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Business Segments
 9 Months Ended
Sep. 30, 2025
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 NOI and total assets for each of our reportable segments:

ShoppingMixed-Use
(In thousands)CentersPropertiesTotal
As of or for the three months ended September 30, 2025
Revenue:
Total property revenue$46,204 $23,750 $69,954 
Revenue adjustments (1)
2,050 
Total revenue$72,004 
Expenses:
Real estate taxes(5,023)(3,131)
Repairs and maintenance(2,690)(2,135)
Other expenses (2)
(2,732)(4,467)
Property net operating income$35,759 $14,017 $49,776 
Non-segment items:
Interest expense, net and amortization of deferred debt costs(17,066)
Depreciation and amortization of deferred leasing costs(14,106)
General and administrative(6,658)
Revenue adjustments (1)2,050 
Net income$13,996 
Capital investment$11,349 $8,192 $19,541 
Total assets per segment$905,978 $1,246,164 $2,152,142 
Other assets (3)
15,439 
Total assets$2,167,581 
As of or for the three months ended September 30, 2024
   
Revenue:
Total property revenue$46,250 $20,460 $66,710 
Revenue adjustments (1)578 
Total revenue$67,288 
Expenses:
Real estate taxes(4,920)(2,700)
Repairs and maintenance(2,790)(1,858)
Other expenses (2)(2,391)(3,072)
Property net operating income$36,149 $12,830 $48,979 
Non-segment items:
Interest expense, net and amortization of deferred debt costs(12,213)
Depreciation and amortization of deferred leasing costs(12,072)
General and administrative(5,680)
Revenue adjustments (1)578 
Net income $19,592 
Capital investment$4,614 $50,203 $54,817 
Total assets per segment$907,116 $1,194,544 $2,101,660 
Other assets (3)11,364 
Total assets$2,113,024 
(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.
ShoppingMixed-Use
(In thousands)CentersPropertiesTotal
As of or for the nine months ended September 30, 2025
Revenue:
Total property revenue$139,780 $67,769 $207,549 
Revenue adjustments (1)
7,145 
Total revenue$214,694 
Expenses:
Real estate taxes(14,611)(9,543)
Repairs and maintenance(10,834)(5,808)
Other expenses (2)
(8,007)(12,541)
Property net operating income$106,328 $39,877 $146,205 
Non-segment items:
Interest expense, net and amortization of deferred debt costs(50,633)
Depreciation and amortization of deferred leasing costs(42,727)
General and administrative(19,085)
Revenue adjustments (1)7,145 
Gain on disposition of property
120 
Net income$41,025 
Capital investment$21,475 $52,634 $74,109 
Total assets per segment$905,978 $1,246,164 $2,152,142 
Other assets (3)
15,439 
Total assets$2,167,581 
As of or for the nine months ended September 30, 2024
   
Revenue:
Total property revenue$140,377 $60,247 $200,624 
Revenue adjustments (1)299 
Total revenue$200,923 
Expenses:
Real estate taxes(14,752)(8,100)
Repairs and maintenance(8,612)(5,015)
Other expenses (2)(7,653)(9,032)
Property net operating income$109,360 $38,100 $147,460 
Non-segment items:
Interest expense, net and amortization of deferred debt costs(36,928)
Depreciation and amortization of deferred leasing costs(36,102)
General and administrative(17,565)
Revenue adjustments (1)299 
Gain on disposition of property
181 
Net income $57,345 
Capital investment$13,403 $131,608 $145,011 
Total assets per segment$907,116 $1,194,544 $2,101,660 
Other assets (3)11,364 
Total assets$2,113,024 
(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.