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REPORTABLE SEGMENTS
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS
13. REPORTABLE SEGMENTS
Our principal business is the ownership and operation of community and neighborhood shopping centers. We conduct our operations solely in the United States, and we do not distinguish our principal business, or group our operations, by geography or size for the purpose of measuring performance. We concluded that we have only one operating and reportable segment, Real Estate Properties. Our conclusion was determined on the basis of the way in which our chief operating decision maker (“CODM”) regularly reviews internally reported financial information to analyze financial performance, make decisions, and allocate resources at the consolidated level.
Our Real Estate Properties segment derives a majority of its revenue from the lease contracts it enters into as a lessor, which are all in the form of operating leases. Further, our lease contracts typically provide for reimbursements from tenants for common area maintenance, insurance, and real estate tax expense. No single tenant comprised 10% or more of our aggregate ABR for the three and nine months ended September 30, 2026 and 2025.
Our CODM is Mr. Edison, our Chairman and Chief Executive Officer. Our CODM assesses performance, makes decisions, and allocates operating and capital resources of the Real Estate Properties segment by utilizing net income (loss) on a consolidated basis. Our CODM evaluates net income (loss) by monitoring budget versus actual as well as variance analysis to prior periods to analyze the performance of the segment. Information about the net income (loss) of the Real Estate Properties segment that is regularly reviewed by our CODM, including revenue and significant expenses, was as follows for the three and nine months ended September 30, 2026 and 2025 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenues:
Rental income$188,944 $178,293 $559,676 $525,943 
Fees and management income3,464 3,274 10,963 9,373 
Other property income680 1,102 2,809 3,417 
Total revenues193,088 182,669 573,448 538,733 
Operating Expenses:
Property operating(1)
31,193 30,197 96,266 89,455 
Real estate taxes23,343 22,226 67,923 64,584 
Employee-related expenses8,131 8,972 24,931 25,606 
Other general and administrative expenses(2)
3,775 3,780 12,493 12,154 
Depreciation and amortization68,858 65,603 201,229 202,080 
Total operating expenses135,300 130,778 402,842 393,879 
Other:
Interest expense, net(3)
(28,118)(28,544)(87,284)(81,935)
  Gain on disposal of property, net40,605 4,255 66,812 9,798 
Other expense, net(1,651)(374)(3,014)(2,344)
Net income68,624 27,228 147,120 70,373 
Net income attributable to noncontrolling interests(5,946)(2,543)(12,947)(6,595)
Net income attributable to stockholders$62,678 $24,685 $134,173 $63,778 
(1)Property operating is primarily made up of common area maintenance, compensation, insurance, and other costs related to the leasing of our real estate properties. Our CODM is not provided with further disaggregation and uses total property operating expenses to manage the business.
(2)Other general and administrative expenses is primarily made up of professional fees, technology and communication expense, and insurance, taxes, and board costs.
(3)Interest income is not a significant component of Interest Expense, Net.
The measure of segment assets regularly reviewed by our CODM is reported on the consolidated balance sheets as Total Assets.