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Pay vs Performance Disclosure
 5 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2021
Jul. 31, 2021
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
Pay Versus Performance Table
The following table sets forth information concerning the compensation of our NEOs for each of the fiscal years ended December 31, 2024, 2023,
2022, 2021 and 2020, and our financial performance for each such fiscal year:
SUMMARY
COMPENSATION
TABLE TOTAL
COMPENSATION
ACTUALLY PAID
TO (a) (b):
AVERAGE SUMMARY
COMPENSATION
TABLE TOTAL FOR
NON-PEO NEOS ($)
AVERAGE
COMPENSATION
ACTUALLY PAID
TO NON-PEO
NEOS ($) (a) (b)
VALUE OF INITIAL FIXED $100
INVESTMENT BASED ON (C):
YEAR
PEO 1($)
PEO 2($)
PEO 1($)
PEO 2($)
TOTAL
SHAREHOLDER
RETURN ($) (c)
PEER GROUP TOTAL
SHAREHOLDER
RETURN ($) (d)
NET
INCOME /
(LOSS) (e)
CORE FFO
PER DILUTED
SHARE ($) (f)
2024
6,095,649
N/A
8,242,252
N/A
2,845,431
3,805,640
142.47
123.71
13,658
1.73
2023
5,600,991
N/A
5,749,726
N/A
2,648,693
2,715,902
115.87
105.70
5,269
1.65
2022
5,121,748
N/A
4,741,770
N/A
2,446,165
2,291,361
89.75
87.46
52,233
1.57
2021
3,724,528
2,937,129
3,627,458
1,767,130
1,775,888
1,732,743
116.32
107.87
(5,360)
1.40
2020
N/A
3,511,634
N/A
3,002,128
899,768
503,133
N/A
N/A
(10,174)
1.35
(a)   Amounts represent Compensation Actually Paid to our PEO and the average Compensation Actually Paid to our remaining NEOs for the relevant fiscal year,
as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year:
YEAR
PEO 1
PEO 2
NON-PEO NEOS
2024
Daniel J. Busch
Christy L. David
Michael D. Phillips
2023
Daniel J. Busch
Christy L. David
Michael D. Phillips
2022
Daniel J. Busch
Christy L. David
Michael D. Phillips
2021
Daniel J. Busch
Thomas P. McGuinness
Christy L. David
Michael D. Phillips
2020
Thomas P. McGuinness
Daniel J. Busch
Christy L. David
Ivy Z. Greaner
2024 Compensation Actually Paid to our NEOs reflects the following adjustments from Total Compensation reported in the Summary Compensation
Table for the fiscal year ending December 31, 2024:
2024
ADJUSTMENTS
PEO 1($)
AVERAGE
NON-PEO NEOS ($)
Total reported in Summary Compensation Table (SCT)
6,095,649
2,845,431
Deduction for value of stock awards reported in SCT
(3,264,391)
(1,459,910)
Increase for ASC 718 fair value of awards granted during the covered fiscal year that
remain unvested and outstanding as of the end of the covered fiscal year
3,809,942
1,703,889
Increase for ASC 718 fair value of awards granted and vested in the covered fiscal year
345,408
154,477
Increase for change in ASC 718 fair value of awards granted in prior fiscal years that
remain unvested and outstanding as of the covered fiscal year
2,083,666
943,369
Increase for change in ASC 718 fair value of awards granted in prior fiscal years that
vested in the covered fiscal year
95,454
43,187
Deduction for ASC 718 fair value of awards granted in prior fiscal years that were
forfeited during the covered fiscal year
(1,007,173)
(458,476)
Increase for dividends or other earnings paid during the covered fiscal year prior to
vesting date
83,697
33,673
Total adjustments
2,146,603
960,209
Compensation Actually Paid
8,242,252
3,805,640
(b)Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely
service-vesting RSU awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the
applicable vesting date(s); (ii) for performance-based RSU awards (excluding any market-based awards), the same valuation methodology as RSU awards
above except that the year-end values are multiplied by the probability of achievement of the applicable performance objective as of the applicable date; and
(iii) for market-based awards, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s), which utilizes multiple input
variables, including expected volatility of our stock price and other assumptions appropriate for determining fair value, to estimate the probability of satisfying
the performance objective established for the award, including the expected volatility of our stock price relative to the applicable comparative index and a risk-
free interest rate of derived from linear interpolation of the term structure of Treasury Constant Maturities yield rates for the applicable period. For additional
information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2024 and prior fiscal years.
(c)For the relevant fiscal years, represents the Company’s cumulative TSR with an initial investment of $100 at the first NYSE trade price of $23.61 on October
12, 2021, the first day on which our common stock began trading on the NYSE.
(d)For the relevant fiscal years, represents the cumulative TSR of the NAREIT SCI with an initial investment of $100 on October 12, 2021, the first day on which
our common stock began trading on the NYSE.
(e)Amounts are shown in thousands.
(f)The Company has identified Core FFO per diluted share as the most important additional financial metric used to link pay and performance. Our annual bonus
program pays out based on our Core FFO per diluted share achieved for the year. Core FFO per diluted share is a non-GAAP financial measure of a real
estate company’s operating performance. We consider Core FFO per diluted share a meaningful measure of operating performance primarily because it
avoids the assumption that the value of real estate assets diminishes predictably over time and is a primary way of evaluating our operating performance as
compared to other real estate investment trusts. A reconciliation of net income per diluted share to Core FFO per diluted share is included as Appendix A.
        
