Business Segments

12 Months Ended

Dec. 31, 2024

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 property net operating income and total assets for each of our reportable segments:

	Shopping		Mixed-Use
(In thousands)	Centers		Properties		Total
As of or for the year ended December 31, 2024
Revenue:
Total property revenue	$	186,205	$	89,621	$	275,826
Revenue adjustments (1)					(6,979)
Total revenue					$	268,847
Expenses:
Real estate taxes	(19,469)		(10,873)
Repairs & maintenance	(11,872)		(6,899)
Other expenses (2)	(10,165)		(12,783)
Property net operating income	$	144,699	$	59,066	$	203,765
Non-segment items:
Interest expense, net and amortization of deferred debt costs					(53,696)
Depreciation and amortization of deferred leasing costs					(50,502)
General and administrative					(25,066)
Revenue adjustments (1)					(6,979)
Gain on disposition of property					181
Net income					$	67,703
Capital investment	$	18,010	$	170,723	$	188,733
Total assets per segment	$	903,141	$	1,206,655	$	2,109,796
Other assets (3)					16,608
Total assets					$	2,126,404

	Shopping		Mixed-Use
(In thousands)	Centers		Properties		Total
As of or for the year ended December 31, 2023
Revenue:
Total property revenue	$	178,547	$	77,994	$	256,541
Revenue adjustments (1)					666
Total revenue					$	257,207
Expenses:
Real estate taxes	(18,808)		(10,842)
Repairs & maintenance	(9,320)		(6,181)
Other expenses (2)	(10,356)		(11,632)
Property net operating income	$	140,063	$	49,339	$	189,402
Non-segment items:
Interest expense, net and amortization of deferred debt costs					(49,153)
Depreciation and amortization of deferred leasing costs					(48,430)
General and administrative					(23,459)
Revenue adjustments (1)					666
Net income					$	69,026
Capital investment	$	16,491	$	187,190	$	203,681
Total assets per segment	$	918,089	$	1,057,332	$	1,975,421
Other assets (3)					18,716
Total assets					$	1,994,137
As of or for the year ended December 31, 2022
Revenue:
Total property revenue	$	171,415	$	73,631	$	245,046
Revenue adjustments (1)					814
Total revenue					$	245,860
Expenses:
Real estate taxes	(17,813)		(10,775)
Repairs & maintenance	(9,701)		(5,527)
Other expenses (2)	(9,381)		(11,325)
Property net operating income	$	134,520	$	46,004	$	180,524
Non-segment items:
Interest expense, net and amortization of deferred debt costs					(43,937)
Depreciation and amortization of deferred leasing costs					(48,969)
General and administrative					(22,392)
Revenue adjustments (1)					814
Loss on early extinguishment of debt					(648)
Net income (loss)					$	65,392
Capital investment	$	8,412	$	108,476	$	116,888
Total assets per segment	$	928,071	$	885,500	$	1,813,571
Other assets (3)					19,731
Total assets					$	1,833,302

(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.