XML 78 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
Segment Information
9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Segment Information

14.

Segment Information

At September 30, 2015, the Company had two reportable operating segments:  shopping centers and loan investments.  The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital.  The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items.  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 tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations in 2014 (Note 12) (in thousands):

 

 

Three Months Ended September 30, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

257,109

 

 

$

26

 

 

 

 

 

 

$

257,135

 

Rental operation expenses

 

(73,280

)

 

 

(68

)

 

 

 

 

 

 

(73,348

)

Net operating income (loss)

 

183,829

 

 

 

(42

)

 

 

 

 

 

 

183,787

 

Depreciation and amortization

 

(97,155

)

 

 

 

 

 

 

 

 

 

 

(97,155

)

Interest income

 

 

 

 

 

7,331

 

 

 

 

 

 

 

7,331

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(240

)

 

 

(240

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(76,341

)

 

 

(76,341

)

Equity in net income of joint ventures

 

648

 

 

 

 

 

 

 

 

 

 

 

648

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

18,030

 

 

 

Three Months Ended September 30, 2014

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

245,319

 

 

$

36

 

 

 

 

 

 

$

245,355

 

Rental operation expenses

 

(71,385

)

 

 

 

 

 

 

 

 

 

(71,385

)

Net operating income

 

173,934

 

 

 

36

 

 

 

 

 

 

 

173,970

 

Impairment charges

 

(1,448

)

 

 

 

 

 

 

 

 

 

 

(1,448

)

Depreciation and amortization

 

(97,270

)

 

 

 

 

 

 

 

 

 

 

(97,270

)

Interest income

 

 

 

 

 

2,652

 

 

 

 

 

 

 

2,652

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(2,758

)

 

 

(2,758

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(76,100

)

 

 

(76,100

)

Equity in net income of joint ventures

 

3,620

 

 

 

 

 

 

 

 

 

 

 

3,620

 

Gain on sale and change in control of interests, net

 

3,984

 

 

 

 

 

 

 

 

 

 

 

3,984

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

6,650

 

 

 

Nine Months Ended September 30, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

773,162

 

 

$

121

 

 

 

 

 

 

$

773,283

 

Rental operation expenses

 

(223,425

)

 

 

(104

)

 

 

 

 

 

 

(223,529

)

Net operating income

 

549,737

 

 

 

17

 

 

 

 

 

 

 

549,754

 

Impairment charges

 

(279,021

)

 

 

 

 

 

 

 

 

 

 

(279,021

)

Depreciation and amortization

 

(299,470

)

 

 

 

 

 

 

 

 

 

 

(299,470

)

Interest income

 

 

 

 

 

21,703

 

 

 

 

 

 

 

21,703

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(1,300

)

 

 

(1,300

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(243,987

)

 

 

(243,987

)

Equity in net income of joint ventures

 

2,351

 

 

 

 

 

 

 

 

 

 

 

2,351

 

Gain on sale and change in control of interests, net

 

7,772

 

 

 

 

 

 

 

 

 

 

 

7,772

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(242,198

)

As of September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,155,375

 

 

 

 

 

 

 

 

 

 

$

10,155,375

 

Notes receivable, net(B)

 

 

 

 

$

357,648

 

 

$

(310,218

)

 

$

47,430

 

 

 

Nine Months Ended September 30, 2014

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

728,743

 

 

$

164

 

 

 

 

 

 

$

728,907

 

Rental operation expenses

 

(210,973

)

 

 

(51

)

 

 

 

 

 

 

(211,024

)

Net operating income

 

517,770

 

 

 

113

 

 

 

 

 

 

 

517,883

 

Impairment charges

 

(18,119

)

 

 

 

 

 

 

 

 

 

 

(18,119

)

Depreciation and amortization

 

(296,093

)

 

 

 

 

 

 

 

 

 

 

(296,093

)

Interest income

 

 

 

 

 

8,938

 

 

 

 

 

 

 

8,938

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(11,041

)

 

 

(11,041

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(236,097

)

 

 

(236,097

)

Equity in net income of joint ventures

 

9,755

 

 

 

 

 

 

 

486

 

 

 

10,241

 

Impairment of joint venture investments

 

(9,100

)

 

 

 

 

 

 

 

 

 

 

(9,100

)

Gain on sale and change in control of interests, net

 

87,814

 

 

 

 

 

 

 

 

 

 

 

87,814

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

54,426

 

As of September 30, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,496,860

 

 

 

 

 

 

 

 

 

 

$

10,496,860

 

Notes receivable, net(B)

 

 

 

 

$

91,455

 

 

$

(33,810

)

 

$

57,645

 

 

(A)

Unallocated expenses consist of General and Administrative expenses, Interest Expense and Tax Expense/Benefit as listed in the consolidated statements of operations.  

 

(B)

Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the consolidated balance sheets.