v3.26.3
Revenues
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Rental revenues

 

$

143,865

 

 

$

134,786

 

 

$

427,252

 

 

$

408,599

 

Revenues from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (see table below)

 

 

2,160

 

 

 

2,204

 

 

 

6,349

 

 

 

5,893

 

Management, development and leasing fees (1)

 

 

1,599

 

 

 

1,226

 

 

 

4,367

 

 

 

3,900

 

Marketing revenues (see table below)

 

 

563

 

 

 

577

 

 

 

1,860

 

 

 

1,686

 

 

 

4,322

 

 

 

4,007

 

 

 

12,576

 

 

 

11,479

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

510

 

 

 

487

 

 

 

1,316

 

 

 

1,875

 

Total revenues (2)

 

$

148,697

 

 

$

139,280

 

 

$

441,144

 

 

$

421,953

 

 

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

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Operating expense reimbursements detail:

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Malls

 

$

1,965

 

 

$

1,976

 

 

$

5,486

 

 

$

5,111

 

Lifestyle Centers

 

 

174

 

 

 

177

 

 

 

523

 

 

 

512

 

Open-Air Centers

 

 

95

 

 

 

102

 

 

 

314

 

 

 

269

 

All Other

 

 

(74

)

 

 

(51

)

 

 

26

 

 

 

1

 

 

$

2,160

 

 

$

2,204

 

 

$

6,349

 

 

$

5,893

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Marketing revenues detail:

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Malls

 

$

520

 

 

$

536

 

 

$

1,733

 

 

$

1,572

 

Lifestyle Centers

 

 

42

 

 

 

39

 

 

 

122

 

 

 

108

 

Outlet Centers

 

 

1

 

 

 

2

 

 

 

5

 

 

 

6

 

 

$

563

 

 

$

577

 

 

$

1,860

 

 

$

1,686

 

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 September 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

 

$

20,923

 

 

$

48,388

 

 

$

46,197

 

 

$

115,508

 

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.