v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
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 six months ended June 30, 2026 and 2025:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Rental revenues

 

$

142,014

 

 

$

136,453

 

 

$

283,387

 

 

$

273,813

 

Revenues from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (see table below)

 

 

2,075

 

 

 

1,747

 

 

 

4,189

 

 

 

3,689

 

Management, development and leasing fees (1)

 

 

1,159

 

 

 

1,357

 

 

 

2,768

 

 

 

2,674

 

Marketing revenues (see table below)

 

 

731

 

 

 

758

 

 

 

1,297

 

 

 

1,109

 

 

 

3,965

 

 

 

3,862

 

 

 

8,254

 

 

 

7,472

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

500

 

 

 

590

 

 

 

806

 

 

 

1,388

 

Total revenues (2)

 

$

146,479

 

 

$

140,905

 

 

$

292,447

 

 

$

282,673

 

 

(1)
Included in All Other segment.
(2)
Sales taxes are excluded from revenues.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Operating expense reimbursements detail:

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Malls

 

$

1,826

 

 

$

1,485

 

 

$

3,521

 

 

$

3,135

 

Lifestyle Centers

 

 

175

 

 

 

164

 

 

 

349

 

 

 

335

 

Open-Air Centers

 

 

80

 

 

 

89

 

 

 

219

 

 

 

167

 

All Other

 

 

(6

)

 

 

9

 

 

 

100

 

 

 

52

 

 

$

2,075

 

 

$

1,747

 

 

$

4,189

 

 

$

3,689

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Marketing revenues detail:

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Malls

 

$

668

 

 

$

716

 

 

$

1,213

 

 

$

1,036

 

Lifestyle Centers

 

 

61

 

 

 

40

 

 

 

80

 

 

 

69

 

Outlet Centers

 

 

2

 

 

 

2

 

 

 

4

 

 

 

4

 

 

$

731

 

 

$

758

 

 

$

1,297

 

 

$

1,109

 

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 June 30, 2026, 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

 

$

19,875

 

 

$

45,730

 

 

$

41,948

 

 

$

107,553

 

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.