| Segments and Geographic Locations |
11. Segments and Geographic Locations Our primary business is the ownership, development and management of premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets, and The Mills. We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance, and makes decisions. Our CODM is our Chief Executive Officer, President, and Chief Operating Officer who is actively involved in all aspects of the portfolio operations. We have aggregated our consolidated real estate operations, including malls, Premium Outlets, The Mills, and our consolidated international real estate operations into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. Revenue earned from these segment operations represents substantially all of lease income reported on the consolidated statements of operations and comprehensive income, all of which is generated from external customers, with the exception of eliminations made to remove our share of lease income earned from tenants in which we have an ownership interest. The primary financial measure the CODM uses to measure the operating performance of the consolidated real estate operations is net operating income (“NOI”), which is reconciled to consolidated net income below. The Company believes that NOI is helpful to investors as a measure of operating performance because it is a direct measure of the actual operating results of the Company’s properties and because it is a widely recognized measure of the performance of REITs providing a relevant basis for comparison among REITs. Non-segment revenue includes Management Fees and Other revenues, described earlier in Note 3, and the majority of Other income, which primarily includes interest income and miscellaneous activities such as land sales, dividends received from certain investments and other activities as disclosed through these notes to the extent material, as well as eliminations. None of our unconsolidated investments meet the materiality threshold required for separate reporting as a reportable segment, though we have included disclosures related to the activities of these investments in Note 6. Approximately 97% of total consolidated assets, with the exception of our investment in Klépierre and other unconsolidated entities and certain other assets, are attributable to our real estate segment. As of June 30, 2026 and 2025, approximately 6.5% and 9.3%, respectively, of our consolidated long-lived assets were located outside the United States and as of June 30, 2026 and 2025, approximately 4.8% and 5.1%, respectively, of our consolidated total revenues were derived from assets located outside the United States. Substantially all of our capital expenditures reported in the consolidated statements of cash flows relate to our segment operations. The following table reconciles our reportable segment to net income: | | | | | | | | | | | | For the Three Months Ended June 30, 2026 | | | | | | All other & | | | | | | Real estate | | eliminations, | | | | | | segment | | net | | Consolidated | | | | | | | | | | | Income: | | | | | | | | | | Lease Income | | $ | 1,661,034 | | $ | (1,325) | | $ | 1,659,709 | Management fees and other revenues | | | — | | | 40,834 | | | 40,834 | Other Income | | | 50,055 | | | 40,000 | | | 90,055 | Total | | | 1,711,089 | | | 79,509 | | | 1,790,598 | Expenses: | | | | | | | | | | Property Operating | | | 222,635 | | | (51,195) | | | 171,440 | Real estate taxes | | | 130,838 | | | 1,067 | | | 131,905 | Repairs and maintenance | | | 31,575 | | | 1,112 | | | 32,687 | Advertising and promotion | | | 39,899 | | | (843) | | | 39,056 | Other | | | 26,792 | | | 22,780 | | | 49,572 | Total | | | 451,739 | | | (27,079) | | | 424,660 | NOI of consolidated entities | | $ | 1,259,350 | | $ | 106,588 | | $ | 1,365,938 | Other Income: | | | | | | | | | | Income from unconsolidated entities | | | | | | | | | 119,127 | Other Expenses: | | | | | | | | | | Depreciation and amortization | | | | | | | | | 459,876 | Home and regional office costs | | | | | | | | | 69,842 | General and administrative | | | | | | | | | 12,004 | Interest expense | | | | | | | | | 281,164 | Loss due to disposal, exchange, or revaluation of equity interests, net | | | | | | | | | 11,950 | Income and other tax expense | | | | | | | | | 10,809 | Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net | | | | | | | | | 56,425 | Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | | | | | 8,747 | Other expense | | | | | | | | | 118 | Consolidated Net Income | | | | | | | | $ | 574,130 |
