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Investments in and Advances to Joint Ventures (Tables) - Unconsolidated Joint Ventures [Member]
 9 Months Ended
Sep. 30, 2015
Schedule Of Equity Method Investments [Line Items]  
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

At September 30, 2015 and December 31, 2014, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 174 and 188 shopping center properties, respectively.  Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

 

 

September 30, 2015

 

 

December 31, 2014

 

Condensed Combined Balance Sheets

 

 

 

 

 

 

 

Land

$

1,319,519

 

 

$

1,439,849

 

Buildings

 

3,457,212

 

 

 

3,854,585

 

Fixtures and tenant improvements

 

183,108

 

 

 

200,696

 

 

 

4,959,839

 

 

 

5,495,130

 

Less: Accumulated depreciation

 

(799,161

)

 

 

(773,256

)

 

 

4,160,678

 

 

 

4,721,874

 

Land held for development and construction in progress

 

52,215

 

 

 

55,698

 

Real estate, net

 

4,212,893

 

 

 

4,777,572

 

Cash and restricted cash

 

62,751

 

 

 

100,812

 

Receivables, net

 

52,903

 

 

 

80,508

 

Other assets

 

299,625

 

 

 

394,751

 

 

$

4,628,172

 

 

$

5,353,643

 

 

 

 

 

 

 

 

 

Mortgage debt

$

3,116,584

 

 

$

3,552,764

 

Notes and accrued interest payable to the Company

 

2,926

 

 

 

144,831

 

Other liabilities

 

198,804

 

 

 

276,998

 

 

 

3,318,314

 

 

 

3,974,593

 

Redeemable preferred equity

 

310,763

 

 

 

305,310

 

Accumulated equity

 

999,095

 

 

 

1,073,740

 

 

$

4,628,172

 

 

$

5,353,643

 

 

 

 

 

 

 

 

 

Company's share of accumulated equity

$

125,103

 

 

$

122,937

 

Redeemable preferred equity

 

310,763

 

 

 

305,310

 

Basis differentials

 

(42,803

)

 

 

(12,954

)

Deferred development fees, net of portion related to the Company's interest

 

(2,469

)

 

 

(2,562

)

Amounts payable to the Company

 

2,926

 

 

 

2,117

 

Investments in and Advances to Joint Ventures

$

393,520

 

 

$

414,848

 

 
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

 

 

Three Months

 

 

Nine Months

 

 

Ended September 30,

 

 

Ended September 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Condensed Combined Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from operations

$

126,698

 

 

$

108,334

 

 

$

397,364

 

 

$

356,975

 

Expenses from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

47,676

 

 

 

34,883

 

 

 

147,072

 

 

 

121,884

 

Impairment charges

 

—

 

 

 

—

 

 

 

448

 

 

 

600

 

Depreciation and amortization

 

49,949

 

 

 

31,435

 

 

 

158,168

 

 

 

107,165

 

Interest expense

 

33,202

 

 

 

37,667

 

 

 

107,698

 

 

 

129,514

 

Other (income) expense, net

 

589

 

 

 

173

 

 

 

1,173

 

 

 

2,964

 

 

 

131,416

 

 

 

104,158

 

 

 

414,559

 

 

 

362,127

 

(Loss) income before tax expense and discontinued operations

 

(4,718

)

 

 

4,176

 

 

 

(17,195

)

 

 

(5,152

)

Income tax expense (primarily Sonae Sierra Brasil), net

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,565

)

(Loss) income from continuing operations

 

(4,718

)

 

 

4,176

 

 

 

(17,195

)

 

 

(11,717

)

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations

 

—

 

 

 

(12,906

)

 

 

—

 

 

 

(17,090

)

Gain on disposition of real estate, net of tax

 

—

 

 

 

4,713

 

 

 

—

 

 

 

28,224

 

Loss before (loss) gain on disposition of real estate, net

 

(4,718

)

 

 

(4,017

)

 

 

(17,195

)

 

 

(583

)

(Loss) gain on disposition of real estate, net

 

(2,626

)

 

 

3,833

 

 

 

(4,197

)

 

 

3,833

 

Net (loss) income

$

(7,344

)

 

$

(184

)

 

$

(21,392

)

 

$

3,250

 

Income attributable to non-controlling interests

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,023

)

Net (loss) income attributable to unconsolidated joint ventures

$

(7,344

)

 

$

(184

)

 

$

(21,392

)

 

$

1,227

 

Company's share of equity in net income of joint ventures(A)

$

336

 

 

$

3,316

 

 

$

1,406

 

 

$

9,483

 

Basis differential adjustments(B)

 

312

 

 

 

304

 

 

 

945

 

 

 

758

 

Equity in net income of joint ventures(A)

$

648

 

 

$

3,620

 

 

$

2,351

 

 

$

10,241

 

(A)

The Company did not record income or loss from those investments in which its investment basis was zero.  As of March 13, 2015, the Company no longer had an interest in these assets.  

(B)

The difference between the Company’s share of net income, as reported above, and the amounts included in the consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges.  
Service Fees and Income Earned by Company's Unconsolidated Joint Ventures

Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):

 

 

Three Months

 

 

Nine Months

 

 

Ended September 30,

 

 

Ended September 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Management and other fees

$

6.5

 

 

$

5.9

 

 

$

19.6

 

 

$

18.2

 

Development fees and leasing commissions

 

1.6

 

 

 

1.4

 

 

 

4.8

 

 

 

4.9

 

Interest income

 

6.5

 

 

 

1.7

 

 

 

19.2

 

 

 

5.0