Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

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 ($)(5)
															Company TSR ($)			Peer Group TSR ($)(3)
2025			8,107,208			4,643,629			2,314,542			1,867,553			178.81			159.71			97.5			1.43
2024			10,118,623			15,236,442			3,335,949			4,406,774			192.60			167.61			75.4			1.35
2023			7,645,622			12,640,011			2,380,189			2,949,313			158.27			143.23			259.9			1.25
2022			6,616,501			1,438,290			2,255,103			1,022,607			117.09			129.92			47.3			1.21
2021			6,830,104			8,566,102			2,010,966			3,110,209			151.67			143.93			107.8			1.09

(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			2025			2024			2023			2022			2021
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			$(4,892,465)			$(6,783,242)			$(4,189,334)			$(3,939,010)			$(3,699,999)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end			$4,597,247			$8,978,580			$5,325,609			$2,641,983			$4,507,329
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			$(2,405,299)			$2,870,973			$3,412,049			$(4,145,858)			$423,532
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			$(1,161,764)			$(322,084)			$194,717			$36,635			$326,533
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award			$398,702			$373,593			$251,348			$228,039			$178,603
Total Adjustments			$(3,463,579)			$5,117,820			$4,994,389			$(5,178,211)			$1,735,998

(2)
Our other NEOs are Messrs. Langer, Mooallem, Milton, and Ms. Ohlberg for 2025. For 2023 and 2024 our NEOs are Messrs. Langer, Mooallem, and Milton. For 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton. 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)			2025			2024			2023			2022			2021
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			$(972,557)			$(1,862,582)			$(866,514)			$(903,503)			$(756,940)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end			$809,069			$2,455,226			$1,030,058			$228,632			$923,437
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			$(233,145)			$437,009			$346,669			$(313,879)			$547,345
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			$(112,479)			$(38,810)			$23,947			$(292,808)			$334,083
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award			$62,124			$79,981			$34,964			$49,061			$51,318
Total Adjustments			$(446,988)			$1,070,824			$569,124			$(1,232,497)			$1,099,243

(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 to link compensation actually paid to the NEOs for fiscal year 2025 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 2025, 25% of the performance-based portion of 2025 long-term incentive plan pays out based on the relative three year growth rate of our FFO as Adjusted. FFO as Adjusted is a non-GAAP financial measure—please see “Non-GAAP Financial Measures” beginning on page 64 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, Milton, and Ms. Ohlberg for 2025. For 2023 and 2024 our NEOs are Messrs. Langer, Mooallem, and Milton. For 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton. 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

$ 8,107,208

$ 10,118,623

$ 7,645,622

$ 6,616,501

$ 6,830,104

PEO Actually Paid Compensation Amount

$ 4,643,629

15,236,442

12,640,011

1,438,290

8,566,102

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			2025			2024			2023			2022			2021
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			$(4,892,465)			$(6,783,242)			$(4,189,334)			$(3,939,010)			$(3,699,999)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end			$4,597,247			$8,978,580			$5,325,609			$2,641,983			$4,507,329
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			$(2,405,299)			$2,870,973			$3,412,049			$(4,145,858)			$423,532
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			$(1,161,764)			$(322,084)			$194,717			$36,635			$326,533
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award			$398,702			$373,593			$251,348			$228,039			$178,603
Total Adjustments			$(3,463,579)			$5,117,820			$4,994,389			$(5,178,211)			$1,735,998

Non-PEO NEO Average Total Compensation Amount

$ 2,314,542

3,335,949

2,380,189

2,255,103

2,010,966

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,867,553

4,406,774

2,949,313

1,022,607

3,110,209

Adjustment to Non-PEO NEO Compensation Footnote

(2)
Our other NEOs are Messrs. Langer, Mooallem, Milton, and Ms. Ohlberg for 2025. For 2023 and 2024 our NEOs are Messrs. Langer, Mooallem, and Milton. For 2021 and 2022, our NEOs are Messrs. Langer, Weilminster, Eilberg and Milton. 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)			2025			2024			2023			2022			2021
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			$(972,557)			$(1,862,582)			$(866,514)			$(903,503)			$(756,940)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end			$809,069			$2,455,226			$1,030,058			$228,632			$923,437
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			$(233,145)			$437,009			$346,669			$(313,879)			$547,345
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			$(112,479)			$(38,810)			$23,947			$(292,808)			$334,083
Increase based on Dividends or other Earnings Paid During Year prior to Vesting Date of Award			$62,124			$79,981			$34,964			$49,061			$51,318
Total Adjustments			$(446,988)			$1,070,824			$569,124			$(1,232,497)			$1,099,243

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

Tabular List of Performance Measures

The following table includes financial performance measures that the Company used in our Short-Term Incentive and/or Long-Term Incentive Programs and determines are its most important financial measures for 2025:

FFO as Adjusted (per share)
Same Property NOI Growth (%)
Shop Lease Executions (in $ millions)
Project Activations (in $ millions)
Pipeline Rent Commencements
Absolute TSR
TSR (relative to a peer group)

Please see the Compensation Discussion and Analysis on page 31 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

$ 178.81

192.6

158.27

117.09

151.67

Peer Group Total Shareholder Return Amount

$ 159.71

$ 167.61

$ 143.23

$ 129.92

$ 143.93

Company Selected Measure Amount | $ / shares

1.43

1.35

1.25

1.21

1.09

PEO Name

Mr. Olson

Mr. Olson

Mr. Olson

Mr. Olson

Mr. Olson

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

$ 97,500,000

$ 75,400,000

$ 259,900,000

$ 47,300,000

$ 107,800,000

Percentage of Performance Based Portion of Long-Term Incentive Plan Pay Out

25.00%

Measure:: 1

Pay vs Performance Disclosure

Name

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 to link compensation actually paid to the NEOs for fiscal year 2025 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 2025, 25% of the performance-based portion of 2025 long-term incentive plan pays out based on the relative three year growth rate of our FFO as Adjusted. FFO as Adjusted is a non-GAAP financial measure—please see “Non-GAAP Financial Measures” beginning on page 64 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.

Measure:: 2

Pay vs Performance Disclosure

Name

Same Property NOI Growth

Measure:: 3

Pay vs Performance Disclosure

Name

Shop Lease Executions

Measure:: 4

Pay vs Performance Disclosure

Name

Project Activations

Measure:: 5

Pay vs Performance Disclosure

Name

Pipeline Rent Commencements

Measure:: 6

Pay vs Performance Disclosure

Name

Absolute TSR

Measure:: 7

Pay vs Performance Disclosure

Name

TSR (relative to a peer group)

PEO

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (3,463,579)

5,117,820

4,994,389

(5,178,211)

1,735,998

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,892,465)

(6,783,242)

(4,189,334)

(3,939,010)

(3,699,999)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,597,247

8,978,580

5,325,609

2,641,983

4,507,329

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(2,405,299)

2,870,973

3,412,049

(4,145,858)

423,532

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,161,764)

(322,084)

194,717

36,635

326,533

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

398,702

373,593

251,348

228,039

178,603

Non-PEO NEO

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(446,988)

1,070,824

569,124

(1,232,497)

1,099,243

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(972,557)

(1,862,582)

(866,514)

(903,503)

(756,940)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

809,069

2,455,226

1,030,058

228,632

923,437

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(233,145)

437,009

346,669

(313,879)

547,345

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(112,479)

(38,810)

23,947

(292,808)

334,083

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 62,124

$ 79,981

$ 34,964

$ 49,061

$ 51,318