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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information Single Reportable Segment The Company's Chief Executive Officer (the "CEO") evaluates the performance of the Company's portfolio of retail properties and determines how resources are allocated. Accordingly, the CEO has been deemed the chief operating decision maker (the "CODM"). The Company generates substantially all of its earnings from multi-tenant essential retail properties located in the Sun Belt, and the CODM regularly evaluates the performance of the Company and its retail portfolio on a consolidated basis. The CODM does not distinguish the Company's principal business, or group its operations by geography or size for the purposes of measuring performance. As the CODM reviews, analyzes, makes decisions, and allocates resources on a consolidated basis, the Company has determined it has a single operating and reportable segment, its portfolio of multi-tenant retail properties. Segment Performance The CODM believes net income or loss determined in accordance with GAAP is the most appropriate earnings measurement to assess the Company's overall performance. Additionally, the CODM evaluates the consolidated performance of the Company's portfolio of retail properties based on Net Operating Income ("NOI"), a supplemental non-GAAP measure. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, impairment of real estate assets, interest expense, net, equity in (losses) earnings of unconsolidated entities, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments"). The CODM believes the supplemental non-GAAP measure of NOI is an important measure in assessing operating performance and provides added comparability across periods when evaluating the Company's financial condition and operating performance that is not readily apparent from "Net income" in accordance with GAAP. Operating retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions. During the years ended December 31, 2024 and 2023, the Company spent $36,116 and $35,744 on capital investments and leasing costs, respectively. As of December 31, 2024 and 2023, total accrued capital investments and leasing costs were $3,620 and $2,562, respectively. The measure of segment assets regularly reviewed by the CODM is reported on the consolidated balance sheets as Total assets. No single tenant comprises 10% or more of the Company's Lease income, net for any years presented. Net Operating Income The following table reconciles net income, the most directly comparable GAAP measure, to NOI:
| Year Ended December 31
| 2024 |  | 2023 |  | 2022
Net income | $ | 13,658 |  |  | $ | 5,269 |  |  | $ | 52,233 |
Adjustments to reconcile to NOI: |  |  |  |  |
Other income and expense, net | (3,755) |  |  | (5,480) |  |  | (2,030) |
Equity in losses (earnings) of unconsolidated entities | — |  |  | 557 |  |  | (3,663) |
Interest expense, net | 37,100 |  |  | 38,138 |  |  | 26,777 |
Loss on extinguishment of debt | — |  |  | 15 |  |  | 181 |
Gain on sale of investment properties, net | (3,857) |  |  | (2,691) |  |  | (38,249) |
Impairment of real estate assets | 3,854 |  |  | — |  |  | — |
Depreciation and amortization | 113,948 |  |  | 113,430 |  |  | 94,952 |
General and administrative | 33,172 |  |  | 31,797 |  |  | 33,342 |
Other fee income | — |  |  | (80) |  |  | (2,566) |
Adjustments to NOI (a) | (7,548) |  |  | (7,528) |  |  | (9,743) |
NOI | $ | 186,572 |  |  | $ | 173,427 |  |  | $ | 151,234 |
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments. Significant Expenses The following table reflects the disaggregation of property operating expenses:
| Year ended December 31
| 2024 |  | 2023 |  | 2022
Repairs and maintenance | $ | 13,366 |  |  | $ | 14,270 |  |  | $ | 15,120 |
Payroll, benefits, and office | 10,510 |  |  | 10,690 |  |  | 8,336 |
Utilities and waste removal | 9,462 |  |  | 8,747 |  |  | 7,760 |
Property insurance | 6,668 |  |  | 5,552 |  |  | 4,168 |
Security, legal, and other expenses | 3,387 |  |  | 3,573 |  |  | 4,855 |
Lease termination expense | 20 |  |  | — |  |  | — |
Property operating expenses | $ | 43,413 |  |  | $ | 42,832 |  |  | $ | 40,239 |

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