Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

SEGMENT INFORMATION

16. 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. The table excludes those assets held for sale and includes those assets located in Brazil:

	March 31,
	2012		2011
Shopping centers owned		420		476
Unconsolidated joint ventures		172		191
Consolidated joint ventures		2		3
States (A)		38		41
Office properties		4		5
States		2		3

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

The tables below present information about the Company’s reportable operating segments reflecting the impact of discontinued operations (Note 13) (in thousands):

	Three-Month Period Ended March 31, 2012
	Other Investments			Shopping Centers			Brazil Equity Investment		Other			Total
Total revenues	$	1,131		$	194,240							$	195,371
Operating expenses		(500	)		(72,919	)(A)							(73,419	)
Net operating income		631			121,321								121,952
Unallocated expenses (B)									$	(141,606	)		(141,606	)
Equity in net (loss) income of joint ventures					(659	)	$	8,907					8,248
Impairment of joint venture investments													(560	)
Loss from continuing operations												$	(11,966	)
Total gross real estate assets	$	47,511		$	8,234,810							$	8,282,321

	Three-Month Period Ended March 31, 2011
	Other Investments			Shopping Centers			Brazil Equity Investment		Other			Total
Total revenues	$	1,306		$	190,965							$	192,271
Operating expenses		(422	)		(64,134	)(A)							(64,556	)
Net operating income		884			126,831								127,715
Unallocated expenses (B)									$	(92,329	)		(92,329	)
Equity in net (loss) income of joint ventures					(2,978	)	$	4,952					1,974
Impairment of joint venture investments													(35	)
Income from continuing operations												$	37,325
Total gross real estate assets	$	47,762		$	8,448,981							$	8,496,743

(A) Includes impairment charges of $13.5 million and $3.8 million for the three-month periods ended March 31, 2012 and 2011, respectively.

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