosscreek Village	St. Cloud, FL	—	3,821	9,604	598	3,984	10,039	14,023	2,731	2008	11/16/2018
Market Walk	Savannah, GA	—	20,678	31,836	3,827	20,919	35,422	56,341	8,675	2014/2022	11/16/2018
Livonia Plaza	Livonia, MI	—	4,118	17,037	870	4,288	17,737	22,025	4,570	1988/2014	11/16/2018
Franklin Centre	Franklin, WI	—	6,353	5,482	615	6,480	5,970	12,450	3,517	1994/2018	11/16/2018
Plaza 23	Pompton Plains, NJ	—	11,412	40,145	5,648	11,907	45,298	57,205	9,386	1963/2021	11/16/2018
Shorewood Crossing	Shorewood, IL	—	9,468	20,993	2,882	9,651	23,692	33,343	6,388	2001/2020	11/16/2018
Herndon Place	Fresno, CA	—	7,148	10,071	(611)	6,881	9,727	16,608	2,729	2005	11/16/2018
Windmill Marketplace	Clovis, CA	—	2,775	7,299	(170)	2,827	7,077	9,904	1,345	2001	11/16/2018
Riverlakes Village	Bakersfield, CA	—	8,567	15,242	2,897	8,950	17,756	26,706	3,964	1997/2022	11/16/2018


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Evans Towne Centre	Evans, GA	—	4,018	7,013	389	4,145	7,275	11,420	2,134	1995/2017	11/16/2018
Mansfield Market Center	Mansfield, TX	—	4,672	13,154	498	4,851	13,473	18,324	3,074	2015	11/16/2018
Ormond Beach Mall	Ormond Beach, FL	—	4,954	7,006	1,054	5,088	7,926	13,014	2,555	1967/2018	11/16/2018
Heritage Plaza	Carol Stream, IL	—	6,205	16,507	939	6,320	17,331	23,651	4,320	1988/2018	11/16/2018
Mountain Crossing	Dacula, GA	2,794	6,602	6,835	37	6,303	7,171	13,474	2,081	1997	11/16/2018
Seville Commons	Arlington, TX	—	4,689	12,602	1,025	4,859	13,457	18,316	3,327	1987/2022	11/16/2018
Cinco Ranch at Market Center	Katy, TX	—	5,553	14,063	645	5,711	14,550	20,261	3,299	2007/2023	12/12/2018
Naperville Crossings	Naperville, IL	25,380	15,765	30,881	4,474	16,612	34,508	51,120	8,545	2007/2021	4/26/2019
Orange Grove Shopping Center	North Fort Myers, FL	—	2,637	7,340	571	3,124	7,424	10,548	1,798	1999	10/31/2019
Sudbury Crossing	Sudbury, MA	—	6,483	12,933	5,931	6,516	18,831	25,347	2,752	1984/2021	10/31/2019
Ashburn Farm Market Center	Ashburn, VA	—	14,035	16,648	555	14,090	17,148	31,238	3,394	2000	10/31/2019
Alameda Crossing	Avondale, AZ	—	7,785	19,875	4,903	8,074	24,489	32,563	6,155	2005/2021	11/16/2019
Del Paso Marketplace	Sacramento, CA	—	5,722	12,242	1,345	6,102	13,207	19,309	2,562	2006/2016	12/12/2019
Hickory Flat Commons	Canton, GA	—	6,976	11,786	1,030	7,389	12,403	19,792	2,677	2008/2020	8/17/2020
Roxborough Marketplace	Littleton, CO	—	4,105	12,668	2,193	4,753	14,213	18,966	2,270	2005/2021	10/5/2020
Cinco Ranch Station II	Katy, TX	—	1,045	—	2,742	1,051	2,736	3,787	109	2023	1/26/2021
West Village Center	Chanhassen, MN	—	10,860	11,281	1,552	11,268	12,425	23,693	2,071	1994/2021	2/4/2021
Hickory Creek Plaza	Denton, TX	—	5,370	2,710	324	5,542	2,862	8,404	561	2007	2/25/2021
Foxridge Plaza	Centennial, CO	—	3,740	11,636	1,664	4,465	12,575	17,040	1,381	1983/2022	8/20/2021
Valrico Commons	Valrico, FL	—	7,522	26,480	896	8,113	26,785	34,898	2,560	1986/2021	8/25/2021
Market Place at Pabst Farms	Oconomowoc, WI	—	6,204	17,199	421	6,519	17,305	23,824	1,972	2005/2020	10/13/2021
Arapahoe Marketplace	Greenwood Village, CO	—	13,779	49,330	1,756	14,870	49,995	64,865	4,428	1977/2022	10/19/2021
Loganville Town Center	Loganville, GA	—	5,309	7,920	2,170	5,447	9,952	15,399	2,447	1997/2023	11/5/2021
Town & Country Village	Sacramento, CA	—	21,894	35,793	2,106	22,199	37,594	59,793	3,468	1950/2022	11/12/2021
Sprouts Plaza	Las Vegas, NV	—	5,104	22,622	1,396	5,472	23,650	29,122	1,951	1995/2022	12/3/2021
Rainbow Plaza	Las Vegas, NV	—	7,158	30,171	1,209	7,897	30,641	38,538	2,574	1989/2022	12/3/2021
Cascades Overlook	Sterling, VA	—	16,241	41,449	1,930	16,442	43,178	59,620	2,838	2016	1/14/2022
Oak Meadows Marketplace	Georgetown, TX	—	4,847	15,848	440	5,047	16,088	21,135	1,038	2018	2/1/2022
Shoppes at Avalon	Spring Hill, FL	—	9,184	7,740	1,061	9,805	8,180	17,985	810	2009/2022	2/14/2022
Centennial Lakes Plaza	Edina, MN	—	13,582	51,052	1,860	13,943	52,551	66,494	2,934	1989/2022	5/13/2022
Crossroads Towne Center	North Las Vegas, NV	—	25,226	27,638	723	25,665	27,922	53,587	3,130	2007/2021	8/15/2022
Chinoe Center	Lexington, KY	—	3,841	14,001	957	4,111	14,688	18,799	1,026	1984/2023	11/21/2022


SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
			Initial Cost		Costs Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Sunridge Plaza	Rancho Cordova, CA	—	12,004	21,375	365	12,261	21,483	33,744	1,080	2017	12/20/2022
Providence Commons	Mt. Juliet, TN	—	7,425	18,665	979	7,652	19,417	27,069	822	2009	1/19/2023
Village Shoppes at Windermere	Suwanee, GA	9,754	5,747	12,698	355	5,948	12,852	18,800	497	2008	3/16/2023
Town Center at Jensen Beach	Jensen Beach, FL	—	6,042	10,731	960	6,372	11,361	17,733	636	2000	3/27/2023
Shops at Sunset Lakes	Miramar, FL	—	5,872	7,775	284	6,056	7,875	13,931	467	1999	3/27/2023
Lake Pointe Market	Rowlett, TX	—	3,490	9,410	424	3,764	9,560	13,324	180	2002	8/16/2023
Contra Loma Station OP L.P.	Antioch, CA	—	224	—	63	224	63	287	21	-	8/29/2023
Mansell Village	Roswell, GA	—	4,470	11,624	—	4,470	11,624	16,094	138	2003/2013	10/30/2023
Riverpark Shopping Center	Sugar Land, TX	—	24,270	49,449	5	24,270	49,454	73,724	442	2003	11/13/2023
Apache Shoppes	Rochester, MN	—	1,807	3,709	—	1,807	3,709	5,516	37	2005	12/4/2023
Maple View	Grayslake, IL	—	5,256	9,767	—	5,256	9,767	15,023	55	1999	12/4/2023
Maple View	Grayslake, IL	—	1,621	3,307	—	1,621	3,307	4,928	14	1999	12/4/2023
Quail Pointe	Fair Oaks, CA	—	7,492	33,594	—	7,492	33,594	41,086	103	1987	12/5/2023
Glenbrook Marketplace	Glenview, IL	—	3,152	8,807	—	3,152	8,807	11,959	34	1992/2014	12/11/2023
Northlake Station LLC(5)	Cincinnati, OH	—	2,327	11,806	1,663	2,763	13,033	15,796	3,264	1985	10/6/2006
Corporate Adjustments(6)		—	6	2,734	(5,301)	(3,580)	1,019	(2,561)	1,143
Totals		$490,677	$1,685,276	$3,458,965	$442,430	$1,768,487	$3,818,184	$5,586,671	$1,186,630

(1)Encumbrances do not include our finance leases.

(2)Reductions to costs capitalized subsequent to acquisition are generally attributable to parcels/outparcels sold, impairments, and assets held-for-sale.

(3)The aggregate basis of properties for federal income tax purposes is approximately $5.5 billion at December 31, 2023.

(4)The main shopping center at this location was sold and we currently only own an outparcel.

(5)Amounts consist of corporate building and land.

(6)Amounts consist of elimination of intercompany construction management fees charged by the property manager to the real estate assets.

Reconciliation of real estate assets at cost:


	2023		2022
Balance at January 1	$	5,246,279	$	4,942,426
Additions during the year:
Real estate acquisitions	260,856		268,126
Net additions to/improvements of real estate	94,446		103,656
Deductions during the year:
Real estate dispositions	(14,910)		(65,882)
Impairment of real estate	—		(2,047)
Balance at December 31	$	5,586,671	$	5,246,279

Reconciliation of accumulated depreciation:


	2023		2022
Balance at January 1	$	1,001,863	$	834,123
Additions during the year:
Depreciation expense	188,913		182,119
Deductions during the year:
Accumulated depreciation of real estate dispositions	(4,146)		(12,644)
Impairment of real estate	—		(1,735)
Balance at December 31	$	1,186,630	$	1,001,863

* * * * *

REAL ESTATE ACTIVITY - Property Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property parcel	Dec. 31, 2022 USD ($) property parcel	Dec. 31, 2021 USD ($) property parcel
Real Estate Investments, Net [Abstract]
Number of real estate sold \| property	1	4	24
Number of outparcels sold \| parcel	2	4	4
Contract price	$ 6,250	$ 53,987	$ 216,052
Proceeds from sale of real estate, net	7,208	52,019	206,377
Gain on disposal of property, net	$ 1,110	$ 7,517	$ 34,309
Number of Land Parcels Retained \| parcel		1	1

- Definition

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

+ References + Details

REAL ESTATE ACTIVITY - Narrative (Details) - Hurricane Ian - USD ($) $ in Millions		12 Months Ended
	Sep. 28, 2022	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation		$ 2.7
Insurance recovery receivable	$ 1.0
Collect insurance proceeds	$ 1.7

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES


3. LEASES

Lessor—The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Rental income related to fixed lease payments(1)	$	446,576	$	416,865	$	382,667
Rental income related to variable lease payments(1)(2)	138,691		127,316		119,077
Straight-line rent amortization(3)	9,539		11,668		9,005
Amortization of lease assets	5,126		4,266		3,539
Lease buyout income	1,222		2,414		3,485
Adjustments for collectibility(4)	(3,653)		(1,991)		1,722
Total rental income	$	597,501	$	560,538	$	519,495

(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 ASC 842.


Year	Amount
2024	$	458,756
2025	410,401
2026	344,405
2027	277,629
2028	206,567
Thereafter	534,910
Total	$	2,232,668

No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of December 31, 2023. As of December 31, 2023, our wholly-owned real estate investments in Florida and California represented 12.0% and 11.0% 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.

Lessee—Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of December 31, 2023 and 2022 (in thousands):


Balance Sheet Information	Balance Sheet Location	2023		2022
ROU assets, net - operating leases	Investment in Real Estate	$	3,734	$	3,832
ROU assets, net - operating and finance leases	Other Assets, Net	1,323		1,022
Operating lease liability	Accounts Payable and Other Liabilities	5,094		4,705
Finance lease liability	Debt Obligations, Net	308		585

As of December 31, 2023, the weighted-average remaining lease term was approximately 1.2 years for finance leases and 20.5 years for operating leases. The weighted-average discount rate was 3.6% for finance leases and 4.7% for operating leases.

Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2023 (in thousands):


	Undiscounted
Year	Operating		Finance
2024	$	650	$	295
2025	423		16
2026	363		9
2027	366		—
2028	377		—
Thereafter	5,772		—
Total undiscounted cash flows from leases	7,951		320
Total lease liabilities recorded at present value	5,094		308
Difference between undiscounted cash flows and present value of lease liabilities	$	2,857	$	12

LEASES


3. LEASES


	2023		2022		2021
Rental income related to fixed lease payments(1)	$	446,576	$	416,865	$	382,667
Rental income related to variable lease payments(1)(2)	138,691		127,316		119,077
Straight-line rent amortization(3)	9,539		11,668		9,005
Amortization of lease assets	5,126		4,266		3,539
Lease buyout income	1,222		2,414		3,485
Adjustments for collectibility(4)	(3,653)		(1,991)		1,722
Total rental income	$	597,501	$	560,538	$	519,495

(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 ASC 842.


Year	Amount
2024	$	458,756
2025	410,401
2026	344,405
2027	277,629
2028	206,567
Thereafter	534,910
Total	$	2,232,668

Lessee—Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of December 31, 2023 and 2022 (in thousands):


Balance Sheet Information	Balance Sheet Location	2023		2022
ROU assets, net - operating leases	Investment in Real Estate	$	3,734	$	3,832
ROU assets, net - operating and finance leases	Other Assets, Net	1,323		1,022
Operating lease liability	Accounts Payable and Other Liabilities	5,094		4,705
Finance lease liability	Debt Obligations, Net	308		585

Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2023 (in thousands):


	Undiscounted
Year	Operating		Finance
2024	$	650	$	295
2025	423		16
2026	363		9
2027	366		—
2028	377		—
Thereafter	5,772		—
Total undiscounted cash flows from leases	7,951		320
Total lease liabilities recorded at present value	5,094		308
Difference between undiscounted cash flows and present value of lease liabilities	$	2,857	$	12

LEASES


3. LEASES


	2023		2022		2021
Rental income related to fixed lease payments(1)	$	446,576	$	416,865	$	382,667
Rental income related to variable lease payments(1)(2)	138,691		127,316		119,077
Straight-line rent amortization(3)	9,539		11,668		9,005
Amortization of lease assets	5,126		4,266		3,539
Lease buyout income	1,222		2,414		3,485
Adjustments for collectibility(4)	(3,653)		(1,991)		1,722
Total rental income	$	597,501	$	560,538	$	519,495

(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 ASC 842.


Year	Amount
2024	$	458,756
2025	410,401
2026	344,405
2027	277,629
2028	206,567
Thereafter	534,910
Total	$	2,232,668

Lessee—Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of December 31, 2023 and 2022 (in thousands):


Balance Sheet Information	Balance Sheet Location	2023		2022
ROU assets, net - operating leases	Investment in Real Estate	$	3,734	$	3,832
ROU assets, net - operating and finance leases	Other Assets, Net	1,323		1,022
Operating lease liability	Accounts Payable and Other Liabilities	5,094		4,705
Finance lease liability	Debt Obligations, Net	308		585

Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2023 (in thousands):


	Undiscounted
Year	Operating		Finance
2024	$	650	$	295
2025	423		16
2026	363		9
2027	366		—
2028	377		—
Thereafter	5,772		—
Total undiscounted cash flows from leases	7,951		320
Total lease liabilities recorded at present value	5,094		308
Difference between undiscounted cash flows and present value of lease liabilities	$	2,857	$	12

COVER - USD ($) shares in Millions, $ in Billions	12 Months Ended
COVER - USD ($) shares in Millions, $ in Billions	Dec. 31, 2023	Feb. 05, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Public Float			$ 4.0
Entity Common Stock, Shares Outstanding		122.2
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Central Index Key	0001476204
Documents Incorporated by Reference	Documents Incorporated by Reference: Certain required information will be included in our definitive proxy statement to be filed with the SEC within 120 days after December 31, 2023 in connection with the Company's 2024 Annual Meeting of Stockholders, and is hereby incorporated by reference into Part III of this Form 10-K.

OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	12 Months Ended
OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Deferred leasing commissions and costs	$ 53,379	$ 49,687
Deferred financing expenses	8,984	8,984
Office equipment, including capital lease assets, and other	24,073	23,051
Total depreciable and amortizable assets	93,122	88,414
Accumulated depreciation and amortization	(53,205)	(47,483)
Net depreciable and amortizable assets	39,917	40,931
Deferred rent receivable, net	62,288	52,141
Derivative assets	12,669	25,853
Prepaid expenses and other	10,745	14,575
Equity method investments	6,875	9,800	$ 3,000
Investment in marketable securities	8,566	7,792
Total other assets, net	$ 186,411	$ 188,879
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets, net	Total other assets, net
Uncollectable lease receivables, general reserves	$ 1,900	$ 3,000
Lease billings, nonaccrual basis	6,000	6,200
Decrease in uncollectible lease receivables - straight line rent	4,600	4,200
Nonrelated Party
Finite-Lived Intangible Assets [Line Items]
Accounts receivable, net	44,548	37,274
Related Party
Finite-Lived Intangible Assets [Line Items]
Accounts receivable, net	803	513
Other asset impairment charges	3,000
Corporate intangible assets
Finite-Lived Intangible Assets [Line Items]
Corporate intangible assets	$ 6,686	$ 6,692

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 Interest
Beginning balance (in shares) at Dec. 31, 2020			0	93,279
Beginning balance at Dec. 31, 2020	$ 2,015,929	$ 1,690,359	$ 0	$ 2,798	$ 2,739,358	$ (52,306)	$ (999,491)	$ 325,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			19,550
Issuance of common stock	547,401	547,401	$ 196		547,205
Offering costs, discounts, and commissions	(39,048)	(39,048)			(39,048)
Dividend reinvestment plan (“DRIP”) (in shares)				280
Dividend reinvestment plan (“DRIP”)	7,368	7,368		$ 8	7,360
Share repurchases (in shares)				(24)
Share repurchases	(123)	(123)		$ 0	(123)
Change in unrealized value on interest rate swaps	32,000	27,500				27,500		4,500
Common distributions declared	(106,467)	(106,467)					(106,467)
Distributions to noncontrolling interests	(14,332)							(14,332)
Share-based compensation (in shares)				102
Share-based compensation	16,394	6,754		$ 1	6,753			9,640
Conversion of noncontrolling interests (in shares)				28
Conversion of noncontrolling interests	0	678		$ 0	691	(13)		(678)
Impact of reverse stock split	0			$ (1,871)	1,871
Other	(29)	(29)			(29)
Net income	17,233	15,121					15,121	2,112
Ending balance (in shares) at Dec. 31, 2021			19,550	93,665
Ending 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]
Issuance of common stock (in shares)			2,633
Issuance of common stock	90,124	90,124	$ 26		90,098
Conversion of Class B common stock (in shares)			93,665	(93,665)
Conversion of Class B common stock	0		$ 936	$ (936)
Offering costs, discounts, and commissions	(1,090)	(1,090)			(1,090)
Dividend reinvestment plan (“DRIP”)	0
Change in unrealized value on interest rate swaps	51,285	45,549				45,549		5,736
Common distributions declared	(127,151)	(127,151)					(127,151)
Distributions to noncontrolling interests	(16,241)							(16,241)
Share-based compensation (in shares)			109	0
Share-based compensation	$ 15,406	5,529	$ 1	$ 0	5,528			9,877
Conversion of noncontrolling interests (in shares)	1,169		1,169	0
Conversion of noncontrolling interests	$ 0	25,689	$ 12	$ 0	25,404	273		(25,689)
Settlement of earn-out liability	54,245			$ 0				54,245
Net income	54,529	48,323					48,323	6,206
Ending balance (in shares) at Dec. 31, 2022			117,126	0
Ending 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)			4,170
Issuance of common stock	150,835	150,835	$ 42		150,793
Offering costs, discounts, and commissions	(1,939)	(1,939)			(1,939)
Dividend reinvestment plan (“DRIP”)	0
Change in unrealized value on interest rate swaps	(11,816)	(10,551)				(10,551)		(1,265)
Common distributions declared	(135,456)	(135,456)					(135,456)
Distributions to noncontrolling interests	(16,334)							(16,334)
Share-based compensation (in shares)			211	0
Share-based compensation	$ 6,866	1,166	$ 2	$ 0	1,164			5,700
Conversion of noncontrolling interests (in shares)	517		517	0
Conversion of noncontrolling interests	$ 0	12,918	$ 5		12,842	71		(12,918)
Net income	63,762	56,848					56,848	6,914
Ending balance (in shares) at Dec. 31, 2023			122,024	0
Ending balance at Dec. 31, 2023	$ 2,653,351	$ 2,310,308	$ 1,220	$ 0	$ 3,546,838	$ 10,523	$ (1,248,273)	$ 343,043

