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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Note 10 – Segm ent Information As discussed in Note 1, the Company owns interests in a portfolio of properties including regional shopping malls, outlet centers, lifestyle centers, open-air centers, office buildings and other properties, including single-tenant and multi-tenant parcels. The Company has identified each property as an operating segment, and each is led by a general manager. Performance and resource allocation is assessed by the chief executive officer (“CEO”), whom the Company has determined to be the Chief Operating Decision Maker ("CODM"). The Company’s reportable segments are malls, lifestyle centers, outlet centers and open-air centers. The CODM evaluates performance and allocates resources on a property-by-property basis aggregated based on property type in accordance with aggregation criteria. The CODM measures performance and allocates resources to each property based on net operating income ("NOI") and certain criteria such as tenant mix, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating expenditures, real estate taxes and maintenance and repairs) plus property interest and other income. The Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties. The following is a brief description of the Company’s reportable segments and the remaining operating segments that comprise the All Other category: Malls – The malls reporting segment consists of enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line retail stores, restaurants and non-retail tenants. Lifestyle centers – The lifestyle center reporting segment consists of large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and retail stores, restaurants, and/or non-retail tenants. Outlet centers – The outlet center reporting segment consists of open-air centers, generally anchored by one or more discount or off-price junior anchors and a wide variety of brand name off-price or discount in-line stores. Open-air centers – The open-air centers reporting segment is typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or traditional department stores. In many cases, the open-air centers in this category are adjacent to the properties that make up the malls reporting segment. All Other – The All Other category includes outparcels, office buildings, hotels, corporate-level debt and the Management Company. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in Note 2 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. 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 June 30, 2025 |  | Malls |  |  | Outlet Centers |  |  | Lifestyle Centers |  |  | Open-Air Centers |  |  | Total Reportable Segments |  |  | All Other (1) |  |  | Consolidation Adjustments (2) |  |  | Consolidated Total |
Revenues (3) |  | $ | 114,207 |  |  | $ | 8,531 |  |  | $ | 12,677 |  |  | $ | 18,270 |  |  | $ | 153,685 |  |  | $ | 8,116 |  |  | $ | (20,896 | ) |  | $ | 140,905 |
Property operating expenses (4) |  |  | (41,184 | ) |  |  | (3,420 | ) |  |  | (3,693 | ) |  |  | (3,763 | ) |  |  | (52,060 | ) |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 90 |  |  |  | 13 |  |  |  | 58 |  |  |  | 168 |  |  |  | 329 |  |  |  |  |  |  |  |  |  |
Segment net operating income |  | $ | 73,113 |  |  | $ | 5,124 |  |  | $ | 9,042 |  |  | $ | 14,675 |  |  |  | 101,954 |  |  |  |  |  |  |  |  |  |
All other segment net operating income (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,054 |  |  |  |  |  |  |  |  |  |
Consolidation adjustments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15,921 | ) |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (43,959 | ) |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,339 |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30 | ) |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (39,702 | ) |  |  |  |  |  |  |  |  |
General and administrative expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15,188 | ) |  |  |  |  |  |  |  |  |
Loss on impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,457 | ) |  |  |  |  |  |  |  |  |
Income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (369 | ) |  |  |  |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,437 |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,158 |  |  |  |  |  |  |  |  |  |
Three Months Ended June 30, 2024 |  | Malls |  |  | Outlet Centers |  |  | Lifestyle Centers |  |  | Open-Air Centers |  |  | Total Reportable Segments |  |  | All Other (1) |  |  | Consolidation Adjustments (2) |  |  | Consolidated Total |
Revenues (3) |  | $ | 120,956 |  |  | $ | 8,309 |  |  | $ | 11,815 |  |  | $ | 18,278 |  |  | $ | 159,358 |  |  | $ | 9,447 |  |  | $ | (39,140 | ) |  | $ | 129,665 |
Property operating expenses (4) |  |  | (42,732 | ) |  |  | (3,070 | ) |  |  | (3,416 | ) |  |  | (2,966 | ) |  |  | (52,184 | ) |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 179 |  |  |  | 20 |  |  |  | — |  |  |  | 219 |  |  |  | 418 |  |  |  |  |  |  |  |  |  |
