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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
An operating segment is a component of a public entity that engages in business activities from which it may earn revenues and incur expenses and has discrete financial information available that is regularly reviewed by the chief operating decision maker (the “CODM”).
The Company’s primary business is the ownership and operation of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. The Company’s CODM, which is its Chief Executive Officer, regularly reviews operating and financial information for each property on an individual basis; therefore, each property represents an individual operating segment. The CODM does not distinguish or group our operations on a geographical or any other basis for purposes of measuring performance and allocating capital. Across our properties, the financial performance, revenue generating activities, and customer base is determined to be economically similar; therefore, all operating segments have been aggregated into one reportable segment.
The CODM measures and evaluates the financial performance of our portfolio of properties and decides how resources are allocated based on net operating income. The CODM uses net operating income to evaluate income generated from each property in deciding whether to reinvest profits for recurring capital expenditures or into other parts of the business, such as for acquisitions, developments, scheduled interest and principal payments on our indebtedness, or to pay dividends. Net operating income is also used to monitor budget versus actual results in assessing the performance of our properties. The CODM does not regularly review total assets for our single reportable segment as total assets are not used to assess performance or allocate resources.
The following table presents information on the Company’s reported segment revenue, net operating income, and significant segment expenses that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:
Year Ended December 31,
202420232022
Revenue:
Minimum rent$650,331 $642,255 $620,847 
Tenant reimbursements174,510 163,877 161,594 
Bad debt reserve(5,356)(3,459)(6,027)
Other property-related revenue8,787 6,416 8,756 
Overage rent7,063 7,473 5,935 
Total revenue835,335 816,562 791,105 
Expenses:
Property operating – recoverable96,894 90,180 91,295 
Property operating – non-recoverable15,455 16,348 14,400 
Real estate taxes103,301 101,780 103,759 
Total expenses215,650 208,308 209,454 
Net operating income619,685 608,254 581,651 
Other (expense) income:
Other general and administrative expenses(52,558)(56,142)(54,860)
Fee income4,663 4,366 8,539 
Impairment charges(66,201)(477)— 
Depreciation and amortization(393,335)(426,361)(469,805)
Merger and acquisition costs— — (925)
Interest expense(125,691)(105,349)(104,276)
Equity in (loss) earnings of unconsolidated subsidiaries(1,158)33 256 
Gain on sale of unconsolidated property, net2,325 — — 
Income tax expense of taxable REIT subsidiaries(139)(533)(43)
Loss on extinguishment of debt(180)— — 
Other income, net17,869 1,991 240 
(Loss) gain on sales of operating properties, net(864)22,601 27,069 
Net income (loss)4,416 48,383 (12,154)
Net income attributable to noncontrolling interests(345)(885)(482)
Net income (loss) attributable to common shareholders$4,071 $47,498 $(12,636)