COMPENSATION - Schedule of Share-Based Awards (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 29.60	$ 30.71	$ 33.06
Granted (in dollars per share)	27.27	27.41	27.55
Vested (in dollars per share)	29.99	32.55	32.52
Forfeited (in dollars per share)	30.75	29.04	29.35
Ending balance (in dollars per share)	$ 28.89	$ 29.60	$ 30.71
Number of shares authorized	1,800
Share-based compensation, non-option, expected to vest (in shares)	1,100
Restricted Stock Awards
Shares
Beginning balance (in shares)	770	837	349
Granted (in shares)	162	152	663
Vested (in shares)	(393)	(164)	(151)
Forfeited (in shares)	(10)	(55)	(24)
Ending balance (in shares)	529	770	837
Performance stock awards
Shares
Beginning balance (in shares)	1,136	974	905
Granted (in shares)	308	344	131
Vested (in shares)	(129)	(181)	(62)
Forfeited (in shares)	0	(1)	0
Ending balance (in shares)	1,315	1,136	974

RELATED PARTY TRANSACTIONS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Fees and management income	$ 9,646	$ 11,541	$ 10,335
Insurance premiums
Related Party Transaction [Line Items]
Fees and management income	3,428	3,232	3,149
Related Party \| Recurring fees
Related Party Transaction [Line Items]
Fees and management income	3,894	3,962	4,345
Related Party \| Realized performance income
Related Party Transaction [Line Items]
Fees and management income	75	2,742	675
Related Party \| Transactional revenue and reimbursements
Related Party Transaction [Line Items]
Fees and management income	$ 2,249	$ 1,605	$ 2,166

- 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

REAL ESTATE ACTIVITY

12 Months Ended

Dec. 31, 2023

Real Estate Investments, Net [Abstract]

REAL ESTATE ACTIVITY


4. REAL ESTATE ACTIVITY

Acquisitions—The following table summarizes our real estate acquisition activity for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		2021
Number of properties acquired	11		7		9
Number of outparcels acquired(1)	3		4		5
Contract price	$	278,480	$	280,515	$	307,551
Total price of acquisitions(2)	270,262		282,000		308,358

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

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

The aggregate purchase price of the assets acquired during the years ended December 31, 2023 and 2022 were allocated as follows (in thousands):


	2023		2022
ASSETS
Land and improvements	$	80,701	$	87,762
Building and improvements	180,155		180,365
In-place lease assets	26,690		24,408
Above-market lease assets	2,688		3,903
Below-market debt	444		—
Total assets	290,678		296,438

LIABILITIES
Debt obligations, net	9,614		—
Below-market lease liabilities	10,802		14,438
Total liabilities	20,416		14,438

Net assets acquired	$	270,262	$	282,000

The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles and below-market debt acquired during the years ended December 31, 2023 and 2022 are as follows (in years):


	2023	2022
Acquired in-place leases	12	12
Acquired above-market leases	9	8
Acquired below-market leases	18	21
Assumed below-market debt	2	—

Property Dispositions—The following table summarizes our real estate disposition activity for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		2021
Number of properties sold(1)	1		4		24
Number of outparcels sold(2)(3)	2		4		4
Contract price	$	6,250	$	53,987	$	216,052
Proceeds from sale of real estate, net(4)(5)	7,208		52,019		206,377
Gain on sale of property, net(5)(6)	1,110		7,517		34,309

(1)We retained one outparcel related to a property sale during the year ended December 31, 2021 and therefore the sale did not result in a reduction in our total property count.

(2)During the year ended December 31, 2021, our outparcel sales included: (i) the only remaining portion of one of our properties, which resulted in a reduction in our total property count; and (ii) an undeveloped parcel of land, as well as two outparcels adjacent to two of our centers, none of which resulted in a reduction in our total property count.

(3)In addition to the four outparcels sold during the year ended December 31, 2021, a tenant at one of our properties exercised a bargain purchase option to acquire a parcel of land that we previously owned. This generated minimal proceeds for us.

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

(5)Activity for the year ended December 31, 2023 includes land acquired from us by local authorities.

(6)During the year ended December 31, 2021, Gain on Disposal of Property, Net on the consolidated statements of operations includes miscellaneous write-off activity, which is not included in gain on sale of property, net, presented above.

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 $1.0 million (net of deductibles and self-insurance of $1.7 million) collected in 2023. As of December 31, 2022, we had a receivable balance of $1.0 million, which was recorded in Other Assets, Net on our consolidated balance sheets.

DEBT OBLIGATIONS - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 28,123
2025	277,636
2026	584,658
2027	523,595
2028	17,367
Thereafter	555,048
Total	1,986,427
Unsecured debt
Debt Instrument [Line Items]
2024	0
2025	240,000
2026	582,750
2027	323,000
2028	0
Thereafter	350,000
Total	1,495,750
Secured loan facilities
Debt Instrument [Line Items]
2024	28,123
2025	37,636
2026	1,908
2027	200,595
2028	17,367
Thereafter	205,048
Total	$ 490,677

