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Segment Information
12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Segment Information

18.

Segment Information

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

 

 

For the Year Ended  December 31, 2018

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Lease revenue and other property revenue

$

662,626

 

 

$

57

 

 

$

1,784

 

 

$

664,467

 

Revenue from contracts with customers

 

42,788

 

 

 

 

 

 

 

 

 

42,788

 

Total revenues

 

705,414

 

 

 

57

 

 

 

1,784

 

 

 

707,255

 

Rental operation expenses

 

(207,991

)

 

 

(1

)

 

 

 

 

 

(207,992

)

Net operating income

 

497,423

 

 

 

56

 

 

 

1,784

 

 

 

499,263

 

Impairment charges

 

(69,324

)

 

 

 

 

 

 

 

 

 

 

(69,324

)

Hurricane property (loss) credit, net

 

(974

)

 

 

 

 

 

 

157

 

 

 

(817

)

Depreciation and amortization

 

(242,102

)

 

 

 

 

 

 

 

 

 

 

(242,102

)

Interest income

 

 

 

 

 

20,437

 

 

 

 

 

 

 

20,437

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

(110,895

)

 

 

(110,895

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(202,944

)

 

 

(202,944

)

Equity in net income of joint ventures

 

9,365

 

 

 

 

 

 

 

 

 

 

 

9,365

 

Reserve of preferred equity interests

 

(11,422

)

 

 

 

 

 

 

 

 

 

 

(11,422

)

Gain on disposition of real estate, net

 

225,406

 

 

 

 

 

 

 

 

 

 

 

225,406

 

Income before tax expense

 

 

 

 

 

 

 

 

 

 

 

 

$

116,967

 

As of December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

4,627,866

 

 

 

 

 

 

 

 

 

 

$

4,627,866

 

Notes receivable, net(B)

 

 

 

 

$

209,566

 

 

$

(189,891

)

 

$

19,675

 

 

 

For the Year Ended  December 31, 2017

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Lease revenue and other property revenue

$

890,978

 

 

$

57

 

 

 

 

 

 

$

891,035

 

Revenue from contracts with customers

 

30,553

 

 

 

 

 

 

 

 

 

 

30,553

 

Total revenues

 

921,531

 

 

 

57

 

 

 

 

 

 

 

921,588

 

Rental operation expenses

 

(263,732

)

 

 

(11

)

 

 

 

 

 

 

(263,743

)

Net operating income

 

657,799

 

 

 

46

 

 

 

 

 

 

 

657,845

 

Impairment charges

 

(340,480

)

 

 

 

 

 

 

 

 

 

 

(340,480

)

Hurricane property and impairment loss

 

(5,930

)

 

 

 

 

 

 

 

 

 

 

(5,930

)

Depreciation and amortization

 

(346,204

)

 

 

 

 

 

 

 

 

 

 

(346,204

)

Interest income

 

 

 

 

 

28,364

 

 

 

 

 

 

 

28,364

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(68,003

)

 

 

(68,003

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(265,675

)

 

 

(265,675

)

Equity in net income of joint ventures

 

8,837

 

 

 

 

 

 

 

 

 

 

 

8,837

 

Reserve of preferred equity interests

 

(61,000

)

 

 

 

 

 

 

 

 

 

 

(61,000

)

Gain on sale and change in control of interests, net

 

368

 

 

 

 

 

 

 

 

 

 

 

368

 

Gain on disposition of real estate, net

 

161,164

 

 

 

 

 

 

 

 

 

 

 

161,164

 

Loss before tax expense

 

 

 

 

 

 

 

 

 

 

 

 

$

(230,714

)

As of December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

8,248,003

 

 

 

 

 

 

 

 

 

 

$

8,248,003

 

Notes receivable, net(B)

 

 

 

 

$

297,451

 

 

$

(277,776

)

 

$

19,675

 

 

 

For the Year Ended  December 31, 2016

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Lease revenue and other property revenue

$

972,527

 

 

$

44

 

 

 

 

 

 

$

972,571

 

Revenue from contracts with customers

 

33,234

 

 

 

 

 

 

 

 

 

 

33,234

 

Total revenues

 

1,005,761

 

 

 

44

 

 

 

 

 

 

 

1,005,805

 

Rental operation expenses

 

(291,916

)

 

 

(218

)

 

 

 

 

 

 

(292,134

)

Net operating income (loss)

 

713,845

 

 

 

(174

)

 

 

 

 

 

 

713,671

 

Impairment charges

 

(110,906

)

 

 

 

 

 

 

 

 

 

 

(110,906

)

Depreciation and amortization

 

(389,519

)

 

 

 

 

 

 

 

 

 

 

(389,519

)

Interest income

 

 

 

 

 

37,054

 

 

 

 

 

 

 

37,054

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

3,322

 

 

 

3,322

 

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(278,640

)

 

 

(278,640

)

Equity in net income of joint ventures

 

15,699

 

 

 

 

 

 

 

 

 

 

 

15,699

 

Loss on sale and change in control of interests, net

 

(1,087

)

 

 

 

 

 

 

 

 

 

 

(1,087

)

Gain on disposition of real estate, net

 

73,386

 

 

 

 

 

 

 

 

 

 

 

73,386

 

Income before tax expense

 

 

 

 

 

 

 

 

 

 

 

 

$

62,980

 

As of December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

9,244,058

 

 

 

 

 

 

 

 

 

 

$

9,244,058

 

Notes receivable, net(B)

 

 

 

 

$

442,826

 

 

$

(393,323

)

 

$

49,503

 

(A)

Unallocated expenses consist of General and Administrative Expenses and Interest Expense as listed in the Company’s consolidated statements of operations.  

(B)

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