Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We focus on developing, acquiring, owning, operating, and managing shopping centers. We consider each shopping center an operating segment. We aggregate the financial information of all centers into one reportable segment because the centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers and tenants.

Our Chief Operating Decision Maker (“CODM”), the President and Chief Executive Officer, reviews operating and financial information using Net Operating Income ("NOI") as the key measure to assess performance and allocate resources. The CODM also uses NOI and its components to monitor budget versus actual results. Our resources are allocated by evaluating the operating results of the business as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with our overall business strategy.

The following table provides the components of Portfolio Net Operating Income, a non-GAAP metric, related to our business for the years ended December 31, 2024, 2023 and 2022:
2024 2023 2022
Property Revenues:
  Rental revenue $ 497,516  $ 438,889  $ 421,419 
  Other revenues 18,902  16,858  14,037 
Total Revenues $ 516,418  $ 455,747  $ 435,456 
Property Operating Expenses:
Advertising and promotion $ 19,274  $ 18,606  $ 17,643 
Common area maintenance 69,029  60,128  60,483 
Real estate taxes 34,687  31,862  31,713 
Other operating expense 27,934  24,888  26,241 
Total Operating Expenses $ 150,924  $ 135,484  $ 136,080 
Portfolio Net Operating Income - Consolidated $ 365,494  $ 320,263  $ 299,376 
Equity in earnings of unconsolidated joint ventures $ 11,289  $ 8,240  $ 8,594 
Interest expense (60,637) (47,928) $ (46,967)
Gain on sale of assets —  —  $ 3,156 
Loss on early extinguishment of debt —  —  $ (222)
Other income 1,484  9,729  $ 6,029 
Depreciation and amortization (138,690) (108,889) $ (111,904)
Other non-property (income) expenses 1,174  1,119  $ (312)
Corporate general and administrative expenses (78,341) (76,299) $ (71,657)
Non-cash adjustments 91  (2,895) $ (3,132)
Lease termination fees 896  542  $ 2,870 
Net Income $ 102,760  $ 103,882  $ 85,831