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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments

The below presentation has been recast for the prior-year period to comply with updates to Accounting Standards Codification ("ASC") 280 required by ASU 2023-07. Information on the Company's reportable segments is presented as follows:

Three Months Ended March 31, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

115,909

 

 

$

8,592

 

 

$

12,134

 

 

$

17,597

 

 

$

154,232

 

 

$

8,143

 

 

$

(20,607

)

 

$

141,768

 

Property operating expenses (4)

 

 

(47,652

)

 

 

(3,087

)

 

 

(3,789

)

 

 

(3,679

)

 

 

(58,207

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

218

 

 

 

12

 

 

 

—

 

 

 

172

 

 

 

402

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

68,475

 

 

$

5,517

 

 

$

8,345

 

 

$

14,090

 

 

 

96,427

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,478

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,744

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,225

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,532

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,541

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,707

)

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217

)

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

471

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,913

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,387

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

120,861

 

 

$

8,361

 

 

$

12,027

 

 

$

17,865

 

 

$

159,114

 

 

$

8,900

 

 

$

(38,897

)

 

$

129,117

 

Property operating expenses (4)

 

 

(43,198

)

 

 

(2,845

)

 

 

(3,466

)

 

 

(3,075

)

 

 

(52,584

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

165

 

 

 

30

 

 

 

—

 

 

 

166

 

 

 

361

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

77,828

 

 

$

5,546

 

 

$

8,561

 

 

$

14,956

 

 

 

106,891

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,521

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,325

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,812

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,721

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,040

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,414

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68

 

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(836

)

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

158

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,594

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(474

)

 

 

 

 

 

 

 

 

 

 

(1)
The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
(2)
Consolidated 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 condensed 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.