v3.26.3
Segment Information
 9 Months Ended
Sep. 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 September 30, 2026 and 2025, the Company paid $11,645 and $12,399 of capital investments and leasing costs, respectively. During the nine months ended September 30, 2026 and 2025, the Company paid $25,655 and $30,503 of capital investments and leasing costs, respectively. As of September 30, 2026 and 2025, total accrued capital investments and leasing costs were $11,237 and $4,900, 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 September 30Nine months ended September 30
2026202520262025
Net income$19,413 $6,026 $25,966 $108,760 
Adjustments to reconcile to NOI:
Other income and expense, net14 (1,628)(330)(3,177)
Interest expense, net13,210 8,969 34,623 25,637 
Gain on sale of investment properties(17,379)(52)(17,379)(90,961)
Depreciation and amortization39,731 32,734 114,776 94,086 
General and administrative8,557 8,316 26,818 25,569 
Adjustments to NOI (a)(3,727)(2,453)(10,691)(6,233)
NOI$59,819 $51,912 $173,783 $153,681 
(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 September 30Nine months ended September 30
2026202520262025
Repairs and maintenance$4,810 $3,719 $13,877 $10,927 
Payroll, benefits, and office2,634 2,532 8,114 7,897 
Utilities and waste removal3,251 2,703 8,795 7,692 
Property insurance1,338 1,266 3,889 4,182 
Security, legal, and other1,169 834 3,201 2,579 
Property operating expenses$13,202 $11,054 $37,876 $33,277