XML 63 R56.htm IDEA: XBRL DOCUMENT v3.24.3
Segment Information - Summary (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]            
Total revenues [1],[2]   $ 125,089 $ 129,351 $ 383,871 $ 395,577  
Property operating expenses [3]   (45,497) (44,902) (131,478) (141,807)  
Interest expense   (38,849) (42,891) (118,068) (130,588)  
Gain on sales of real estate assets   12,816 3,414 16,487 4,896  
Other expense   (15)   (142) (198)  
Segment profit (loss)   53,544 44,972 150,670 127,880  
Depreciation and amortization   (32,326) (45,118) (109,030) (148,129)  
General and administrative expense   (15,402) (14,398) (50,647) (49,783)  
Litigation settlement   13 2,060 153 2,178  
Interest and other income   4,023 3,628 12,109 9,260  
Loss on extinguishment of debt $ 819 (819)   (819)    
Gain on deconsolidation     19,728   47,879  
Loss on impairment       (836)    
Income tax provision   (364) (1,263) (856) (1,381)  
Equity in earnings of unconsolidated affiliates   7,084 3,266 18,826 2,822  
Net income (loss)   15,753 12,875 19,570 (9,274)  
Capital expenditures [4]   15,088 13,604 30,601 29,643  
Total assets [5]   2,247,616   2,247,616   $ 2,405,905
Malls            
Segment Reporting Information [Line Items]            
Total revenues [1],[6]   119,925 110,062 337,712 336,567  
Property operating expenses [3],[6]   (45,013) (40,972) (123,993) (129,511)  
Interest expense [6]   (26,752) (17,889) (57,946) (58,340)  
Gain on sales of real estate assets   10,397 [6]   10,397 [7]    
Segment profit (loss) [6]   58,557 51,201 166,170 148,716  
Capital expenditures [4],[6]   12,673 8,576 24,342 17,986  
Total assets [6]   1,609,784   1,609,784   1,546,610
All Other            
Segment Reporting Information [Line Items]            
Total revenues [1],[7]   5,164 19,289 46,159 59,010  
Property operating expenses [3],[7]   (484) (3,930) (7,485) (12,296)  
Interest expense [7]   (12,097) (25,002) (60,122) (72,248)  
Gain on sales of real estate assets [7]   2,419 3,414 6,090 4,896  
Other expense [7]   (15)   (142) (198)  
Segment profit (loss) [7]   (5,013) (6,229) (15,500) (20,836)  
Capital expenditures [4],[7]   2,415 $ 5,028 6,259 $ 11,657  
Total assets [7]   $ 637,832   $ 637,832   $ 859,295
[1] 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.
[2] Sales taxes are excluded from revenues.
[3] Property operating expenses include property operating, real estate taxes and maintenance and repairs.
[4] Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.
[5] As of September 30, 2024, includes $175,142 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $209,814 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.
[6] The Malls category includes malls, lifestyle centers and outlet centers.
[7] The All Other category includes open-air centers, outparcels, office buildings, corporate-level debt and the Management Company.