Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations.

As of March 31, 2026, we had $736.3 million of commitments under construction contracts related to development projects, which have estimated rental revenue commencement dates between April 2026 and December 2028. In addition, as of March 31, 2026, we had commitments of $42.3 million for tenant improvements, recurring capital expenditures, and building improvements, and had accrued $15.2 million in contingent consideration obligations related to leasing activities at four U.K. retail park properties acquired in 2026.

In March 2026, we closed on a mezzanine loan entered into with a joint venture with a principal balance of $375.0 million. As of March 31, 2026, we have an obligation to fund up to $135.6 million over the term of the guarantee on third-party debt related to this loan, in the event of default. The guarantee is effective through the term of the related loan, which matures in March 2029 and has two 12-month extension options available. The guarantee requires fair value measurement. As such, we recorded the measured amount of $4.0 million as a liability at inception, which is included in 'Other liabilities' on our consolidated balance sheets.

As of March 31, 2026, we had approximately $390.1 million of unfunded loan commitments related to certain loan investments, under which we are committed to provide funding upon borrower request, subject to satisfaction of customary conditions. These commitments may be funded over the contractual commitment period and are generally intended to support the financing needs of the borrowers, including project development costs, operational expenditures, and interest obligations. These commitments are secured by the underlying real estate collateral or pledges of equity interests in the borrowing entities.