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 490,677
Initial cost, land and improvements	1,685,276
Initial cost, buildings and improvements	3,458,965
Costs capitalized subsequent to acquisition, carrying costs	442,430
Carrying amount, land and improvements	1,768,487
Carrying amount, buildings and improvements	3,818,184
Carrying amount, total	5,586,671	$ 5,246,279	$ 4,942,426
Accumulated depreciation	1,186,630	$ 1,001,863	$ 834,123
Federal income tax basis	5,500,000
Lakeside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land and improvements	4,104
Initial cost, buildings and improvements	6,432
Costs capitalized subsequent to acquisition, carrying costs	1,449
Carrying amount, land and improvements	4,490
Carrying amount, buildings and improvements	7,495
Carrying amount, total	11,985
Accumulated depreciation	$ 4,490
Date acquired	Dec. 15, 2010
Snow View Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,344
Initial cost, buildings and improvements	5,247
Costs capitalized subsequent to acquisition, carrying costs	1,066
Carrying amount, land and improvements	3,591
Carrying amount, buildings and improvements	6,066
Carrying amount, total	9,657
Accumulated depreciation	$ 3,539
Date acquired	Nov. 23, 2011
St. Charles Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,090
Initial cost, buildings and improvements	4,399
Costs capitalized subsequent to acquisition, carrying costs	829
Carrying amount, land and improvements	4,437
Carrying amount, buildings and improvements	4,881
Carrying amount, total	9,318
Accumulated depreciation	$ 3,622
Date acquired	Nov. 23, 2011
Burwood Village Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,448
Initial cost, buildings and improvements	10,167
Costs capitalized subsequent to acquisition, carrying costs	714
Carrying amount, land and improvements	5,809
Carrying amount, buildings and improvements	10,520
Carrying amount, total	16,329
Accumulated depreciation	$ 6,336
Date acquired	Nov. 23, 2011
Centerpoint
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,750
Initial cost, buildings and improvements	4,361
Costs capitalized subsequent to acquisition, carrying costs	1,627
Carrying amount, land and improvements	3,441
Carrying amount, buildings and improvements	5,297
Carrying amount, total	8,738
Accumulated depreciation	$ 3,162
Date acquired	Nov. 23, 2011
Southampton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,046
Initial cost, buildings and improvements	5,788
Costs capitalized subsequent to acquisition, carrying costs	1,559
Carrying amount, land and improvements	3,439
Carrying amount, buildings and improvements	6,954
Carrying amount, total	10,393
Accumulated depreciation	$ 3,496
Date acquired	Nov. 23, 2011
Cureton Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,569
Initial cost, buildings and improvements	6,197
Costs capitalized subsequent to acquisition, carrying costs	2,726
Carrying amount, land and improvements	5,954
Carrying amount, buildings and improvements	9,538
Carrying amount, total	15,492
Accumulated depreciation	$ 5,640
Date acquired	Dec. 29, 2011
Tramway Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,016
Initial cost, buildings and improvements	3,071
Costs capitalized subsequent to acquisition, carrying costs	1,081
Carrying amount, land and improvements	2,650
Carrying amount, buildings and improvements	3,518
Carrying amount, total	6,168
Accumulated depreciation	$ 2,555
Date acquired	Feb. 23, 2012
Village At Glynn Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,812
Initial cost, buildings and improvements	7,368
Costs capitalized subsequent to acquisition, carrying costs	1,878
Carrying amount, land and improvements	6,078
Carrying amount, buildings and improvements	8,980
Carrying amount, total	15,058
Accumulated depreciation	$ 5,123
Date acquired	Apr. 27, 2012
Meadowthorpe Manor Shoppes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,093
Initial cost, buildings and improvements	4,185
Costs capitalized subsequent to acquisition, carrying costs	2,209
Carrying amount, land and improvements	4,636
Carrying amount, buildings and improvements	5,851
Carrying amount, total	10,487
Accumulated depreciation	$ 2,953
Date acquired	May 09, 2012
Brentwood Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,105
Initial cost, buildings and improvements	8,024
Costs capitalized subsequent to acquisition, carrying costs	2,525
Carrying amount, land and improvements	6,350
Carrying amount, buildings and improvements	10,304
Carrying amount, total	16,654
Accumulated depreciation	$ 5,376
Date acquired	Jul. 05, 2012
Sidney Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,429
Initial cost, buildings and improvements	3,802
Costs capitalized subsequent to acquisition, carrying costs	1,748
Carrying amount, land and improvements	2,209
Carrying amount, buildings and improvements	4,770
Carrying amount, total	6,979
Accumulated depreciation	$ 3,382
Date acquired	Aug. 02, 2012
Broadway Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,979
Initial cost, buildings and improvements	7,169
Costs capitalized subsequent to acquisition, carrying costs	2,992
Carrying amount, land and improvements	6,187
Carrying amount, buildings and improvements	8,953
Carrying amount, total	15,140
Accumulated depreciation	$ 5,196
Date acquired	Aug. 13, 2012
Baker Hill
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,068
Initial cost, buildings and improvements	13,738
Costs capitalized subsequent to acquisition, carrying costs	10,185
Carrying amount, land and improvements	7,731
Carrying amount, buildings and improvements	23,260
Carrying amount, total	30,991
Accumulated depreciation	$ 11,588
Date acquired	Sep. 06, 2012
New Prague Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,248
Initial cost, buildings and improvements	6,604
Costs capitalized subsequent to acquisition, carrying costs	3,149
Carrying amount, land and improvements	3,447
Carrying amount, buildings and improvements	9,554
Carrying amount, total	13,001
Accumulated depreciation	$ 5,576
Date acquired	Oct. 12, 2012
Heron Creek Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,062
Initial cost, buildings and improvements	4,082
Costs capitalized subsequent to acquisition, carrying costs	966
Carrying amount, land and improvements	4,359
Carrying amount, buildings and improvements	4,751
Carrying amount, total	9,110
Accumulated depreciation	$ 2,719
Date acquired	Dec. 17, 2012
Quartz Hill Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,740
Initial cost, land and improvements	6,689
Initial cost, buildings and improvements	13,529
Costs capitalized subsequent to acquisition, carrying costs	1,285
Carrying amount, land and improvements	7,317
Carrying amount, buildings and improvements	14,186
Carrying amount, total	21,503
Accumulated depreciation	$ 6,850
Date acquired	Dec. 27, 2012
Village One Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,700
Initial cost, land and improvements	5,166
Initial cost, buildings and improvements	18,752
Costs capitalized subsequent to acquisition, carrying costs	980
Carrying amount, land and improvements	5,533
Carrying amount, buildings and improvements	19,365
Carrying amount, total	24,898
Accumulated depreciation	$ 8,736
Date acquired	Dec. 28, 2012
Hilfiker Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,879
Initial cost, buildings and improvements	4,750
Costs capitalized subsequent to acquisition, carrying costs	166
Carrying amount, land and improvements	3,004
Carrying amount, buildings and improvements	4,791
Carrying amount, total	7,795
Accumulated depreciation	$ 2,311
Date acquired	Dec. 28, 2012
Butler Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,925
Initial cost, buildings and improvements	6,129
Costs capitalized subsequent to acquisition, carrying costs	3,745
Carrying amount, land and improvements	4,377
Carrying amount, buildings and improvements	9,422
Carrying amount, total	13,799
Accumulated depreciation	$ 4,251
Date acquired	Jan. 15, 2013
Fairview Oaks
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,430
Initial cost, land and improvements	3,563
Initial cost, buildings and improvements	5,266
Costs capitalized subsequent to acquisition, carrying costs	1,408
Carrying amount, land and improvements	3,931
Carrying amount, buildings and improvements	6,306
Carrying amount, total	10,237
Accumulated depreciation	$ 3,245
Date acquired	Jan. 15, 2013
Grassland Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,680
Initial cost, buildings and improvements	5,791
Costs capitalized subsequent to acquisition, carrying costs	1,305
Carrying amount, land and improvements	3,864
Carrying amount, buildings and improvements	6,912
Carrying amount, total	10,776
Accumulated depreciation	$ 3,477
Date acquired	Jan. 15, 2013
Hamilton Ridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,772
Initial cost, buildings and improvements	7,168
Costs capitalized subsequent to acquisition, carrying costs	2,868
Carrying amount, land and improvements	5,122
Carrying amount, buildings and improvements	9,686
Carrying amount, total	14,808
Accumulated depreciation	$ 4,498
Date acquired	Jan. 15, 2013
Mableton Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,426
Initial cost, buildings and improvements	6,413
Costs capitalized subsequent to acquisition, carrying costs	1,481
Carrying amount, land and improvements	4,913
Carrying amount, buildings and improvements	7,407
Carrying amount, total	12,320
Accumulated depreciation	$ 4,039
Date acquired	Jan. 15, 2013
Shops at Westridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,788
Initial cost, buildings and improvements	3,901
Costs capitalized subsequent to acquisition, carrying costs	2,123
Carrying amount, land and improvements	2,973
Carrying amount, buildings and improvements	5,839
Carrying amount, total	8,812
Accumulated depreciation	$ 2,903
Date acquired	Jan. 15, 2013
Fairlawn Town Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,000
Initial cost, land and improvements	10,398
Initial cost, buildings and improvements	29,005
Costs capitalized subsequent to acquisition, carrying costs	5,155
Carrying amount, land and improvements	11,658
Carrying amount, buildings and improvements	32,900
Carrying amount, total	44,558
Accumulated depreciation	$ 16,684
Date acquired	Jan. 30, 2013
Macland Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,493
Initial cost, buildings and improvements	5,364
Costs capitalized subsequent to acquisition, carrying costs	1,470
Carrying amount, land and improvements	3,975
Carrying amount, buildings and improvements	6,352
Carrying amount, total	10,327
Accumulated depreciation	$ 3,691
Date acquired	Feb. 13, 2013
Kleinwood Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	11,478
Initial cost, buildings and improvements	18,954
Costs capitalized subsequent to acquisition, carrying costs	1,341
Carrying amount, land and improvements	11,797
Carrying amount, buildings and improvements	19,976
Carrying amount, total	31,773
Accumulated depreciation	$ 10,386
Date acquired	Mar. 21, 2013
Murray Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,750
Initial cost, land and improvements	3,221
Initial cost, buildings and improvements	6,856
Costs capitalized subsequent to acquisition, carrying costs	2,335
Carrying amount, land and improvements	3,804
Carrying amount, buildings and improvements	8,608
Carrying amount, total	12,412
Accumulated depreciation	$ 4,095
Date acquired	Mar. 21, 2013
Vineyard Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,761
Initial cost, buildings and improvements	4,221
Costs capitalized subsequent to acquisition, carrying costs	642
Carrying amount, land and improvements	3,062
Carrying amount, buildings and improvements	4,562
Carrying amount, total	7,624
Accumulated depreciation	$ 2,618
Date acquired	Mar. 21, 2013
Lutz Lake Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,636
Initial cost, buildings and improvements	6,600
Costs capitalized subsequent to acquisition, carrying costs	1,066
Carrying amount, land and improvements	3,031
Carrying amount, buildings and improvements	7,271
Carrying amount, total	10,302
Accumulated depreciation	$ 3,358
Date acquired	Apr. 04, 2013
Publix at Seven Hills
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,171
Initial cost, buildings and improvements	5,642
Costs capitalized subsequent to acquisition, carrying costs	1,378
Carrying amount, land and improvements	2,518
Carrying amount, buildings and improvements	6,673
Carrying amount, total	9,191
Accumulated depreciation	$ 3,110
Date acquired	Apr. 04, 2013
Hartville Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,069
Initial cost, buildings and improvements	3,691
Costs capitalized subsequent to acquisition, carrying costs	1,963
Carrying amount, land and improvements	2,493
Carrying amount, buildings and improvements	5,230
Carrying amount, total	7,723
Accumulated depreciation	$ 2,770
Date acquired	Apr. 23, 2013
Sunset Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,410
Initial cost, land and improvements	7,933
Initial cost, buildings and improvements	14,939
Costs capitalized subsequent to acquisition, carrying costs	3,128
Carrying amount, land and improvements	8,246
Carrying amount, buildings and improvements	17,754
Carrying amount, total	26,000
Accumulated depreciation	$ 7,583
Date acquired	May 31, 2013
Savage Town Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,000
Initial cost, land and improvements	4,106
Initial cost, buildings and improvements	9,409
Costs capitalized subsequent to acquisition, carrying costs	481
Carrying amount, land and improvements	4,422
Carrying amount, buildings and improvements	9,574
Carrying amount, total	13,996
Accumulated depreciation	$ 4,910
Date acquired	Jun. 19, 2013
Glenwood Crossings
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,872
Initial cost, buildings and improvements	9,914
Costs capitalized subsequent to acquisition, carrying costs	1,289
Carrying amount, land and improvements	2,418
Carrying amount, buildings and improvements	10,657
Carrying amount, total	13,075
Accumulated depreciation	$ 4,734
Date acquired	Jun. 27, 2013
Shiloh Square Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,685
Initial cost, buildings and improvements	8,729
Costs capitalized subsequent to acquisition, carrying costs	2,474
Carrying amount, land and improvements	4,864
Carrying amount, buildings and improvements	11,024
Carrying amount, total	15,888
Accumulated depreciation	$ 4,835
Date acquired	Jun. 27, 2013
Pavilions at San Mateo
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,470
Initial cost, buildings and improvements	18,726
Costs capitalized subsequent to acquisition, carrying costs	2,486
Carrying amount, land and improvements	7,024
Carrying amount, buildings and improvements	20,658
Carrying amount, total	27,682
Accumulated depreciation	$ 9,264
Date acquired	Jun. 27, 2013
Boronda Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,750
Initial cost, land and improvements	9,027
Initial cost, buildings and improvements	11,870
Costs capitalized subsequent to acquisition, carrying costs	728
Carrying amount, land and improvements	9,374
Carrying amount, buildings and improvements	12,251
Carrying amount, total	21,625
Accumulated depreciation	$ 5,744
Date acquired	Jul. 03, 2013
Westwoods Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,706
Initial cost, buildings and improvements	11,115
Costs capitalized subsequent to acquisition, carrying costs	1,340
Carrying amount, land and improvements	4,594
Carrying amount, buildings and improvements	11,567
Carrying amount, total	16,161
Accumulated depreciation	$ 5,530
Date acquired	Aug. 08, 2013
Paradise Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,204
Initial cost, buildings and improvements	6,064
Costs capitalized subsequent to acquisition, carrying costs	1,044
Carrying amount, land and improvements	2,535
Carrying amount, buildings and improvements	6,777
Carrying amount, total	9,312
Accumulated depreciation	$ 3,178
Date acquired	Aug. 13, 2013
Contra Loma Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,018
Initial cost, buildings and improvements	3,926
Costs capitalized subsequent to acquisition, carrying costs	2,036
Carrying amount, land and improvements	3,758
Carrying amount, buildings and improvements	5,222
Carrying amount, total	8,980
Accumulated depreciation	$ 2,269
Date acquired	Aug. 19, 2013
South Oaks Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,938
Initial cost, buildings and improvements	6,634
Costs capitalized subsequent to acquisition, carrying costs	2,680
Carrying amount, land and improvements	2,186
Carrying amount, buildings and improvements	9,066
Carrying amount, total	11,252
Accumulated depreciation	$ 3,483
Date acquired	Aug. 21, 2013
Yorktown Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,736
Initial cost, buildings and improvements	15,396
Costs capitalized subsequent to acquisition, carrying costs	2,995
Carrying amount, land and improvements	4,590
Carrying amount, buildings and improvements	17,537
Carrying amount, total	22,127
Accumulated depreciation	$ 8,851
Date acquired	Aug. 30, 2013
Dyer Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,071
Initial cost, land and improvements	6,017
Initial cost, buildings and improvements	10,214
Costs capitalized subsequent to acquisition, carrying costs	912
Carrying amount, land and improvements	6,499
Carrying amount, buildings and improvements	10,644
Carrying amount, total	17,143
Accumulated depreciation	$ 5,354
Date acquired	Sep. 04, 2013
East Burnside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,484
Initial cost, buildings and improvements	5,422
Costs capitalized subsequent to acquisition, carrying costs	186
Carrying amount, land and improvements	2,601
Carrying amount, buildings and improvements	5,491
Carrying amount, total	8,092
Accumulated depreciation	$ 2,068
Date acquired	Sep. 12, 2013
Red Maple Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,584
Initial cost, land and improvements	9,250
Initial cost, buildings and improvements	19,466
Costs capitalized subsequent to acquisition, carrying costs	783
Carrying amount, land and improvements	9,656
Carrying amount, buildings and improvements	19,843
Carrying amount, total	29,499
Accumulated depreciation	$ 7,876
Date acquired	Sep. 18, 2013
Crystal Beach Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,360
Initial cost, land and improvements	2,334
Initial cost, buildings and improvements	7,918
Costs capitalized subsequent to acquisition, carrying costs	794
Carrying amount, land and improvements	2,488
Carrying amount, buildings and improvements	8,558
Carrying amount, total	11,046
Accumulated depreciation	$ 3,945
Date acquired	Sep. 25, 2013
CitiCentre Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	770
Initial cost, buildings and improvements	2,530
Costs capitalized subsequent to acquisition, carrying costs	605
Carrying amount, land and improvements	1,071
Carrying amount, buildings and improvements	2,834
Carrying amount, total	3,905
Accumulated depreciation	$ 1,343
Date acquired	Oct. 02, 2013
Duck Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,612
Initial cost, buildings and improvements	13,007
Costs capitalized subsequent to acquisition, carrying costs	1,866
Carrying amount, land and improvements	5,239
Carrying amount, buildings and improvements	14,246
Carrying amount, total	19,485
Accumulated depreciation	$ 5,860
Date acquired	Oct. 08, 2013
Cahill Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,587
Initial cost, buildings and improvements	5,114
Costs capitalized subsequent to acquisition, carrying costs	979
Carrying amount, land and improvements	2,990
Carrying amount, buildings and improvements	5,690
Carrying amount, total	8,680
Accumulated depreciation	$ 2,824
Date acquired	Oct. 09, 2013
College Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,460
Initial cost, buildings and improvements	17,772
Costs capitalized subsequent to acquisition, carrying costs	6,054
Carrying amount, land and improvements	5,151
Carrying amount, buildings and improvements	23,135
Carrying amount, total	28,286
Accumulated depreciation	$ 8,049
Date acquired	Oct. 22, 2013
Courthouse Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,650
Initial cost, land and improvements	6,130
Initial cost, buildings and improvements	8,061
Costs capitalized subsequent to acquisition, carrying costs	1,746
Carrying amount, land and improvements	6,403
Carrying amount, buildings and improvements	9,534
Carrying amount, total	15,937
Accumulated depreciation	$ 4,368
Date acquired	Oct. 25, 2013
Hastings Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,980
Initial cost, buildings and improvements	10,045
Costs capitalized subsequent to acquisition, carrying costs	1,220
Carrying amount, land and improvements	4,532
Carrying amount, buildings and improvements	10,713
Carrying amount, total	15,245
Accumulated depreciation	$ 5,026
Date acquired	Nov. 06, 2013
Coquina Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,458
Initial cost, buildings and improvements	11,770
Costs capitalized subsequent to acquisition, carrying costs	1,359
Carrying amount, land and improvements	9,798
Carrying amount, buildings and improvements	12,789
Carrying amount, total	22,587
Accumulated depreciation	$ 5,363
Date acquired	Nov. 07, 2013
Shoppes of Paradise Lakes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,811
Initial cost, buildings and improvements	6,020
Costs capitalized subsequent to acquisition, carrying costs	1,103
Carrying amount, land and improvements	6,156
Carrying amount, buildings and improvements	6,778
Carrying amount, total	12,934
Accumulated depreciation	$ 3,182
Date acquired	Nov. 07, 2013
Collington Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,207
Initial cost, buildings and improvements	15,142
Costs capitalized subsequent to acquisition, carrying costs	2,162
Carrying amount, land and improvements	12,605
Carrying amount, buildings and improvements	16,906
Carrying amount, total	29,511
Accumulated depreciation	$ 7,123
Date acquired	Nov. 21, 2013
Golden Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,711
Initial cost, land and improvements	7,065
Initial cost, buildings and improvements	10,166
Costs capitalized subsequent to acquisition, carrying costs	2,016
Carrying amount, land and improvements	7,721
Carrying amount, buildings and improvements	11,526
Carrying amount, total	19,247
Accumulated depreciation	$ 5,630
Date acquired	Nov. 22, 2013
Northstar Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,810
Initial cost, buildings and improvements	9,204
Costs capitalized subsequent to acquisition, carrying costs	3,662
Carrying amount, land and improvements	3,023
Carrying amount, buildings and improvements	12,653
Carrying amount, total	15,676
Accumulated depreciation	$ 4,487
Date acquired	Nov. 27, 2013
Bear Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,677
Initial cost, buildings and improvements	17,611
Costs capitalized subsequent to acquisition, carrying costs	1,737
Carrying amount, land and improvements	5,894
Carrying amount, buildings and improvements	19,131
Carrying amount, total	25,025
Accumulated depreciation	$ 8,770
Date acquired	Dec. 18, 2013
East Side Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	394
Initial cost, buildings and improvements	963
Costs capitalized subsequent to acquisition, carrying costs	187
Carrying amount, land and improvements	412
Carrying amount, buildings and improvements	1,132
Carrying amount, total	1,544
Accumulated depreciation	$ 540
Date acquired	Dec. 18, 2013
Flag City Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,685
Initial cost, buildings and improvements	9,630
Costs capitalized subsequent to acquisition, carrying costs	3,699
Carrying amount, land and improvements	4,993
Carrying amount, buildings and improvements	13,021
Carrying amount, total	18,014
Accumulated depreciation	$ 5,240
Date acquired	Dec. 18, 2013
Town & Country Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,480
Initial cost, land and improvements	7,361
Initial cost, buildings and improvements	16,269
Costs capitalized subsequent to acquisition, carrying costs	505
Carrying amount, land and improvements	7,456
Carrying amount, buildings and improvements	16,679
Carrying amount, total	24,135
Accumulated depreciation	$ 7,746
Date acquired	Dec. 18, 2013
Sulphur Grove
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	553
Initial cost, buildings and improvements	2,142
Costs capitalized subsequent to acquisition, carrying costs	789
Carrying amount, land and improvements	611
Carrying amount, buildings and improvements	2,873
Carrying amount, total	3,484
Accumulated depreciation	$ 1,145
Date acquired	Dec. 18, 2013
Southgate Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,434
Initial cost, buildings and improvements	8,358
Costs capitalized subsequent to acquisition, carrying costs	1,795
Carrying amount, land and improvements	2,977
Carrying amount, buildings and improvements	9,610
Carrying amount, total	12,587
Accumulated depreciation	$ 4,604
Date acquired	Dec. 20, 2013
Sterling Pointe Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 24,073
Initial cost, land and improvements	7,039
Initial cost, buildings and improvements	20,822
Costs capitalized subsequent to acquisition, carrying costs	2,196
Carrying amount, land and improvements	7,733
Carrying amount, buildings and improvements	22,324
Carrying amount, total	30,057
Accumulated depreciation	$ 8,784
Date acquired	Dec. 20, 2013
Arcadia Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,774
Initial cost, buildings and improvements	6,904
Costs capitalized subsequent to acquisition, carrying costs	3,274
Carrying amount, land and improvements	6,118
Carrying amount, buildings and improvements	9,834
Carrying amount, total	15,952
Accumulated depreciation	$ 4,312
Date acquired	Dec. 30, 2013
Stop & Shop Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,892
Initial cost, buildings and improvements	15,028
Costs capitalized subsequent to acquisition, carrying costs	1,448
Carrying amount, land and improvements	9,401
Carrying amount, buildings and improvements	15,967
Carrying amount, total	25,368
Accumulated depreciation	$ 7,373
Date acquired	Dec. 30, 2013
Fairacres Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,543
Initial cost, buildings and improvements	5,189
Costs capitalized subsequent to acquisition, carrying costs	1,315
Carrying amount, land and improvements	4,057
Carrying amount, buildings and improvements	5,990
Carrying amount, total	10,047
Accumulated depreciation	$ 3,126
Date acquired	Jan. 21, 2014
Savoy Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,304
Initial cost, buildings and improvements	10,895
Costs capitalized subsequent to acquisition, carrying costs	946
Carrying amount, land and improvements	4,789
Carrying amount, buildings and improvements	11,356
Carrying amount, total	16,145
Accumulated depreciation	$ 5,742
Date acquired	Jan. 31, 2014
The Shops of Uptown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,744
Initial cost, buildings and improvements	16,884
Costs capitalized subsequent to acquisition, carrying costs	2,135
Carrying amount, land and improvements	8,182
Carrying amount, buildings and improvements	18,581
Carrying amount, total	26,763
Accumulated depreciation	$ 6,919
Date acquired	Feb. 25, 2014
Chapel Hill North Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,746
Initial cost, land and improvements	4,776
Initial cost, buildings and improvements	10,189
Costs capitalized subsequent to acquisition, carrying costs	1,897
Carrying amount, land and improvements	5,173
Carrying amount, buildings and improvements	11,689
Carrying amount, total	16,862
Accumulated depreciation	$ 5,537
Date acquired	Feb. 28, 2014
Coppell Market Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,870
Initial cost, buildings and improvements	12,236
Costs capitalized subsequent to acquisition, carrying costs	511
Carrying amount, land and improvements	5,142
Carrying amount, buildings and improvements	12,475
Carrying amount, total	17,617
Accumulated depreciation	$ 5,301
Date acquired	Mar. 05, 2014
Winchester Gateway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,342
Initial cost, buildings and improvements	23,468
Costs capitalized subsequent to acquisition, carrying costs	2,436
Carrying amount, land and improvements	9,658
Carrying amount, buildings and improvements	25,588
Carrying amount, total	35,246
Accumulated depreciation	$ 10,856
Date acquired	Mar. 05, 2014
Stonewall Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,929
Initial cost, buildings and improvements	16,642
Costs capitalized subsequent to acquisition, carrying costs	1,164
Carrying amount, land and improvements	8,137
Carrying amount, buildings and improvements	17,598
Carrying amount, total	25,735
Accumulated depreciation	$ 7,675
Date acquired	Mar. 05, 2014
Town Fair Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,108
Initial cost, buildings and improvements	14,411
Costs capitalized subsequent to acquisition, carrying costs	5,576
Carrying amount, land and improvements	8,957
Carrying amount, buildings and improvements	19,138
Carrying amount, total	28,095
Accumulated depreciation	$ 8,703
Date acquired	Mar. 12, 2014
Villages at Eagles Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,824
Initial cost, buildings and improvements	5,515
Costs capitalized subsequent to acquisition, carrying costs	1,240
Carrying amount, land and improvements	3,365
Carrying amount, buildings and improvements	6,214
Carrying amount, total	9,579
Accumulated depreciation	$ 3,368
Date acquired	Mar. 13, 2014
ChampionsGate Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,814
Initial cost, buildings and improvements	6,060
Costs capitalized subsequent to acquisition, carrying costs	1,107
Carrying amount, land and improvements	2,075
Carrying amount, buildings and improvements	6,906
Carrying amount, total	8,981
Accumulated depreciation	$ 2,995
Date acquired	Mar. 14, 2014
Towne Centre at Wesley Chapel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,466
Initial cost, buildings and improvements	5,553
Costs capitalized subsequent to acquisition, carrying costs	1,012
Carrying amount, land and improvements	2,776
Carrying amount, buildings and improvements	6,255
Carrying amount, total	9,031
Accumulated depreciation	$ 2,623
Date acquired	Mar. 14, 2014
Statler Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,108
Initial cost, buildings and improvements	9,072
Costs capitalized subsequent to acquisition, carrying costs	1,288
Carrying amount, land and improvements	4,695
Carrying amount, buildings and improvements	9,773
Carrying amount, total	14,468
Accumulated depreciation	$ 4,566
Date acquired	Mar. 21, 2014
Burbank Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,972
Initial cost, buildings and improvements	4,546
Costs capitalized subsequent to acquisition, carrying costs	3,965
Carrying amount, land and improvements	3,705
Carrying amount, buildings and improvements	7,778
Carrying amount, total	11,483
Accumulated depreciation	$ 3,644
Date acquired	Mar. 25, 2014
Hamilton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,682
Initial cost, buildings and improvements	19,103
Costs capitalized subsequent to acquisition, carrying costs	5,816
Carrying amount, land and improvements	13,293
Carrying amount, buildings and improvements	24,308
Carrying amount, total	37,601
Accumulated depreciation	$ 10,968
Date acquired	Apr. 03, 2014
Waynesboro Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,597
Initial cost, buildings and improvements	8,334
Costs capitalized subsequent to acquisition, carrying costs	332
Carrying amount, land and improvements	5,814
Carrying amount, buildings and improvements	8,449
Carrying amount, total	14,263
Accumulated depreciation	$ 4,243
Date acquired	Apr. 30, 2014
Southwest Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	16,018
Initial cost, buildings and improvements	11,270
Costs capitalized subsequent to acquisition, carrying costs	3,251
Carrying amount, land and improvements	16,337
Carrying amount, buildings and improvements	14,202
Carrying amount, total	30,539
Accumulated depreciation	$ 6,660
Date acquired	May 05, 2014
Hampton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,456
Initial cost, buildings and improvements	7,254
Costs capitalized subsequent to acquisition, carrying costs	4,432
Carrying amount, land and improvements	6,081
Carrying amount, buildings and improvements	11,061
Carrying amount, total	17,142
Accumulated depreciation	$ 5,521
Date acquired	May 21, 2014
Central Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,095
Initial cost, land and improvements	6,143
Initial cost, buildings and improvements	6,932
Costs capitalized subsequent to acquisition, carrying costs	3,077
Carrying amount, land and improvements	6,723
Carrying amount, buildings and improvements	9,429
Carrying amount, total	16,152
Accumulated depreciation	$ 4,282
Date acquired	May 23, 2014
Kirkwood Market Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,786
Initial cost, buildings and improvements	9,697
Costs capitalized subsequent to acquisition, carrying costs	1,760
Carrying amount, land and improvements	6,054
Carrying amount, buildings and improvements	11,189
Carrying amount, total	17,243
Accumulated depreciation	$ 4,569
Date acquired	May 23, 2014
Fairview Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,786
Initial cost, buildings and improvements	8,500
Costs capitalized subsequent to acquisition, carrying costs	638
Carrying amount, land and improvements	3,174
Carrying amount, buildings and improvements	8,750
Carrying amount, total	11,924
Accumulated depreciation	$ 3,380
Date acquired	May 27, 2014
Broadway Promenade
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,831
Initial cost, buildings and improvements	6,795
Costs capitalized subsequent to acquisition, carrying costs	1,092
Carrying amount, land and improvements	4,239
Carrying amount, buildings and improvements	7,479
Carrying amount, total	11,718
Accumulated depreciation	$ 2,853
Date acquired	May 28, 2014
Townfair Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,007
Initial cost, buildings and improvements	13,233
Costs capitalized subsequent to acquisition, carrying costs	1,432
Carrying amount, land and improvements	7,357
Carrying amount, buildings and improvements	14,315
Carrying amount, total	21,672
Accumulated depreciation	$ 7,026
Date acquired	May 29, 2014
Heath Brook Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,930
Initial cost, land and improvements	3,470
Initial cost, buildings and improvements	8,352
Costs capitalized subsequent to acquisition, carrying costs	1,140
Carrying amount, land and improvements	3,759
Carrying amount, buildings and improvements	9,203
Carrying amount, total	12,962
Accumulated depreciation	$ 3,836
Date acquired	May 30, 2014
The Orchards
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,425
Initial cost, buildings and improvements	8,743
Costs capitalized subsequent to acquisition, carrying costs	647
Carrying amount, land and improvements	5,819
Carrying amount, buildings and improvements	8,996
Carrying amount, total	14,815
Accumulated depreciation	$ 4,111
Date acquired	Jun. 03, 2014
Shaw's Plaza Hanover
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,826
Initial cost, buildings and improvements	5,314
Costs capitalized subsequent to acquisition, carrying costs	10
Carrying amount, land and improvements	2,826
Carrying amount, buildings and improvements	5,324
Carrying amount, total	8,150
Accumulated depreciation	$ 2,200
Date acquired	Jun. 23, 2014
Shaw's Plaza Easton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,520
Initial cost, buildings and improvements	7,173
Costs capitalized subsequent to acquisition, carrying costs	967
Carrying amount, land and improvements	5,897
Carrying amount, buildings and improvements	7,763
