v3.26.1
REPORTABLE SEGMENTS
 3 Months Ended
Mar. 31, 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 months ended March 31, 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 months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
20262025
Revenues:
Rental income$186,281 $174,183 
Fees and management income3,445 2,783 
Other property income1,015 1,345 
Total revenues190,741 178,311 
Operating Expenses:
Property operating(1)
32,990 29,936 
Real estate taxes22,067 21,079 
Employee-related expenses8,049 8,457 
Other general and administrative expenses(2)
3,894 3,629 
Depreciation and amortization65,531 65,274 
Total operating expenses132,531 128,375 
Other:
Interest expense, net(3)
(29,772)(25,672)
  Gain on disposal of property, net6,817 5,609 
Other expense, net(2,013)(980)
Net income33,242 28,893 
Net income attributable to noncontrolling interests(2,864)(2,584)
Net income attributable to stockholders$30,378 $26,309 
(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.