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. |
|