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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025	Malls			Outlet Centers			Lifestyle Centers			Open-Air Centers			Total Reportable Segments			All Other (1)		Consolidation Adjustments (2)			Consolidated Total
Revenues (3)	$	115,876		$	8,659		$	12,750		$	15,155		$	152,440		$	7,745	$	(20,905	)	$	139,280
Property operating expenses (4)		(42,884	)		(3,279	)		(3,668	)		(3,243	)		(53,074	)
Interest and other income		43			13			37			169			262
Segment net operating income	$	73,035		$	5,393		$	9,119		$	12,081			99,628
All other segment net operating income (1)														8,901
Consolidation adjustments (2)														(15,949	)
Interest expense														(44,779	)
Gain on sales of real estate assets														51,228
Other														(45	)
Depreciation and amortization														(39,900	)
General and administrative expense														(17,787	)
Loss on impairment														(1,736	)
Gain on deconsolidation														33,851
Income tax provision														(48	)
Equity in earnings of unconsolidated affiliates														1,696
Net income													$	75,060


Three Months Ended September 30, 2024	Malls			Outlet Centers			Lifestyle Centers			Open-Air Centers			Total Reportable Segments			All Other (1)		Consolidation Adjustments (2)			Consolidated Total
Revenues (3)	$	117,471		$	8,495		$	11,597		$	18,008		$	155,571		$	9,261	$	(39,743	)	$	125,089
Property operating expenses (4)		(45,177	)		(3,258	)		(3,533	)		(3,620	)		(55,588	)
Interest and other income		247			17			—			176			440
Segment net operating income	$	72,541		$	5,254		$	8,064		$	14,564			100,423
All other segment net operating income (1)														10,663
Consolidation adjustments (2)														(27,471	)
Interest expense														(38,849	)
Gain on sales of real estate assets														12,816
Other														(15	)
Depreciation and amortization														(32,326	)
General and administrative expense														(15,402	)
Litigation settlement														13
Loss on extinguishment of debt														(819	)
Income tax provision														(364	)
Equity in earnings of unconsolidated affiliates														7,084
Net income													$	15,753


Nine Months Ended September 30, 2025	Malls			Outlet Centers			Lifestyle Centers			Open-Air Centers			Total Reportable Segments			All Other (1)		Consolidation Adjustments (2)			Consolidated Total
Revenues (3)	$	345,992		$	25,782		$	37,561		$	51,022		$	460,357		$	24,004	$	(62,408	)	$	421,953
Property operating expenses (4)		(131,720	)		(9,786	)		(11,150	)		(10,685	)		(163,341	)
Interest and other income		351			38			95			509			993
Segment net operating income	$	214,623		$	16,034		$	26,506		$	40,846			298,009
All other segment net operating income (1)														27,433
Consolidation adjustments (2)														(47,614	)
Interest expense														(132,963	)
Gain on sales of real estate assets														74,099
Other														(75	)
Depreciation and amortization														(125,143	)
General and administrative expense														(53,682	)
Loss on extinguishment of debt														(217	)
Loss on impairment														(3,193	)
Gain on deconsolidation														33,851
Income tax benefit														54
Equity in earnings of unconsolidated affiliates														15,046
Net income													$	85,605


Nine Months Ended September 30, 2024	Malls			Outlet Centers			Lifestyle Centers			Open-Air Centers			Total Reportable Segments			All Other (1)		Consolidation Adjustments (2)			Consolidated Total
Revenues (3)	$	359,288		$	25,165		$	35,439		$	54,151		$	474,043		$	27,608	$	(117,780	)	$	383,871
Property operating expenses (4)		(131,107	)		(9,173	)		(10,415	)		(9,661	)		(160,356	)
Interest and other income		591			67			—			561			1,219
Segment net operating income	$	228,772		$	16,059		$	25,024		$	45,051			314,906
All other segment net operating income (1)														32,766
Consolidation adjustments (2)														(83,170	)
Interest expense														(118,068	)
Other														(142	)
Gain on sales of real estate assets														16,487
Depreciation and amortization														(109,030	)
General and administrative expense														(50,647	)
Litigation settlement														153
Loss on extinguishment of debt														(819	)
Loss on impairment														(836	)
Income tax provision														(856	)
Equity in earnings of unconsolidated affiliates														18,826
Net income													$	19,570

(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.