Carrying amount, total	13,660
Accumulated depreciation	$ 3,481
Date acquired	Jun. 23, 2014
Lynnwood Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,341
Initial cost, buildings and improvements	4,826
Costs capitalized subsequent to acquisition, carrying costs	1,150
Carrying amount, land and improvements	3,814
Carrying amount, buildings and improvements	5,503
Carrying amount, total	9,317
Accumulated depreciation	$ 2,751
Date acquired	Jul. 28, 2014
Thompson Valley Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,758
Initial cost, buildings and improvements	17,387
Costs capitalized subsequent to acquisition, carrying costs	2,870
Carrying amount, land and improvements	6,432
Carrying amount, buildings and improvements	19,583
Carrying amount, total	26,015
Accumulated depreciation	$ 7,826
Date acquired	Aug. 01, 2014
Lumina Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,812
Initial cost, land and improvements	2,008
Initial cost, buildings and improvements	11,249
Costs capitalized subsequent to acquisition, carrying costs	1,647
Carrying amount, land and improvements	2,131
Carrying amount, buildings and improvements	12,773
Carrying amount, total	14,904
Accumulated depreciation	$ 4,561
Date acquired	Aug. 04, 2014
Driftwood Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,811
Initial cost, buildings and improvements	12,993
Costs capitalized subsequent to acquisition, carrying costs	1,794
Carrying amount, land and improvements	7,617
Carrying amount, buildings and improvements	13,981
Carrying amount, total	21,598
Accumulated depreciation	$ 5,632
Date acquired	Aug. 07, 2014
French Golden Gate
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,599
Initial cost, buildings and improvements	12,877
Costs capitalized subsequent to acquisition, carrying costs	2,479
Carrying amount, land and improvements	2,923
Carrying amount, buildings and improvements	15,032
Carrying amount, total	17,955
Accumulated depreciation	$ 5,209
Date acquired	Aug. 28, 2014
Orchard Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,361
Initial cost, buildings and improvements	11,550
Costs capitalized subsequent to acquisition, carrying costs	895
Carrying amount, land and improvements	1,638
Carrying amount, buildings and improvements	12,168
Carrying amount, total	13,806
Accumulated depreciation	$ 4,748
Date acquired	Sep. 08, 2014
Trader Joe's Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,745
Initial cost, land and improvements	2,338
Initial cost, buildings and improvements	7,922
Costs capitalized subsequent to acquisition, carrying costs	3,558
Carrying amount, land and improvements	2,941
Carrying amount, buildings and improvements	10,877
Carrying amount, total	13,818
Accumulated depreciation	$ 4,214
Date acquired	Sep. 11, 2014
Palmetto Pavilion
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,509
Initial cost, buildings and improvements	8,526
Costs capitalized subsequent to acquisition, carrying costs	1,421
Carrying amount, land and improvements	3,583
Carrying amount, buildings and improvements	8,873
Carrying amount, total	12,456
Accumulated depreciation	$ 3,546
Date acquired	Sep. 11, 2014
Five Town Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,912
Initial cost, buildings and improvements	19,635
Costs capitalized subsequent to acquisition, carrying costs	7,580
Carrying amount, land and improvements	10,497
Carrying amount, buildings and improvements	25,630
Carrying amount, total	36,127
Accumulated depreciation	$ 12,429
Date acquired	Sep. 24, 2014
Fairfield Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,572
Initial cost, buildings and improvements	10,026
Costs capitalized subsequent to acquisition, carrying costs	283
Carrying amount, land and improvements	3,722
Carrying amount, buildings and improvements	10,159
Carrying amount, total	13,881
Accumulated depreciation	$ 4,290
Date acquired	Oct. 24, 2014
Beavercreek Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	14,055
Initial cost, buildings and improvements	30,799
Costs capitalized subsequent to acquisition, carrying costs	4,853
Carrying amount, land and improvements	15,335
Carrying amount, buildings and improvements	34,372
Carrying amount, total	49,707
Accumulated depreciation	$ 15,283
Date acquired	Oct. 24, 2014
Grayson Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,952
Initial cost, buildings and improvements	5,620
Costs capitalized subsequent to acquisition, carrying costs	2,482
Carrying amount, land and improvements	4,290
Carrying amount, buildings and improvements	7,764
Carrying amount, total	12,054
Accumulated depreciation	$ 4,129
Date acquired	Oct. 24, 2014
The Fresh Market Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,442
Initial cost, buildings and improvements	4,941
Costs capitalized subsequent to acquisition, carrying costs	228
Carrying amount, land and improvements	2,535
Carrying amount, buildings and improvements	5,076
Carrying amount, total	7,611
Accumulated depreciation	$ 2,268
Date acquired	Oct. 28, 2014
Claremont Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,635
Initial cost, buildings and improvements	10,544
Costs capitalized subsequent to acquisition, carrying costs	1,776
Carrying amount, land and improvements	6,344
Carrying amount, buildings and improvements	11,611
Carrying amount, total	17,955
Accumulated depreciation	$ 4,815
Date acquired	Nov. 06, 2014
Cherry Hill Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,641
Initial cost, buildings and improvements	10,137
Costs capitalized subsequent to acquisition, carrying costs	3,068
Carrying amount, land and improvements	5,321
Carrying amount, buildings and improvements	12,525
Carrying amount, total	17,846
Accumulated depreciation	$ 6,122
Date acquired	Dec. 17, 2014
Nor'Wood Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,358
Initial cost, buildings and improvements	6,684
Costs capitalized subsequent to acquisition, carrying costs	950
Carrying amount, land and improvements	5,607
Carrying amount, buildings and improvements	7,385
Carrying amount, total	12,992
Accumulated depreciation	$ 3,857
Date acquired	Jan. 08, 2015
Sunburst Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,435
Initial cost, buildings and improvements	6,041
Costs capitalized subsequent to acquisition, carrying costs	3,095
Carrying amount, land and improvements	4,380
Carrying amount, buildings and improvements	8,191
Carrying amount, total	12,571
Accumulated depreciation	$ 3,701
Date acquired	Feb. 11, 2015
Rivermont Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,876
Initial cost, buildings and improvements	8,916
Costs capitalized subsequent to acquisition, carrying costs	5,098
Carrying amount, land and improvements	7,270
Carrying amount, buildings and improvements	13,620
Carrying amount, total	20,890
Accumulated depreciation	$ 6,446
Date acquired	Feb. 27, 2015
Breakfast Point Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,578
Initial cost, buildings and improvements	12,052
Costs capitalized subsequent to acquisition, carrying costs	902
Carrying amount, land and improvements	6,112
Carrying amount, buildings and improvements	12,420
Carrying amount, total	18,532
Accumulated depreciation	$ 5,369
Date acquired	Mar. 13, 2015
Falcon Valley
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,131
Initial cost, buildings and improvements	6,873
Costs capitalized subsequent to acquisition, carrying costs	418
Carrying amount, land and improvements	3,495
Carrying amount, buildings and improvements	6,927
Carrying amount, total	10,422
Accumulated depreciation	$ 3,287
Date acquired	Mar. 13, 2015
Kohl's Onalaska
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,670
Initial cost, buildings and improvements	5,648
Costs capitalized subsequent to acquisition, carrying costs	300
Carrying amount, land and improvements	2,670
Carrying amount, buildings and improvements	5,948
Carrying amount, total	8,618
Accumulated depreciation	$ 2,760
Date acquired	Mar. 13, 2015
Coronado Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,560
Initial cost, land and improvements	4,396
Initial cost, buildings and improvements	16,460
Costs capitalized subsequent to acquisition, carrying costs	5,230
Carrying amount, land and improvements	4,885
Carrying amount, buildings and improvements	21,201
Carrying amount, total	26,086
Accumulated depreciation	$ 7,254
Date acquired	May 01, 2015
West Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,459
Initial cost, buildings and improvements	6,131
Costs capitalized subsequent to acquisition, carrying costs	807
Carrying amount, land and improvements	3,654
Carrying amount, buildings and improvements	6,743
Carrying amount, total	10,397
Accumulated depreciation	$ 2,469
Date acquired	Jul. 10, 2015
Northwoods Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,092
Initial cost, buildings and improvements	14,437
Costs capitalized subsequent to acquisition, carrying costs	394
Carrying amount, land and improvements	10,194
Carrying amount, buildings and improvements	14,729
Carrying amount, total	24,923
Accumulated depreciation	$ 8,735
Date acquired	May 24, 2016
Murphy Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	28,651
Initial cost, buildings and improvements	33,122
Costs capitalized subsequent to acquisition, carrying costs	5,083
Carrying amount, land and improvements	29,449
Carrying amount, buildings and improvements	37,407
Carrying amount, total	66,856
Accumulated depreciation	$ 12,284
Date acquired	Jun. 24, 2016
Harbour Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,630
Initial cost, buildings and improvements	16,727
Costs capitalized subsequent to acquisition, carrying costs	4,117
Carrying amount, land and improvements	6,146
Carrying amount, buildings and improvements	20,328
Carrying amount, total	26,474
Accumulated depreciation	$ 6,548
Date acquired	Sep. 22, 2016
Oak Mill Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,843
Initial cost, buildings and improvements	13,692
Costs capitalized subsequent to acquisition, carrying costs	6,843
Carrying amount, land and improvements	7,617
Carrying amount, buildings and improvements	19,761
Carrying amount, total	27,378
Accumulated depreciation	$ 7,344
Date acquired	Oct. 03, 2016
Southern Palms
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,760
Initial cost, land and improvements	10,025
Initial cost, buildings and improvements	24,346
Costs capitalized subsequent to acquisition, carrying costs	4,812
Carrying amount, land and improvements	10,495
Carrying amount, buildings and improvements	28,688
Carrying amount, total	39,183
Accumulated depreciation	$ 11,201
Date acquired	Oct. 26, 2016
Golden Eagle Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,678
Initial cost, land and improvements	3,746
Initial cost, buildings and improvements	7,735
Costs capitalized subsequent to acquisition, carrying costs	911
Carrying amount, land and improvements	3,988
Carrying amount, buildings and improvements	8,404
Carrying amount, total	12,392
Accumulated depreciation	$ 3,059
Date acquired	Oct. 27, 2016
Atwater Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,116
Initial cost, buildings and improvements	7,597
Costs capitalized subsequent to acquisition, carrying costs	(11,465)
Carrying amount, land and improvements	417
Carrying amount, buildings and improvements	1,831
Carrying amount, total	2,248
Accumulated depreciation	$ 132
Date acquired	Feb. 10, 2017
Rocky Ridge Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 19,098
Initial cost, land and improvements	5,449
Initial cost, buildings and improvements	29,207
Costs capitalized subsequent to acquisition, carrying costs	1,105
Carrying amount, land and improvements	5,686
Carrying amount, buildings and improvements	30,075
Carrying amount, total	35,761
Accumulated depreciation	$ 7,991
Date acquired	Apr. 18, 2017
Greentree Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,955
Initial cost, buildings and improvements	8,718
Costs capitalized subsequent to acquisition, carrying costs	510
Carrying amount, land and improvements	3,076
Carrying amount, buildings and improvements	9,107
Carrying amount, total	12,183
Accumulated depreciation	$ 2,998
Date acquired	May 05, 2017
Sierra Del Oro Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,011
Initial cost, buildings and improvements	17,989
Costs capitalized subsequent to acquisition, carrying costs	2,365
Carrying amount, land and improvements	9,481
Carrying amount, buildings and improvements	19,884
Carrying amount, total	29,365
Accumulated depreciation	$ 6,165
Date acquired	Jun. 20, 2017
Birdneck Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,900
Initial cost, buildings and improvements	3,253
Costs capitalized subsequent to acquisition, carrying costs	1,023
Carrying amount, land and improvements	2,091
Carrying amount, buildings and improvements	4,085
Carrying amount, total	6,176
Accumulated depreciation	$ 1,878
Date acquired	Oct. 04, 2017
Crossroads Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,722
Initial cost, buildings and improvements	2,720
Costs capitalized subsequent to acquisition, carrying costs	815
Carrying amount, land and improvements	2,216
Carrying amount, buildings and improvements	3,041
Carrying amount, total	5,257
Accumulated depreciation	$ 1,590
Date acquired	Oct. 04, 2017
Dunlop Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,420
Initial cost, buildings and improvements	4,892
Costs capitalized subsequent to acquisition, carrying costs	2,386
Carrying amount, land and improvements	2,735
Carrying amount, buildings and improvements	6,963
Carrying amount, total	9,698
Accumulated depreciation	$ 2,273
Date acquired	Oct. 04, 2017
Edgecombe Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,412
Initial cost, buildings and improvements	2,258
Costs capitalized subsequent to acquisition, carrying costs	515
Carrying amount, land and improvements	1,493
Carrying amount, buildings and improvements	2,692
Carrying amount, total	4,185
Accumulated depreciation	$ 1,811
Date acquired	Oct. 04, 2017
Forest Park Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,007
Initial cost, buildings and improvements	5,877
Costs capitalized subsequent to acquisition, carrying costs	1,288
Carrying amount, land and improvements	4,501
Carrying amount, buildings and improvements	6,671
Carrying amount, total	11,172
Accumulated depreciation	$ 3,066
Date acquired	Oct. 04, 2017
Goshen Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,605
Initial cost, land and improvements	1,555
Initial cost, buildings and improvements	4,621
Costs capitalized subsequent to acquisition, carrying costs	181
Carrying amount, land and improvements	1,800
Carrying amount, buildings and improvements	4,557
Carrying amount, total	6,357
Accumulated depreciation	$ 2,426
Date acquired	Oct. 04, 2017
The Village Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,059
Initial cost, buildings and improvements	8,325
Costs capitalized subsequent to acquisition, carrying costs	944
Carrying amount, land and improvements	2,323
Carrying amount, buildings and improvements	9,005
Carrying amount, total	11,328
Accumulated depreciation	$ 3,099
Date acquired	Oct. 04, 2017
Hickory Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,927
Initial cost, buildings and improvements	5,099
Costs capitalized subsequent to acquisition, carrying costs	2,455
Carrying amount, land and improvements	3,008
Carrying amount, buildings and improvements	7,473
Carrying amount, total	10,481
Accumulated depreciation	$ 2,208
Date acquired	Oct. 04, 2017
Highland Fair
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,263
Initial cost, buildings and improvements	7,979
Costs capitalized subsequent to acquisition, carrying costs	693
Carrying amount, land and improvements	3,411
Carrying amount, buildings and improvements	8,524
Carrying amount, total	11,935
Accumulated depreciation	$ 2,563
Date acquired	Oct. 04, 2017
Mayfair Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16,398
Initial cost, land and improvements	15,343
Initial cost, buildings and improvements	16,522
Costs capitalized subsequent to acquisition, carrying costs	4,103
Carrying amount, land and improvements	15,874
Carrying amount, buildings and improvements	20,094
Carrying amount, total	35,968
Accumulated depreciation	$ 7,081
Date acquired	Oct. 04, 2017
LaPlata Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,860
Initial cost, land and improvements	8,434
Initial cost, buildings and improvements	22,855
Costs capitalized subsequent to acquisition, carrying costs	2,397
Carrying amount, land and improvements	8,749
Carrying amount, buildings and improvements	24,937
Carrying amount, total	33,686
Accumulated depreciation	$ 6,975
Date acquired	Oct. 04, 2017
Lafayette Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,387
Initial cost, buildings and improvements	5,636
Costs capitalized subsequent to acquisition, carrying costs	1,162
Carrying amount, land and improvements	5,422
Carrying amount, buildings and improvements	6,763
Carrying amount, total	12,185
Accumulated depreciation	$ 4,896
Date acquired	Oct. 04, 2017
Commerce Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,027
Initial cost, buildings and improvements	8,341
Costs capitalized subsequent to acquisition, carrying costs	745
Carrying amount, land and improvements	5,844
Carrying amount, buildings and improvements	9,269
Carrying amount, total	15,113
Accumulated depreciation	$ 1,926
Date acquired	Oct. 04, 2017
Monfort Heights
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,216
Initial cost, land and improvements	2,357
Initial cost, buildings and improvements	3,545
Costs capitalized subsequent to acquisition, carrying costs	9
Carrying amount, land and improvements	2,357
Carrying amount, buildings and improvements	3,554
Carrying amount, total	5,911
Accumulated depreciation	$ 1,481
Date acquired	Oct. 04, 2017
Mountain Park Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,118
Initial cost, buildings and improvements	6,652
Costs capitalized subsequent to acquisition, carrying costs	945
Carrying amount, land and improvements	6,230
Carrying amount, buildings and improvements	7,485
Carrying amount, total	13,715
Accumulated depreciation	$ 2,458
Date acquired	Oct. 04, 2017
Nordan Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,911
Initial cost, buildings and improvements	6,751
Costs capitalized subsequent to acquisition, carrying costs	975
Carrying amount, land and improvements	2,063
Carrying amount, buildings and improvements	7,574
Carrying amount, total	9,637
Accumulated depreciation	$ 2,782
Date acquired	Oct. 04, 2017
Northside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,406
Initial cost, buildings and improvements	5,471
Costs capitalized subsequent to acquisition, carrying costs	789
Carrying amount, land and improvements	1,541
Carrying amount, buildings and improvements	6,125
Carrying amount, total	7,666
Accumulated depreciation	$ 2,386
Date acquired	Oct. 04, 2017
Park Place Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,347
Initial cost, buildings and improvements	8,458
Costs capitalized subsequent to acquisition, carrying costs	(2,201)
Carrying amount, land and improvements	1,956
Carrying amount, buildings and improvements	6,648
Carrying amount, total	8,604
Accumulated depreciation	$ 1,699
Date acquired	Oct. 04, 2017
Parsons Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,465
Initial cost, buildings and improvements	10,864
Costs capitalized subsequent to acquisition, carrying costs	(3,964)
Carrying amount, land and improvements	2,481
Carrying amount, buildings and improvements	7,884
Carrying amount, total	10,365
Accumulated depreciation	$ 2,141
Date acquired	Oct. 04, 2017
Hillside - West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	691
Initial cost, buildings and improvements	1,739
Costs capitalized subsequent to acquisition, carrying costs	3,870
Carrying amount, land and improvements	4,561
Carrying amount, buildings and improvements	1,739
Carrying amount, total	6,300
Accumulated depreciation	$ 832
Date acquired	Oct. 04, 2017
South Oaks Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,742
Initial cost, buildings and improvements	5,119
Costs capitalized subsequent to acquisition, carrying costs	1,864
Carrying amount, land and improvements	1,943
Carrying amount, buildings and improvements	6,782
Carrying amount, total	8,725
Accumulated depreciation	$ 3,067
Date acquired	Oct. 04, 2017
Summerville Galleria
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,104
Initial cost, buildings and improvements	8,668
Costs capitalized subsequent to acquisition, carrying costs	1,473
Carrying amount, land and improvements	4,651
Carrying amount, buildings and improvements	9,594
Carrying amount, total	14,245
Accumulated depreciation	$ 3,302
Date acquired	Oct. 04, 2017
The Oaks
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,876
Initial cost, buildings and improvements	6,668
Costs capitalized subsequent to acquisition, carrying costs	11,966
Carrying amount, land and improvements	4,726
Carrying amount, buildings and improvements	17,784
Carrying amount, total	22,510
Accumulated depreciation	$ 3,106
Date acquired	Oct. 04, 2017
Riverplace Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,175
Initial cost, land and improvements	3,890
Initial cost, buildings and improvements	4,044
Costs capitalized subsequent to acquisition, carrying costs	1,025
Carrying amount, land and improvements	4,008
Carrying amount, buildings and improvements	4,951
Carrying amount, total	8,959
Accumulated depreciation	$ 2,609
Date acquired	Oct. 04, 2017
Towne Crossing Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,358
Initial cost, buildings and improvements	15,584
Costs capitalized subsequent to acquisition, carrying costs	2,595
Carrying amount, land and improvements	5,507
Carrying amount, buildings and improvements	18,030
Carrying amount, total	23,537
Accumulated depreciation	$ 5,717
Date acquired	Oct. 04, 2017
Village at Waterford
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,702
Initial cost, buildings and improvements	5,194
Costs capitalized subsequent to acquisition, carrying costs	992
Carrying amount, land and improvements	3,019
Carrying amount, buildings and improvements	5,869
Carrying amount, total	8,888
Accumulated depreciation	$ 2,119
Date acquired	Oct. 04, 2017
Windsor Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,488
Initial cost, buildings and improvements	5,186
Costs capitalized subsequent to acquisition, carrying costs	639
Carrying amount, land and improvements	2,643
Carrying amount, buildings and improvements	5,670
Carrying amount, total	8,313
Accumulated depreciation	$ 2,566
Date acquired	Oct. 04, 2017
12 West Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	835
Initial cost, buildings and improvements	3,538
Costs capitalized subsequent to acquisition, carrying costs	186
Carrying amount, land and improvements	1,007
Carrying amount, buildings and improvements	3,552
Carrying amount, total	4,559
Accumulated depreciation	$ 1,931
Date acquired	Oct. 04, 2017
Willowbrook Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,384
Initial cost, buildings and improvements	6,002
Costs capitalized subsequent to acquisition, carrying costs	824
Carrying amount, land and improvements	5,767
Carrying amount, buildings and improvements	6,443
Carrying amount, total	12,210
Accumulated depreciation	$ 2,450
Date acquired	Oct. 04, 2017
Edgewood Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,029
Initial cost, buildings and improvements	22,535
Costs capitalized subsequent to acquisition, carrying costs	3,359
Carrying amount, land and improvements	10,852
Carrying amount, buildings and improvements	25,071
Carrying amount, total	35,923
Accumulated depreciation	$ 9,683
Date acquired	Oct. 04, 2017
Everson Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,734
Initial cost, land and improvements	4,222
Initial cost, buildings and improvements	8,421
Costs capitalized subsequent to acquisition, carrying costs	537
Carrying amount, land and improvements	4,377
Carrying amount, buildings and improvements	8,803
Carrying amount, total	13,180
Accumulated depreciation	$ 3,058
Date acquired	Oct. 04, 2017
Village Square of Delafield
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,257
Initial cost, land and improvements	6,206
Initial cost, buildings and improvements	6,869
Costs capitalized subsequent to acquisition, carrying costs	498
Carrying amount, land and improvements	6,526
Carrying amount, buildings and improvements	7,047
Carrying amount, total	13,573
Accumulated depreciation	$ 2,941
Date acquired	Oct. 04, 2017
Shoppes of Lake Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,193
Initial cost, buildings and improvements	3,795
Costs capitalized subsequent to acquisition, carrying costs	7,108
Carrying amount, land and improvements	7,581
Carrying amount, buildings and improvements	10,515
Carrying amount, total	18,096
Accumulated depreciation	$ 3,682
Date acquired	Feb. 26, 2018
Sierra Vista Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,824
Initial cost, buildings and improvements	11,669
Costs capitalized subsequent to acquisition, carrying costs	2,572
Carrying amount, land and improvements	10,472
Carrying amount, buildings and improvements	13,593
Carrying amount, total	24,065
Accumulated depreciation	$ 3,665
Date acquired	Sep. 28, 2018
Wheat Ridge Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,926
Initial cost, buildings and improvements	8,393
Costs capitalized subsequent to acquisition, carrying costs	1,410
Carrying amount, land and improvements	8,490
Carrying amount, buildings and improvements	9,239
Carrying amount, total	17,729
Accumulated depreciation	$ 3,024
Date acquired	Oct. 03, 2018
Atlantic Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,341
Initial cost, buildings and improvements	12,699
Costs capitalized subsequent to acquisition, carrying costs	2,276
Carrying amount, land and improvements	12,667
Carrying amount, buildings and improvements	14,649
Carrying amount, total	27,316
Accumulated depreciation	$ 4,674
Date acquired	Nov. 09, 2018
Staunton Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,818
Initial cost, buildings and improvements	14,380
Costs capitalized subsequent to acquisition, carrying costs	102
Carrying amount, land and improvements	4,883
Carrying amount, buildings and improvements	14,417
Carrying amount, total	19,300
Accumulated depreciation	$ 3,245
Date acquired	Nov. 16, 2018
Bethany Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,138
Initial cost, buildings and improvements	8,355
Costs capitalized subsequent to acquisition, carrying costs	837
Carrying amount, land and improvements	6,246
Carrying amount, buildings and improvements	9,084
Carrying amount, total	15,330
Accumulated depreciation	$ 2,430
Date acquired	Nov. 16, 2018
Northpark Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,087
Initial cost, buildings and improvements	6,047
Costs capitalized subsequent to acquisition, carrying costs	388
Carrying amount, land and improvements	3,242
Carrying amount, buildings and improvements	6,280
Carrying amount, total	9,522
Accumulated depreciation	$ 1,540
Date acquired	Nov. 16, 2018
Kings Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,467
Initial cost, land and improvements	5,654
Initial cost, buildings and improvements	11,225
Costs capitalized subsequent to acquisition, carrying costs	571
Carrying amount, land and improvements	5,887
Carrying amount, buildings and improvements	11,563
Carrying amount, total	17,450
Accumulated depreciation	$ 2,889
Date acquired	Nov. 16, 2018
Lake Washington Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,222
Initial cost, buildings and improvements	13,553
Costs capitalized subsequent to acquisition, carrying costs	3,192
Carrying amount, land and improvements	4,369
Carrying amount, buildings and improvements	16,598
Carrying amount, total	20,967
Accumulated depreciation	$ 3,499
Date acquired	Nov. 16, 2018
Kipling Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,020
Initial cost, buildings and improvements	10,405
Costs capitalized subsequent to acquisition, carrying costs	622
Carrying amount, land and improvements	4,201
Carrying amount, buildings and improvements	10,846
Carrying amount, total	15,047
Accumulated depreciation	$ 3,155
Date acquired	Nov. 16, 2018
MetroWest Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,841
Initial cost, buildings and improvements	15,333
Costs capitalized subsequent to acquisition, carrying costs	1,539
Carrying amount, land and improvements	7,164
Carrying amount, buildings and improvements	16,549
Carrying amount, total	23,713
Accumulated depreciation	$ 4,087
Date acquired	Nov. 16, 2018
Spring Cypress Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,579
Initial cost, buildings and improvements	14,567
Costs capitalized subsequent to acquisition, carrying costs	1,939
Carrying amount, land and improvements	9,792
Carrying amount, buildings and improvements	16,293
Carrying amount, total	26,085
Accumulated depreciation	$ 3,972
Date acquired	Nov. 16, 2018
Commonwealth Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,955
Initial cost, buildings and improvements	12,586
Costs capitalized subsequent to acquisition, carrying costs	1,432
Carrying amount, land and improvements	10,129
Carrying amount, buildings and improvements	13,844
Carrying amount, total	23,973
Accumulated depreciation	$ 4,862
Date acquired	Nov. 16, 2018
Point Loomis
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,171
Initial cost, buildings and improvements	4,901
Costs capitalized subsequent to acquisition, carrying costs	2,183
Carrying amount, land and improvements	4,171
Carrying amount, buildings and improvements	7,084
Carrying amount, total	11,255
Accumulated depreciation	$ 2,812
Date acquired	Nov. 16, 2018
Shasta Crossroads
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,598
Initial cost, buildings and improvements	18,643
Costs capitalized subsequent to acquisition, carrying costs	(2,455)
Carrying amount, land and improvements	8,462
Carrying amount, buildings and improvements	17,324
Carrying amount, total	25,786
Accumulated depreciation	$ 3,498
Date acquired	Nov. 16, 2018
Milan Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	925
Initial cost, buildings and improvements	1,974
Costs capitalized subsequent to acquisition, carrying costs	329
Carrying amount, land and improvements	1,064
Carrying amount, buildings and improvements	2,164
Carrying amount, total	3,228
Accumulated depreciation	$ 1,396
Date acquired	Nov. 16, 2018
Hilander Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,571
Initial cost, buildings and improvements	7,461
Costs capitalized subsequent to acquisition, carrying costs	2,329
Carrying amount, land and improvements	2,667
Carrying amount, buildings and improvements	9,694
Carrying amount, total	12,361
Accumulated depreciation	$ 3,284
Date acquired	Nov. 16, 2018
Laguna 99 Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,422
Initial cost, buildings and improvements	16,952
Costs capitalized subsequent to acquisition, carrying costs	247
Carrying amount, land and improvements	5,444
Carrying amount, buildings and improvements	17,177
Carrying amount, total	22,621
Accumulated depreciation	$ 4,000
Date acquired	Nov. 16, 2018
Southfield Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,612
Initial cost, buildings and improvements	13,643
Costs capitalized subsequent to acquisition, carrying costs	1,929
Carrying amount, land and improvements	6,535
Carrying amount, buildings and improvements	14,649
Carrying amount, total	21,184
Accumulated depreciation	$ 4,074
Date acquired	Nov. 16, 2018
Waterford Park Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,935
Initial cost, buildings and improvements	19,543
Costs capitalized subsequent to acquisition, carrying costs	417
Carrying amount, land and improvements	5,149
Carrying amount, buildings and improvements	19,746
Carrying amount, total	24,895
Accumulated depreciation	$ 5,032
Date acquired	Nov. 16, 2018
Colonial Promenade
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,403
Initial cost, buildings and improvements	22,097
Costs capitalized subsequent to acquisition, carrying costs	893
Carrying amount, land and improvements	12,464
Carrying amount, buildings and improvements	22,929
Carrying amount, total	35,393
Accumulated depreciation	$ 6,858
Date acquired	Nov. 16, 2018
Willimantic Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,596
Initial cost, buildings and improvements	8,859
Costs capitalized subsequent to acquisition, carrying costs	388
Carrying amount, land and improvements	3,792
Carrying amount, buildings and improvements	9,051
Carrying amount, total	12,843
Accumulated depreciation	$ 3,432
Date acquired	Nov. 16, 2018
Quivira Crossings
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,512
Initial cost, buildings and improvements	10,729
Costs capitalized subsequent to acquisition, carrying costs	1,684
Carrying amount, land and improvements	8,251
Carrying amount, buildings and improvements	11,674
Carrying amount, total	19,925
Accumulated depreciation	$ 3,870
Date acquired	Nov. 16, 2018
Spivey Junction
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,083
Initial cost, buildings and improvements	10,414
Costs capitalized subsequent to acquisition, carrying costs	238
Carrying amount, land and improvements	4,204
Carrying amount, buildings and improvements	10,531
Carrying amount, total	14,735
Accumulated depreciation	$ 2,768
Date acquired	Nov. 16, 2018
Plaza Farmington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,322
Initial cost, buildings and improvements	9,619
Costs capitalized subsequent to acquisition, carrying costs	485
Carrying amount, land and improvements	6,711
Carrying amount, buildings and improvements	9,715
Carrying amount, total	16,426
Accumulated depreciation	$ 2,874
Date acquired	Nov. 16, 2018
Harvest Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,693
Initial cost, buildings and improvements	6,083
Costs capitalized subsequent to acquisition, carrying costs	282
Carrying amount, land and improvements	2,865
Carrying amount, buildings and improvements	6,193
Carrying amount, total	9,058
Accumulated depreciation	$ 1,803
Date acquired	Nov. 16, 2018
Oakhurst Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,782
Initial cost, buildings and improvements	4,506
Costs capitalized subsequent to acquisition, carrying costs	540
Carrying amount, land and improvements	2,974
Carrying amount, buildings and improvements	4,854
Carrying amount, total	7,828
Accumulated depreciation	$ 1,569
Date acquired	Nov. 16, 2018
Old Alabama Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,782
Initial cost, buildings and improvements	17,359
Costs capitalized subsequent to acquisition, carrying costs	1,446
Carrying amount, land and improvements	10,885
Carrying amount, buildings and improvements	18,702
Carrying amount, total	29,587
Accumulated depreciation	$ 4,503
Date acquired	Nov. 16, 2018
North Point Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,061
Initial cost, land and improvements	8,040
Initial cost, buildings and improvements	28,422
Costs capitalized subsequent to acquisition, carrying costs	1,186
Carrying amount, land and improvements	8,230
Carrying amount, buildings and improvements	29,418
Carrying amount, total	37,648
Accumulated depreciation	$ 6,453
Date acquired	Nov. 16, 2018
Glenwood Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,581
Initial cost, buildings and improvements	3,922
Costs capitalized subsequent to acquisition, carrying costs	178
Carrying amount, land and improvements	4,607
Carrying amount, buildings and improvements	4,074
Carrying amount, total	8,681
Accumulated depreciation	$ 1,803
Date acquired	Nov. 16, 2018
Rosewick Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,252
Initial cost, buildings and improvements	23,507
