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Pay vs Performance Disclosure

12 Months Ended

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

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing information about the relationship between executive compensation actually paid to our PEO and the other NEOs (as calculated in accordance with Item 402(v) of Regulation S-K) and certain financial performance measures. For additional information on our compensation programs and philosophy and how we design our compensation programs to align pay with performance, see the section titled “Compensation Discussion and Analysis” on page 31.

Year			Summary Compensation Table Total for PEO ($)⁽¹⁾			Compensation Actually Paid to PEO ($)⁽¹⁾			Average Summary Compensation Table Total for other NEOs ($)⁽²⁾			Average Compensation Actually Paid to other NEOs ($)⁽²⁾			Value of Initial Fixed $100 Investment Based On:						Net Income (in millions) ($)⁽⁴⁾			FFO as Adjusted / Share ($)⁽⁵⁾
Year			Summary Compensation Table Total for PEO ($)⁽¹⁾			Compensation Actually Paid to PEO ($)⁽¹⁾						Average Compensation Actually Paid to other NEOs ($)⁽²⁾			Company TSR ($)			Peer Group TSR ($)⁽³⁾			Net Income (in millions) ($)⁽⁴⁾			FFO as Adjusted / Share ($)⁽⁵⁾
2023			7,645,622			12,243,167			2,380,189			2,949,313			112.34			98.30			259.9			1.25
2022			6,616,501			1,438,290			2,255,103			1,022,607			83.11			89.16			47.3			1.21
2021			6,830,104			8,566,102			2,010,966			3,110,209			107.66			98.78			107.8			1.09
2020			6,149,061			3,762,837			2,136,036			583,667			70.98			68.63			97.8			0.88

(1)

Mr. Olson was our principal executive officer for all years shown. The amounts reported represent the “compensation actually paid” to our PEO, computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to our PEO in the applicable year. In accordance with Item 402(v) of Regulation S-K, below are the adjustments made to the amount reported for our PEO in the “Total” column of the Summary Compensation Table for each year to arrive at compensation actually paid to our principal executive officer during each year shown:

Adjustments to Determine Compensation “Actually Paid” for PEO			2023			2022			2021			2020
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			$(4,189,334)			$(3,939,010)			$(3,699,999)			$(4,005,254)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end			5,325,609			2,641,983			4,507,329			2,920,790
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end			3,015,205			(4,145,858)			423,532			(998,121)
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			194,717			36,635			326,533			(451,835)
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award			251,348			228,039			178,603			148,196
Total Adjustments			$4,597,545			$(5,178,211)			$1,735,998			$(2,386,224)

(2)

Our other NEOs are Messrs. Langer, Mooallem and Milton for 2023. For 2022, 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton, and for 2020 only, also including Mr. Briggs. The amounts reported represent the average “compensation actually paid” to the NEOs other than our PEO as a group, computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group in the applicable year. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the average of the amounts reported in the “Total” column of the Summary Compensation Table for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid, using the same methodology described above in Footnote 1:

Adjustments to Determine Compensation “Actually Paid” for Non-PEOs (Average)			2023			2022			2021			2020
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			$(866,514)			$(903,503)			$(756,940)			$(1,042,067)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end			1,030,058			228,632			923,437			491,467
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end			346,669			(313,879)			547,345			(407,979)
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			23,947			(292,808)			334,083			(652,790)
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award			34,964			49,062			51,318			59,000
Total Adjustments			$569,124			$(1,232,496)			$1,099,243			$(1,552,369)

(3)	Peer group is the Dow Jones US Real Estate Strip Centers index.

(4)	The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable fiscal year.

(5)

The Company has identified FFO as Adjusted (per share) as the most important additional financial metric used to link pay and performance, for our company selected measure. While we consider numerous financial and non-financial performance measures for the purpose of evaluating and determining executive compensation, we consider FFO as Adjusted (per share), to be the most important performance measure used by to link compensation actually paid to the NEOs for fiscal year 2023 to Company performance. Our short-term incentive programs include FFO as Adjusted as the most heavily weighted metric (that impacts annual cash pay out to executive officers) based on our absolute level of FFO as Adjusted achieved for the year and, in 2023, 25% of the performance-based portion of 2023 long-term incentive plan pays out based on the three year growth rate of our FFO as Adjusted growth rate. FFO as Adjusted is a non-GAAP financial measure—please see “Non-GAAP Financial Measures” beginning on page 69 for a reconciliation to the most directly comparable GAAP measure. We consider FFO as Adjusted a meaningful and relevant measure in determining our operating performance.

