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Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company’s operating segments conform with our method of internal reporting and the way the Chief Executive Officer, who is also the Chief Operating Decision Maker (“CODM”), evaluates financial results, allocates resources and manages the business. The Company has identified each property as an operating segment. The properties have been aggregated into two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). All properties within each segment generate similar types of revenues and expenses related to tenant rent, expense reimbursements and operating expenses. Although services are provided to a variety of tenants, the types of services provided to them are similar within each segment. The properties within each reportable segment have similar economic characteristics, and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout each reportable segment. Certain reclassifications have been made to prior year information to conform to the 2024 presentation. The CODM measures and evaluates the performance of our operating segments based on property net operating income (“NOI”), and considers this metric when allocating operating and capital resources to each segment. NOI includes property revenue and other revenue and deducts property operating expenses and real estate taxes. Total property revenue includes most components of rental revenue, except straight-line rent and above and below market lease amortization, plus parking revenues and lease termination fee revenue. NOI also excludes interest expense, depreciation and amortization, general and administrative expense, and gains and losses. The following tables summarize property net operating income and total assets for each of our reportable segments:
| Shopping |  | Mixed-Use |  |
(In thousands) | Centers |  | Properties |  | Total
As of or for the year ended December 31, 2024 |  |  |  |  |
Revenue: |  |  |  |  |
Total property revenue | $ | 186,205 |  |  | $ | 89,621 |  |  | $ | 275,826 |
Revenue adjustments (1) |  |  |  |  | (6,979) |
Total revenue |  |  |  |  | $ | 268,847 |
Expenses: |  |  |  |  |
Real estate taxes | (19,469) |  |  | (10,873) |  |  |
Repairs & maintenance | (11,872) |  |  | (6,899) |  |  |
Other expenses (2) | (10,165) |  |  | (12,783) |  |  |
Property net operating income | $ | 144,699 |  |  | $ | 59,066 |  |  | $ | 203,765 |
Non-segment items: |  |  |  |  |
Interest expense, net and amortization of deferred debt costs |  |  |  |  | (53,696) |
Depreciation and amortization of deferred leasing costs |  |  |  |  | (50,502) |
General and administrative |  |  |  |  | (25,066) |
Revenue adjustments (1) |  |  |  |  | (6,979) |
Gain on disposition of property |  |  |  |  | 181 |
Net income |  |  |  |  | $ | 67,703 |
Capital investment | $ | 18,010 |  |  | $ | 170,723 |  |  | $ | 188,733 |
Total assets per segment | $ | 903,141 |  |  | $ | 1,206,655 |  |  | $ | 2,109,796 |
Other assets (3) |  |  |  |  | 16,608 |
Total assets |  |  |  |  | $ | 2,126,404 |
| Shopping |  | Mixed-Use |  |
(In thousands) | Centers |  | Properties |  | Total
As of or for the year ended December 31, 2023 |  |  |  |  |
Revenue: |  |  |  |  |
Total property revenue | $ | 178,547 |  |  | $ | 77,994 |  |  | $ | 256,541 |
Revenue adjustments (1) |  |  |  |  | 666 |
Total revenue |  |  |  |  | $ | 257,207 |
Expenses: |  |  |  |  |
Real estate taxes | (18,808) |  |  | (10,842) |  |  |
Repairs & maintenance | (9,320) |  |  | (6,181) |  |  |
Other expenses (2) | (10,356) |  |  | (11,632) |  |  |
Property net operating income | $ | 140,063 |  |  | $ | 49,339 |  |  | $ | 189,402 |
Non-segment items: |  |  |  |  |
Interest expense, net and amortization of deferred debt costs |  |  |  |  | (49,153) |
Depreciation and amortization of deferred leasing costs |  |  |  |  | (48,430) |
General and administrative |  |  |  |  | (23,459) |
Revenue adjustments (1) |  |  |  |  | 666 |
Net income |  |  |  |  | $ | 69,026 |
Capital investment | $ | 16,491 |  |  | $ | 187,190 |  |  | $ | 203,681 |
Total assets per segment | $ | 918,089 |  |  | $ | 1,057,332 |  |  | $ | 1,975,421 |
Other assets (3) |  |  |  |  | 18,716 |
Total assets |  |  |  |  | $ | 1,994,137 |
As of or for the year ended December 31, 2022 |  |  |  |  |
Revenue: |  |  |  |  |
Total property revenue | $ | 171,415 |  |  | $ | 73,631 |  |  | $ | 245,046 |
Revenue adjustments (1) |  |  |  |  | 814 |
Total revenue |  |  |  |  | $ | 245,860 |
Expenses: |  |  |  |  |
Real estate taxes | (17,813) |  |  | (10,775) |  |  |
Repairs & maintenance | (9,701) |  |  | (5,527) |  |  |
Other expenses (2) | (9,381) |  |  | (11,325) |  |  |
Property net operating income | $ | 134,520 |  |  | $ | 46,004 |  |  | $ | 180,524 |
Non-segment items: |  |  |  |  |
Interest expense, net and amortization of deferred debt costs |  |  |  |  | (43,937) |
Depreciation and amortization of deferred leasing costs |  |  |  |  | (48,969) |
General and administrative |  |  |  |  | (22,392) |
Revenue adjustments (1) |  |  |  |  | 814 |
Loss on early extinguishment of debt |  |  |  |  | (648) |
Net income (loss) |  |  |  |  | $ | 65,392 |
Capital investment | $ | 8,412 |  |  | $ | 108,476 |  |  | $ | 116,888 |
Total assets per segment | $ | 928,071 |  |  | $ | 885,500 |  |  | $ | 1,813,571 |
Other assets (3) |  |  |  |  | 19,731 |
Total assets |  |  |  |  | $ | 1,833,302 |
(1) Revenue adjustments are straight-line base rent and above/below market lease amortization. (2) Other expenses include payroll, utilities, insurance, legal, parking, advertising, and other. (3) Other assets include cash on hand, swap assets, and an operating lease right of use asset.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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