Accumulated Other Comprehensive (Loss)/Income ("AOCI")

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive (Loss)/Income ("AOCI")

20. Accumulated Other Comprehensive (Loss)/Income (“AOCI”)

The following tables present the change in the components of AOCI for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30, 2024									Nine Months Ended September 30, 2024
	Cash Flow Hedges for Interest Payments			Cash Flow Hedges for Interest Payments of Unconsolidated Investee			Total			Cash Flow Hedges for Interest Payments			Cash Flow Hedges for Interest Payments of Unconsolidated Investee			Total
Balance at beginning of period	$	7,820		$	3,416		$	11,236		$	-		$	3,329		$	3,329
Other comprehensive (loss)/income before reclassifications		(18,978	)		(1,687	)		(20,665	)		(6,996	)		383			(6,613	)
Amounts reclassed from AOCI		(3,072	)		(984	)		(4,056	)		(7,234	)		(2,967	)		(10,201	)
Net current-period other comprehensive loss		(22,050	)		(2,671	)		(24,721	)		(14,230	)		(2,584	)		(16,814	)
Balance at end of period	$	(14,230	)	$	745		$	(13,485	)	$	(14,230	)	$	745		$	(13,485	)

	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
	Defined Benefit Plan			Cash Flow Hedges for Interest Payments of Unconsolidated Investee		Total			Defined Benefit Plan			Cash Flow Hedges for Interest Payments of Unconsolidated Investee		Total
Balance at beginning of period	$	10,581		$	5,360	$	15,941		$	10,581		$	-	$	10,581
Other comprehensive income before reclassifications		267			-		267			267			6,616		6,883
Amounts reclassified from AOCI		(10,848	)		1,256		(9,592	)		(10,848	)		-		(10,848	)
Net current-period other comprehensive (loss)/income		(10,581	)		1,256		(9,325	)		(10,581	)		6,616		(3,965	)
Balance at end of period	$	-		$	6,616	$	6,616		$	-		$	6,616	$	6,616

On the Company’s Condensed Consolidated Statements of Income, unrealized gains and losses reclassified from AOCI related to (i) cash flow hedges for interest payments, which are included in Interest expense, (ii) cash flow hedges for interest payments of

unconsolidated investee, which are included in Equity in income of joint ventures, net, and (iii) settlement of defined benefit plan which is included in Other income, net.

During the three months ended September 30, 2023, the Weingarten Realty Investors’ noncontributory qualified cash balance retirement plan (the “Benefit Plan”) obligations of $25.5 million were settled through third-party annuity contracts, lump sum distributions and IRA Rollovers. In addition, during the three months ended September 30, 2023, the Benefit Plan transferred excess assets with a value of $3.9 million to the qualified replacement plan managed by the Company and reverted excess assets with a value of $10.6 million to the Company. Upon the liquidation of the Benefit Plan, the Company realized $10.8 million of settlement gains during the three months ended September 30, 2023, which are included in Other income, net on the Company’s Condensed Consolidated Statements of Income and were previously included in Accumulated other comprehensive (loss)/income on the Company’s Condensed Consolidated Balance Sheets. In addition, the Company incurred excise taxes of $2.2 million, resulting from the reversion of excess pension plan assets during the three months ended September 30, 2023, which are included in Other income, net on the Company’s Condensed Consolidated Statements of Income.