v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

19. Segment Reporting

The Company is an owner and operator of open-air, grocery-anchored shopping centers and mixed use assets of which all the Company's properties are located within the U.S., inclusive of Puerto Rico. Management does not distinguish or group its operations on a

geographical basis for purposes of allocating resources or capital. The Company reviews and evaluates operating and financial data for each property on an individual basis. As a result, each of the Company's individual properties is a separate operating segment. The Company defines its reportable segments to be in accordance with the method of internal reporting and the manner in which the Company's chief operating decision maker (“CODM”) makes key operating decisions, evaluates financial results, allocates resources and manages the Company's business. Accordingly, the Company aggregates its operating segments into a single reportable segment due to the similarities with regard to the nature and economics of its properties, tenants and operations, which are operated using consistent business strategies.

In accordance with ASC Topic 280 Segment Reporting, the Company’s CODM has been identified as the Chief Executive Officer. The CODM evaluates the Company’s portfolio and assesses the ongoing operations and performance of its consolidated properties and the Company's share of unconsolidated joint venture operations. The accounting policies of the reportable segments are the same as the Company’s accounting policies. Net Operating Income (“NOI”) is the primary performance measure reviewed by the Company’s CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating expenses from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. The Company’s calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs. The CODM does not review asset information as a measure to assess performance.

The following table presents accrual-based lease revenue and other property related income and operating expenses included in the Company's share of NOI for its consolidated and unconsolidated properties (“NOI at share”) for the periods presented (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues

 

$

539,725

 

 

$

531,113

 

 

$

1,638,960

 

 

$

1,583,329

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Rent

 

 

(4,226

)

 

 

(4,164

)

 

 

(12,455

)

 

 

(12,590

)

Real estate taxes

 

 

(68,015

)

 

 

(67,384

)

 

 

(212,089

)

 

 

(203,854

)

Operating and maintenance

 

 

(89,416

)

 

 

(92,434

)

 

 

(279,776

)

 

 

(273,056

)

Total operating expenses

 

 

(161,657

)

 

 

(163,982

)

 

 

(504,320

)

 

 

(489,500

)

NOI from unconsolidated real estate joint ventures

 

 

49,672

 

 

 

47,970

 

 

 

150,952

 

 

 

148,555

 

NOI at share

 

$

427,740

 

 

$

415,101

 

 

$

1,285,592

 

 

$

1,242,384

 

 

The following table presents the reconciliation of NOI at share to Net income (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

NOI at share

 

$

427,740

 

 

$

415,101

 

 

$

1,285,592

 

 

$

1,242,384

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Management and other fee income

 

 

6,422

 

 

 

4,748

 

 

 

16,004

 

 

 

14,331

 

General and administrative

 

 

(29,959

)

 

 

(29,646

)

 

 

(97,095

)

 

 

(96,485

)

Impairment charges

 

 

(7,984

)

 

 

(440

)

 

 

(14,650

)

 

 

(8,619

)

Depreciation and amortization

 

 

(155,945

)

 

 

(158,269

)

 

 

(461,450

)

 

 

(473,045

)

Gain on sale of properties

 

 

89,382

 

 

 

3,705

 

 

 

106,451

 

 

 

43,514

 

Other income/(expense), net

 

 

3,186

 

 

 

(2,319

)

 

 

(63

)

 

 

789

 

Mortgage and other financing income, net

 

 

12,630

 

 

 

12,375

 

 

 

36,549

 

 

 

35,706

 

Interest expense

 

 

(87,721

)

 

 

(84,261

)

 

 

(254,751

)

 

 

(245,842

)

(Provision)/benefit for income taxes, net

 

 

(149

)

 

 

875

 

 

 

86

 

 

 

45

 

Equity in income of joint ventures, net

 

 

73,909

 

 

 

26,967

 

 

 

131,166

 

 

 

73,640

 

Equity in income/(loss) of other investments, net

 

 

229

 

 

 

(811

)

 

 

5,491

 

 

 

1,637

 

NOI from unconsolidated real estate joint ventures

 

 

(49,672

)

 

 

(47,970

)

 

 

(150,952

)

 

 

(148,555

)

Net income

 

$

282,068

 

 

$

140,055

 

 

$

602,378

 

 

$

439,500