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Revenues
 9 Months Ended
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.