Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

12. Segment Information

The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker ("CODM") evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance.

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

	Three months ended March 31,
	2025			2024
Lease income	$	408,088			386,349
Other property income		3,379			4,594
Less:
Straight-line rent on lease income		(6,451	)		(5,511	)
Above/below market rent amortization, net		(7,005	)		(6,012	)
Total real estate revenues		398,011			379,420
Operating expenses (1)		(73,464	)		(68,072	)
Real estate taxes		(51,009	)		(48,410	)
NOI	$	273,538			262,938

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

	Three months ended March 31,
	2025			2024
Reconciliation of NOI to Net income:
NOI	$	273,538			262,938
Consolidated:
Straight-line rent on lease income		5,607			5,594
Above/below market rent amortization, net		6,750			5,823
Management, transaction, and other fees		6,812			6,396
Straight-line rent on ground rent		(337	)		(341	)
Above/below market ground rent amortization		(535	)		(535	)
Depreciation and amortization		(96,774	)		(97,585	)
General and administrative		(21,600	)		(26,132	)
Other operating expenses		(1,688	)		(2,643	)
Other expense, net		(48,673	)		(29,214	)
Add: Share of noncontrolling interests excluded from NOI		2,204			2,046
Less: Equity in income of investments in real estate excluded from NOI		(13,451	)		(13,689	)
Net income	$	111,853			112,658