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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
202420232022
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, net37,100 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 assets3,854 — — 
Depreciation and amortization113,948 113,430 94,952 
General and administrative33,172 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
202420232022
Repairs and maintenance$13,366 $14,270 $15,120 
Payroll, benefits, and office10,510 10,690 8,336 
Utilities and waste removal9,462 8,747 7,760 
Property insurance6,668 5,552 4,168 
Security, legal, and other expenses3,387 3,573 4,855 
Lease termination expense20 — — 
Property operating expenses$43,413 $42,832 $40,239