Segment net operating income |  | $ | 78,403 |  |  | $ | 5,259 |  |  | $ | 8,399 |  |  | $ | 15,531 |  |  |  | 107,592 |  |  |  |  |  |  |  |  |  |
All other segment net operating income (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,582 |  |  |  |  |  |  |  |  |  |
Consolidation adjustments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (28,374 | ) |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (39,407 | ) |  |  |  |  |  |  |  |  |
Loss on sales of real estate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (50 | ) |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (127 | ) |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (38,664 | ) |  |  |  |  |  |  |  |  |
General and administrative expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,831 | ) |  |  |  |  |  |  |  |  |
Litigation settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72 |  |  |  |  |  |  |  |  |  |
Income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (650 | ) |  |  |  |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,148 |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,291 |  |  |  |  |  |  |  |  |  |
Six Months Ended June 30, 2025 |  | Malls |  |  | Outlet Centers |  |  | Lifestyle Centers |  |  | Open-Air Centers |  |  | Total Reportable Segments |  |  | All Other (1) |  |  | Consolidation Adjustments (2) |  |  | Consolidated Total |
Revenues (3) |  | $ | 230,116 |  |  | $ | 17,123 |  |  | $ | 24,811 |  |  | $ | 35,867 |  |  | $ | 307,917 |  |  | $ | 16,259 |  |  | $ | (41,503 | ) |  | $ | 282,673 |
Property operating expenses (4) |  |  | (88,836 | ) |  |  | (6,507 | ) |  |  | (7,482 | ) |  |  | (7,442 | ) |  |  | (110,267 | ) |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 308 |  |  |  | 25 |  |  |  | 58 |  |  |  | 340 |  |  |  | 731 |  |  |  |  |  |  |  |  |  |
Segment net operating income |  | $ | 141,588 |  |  | $ | 10,641 |  |  | $ | 17,387 |  |  | $ | 28,765 |  |  |  | 198,381 |  |  |  |  |  |  |  |  |  |
All other segment net operating income (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,532 |  |  |  |  |  |  |  |  |  |
Consolidation adjustments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31,665 | ) |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (88,184 | ) |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,871 |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30 | ) |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (85,243 | ) |  |  |  |  |  |  |  |  |
General and administrative expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,895 | ) |  |  |  |  |  |  |  |  |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (217 | ) |  |  |  |  |  |  |  |  |
Loss on impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,457 | ) |  |  |  |  |  |  |  |  |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 102 |  |  |  |  |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,350 |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,545 |  |  |  |  |  |  |  |  |  |
Six Months Ended June 30, 2024 |  | Malls |  |  | Outlet Centers |  |  | Lifestyle Centers |  |  | Open-Air Centers |  |  | Total Reportable Segments |  |  | All Other (1) |  |  | Consolidation Adjustments (2) |  |  | Consolidated Total |
Revenues (3) |  | $ | 241,817 |  |  | $ | 16,670 |  |  | $ | 23,842 |  |  | $ | 36,143 |  |  | $ | 318,472 |  |  | $ | 18,347 |  |  | $ | (78,037 | ) |  | $ | 258,782 |
Property operating expenses (4) |  |  | (85,930 | ) |  |  | (5,915 | ) |  |  | (6,882 | ) |  |  | (6,041 | ) |  |  | (104,768 | ) |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 344 |  |  |  | 50 |  |  |  | — |  |  |  | 385 |  |  |  | 779 |  |  |  |  |  |  |  |  |  |
Segment net operating income |  | $ | 156,231 |  |  | $ | 10,805 |  |  | $ | 16,960 |  |  | $ | 30,487 |  |  |  | 214,483 |  |  |  |  |  |  |  |  |  |
All other segment net operating income (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,103 |  |  |  |  |  |  |  |  |  |
Consolidation adjustments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (55,699 | ) |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (79,219 | ) |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (127 | ) |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,671 |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (76,704 | ) |  |  |  |  |  |  |  |  |
General and administrative expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,245 | ) |  |  |  |  |  |  |  |  |
Litigation settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 140 |  |  |  |  |  |  |  |  |  |
Loss on impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (836 | ) |  |  |  |  |  |  |  |  |
Income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (492 | ) |  |  |  |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,742 |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,817 |  |  |  |  |  |  |  |  |  |
(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.

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