v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company's operating segments conform with our method of internal reporting and the way the Chief Executive Officer, who is also the Chief Operating Decision Maker ("CODM"), evaluates financial results, allocates resources and manages the business. The Company has identified each property as an operating segment. The properties have been aggregated into two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). All properties within each segment generate similar types of revenues and expenses related to tenant rent, expense reimbursements and operating expenses. Although services are provided to a variety of tenants, the types of services provided to them are similar within each segment. The properties within each reportable segment have similar economic characteristics, and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout each reportable segment. Certain reclassifications have been made to prior year information to conform to the 2026 presentation.

The CODM measures and evaluates the performance of our operating segments based on property net operating income ("NOI"), and considers this metric when allocating operating and capital resources to each segment. NOI includes property revenue and other revenue and deducts property operating expenses and real estate taxes. Total property revenue includes most components of rental revenue, except straight-line rent and amortization of above/below market lease premiums and discounts, plus parking revenues and lease termination fee revenue. NOI also excludes interest expense, depreciation and amortization, general and administrative expense, and gains and losses.
The following tables summarize NOI and total assets for each of our reportable segments:
ShoppingMixed-Use
(In thousands)CentersPropertiesTotal
As of or for the three months ended June 30, 2026
Revenue:
Total property revenue$47,798 $26,558 $74,356 
Revenue adjustments (1)
2,435 
Total revenue$76,791 
Expenses:
Real estate taxes(5,199)(3,612)
Repairs and maintenance(3,005)(2,333)
Other expenses (2)
(3,039)(5,175)
Property net operating income$36,555 $15,438 $51,993 
Non-segment items:
Interest expense, net and amortization of deferred debt costs(20,034)
Depreciation and amortization of deferred leasing costs(16,038)
General and administrative(6,810)
Revenue adjustments (1)2,435 
Net income$11,546 
Capital investment$6,028 $3,019 $9,047 
Total assets per segment$897,144 $1,251,243 $2,148,387 
Other assets (3)
11,083 
Total assets$2,159,470 
As of or for the three months ended June 30, 2025
Revenue:
Total property revenue$45,578 $22,517 $68,095 
Revenue adjustments (1)2,739 
Total revenue$70,834 
Expenses:
Real estate taxes(4,740)(3,276)
Repairs and maintenance(2,842)(1,911)
Other expenses (2)(2,700)(3,971)
Property net operating income$35,296 $13,359 $48,655 
Non-segment items:
Interest expense, net and amortization of deferred debt costs(16,820)
Depreciation and amortization of deferred leasing costs(14,098)
General and administrative(6,415)
Revenue adjustments (1)2,739 
Gain on disposition of property
120 
Net income $14,181 
Capital investment$5,742 $24,342 $30,084 
Total assets per segment$897,651 $1,232,684 $2,130,335 
Other assets (3)9,349 
Total assets$2,139,684 
(1)    Revenue adjustments are straight-line base rent and amortization of premiums and discounts related to above/below market leases.
(2)    Other expenses include payroll, utilities, insurance, legal, parking, advertising, and other.
(3)    Other assets include cash, cash equivalents, restricted cash, swap assets and an operating lease right-of-use-asset.

ShoppingMixed-Use
(In thousands)CentersPropertiesTotal
As of or for the six months ended June 30, 2026
Revenue:
Total property revenue$97,596 $52,612 $150,208 
Revenue adjustments (1)
4,842 
Total revenue$155,050 
Expenses:
Real estate taxes(10,323)(6,952)
Repairs and maintenance(7,956)(4,556)
Other expenses (2)
(6,284)(10,495)
Property net operating income$73,033 $30,609 $103,642 
Non-segment items:
Interest expense, net and amortization of deferred debt costs(39,684)
Depreciation and amortization of deferred leasing costs(31,954)
General and administrative(13,257)
Revenue adjustments (1)4,842 
Net income$23,589 
Capital investment$9,079 $6,977 $16,056 
Total assets per segment$897,144 $1,251,243 $2,148,387 
Other assets (3)
11,083 
Total assets$2,159,470 
As of or for the six months ended June 30, 2025
Revenue:
Total property revenue$93,576 $44,019 $137,595 
Revenue adjustments (1)5,095 
Total revenue$142,690 
Expenses:
Real estate taxes(9,588)(6,412)
Repairs and maintenance(8,144)(3,673)
Other expenses (2)(5,275)(8,074)
Property net operating income$70,569 $25,860 $96,429 
Non-segment items:
Interest expense, net and amortization of deferred debt costs(33,567)
Depreciation and amortization of deferred leasing costs(28,621)
General and administrative(12,427)
Revenue adjustments (1)5,095 
Gain on disposition of property
120 
Net income $27,029 
Capital investment$10,126 $44,442 $54,568 
Total assets per segment$897,651 $1,232,684 $2,130,335 
Other assets (3)9,349 
Total assets$2,139,684 
(1)    Revenue adjustments are straight-line base rent and amortization of premiums and discounts related to above/below market leases.
(2)    Other expenses include payroll, utilities, insurance, legal, parking, advertising, and other.
(3)    Other assets include cash, cash equivalents, restricted cash, swap assets and an operating lease right-of-use asset.