Costs capitalized subsequent to acquisition, carrying costs	1,006
Carrying amount, land and improvements	8,360
Carrying amount, buildings and improvements	24,405
Carrying amount, total	32,765
Accumulated depreciation	$ 5,742
Date acquired	Nov. 16, 2018
Vineyard Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,943
Initial cost, land and improvements	1,753
Initial cost, buildings and improvements	6,406
Costs capitalized subsequent to acquisition, carrying costs	202
Carrying amount, land and improvements	1,796
Carrying amount, buildings and improvements	6,565
Carrying amount, total	8,361
Accumulated depreciation	$ 1,473
Date acquired	Nov. 16, 2018
Ocean Breeze Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,416
Initial cost, buildings and improvements	9,986
Costs capitalized subsequent to acquisition, carrying costs	951
Carrying amount, land and improvements	6,513
Carrying amount, buildings and improvements	10,840
Carrying amount, total	17,353
Accumulated depreciation	$ 2,941
Date acquired	Nov. 16, 2018
Central Valley Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,526
Initial cost, land and improvements	6,163
Initial cost, buildings and improvements	17,535
Costs capitalized subsequent to acquisition, carrying costs	83
Carrying amount, land and improvements	6,180
Carrying amount, buildings and improvements	17,601
Carrying amount, total	23,781
Accumulated depreciation	$ 4,019
Date acquired	Nov. 16, 2018
51st & Olive Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,236
Initial cost, buildings and improvements	9,038
Costs capitalized subsequent to acquisition, carrying costs	480
Carrying amount, land and improvements	2,593
Carrying amount, buildings and improvements	9,161
Carrying amount, total	11,754
Accumulated depreciation	$ 2,448
Date acquired	Nov. 16, 2018
West Acres Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,866
Initial cost, buildings and improvements	5,627
Costs capitalized subsequent to acquisition, carrying costs	635
Carrying amount, land and improvements	5,091
Carrying amount, buildings and improvements	6,037
Carrying amount, total	11,128
Accumulated depreciation	$ 2,556
Date acquired	Nov. 16, 2018
Meadows on the Parkway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	23,953
Initial cost, buildings and improvements	32,744
Costs capitalized subsequent to acquisition, carrying costs	1,800
Carrying amount, land and improvements	24,340
Carrying amount, buildings and improvements	34,157
Carrying amount, total	58,497
Accumulated depreciation	$ 7,840
Date acquired	Nov. 16, 2018
Wyandotte Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,204
Initial cost, buildings and improvements	17,566
Costs capitalized subsequent to acquisition, carrying costs	774
Carrying amount, land and improvements	5,343
Carrying amount, buildings and improvements	18,201
Carrying amount, total	23,544
Accumulated depreciation	$ 4,394
Date acquired	Nov. 16, 2018
Broadlands Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,434
Initial cost, buildings and improvements	9,459
Costs capitalized subsequent to acquisition, carrying costs	1,125
Carrying amount, land and improvements	8,002
Carrying amount, buildings and improvements	10,016
Carrying amount, total	18,018
Accumulated depreciation	$ 2,921
Date acquired	Nov. 16, 2018
Village Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,051
Initial cost, buildings and improvements	26,473
Costs capitalized subsequent to acquisition, carrying costs	1,211
Carrying amount, land and improvements	6,253
Carrying amount, buildings and improvements	27,482
Carrying amount, total	33,735
Accumulated depreciation	$ 7,205
Date acquired	Nov. 16, 2018
Shoregate Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,152
Initial cost, buildings and improvements	16,282
Costs capitalized subsequent to acquisition, carrying costs	6,979
Carrying amount, land and improvements	7,386
Carrying amount, buildings and improvements	23,027
Carrying amount, total	30,413
Accumulated depreciation	$ 7,508
Date acquired	Nov. 16, 2018
Plano Market Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	14,837
Initial cost, buildings and improvements	33,178
Costs capitalized subsequent to acquisition, carrying costs	1,973
Carrying amount, land and improvements	15,166
Carrying amount, buildings and improvements	34,822
Carrying amount, total	49,988
Accumulated depreciation	$ 7,640
Date acquired	Nov. 16, 2018
Island Walk Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,190
Initial cost, buildings and improvements	19,992
Costs capitalized subsequent to acquisition, carrying costs	1,301
Carrying amount, land and improvements	8,297
Carrying amount, buildings and improvements	21,186
Carrying amount, total	29,483
Accumulated depreciation	$ 5,758
Date acquired	Nov. 16, 2018
Normandale Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,777
Initial cost, land and improvements	8,390
Initial cost, buildings and improvements	11,407
Costs capitalized subsequent to acquisition, carrying costs	2,113
Carrying amount, land and improvements	8,977
Carrying amount, buildings and improvements	12,933
Carrying amount, total	21,910
Accumulated depreciation	$ 4,996
Date acquired	Nov. 16, 2018
North Pointe Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,232
Initial cost, buildings and improvements	26,348
Costs capitalized subsequent to acquisition, carrying costs	1,393
Carrying amount, land and improvements	10,817
Carrying amount, buildings and improvements	27,156
Carrying amount, total	37,973
Accumulated depreciation	$ 8,129
Date acquired	Nov. 16, 2018
Palmer Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,331
Initial cost, buildings and improvements	23,525
Costs capitalized subsequent to acquisition, carrying costs	1,768
Carrying amount, land and improvements	7,390
Carrying amount, buildings and improvements	25,234
Carrying amount, total	32,624
Accumulated depreciation	$ 6,113
Date acquired	Nov. 16, 2018
Alico Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,670
Initial cost, buildings and improvements	16,557
Costs capitalized subsequent to acquisition, carrying costs	638
Carrying amount, land and improvements	4,965
Carrying amount, buildings and improvements	16,900
Carrying amount, total	21,865
Accumulated depreciation	$ 4,008
Date acquired	Nov. 16, 2018
Windover Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,048
Initial cost, land and improvements	4,115
Initial cost, buildings and improvements	13,309
Costs capitalized subsequent to acquisition, carrying costs	472
Carrying amount, land and improvements	4,225
Carrying amount, buildings and improvements	13,671
Carrying amount, total	17,896
Accumulated depreciation	$ 3,207
Date acquired	Nov. 16, 2018
Rockledge Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,477
Initial cost, buildings and improvements	4,469
Costs capitalized subsequent to acquisition, carrying costs	4,208
Carrying amount, land and improvements	3,761
Carrying amount, buildings and improvements	8,393
Carrying amount, total	12,154
Accumulated depreciation	$ 1,651
Date acquired	Nov. 16, 2018
Fairfield Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,802
Initial cost, buildings and improvements	29,946
Costs capitalized subsequent to acquisition, carrying costs	2,085
Carrying amount, land and improvements	8,924
Carrying amount, buildings and improvements	31,909
Carrying amount, total	40,833
Accumulated depreciation	$ 6,878
Date acquired	Nov. 16, 2018
Cocoa Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,838
Initial cost, buildings and improvements	8,247
Costs capitalized subsequent to acquisition, carrying costs	1,454
Carrying amount, land and improvements	4,915
Carrying amount, buildings and improvements	9,624
Carrying amount, total	14,539
Accumulated depreciation	$ 3,177
Date acquired	Nov. 16, 2018
Hamilton Mill Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,059
Initial cost, buildings and improvements	9,734
Costs capitalized subsequent to acquisition, carrying costs	550
Carrying amount, land and improvements	7,193
Carrying amount, buildings and improvements	10,150
Carrying amount, total	17,343
Accumulated depreciation	$ 2,918
Date acquired	Nov. 16, 2018
Sheffield Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,841
Initial cost, buildings and improvements	10,232
Costs capitalized subsequent to acquisition, carrying costs	360
Carrying amount, land and improvements	9,051
Carrying amount, buildings and improvements	10,382
Carrying amount, total	19,433
Accumulated depreciation	$ 3,469
Date acquired	Nov. 16, 2018
The Shoppes at Windmill Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,186
Initial cost, buildings and improvements	16,005
Costs capitalized subsequent to acquisition, carrying costs	885
Carrying amount, land and improvements	8,344
Carrying amount, buildings and improvements	16,732
Carrying amount, total	25,076
Accumulated depreciation	$ 4,317
Date acquired	Nov. 16, 2018
Stone Gate Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,261
Initial cost, buildings and improvements	7,007
Costs capitalized subsequent to acquisition, carrying costs	1,260
Carrying amount, land and improvements	5,423
Carrying amount, buildings and improvements	8,105
Carrying amount, total	13,528
Accumulated depreciation	$ 2,231
Date acquired	Nov. 16, 2018
Everybody's Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,520
Initial cost, buildings and improvements	10,096
Costs capitalized subsequent to acquisition, carrying costs	683
Carrying amount, land and improvements	2,568
Carrying amount, buildings and improvements	10,731
Carrying amount, total	13,299
Accumulated depreciation	$ 2,377
Date acquired	Nov. 16, 2018
Lakewood City Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,593
Initial cost, buildings and improvements	10,308
Costs capitalized subsequent to acquisition, carrying costs	406
Carrying amount, land and improvements	1,685
Carrying amount, buildings and improvements	10,622
Carrying amount, total	12,307
Accumulated depreciation	$ 2,331
Date acquired	Nov. 16, 2018
Carriagetown Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,084
Initial cost, buildings and improvements	15,492
Costs capitalized subsequent to acquisition, carrying costs	1,107
Carrying amount, land and improvements	7,171
Carrying amount, buildings and improvements	16,512
Carrying amount, total	23,683
Accumulated depreciation	$ 4,499
Date acquired	Nov. 16, 2018
Crossroads of Shakopee
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,869
Initial cost, buildings and improvements	20,320
Costs capitalized subsequent to acquisition, carrying costs	1,212
Carrying amount, land and improvements	9,062
Carrying amount, buildings and improvements	21,339
Carrying amount, total	30,401
Accumulated depreciation	$ 6,252
Date acquired	Nov. 16, 2018
Broadway Pavilion Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,512
Initial cost, buildings and improvements	20,427
Costs capitalized subsequent to acquisition, carrying costs	788
Carrying amount, land and improvements	8,591
Carrying amount, buildings and improvements	21,136
Carrying amount, total	29,727
Accumulated depreciation	$ 5,311
Date acquired	Nov. 16, 2018
Sanibel Beach Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,918
Initial cost, buildings and improvements	7,043
Costs capitalized subsequent to acquisition, carrying costs	2,441
Carrying amount, land and improvements	4,434
Carrying amount, buildings and improvements	8,968
Carrying amount, total	13,402
Accumulated depreciation	$ 2,195
Date acquired	Nov. 16, 2018
Shoppes at Glen Lakes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,662
Initial cost, buildings and improvements	7,473
Costs capitalized subsequent to acquisition, carrying costs	618
Carrying amount, land and improvements	4,780
Carrying amount, buildings and improvements	7,973
Carrying amount, total	12,753
Accumulated depreciation	$ 2,230
Date acquired	Nov. 16, 2018
Bartow Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 19,305
Initial cost, land and improvements	11,944
Initial cost, buildings and improvements	24,610
Costs capitalized subsequent to acquisition, carrying costs	841
Carrying amount, land and improvements	12,080
Carrying amount, buildings and improvements	25,315
Carrying amount, total	37,395
Accumulated depreciation	$ 8,851
Date acquired	Nov. 16, 2018
Bloomingdale Hills
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,384
Initial cost, buildings and improvements	5,179
Costs capitalized subsequent to acquisition, carrying costs	429
Carrying amount, land and improvements	4,479
Carrying amount, buildings and improvements	5,513
Carrying amount, total	9,992
Accumulated depreciation	$ 2,212
Date acquired	Nov. 16, 2018
University Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,402
Initial cost, buildings and improvements	9,800
Costs capitalized subsequent to acquisition, carrying costs	1,056
Carrying amount, land and improvements	6,452
Carrying amount, buildings and improvements	10,806
Carrying amount, total	17,258
Accumulated depreciation	$ 4,128
Date acquired	Nov. 16, 2018
McKinney Market Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 244
Initial cost, land and improvements	10,941
Initial cost, buildings and improvements	16,061
Costs capitalized subsequent to acquisition, carrying costs	1,714
Carrying amount, land and improvements	11,085
Carrying amount, buildings and improvements	17,631
Carrying amount, total	28,716
Accumulated depreciation	$ 5,044
Date acquired	Nov. 16, 2018
Montville Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,417
Initial cost, buildings and improvements	11,091
Costs capitalized subsequent to acquisition, carrying costs	609
Carrying amount, land and improvements	12,549
Carrying amount, buildings and improvements	11,568
Carrying amount, total	24,117
Accumulated depreciation	$ 4,183
Date acquired	Nov. 16, 2018
Shaw's Plaza Raynham
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,378
Initial cost, buildings and improvements	26,829
Costs capitalized subsequent to acquisition, carrying costs	1,103
Carrying amount, land and improvements	8,428
Carrying amount, buildings and improvements	27,882
Carrying amount, total	36,310
Accumulated depreciation	$ 7,391
Date acquired	Nov. 16, 2018
Suntree Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,335
Initial cost, buildings and improvements	15,642
Costs capitalized subsequent to acquisition, carrying costs	671
Carrying amount, land and improvements	6,424
Carrying amount, buildings and improvements	16,224
Carrying amount, total	22,648
Accumulated depreciation	$ 3,667
Date acquired	Nov. 16, 2018
Green Valley Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,284
Initial cost, buildings and improvements	16,879
Costs capitalized subsequent to acquisition, carrying costs	605
Carrying amount, land and improvements	7,358
Carrying amount, buildings and improvements	17,410
Carrying amount, total	24,768
Accumulated depreciation	$ 4,292
Date acquired	Nov. 16, 2018
Crosscreek Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,821
Initial cost, buildings and improvements	9,604
Costs capitalized subsequent to acquisition, carrying costs	598
Carrying amount, land and improvements	3,984
Carrying amount, buildings and improvements	10,039
Carrying amount, total	14,023
Accumulated depreciation	$ 2,731
Date acquired	Nov. 16, 2018
Market Walk
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	20,678
Initial cost, buildings and improvements	31,836
Costs capitalized subsequent to acquisition, carrying costs	3,827
Carrying amount, land and improvements	20,919
Carrying amount, buildings and improvements	35,422
Carrying amount, total	56,341
Accumulated depreciation	$ 8,675
Date acquired	Nov. 16, 2018
Livonia Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,118
Initial cost, buildings and improvements	17,037
Costs capitalized subsequent to acquisition, carrying costs	870
Carrying amount, land and improvements	4,288
Carrying amount, buildings and improvements	17,737
Carrying amount, total	22,025
Accumulated depreciation	$ 4,570
Date acquired	Nov. 16, 2018
Franklin Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,353
Initial cost, buildings and improvements	5,482
Costs capitalized subsequent to acquisition, carrying costs	615
Carrying amount, land and improvements	6,480
Carrying amount, buildings and improvements	5,970
Carrying amount, total	12,450
Accumulated depreciation	$ 3,517
Date acquired	Nov. 16, 2018
Plaza 23
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	11,412
Initial cost, buildings and improvements	40,145
Costs capitalized subsequent to acquisition, carrying costs	5,648
Carrying amount, land and improvements	11,907
Carrying amount, buildings and improvements	45,298
Carrying amount, total	57,205
Accumulated depreciation	$ 9,386
Date acquired	Nov. 16, 2018
Shorewood Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,468
Initial cost, buildings and improvements	20,993
Costs capitalized subsequent to acquisition, carrying costs	2,882
Carrying amount, land and improvements	9,651
Carrying amount, buildings and improvements	23,692
Carrying amount, total	33,343
Accumulated depreciation	$ 6,388
Date acquired	Nov. 16, 2018
Herndon Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,148
Initial cost, buildings and improvements	10,071
Costs capitalized subsequent to acquisition, carrying costs	(611)
Carrying amount, land and improvements	6,881
Carrying amount, buildings and improvements	9,727
Carrying amount, total	16,608
Accumulated depreciation	$ 2,729
Date acquired	Nov. 16, 2018
Windmill Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,775
Initial cost, buildings and improvements	7,299
Costs capitalized subsequent to acquisition, carrying costs	(170)
Carrying amount, land and improvements	2,827
Carrying amount, buildings and improvements	7,077
Carrying amount, total	9,904
Accumulated depreciation	$ 1,345
Date acquired	Nov. 16, 2018
Riverlakes Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,567
Initial cost, buildings and improvements	15,242
Costs capitalized subsequent to acquisition, carrying costs	2,897
Carrying amount, land and improvements	8,950
Carrying amount, buildings and improvements	17,756
Carrying amount, total	26,706
Accumulated depreciation	$ 3,964
Date acquired	Nov. 16, 2018
Evans Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,018
Initial cost, buildings and improvements	7,013
Costs capitalized subsequent to acquisition, carrying costs	389
Carrying amount, land and improvements	4,145
Carrying amount, buildings and improvements	7,275
Carrying amount, total	11,420
Accumulated depreciation	$ 2,134
Date acquired	Nov. 16, 2018
Mansfield Market Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,672
Initial cost, buildings and improvements	13,154
Costs capitalized subsequent to acquisition, carrying costs	498
Carrying amount, land and improvements	4,851
Carrying amount, buildings and improvements	13,473
Carrying amount, total	18,324
Accumulated depreciation	$ 3,074
Date acquired	Nov. 16, 2018
Ormond Beach Mall
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,954
Initial cost, buildings and improvements	7,006
Costs capitalized subsequent to acquisition, carrying costs	1,054
Carrying amount, land and improvements	5,088
Carrying amount, buildings and improvements	7,926
Carrying amount, total	13,014
Accumulated depreciation	$ 2,555
Date acquired	Nov. 16, 2018
Heritage Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,205
Initial cost, buildings and improvements	16,507
Costs capitalized subsequent to acquisition, carrying costs	939
Carrying amount, land and improvements	6,320
Carrying amount, buildings and improvements	17,331
Carrying amount, total	23,651
Accumulated depreciation	$ 4,320
Date acquired	Nov. 16, 2018
Mountain Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,794
Initial cost, land and improvements	6,602
Initial cost, buildings and improvements	6,835
Costs capitalized subsequent to acquisition, carrying costs	37
Carrying amount, land and improvements	6,303
Carrying amount, buildings and improvements	7,171
Carrying amount, total	13,474
Accumulated depreciation	$ 2,081
Date acquired	Nov. 16, 2018
Seville Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,689
Initial cost, buildings and improvements	12,602
Costs capitalized subsequent to acquisition, carrying costs	1,025
Carrying amount, land and improvements	4,859
Carrying amount, buildings and improvements	13,457
Carrying amount, total	18,316
Accumulated depreciation	$ 3,327
Date acquired	Nov. 16, 2018
Cinco Ranch at Market Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,553
Initial cost, buildings and improvements	14,063
Costs capitalized subsequent to acquisition, carrying costs	645
Carrying amount, land and improvements	5,711
Carrying amount, buildings and improvements	14,550
Carrying amount, total	20,261
Accumulated depreciation	$ 3,299
Date acquired	Dec. 12, 2018
Naperville Crossings
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 25,380
Initial cost, land and improvements	15,765
Initial cost, buildings and improvements	30,881
Costs capitalized subsequent to acquisition, carrying costs	4,474
Carrying amount, land and improvements	16,612
Carrying amount, buildings and improvements	34,508
Carrying amount, total	51,120
Accumulated depreciation	$ 8,545
Date acquired	Apr. 26, 2019
Orange Grove Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,637
Initial cost, buildings and improvements	7,340
Costs capitalized subsequent to acquisition, carrying costs	571
Carrying amount, land and improvements	3,124
Carrying amount, buildings and improvements	7,424
Carrying amount, total	10,548
Accumulated depreciation	$ 1,798
Date acquired	Oct. 31, 2019
Sudbury Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,483
Initial cost, buildings and improvements	12,933
Costs capitalized subsequent to acquisition, carrying costs	5,931
Carrying amount, land and improvements	6,516
Carrying amount, buildings and improvements	18,831
Carrying amount, total	25,347
Accumulated depreciation	$ 2,752
Date acquired	Oct. 31, 2019
Ashburn Farm Market Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	14,035
Initial cost, buildings and improvements	16,648
Costs capitalized subsequent to acquisition, carrying costs	555
Carrying amount, land and improvements	14,090
Carrying amount, buildings and improvements	17,148
Carrying amount, total	31,238
Accumulated depreciation	$ 3,394
Date acquired	Oct. 31, 2019
Alameda Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,785
Initial cost, buildings and improvements	19,875
Costs capitalized subsequent to acquisition, carrying costs	4,903
Carrying amount, land and improvements	8,074
Carrying amount, buildings and improvements	24,489
Carrying amount, total	32,563
Accumulated depreciation	$ 6,155
Date acquired	Nov. 16, 2019
Del Paso Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,722
Initial cost, buildings and improvements	12,242
Costs capitalized subsequent to acquisition, carrying costs	1,345
Carrying amount, land and improvements	6,102
Carrying amount, buildings and improvements	13,207
Carrying amount, total	19,309
Accumulated depreciation	$ 2,562
Date acquired	Dec. 12, 2019
Hickory Flat Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,976
Initial cost, buildings and improvements	11,786
Costs capitalized subsequent to acquisition, carrying costs	1,030
Carrying amount, land and improvements	7,389
Carrying amount, buildings and improvements	12,403
Carrying amount, total	19,792
Accumulated depreciation	$ 2,677
Date acquired	Aug. 17, 2020
Roxborough Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,105
Initial cost, buildings and improvements	12,668
Costs capitalized subsequent to acquisition, carrying costs	2,193
Carrying amount, land and improvements	4,753
Carrying amount, buildings and improvements	14,213
Carrying amount, total	18,966
Accumulated depreciation	$ 2,270
Date acquired	Oct. 05, 2020
Cinco Ranch Station II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,045
Initial cost, buildings and improvements	0
Costs capitalized subsequent to acquisition, carrying costs	2,742
Carrying amount, land and improvements	1,051
Carrying amount, buildings and improvements	2,736
Carrying amount, total	3,787
Accumulated depreciation	$ 109
Date acquired	Jan. 26, 2021
West Village Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,860
Initial cost, buildings and improvements	11,281
Costs capitalized subsequent to acquisition, carrying costs	1,552
Carrying amount, land and improvements	11,268
Carrying amount, buildings and improvements	12,425
Carrying amount, total	23,693
Accumulated depreciation	$ 2,071
Date acquired	Feb. 04, 2021
Hickory Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,370
Initial cost, buildings and improvements	2,710
Costs capitalized subsequent to acquisition, carrying costs	324
Carrying amount, land and improvements	5,542
Carrying amount, buildings and improvements	2,862
Carrying amount, total	8,404
Accumulated depreciation	$ 561
Date acquired	Feb. 25, 2021
Foxridge Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,740
Initial cost, buildings and improvements	11,636
Costs capitalized subsequent to acquisition, carrying costs	1,664
Carrying amount, land and improvements	4,465
Carrying amount, buildings and improvements	12,575
Carrying amount, total	17,040
Accumulated depreciation	$ 1,381
Date acquired	Aug. 20, 2021
Valrico Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,522
Initial cost, buildings and improvements	26,480
Costs capitalized subsequent to acquisition, carrying costs	896
Carrying amount, land and improvements	8,113
Carrying amount, buildings and improvements	26,785
Carrying amount, total	34,898
Accumulated depreciation	$ 2,560
Date acquired	Aug. 25, 2021
Market Place at Pabst Farms
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,204
Initial cost, buildings and improvements	17,199
Costs capitalized subsequent to acquisition, carrying costs	421
Carrying amount, land and improvements	6,519
Carrying amount, buildings and improvements	17,305
Carrying amount, total	23,824
Accumulated depreciation	$ 1,972
Date acquired	Oct. 13, 2021
Arapahoe Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	13,779
Initial cost, buildings and improvements	49,330
Costs capitalized subsequent to acquisition, carrying costs	1,756
Carrying amount, land and improvements	14,870
Carrying amount, buildings and improvements	49,995
Carrying amount, total	64,865
Accumulated depreciation	$ 4,428
Date acquired	Oct. 19, 2021
Loganville Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,309
Initial cost, buildings and improvements	7,920
Costs capitalized subsequent to acquisition, carrying costs	2,170
Carrying amount, land and improvements	5,447
Carrying amount, buildings and improvements	9,952
Carrying amount, total	15,399
Accumulated depreciation	$ 2,447
Date acquired	Nov. 05, 2021
Town & Country Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	21,894
Initial cost, buildings and improvements	35,793
Costs capitalized subsequent to acquisition, carrying costs	2,106
Carrying amount, land and improvements	22,199
Carrying amount, buildings and improvements	37,594
Carrying amount, total	59,793
Accumulated depreciation	$ 3,468
Date acquired	Nov. 12, 2021
Sprouts Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,104
Initial cost, buildings and improvements	22,622
Costs capitalized subsequent to acquisition, carrying costs	1,396
Carrying amount, land and improvements	5,472
Carrying amount, buildings and improvements	23,650
Carrying amount, total	29,122
Accumulated depreciation	$ 1,951
Date acquired	Dec. 03, 2021
Rainbow Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,158
Initial cost, buildings and improvements	30,171
Costs capitalized subsequent to acquisition, carrying costs	1,209
Carrying amount, land and improvements	7,897
Carrying amount, buildings and improvements	30,641
Carrying amount, total	38,538
Accumulated depreciation	$ 2,574
Date acquired	Dec. 03, 2021
Cascades Overlook
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	16,241
Initial cost, buildings and improvements	41,449
Costs capitalized subsequent to acquisition, carrying costs	1,930
Carrying amount, land and improvements	16,442
Carrying amount, buildings and improvements	43,178
Carrying amount, total	59,620
Accumulated depreciation	$ 2,838
Date acquired	Jan. 14, 2022
Oak Meadows Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,847
Initial cost, buildings and improvements	15,848
Costs capitalized subsequent to acquisition, carrying costs	440
Carrying amount, land and improvements	5,047
Carrying amount, buildings and improvements	16,088
Carrying amount, total	21,135
Accumulated depreciation	$ 1,038
Date acquired	Feb. 01, 2022
Shoppes at Avalon
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,184
Initial cost, buildings and improvements	7,740
Costs capitalized subsequent to acquisition, carrying costs	1,061
Carrying amount, land and improvements	9,805
Carrying amount, buildings and improvements	8,180
Carrying amount, total	17,985
Accumulated depreciation	$ 810
Date acquired	Feb. 14, 2022
Centennial Lakes Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	13,582
Initial cost, buildings and improvements	51,052
Costs capitalized subsequent to acquisition, carrying costs	1,860
Carrying amount, land and improvements	13,943
Carrying amount, buildings and improvements	52,551
Carrying amount, total	66,494
Accumulated depreciation	$ 2,934
Date acquired	May 13, 2022
Crossroads Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	25,226
Initial cost, buildings and improvements	27,638
Costs capitalized subsequent to acquisition, carrying costs	723
Carrying amount, land and improvements	25,665
Carrying amount, buildings and improvements	27,922
Carrying amount, total	53,587
Accumulated depreciation	$ 3,130
Date acquired	Aug. 15, 2022
Chinoe Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,841
Initial cost, buildings and improvements	14,001
Costs capitalized subsequent to acquisition, carrying costs	957
Carrying amount, land and improvements	4,111
Carrying amount, buildings and improvements	14,688
Carrying amount, total	18,799
Accumulated depreciation	$ 1,026
Date acquired	Nov. 21, 2022
Sunridge Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,004
Initial cost, buildings and improvements	21,375
Costs capitalized subsequent to acquisition, carrying costs	365
Carrying amount, land and improvements	12,261
Carrying amount, buildings and improvements	21,483
Carrying amount, total	33,744
Accumulated depreciation	$ 1,080
Date acquired	Dec. 20, 2022
Providence Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,425
Initial cost, buildings and improvements	18,665
Costs capitalized subsequent to acquisition, carrying costs	979
Carrying amount, land and improvements	7,652
Carrying amount, buildings and improvements	19,417
Carrying amount, total	27,069
Accumulated depreciation	$ 822
Date acquired	Jan. 19, 2023
Village Shoppes at Windermere
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,754
Initial cost, land and improvements	5,747
Initial cost, buildings and improvements	12,698
Costs capitalized subsequent to acquisition, carrying costs	355
Carrying amount, land and improvements	5,948
Carrying amount, buildings and improvements	12,852
Carrying amount, total	18,800
Accumulated depreciation	$ 497
Date acquired	Mar. 16, 2023
Town Center at Jensen Beach
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,042
Initial cost, buildings and improvements	10,731
Costs capitalized subsequent to acquisition, carrying costs	960
Carrying amount, land and improvements	6,372
Carrying amount, buildings and improvements	11,361
Carrying amount, total	17,733
Accumulated depreciation	$ 636
Date acquired	Mar. 27, 2023
Shops at Sunset Lakes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,872
Initial cost, buildings and improvements	7,775
Costs capitalized subsequent to acquisition, carrying costs	284
Carrying amount, land and improvements	6,056
Carrying amount, buildings and improvements	7,875
Carrying amount, total	13,931
Accumulated depreciation	$ 467
Date acquired	Mar. 27, 2023
Lake Pointe Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,490
Initial cost, buildings and improvements	9,410
Costs capitalized subsequent to acquisition, carrying costs	424
Carrying amount, land and improvements	3,764
Carrying amount, buildings and improvements	9,560
Carrying amount, total	13,324
Accumulated depreciation	$ 180
Date acquired	Aug. 16, 2023
Contra Loma Station OP L.P.
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	224
Initial cost, buildings and improvements	0
Costs capitalized subsequent to acquisition, carrying costs	63
Carrying amount, land and improvements	224
Carrying amount, buildings and improvements	63
Carrying amount, total	287
Accumulated depreciation	$ 21
Date acquired	Aug. 29, 2023
Mansell Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,470
Initial cost, buildings and improvements	11,624
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,470
Carrying amount, buildings and improvements	11,624
Carrying amount, total	16,094
Accumulated depreciation	$ 138
Date acquired	Oct. 30, 2023
Riverpark Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	24,270
Initial cost, buildings and improvements	49,449
Costs capitalized subsequent to acquisition, carrying costs	5
Carrying amount, land and improvements	24,270
Carrying amount, buildings and improvements	49,454
Carrying amount, total	73,724
Accumulated depreciation	$ 442
Date acquired	Nov. 13, 2023
Apache Shoppes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,807
Initial cost, buildings and improvements	3,709
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	1,807
Carrying amount, buildings and improvements	3,709
Carrying amount, total	5,516
Accumulated depreciation	$ 37
Date acquired	Dec. 04, 2023
Maple View
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,256
Initial cost, buildings and improvements	9,767
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	5,256
Carrying amount, buildings and improvements	9,767
Carrying amount, total	15,023
Accumulated depreciation	$ 55
Date acquired	Dec. 04, 2023
Maple View
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,621
Initial cost, buildings and improvements	3,307
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	1,621
Carrying amount, buildings and improvements	3,307
Carrying amount, total	4,928
Accumulated depreciation	$ 14
Date acquired	Dec. 04, 2023
Quail Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,492
Initial cost, buildings and improvements	33,594
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	7,492
Carrying amount, buildings and improvements	33,594
Carrying amount, total	41,086
Accumulated depreciation	$ 103
Date acquired	Dec. 05, 2023
Glenbrook Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,152
Initial cost, buildings and improvements	8,807
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	3,152
Carrying amount, buildings and improvements	8,807
Carrying amount, total	11,959
Accumulated depreciation	$ 34
Date acquired	Dec. 11, 2023
Northlake Station LLC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,327
Initial cost, buildings and improvements	11,806
Costs capitalized subsequent to acquisition, carrying costs	1,663
Carrying amount, land and improvements	2,763
Carrying amount, buildings and improvements	13,033
Carrying amount, total	15,796
Accumulated depreciation	$ 3,264
Date acquired	Oct. 06, 2006
Corporate Adjustments
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6
Initial cost, buildings and improvements	2,734
Costs capitalized subsequent to acquisition, carrying costs	(5,301)
Carrying amount, land and improvements	(3,580)
Carrying amount, buildings and improvements	1,019
Carrying amount, total	(2,561)
Accumulated depreciation	$ 1,143
Date acquired

