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v3.25.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information |
12. | Segment Information
The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker ("CODM") evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. The following tables provide information about the Company's reportable segment's revenues, significant expenses, net operating income ("NOI") and the reconciliation of NOI to the Company’s consolidated Net income:
| Three months ended June 30, |  |  | Six months ended June 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Lease income | $ | 405,915 |  |  |  | 381,232 |  |  | $ | 814,003 |  |  |  | 767,581 |
Other property income |  | 4,613 |  |  |  | 2,778 |  |  |  | 7,992 |  |  |  | 7,372 |
Less: |  |  |  |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | (6,332 | ) |  |  | (4,303 | ) |  |  | (12,783 | ) |  |  | (9,814 | )
Above/below market rent amortization, net |  | (5,919 | ) |  |  | (7,617 | ) |  |  | (12,924 | ) |  |  | (13,629 | )
Total real estate revenues |  | 398,277 |  |  |  | 372,090 |  |  |  | 796,288 |  |  |  | 751,510 |
Operating expenses (1) |  | (65,664 | ) |  |  | (64,087 | ) |  |  | (139,128 | ) |  |  | (132,159 | )
Real estate taxes |  | (51,680 | ) |  |  | (49,611 | ) |  |  | (102,689 | ) |  |  | (98,021 | )
NOI | $ | 280,933 |  |  |  | 258,392 |  |  | $ | 554,471 |  |  |  | 521,330 |
(1) Operating expenses include Operating and maintenance, Ground rent and Termination expense
| Three months ended June 30, |  |  | Six months ended June 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Reconciliation of NOI to Net income: |  |  |  |  |  |  |  |  |  |  |
NOI | $ | 280,933 |  |  |  | 258,392 |  |  | $ | 554,471 |  |  |  | 521,330 |
Consolidated: |  |  |  |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | 5,787 |  |  |  | 4,120 |  |  |  | 11,394 |  |  |  | 9,714 |
Above/below market rent amortization, net |  | 5,731 |  |  |  | 7,441 |  |  |  | 12,481 |  |  |  | 13,264 |
Management, transaction, and other fees |  | 7,244 |  |  |  | 6,735 |  |  |  | 14,056 |  |  |  | 13,131 |
Straight-line rent on ground rent |  | (336 | ) |  |  | (336 | ) |  |  | (673 | ) |  |  | (677 | )
Above/below market ground rent amortization |  | (532 | ) |  |  | (535 | ) |  |  | (1,067 | ) |  |  | (1,070 | )
Depreciation and amortization |  | (99,535 | ) |  |  | (100,968 | ) |  |  | (196,309 | ) |  |  | (198,553 | )
General and administrative |  | (25,480 | ) |  |  | (24,238 | ) |  |  | (47,080 | ) |  |  | (50,370 | )
Other operating expenses |  | (1,944 | ) |  |  | (3,066 | ) |  |  | (3,632 | ) |  |  | (5,709 | )
Other expense, net |  | (51,040 | ) |  |  | (31,394 | ) |  |  | (99,713 | ) |  |  | (60,608 | )
Add: Share of noncontrolling interests excluded from NOI |  | 2,200 |  |  |  | 2,036 |  |  |  | 4,404 |  |  |  | 4,082 |
Less: Equity in income of investments in real estate excluded from NOI |  | (14,679 | ) |  |  | (13,258 | ) |  |  | (28,130 | ) |  |  | (26,947 | )
Net income | $ | 108,349 |  |  |  | 104,929 |  |  | $ | 220,202 |  |  |  | 217,587 |

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- Definition The entire disclosure for reporting segments including data and tables. 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