| | | | | | | | | | | | For the Six Months Ended June 30, 2026 | | | | | | All other & | | | | | | Real estate | | eliminations, | | | | | | segment | | net | | Consolidated | | | | | | | | | | | Income: | | | | | | | | | | Lease Income | | $ | 3,292,454 | | $ | (4,214) | | $ | 3,288,240 | Management fees and other revenues | | | — | | | 81,022 | | | 81,022 | Other Income | | | 91,919 | | | 86,510 | | | 178,429 | Total | | | 3,384,373 | | | 163,318 | | | 3,547,691 | Expenses: | | | | | | | | | | Property Operating | | | 449,666 | | | (107,466) | | | 342,200 | Real estate taxes | | | 269,900 | | | (2,035) | | | 267,865 | Repairs and maintenance | | | 71,677 | | | 1,211 | | | 72,888 | Advertising and promotion | | | 75,719 | | | (2,733) | | | 72,986 | Other | | | 49,785 | | | 33,003 | | | 82,788 | Total | | | 916,747 | | | (78,020) | | | 838,727 | NOI of consolidated entities | | $ | 2,467,626 | | $ | 241,338 | | $ | 2,708,964 | Other Income: | | | | | | | | | | Income and other tax benefit | | | | | | | | | 9,125 | Income from unconsolidated entities | | | | | | | | | 97,879 | Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | | | | | 55,593 | Other Expenses: | | | | | | | | | | Depreciation and amortization | | | | | | | | | 918,773 | Home and regional office costs | | | | | | | | | 137,498 | General and administrative | | | | | | | | | 66,303 | Interest expense | | | | | | | | | 556,826 | Loss due to disposal, exchange, or revaluation of equity interests, net | | | | | | | | | 18,329 | Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net | | | | | | | | | 31,037 | Other expense | | | | | | | | | 130 | Consolidated Net Income | | | | | | | | $ | 1,142,665 |
| | | | | | | | | | | | For the Three Months Ended June 30, 2025 | | | | | | All other & | | | | | | Real estate | | eliminations, | | | | | | segment | | net | | Consolidated | | | | | | | | | | | Income: | | | | | | | | | | Lease Income | | $ | 1,382,428 | | $ | (2,974) | | $ | 1,379,454 | Management fees and other revenues | | | — | | | 37,931 | | | 37,931 | Other Income | | | 30,050 | | | 51,024 | | | 81,074 | Total | | | 1,412,478 | | | 85,981 | | | 1,498,459 | Expenses: | | | | | | | | | | Property Operating | | | 183,092 | | $ | (43,276) | | $ | 139,816 | Real estate taxes | | | 104,461 | | | 854 | | | 105,315 | Repairs and maintenance | | | 25,737 | | | 501 | | | 26,238 | Advertising and promotion | | | 37,299 | | | (989) | | | 36,310 | Other | | | 16,527 | | | 19,127 | | | 35,654 | Total | | | 367,116 | | | (23,783) | | | 343,333 | NOI of consolidated entities | | $ | 1,045,362 | | $ | 109,764 | | $ | 1,155,126 | Other Income: | | | | | | | | | | Gain due to disposal, exchange, or revaluation of equity interests, net | | | | | | | | | 104,499 | Income from unconsolidated entities | | | | | | | | | 122,875 | Other Expenses: | | | | | | | | | | Depreciation and amortization | | | | | | | | | 339,058 | Home and regional office costs | | | | | | | | | 57,564 | General and administrative | | | | | | | | | 14,298 | Interest expense | | | | | | | | | 232,724 | Income and other tax expense | | | | | | | | | 35,107 | Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net | | | | | | | | | 50,455 | Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | | | | | 9,604 | Other expense | | | | | | | | | 9 | Consolidated Net Income | | | | | | | | $ | 643,681 |
| | | | | | | | | | | | For the Six Months Ended June 30, 2025 | | | | | | All other & | | | | | | Real estate | | eliminations, | | | | | | segment | | net | | Consolidated | | | | | | | | | | | Income: | | | | | | | | | | Lease Income | | $ | 2,757,384 | | $ | (10,502) | | $ | 2,746,882 | Management fees and other revenues | | | — | | | 71,723 | | | 71,723 | Other Income | | | 55,750 | | | 97,117 | | | 152,867 | Total | | | 2,813,134 | | | 158,338 | | | 2,971,472 | Expenses: | | | | | | | | | | Property Operating | | | 354,829 | | | (78,192) | | | 276,637 | Real estate taxes | | | 217,948 | | | (5,180) | | | 212,768 | Repairs and maintenance | | | 55,294 | | | 1,086 | | | 56,380 | Advertising and promotion | | | 73,126 | | | (2,560) | | | 70,566 | Other | | | 31,187 | | | 35,445 | | | 66,632 | Total | | | 732,384 | | | (49,401) | | | 682,983 | NOI of consolidated entities | | $ | 2,080,750 | | $ | 207,739 | | $ | 2,288,489 | Other Income: | | | | | | | | | | Gain due to disposal, exchange, or revaluation of equity interests, net | | | | | | | | | 80,507 | Income from unconsolidated entities | | | | | | | | | 153,234 | Other Expenses: | | | | | | | | | | Depreciation and amortization | | | | | | | | | 667,109 | Home and regional office costs | | | | | | | | | 122,630 | General and administrative | | | | | | | | | 26,927 | Interest expense | | | | | | | | | 459,720 | Income and other tax expense | | | | | | | | | 27,470 | Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net | | | | | | | | | 87,220 | Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | | | | | 9,604 | Other expense | | | | | | | | | 9 | Consolidated Net Income | | | | | | | | $ | 1,121,541 |
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