Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The Company's primary business is the ownership and operation of grocery-anchored shopping centers. The CODM reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The CODM uses net operating income ("NOI") to assist in making decisions on how to allocate resources and assess the Company's financial performance. The Company defines NOI as revenues (rental and other revenues), less real estate and other property-related taxes, insurance and property operating expenses. CAM expenses, utilities, ground rent and management fees are reviewed by the CODM collectively as property operating expenses. The Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in similar markets, and have similar tenant mixes.

The following tables provide information about the Company's segment revenues, significant segment expenses, NOI and a reconciliation of NOI to the Company’s consolidated operating income:

	Three months ended March 31,
	2025		2024
Revenues	$	7,415,000	$	8,765,000
Operating expenses:
Real estate and other property-related taxes	1,140,000		1,387,000
Insurance	227,000		256,000
Property operating expenses	1,692,000		2,118,000
Total	3,059,000		3,761,000
NOI	$	4,356,000	$	5,004,000

	Three months ended March 31,
	2025		2024
NOI	$	4,356,000	$	5,004,000
Add (deduct):
Corporate general and administrative	(653,000)		(612,000)
Depreciation and amortization	(1,976,000)		(1,892,000)
Gain on sales	2,422,000		—
Operating income	$	4,149,000	$	2,500,000