| Schedule of Information on Reportable Segments |
Information on the Company's reportable segments is presented as follows:
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Three Months Ended June 30, 2026 |
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Malls |
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Outlet Centers |
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Lifestyle Centers |
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Open-Air Centers |
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Total Reportable Segments |
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All Other (1) |
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Consolidation Adjustments (2) |
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Consolidated Total |
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Revenues (3) |
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$ |
123,270 |
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$ |
8,428 |
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$ |
12,953 |
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$ |
13,495 |
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$ |
158,146 |
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$ |
8,876 |
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$ |
(20,543 |
) |
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$ |
146,479 |
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Property operating expenses (4) |
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(44,237 |
) |
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(3,122 |
) |
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(3,203 |
) |
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(2,760 |
) |
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(53,322 |
) |
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Interest and other income |
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487 |
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12 |
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58 |
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65 |
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622 |
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Segment net operating income |
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$ |
79,520 |
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$ |
5,318 |
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$ |
9,808 |
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$ |
10,800 |
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105,446 |
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All other segment net operating income (1) |
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9,034 |
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Consolidation adjustments (2) |
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(15,605 |
) |
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Interest expense |
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(42,716 |
) |
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Gain on sales of real estate assets |
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13,633 |
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Depreciation and amortization |
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(36,283 |
) |
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General and administrative expense |
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(14,782 |
) |
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Gain on deconsolidation |
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5,925 |
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Income tax provision |
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(642 |
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Equity in earnings of unconsolidated affiliates |
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22,311 |
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Net income |
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$ |
46,321 |
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Three Months Ended June 30, 2025 |
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Malls |
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Outlet Centers |
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Lifestyle Centers |
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Open-Air Centers |
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Total Reportable Segments |
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All Other (1) |
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Consolidation Adjustments (2) |
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Consolidated Total |
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Revenues (3) |
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$ |
114,207 |
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$ |
8,531 |
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$ |
12,677 |
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$ |
18,270 |
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$ |
153,685 |
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$ |
8,116 |
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$ |
(20,896 |
) |
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$ |
140,905 |
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Property operating expenses (4) |
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(41,184 |
) |
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(3,420 |
) |
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(3,693 |
) |
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(3,763 |
) |
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(52,060 |
) |
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Interest and other income |
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90 |
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13 |
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58 |
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|
168 |
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|
329 |
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Segment net operating income |
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$ |
73,113 |
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$ |
5,124 |
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$ |
9,042 |
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$ |
14,675 |
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|
101,954 |
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All other segment net operating income (1) |
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9,054 |
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Consolidation adjustments (2) |
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(15,921 |
) |
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Interest expense |
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(43,959 |
) |
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Gain on sales of real estate assets |
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1,339 |
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Other |
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(30 |
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Depreciation and amortization |
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(39,702 |
) |
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General and administrative expense |
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(15,188 |
) |
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Loss on impairment |
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(1,457 |
) |
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Income tax provision |
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(369 |
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Equity in earnings of unconsolidated affiliates |
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6,437 |
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Net income |
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$ |
2,158 |
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Six Months Ended June 30, 2026 |
|
Malls |
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Outlet Centers |
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Lifestyle Centers |
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|
Open-Air Centers |
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Total Reportable Segments |
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All Other (1) |
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Consolidation Adjustments (2) |
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Consolidated Total |
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Revenues (3) |
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$ |
245,477 |
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|
$ |
16,928 |
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$ |
25,478 |
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$ |
27,886 |
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$ |
315,769 |
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$ |
17,317 |
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$ |
(40,639 |
) |
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$ |
292,447 |
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Property operating expenses (4) |
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(92,320 |
) |
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(6,238 |
) |
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(6,902 |
) |
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(5,829 |
) |
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(111,289 |
) |
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Interest and other income |
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|
891 |
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22 |
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|
72 |
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|
201 |
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|
1,186 |
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Segment net operating income |
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$ |
154,048 |
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$ |
10,712 |
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$ |
18,648 |
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$ |
22,258 |
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|
205,666 |
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All other segment net operating income (1) |
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18,114 |
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Consolidation adjustments (2) |
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(30,209 |
) |
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Interest expense |
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(82,615 |
) |
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Gain on sales of real estate assets |
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15,035 |
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Other |
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30 |
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Depreciation and amortization |
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|
|
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(74,381 |
) |
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General and administrative expense |
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(33,369 |
) |
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Gain on deconsolidation |
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41,259 |
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Income tax benefit |
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|
588 |
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Equity in earnings of unconsolidated affiliates |
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32,588 |
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Net income |
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$ |
92,706 |
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Six Months Ended June 30, 2025 |
|
Malls |
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Outlet Centers |
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|
Lifestyle Centers |
|
|
Open-Air Centers |
|
|
Total Reportable Segments |
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|
All Other (1) |
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|
Consolidation Adjustments (2) |
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Consolidated Total |
|
Revenues (3) |
|
$ |
230,116 |
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|
$ |
17,123 |
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|
$ |
24,811 |
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|
$ |
35,867 |
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$ |
307,917 |
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$ |
16,259 |
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$ |
(41,503 |
) |
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$ |
282,673 |
|
Property operating expenses (4) |
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(88,836 |
) |
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(6,507 |
) |
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(7,482 |
) |
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(7,442 |
) |
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(110,267 |
) |
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Interest and other income |
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|
308 |
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|
25 |
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|
58 |
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|
340 |
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|
731 |
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Segment net operating income |
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$ |
141,588 |
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$ |
10,641 |
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$ |
17,387 |
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$ |
28,765 |
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|
198,381 |
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All other segment net operating income (1) |
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|
18,532 |
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Consolidation adjustments (2) |
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|
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|
|
|
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(31,665 |
) |
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|
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Interest expense |
|
|
|
|
|
|
|
|
|
|
|
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(88,184 |
) |
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Other |
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|
|
|
|
|
|
|
|
|
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(30 |
) |
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|
|
|
|
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|
Gain on sales of real estate assets |
|
|
|
|
|
|
|
|
|
|
|
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|
22,871 |
|
|
|
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Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(85,243 |
) |
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|
|
|
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General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
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(35,895 |
) |
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|
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Loss on extinguishment of debt |
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|
|
|
|
|
|
|
|
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|
(217 |
) |
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|
|
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|
|
|
Loss on impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,457 |
) |
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,350 |
|
|
|
|
|
|
|
|
|
|
Net income |
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|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,545 |
|
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(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.
|