v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Segment Performance
The chief operating decision maker (the "CODM") believes net income or loss determined in accordance with GAAP is the most appropriate earnings measurement to assess the Company's overall performance. Additionally, the CODM evaluates the consolidated performance of the Company's portfolio of retail properties based on Net Operating Income ("NOI"), a supplemental non-GAAP measure. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, impairment of real estate assets, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market-lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments").
The CODM believes the supplemental non-GAAP measure of NOI is an important measure in assessing operating performance and provides added comparability across periods when evaluating the Company's financial condition and operating performance that is not readily apparent from "Net income" in accordance with GAAP.
Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions. During the three months ended June 30, 2026 and 2025, the Company paid $7,923 and $10,731 of capital investments and leasing costs, respectively. During the six months ended June 30, 2026 and 2025, the Company paid $14,010 and $18,104 of capital investments and leasing costs, respectively. As of June 30, 2026 and 2025, total accrued capital investments and leasing costs were $5,346 and $5,240, respectively.
The measure of segment assets regularly reviewed by the CODM is reported on the condensed consolidated balance sheets as Total assets. No single tenant comprises 10% or more of the Company's Lease income, net for any periods presented.
Net Operating Income
The following table reconciles net income, the most directly comparable GAAP measure, to NOI:
Three months ended June 30Six months ended June 30
2026202520262025
Net income$1,369 $95,942 $6,553 $102,734 
Adjustments to reconcile to NOI:
Other income and expense, net(29)(942)(344)(1,549)
Interest expense, net11,328 8,346 21,413 16,668 
Gain on sale of investment properties— (90,909)— (90,909)
Depreciation and amortization38,660 30,738 75,045 61,352 
General and administrative8,942 8,706 18,261 17,253 
Adjustments to NOI (a)(2,726)(1,981)(6,964)(3,780)
NOI$57,544 $49,900 $113,964 $101,769 
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.

Significant Expenses
The following table presents the disaggregation of property operating expenses:
Three months ended June 30Six months ended June 30
2026202520262025
Repairs and maintenance$4,919 $3,833 $9,067 $7,208 
Payroll, benefits, and office2,618 2,610 5,480 5,365 
Utilities and waste removal2,842 2,527 5,544 4,989 
Property insurance1,218 1,586 2,551 2,916 
Security, legal, and other1,056 920 2,032 1,745 
Property operating expenses$12,653 $11,476 $24,674 $22,223