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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments

Information on the Company’s segments is as follows:

Three Months Ended March 31, 2024

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

109,576

 

 

$

19,541

 

 

$

129,117

 

Property operating expenses (4)

 

 

(39,615

)

 

 

(3,419

)

 

 

(43,034

)

Interest expense

 

 

(15,737

)

 

 

(24,075

)

 

 

(39,812

)

Gain on sales of real estate assets

 

 

—

 

 

 

3,721

 

 

 

3,721

 

Segment profit (loss)

 

$

54,224

 

 

$

(4,232

)

 

 

49,992

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(38,040

)

General and administrative expense

 

 

 

 

 

 

 

 

(20,414

)

Litigation settlement

 

 

 

 

 

 

 

 

68

 

Interest and other income

 

 

 

 

 

 

 

 

4,004

 

Loss on impairment

 

 

 

 

 

 

 

 

(836

)

Income tax benefit

 

 

 

 

 

 

 

 

158

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

4,594

 

Net loss

 

 

 

 

 

 

 

$

(474

)

Capital expenditures (5)

 

$

4,495

 

 

$

1,572

 

 

$

6,067

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2023

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

115,883

 

 

$

20,476

 

 

$

136,359

 

Property operating expenses (4)

 

 

(46,871

)

 

 

(4,055

)

 

 

(50,926

)

Interest expense

 

 

(20,483

)

 

 

(23,041

)

 

 

(43,524

)

Gain on sales of real estate assets

 

 

—

 

 

 

1,596

 

 

 

1,596

 

Other expense

 

 

—

 

 

 

(198

)

 

 

(198

)

Segment profit (loss)

 

$

48,529

 

 

$

(5,222

)

 

 

43,307

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(53,269

)

General and administrative expense

 

 

 

 

 

 

 

 

(19,229

)

Litigation settlement

 

 

 

 

 

 

 

 

44

 

Interest and other income

 

 

 

 

 

 

 

 

2,665

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

28,151

 

Income tax benefit

 

 

 

 

 

 

 

 

101

 

Equity in losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

(1,256

)

Net income

 

 

 

 

 

 

 

$

514

 

Capital expenditures (5)

 

 

4,433

 

 

 

3,102

 

 

 

7,535

 

 

Total assets

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

March 31, 2024

 

$

1,511,635

 

 

$

832,181

 

 

$

2,343,816

 

 

 

 

 

 

 

 

 

 

 

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.