Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

16.Segment Information

The Company's business consists of acquiring, developing, owning, and operating income-producing retail real estate in the United States of America ("USA" or "United States"). The Company owns and manages a portfolio of neighborhood and community shopping centers, anchored primarily by grocers. Nearly all of the Company's consolidated revenues are generated from real estate investments in shopping centers.

The Company derives revenue primarily by leasing retail spaces to tenants under long-term leases with varying terms that generally provide for fixed payments of base rent with stated increases over the lease term. Some leases also include provisions for additional percentage rent based on tenant sales performance. Additionally, most lease agreements contain provisions requiring tenants to reimburse their share of actual real estate taxes, insurance and CAM costs incurred by the Company.

The Company’s CODM is the Executive Committee, which is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and the Chief Investment Officer. The CODM evaluates the performance of shopping centers and allocates resources on an individual property basis. Consequently, the Company defines its operating segments as individual properties. These operating segments are aggregated into one reportable segment due to similarities in the nature and economics of the centers, tenant profiles, operating processes, and long-term financial performance. The accounting policies for the shopping centers segment are consistent with those described in the Summary of Significant Accounting Policies.

The CODM assesses the performance of each shopping center and allocates resources based on Net Operating Income (“NOI”). NOI is calculated as the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes items such as straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company’s NOI also includes its share of NOI from unconsolidated real estate investment partnerships. The Company does not report asset information for the segment because it is not used to evaluate performance or regularly provided to the CODM.

The CODM uses NOI to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, investments in real estate developments and/or capital improvement.

The following tables provide information about the shopping centers segment revenues, significant expenses, NOI and the reconciliations of these amounts to the Company’s consolidated Net income and Total revenues:

	Year ended December 31,
	2024			2023			2022
Lease income	$	1,548,929			1,413,079			1,312,532
Other property income		15,450			12,260			11,247
Less:
Straight-line rent on lease income		(22,193	)		(13,559	)		(27,220	)
Above/below market rent amortization, net		(25,612	)		(31,604	)		(23,021	)
Total real estate revenues		1,516,574			1,380,176			1,273,538
Operating expenses (1)		(267,660	)		(247,792	)		(213,085	)
Real estate taxes		(201,546	)		(181,096	)		(163,667	)
NOI	$	1,047,368			951,288			896,786
Reconciliation of Total real estate revenues to Total revenues:
Total real estate revenues		1,516,574			1,380,176			1,273,538
Consolidated:
Straight-line rent on lease income		20,300			10,788			24,272
Above/below market rent amortization, net		24,843			30,826			22,543
Management, transaction, and other fees		27,874			26,954			25,851
Add: Share of noncontrolling interests		11,859			10,865			10,683
Less: Share of unconsolidated real estate partnerships		(147,546	)		(137,143	)		(132,865	)
Total revenues	$	1,453,904			1,322,466			1,224,022

(1)Operating expenses include Operating and maintenance, Ground rent and Termination expense

	Year ended December 31,
	2024			2023			2022
Reconciliation of NOI to Net income:
NOI		1,047,368			951,288			896,786
Consolidated:
Straight-line rent on lease income		20,300			10,788			24,272
Above/below market rent amortization, net		24,843			30,826			22,543
Management, transaction, and other fees		27,874			26,954			25,851
Straight-line rent on ground rent		(1,350	)		(1,405	)		(1,610	)
Above/below market ground rent amortization		(2,142	)		(1,696	)		(1,548	)
Depreciation and amortization		(394,714	)		(352,282	)		(319,697	)
General and administrative		(101,465	)		(97,806	)		(79,903	)
Other operating expenses		(10,867	)		(9,459	)		(6,166	)
Other expense, net		(154,260	)		(147,824	)		(44,102	)
Add: Share of noncontrolling interests excluded from NOI		8,293			7,571			7,433
Less: Equity in income of investments in real estate excluded from NOI		(54,040	)		(46,088	)		(35,824	)
Net income	$	409,840			370,867			488,035