Related Party Arrangements

9 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Related Party Arrangements

Related Party Arrangements

Unconsolidated Entities

The Company manages unconsolidated real estate entities and may provide other real estate related services to third parties, for which it receives asset management, property management, construction, development and redevelopment fee revenue. From these entities, the Company earned fees of $1,934,000 and $1,399,000 for the three months ended September 30, 2023 and 2022, respectively, and $5,712,000 and $3,054,000 for the nine months ended September 30, 2023 and 2022, respectively. In addition, the Company had outstanding receivables associated with its property and construction management roles of $3,471,000 and $2,855,000 as of September 30, 2023 and December 31, 2022, respectively.

Director Compensation

The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock units in the amount of $599,000 and $553,000 for the three months ended September 30, 2023 and 2022, respectively, and $1,845,000 and $1,642,000 for the nine months ended September 30, 2023 and 2022, respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock units to non-employee directors was $1,283,000 and $794,000 on September 30, 2023 and December 31, 2022, respectively, reported as a component of prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.