v3.25.4
Segment Information - Summary (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2024
Oct. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Total revenues [1],[2]     $ 578,373 $ 515,561 $ 535,286
Interest and other income     13,250 15,713 13,199
Interest expense     (175,962) (154,486) (172,905)
Other     (57) (230) (221)
Depreciation and amortization     (165,156) (140,591) (190,505)
General and administrative expense     (69,040) (67,254) (64,066)
Litigation settlement     0 553 2,310
Gain (loss) on extinguishment of debt $ (819) $ 3,270 (217) (819) 3,270
Loss on impairment     (3,193) (1,461)  
Gain on consolidation     0 26,727  
Gain on deconsolidation     33,851   47,879
Income tax provision     (475) (1,055) (894)
Equity in earnings of unconsolidated affiliates     53,276 22,932 11,865
Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     629,963 600,580 619,783
Property operating expenses [3]     (216,762) (200,859) (211,922)
Interest and other income     1,304 1,499 1,979
Net operating income     414,505 401,220 409,840
Interest expense     (175,962) (154,486) (172,905)
Gain on sales of real estate assets     74,229 16,676 5,125
Other     (57) (230) (221)
Depreciation and amortization     (165,156) (140,591) (190,505)
General and administrative expense     (69,040) (67,254) (64,066)
Litigation settlement       553 2,310
Gain (loss) on extinguishment of debt     (217) (819) 3,270
Loss on impairment     (3,193)    
Gain on consolidation     33,851 26,727  
Gain on deconsolidation       (1,461) 47,879
Income tax provision     (475) (1,055) (894)
Equity in earnings of unconsolidated affiliates     53,276 22,932 11,865
Net income (loss)     134,526 57,117 3,204
Consolidation Adjustments          
Segment Reporting Information [Line Items]          
Total revenues [1],[4]     (83,493) (121,535) (119,752)
Net operating income [4]     (63,568) (88,234) (87,345)
Malls | Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     478,422 446,043 468,138
Property operating expenses [3]     (174,927) (160,304) (170,952)
Interest and other income     465 681 1,068
Net operating income     303,960 286,420 298,254
Outlet Centers | Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     35,427 34,688 32,504
Property operating expenses [3]     (13,504) (12,764) (12,136)
Interest and other income     48 81 (22)
Net operating income     21,971 22,005 20,390
Lifestyle Centers | Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     50,920 49,925 50,634
Property operating expenses [3]     (14,563) (14,656) (14,026)
Interest and other income     123 1 12
Net operating income     36,480 35,270 36,620
Open-Air Centers | Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     65,194 69,924 68,507
Property operating expenses [3]     (13,768) (13,135) (14,808)
Interest and other income     668 736 877
Net operating income     52,094 57,525 54,576
All Other          
Segment Reporting Information [Line Items]          
Total revenues [1],[5]     31,903 36,516 35,255
Net operating income [5]     $ 36,333 $ 43,139 $ 38,851
[1] 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.
[2] Sales taxes are excluded from revenues.
[3] Property operating expenses include property operating, real estate taxes and maintenance and repairs, none of which represent significant segment expense.
[4] Consolidation 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 consolidated statements of operations.
[5] The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.