DEBT OBLIGATIONS - Narrative (Details) $ in Thousands		12 Months Ended
DEBT OBLIGATIONS - Narrative (Details) $ in Thousands	Jul. 31, 2023 USD ($) loanFacility extension	Dec. 31, 2023 USD ($) loanFacility debt_instrument	Dec. 31, 2022 USD ($) interestRateSwap	Dec. 31, 2021 USD ($)	Nov. 30, 2022 USD ($)	Nov. 30, 2022 loanFacility	Nov. 30, 2022 debt_instrument	Aug. 31, 2022 USD ($) interestRateSwap	May 31, 2022 USD ($)
Debt Instrument [Line Items]
Payments on debt		$ 101,504	$ 81,920	$ 1,229,715
Unsecured debt		1,495,750	1,384,000
Variable-rate debt		$ 445,750	$ 279,000
Weighted-average interest rate on debt		4.20%	3.60%
Number of secured facilities \| loanFacility		2
Interest rate swap
Debt Instrument [Line Items]
Notional amount								$ 430,000
Number of interest rate swaps \| interestRateSwap								2
Term loans
Debt Instrument [Line Items]
Number of tranches \| loanFacility	3
Notional amount	$ 484,800
Number of debt instruments \| debt_instrument		2
Term loans \| SOFR
Debt Instrument [Line Items]
Debt face amount			$ 325,000
Number of debt instruments \| interestRateSwap			2
Term loans \| LIBOR
Debt Instrument [Line Items]
Debt face amount					$ 475,000
Number of debt instruments						3	3
Mortgages
Debt Instrument [Line Items]
Payments on debt		$ 47,300	$ 80,100
Revolving credit facility
Debt Instrument [Line Items]
Line of credit - interest spread		1.10%
Revolving credit facility, maximum borrowing capacity		$ 800,000	$ 500,000
Accordion feature, borrowing capacity									$ 1,000,000
Revolving credit facility, remaining borrowing capacity		$ 606,600
Facility fee		0.25%
Term loan due November 2025
Debt Instrument [Line Items]
Unsecured debt		$ 240,000
Term loan due July 2026
Debt Instrument [Line Items]
Unsecured debt		$ 240,000
Unsecured debt
Debt Instrument [Line Items]
Number of loans \| debt_instrument		5
Secured loan facilities
Debt Instrument [Line Items]
Weighted-average interest rate on debt		3.70%	3.80%
Senior Unsecured Term Loans Due 2024 \| Term loans
Debt Instrument [Line Items]
Number of tranches \| loanFacility		3
Notional amount		$ 475,000
Senior Unsecured Term Loans Due Jan 2026 \| Term loans
Debt Instrument [Line Items]
Debt face amount	$ 161,800
Debt instrument, number of extension options \| extension	2
Debt instrument, extension term	1 year
Senior Unsecured Term Loans Due Jan 2026 \| Term loans \| SOFR
Debt Instrument [Line Items]
Line of credit - interest spread	1.35%
Senior Unsecured Term Loan, One, Due Jan 2027 \| Term loans
Debt Instrument [Line Items]
Debt face amount	$ 158,000
Senior Unsecured Term Loan, One, Due Jan 2027 \| Term loans \| SOFR
Debt Instrument [Line Items]
Line of credit - interest spread	1.35%
Senior Unsecured Term Loan, Two, Due Jan 2027 \| Term loans
Debt Instrument [Line Items]
Debt face amount	$ 165,000
Senior Unsecured Term Loan, Two, Due Jan 2027 \| Term loans \| SOFR
Debt Instrument [Line Items]
Line of credit - interest spread	1.35%
Term loans \| Unsecured debt
Debt Instrument [Line Items]
Variable-rate debt		$ 264,800
Weighted-average interest rate on debt		4.70%	3.80%

