v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The Company's primary business is the ownership and operation of grocery-anchored shopping centers. The CODM reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The CODM uses net operating income ("NOI") to assist in making decisions on how to allocate resources and assess the Company's financial performance. The Company defines NOI as revenues (rental and other revenues), less real estate and other property-related taxes, insurance and property operating expenses. CAM expenses, utilities, ground rent and management fees are reviewed by the CODM collectively as property operating expenses. The Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in similar markets, and have similar tenant mixes.
The following tables provide information about the Company's segment revenues, significant segment expenses, NOI and a reconciliation of NOI to the Company’s consolidated operating income:
Three months ended June 30,Six months ended June 30,
2025202420252024
Revenues$7,455,000 $8,611,000 $14,870,000 $17,376,000 
Operating expenses:
Real estate and other property-related taxes1,108,000 1,429,000 2,248,000 2,816,000 
Insurance225,000 260,000 452,000 516,000 
Property operating expenses1,194,000 1,562,000 2,886,000 3,680,000 
Total2,527,000 3,251,000 5,586,000 7,012,000 
Net operating income$4,928,000 $5,360,000 $9,284,000 $10,364,000 
Three months ended June 30,Six months ended June 30,
2025202420252024
Net operating income$4,928,000 $5,360,000 $9,284,000 $10,364,000 
Add (deduct):
Corporate general and administrative(833,000)(652,000)(1,486,000)(1,264,000)
Depreciation and amortization(1,990,000)(2,323,000)(3,966,000)(4,215,000)
(Loss) gain on sales— (55,000)2,422,000 (55,000)
Operating income$2,105,000 $2,330,000 $6,254,000 $4,830,000