Segment Information

9 Months Ended

Sep. 30, 2011

Segment Information [Abstract]

SEGMENT INFORMATION

15. SEGMENT INFORMATION

The Company has three reportable operating segments – shopping centers, Brazil equity investment and other investments. Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of the revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregation criteria under the applicable standard. The following table summarizes the Company’s shopping centers and office properties, including those located in Brazil:

	September 30,
	2011		2010
Shopping centers owned		450		493
Unconsolidated joint ventures		184		198
Consolidated joint ventures		2		3
States (A)		39		41
Office properties		5		6
States		3		4

(A) Excludes shopping centers owned in Puerto Rico and Brazil.

The tables below present information about the Company’s reportable segments (in thousands):

	Three-Month Period Ended September 30, 2011
	Other Investments			Shopping Centers					Brazil Equity Investment		Other			Total
Total revenues	$	1,603		$	194,845									$	196,448
Operating expenses		(408	)		(111,329	)	(A	)							(111,737	)
Net operating income		1,195			83,516										84,711
Unallocated expenses (B)											$	(130,164	)		(130,164	)
Equity in net (loss) income of joint ventures					(7,190	)			$	4,600					(2,590	)
Loss from continuing operations														$	(48,043	)

	Three-Month Period Ended September 30, 2010
	Other Investments			Shopping Centers					Brazil Equity Investment		Other			Total
Total revenues	$	1,286		$	191,706									$	192,992
Operating expenses		(395	)		(60,825	)	(A	)							(61,220	)
Net operating income		891			130,881										131,772
Unallocated expenses (B)											$	(139,569	)		(139,569	)
Equity in net (loss) income of joint ventures					(7,377	)			$	2,576					(4,801	)
Loss from continuing operations														$	(12,598	)

	Nine-Month Period Ended September 30, 2011
	Other Investments			Shopping Centers					Brazil Equity Investment		Other			Total
Total revenues	$	4,380		$	585,712									$	590,092
Operating expenses		(1,336	)		(253,275	)	(A	)							(254,611	)
Net operating income		3,044			332,437										335,481
Unallocated expenses (B)											$	(360,713	)		(360,713	)
Equity in net income of joint ventures					568				$	15,383					15,951
Impairment of joint venture investments					(1,671	)									(1,671	)
Loss from continuing operations														$	(10,952	)
Total gross real estate assets	$	47,598		$	8,332,090									$	8,379,688

	Nine-Month Period Ended September 30, 2010
	Other Investments			Shopping Centers					Brazil Equity Investment		Other			Total
Total revenues	$	3,882		$	579,632									$	583,514
Operating expenses		(1,621	)		(237,889	)	(A	)							(239,510	)
Net operating income		2,261			341,743										344,004
Unallocated expenses (B)											$	(410,429	)		(410,429	)
Equity in net (loss) income of joint ventures					(9,680	)			$	5,903					(3,777	)
Loss from continuing operations														$	(70,202	)
Total gross real estate assets	$	49,573		$	8,378,529									$	8,428,102

(A) Includes impairment charges of $51.2 million for the three-month period ended September 30, 2011 and $68.5 million and $59.3 million for the nine-month periods ended September 30, 2011 and 2010, respectively.

(B) Unallocated expenses consist of general and administrative, depreciation and amortization, other income/expense and tax benefit/expense as listed in the condensed consolidated statements of operations.