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Pay vs Performance Disclosure | 12 Months Ended
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Dec. 31, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares
Pay vs Performance Disclosure |  |  |  |  |
Pay vs Performance Disclosure, Table | Pay Versus Performance Disclosure As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing information about the relationship between executive compensation actually paid to our PEO and the other NEOs (as calculated in accordance with Item 402(v) of Regulation S-K) and certain financial performance measures. For additional information on our compensation programs and philosophy and how we design our compensation programs to align pay with performance, see the section titled “Compensation Discussion and Analysis” on page 31.
Year |  |  | Summary Compensation Table Total for PEO ($)(1) |  |  | Compensation Actually Paid to PEO ($)(1) |  |  | Average Summary Compensation Table Total for other NEOs ($)(2) |  |  | Average Compensation Actually Paid to other NEOs ($)(2) |  |  | Value of Initial Fixed $100 Investment Based On: |  |  | Net Income (in millions) ($)(4) |  |  | FFO as Adjusted / Share ($)(5)
| Company TSR ($) |  |  | Peer Group TSR ($)(3) |
2024 |  |  | 10,118,623 |  |  | 15,236,442 |  |  | 3,335,949 |  |  | 4,406,774 |  |  | 136.71 |  |  | 115.03 |  |  | 75.4 |  |  | 1.35
2023 |  |  | 7,645,622 |  |  | 12,640,012 |  |  | 2,380,189 |  |  | 2,949,313 |  |  | 112.34 |  |  | 98.30 |  |  | 259.9 |  |  | 1.25
2022 |  |  | 6,616,501 |  |  | 1,438,290 |  |  | 2,255,103 |  |  | 1,022,607 |  |  | 83.11 |  |  | 89.16 |  |  | 47.3 |  |  | 1.21
2021 |  |  | 6,830,104 |  |  | 8,566,102 |  |  | 2,010,966 |  |  | 3,110,209 |  |  | 107.66 |  |  | 98.78 |  |  | 107.8 |  |  | 1.09
2020 |  |  | 6,149,061 |  |  | 3,762,837 |  |  | 2,136,036 |  |  | 583,667 |  |  | 70.98 |  |  | 68.63 |  |  | 97.8 |  |  | 0.88
(1) | Mr. Olson was our principal executive officer for all years shown. The amounts reported represent the “compensation actually paid” to our PEO, computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to our PEO in the applicable year. In accordance with Item 402(v) of Regulation S-K, below are the adjustments made to the amount reported for our PEO in the “Total” column of the Summary Compensation Table for each year to arrive at compensation actually paid to our principal executive officer during each year shown:
Adjustments to Determine Compensation “Actually Paid” for PEO |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT |  |  | $(6,783,242) |  |  | $(4,189,334) |  |  | $(3,939,010) |  |  | $(3,699,999) |  |  | $(4,005,254) |
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end |  |  | 8,978,580 |  |  | 5,325,609 |  |  | 2,641,983 |  |  | 4,507,329 |  |  | 2,920,790 |
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end |  |  | 2,870,973 |  |  | 3,412,049 |  |  | (4,145,858) |  |  | 423,532 |  |  | (998,121) |
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year |  |  | (322,084) |  |  | 194,717 |  |  | 36,635 |  |  | 326,533 |  |  | (451,835) |
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award |  |  | 373,593 |  |  | 251,348 |  |  | 228,039 |  |  | 178,603 |  |  | 148,196 |
Total Adjustments |  |  | $5,117,820 |  |  | $4,994,389 |  |  | $(5,178,211) |  |  | $1,735,998 |  |  | $(2,386,224) |
(2) | Our other NEOs are Messrs. Langer, Mooallem and Milton for 2023 and 2024. For 2022, 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton, and for 2020 only, also include Mr. Briggs. The amounts reported represent the average “compensation actually paid” to the NEOs other than our PEO as a group, computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group in the applicable year. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the average of the amounts reported in the “Total” column of the Summary Compensation Table for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid, using the same methodology described above in Footnote 1:
Adjustments to Determine Compensation “Actually Paid” for Non-PEOs (Average) |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT |  |  | $(1,862,582) |  |  | $(866,514) |  |  | $(903,503) |  |  | $(756,940) |  |  | $(1,042,067) |
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end |  |  | 2,455,226 |  |  | 1,030,058 |  |  | 228,632 |  |  | 923,437 |  |  | 491,467 |
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end |  |  | 437,009 |  |  | 346,669 |  |  | (313,879) |  |  | 547,345 |  |  | (407,979) |
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year |  |  | (38,810) |  |  | 23,947 |  |  | (292,808) |  |  | 334,083 |  |  | (652,790) |
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award |  |  | 79,981 |  |  | 34,964 |  |  | 49,062 |  |  | 51,318 |  |  | 59,000 |
Total Adjustments |  |  | $1,070,824 |  |  | $569,124 |  |  | $(1,232,496) |  |  | $1,099,243 |  |  | $(1,552,369) |
(3) | Peer group is the Dow Jones US Real Estate Strip Centers index.
(4) | The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable fiscal year.