Company Selected Measure Name

FFO as Adjusted (per share)

Named Executive Officers, Footnote

(1)

Mr. Olson was our principal executive officer for all years shown. The amounts reported represent the “compensation actually paid” to our PEO, computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to our PEO in the applicable year. In accordance with Item 402(v) of Regulation S-K, below are the adjustments made to the amount reported for our PEO in the “Total” column of the Summary Compensation Table for each year to arrive at compensation actually paid to our principal executive officer during each year shown:

(2)

Our other NEOs are Messrs. Langer, Mooallem and Milton for 2023. For 2022, 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton, and for 2020 only, also including Mr. Briggs. The amounts reported represent the average “compensation actually paid” to the NEOs other than our PEO as a group, computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group in the applicable year. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the average of the amounts reported in the “Total” column of the Summary Compensation Table for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid, using the same methodology described above in Footnote 1:

Peer Group Issuers, Footnote

(3)	Peer group is the Dow Jones US Real Estate Strip Centers index.

PEO Total Compensation Amount

$ 7,645,622

$ 6,616,501

$ 6,830,104

$ 6,149,061

PEO Actually Paid Compensation Amount

$ 12,243,167

1,438,290

8,566,102

3,762,837

Adjustment To PEO Compensation, Footnote

(1)

Mr. Olson was our principal executive officer for all years shown. The amounts reported represent the “compensation actually paid” to our PEO, computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to our PEO in the applicable year. In accordance with Item 402(v) of Regulation S-K, below are the adjustments made to the amount reported for our PEO in the “Total” column of the Summary Compensation Table for each year to arrive at compensation actually paid to our principal executive officer during each year shown:

Adjustments to Determine Compensation “Actually Paid” for PEO			2023			2022			2021			2020
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			$(4,189,334)			$(3,939,010)			$(3,699,999)			$(4,005,254)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end			5,325,609			2,641,983			4,507,329			2,920,790
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end			3,015,205			(4,145,858)			423,532			(998,121)
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			194,717			36,635			326,533			(451,835)
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award			251,348			228,039			178,603			148,196
Total Adjustments			$4,597,545			$(5,178,211)			$1,735,998			$(2,386,224)

Non-PEO NEO Average Total Compensation Amount

$ 2,380,189

2,255,103

2,010,966

2,136,036

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,949,313

1,022,607

3,110,209

583,667

Adjustment to Non-PEO NEO Compensation Footnote

(2)

Our other NEOs are Messrs. Langer, Mooallem and Milton for 2023. For 2022, 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton, and for 2020 only, also including Mr. Briggs. The amounts reported represent the average “compensation actually paid” to the NEOs other than our PEO as a group, computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount of compensation earned by or paid to such NEOs as a group in the applicable year. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the average of the amounts reported in the “Total” column of the Summary Compensation Table for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid, using the same methodology described above in Footnote 1:

Adjustments to Determine Compensation “Actually Paid” for Non-PEOs (Average)			2023			2022			2021			2020
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			$(866,514)			$(903,503)			$(756,940)			$(1,042,067)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end			1,030,058			228,632			923,437			491,467
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end			346,669			(313,879)			547,345			(407,979)
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			23,947			(292,808)			334,083			(652,790)
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award			34,964			49,062			51,318			59,000
Total Adjustments			$569,124			$(1,232,496)			$1,099,243			$(1,552,369)

Compensation Actually Paid vs. Total Shareholder Return

Relationship to Compensation Actually Paid

The following charts show the relationship of the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs as compared to our GAAP reported net income and our FFO as Adjusted (per share).

Compensation Actually Paid vs. Net Income

Relationship to Compensation Actually Paid

The following charts show the relationship of the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs as compared to our GAAP reported net income and our FFO as Adjusted (per share).

Compensation Actually Paid vs. Company Selected Measure

Relationship to Compensation Actually Paid

The following charts show the relationship of the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs as compared to our GAAP reported net income and our FFO as Adjusted (per share).

