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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
An operating segment is a component of a public entity that engages in business activities from which it may earn revenues and incur expenses and has discrete financial information available that is regularly reviewed by the chief operating decision maker (the “CODM”).
The Company’s primary business is the ownership and operation of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from
tenants under existing lease agreements at each of our properties. The Company’s CODM, which is its Chief Executive Officer, regularly reviews operating and financial information for each property on an individual basis; therefore, each property represents an individual operating segment. The CODM does not distinguish or group our operations on a geographical or any other basis for purposes of measuring performance and allocating capital. Across our properties, the financial performance, revenue generating activities, and customer base is determined to be economically similar; therefore, all operating segments have been aggregated into one reportable segment.
The CODM measures and evaluates the financial performance of our portfolio of properties and decides how resources are allocated based on net operating income. The CODM uses net operating income to evaluate income generated from each property in deciding whether to reinvest profits for recurring capital expenditures or into other parts of the business, such as for acquisitions, developments, scheduled interest and principal payments on our indebtedness, or to pay dividends. Net operating income is also used to monitor budget versus actual results in assessing the performance of our properties. The CODM does not regularly review total assets for our single reportable segment as total assets are not used to assess performance or allocate resources.
The following table presents information on the Company’s reported segment revenue, net operating income, and significant segment expenses that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:
Three Months Ended March 31,
20252024
Revenue:
Minimum rent$173,988 $161,045 
Tenant reimbursements46,213 43,577 
Bad debt reserve(2,076)(589)
Other property-related revenue1,640 841 
Overage rent1,048 1,780 
Total revenue220,813 206,654 
Expenses:
Property operating – recoverable25,798 23,763 
Property operating – non-recoverable3,661 4,009 
Real estate taxes27,604 26,373 
Total expenses57,063 54,145 
Net operating income163,750 152,509 
Other (expense) income:
Other general and administrative expenses(12,258)(12,784)
Fee income425 315 
Depreciation and amortization(98,231)(100,379)
Interest expense(32,954)(30,364)
Equity in loss of unconsolidated subsidiaries(607)(420)
Gain on sale of unconsolidated property, net— 2,325 
Income tax expense of taxable REIT subsidiaries(10)(158)
Other income, net4,058 3,628 
Gain (loss) on sales of operating properties, net91 (236)
Net income24,264 14,436 
Net income attributable to noncontrolling interests(534)(280)
Net income attributable to common shareholders$23,730 $14,156