XML 26 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information

Note 9 – Segment Information

The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments.

Information on the Company’s segments is as follows:

Three Months Ended June 30, 2024

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

108,211

 

 

$

21,454

 

 

$

129,665

 

Property operating expenses (4)

 

 

(39,365

)

 

 

(3,582

)

 

 

(42,947

)

Interest expense

 

 

(15,457

)

 

 

(23,950

)

 

 

(39,407

)

Loss on sales of real estate assets

 

 

—

 

 

 

(50

)

 

 

(50

)

Other expense

 

 

—

 

 

 

(127

)

 

 

(127

)

Segment profit (loss)

 

$

53,389

 

 

$

(6,255

)

 

 

47,134

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(38,664

)

General and administrative expense

 

 

 

 

 

 

 

 

(14,831

)

Litigation settlement

 

 

 

 

 

 

 

 

72

 

Interest and other income

 

 

 

 

 

 

 

 

4,082

 

Income tax provision

 

 

 

 

 

 

 

 

(650

)

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

7,148

 

Net income

 

 

 

 

 

 

 

$

4,291

 

Capital expenditures (5)

 

$

7,174

 

 

$

2,272

 

 

$

9,446

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Six Months Ended June 30, 2024

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

217,787

 

 

$

40,995

 

 

$

258,782

 

Property operating expenses (4)

 

 

(78,980

)

 

 

(7,001

)

 

 

(85,981

)

Interest expense

 

 

(31,194

)

 

 

(48,025

)

 

 

(79,219

)

Gain on sales of real estate assets

 

 

—

 

 

 

3,671

 

 

 

3,671

 

Other expense

 

 

—

 

 

 

(127

)

 

 

(127

)

Segment profit (loss)

 

$

107,613

 

 

$

(10,487

)

 

 

97,126

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(76,704

)

General and administrative expense

 

 

 

 

 

 

 

 

(35,245

)

Litigation settlement

 

 

 

 

 

 

 

 

140

 

Interest and other income

 

 

 

 

 

 

 

 

8,086

 

Loss on impairment

 

 

 

 

 

 

 

 

(836

)

Income tax provision

 

 

 

 

 

 

 

 

(492

)

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

11,742

 

Net income

 

 

 

 

 

 

 

$

3,817

 

Capital expenditures (5)

 

$

11,669

 

 

$

3,844

 

 

$

15,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Total assets

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

June 30, 2024

 

$

1,458,325

 

 

$

863,376

 

 

$

2,321,701

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

$

1,546,610

 

 

$

859,295

 

 

$

2,405,905

 

 

(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.