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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

21. Segment Reporting

The Company is an owner and operator of open-air, grocery-anchored shopping centers and mixed-used assets of which all the Company's properties are located within the U.S., inclusive of Puerto Rico. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews and evaluates operating and financial data for each property on an individual basis. As a result, each of the Company's individual properties is a separate operating segment. The Company defines its reportable segments to be in accordance with the method of internal reporting and the manner in which the Company's chief operating decision maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages the Company's business. Accordingly, the Company aggregates its operating segments into a single reportable segment due to the similarities with regard to the nature and economics of its properties, tenants and operations, which are operated using consistent business strategies.

In accordance with ASC Topic 280 Segment Reporting, the Company’s CODM has been identified as the Chief Executive Officer. The CODM evaluates the Company’s portfolio and assesses the ongoing operations and performance of its consolidated properties and the Company's share of unconsolidated joint venture operations. The accounting policies of the reportable segments are the same as the Company’s accounting policies. Net Operating Income ("NOI") is the primary performance measure reviewed by the Company’s CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating expenses from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. The Company’s calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs. The CODM does not review asset information as a measure to assess performance.

The following table presents accrual-based lease revenue and other property related income and operating expenses included in the Company's share of NOI for its consolidated and unconsolidated properties ("NOI at share") the periods presented (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues

 

$

531,113

 

 

$

502,875

 

 

$

1,583,329

 

 

$

1,498,001

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Rent

 

 

(4,164

)

 

 

(4,239

)

 

 

(12,590

)

 

 

(12,744

)

Real estate taxes

 

 

(67,384

)

 

 

(64,996

)

 

 

(203,854

)

 

 

(194,538

)

Operating and maintenance

 

 

(92,434

)

 

 

(88,744

)

 

 

(273,056

)

 

 

(262,267

)

Total operating expenses

 

 

(163,982

)

 

 

(157,979

)

 

 

(489,500

)

 

 

(469,549

)

NOI from unconsolidated real estate joint ventures

 

 

47,970

 

 

 

49,212

 

 

 

148,555

 

 

 

149,042

 

NOI at share

 

$

415,101

 

 

$

394,108

 

 

$

1,242,384

 

 

$

1,177,494

 

 

 

The following table presents the reconciliation of NOI at share to Net income (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

NOI at share

 

$

415,101

 

 

$

394,108

 

 

$

1,242,384

 

 

$

1,177,494

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Management and other fee income

 

 

4,748

 

 

 

4,757

 

 

 

14,331

 

 

 

13,616

 

General and administrative

 

 

(29,646

)

 

 

(33,850

)

 

 

(96,485

)

 

 

(103,238

)

Impairment charges

 

 

(440

)

 

 

(375

)

 

 

(8,619

)

 

 

(4,277

)

Merger charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(25,246

)

Depreciation and amortization

 

 

(158,269

)

 

 

(144,688

)

 

 

(473,045

)

 

 

(447,555

)

Gain on sale of properties

 

 

3,705

 

 

 

551

 

 

 

43,514

 

 

 

944

 

Other (expense)/income, net

 

 

(2,362

)

 

 

10,284

 

 

 

757

 

 

 

20,764

 

Mortgage and other financing income, net

 

 

12,375

 

 

 

11,919

 

 

 

35,706

 

 

 

19,189

 

Gain/(loss) on marketable securities, net

 

 

43

 

 

 

79

 

 

 

32

 

 

 

(27,613

)

Interest expense

 

 

(84,261

)

 

 

(76,216

)

 

 

(245,842

)

 

 

(224,122

)

Benefit/(provision) for income taxes, net

 

 

875

 

 

 

(128

)

 

 

45

 

 

 

(72,355

)

Equity in income of joint ventures, net

 

 

26,967

 

 

 

20,981

 

 

 

73,640

 

 

 

63,413

 

Equity in (loss)/income of other investments, net

 

 

(811

)

 

 

216

 

 

 

1,637

 

 

 

9,468

 

NOI from unconsolidated real estate joint ventures

 

 

(47,970

)

 

 

(49,212

)

 

 

(148,555

)

 

 

(149,042

)

Net income

 

$

140,055

 

 

$

138,426

 

 

$

439,500

 

 

$

251,440