v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 10 – Segment Information

As discussed in Note 1, the Company owns interests in a portfolio of properties including regional shopping malls, outlet centers, lifestyle centers, open-air centers, office buildings and other properties, including single-tenant and multi-tenant parcels. The Company has identified each property as an operating segment, and each is led by a general manager. Performance and resource allocation is assessed by the chief executive officer (“CEO”), whom the Company has determined to be the Chief Operating Decision Maker ("CODM").

The Company’s reportable segments are malls, lifestyle centers, outlet centers and open-air centers. The CODM evaluates performance and allocates resources on a property-by-property basis aggregated based on property type in accordance with aggregation criteria. The CODM measures performance and allocates resources to each property based on net operating income ("NOI") and certain criteria such as tenant mix, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating expenditures, real estate taxes and maintenance and repairs) plus property interest and other income. The Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties.

The following is a brief description of the Company’s reportable segments and the remaining operating segments that comprise the All Other category:

Malls – The malls reporting segment consists of enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line retail stores, restaurants and non-retail tenants.

Lifestyle centers – The lifestyle center reporting segment consists of large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and retail stores, restaurants, and/or non-retail tenants.

Outlet centers – The outlet center reporting segment consists of open-air centers, generally anchored by one or more discount or off-price junior anchors and a wide variety of brand name off-price or discount in-line stores.

Open-air centers – The open-air centers reporting segment is typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or traditional department stores. In many cases, the open-air centers in this category are adjacent to the properties that make up the malls reporting segment.

All Other – The All Other category includes outparcels, office buildings, hotels, corporate-level debt and the Management Company.

Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in Note 2 of the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Information on the Company's reportable segments is presented as follows:

Three Months Ended June 30, 2026

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

123,270

 

 

$

8,428

 

 

$

12,953

 

 

$

13,495

 

 

$

158,146

 

 

$

8,876

 

 

$

(20,543

)

 

$

146,479

 

Property operating expenses (4)

 

 

(44,237

)

 

 

(3,122

)

 

 

(3,203

)

 

 

(2,760

)

 

 

(53,322

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

487

 

 

 

12

 

 

 

58

 

 

 

65

 

 

 

622

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

79,520

 

 

$

5,318

 

 

$

9,808

 

 

$

10,800

 

 

 

105,446

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,034

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,605

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,716

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,633

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,283

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,782

)

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,925

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(642

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,311

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

46,321

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

114,207

 

 

$

8,531

 

 

$

12,677

 

 

$

18,270

 

 

$

153,685

 

 

$

8,116

 

 

$

(20,896

)

 

$

140,905

 

Property operating expenses (4)

 

 

(41,184

)

 

 

(3,420

)

 

 

(3,693

)

 

 

(3,763

)

 

 

(52,060

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

90

 

 

 

13

 

 

 

58

 

 

 

168

 

 

 

329

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

73,113

 

 

$

5,124

 

 

$

9,042

 

 

$

14,675

 

 

 

101,954

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,054

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,921

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,959

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,339

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,702

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,188

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,457

)

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(369

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,437

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,158

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2026

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

245,477

 

 

$

16,928

 

 

$

25,478

 

 

$

27,886

 

 

$

315,769

 

 

$

17,317

 

 

$

(40,639

)

 

$

292,447

 

Property operating expenses (4)

 

 

(92,320

)

 

 

(6,238

)

 

 

(6,902

)

 

 

(5,829

)

 

 

(111,289

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

891

 

 

 

22

 

 

 

72

 

 

 

201

 

 

 

1,186

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

154,048

 

 

$

10,712

 

 

$

18,648

 

 

$

22,258

 

 

 

205,666

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,114

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,209

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(82,615

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,035

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(74,381

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,369

)

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,259

 

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

588

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,588

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

92,706

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

230,116

 

 

$

17,123

 

 

$

24,811

 

 

$

35,867

 

 

$

307,917

 

 

$

16,259

 

 

$

(41,503

)

 

$

282,673

 

Property operating expenses (4)

 

 

(88,836

)

 

 

(6,507

)

 

 

(7,482

)

 

 

(7,442

)

 

 

(110,267

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

308

 

 

 

25

 

 

 

58

 

 

 

340

 

 

 

731

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

141,588

 

 

$

10,641

 

 

$

17,387

 

 

$

28,765

 

 

 

198,381

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,532

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,665

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88,184

)

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,871

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85,243

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,895

)

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,457

)

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,350

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

10,545

 

 

 

 

 

 

 

 

 

 

 

(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.