(5) | The Company has identified FFO as Adjusted (per share) as the most important additional financial metric used to link pay and performance, for our company selected measure. While we consider numerous financial and non-financial performance measures for the purpose of evaluating and determining executive compensation, we consider FFO as Adjusted (per share), to be the most important performance measure used by to link compensation actually paid to the NEOs for fiscal year 2024 to Company performance. Our short-term incentive programs include FFO as Adjusted as the most heavily weighted metric (that impacts annual cash pay out to executive officers) based on our absolute level of FFO as Adjusted achieved for the year and, in 2024, 25% of the performance-based portion of 2024 long-term incentive plan pays out based on the three year growth rate of our FFO as Adjusted growth rate. FFO as Adjusted is a non-GAAP financial measure—please see “Non-GAAP Financial Measures” beginning on page 63 for a reconciliation to the most directly comparable GAAP measure. We consider FFO as Adjusted a meaningful and relevant measure in determining our operating performance.
Company Selected Measure Name | FFO as Adjusted (per share) |  |  |  |
Named Executive Officers, Footnote |
(1) | Mr. Olson was our principal executive officer for all years shown. The amounts reported represent the “compensation actually paid” to our PEO, computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to our PEO in the applicable year. In accordance with Item 402(v) of Regulation S-K, below are the adjustments made to the amount reported for our PEO in the “Total” column of the Summary Compensation Table for each year to arrive at compensation actually paid to our principal executive officer during each year shown:
(2) | Our other NEOs are Messrs. Langer, Mooallem and Milton for 2023 and 2024. For 2022, 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton, and for 2020 only, also include Mr. Briggs. The amounts reported represent the average “compensation actually paid” to the NEOs other than our PEO as a group, computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group in the applicable year. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the average of the amounts reported in the “Total” column of the Summary Compensation Table for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid, using the same methodology described above in Footnote 1:
Peer Group Issuers, Footnote |
(3) | Peer group is the Dow Jones US Real Estate Strip Centers index.
PEO Total Compensation Amount | $ 10,118,623 | $ 7,645,622 | $ 6,616,501 | $ 6,830,104 | $ 6,149,061
PEO Actually Paid Compensation Amount | $ 15,236,442 | 12,640,012 | 1,438,290 | 8,566,102 | 3,762,837
Adjustment To PEO Compensation, Footnote |
(1) | Mr. Olson was our principal executive officer for all years shown. The amounts reported represent the “compensation actually paid” to our PEO, computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to our PEO in the applicable year. In accordance with Item 402(v) of Regulation S-K, below are the adjustments made to the amount reported for our PEO in the “Total” column of the Summary Compensation Table for each year to arrive at compensation actually paid to our principal executive officer during each year shown:
Adjustments to Determine Compensation “Actually Paid” for PEO |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT |  |  | $(6,783,242) |  |  | $(4,189,334) |  |  | $(3,939,010) |  |  | $(3,699,999) |  |  | $(4,005,254) |
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end |  |  | 8,978,580 |  |  | 5,325,609 |  |  | 2,641,983 |  |  | 4,507,329 |  |  | 2,920,790 |
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end |  |  | 2,870,973 |  |  | 3,412,049 |  |  | (4,145,858) |  |  | 423,532 |  |  | (998,121) |
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year |  |  | (322,084) |  |  | 194,717 |  |  | 36,635 |  |  | 326,533 |  |  | (451,835) |
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award |  |  | 373,593 |  |  | 251,348 |  |  | 228,039 |  |  | 178,603 |  |  | 148,196 |
Total Adjustments |  |  | $5,117,820 |  |  | $4,994,389 |  |  | $(5,178,211) |  |  | $1,735,998 |  |  | $(2,386,224) |
Non-PEO NEO Average Total Compensation Amount | $ 3,335,949 | 2,380,189 | 2,255,103 | 2,010,966 | 2,136,036
Non-PEO NEO Average Compensation Actually Paid Amount | $ 4,406,774 | 2,949,313 | 1,022,607 | 3,110,209 | 583,667
Adjustment to Non-PEO NEO Compensation Footnote |
(2) | Our other NEOs are Messrs. Langer, Mooallem and Milton for 2023 and 2024. For 2022, 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton, and for 2020 only, also include Mr. Briggs. The amounts reported represent the average “compensation actually paid” to the NEOs other than our PEO as a group, computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group in the applicable year. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the average of the amounts reported in the “Total” column of the Summary Compensation Table for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid, using the same methodology described above in Footnote 1:
Adjustments to Determine Compensation “Actually Paid” for Non-PEOs (Average) |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT |  |  | $(1,862,582) |  |  | $(866,514) |  |  | $(903,503) |  |  | $(756,940) |  |  | $(1,042,067) |
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end |  |  | 2,455,226 |  |  | 1,030,058 |  |  | 228,632 |  |  | 923,437 |  |  | 491,467 |
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end |  |  | 437,009 |  |  | 346,669 |  |  | (313,879) |  |  | 547,345 |  |  | (407,979) |
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year |  |  | (38,810) |  |  | 23,947 |  |  | (292,808) |  |  | 334,083 |  |  | (652,790) |