Company Selected Measure Name     Core FFO per diluted share        
Named Executive Officers, Footnote     (a)   Amounts represent Compensation Actually Paid to our PEO and the average Compensation Actually Paid to our remaining NEOs for the relevant fiscal year,
as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year:
YEAR
PEO 1
PEO 2
NON-PEO NEOS
2024
Daniel J. Busch
Christy L. David
Michael D. Phillips
2023
Daniel J. Busch
Christy L. David
Michael D. Phillips
2022
Daniel J. Busch
Christy L. David
Michael D. Phillips
2021
Daniel J. Busch
Thomas P. McGuinness
Christy L. David
Michael D. Phillips
2020
Thomas P. McGuinness
Daniel J. Busch
Christy L. David
Ivy Z. Greaner
        
Peer Group Issuers, Footnote     For the relevant fiscal years, represents the cumulative TSR of the NAREIT SCI with an initial investment of $100 on October 12, 2021, the first day on which
our common stock began trading on the NYSE.
        
Adjustment To PEO Compensation, Footnote     2024 Compensation Actually Paid to our NEOs reflects the following adjustments from Total Compensation reported in the Summary Compensation
Table for the fiscal year ending December 31, 2024:
2024
ADJUSTMENTS
PEO 1($)
AVERAGE
NON-PEO NEOS ($)
Total reported in Summary Compensation Table (SCT)
6,095,649
2,845,431
Deduction for value of stock awards reported in SCT
(3,264,391)
(1,459,910)
Increase for ASC 718 fair value of awards granted during the covered fiscal year that
remain unvested and outstanding as of the end of the covered fiscal year
3,809,942
1,703,889
Increase for ASC 718 fair value of awards granted and vested in the covered fiscal year
345,408
154,477
Increase for change in ASC 718 fair value of awards granted in prior fiscal years that
remain unvested and outstanding as of the covered fiscal year
2,083,666
943,369
Increase for change in ASC 718 fair value of awards granted in prior fiscal years that
vested in the covered fiscal year
95,454
43,187
Deduction for ASC 718 fair value of awards granted in prior fiscal years that were
forfeited during the covered fiscal year
(1,007,173)
(458,476)
Increase for dividends or other earnings paid during the covered fiscal year prior to
vesting date
83,697
33,673
Total adjustments
2,146,603
960,209
Compensation Actually Paid
8,242,252
3,805,640
        
