XML 29 R17.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Segment Performance
The chief operating decision maker (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, 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.
Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions. During the three months ended March 31, 2025 and 2024, the Company spent $7,373 and $7,093 on capital investments and leasing costs, respectively. As of March 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,950 and $5,588, 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:
Three months ended March 31
20252024
Net income$6,792 $2,900 
Adjustments to reconcile to NOI:
Other income and expense, net(607)(858)
Interest expense, net8,322 9,634 
Depreciation and amortization30,614 28,168 
General and administrative8,547 7,974 
Adjustments to NOI (a)(1,799)(2,043)
NOI$51,869 $45,775 
(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:
Three months ended March 31
20252024
Repairs and maintenance$3,375 $2,934 
Payroll, benefits, and office2,755 2,675 
Utilities and waste removal2,462 2,128 
Property insurance1,330 1,542 
Security, legal, and other expenses825 720 
Property operating expenses$10,747 $9,999