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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedue of Reconciliations of Amounts to Consolidated Net Income and Total Revenues | The following tables provide information about the shopping centers segment revenues, significant expenses, NOI and the reconciliations of these amounts to the Company’s consolidated Net income and Total revenues:
| Year ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Lease income | $ | 1,548,929 |  |  |  | 1,413,079 |  |  |  | 1,312,532 |
Other property income |  | 15,450 |  |  |  | 12,260 |  |  |  | 11,247 |
Less: |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | (22,193 | ) |  |  | (13,559 | ) |  |  | (27,220 | )
Above/below market rent amortization, net |  | (25,612 | ) |  |  | (31,604 | ) |  |  | (23,021 | )
Total real estate revenues |  | 1,516,574 |  |  |  | 1,380,176 |  |  |  | 1,273,538 |
Operating expenses (1) |  | (267,660 | ) |  |  | (247,792 | ) |  |  | (213,085 | )
Real estate taxes |  | (201,546 | ) |  |  | (181,096 | ) |  |  | (163,667 | )
NOI | $ | 1,047,368 |  |  |  | 951,288 |  |  |  | 896,786 |
Reconciliation of Total real estate revenues to Total revenues: |  |  |  |  |  |  |  |
Total real estate revenues |  | 1,516,574 |  |  |  | 1,380,176 |  |  |  | 1,273,538 |
Consolidated: |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | 20,300 |  |  |  | 10,788 |  |  |  | 24,272 |
Above/below market rent amortization, net |  | 24,843 |  |  |  | 30,826 |  |  |  | 22,543 |
Management, transaction, and other fees |  | 27,874 |  |  |  | 26,954 |  |  |  | 25,851 |
Add: Share of noncontrolling interests |  | 11,859 |  |  |  | 10,865 |  |  |  | 10,683 |
Less: Share of unconsolidated real estate partnerships |  | (147,546 | ) |  |  | (137,143 | ) |  |  | (132,865 | )
Total revenues | $ | 1,453,904 |  |  |  | 1,322,466 |  |  |  | 1,224,022 |
(1) Operating expenses include Operating and maintenance, Ground rent and Termination expense
Summary of Reconciliation of NOI to Net Income |
| Year ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Reconciliation of NOI to Net income: |  |  |  |  |  |  |  |
NOI |  | 1,047,368 |  |  |  | 951,288 |  |  |  | 896,786 |
Consolidated: |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | 20,300 |  |  |  | 10,788 |  |  |  | 24,272 |
Above/below market rent amortization, net |  | 24,843 |  |  |  | 30,826 |  |  |  | 22,543 |
Management, transaction, and other fees |  | 27,874 |  |  |  | 26,954 |  |  |  | 25,851 |
Straight-line rent on ground rent |  | (1,350 | ) |  |  | (1,405 | ) |  |  | (1,610 | )
Above/below market ground rent amortization |  | (2,142 | ) |  |  | (1,696 | ) |  |  | (1,548 | )
Depreciation and amortization |  | (394,714 | ) |  |  | (352,282 | ) |  |  | (319,697 | )
General and administrative |  | (101,465 | ) |  |  | (97,806 | ) |  |  | (79,903 | )
Other operating expenses |  | (10,867 | ) |  |  | (9,459 | ) |  |  | (6,166 | )
Other expense, net |  | (154,260 | ) |  |  | (147,824 | ) |  |  | (44,102 | )
Add: Share of noncontrolling interests excluded from NOI |  | 8,293 |  |  |  | 7,571 |  |  |  | 7,433 |
Less: Equity in income of investments in real estate excluded from NOI |  | (54,040 | ) |  |  | (46,088 | ) |  |  | (35,824 | )
Net income | $ | 409,840 |  |  |  | 370,867 |  |  |  | 488,035 |

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