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Segment Information
 9 Months Ended
Sep. 30, 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 September 30, 2025 and 2024, the Company paid $12,399 and $9,092 of capital investments and leasing costs, respectively. During the nine months ended September 30, 2025 and 2024, the Company paid $30,503 and $25,612 of capital investments and leasing costs, respectively. As of September 30, 2025 and 2024, total accrued capital investments and leasing costs were $4,900 and $5,008, 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 September 30Nine months ended September 30
2025202420252024
Net income (loss)$6,026 $(539)$108,760 $3,859 
Adjustments to reconcile to NOI:
Other income and expense, net(1,628)(197)(3,177)(1,510)
Interest expense, net8,969 9,470 25,637 28,744 
Gain on sale of investment properties(52)(334)(90,961)(334)
Impairment of real estate assets— 3,854 — 3,854 
Depreciation and amortization32,734 28,134 94,086 85,092 
General and administrative8,316 8,133 25,569 24,768 
Adjustments to NOI (a)(2,453)(1,626)(6,233)(6,056)
NOI$51,912 $46,895 $153,681 $138,417 
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.

Significant Expenses
The following table presents the disaggregation of property operating expenses:
Three months ended September 30Nine months ended September 30
2025202420252024
Repairs and maintenance$3,719 $3,576 $10,927 $9,550 
Payroll, benefits, and office2,532 2,578 7,897 7,825 
Utilities and waste removal2,703 2,469 7,692 6,847 
Property insurance1,266 1,286 4,182 4,413 
Security, legal, and other expenses834 886 2,579 2,402 
Property operating expenses$11,054 $10,795 $33,277 $31,037