Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Note 9 – Segment Information

The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments.

Information on the Company’s segments is as follows:

Three Months Ended September 30, 2024	Malls (1)			All Other (2)			Total
Revenues (3)	$	119,925		$	5,164		$	125,089
Property operating expenses (4)		(45,013	)		(484	)		(45,497	)
Interest expense		(26,752	)		(12,097	)		(38,849	)
Gain on sales of real estate assets		10,397			2,419			12,816
Other expense		—			(15	)		(15	)
Segment profit (loss)	$	58,557		$	(5,013	)		53,544
Depreciation and amortization								(32,326	)
General and administrative expense								(15,402	)
Litigation settlement								13
Interest and other income								4,023
Loss on extinguishment of debt								(819	)
Income tax provision								(364	)
Equity in earnings of unconsolidated affiliates								7,084
Net income							$	15,753
Capital expenditures (5)	$	12,673		$	2,415		$	15,088
Three Months Ended September 30, 2023	Malls (1)			All Other (2)			Total
Revenues (3)	$	110,062		$	19,289		$	129,351
Property operating expenses (4)		(40,972	)		(3,930	)		(44,902	)
Interest expense		(17,889	)		(25,002	)		(42,891	)
Gain on sales of real estate assets		—			3,414			3,414
Segment profit (loss)	$	51,201		$	(6,229	)		44,972
Depreciation and amortization								(45,118	)
General and administrative expense								(14,398	)
Litigation settlement								2,060
Interest and other income								3,628
Gain on deconsolidation								19,728
Income tax provision								(1,263	)
Equity in earnings of unconsolidated affiliates								3,266
Net income							$	12,875
Capital expenditures (5)	$	8,576		$	5,028		$	13,604

Nine Months Ended September 30, 2024	Malls (1)			All Other (2)			Total
Revenues (3)	$	337,712		$	46,159		$	383,871
Property operating expenses (4)		(123,993	)		(7,485	)		(131,478	)
Interest expense		(57,946	)		(60,122	)		(118,068	)
Gain on sales of real estate assets		10,397			6,090			16,487
Other expense		—			(142	)		(142	)
Segment profit (loss)	$	166,170		$	(15,500	)		150,670
Depreciation and amortization								(109,030	)
General and administrative expense								(50,647	)
Litigation settlement								153
Interest and other income								12,109
Loss on extinguishment of debt								(819	)
Loss on impairment								(836	)
Income tax provision								(856	)
Equity in earnings of unconsolidated affiliates								18,826
Net income							$	19,570
Capital expenditures (5)	$	24,342		$	6,259		$	30,601
Nine Months Ended September 30, 2023	Malls (1)			All Other (2)			Total
Revenues (3)	$	336,567		$	59,010		$	395,577
Property operating expenses (4)		(129,511	)		(12,296	)		(141,807	)
Interest expense		(58,340	)		(72,248	)		(130,588	)
Gain on sales of real estate assets		—			4,896			4,896
Other expense		—			(198	)		(198	)
Segment profit (loss)	$	148,716		$	(20,836	)		127,880
Depreciation and amortization								(148,129	)
General and administrative expense								(49,783	)
Litigation settlement								2,178
Interest and other income								9,260
Gain on deconsolidation								47,879
Income tax provision								(1,381	)
Equity in earnings of unconsolidated affiliates								2,822
Net loss							$	(9,274	)
Capital expenditures (5)	$	17,986		$	11,657		$	29,643

Total assets	Malls (1)		All Other (2)		Total
September 30, 2024	$	1,609,784	$	637,832	$	2,247,616
December 31, 2023	$	1,546,610	$	859,295	$	2,405,905

(1)The Malls category includes malls, lifestyle centers and outlet centers.

(2)The All Other category includes open-air centers, outparcels, office buildings, corporate-level debt and the Management Company.

(3)Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

(4)Property operating expenses include property operating, real estate taxes and maintenance and repairs.

(5)Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.