Non-PEO NEO Average Total Compensation Amount     $ 2,845,431 $ 2,648,693 $ 2,446,165 $ 1,775,888 $ 899,768
Non-PEO NEO Average Compensation Actually Paid Amount     $ 3,805,640 2,715,902 2,291,361 1,732,743 503,133
Adjustment to Non-PEO NEO Compensation Footnote     2024 Compensation Actually Paid to our NEOs reflects the following adjustments from Total Compensation reported in the Summary Compensation
Table for the fiscal year ending December 31, 2024:
2024
ADJUSTMENTS
PEO 1($)
AVERAGE
NON-PEO NEOS ($)
Total reported in Summary Compensation Table (SCT)
6,095,649
2,845,431
Deduction for value of stock awards reported in SCT
(3,264,391)
(1,459,910)
Increase for ASC 718 fair value of awards granted during the covered fiscal year that
remain unvested and outstanding as of the end of the covered fiscal year
3,809,942
1,703,889
Increase for ASC 718 fair value of awards granted and vested in the covered fiscal year
345,408
154,477
Increase for change in ASC 718 fair value of awards granted in prior fiscal years that
remain unvested and outstanding as of the covered fiscal year
2,083,666
943,369
Increase for change in ASC 718 fair value of awards granted in prior fiscal years that
vested in the covered fiscal year
95,454
43,187
Deduction for ASC 718 fair value of awards granted in prior fiscal years that were
forfeited during the covered fiscal year
(1,007,173)
(458,476)
Increase for dividends or other earnings paid during the covered fiscal year prior to
vesting date
83,697
33,673
Total adjustments
2,146,603
960,209
Compensation Actually Paid
8,242,252
3,805,640
        
Equity Valuation Assumption Difference, Footnote     Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely
service-vesting RSU awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the
applicable vesting date(s); (ii) for performance-based RSU awards (excluding any market-based awards), the same valuation methodology as RSU awards
above except that the year-end values are multiplied by the probability of achievement of the applicable performance objective as of the applicable date; and
(iii) for market-based awards, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s), which utilizes multiple input
variables, including expected volatility of our stock price and other assumptions appropriate for determining fair value, to estimate the probability of satisfying
the performance objective established for the award, including the expected volatility of our stock price relative to the applicable comparative index and a risk-
free interest rate of derived from linear interpolation of the term structure of Treasury Constant Maturities yield rates for the applicable period. For additional
information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2024 and prior fiscal years.
        
Compensation Actually Paid vs. Total Shareholder Return     Relationship Between Compensation Actually Paid and Financial Performance
The following graphs compare the Compensation Actually Paid to our PEO(s) and the average of the Compensation Actually Paid to our remaining
NEOs, with (i) our cumulative TSR and (ii) the TSR for the NAREIT SCI, in each case, for the fiscal years ended December 31, 2024, 2023, 2022,
and 2021. TSR amounts reported in the graphs assume an initial fixed investment of $100 at the first NYSE trade price of $23.61 on October 12,
2021, the first day on which our common stock began trading on the NYSE, and that all dividends, if any, were reinvested. The fiscal year ended
December 31, 2020 is not presented because our common stock was not listed on a nationally recognized securities exchange during such fiscal
year.
777
779
781
        
Compensation Actually Paid vs. Net Income     Relationship Between Compensation Actually Paid and Financial PerformanceThe following graphs compare the Compensation Actually Paid to our PEO(s) and the average Compensation Actually Paid to our remaining NEOs,
as compared to reported GAAP Net Income and Core FFO per diluted share, in each case, for the fiscal years ended December 31, 2024, 2023,
2022, 2021, and 2020.
1078
1080
1082
1086
1088
1090
One of our primary compensation objectives is to align the financial interest of our PEO and non-PEO NEOs with our stockholders.
        