DEBT OBLIGATIONS - Schedule of Debt Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fixed-rate debt	$ 1,540,985	$ 1,633,784
Variable-rate debt	445,750	279,000
Unsecured debt	1,495,750	1,384,000
Secured debt	490,985	528,784
Total	1,986,735	$ 1,912,784
Long-Term Debt
Debt Instrument [Line Items]
Fair value of hedged liability	$ 700,000
Weighted-average term (in years)	1 year 6 months

- 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
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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	122,024,000	117,126,000
Common stock, outstanding (in shares)	122,024,000	117,126,000

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2019 USD ($)	Nov. 30, 2018	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Oct. 01, 2020
Schedule of Equity Method Investments [Line Items]
Fees and management income			$ 9,646	$ 11,541	$ 10,335
Number of real estate properties \| property			281
Investment balance			$ 25,220	27,201
Return on investment in unconsolidated joint ventures			271	1,253	2,696
Equity income			100
Amortization or write-off of basis differences			2,183	3,653	3,869
Equity method investee \| Performance target Achievements \| Necessity Retail Partners
Schedule of Equity Method Investments [Line Items]
Fees and management income			$ 100	$ 2,700	700
Grocery Retail Partners I
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		15.00%	14.00%	14.00%		14.00%
JV agreement term		10 years
Number of real estate properties \| property			20	20
Investment balance			$ 24,701	$ 26,576
Return on investment in unconsolidated joint ventures			2,156	2,295	2,598
Equity income			$ 281	$ 246	162
Grocery Retail Partners I \| Co-venturer Northwestern Mutual
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		85.00%
Grocery Retail Partners II
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	10.00%
JV agreement term	10 years
Equity method JV value acquired	$ 5,400
Necessity Retail Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			20.00%	20.00%
Number of real estate properties \| property			0	0
Investment balance			$ 519	$ 625
Return on investment in unconsolidated joint ventures			84	3,109	5,137
Equity income			(21)	1,253	2,695
Amortization or write-off of basis differences			$ 0	$ 219	$ 1,162

COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

COMPENSATION


13. COMPENSATION

Employee Long Term Incentive Plan—We issue stock awards that vest based upon the completion of a service period (“service-based awards”) under our 2020 Omnibus Incentive Plan (“2020 Incentive Plan”), which became effective in June 2020. Awards to employees are typically granted and vest during the first quarter of each year. Service-based awards typically follow a four-year graded vesting schedule and will vest in the form of common stock or OP units.

We recognize expense for awards with graded vesting under the accelerated recognition method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period. We account for forfeitures as they occur. Expense amounts are recorded in General and Administrative or Property Operating on our consolidated statements of operations. Prior to our underwritten IPO, the awards were valued according to the EVPS for our common stock at the date of grant. Subsequent to our underwritten IPO, awards are valued according to the Nasdaq closing stock price at the date of the grant. Holders of unvested service-based awards are entitled to dividend and distribution rights, but are not entitled to voting rights.

Additionally, we issue performance-based awards that are earned based on the achievement of specified performance metrics measured at the end of the three-year performance period. The maximum number of performance-based awards earned cannot exceed two times the target number. Half of the earned performance-based awards vest when earned at the end of the three-year performance period and the second half of the earned performance-based awards vest one year later, subject to continued employment.

Beginning in 2022, our Compensation Committee approved a change to our performance-based long-term incentive program such that the performance-based component of awards under the program will be based on a single metric, total shareholder return relative to the FTSE Nareit Equity Shopping Center Index. Prior to 2022, our performance-based equity grants were based on two separate, equally-weighted performance metrics: (i) three-year average Same-Center NOI growth measured against a peer group of public retail REITs; and (ii) three-year Core Funds From Operations (“FFO”) per share growth measured against the same peer group. Same-Center NOI and Core FFO are both non-GAAP measures.

The fair value of the 2023 and 2022 performance-based awards on the date of grant was $6.0 million and $5.4 million, respectively, using a Monte Carlo simulation to estimate the fair value through a risk-neutral premise. The following is a summary of the significant assumptions used to value the performance-based awards granted during the years ended December 31, 2023 and 2022:


	2023		2022
Expected volatility	38.0	%	54.0	%
Dividend yield	3.20	%	3.25	%
Risk-free interest rate	4.63	%	1.52	%

In addition to the applicable performance metrics, a net asset value (“NAV”) modifier will be applied to the calculation of earned performance-based awards if the NAV per share at the end of the performance period is less than the value at issuance. Subsequent to our underwritten IPO, the NAV per share is measured by the Nasdaq closing stock price at the end of the performance period. Specifically, to the extent performance above the target level is achieved at the end of the performance period, yet our NAV per share at the end of the performance period is less than the value at issuance, the amount of earned awards will be capped at the target amount. The remaining amount of awards (the difference between those that would have otherwise been earned based on actual performance and the target level) may become earned, and thereafter vested, if our NAV per share exceeds the NAV per share at the beginning of the performance period for 20 consecutive trading days up to five years following the completion of the performance period, assuming continued employment on such date.

The performance period for the performance-based awards granted in 2018 and 2019 ended on December 31, 2020 and 2021, respectively. Based on our performance through December 31, 2020 and 2021, these awards would have been earned at maximum, but because our NAV per share growth for that same performance period was negative, the amount of earned awards was capped at the target amount. Based on the performance of common stock closing prices throughout the fourth quarter of 2021, we believed it was more than probable that we would achieve positive NAV per share growth for 20 consecutive trading days prior to December 31, 2025 and 2026. As such, we recognized approximately $4.2 million of expense associated with achieving the maximum award for both of these grants during the year ended December 31, 2021, of which $3.2 million was recorded in General and Administrative and $1.0 million was recorded in Property Operating on our consolidated statements of operations. During the year ended December 31, 2022, the unearned portion in excess of target and up to the maximum vested as our NAV per share growth became positive.

Underwritten IPO Grants—In connection with our underwritten IPO, we issued a total of 0.5 million RSUs, inclusive of 0.3 million OP units, and restricted stock awards in the form of time-based stock compensation awards with expenses included within Other Expense, Net on our consolidated statements of operations. Included in the restricted stock awards were 24,000 RSUs granted to our independent directors. The shares have a grant price of $28.00 per share and, with the exception of one individual whose award is subject to accelerated vesting provisions, 50% of the shares vested after 18 months and the remaining 50% will vest after 36 months.

Independent Director Stock Plan—The Board approves restricted stock awards pursuant to our Amended and Restated 2010 Independent Director Stock Plan. The awards are granted to our independent directors as service-based awards. As of December 31, 2023 and 2022, there were approximately 27,000 and 24,000 outstanding unvested awards granted to independent directors, respectively, in connection with the 2010 Independent Director Stock Plan.

Share-Based Compensation Award Activity—As of December 31, 2023, the fair value for certain of our equity awards is based on our Nasdaq closing stock price at the date of the grant and the fair value for our 2023 and 2022 performance-based awards is calculated using the Monte Carlo method, as described above. All share-based compensation awards, regardless of the form of payout upon vesting, are presented in the following table, which summarizes our stock-based award activity (number of units in thousands):


	Restricted Stock Awards(1)	Performance Stock Awards(1)	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2021	349	905	$	33.06
Granted	663	131	27.55
Vested	(151)	(62)	32.52
Forfeited	(24)	—	29.35
Nonvested at December 31, 2021	837	974	30.71
Granted	152	344	27.41
Vested	(164)	(181)	32.55
Forfeited	(55)	(1)	29.04
Nonvested at December 31, 2022	770	1,136	29.60
Granted	162	308	27.27
Vested	(393)	(129)	29.99
Forfeited	(10)	—	30.75
Nonvested at December 31, 2023	529	1,315	$	28.89

(1)The maximum number of award units that could be issued under all outstanding grants was 1.8 million as of December 31, 2023. The number of award units expected to vest was 1.1 million as of December 31, 2023.

The expense for all stock-based awards during the years ended December 31, 2023, 2022, and 2021 was $9.4 million, $14.9 million, and $16.8 million, respectively. We had $11.5 million of unrecognized compensation costs related to these awards that we expect to recognize over a weighted average period of approximately two years. The fair value at the vesting date for stock-based awards that vested during the year ended December 31, 2023 was $19.5 million.

401(k) Plan—We sponsor a 401(k) plan that provides benefits for qualified employees. Our match of the employee contributions is discretionary and has a five-year vesting schedule. The cash contributions to the plan for the years ended December 31, 2023, 2022, and 2021 were approximately $1.1 million, $1.0 million, and $1.0 million, respectively. All employees who have attained the age of 21 are eligible to participate starting the first day of the month following their date of hire. Employees are vested immediately with respect to employee contributions.

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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


	2023		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)	1.5		1.6

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)


	2023		2022		2021
Amount of gain recognized in Other Comprehensive (Loss) Income	$	8,586	$	46,839	$	12,501
Amount of (gain) loss reclassified from AOCI into Interest Expense, Net	(20,402)		4,446		19,499

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

EQUITY - Schedule of OP Unit Activity (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Jan. 18, 2022	Jun. 18, 2021
Class of Stock [Line Items]
OP units converted into shares of common stock (in shares) \| shares	517	1,169
Distributions declared on OP units \| $	$ 16,334	$ 16,241	$ 14,332
OP conversion ratio				1	1
Common stock, 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.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Stock Issuance Costs

Stock Issuance Costs—Stock issuance costs are offset against stock issuance proceeds and capitalized as a component of APIC on the consolidated balance sheets.

Partially-Owned Entities

Noncontrolling Interests

Cash and Cash Equivalents

Restricted Cash

Investment in Property and Lease Intangibles

Goodwill and Other Intangibles

Held for Sale Assets

Deferred Financing Expenses

Fair Value Measurement

Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability.

Investments in Unconsolidated Joint Ventures

Leases, Lessor

Leases—We are party to a number of lease agreements, both as a lessor as well as a lessee of various types of assets.

•if the lease transfers ownership of the underlying asset to the lessee by the end of the term;

•if the lease grants the lessee an option to purchase the underlying asset that is reasonably certain to be exercised;

•if the lease term is for the major part of the remaining economic life of the underlying asset; or

•if the present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset.

•whether the lease stipulates how and on what a tenant improvement allowance may be spent;

•whether the tenant or landlord retains legal title to the improvements;

•the uniqueness of the improvements;

•the expected economic life of the tenant improvements relative to the length of the lease; and

•who constructs or directs the construction of the improvements.

Leases, Lessee

Revenue Recognition

Fee

Performance Obligation Satisfied

Form and Timing of Payment

Description

Asset Management

Over time

In cash, monthly

Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon invested equity and the applicable rate.

Property Management

Over time

In cash, monthly

Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts.

Leasing Commissions

Point in time (upon close of a transaction)

In cash, upon completion

Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.

Construction Management

Point in time (upon close of a project)

In cash, upon completion

Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.

Share-Based Compensation

Repurchase of Common Stock

Segments

Income Taxes

Recently Issued Accounting Pronouncements

REAL ESTATE ACTIVITY - Schedule of Real Estate Acquisition Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property parcel	Dec. 31, 2022 USD ($) property parcel	Dec. 31, 2021 USD ($) property parcel
Real Estate Investments, Net [Abstract]
Number of properties acquired \| property	11	7	9
Number of outparcels acquired \| parcel	3	4	5
Contract price	$ 278,480	$ 280,515	$ 307,551
Total price of acquisitions	$ 270,262	$ 282,000	$ 308,358

DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,986,427
Finance lease liability	308	$ 585
Discount on notes payable	(6,302)	(7,001)
Assumed market debt adjustments, net	(858)	(1,226)
Deferred financing expenses, net	(10,303)	(7,963)
Total	$ 1,969,272	$ 1,896,594
Weighted-average interest rate on debt	4.20%	3.60%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit - interest spread	1.10%
Outstanding principal balance	$ 181,000	$ 79,000
Term loans
Debt Instrument [Line Items]
Outstanding principal balance	$ 964,750	955,000
Term loans \| Minimum
Debt Instrument [Line Items]
Interest rate	3.30%
Term loans \| Maximum
Debt Instrument [Line Items]
Interest rate	6.70%
Senior notes \| Senior unsecured notes due 2031
Debt Instrument [Line Items]
Interest rate	2.60%
Outstanding principal balance	$ 350,000	$ 350,000
Secured loan facilities
Debt Instrument [Line Items]
Outstanding principal balance	$ 490,677
Weighted-average interest rate on debt	3.70%	3.80%
Secured loan facilities \| Secured loan facilities
Debt Instrument [Line Items]
Outstanding principal balance	$ 395,000	$ 395,000
Secured loan facilities \| Minimum \| Secured loan facilities
Debt Instrument [Line Items]
Interest rate	3.40%
Secured loan facilities \| Maximum \| Secured loan facilities
Debt Instrument [Line Items]
Interest rate	3.50%
Mortgages
Debt Instrument [Line Items]
Outstanding principal balance	$ 95,677	$ 133,199
Mortgages \| Minimum
Debt Instrument [Line Items]
Interest rate	3.50%
Mortgages \| Maximum
Debt Instrument [Line Items]
Interest rate	6.40%

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income	$ 597,501	$ 560,538	$ 519,495
Fees and management income	9,646	11,541	10,335
Other property income	2,977	3,293	3,016
Total revenues	610,124	575,372	532,846
Operating Expenses:
Property operating	102,303	95,359	92,914
Real estate taxes	72,816	67,864	65,381
General and administrative	44,366	45,235	48,820
Depreciation and amortization	236,443	236,224	221,433
Impairment of real estate assets	0	322	6,754
Total operating expenses	455,928	445,004	435,302
Other:
Interest expense, net	(84,232)	(71,196)	(76,371)
Gain on disposal of property, net	1,110	7,517	30,421
Other expense, net	(7,312)	(12,160)	(34,361)
Net income	63,762	54,529	17,233
Net income attributable to noncontrolling interests	(6,914)	(6,206)	(2,112)
Net income attributable to stockholders	$ 56,848	$ 48,323	$ 15,121
Earnings per share of common stock:
Net income per share attributable to stockholders - basic (in dollars per share)	$ 0.48	$ 0.42	$ 0.15
Net income per share attributable to stockholders - diluted (in dollars per share)	$ 0.48	$ 0.42	$ 0.15
Comprehensive income:
Net income	$ 63,762	$ 54,529	$ 17,233
Other comprehensive (loss) income:
Change in unrealized value on interest rate swaps	(11,816)	51,285	32,000
Comprehensive income	51,946	105,814	49,233
Net income attributable to noncontrolling interests	(6,914)	(6,206)	(2,112)
Change in unrealized value on interest rate swaps attributable to noncontrolling interests	1,265	(5,736)	(4,500)
Reallocation of comprehensive income (loss) upon conversion of noncontrolling interests	71	273	(13)
Comprehensive income attributable to stockholders	$ 46,368	$ 94,145	$ 42,608

REAL ESTATE ACTIVITY - Acquisition of intangible leases (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average useful life, acquired below-market leases	18 years	21 years
Weighted average useful life, assumed below-market debt	2 years	0 years
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average useful life, acquired leases	12 years	12 years
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average useful life, acquired leases	9 years	8 years

INTANGIBLE ASSETS AND LIABILITIES - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

INTANGIBLE ASSETS AND LIABILITIES - Future Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Below-Market Lease Liabilities
2024	$ (10,689)
2025	(9,873)
2026	(9,122)
2027	(8,699)
2028	(8,227)
Above-Market Contract
2024	(499)
2025	(499)
2026	(499)
2027	(499)
2028	0
Corporate intangible assets
Finite lived intangible assets
2024	360
2025	325
2026	5
2027	1
2028	0
In-place lease assets
Finite lived intangible assets
2024	32,970
2025	28,281
2026	23,959
2027	20,805
2028	17,473
Above-market lease assets
Finite lived intangible assets
2024	4,928
2025	3,561
2026	2,418
2027	1,691
2028	$ 1,160

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Revenue Recognition Schedule of Fee Types

We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements.

Fee

Performance Obligation Satisfied

Form and Timing of Payment

Description

Asset Management

Over time

In cash, monthly

Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon invested equity and the applicable rate.

Property Management

Over time

In cash, monthly

Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts.

Leasing Commissions

Point in time (upon close of a transaction)

In cash, upon completion

Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.

Construction Management

Point in time (upon close of a project)

In cash, upon completion

Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.

OTHER ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Schedule of Other Assets

The following is a summary of Other Assets, Net outstanding as of December 31, 2023 and 2022 (in thousands):


	2023		2022
Other assets, net:
Deferred leasing commissions and costs	$	53,379	$	49,687
Deferred financing expenses(1)	8,984		8,984
Office equipment, including capital lease assets, and other	24,073		23,051
Corporate intangible assets	6,686		6,692
Total depreciable and amortizable assets	93,122		88,414
Accumulated depreciation and amortization	(53,205)		(47,483)
Net depreciable and amortizable assets	39,917		40,931
Accounts receivable, net(2)	44,548		37,274
Accounts receivable - affiliates	803		513
Deferred rent receivable, net(3)	62,288		52,141
Derivative assets	12,669		25,853
Prepaid expenses and other	10,745		14,575
Investment in third parties(4)	6,875		9,800
Investment in marketable securities	8,566		7,792
Total other assets, net	$	186,411	$	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.

INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Finite-Lived Intangible Assets, Net [Abstract]

Schedule of Acquired Intangible Assets and Liabilities

Other intangible assets and liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands):


	2023				2022
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Corporate intangible assets	$	6,686	$	(5,994)	$	6,692	$	(5,636)
In-place leases	495,525		(295,957)		471,507		(262,650)
Above-market leases	74,446		(57,964)		71,954		(52,230)
Below-market lease liabilities	(182,689)		74,466		(173,878)		64,079
Above-market contract(1)	(2,496)		499		(2,496)		—

(1)Recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets.