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award |  |  | 79,981 |  |  | 34,964 |  |  | 49,062 |  |  | 51,318 |  |  | 59,000 |
Total Adjustments |  |  | $1,070,824 |  |  | $569,124 |  |  | $(1,232,496) |  |  | $1,099,243 |  |  | $(1,552,369) |
Compensation Actually Paid vs. Total Shareholder Return |  |  |  |  |
Compensation Actually Paid vs. Net Income |  |  |  |  |
Compensation Actually Paid vs. Company Selected Measure |  |  |  |  |
Total Shareholder Return Vs Peer Group |  |  |  |  |
Tabular List, Table | Tabular List of Performance Measures The following table includes financial performance measures that the Company determines are its most important financial measures for 2024 and how they were used in the executive compensation program:
Financial Performance Measures Used in our Short-Term Incentive Program |  |  | Financial Performance Measures Used in our Long-Term Incentive Program
FFO as Adjusted (per share) |  |  | Absolute TSR
Same-Property NOI Growth (%) |  |  | TSR (relative to a peer group)
Development/Redevelopment: Pipeline Deliveries (in $ millions) |  |  | FFO as Adjusted (per share) growth percentage (relative to a peer group)
Shop Lease Executions (in $ millions) |  |  | Same-Property NOI Growth (relative to a peer group)
Balance Sheet Management (1 - 5 scale) |  |  |
Please see the Compensation Discussion and Analysis on pages 31 for more information on these measures and how they are taken into account in determining compensation for each of our NEOs. |  |  |  |
Total Shareholder Return Amount | $ 136.71 | 112.34 | 83.11 | 107.66 | 70.98
Peer Group Total Shareholder Return Amount | $ 115.03 | $ 98.3 | $ 89.16 | $ 98.78 | $ 68.63
Company Selected Measure Amount | $ / shares | 1.35 | 1.25 | 1.21 | 1.09 | 0.88
PEO Name | Mr. Olson | Mr. Olson | Mr. Olson | Mr. Olson | Mr. Olson
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 75,400,000 | $ 259,900,000 | $ 47,300,000 | $ 107,800,000 | $ 97,800,000
Percentage of Performance Based Portion of Long-Term Incentive Plan Pay Out | 25.00% |  |  |  |
Measure:: 1 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | FFO as Adjusted (per share) |  |  |  |
Non-GAAP Measure Description |
(5) | The Company has identified FFO as Adjusted (per share) as the most important additional financial metric used to link pay and performance, for our company selected measure. While we consider numerous financial and non-financial performance measures for the purpose of evaluating and determining executive compensation, we consider FFO as Adjusted (per share), to be the most important performance measure used by to link compensation actually paid to the NEOs for fiscal year 2024 to Company performance. Our short-term incentive programs include FFO as Adjusted as the most heavily weighted metric (that impacts annual cash pay out to executive officers) based on our absolute level of FFO as Adjusted achieved for the year and, in 2024, 25% of the performance-based portion of 2024 long-term incentive plan pays out based on the three year growth rate of our FFO as Adjusted growth rate. FFO as Adjusted is a non-GAAP financial measure—please see “Non-GAAP Financial Measures” beginning on page 63 for a reconciliation to the most directly comparable GAAP measure. We consider FFO as Adjusted a meaningful and relevant measure in determining our operating performance.
Measure:: 2 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Same-Property NOI Growth (%) |  |  |  |
Measure:: 3 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Development/Redevelopment: Pipeline Deliveries (in $ millions) |  |  |  |
Measure:: 4 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Shop Lease Executions (in $ millions) |  |  |  |
Measure:: 5 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Balance Sheet Management (1 - 5 scale) |  |  |  |
Measure:: 6 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Absolute TSR |  |  |  |
Measure:: 7 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | TSR (relative to a peer group) |  |  |  |
Measure:: 8 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | FFO as Adjusted (per share) growth percentage (relative to a peer group) |  |  |  |
Measure:: 9 |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Name | Same-Property NOI Growth (relative to a peer group) |  |  |  |
PEO |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | $ 5,117,820 | 4,994,389 | (5,178,211) | 1,735,998 | (2,386,224)
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (6,783,242) | (4,189,334) | (3,939,010) | (3,699,999) | (4,005,254)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 8,978,580 | 5,325,609 | 2,641,983 | 4,507,329 | 2,920,790
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 2,870,973 | 3,412,049 | (4,145,858) | 423,532 | (998,121)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (322,084) | 194,717 | 36,635 | 326,533 | (451,835)
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 373,593 | 251,348 | 228,039 | 178,603 | 148,196
Non-PEO NEO |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 1,070,824 | 569,124 | (1,232,496) | 1,099,243 | (1,552,369)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (1,862,582) | (866,514) | (903,503) | (756,940) | (1,042,067)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 2,455,226 | 1,030,058 | 228,632 | 923,437 | 491,467
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | 437,009 | 346,669 | (313,879) | 547,345 | (407,979)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | (38,810) | 23,947 | (292,808) | 334,083 | (652,790)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |
Adjustment to Compensation, Amount | $ 79,981 | $ 34,964 | $ 49,062 | $ 51,318 | $ 59,000

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