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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments Information on the Company’s reportable segments is presented as follows:

Year Ended December 31, 2024

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

446,043

 

 

$

34,688

 

 

$

49,925

 

 

$

69,924

 

 

$

600,580

 

 

$

36,516

 

 

$

(121,535

)

 

$

515,561

 

Property operating expenses (4)

 

 

(160,304

)

 

 

(12,764

)

 

 

(14,656

)

 

 

(13,135

)

 

 

(200,859

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

681

 

 

 

81

 

 

 

1

 

 

 

736

 

 

 

1,499

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

286,420

 

 

$

22,005

 

 

$

35,270

 

 

$

57,525

 

 

 

401,220

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,139

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88,234

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(154,486

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,676

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(230

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(140,591

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(67,254

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

553

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(819

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,461

)

 

 

 

 

 

 

 

 

 

Gain on consolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,727

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,055

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,932

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

57,117

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

468,138

 

 

$

32,504

 

 

$

50,634

 

 

$

68,507

 

 

$

619,783

 

 

$

35,255

 

 

$

(119,752

)

 

$

535,286

 

Property operating expenses (4)

 

 

(170,952

)

 

 

(12,136

)

 

 

(14,026

)

 

 

(14,808

)

 

 

(211,922

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

1,068

 

 

 

22

 

 

 

12

 

 

 

877

 

 

 

1,979

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

298,254

 

 

$

20,390

 

 

$

36,620

 

 

$

54,576

 

 

 

409,840

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,851

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,345

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(172,905

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,125

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(221

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(190,505

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,066

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,310

 

 

 

 

 

 

 

 

 

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,270

 

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,879

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(894

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,865

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,204

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

495,736

 

 

$

30,356

 

 

$

54,493

 

 

$

66,821

 

 

$

647,406

 

 

$

36,130

 

 

$

(120,525

)

 

$

563,011

 

Property operating expenses (4)

 

 

(173,806

)

 

 

(12,014

)

 

 

(15,089

)

 

 

(15,445

)

 

 

(216,354

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

984

 

 

 

(14

)

 

 

5

 

 

 

730

 

 

 

1,705

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

322,914

 

 

$

18,328

 

 

$

39,409

 

 

$

52,106

 

 

 

432,757

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,205

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,743

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217,342

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,345

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(834

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(256,310

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(67,215

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

304

 

 

 

 

 

 

 

 

 

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,344

 

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(252

)

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,250

 

 

 

 

 

 

 

 

 

 

Loss on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39

)

 

 

 

 

 

 

 

 

 

Reorganizations items, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

298

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,079

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,796

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(99,515

)

 

 

 

 

 

 

 

 

 
(1)
The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
(2)
Consolidation adjustments represent the elimination of the Company's share of unconsolidated affiliates and the addition of the noncontrolling interests' share to reconcile to the amounts reported in the Company's consolidated statements of operations.
(3)
Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
(4)
Property operating expenses include property operating, real estate taxes and maintenance and repairs, none of which represent significant segment expense.