v3.26.3
Segment Information
 9 Months Ended
Sep. 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 September 30, 2026

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

125,862

 

 

$

8,668

 

 

$

13,023

 

 

$

12,637

 

 

$

160,190

 

 

$

4,491

 

 

$

(15,984

)

 

$

148,697

 

Property operating expenses (4)

 

 

(46,961

)

 

 

(3,100

)

 

 

(3,686

)

 

 

(2,572

)

 

 

(56,319

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

5,386

 

 

 

11

 

 

 

10

 

 

 

178

 

 

 

5,585

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

84,287

 

 

$

5,579

 

 

$

9,347

 

 

$

10,243

 

 

 

109,456

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,773

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,578

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(66,127

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,394

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,084

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,204

)

 

 

 

 

 

 

 

 

 

Loss on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(107

)

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,076

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,246

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11,845

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

115,876

 

 

$

8,659

 

 

$

12,750

 

 

$

15,155

 

 

$

152,440

 

 

$

7,745

 

 

$

(20,905

)

 

$

139,280

 

Property operating expenses (4)

 

 

(42,884

)

 

 

(3,279

)

 

 

(3,668

)

 

 

(3,243

)

 

 

(53,074

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

43

 

 

 

13

 

 

 

37

 

 

 

169

 

 

 

262

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

73,035

 

 

$

5,393

 

 

$

9,119

 

 

$

12,081

 

 

 

99,628

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,901

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,949

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,779

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51,228

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,900

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,787

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,736

)

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,851

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,696

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

75,060

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2026

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

371,339

 

 

$

25,596

 

 

$

38,501

 

 

$

40,523

 

 

$

475,959

 

 

$

21,808

 

 

$

(56,623

)

 

$

441,144

 

Property operating expenses (4)

 

 

(139,281

)

 

 

(9,338

)

 

 

(10,588

)

 

 

(8,401

)

 

 

(167,608

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

6,277

 

 

 

33

 

 

 

82

 

 

 

379

 

 

 

6,771

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

238,335

 

 

$

16,291

 

 

$

27,995

 

 

$

32,501

 

 

 

315,122

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,887

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40,787

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(148,742

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,429

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(109,465

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,573

)

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,152

 

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,664

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,834

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

104,551

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

345,992

 

 

$

25,782

 

 

$

37,561

 

 

$

51,022

 

 

$

460,357

 

 

$

24,004

 

 

$

(62,408

)

 

$

421,953

 

Property operating expenses (4)

 

 

(131,720

)

 

 

(9,786

)

 

 

(11,150

)

 

 

(10,685

)

 

 

(163,341

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

351

 

 

 

38

 

 

 

95

 

 

 

509

 

 

 

993

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

214,623

 

 

$

16,034

 

 

$

26,506

 

 

$

40,846

 

 

 

298,009

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,433

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,614

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(132,963

)

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74,099

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(125,143

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(53,682

)

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,851

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,193

)

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,046

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

85,605

 

 

 

 

 

 

 

 

 

 

 

(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.