v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We focus on developing, acquiring, owning, operating, and managing shopping centers. We consider each shopping center an operating segment. We aggregate the financial information of all centers into one reportable segment because the centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers and tenants.

Our Chief Operating Decision Maker (“CODM”), the President and Chief Executive Officer, reviews operating and financial information using Net Operating Income ("NOI") as the key measure to assess performance and allocate resources. The CODM also uses NOI and its components to monitor budget versus actual results. Our resources are allocated by evaluating the operating results of the business as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with our overall business strategy.

The following table provides the components of Portfolio Net Operating Income, a non-GAAP metric, related to our business for the three and six months ended June 30, 2026 and 2025:
Three months endedSix months ended
June 30,June 30,
2026202520262025
Property Revenues:
  Rental revenue$143,749 $133,435 $282,448 $262,720 
  Other revenues5,843 5,021 10,518 8,692 
Total Revenues$149,592 $138,456 $292,966 $271,412 
Property Operating Expenses:
Advertising and promotion$4,269 $3,666 $7,868 $6,688 
Common area maintenance17,837 16,613 39,054 35,582 
Real estate taxes12,371 10,409 24,620 20,454 
Other operating expense9,170 8,771 16,452 16,609 
Total Operating Expenses$43,647 $39,459 $87,994 $79,333 
Portfolio Net Operating Income - Consolidated$105,945 $98,997 $204,972 $192,079 
Equity in earnings of unconsolidated joint ventures$3,849 $3,034 $7,291 $5,433 
Interest expense(19,427)(16,399)(38,603)(32,171)
Impairment charges— — — (4,249)
Other income1,724 (26)3,631 191 
Depreciation and amortization(41,975)(36,608)(82,327)(73,754)
Other non-property (income) expenses472 468 353 508 
Corporate general and administrative expenses(20,514)(18,992)(40,665)(38,008)
Non-cash adjustments5,232 585 7,950 579 
Lease termination fees(707)271 1,414 721 
Net Income$34,599 $31,330 $64,016 $51,329