XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Information | 9 Months Ended
--- | ---
Sep. 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 September 30, |  |  | Nine months ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Lease income | $ | 413,947 |  |  |  | 383,762 |  |  | $ | 1,227,950 |  |  |  | 1,151,343 |
Other property income |  | 3,201 |  |  |  | 4,644 |  |  |  | 11,193 |  |  |  | 12,016 |
Less: |  |  |  |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | (7,642 | ) |  |  | (6,444 | ) |  |  | (20,425 | ) |  |  | (16,258 | )
Above/below market rent amortization, net |  | (5,968 | ) |  |  | (5,916 | ) |  |  | (18,892 | ) |  |  | (19,545 | )
Total real estate revenues |  | 403,538 |  |  |  | 376,046 |  |  |  | 1,199,826 |  |  |  | 1,127,556 |
Operating expenses (1) |  | (70,073 | ) |  |  | (64,792 | ) |  |  | (209,201 | ) |  |  | (196,951 | )
Real estate taxes |  | (51,597 | ) |  |  | (50,094 | ) |  |  | (154,286 | ) |  |  | (148,115 | )
NOI | $ | 281,868 |  |  |  | 261,160 |  |  | $ | 836,339 |  |  |  | 782,490 |
(1) Operating expenses include Operating and maintenance, Ground rent and Termination expense
| Three months ended September 30, |  |  | Nine months ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Reconciliation of NOI to Net income: |  |  |  |  |  |  |  |  |  |  |
NOI | $ | 281,868 |  |  |  | 261,160 |  |  | $ | 836,339 |  |  |  | 782,490 |
Consolidated: |  |  |  |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | 6,743 |  |  |  | 5,163 |  |  |  | 18,137 |  |  |  | 14,877 |
Above/below market rent amortization, net |  | 5,784 |  |  |  | 5,726 |  |  |  | 18,265 |  |  |  | 18,990 |
Management, transaction, and other fees |  | 6,720 |  |  |  | 6,765 |  |  |  | 20,776 |  |  |  | 19,896 |
Straight-line rent on ground rent |  | (336 | ) |  |  | (337 | ) |  |  | (1,009 | ) |  |  | (1,014 | )
Above/below market ground rent amortization |  | (535 | ) |  |  | (536 | ) |  |  | (1,602 | ) |  |  | (1,606 | )
Depreciation and amortization |  | (102,799 | ) |  |  | (100,955 | ) |  |  | (299,108 | ) |  |  | (299,508 | )
General and administrative |  | (27,060 | ) |  |  | (25,073 | ) |  |  | (74,140 | ) |  |  | (75,443 | )
Other operating expenses |  | (1,770 | ) |  |  | (3,654 | ) |  |  | (5,402 | ) |  |  | (9,363 | )
Other expense, net |  | (45,897 | ) |  |  | (34,290 | ) |  |  | (145,610 | ) |  |  | (94,898 | )
Add: Share of noncontrolling interests excluded from NOI |  | 1,998 |  |  |  | 2,099 |  |  |  | 6,402 |  |  |  | 6,181 |
Less: Equity in income of investments in real estate excluded from NOI |  | (12,099 | ) |  |  | (12,492 | ) |  |  | (40,229 | ) |  |  | (39,439 | )
Net income | $ | 112,617 |  |  |  | 103,576 |  |  | $ | 332,819 |  |  |  | 321,163 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration