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Revenues | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Rental revenues |  | $ | 134,786 |  |  | $ | 119,992 |  |  | $ | 408,599 |  |  | $ | 368,090 |
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Operating expense reimbursements (see table below) |  |  | 2,204 |  |  |  | 1,970 |  |  |  | 5,893 |  |  |  | 6,190 |
Management, development and leasing fees (1) |  |  | 1,226 |  |  |  | 1,990 |  |  |  | 3,900 |  |  |  | 5,712 |
Marketing revenues (see table below) |  |  | 577 |  |  |  | 518 |  |  |  | 1,686 |  |  |  | 1,485 |
|  |  | 4,007 |  |  |  | 4,478 |  |  |  | 11,479 |  |  |  | 13,387 |
Other revenues |  |  | 487 |  |  |  | 619 |  |  |  | 1,875 |  |  |  | 2,394 |
Total revenues (2) |  | $ | 139,280 |  |  | $ | 125,089 |  |  | $ | 421,953 |  |  | $ | 383,871 |
(1) Included in All Other segment. (2) Sales taxes are excluded from revenues.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Operating expense reimbursements detail: |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Malls |  | $ | 1,976 |  |  | $ | 1,681 |  |  | $ | 5,111 |  |  | $ | 5,108 |
Lifestyle Centers |  |  | 177 |  |  |  | 164 |  |  |  | 512 |  |  |  | 492 |
Open-Air Centers |  |  | 102 |  |  |  | 76 |  |  |  | 269 |  |  |  | 366 |
All Other |  |  | (51 | ) |  |  | 49 |  |  |  | 1 |  |  |  | 224 |
|  | $ | 2,204 |  |  | $ | 1,970 |  |  | $ | 5,893 |  |  | $ | 6,190 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Marketing revenues detail: |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Malls |  | $ | 536 |  |  | $ | 457 |  |  | $ | 1,572 |  |  | $ | 1,297 |
Lifestyle Centers |  |  | 39 |  |  |  | 56 |  |  |  | 108 |  |  |  | 175 |
Outlet Centers |  |  | 2 |  |  |  | 5 |  |  |  | 6 |  |  |  | 13 |
|  | $ | 577 |  |  | $ | 518 |  |  | $ | 1,686 |  |  | $ | 1,485 |
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 September 30, 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 |  | $ | 21,193 |  |  | $ | 46,379 |  |  | $ | 36,876 |  |  | $ | 104,448 |
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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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