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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2026
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 three and nine months ended September 30, 2026 and 2025:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Amounts in thousands)2026202520262025
REVENUE
Property rentals$84,885 $80,516 $249,622 $240,505 
Tenant expense reimbursements31,985 30,899 104,400 97,053 
Total property revenues116,870 111,415 354,022 337,558 
EXPENSES
Real estate taxes16,408 17,270 50,809 51,138 
Property operating21,087 19,848 70,126 63,791 
Lease expense2,078 2,048 6,229 6,193 
Total property operating expenses39,573 39,166 127,164 121,122 
Property net operating income$77,297 $72,249 $226,858 $216,436 
Reconciliation of Property NOI to income before income taxes
Depreciation and amortization(32,906)(36,831)(100,254)(106,628)
Interest and debt expense(19,962)(19,374)(58,482)(58,666)
General and administrative expense(8,776)(8,976)(27,592)(30,224)
(Loss) gain on extinguishment of debt— — (212)323 
Interest income273 538 643 1,390 
Straight-line rents, amortization of above and below-market leases, and other2,692 7,761 10,287 13,795 
Gain on sale of real estate36,006 233 36,006 49,695 
Other income and expenses(1)
49 541 10,740 457 
Income before income taxes$54,673 $16,141 $97,994 $86,578 
(1) Includes intercompany eliminations, lease termination income and other income and expenses related to corporate activities, including the captive insurance program.