Segment Information

6 Months Ended

Jun. 30, 2026

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, net operating income ("NOI") and the reconciliation of NOI to the Company’s consolidated Net income:

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2026			2025			2026			2025
Lease income	$	438,463			405,915		$	875,558			814,003
Other property income		4,000			4,613			7,718			7,992
Less:
Straight-line rent on lease income		(5,816	)		(6,332	)		(10,524	)		(12,783	)
Above/below market rent amortization, net		(5,594	)		(5,919	)		(11,389	)		(12,924	)
Total real estate revenues		431,053			398,277			861,363			796,288
Operating expenses (1)		(76,316	)		(65,664	)		(154,464	)		(139,128	)
Real estate taxes		(54,631	)		(51,680	)		(110,399	)		(102,689	)
NOI	$	300,106			280,933		$	596,500			554,471

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

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2026			2025			2026			2025
Reconciliation of NOI to Net income:
NOI	$	300,106			280,933		$	596,500			554,471
Consolidated:
Straight-line rent on lease income		5,469			5,787			10,025			11,394
Above/below market rent amortization, net		5,449			5,731			11,037			12,481
Management, transaction, and other fees		7,192			7,244			14,125			14,056
Straight-line rent on ground rent		(499	)		(336	)		(880	)		(673	)
Above/below market ground rent amortization		(536	)		(532	)		(1,072	)		(1,067	)
Depreciation and amortization		(108,803	)		(99,535	)		(215,225	)		(196,309	)
General and administrative		(27,567	)		(25,480	)		(53,173	)		(47,080	)
Other operating expenses		(2,037	)		(1,944	)		(3,038	)		(3,632	)
Other expense, net		(50,593	)		(51,040	)		(94,889	)		(99,713	)
Add: Share of noncontrolling interests excluded from NOI		2,298			2,200			4,467			4,404
Less: Equity in income of investments in real estate excluded from NOI		(10,740	)		(14,679	)		(15,340	)		(28,130	)
Net income	$	119,739			108,349		$	252,537			220,202