Total Shareholder Return Vs Peer Group

Relationship to Compensation Actually Paid

The following charts show the relationship of the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs as compared to our GAAP reported net income and our FFO as Adjusted (per share).

Tabular List, Table

Tabular List of Performance Measures

The following table includes financial performance measures that the Company determines are its most important financial measures for 2023 and how they were used in the executive compensation program:

Financial Performance Measures Used in our Short-Term Incentive Program			Financial Performance Measures Used in our Long-Term Incentive Program
FFO as Adjusted (per share)			Absolute TSR
Same-Property NOI Growth (%)			TSR (relative to our peer group)
Development/Redevelopment: Pipeline to Active (in $ millions)			FFO as Adjusted (per share) growth percentage
SNO Pipeline (in $ millions)			Same-Property NOI Growth (relative to our peer group)

Please see the Compensation Discussion and Analysis on pages 31-42 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

$ 112.34

83.11

107.66

70.98

Peer Group Total Shareholder Return Amount

98.3

89.16

98.78

68.63

Net Income (Loss)

$ 259,900,000

$ 47,300,000

$ 107,800,000

$ 97,800,000

Company Selected Measure Amount | $ / shares

1.25

1.21

1.09

0.88

Mr. Olson

Mr. Olson

Mr. Olson

Mr. Olson

Percentage of Performance Based Portion of Long Term Incentive Plan

25.00%

Pay vs Performance Disclosure

FFO as Adjusted (per share)

Non-GAAP Measure Description

(5)

The Company has identified FFO as Adjusted (per share) as the most important additional financial metric used to link pay and performance, for our company selected measure. While we consider numerous financial and non-financial performance measures for the purpose of evaluating and determining executive compensation, we consider FFO as Adjusted (per share), to be the most important performance measure used by to link compensation actually paid to the NEOs for fiscal year 2023 to Company performance. Our short-term incentive programs include FFO as Adjusted as the most heavily weighted metric (that impacts annual cash pay out to executive officers) based on our absolute level of FFO as Adjusted achieved for the year and, in 2023, 25% of the performance-based portion of 2023 long-term incentive plan pays out based on the three year growth rate of our FFO as Adjusted growth rate. FFO as Adjusted is a non-GAAP financial measure—please see “Non-GAAP Financial Measures” beginning on page 69 for a reconciliation to the most directly comparable GAAP measure. We consider FFO as Adjusted a meaningful and relevant measure in determining our operating performance.

Pay vs Performance Disclosure

Same-Property NOI Growth (%)

Pay vs Performance Disclosure

Development/Redevelopment: Pipeline to Active

Pay vs Performance Disclosure

SNO Pipeline

Pay vs Performance Disclosure

Absolute TSR

Pay vs Performance Disclosure

TSR (relative to our peer group)

Pay vs Performance Disclosure

FFO as Adjusted (per share) growth percentage

Pay vs Performance Disclosure

Same-Property NOI Growth (relative to our peer group)

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 4,597,545

$ (5,178,211)

$ 1,735,998

$ (2,386,224)

PEO | Amounts Reported Under the Stock Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,189,334)

(3,939,010)

(3,699,999)

(4,005,254)

PEO | Fair Value of Awards Granted During Year that Remain Unvested as of Year end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

5,325,609

2,641,983

4,507,329

2,920,790

PEO | Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,015,205

(4,145,858)

423,532

(998,121)

PEO | Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Year that Vested during year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

194,717

36,635

326,533

(451,835)

PEO | Dividends or Other Earnings Paid During Year Prior to Vesting Date of Award [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

251,348

228,039

178,603

148,196

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

569,124

(1,232,496)

1,099,243

(1,552,369)

Non-PEO NEO | Amounts Reported Under the Stock Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(866,514)

(903,503)

(756,940)

(1,042,067)

Non-PEO NEO | Fair Value of Awards Granted During Year that Remain Unvested as of Year end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,030,058

228,632

923,437

491,467

Non-PEO NEO | Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

346,669

(313,879)

547,345

(407,979)

Non-PEO NEO | Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Year that Vested during year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

23,947

(292,808)

334,083

(652,790)

Non-PEO NEO | Dividends or Other Earnings Paid During Year Prior to Vesting Date of Award [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 34,964

$ 49,062

$ 51,318

$ 59,000