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Segment Information | 12 Months Ended
--- | ---
Dec. 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 year ended December 31, 2025 and 2024, the Company paid $44,522 and $36,116 of capital investments and leasing costs, respectively. As of December 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,248 and $3,620, 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
| 2025 |  | 2024 |  | 2023
Net income | $ | 111,421 |  |  | $ | 13,658 |  |  | $ | 5,269 |
Adjustments to reconcile to NOI: |  |  |  |  |
Other income and expense, net | (3,575) |  |  | (3,755) |  |  | (5,480) |
Equity in losses of unconsolidated entities | — |  |  | — |  |  | 557 |
Interest expense, net | 34,519 |  |  | 37,100 |  |  | 38,138 |
Loss on extinguishment of debt | — |  |  | — |  |  | 15 |
Gain on sale of investment properties, net | (90,961) |  |  | (3,857) |  |  | (2,691) |
Impairment of real estate assets | — |  |  | 3,854 |  |  | — |
Depreciation and amortization | 128,497 |  |  | 113,948 |  |  | 113,430 |
General and administrative | 34,925 |  |  | 33,172 |  |  | 31,797 |
Other fee income | — |  |  | — |  |  | (80) |
Adjustments to NOI (a) | (8,401) |  |  | (7,548) |  |  | (7,528) |
NOI | $ | 206,425 |  |  | $ | 186,572 |  |  | $ | 173,427 |
(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
| 2025 |  | 2024 |  | 2023
Repairs and maintenance | $ | 16,334 |  |  | $ | 13,366 |  |  | $ | 14,270 |
Payroll, benefits, and office | 10,559 |  |  | 10,510 |  |  | 10,690 |
Utilities and waste removal | 10,527 |  |  | 9,462 |  |  | 8,747 |
Property insurance | 5,507 |  |  | 6,668 |  |  | 5,552 |
Security, legal, and other expenses | 3,706 |  |  | 3,387 |  |  | 3,573 |
Lease termination expense | — |  |  | 20 |  |  | — |
Property operating expenses | $ | 46,633 |  |  | $ | 43,413 |  |  | $ | 42,832 |

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