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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2025
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 for the three and nine months ended September 30, 2025 and 2024 that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue: |  |  |  |  |  |  |
Minimum rent | $ | 159,365 |  |  | $ | 162,695 |  |  | $ | 499,318 |  |  | $ | 485,348 |
Tenant reimbursements | 43,666 |  |  | 42,453 |  |  | 134,982 |  |  | 130,452 |
Bad debt reserve | (2,119) |  |  | (1,468) |  |  | (5,820) |  |  | (3,601) |
Other property-related revenue | 985 |  |  | 1,402 |  |  | 3,495 |  |  | 3,086 |
Overage rent | 1,281 |  |  | 1,253 |  |  | 4,067 |  |  | 4,383 |
Total revenue | 203,178 |  |  | 206,335 |  |  | 636,042 |  |  | 619,668 |
Expenses: |  |  |  |  |  |  |
Property operating – recoverable | 24,038 |  |  | 23,961 |  |  | 74,685 |  |  | 71,981 |
Property operating – non-recoverable | 4,131 |  |  | 3,469 |  |  | 11,492 |  |  | 11,483 |
Real estate taxes | 25,459 |  |  | 25,083 |  |  | 79,555 |  |  | 77,806 |
Total expenses | 53,628 |  |  | 52,513 |  |  | 165,732 |  |  | 161,270 |
Net operating income | 149,550 |  |  | 153,822 |  |  | 470,310 |  |  | 458,398 |
Other (expense) income: |  |  |  |  |  |  |
Net gains from outlot sales | 6,096 |  |  | — |  |  | 6,096 |  |  | 1,858 |
Other general and administrative expenses | (14,183) |  |  | (13,259) |  |  | (39,831) |  |  | (39,009) |
Fee income | 1,291 |  |  | 455 |  |  | 2,569 |  |  | 4,222 |
Impairment charges | (39,305) |  |  | — |  |  | (39,305) |  |  | (66,201) |
Depreciation and amortization | (89,370) |  |  | (96,656) |  |  | (285,488) |  |  | (296,326) |
Interest expense | (33,162) |  |  | (31,640) |  |  | (100,168) |  |  | (92,985) |
Equity in loss of unconsolidated subsidiaries | (4,619) |  |  | (607) |  |  | (8,464) |  |  | (1,201) |
Gain on sale of unconsolidated property, net | — |  |  | — |  |  | — |  |  | 2,325 |
Income tax expense of taxable REIT subsidiaries | (106) |  |  | (35) |  |  | (315) |  |  | (325) |
Other income, net | 1,656 |  |  | 4,371 |  |  | 6,194 |  |  | 12,294 |
Gain (loss) on sales of operating properties, net | 5,742 |  |  | 602 |  |  | 108,855 |  |  | (864) |
Net (loss) income | (16,410) |  |  | 17,053 |  |  | 120,453 |  |  | (17,814) |
Net loss (income) attributable to noncontrolling interests | 203 |  |  | (324) |  |  | (2,612) |  |  | 61 |
Net (loss) income attributable to common shareholders | $ | (16,207) |  |  | $ | 16,729 |  |  | $ | 117,841 |  |  | $ | (17,753) |

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