Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

We focus on developing, acquiring, owning, operating, and managing shopping centers. We consider each shopping center an operating segment. We aggregate the financial information of all centers into one reportable segment because the centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers and tenants.

Our Chief Operating Decision Maker (“CODM”), the President and Chief Executive Officer, reviews operating and financial information using Net Operating Income ("NOI") as the key measure to assess performance and allocate resources. The CODM also uses NOI and its components to monitor budget versus actual results. Our resources are allocated by evaluating the operating results of the business as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with our overall business strategy.

The following table provides the components of Portfolio Net Operating Income, a non-GAAP metric, related to our business for the years ended December 31, 2025, 2024 and 2023:

	2025		2024		2023
Property Revenues:
Rental revenue	$	550,896	$	497,516	$	438,889
Other revenues	20,894		18,902		16,858
Total Revenues	$	571,790	$	516,418	$	455,747
Property Operating Expenses:
Advertising and promotion	$	17,799	$	19,274	$	18,606
Common area maintenance	75,353		69,029		60,128
Real estate taxes	42,920		34,687		31,862
Other operating expense	36,984		27,934		24,888
Total Operating Expenses	$	173,056	$	150,924	$	135,484
Portfolio Net Operating Income - Consolidated	$	398,734	$	365,494	$	320,263
Equity in earnings of unconsolidated joint ventures	$	13,580	$	11,289	$	8,240
Interest expense	(65,860)		(60,637)		(47,928)
Impairment charge	(4,249)		—		—
Other income	668		1,484		9,729
Depreciation and amortization	(150,976)		(138,690)		(108,889)
Other non-property (income) expenses	1,648		1,174		1,119
Corporate general and administrative expenses	(78,923)		(78,341)		(76,299)
Non-cash adjustments	3,776		91		(2,895)
Lease termination fees	1,103		896		542
Net Income	$	119,501	$	102,760	$	103,882