Finite-lived Intangible Assets Amortization Expense

Summarized below is the amortization recorded on other intangible assets and liabilities for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Corporate intangible assets	$	361	$	364	$	372
In-place leases	34,380		36,851		34,221
Above-market leases	5,865		6,485		6,319
Below-market lease liabilities	(11,044)		(10,809)		(9,900)
Above-market contract	(499)		—		—

Schedule of Acquired Intangible Assets, Future Amortization Expense


	Corporate Intangible Assets		In-Place Leases		Above-Market Leases		Below-Market Lease Liabilities		Above-Market Contract
2024	$	360	$	32,970	$	4,928	$	(10,689)	$	(499)
2025	325		28,281		3,561		(9,873)		(499)
2026	5		23,959		2,418		(9,122)		(499)
2027	1		20,805		1,691		(8,699)		(499)
2028	—		17,473		1,160		(8,227)		—

COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Significant Assumptions Performance-based Awards

The following is a summary of the significant assumptions used to value the performance-based awards granted during the years ended December 31, 2023 and 2022:


	2023		2022
Expected volatility	38.0	%	54.0	%
Dividend yield	3.20	%	3.25	%
Risk-free interest rate	4.63	%	1.52	%

Schedule of Share-Based Awards

All share-based compensation awards, regardless of the form of payout upon vesting, are presented in the following table, which summarizes our stock-based award activity (number of units in thousands):


	Restricted Stock Awards(1)	Performance Stock Awards(1)	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2021	349	905	$	33.06
Granted	663	131	27.55
Vested	(151)	(62)	32.52
Forfeited	(24)	—	29.35
Nonvested at December 31, 2021	837	974	30.71
Granted	152	344	27.41
Vested	(164)	(181)	32.55
Forfeited	(55)	(1)	29.04
Nonvested at December 31, 2022	770	1,136	29.60
Granted	162	308	27.27
Vested	(393)	(129)	29.99
Forfeited	(10)	—	30.75
Nonvested at December 31, 2023	529	1,315	$	28.89

EQUITY

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

EQUITY


12. 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 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 months ended December 31, 2023, we issued 2.2 million shares of our common stock at a gross weighted average price of $35.92 per share under the ATM program for net proceeds of $77.5 million, after approximately $0.8 million in commissions. During the year ended December 31, 2023, we issued 4.2 million shares of our common stock at a gross weighted average price of $35.76 per share under the ATM program for net proceeds of $147.6 million, after approximately $1.5 million in commissions. During the three months ended December 31, 2022, no shares were issued under the ATM program. During the year ended December 31, 2022, we issued 2.6 million shares of our common stock at a gross weighted average price of $34.23 per share under the ATM program for net proceeds of $89.2 million, after approximately $0.9 million in commissions. As of December 31, 2023, approximately $10.8 million of common stock remained available for issuance under the ATM program.

Subsequent to December 31, 2023, we issued approximately 46,000 additional shares of our common stock at a gross weighted average price of $37.05 per share under the ATM program for net proceeds of $1.7 million, after approximately $17,000 in commissions.

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

Our Class B common stock was identical to our common stock, except that it was not listed on a national securities exchange. 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.

Reverse Stock Split—On July 2, 2021, we effected a one-for-three reverse stock split. Concurrent with the reverse split, the Operating Partnership enacted a one-for-three reverse split of its outstanding OP units. Neither the number of authorized shares nor the par value of the common stock were impacted. As a result of the reverse split, every three shares of our common stock or OP units were automatically combined and converted into one issued and outstanding share of common stock or OP unit rounded to the nearest 1/100th share. The reverse stock split impacted all common stock and OP units proportionately and had no impact on any stockholder’s percentage ownership of common stock.

In connection with the reverse stock split, the number of shares of common stock and OP units underlying the outstanding share-based awards was also proportionately reduced. All references to shares of common stock, number of OP units, and per share data for all periods presented in our consolidated financial statements and notes have been adjusted to reflect the reverse split on a retroactive basis.

Underwritten IPO—On July 19, 2021, we completed our underwritten IPO and issued 17.0 million shares of common stock at an offering price to the public of $28.00 per share. We used a portion of the net proceeds to reduce our leverage and used the remaining amount to fund external growth with property acquisitions and for other general corporate uses. As part of the underwritten IPO, underwriters were granted an option exercisable within 30 days from July 14, 2021 to purchase up to an additional 2.6 million shares of common stock at the underwritten IPO price, less underwriting discounts and commissions. On July 29, 2021, the underwriters exercised their option. The underwritten IPO, including the underwriters’ overallotment election, resulted in gross proceeds of $547.4 million.

Month

Date of Record

Date Distribution Paid

Monthly Distribution Rate

Cash Distribution

December

12/15/2023

1/2/2024

0.0975

13,154

January

1/16/2024

2/1/2024

0.0975

13,223

Convertible Noncontrolling Interests—As of December 31, 2023 and 2022, we had approximately 13.8 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. These are included in the outstanding unvested award totals disclosed in Note 13.

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 December 31, 2023 and 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 16).

The table below is a summary of our OP unit activity for the years ended December 31, 2023 and 2022 (dollars and shares in thousands):


	2023		2022
OP units converted into shares of common stock(1)	517		1,169
Distributions declared on OP units(2)	$	16,334	$	16,241

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

Dividend Reinvestment Plan and Share Repurchase Programs—On August 4, 2021, as a result of our underwritten IPO, our Board approved the termination of the DRIP and the original share repurchase program.

- Definition

The entire disclosure for equity.

+ References

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+ Details

COMPENSATION - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions		12 Months Ended
	Jul. 19, 2021 $ / shares shares	Dec. 31, 2023 USD ($) tradingDay $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Granted		$ 6.0	$ 5.4
Granted (in dollars per share) \| $ / shares		$ 27.27	$ 27.41	$ 27.55
Vesting period		5 years
Stock-based award expense		$ 9.4	$ 14.9	$ 16.8
Cost not yet recognized, amount		$ 11.5
Cost not yet recognized, period for recognition		2 years
Stock-based awards that vested (in shares)		$ 19.5
Employer discretionary contribution amount		$ 1.1	$ 1.0	$ 1.0
Performance stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Outstanding unvested awards (in shares) \| shares		1,315	1,136	974	905
Restricted Stock Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Granted (in shares) \| shares	500
Outstanding unvested awards (in shares) \| shares		529	770	837	349
OP units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Granted (in shares) \| shares	300
Independent directors \| Restricted Stock Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Granted (in shares) \| shares	24
Granted (in dollars per share) \| $ / shares	$ 28.00
Vesting period one \| Independent directors \| Restricted Stock Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting percentage	50.00%
Vesting period	18 months
Vesting period two \| Independent directors \| Restricted Stock Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting percentage	50.00%
Vesting period	36 months
2020 Incentive Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period		4 years
2020 Incentive Plan \| Performance stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based award expense, accelerated cost		$ 4.2
Share-based compensation target number multiplier		200.00%
2020 Incentive Plan \| Performance stock awards \| General and administrative expense
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based award expense, accelerated cost		$ 3.2
2020 Incentive Plan \| Performance stock awards \| Property operating
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based award expense, accelerated cost		$ 1.0
2020 Incentive Plan \| Vesting period one \| Performance stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Performance period		3 years
Vesting percentage		50.00%
2020 Incentive Plan \| Vesting period two \| Performance stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period		1 year
Threshold consecutive trading days \| tradingDay		20
Vesting percentage		50.00%
2020 Incentive Plan \| Vesting period three \| Performance stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period		5 years
Amended and Restated 2010 Independent Director Stock Plan \| Restricted Stock Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Outstanding unvested awards (in shares) \| shares		27	24

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment in real estate:
Land and improvements	$ 1,768,487	$ 1,674,133
Building and improvements	3,818,184	3,572,146
In-place lease assets	495,525	471,507
Above-market lease assets	74,446	71,954
Total investment in real estate assets	6,156,642	5,789,740
Accumulated depreciation and amortization	(1,540,551)	(1,316,743)
Net investment in real estate assets	4,616,091	4,472,997
Investment in unconsolidated joint ventures	25,220	27,201
Total investment in real estate assets, net	4,641,311	4,500,198
Cash and cash equivalents	4,872	5,478
Restricted cash	4,006	11,871
Goodwill	29,066	29,066
Other assets, net	186,411	188,879
Total assets	4,865,666	4,735,492
Liabilities:
Debt obligations, net	1,969,272	1,896,594
Below-market lease liabilities, net	108,223	109,799
Accounts payable and other liabilities	116,461	113,185
Deferred income	18,359	18,481
Total liabilities	2,212,315	2,138,059
Commitments and contingencies (see Note 11)	0	0
Equity:
Preferred stock	0	0
Common stock	1,220	1,171
Additional paid-in capital (“APIC”)	3,546,838	3,383,978
Accumulated other comprehensive income (“AOCI”)	10,523	21,003
Accumulated deficit	(1,248,273)	(1,169,665)
Total stockholders’ equity	2,310,308	2,236,487
Noncontrolling interests	343,043	360,946
Total equity	2,653,351	2,597,433
Total liabilities and equity	$ 4,865,666	$ 4,735,492

EQUITY - Schedule of Dividends Payable (Details) - USD ($) $ / shares in Units, $ in Thousands							4 Months Ended	8 Months Ended	12 Months Ended
	Feb. 01, 2024	Jan. 15, 2024	Jan. 02, 2024	Dec. 15, 2023	Nov. 01, 2023	Sep. 01, 2023	Dec. 31, 2023	Aug. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)									$ 1.1364	$ 1.0932	$ 1.035
Net cash distribution									$ 135,749	$ 127,083	$ 106,699
Dividend declared
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)				$ 0.0975	$ 0.0975		$ 1.17	$ 1.12	$ 0.0933
Increase of distributions paid percentage						4.50%
Dividend declared \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Common distributions declared (in dollars per share)		$ 0.0975
Dividend Paid \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Net cash distribution	$ 13,223		$ 13,154

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Borrowings

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


	2023				2022
	Recorded Principal Balance(1)		Fair Value		Recorded Principal Balance(1)		Fair Value
Revolving credit facility	$	181,000	$	181,714	$	79,000	$	79,299
Term loans	956,132		970,238		948,429		959,319
Senior unsecured notes due 2031	343,698		284,865		342,999		257,446
Secured portfolio loan facilities	392,575		351,339		392,093		343,921
Mortgages(2)	95,867		94,966		134,073		132,563
Total	$	1,969,272	$	1,883,122	$	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 years ended December 31, 2023 and 2022 were as follows (in thousands):


	2023						2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Recurring
Marketable securities(1)	$	8,566	$	—	$	—	$	7,792	$	—	$	—
Derivative assets(1)(2)	—		12,669		—		—		25,853		—
Nonrecurring
Impaired real estate assets, net(3)	$	—	$	—	$	—	$	—	$	5,225	$	—

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

(2)The fair values of the derivative assets exclude associated accrued interest receivable of $1.7 million and $1.4 million as of December 31, 2023 and 2022, respectively.

(3)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.

Summary of Nonrecurring Fair Value

We recorded the following expense upon impairment of real estate assets for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Impairment of real estate assets	$	—	$	322	$	6,754

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 63,762	$ 54,529	$ 17,233
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets	234,260	232,571	217,564
Impairment of real estate assets	0	322	6,754
Depreciation and amortization of corporate assets	2,183	3,653	3,869
Net amortization of above- and below-market leases	(5,178)	(4,324)	(3,581)
Amortization of deferred financing expenses	4,237	3,410	4,416
Amortization of debt and derivative adjustments	2,884	2,473	1,846
Loss (gain) on extinguishment or modification of debt, net	368	(95)	1,996
Gain on disposal of property, net	(1,110)	(7,517)	(30,421)
Impairment of investment in third parties	3,000	0	0
Change in fair value of earn-out liability	0	1,809	30,436
Straight-line rent	(10,145)	(12,301)	(9,427)
Share-based compensation	6,866	15,406	16,394
Return on investment in unconsolidated joint ventures	271	1,253	2,696
Other	(1,018)	(107)	(883)
Changes in operating assets and liabilities:
Other assets, net	(11,524)	(10,147)	(4,498)
Accounts payable and other liabilities	2,112	9,955	8,508
Net cash provided by operating activities	290,968	290,890	262,902
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(270,262)	(282,000)	(308,358)
Capital expenditures	(95,262)	(104,495)	(75,035)
Proceeds from sale of real estate, net	7,208	52,019	206,377
Investment in third parties	0	0	(3,000)
Return of investment in unconsolidated joint ventures	1,969	4,151	5,039
Investment in marketable securities	0	(3,000)	(5,514)
Proceeds from sale of marketable securities	400	0	0
Insurance proceeds for property damage claims	2,561	2,080	0
Net cash used in investing activities	(353,386)	(331,245)	(180,491)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock	149,135	90,124	547,401
Payment of offering costs	(1,939)	(1,090)	(39,048)
Repurchases of Class B common stock	0	0	(77,765)
Proceeds from revolving credit facility	503,000	376,000	9,000
Payments on revolving credit facility	(401,000)	(297,000)	(9,000)
Proceeds from notes and loans payable	58,000	0	822,018
Payments on mortgages and loans payable	(101,504)	(81,920)	(1,229,715)
Distributions paid, net of DRIP	(135,749)	(127,083)	(106,699)
Distributions to noncontrolling interests	(15,996)	(16,856)	(14,982)
Other	0	0	(29)
Net cash provided by (used in) financing activities	53,947	(57,825)	(98,819)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(8,471)	(98,180)	(16,408)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of year	17,349	115,529	131,937
End of year	8,878	17,349	115,529
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	4,872	5,478	92,585
Restricted cash	4,006	11,871	22,944
Cash, cash equivalents, and restricted cash at end of year	8,878	17,349	115,529
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	76,479	65,096	68,092
Cash paid for income taxes, net	689	194	559
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:
Settlement of earn-out liability	0	54,245	0
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities	887	36	902
Accrued capital expenditures	9,892	9,834	6,443
Receivable from issuance of common stock	1,700	0	0
Investment in third party	0	6,800	0
Contribution of corporate assets	0	(4,304)	0
Assumed debt obligations, net	9,614	0	0
Assumed below-market debt	444	0	0
Above-market contract	0	(2,496)	0
Change in distributions payable	(293)	68	(7,600)
Change in distributions payable - noncontrolling interests	338	(615)	(650)
Distributions reinvested	$ 0	$ 0	$ 7,368

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of our deferred tax assets and liabilities as of December 31, 2023 and 2022 (in thousands):


	2023		2022
Deferred tax assets:
Equity compensation	$	1,934	$	2,749
Accrued compensation	1,706		1,531
Net operating loss (“NOL”) carryforward	1,031		1,669
Reserves	300		300
Other	94		362
Gross deferred tax asset	5,065		6,611
Less: valuation allowance	(1,143)		(2,879)
Total deferred tax asset	3,922		3,732
Deferred tax liabilities:
Real estate and capitalized salaries	(3,150)		(3,239)
Investment in third parties	(563)		(443)
Other	(209)		(50)
Total deferred tax liabilities	(3,922)		(3,732)
Net deferred tax asset	$	—	$	—

Summary of REIT Taxable Income Subject to Dividend Distribution

The following table reconciles Net Income Attributable to Stockholders to REIT taxable income before the dividends paid deduction for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Net income attributable to stockholders	$	56,848	$	48,323	$	15,121
Net (income) loss from TRS entities	(9,768)		968		(533)
Net income attributable to REIT operations	47,080		49,291		14,588
Book/tax differences	54,311		47,730		69,943
REIT taxable income	101,391		97,021		84,531
Less: Capital gains	(96)		—		(19,765)
REIT taxable income subject to 90% dividend requirement	$	101,295	$	97,021	$	64,766

Schedule of Effective Income Tax Rate Reconciliation

The tax characterization of our distributions declared for the years ended December 31, 2023, 2022, and 2021 was as follows:


	2023		2022		2021
Common stock:
Ordinary dividends	75.9	%	77.4	%	62.8	%
Non-dividend distributions	24.0	%	22.6	%	18.1	%
Capital gain distributions(1)	0.1	%	—	%	19.1	%
Total distributions per share of common stock	100.0	%	100.0	%	100.0	%

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Cincinnati, Ohio

REAL ESTATE ACTIVITY (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate Investments, Net [Abstract]

Schedule of Real Estate Acquisition Activity

Acquisitions—The following table summarizes our real estate acquisition activity for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		2021
Number of properties acquired	11		7		9
Number of outparcels acquired(1)	3		4		5
Contract price	$	278,480	$	280,515	$	307,551
Total price of acquisitions(2)	270,262		282,000		308,358

(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 years ended December 31, 2023 and 2022 were allocated as follows (in thousands):


	2023		2022
ASSETS
Land and improvements	$	80,701	$	87,762
Building and improvements	180,155		180,365
In-place lease assets	26,690		24,408
Above-market lease assets	2,688		3,903
Below-market debt	444		—
Total assets	290,678		296,438

LIABILITIES
Debt obligations, net	9,614		—
Below-market lease liabilities	10,802		14,438
Total liabilities	20,416		14,438

Net assets acquired	$	270,262	$	282,000

Schedule of Acquired Intangible Leases


	2023	2022
Acquired in-place leases	12	12
Acquired above-market leases	9	8
Acquired below-market leases	18	21
Assumed below-market debt	2	—

Schedule of Real Estate Dispositions

Property Dispositions—The following table summarizes our real estate disposition activity for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		2021
Number of properties sold(1)	1		4		24
Number of outparcels sold(2)(3)	2		4		4
Contract price	$	6,250	$	53,987	$	216,052
Proceeds from sale of real estate, net(4)(5)	7,208		52,019		206,377
Gain on sale of property, net(5)(6)	1,110		7,517		34,309

(1)We retained one outparcel related to a property sale during the year ended December 31, 2021 and therefore the sale did not result in a reduction in our total property count.

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

(5)Activity for the year ended December 31, 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.

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+ Details

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES


6. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

Grocery Retail Partners I and II—In November 2018, through our direct and indirect subsidiaries, we entered into a joint venture with Northwestern Mutual Life Insurance Company (“Northwestern Mutual”). We acquired a 15% ownership interest in the new joint venture, GRP I, and Northwestern Mutual acquired the remaining 85% ownership interest. The joint venture is set to expire ten years after the date of the agreement, unless otherwise extended by the members.

In connection with a 2019 merger, we assumed a 10% equity interest in Grocery Retail Partners II LLC (“GRP II”) with a fair value of $5.4 million at acquisition. GRP II was initially formed in November 2018 pursuant to the terms of a joint venture agreement and is set to expire ten years after the date of the joint venture contribution agreement unless otherwise extended by the members.

In October 2020, GRP I acquired GRP II. As a part of the transaction, the carrying amount of our investment in GRP II was contributed to GRP I as consideration for an additional interest in GRP I. Our ownership interest in GRP I upon consummation of the transaction was adjusted to approximately 14% as a result of the acquisition.

Necessity Retail Partners—As of December 31, 2023, we owned a 20% equity interest in Necessity Retail Partners (“NRP”). NRP was initially formed in March 2016 pursuant to the terms of a 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. With the monetization of the joint venture, we exceeded the targeted return and as such were paid compensation of $0.1 million, $2.7 million, and $0.7 million for the years ended December 31, 2023, 2022, and 2021, respectively, which is recorded in Fees and Management Income on our consolidated statements of operations.

The following table summarizes balances on the consolidated balance sheets related to our unconsolidated joint ventures as of December 31, 2023 and 2022 (dollars in thousands):


	2023					2022
Joint Venture	Ownership Percentage		Number of Shopping Centers	Investment Balance		Ownership Percentage		Number of Shopping Centers	Investment Balance
GRP I	14	%	20	$	24,701	14	%	20	$	26,576
NRP	20	%	—	519		20	%	—	625

The following table summarizes the activity on the consolidated statements of operations related to our unconsolidated joint ventures as of December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Distributions to PECO After Formation or Assumption
GRP I	$	2,156	$	2,295	$	2,598
NRP	84		3,109		5,137

Gain (Loss) from Unconsolidated Joint Ventures(1)
GRP I	$	281	$	246	$	162
NRP	(21)		1,253		2,695

Amortization and Write-Off of Basis Differences(1)
NRP	$	—	$	219	$	1,162

(1)Recorded in Other Expense, Net in the consolidated statements of operations.

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Ordinary dividends	75.90%	77.40%	62.80%
Non-dividend distributions	24.00%	22.60%	18.10%
Capital gain distributions	0.10%	0.00%	19.10%
Total distributions per share of common stock	100.00%	100.00%	100.00%

REAL ESTATE ACTIVITY - Schedule of Asset Acquisition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Total assets	$ 290,678	$ 296,438
Debt obligations, net	9,614	0
Below-market lease liabilities	10,802	14,438
Total liabilities	20,416	14,438
Net assets acquired	270,262	282,000
In-place lease assets
Asset Acquisition [Line Items]
Intangible assets	26,690	24,408
Above-market lease assets
Asset Acquisition [Line Items]
Intangible assets	2,688	3,903
Below-market debt
Asset Acquisition [Line Items]
Intangible assets	444	0
Land and improvements
Asset Acquisition [Line Items]
Property, plant and equipment	80,701	87,762
Building and improvements
Asset Acquisition [Line Items]
Property, plant and equipment	$ 180,155	$ 180,365