Compensation Actually Paid vs. Company Selected Measure     Relationship Between Compensation Actually Paid and Financial PerformanceThe following graphs compare the Compensation Actually Paid to our PEO(s) and the average Compensation Actually Paid to our remaining NEOs,
as compared to reported GAAP Net Income and Core FFO per diluted share, in each case, for the fiscal years ended December 31, 2024, 2023,
2022, 2021, and 2020.
1078
1080
1082
1086
1088
1090
One of our primary compensation objectives is to align the financial interest of our PEO and non-PEO NEOs with our stockholders.
        
Total Shareholder Return Vs Peer Group     Relationship Between Compensation Actually Paid and Financial Performance
The following graphs compare the Compensation Actually Paid to our PEO(s) and the average of the Compensation Actually Paid to our remaining
NEOs, with (i) our cumulative TSR and (ii) the TSR for the NAREIT SCI, in each case, for the fiscal years ended December 31, 2024, 2023, 2022,
and 2021. TSR amounts reported in the graphs assume an initial fixed investment of $100 at the first NYSE trade price of $23.61 on October 12,
2021, the first day on which our common stock began trading on the NYSE, and that all dividends, if any, were reinvested. The fiscal year ended
December 31, 2020 is not presented because our common stock was not listed on a nationally recognized securities exchange during such fiscal
year.
777
779
781
        
Tabular List, Table     Pay Versus Performance Tabular List
Following is a list of the most important financial and non-financial measures used to link executive compensation and company performance.
a.Core FFO per diluted share;
b.Same Property NOI;
c.Total shareholder return relative to NAREIT shopping center index; and
d.Individual performance.
For additional details regarding our most important financial performance measures, please see the Executive Compensation section 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     $ 142.47 115.87 89.75 116.32  
Peer Group Total Shareholder Return Amount     123.71 105.70 87.46 107.87  
Net Income (Loss)     $ 13,658,000 $ 5,269,000 $ 52,233,000 $ (5,360,000) $ (10,174,000)
Company Selected Measure Amount | $ / shares     1.73 1.65 1.57 1.40 1.35
PEO Name Daniel J. Busch Thomas P. McGuinness Daniel J. Busch Daniel J. Busch Daniel J. Busch   Thomas P. McGuinness
Measure:: 1              
Pay vs Performance Disclosure              
Name     Core FFO per diluted share        
Non-GAAP Measure Description     The Company has identified Core FFO per diluted share as the most important additional financial metric used to link pay and performance. Our annual bonus
program pays out based on our Core FFO per diluted share achieved for the year. Core FFO per diluted share is a non-GAAP financial measure of a real
estate company’s operating performance. We consider Core FFO per diluted share a meaningful measure of operating performance primarily because it
avoids the assumption that the value of real estate assets diminishes predictably over time and is a primary way of evaluating our operating performance as
compared to other real estate investment trusts. A reconciliation of net income per diluted share to Core FFO per diluted share is included as Appendix A.
        
Measure:: 2              
Pay vs Performance Disclosure              
Name     Same Property NOI        
Measure:: 3              
Pay vs Performance Disclosure              
Name     Total shareholder return relative to NAREIT shopping center index        
Measure:: 4              
Pay vs Performance Disclosure              
Name     Individual performance        
Daniel J. Busch [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 6,095,649 $ 5,600,991 $ 5,121,748 $ 3,724,528  
PEO Actually Paid Compensation Amount     8,242,252 $ 5,749,726 $ 4,741,770 3,627,458  
Thomas P. McGuinness [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount           2,937,129 $ 3,511,634
PEO Actually Paid Compensation Amount           $ 1,767,130 $ 3,002,128
PEO              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     2,146,603        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (3,264,391)        
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     3,809,942        
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     2,083,666        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     345,408        
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     95,454        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,007,173)        
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     83,697        
Non-PEO NEO              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     960,209        
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     (1,459,910)        
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     1,703,889        
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     943,369        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     154,477        
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     43,187        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (458,476)        
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     $ 33,673