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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
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 for the six months ended June 30, 2026 and 2025 that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue:
Minimum rent$151,998 $165,965 $305,148 $339,953 
Tenant reimbursements41,756 45,103 86,550 91,316 
Bad debt reserve(1,824)(1,625)(3,346)(3,701)
Other property-related revenue1,033 865 1,831 1,820 
Overage rent1,385 1,738 3,004 2,786 
Total revenue194,348 212,046 393,187 432,174 
Expenses:
Property operating – recoverable24,306 24,849 51,054 50,647 
Property operating – non-recoverable3,820 3,700 7,809 7,361 
Real estate taxes24,315 26,492 48,956 54,096 
Total expenses52,441 55,041 107,819 112,104 
Net operating income141,907 157,005 285,368 320,070 
Other income (expense):
Net gains from outlot sales1,364 — 2,403 — 
Other general and administrative expenses(14,543)(13,390)(28,493)(25,648)
Fee income1,378 853 2,674 1,278 
Impairment charges(980)— (6,868)— 
Depreciation and amortization(81,604)(97,887)(164,095)(196,118)
Interest expense(31,743)(34,052)(63,439)(67,006)
Equity in loss of unconsolidated subsidiaries(1,344)(3,238)(3,560)(3,845)
Income tax expense of taxable REIT subsidiaries(426)(199)(821)(209)
Other income, net3,169 485 5,741 5,228 
Gain on sales of operating properties, net87,727 103,022 87,727 103,113 
Gain on deconsolidation of joint venture60,625 — 60,625 — 
Net income165,530 112,599 177,262 136,863 
Net income attributable to noncontrolling interests(4,226)(2,281)(4,564)(2,815)
Net income attributable to common shareholders$161,304 $110,318 $172,698 $134,048