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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments

Information on the Company’s segments is presented as follows:

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2023

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

110,622

 

 

$

19,245

 

 

$

129,867

 

Property operating expenses (4)

 

 

(41,668

)

 

 

(4,311

)

 

 

(45,979

)

Interest expense

 

 

(19,968

)

 

 

(24,205

)

 

 

(44,173

)

Loss on sales of real estate assets

 

 

—

 

 

 

(114

)

 

 

(114

)

Segment profit (loss)

 

$

48,986

 

 

$

(9,385

)

 

 

39,601

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(49,742

)

General and administrative expense

 

 

 

 

 

 

 

 

(16,156

)

Litigation settlement

 

 

 

 

 

 

 

 

74

 

Interest and other income

 

 

 

 

 

 

 

 

2,967

 

Income tax provision

 

 

 

 

 

 

 

 

(219

)

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

812

 

Net loss

 

 

 

 

 

 

 

$

(22,663

)

Capital expenditures (5)

 

$

4,977

 

 

$

3,527

 

 

$

8,504

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2022

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

117,191

 

 

$

19,827

 

 

$

137,018

 

Property operating expenses (4)

 

 

(40,708

)

 

 

(5,088

)

 

 

(45,796

)

Interest expense

 

 

(38,691

)

 

 

(16,426

)

 

 

(55,117

)

Gain on sales of real estate assets

 

 

—

 

 

 

3

 

 

 

3

 

Other expense

 

 

—

 

 

 

(834

)

 

 

(834

)

Segment profit (loss)

 

$

37,792

 

 

$

(2,518

)

 

 

35,274

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(64,476

)

General and administrative expense

 

 

 

 

 

 

 

 

(18,450

)

Litigation settlement

 

 

 

 

 

 

 

 

65

 

Interest and other income

 

 

 

 

 

 

 

 

910

 

Reorganization items, net

 

 

 

 

 

 

 

 

613

 

Loss on impairment

 

 

 

 

 

 

 

 

(252

)

Income tax benefit

 

 

 

 

 

 

 

 

472

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

2,039

 

Net loss

 

 

 

 

 

 

 

$

(43,805

)

Capital expenditures (5)

 

$

6,367

 

 

$

1,351

 

 

$

7,718

 

 

Six Months Ended June 30, 2023

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

226,505

 

 

$

39,721

 

 

$

266,226

 

Property operating expenses (4)

 

 

(88,539

)

 

 

(8,366

)

 

 

(96,905

)

Interest expense

 

 

(40,451

)

 

 

(47,246

)

 

 

(87,697

)

Gain on sales of real estate assets

 

 

—

 

 

 

1,482

 

 

 

1,482

 

Other expense

 

 

—

 

 

 

(198

)

 

 

(198

)

Segment profit (loss)

 

$

97,515

 

 

$

(14,607

)

 

 

82,908

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(103,011

)

General and administrative expense

 

 

 

 

 

 

 

 

(35,385

)

Litigation settlement

 

 

 

 

 

 

 

 

118

 

Interest and other income

 

 

 

 

 

 

 

 

5,632

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

28,151

 

Income tax provision

 

 

 

 

 

 

 

 

(118

)

Equity in losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

(444

)

Net loss

 

 

 

 

 

 

 

$

(22,149

)

Capital expenditures (5)

 

$

9,410

 

 

$

6,629

 

 

$

16,039

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

238,619

 

 

$

38,501

 

 

$

277,120

 

Property operating expenses (4)

 

 

(85,392

)

 

 

(8,749

)

 

 

(94,141

)

Interest expense

 

 

(109,850

)

 

 

(35,926

)

 

 

(145,776

)

Gain on sales of real estate assets

 

 

—

 

 

 

19

 

 

 

19

 

Other expense

 

 

—

 

 

 

(834

)

 

 

(834

)

Segment profit (loss)

 

$

43,377

 

 

$

(6,989

)

 

 

36,388

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(133,419

)

General and administrative expense

 

 

 

 

 

 

 

 

(36,524

)

Litigation settlement

 

 

 

 

 

 

 

 

146

 

Interest and other income

 

 

 

 

 

 

 

 

1,064

 

Reorganization items, net

 

 

 

 

 

 

 

 

(958

)

Loss on impairment

 

 

 

 

 

 

 

 

(252

)

Gain on deconsolidation

 

 

 

 

 

 

 

 

36,250

 

Income tax provision

 

 

 

 

 

 

 

 

(329

)

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

10,606

 

Net loss

 

 

 

 

 

 

 

$

(87,028

)

Capital expenditures (5)

 

$

10,327

 

 

$

3,221

 

 

$

13,548

 

 

Total assets

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

June 30, 2023

 

$

1,580,656

 

 

$

894,756

 

 

$

2,475,412

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

$

1,695,813

 

 

$

982,430

 

 

$

2,678,243

 

 

(1)
The Malls category includes malls, lifestyle centers and outlet centers.
(2)
The All Other category includes open-air centers, outparcels, office buildings, corporate-level debt and the Management Company.
(3)
Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.
(4)
Property operating expenses include property operating, real estate taxes and maintenance and repairs.
(5)
Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.