XML 20 R13.htm IDEA: XBRL DOCUMENT v3.25.1
Revenues
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues

Note 3 – Revenues

Revenues

The following table presents the Company's revenues disaggregated by revenue source for the three months ended March 31, 2025 and 2024:

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

 

2024

 

Rental revenues

 

$

137,360

 

 

 

$

124,027

 

Revenues from contracts with customers:

 

 

 

 

 

 

 

Operating expense reimbursements (1)

 

 

1,942

 

 

 

 

2,260

 

Management, development and leasing fees (2)

 

 

1,317

 

 

 

 

1,905

 

Marketing revenues (3)

 

 

351

 

 

 

 

404

 

 

 

3,610

 

 

 

 

4,569

 

 

 

 

 

 

 

 

Other revenues

 

 

798

 

 

 

 

521

 

Total revenues (4)

 

$

141,768

 

 

 

$

129,117

 
(1)
During the three months ended March 31, 2025, operating expense reimbursements consisted of $1,650 related to malls, $172 related to lifestyle centers, $78 related to open-air centers and $42 related to all other property types. During the three months ended March 31, 2024, operating expense reimbursements consisted of $1,882 related to malls, $165 related to lifestyle centers, $165 related to open-air centers and $48 related to all other property types.
(2)
Included in All Other segment.
(3)
During the three months ended March 31, 2025, marketing revenues consisted of $320 related to malls, $29 related to lifestyle centers and $2 related to outlet centers. During the three months ended March 31, 2024, marketing revenues consisted of $335 related to malls, $68 related to lifestyle centers and $1 related to outlet centers.
(4)
Sales taxes are excluded from revenues.

See Note 10 for information on the Company's segments.

Revenues from Contracts with Customers

Outstanding Performance Obligations

The Company has outstanding performance obligations related to certain noncancelable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of March 31, 2025, the Company expects to recognize these amounts as revenue over the following periods:

Performance obligation

 

Less than 5
years

 

 

5-20
years

 

 

Over 20
years

 

 

Total

 

Fixed operating expense reimbursements

 

$

20,931

 

 

$

47,190

 

 

$

39,053

 

 

$

107,174

 

The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained.