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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our primary business is the ownership, management, acquisition, development, and redevelopment of retail shopping centers and malls. Substantially all of our revenues are derived from contractual rents and tenant expense reimbursements as outlined within individual lease agreements. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance and allocating resources. We review operating and financial information for each property on an individual basis and therefore each property represents an individual operating segment. Our properties are aggregated into a single reportable segment due to the similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance and the fact that they are operated using consistent business strategies.
The Company’s CODM, its Chief Executive Officer, reviews operating and financial information at the individual operating segment using property net operating income (“Property NOI”) as the key measure to assess performance and allocate resources. Property NOI is defined as all revenues and expenses incurred at the property level excluding non-cash rental income and expenses, impairments on depreciable real estate, lease termination income, interest and debt expense, and gains or losses from sale of real estate and debt extinguishments. Property NOI excludes corporate level transactions. The CODM also uses Property NOI and its components to monitor budget versus actual results, perform variance analysis of current results to prior period results, and forecast future performance. Company resources are allocated by evaluating the operating results of the individual segments and business as a whole as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with the Company’s overall business strategy. The CODM does not review asset information as a measure to assess performance.
The following table provides the components of Property NOI related to our single reportable segment for the quarters ended March 31, 2025 and 2024:
Three Months Ended March 31,
(Amounts in thousands)20252024
REVENUE
Property rentals$80,094 $77,318 
Tenant expense reimbursements34,735 30,284 
Total property revenues114,829 107,602 
EXPENSES
Real estate taxes16,840 17,451 
Property operating24,466 20,609 
Lease expense2,098 2,630 
Total property operating expenses43,404 40,690 
Property net operating income$71,425 $66,912 
Reconciliation of Property NOI to income before income taxes
Depreciation and amortization(37,195)(38,574)
Interest and debt expense(19,755)(20,577)
General and administrative expense(9,531)(9,046)
Gain (loss) on extinguishment of debt498 (272)
Interest income406 422 
Straight-line rents, amortization of above and below-market leases, and other3,272 2,522 
Gain on sale of real estate— 1,902 
Other expense(1)
(119)(179)
Income before income taxes$9,001 $3,110 
(1) Includes intercompany eliminations and other income and expenses related to corporate activities, including the captive insurance program.