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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure 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 years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
(Amounts in thousands)202520242023
REVENUE
Property rentals$322,454 $312,674 $291,717 
Tenant expense reimbursements131,329 119,141 104,756 
Total property revenues453,783 431,815 396,473 
EXPENSES
Real estate taxes68,301 70,521 66,756 
Property operating88,893 79,159 68,997 
Lease expense8,244 9,559 11,110 
Total property operating expenses165,438 159,239 146,863 
Property net operating income$288,345 $272,576 $249,610 
Reconciliation of Property NOI to income before income taxes
Depreciation and amortization(139,166)(150,389)(108,979)
Interest and debt expense(78,232)(81,587)(74,945)
General and administrative expense(39,975)(37,474)(37,070)
(Loss) gain on extinguishment of debt(534)21,423 41,144 
Real estate impairment loss— — (34,055)
Interest income1,791 2,192 2,608 
Straight-line rents, amortization of above and below-market leases, and other17,129 11,999 11,610 
Gain on sale of real estate49,695 38,818 217,708 
Other income and expenses(1)
1,058 270 10,045 
Income before income taxes$100,111 $77,828 $277,676 
(1) Includes intercompany eliminations, lease termination income and other income and expenses related to our corporate activities, including the captive insurance program.