XML 36 R17.htm IDEA: XBRL DOCUMENT v3.4.0.3
Segment Information
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information
 
The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. Information on the Company’s reportable segments is presented as follows:
Three Months Ended March 31, 2016
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
238,742

 
$
10,242

 
$
5,482

 
$
8,612

 
$
263,078

Property operating expenses (2)
 
(75,377
)
 
(2,572
)
 
(1,143
)
 
2,888

 
(76,204
)
Interest expense
 
(34,395
)
 
(1,702
)
 
(298
)
 
(18,836
)
 
(55,231
)
Other expense
 
—

 
—

 
—

 
(9,685
)
 
(9,685
)
Segment profit (loss)
 
$
128,970

 
$
5,968

 
$
4,041

 
$
(17,021
)
 
121,958

Depreciation and amortization expense
 
 
 
 
 
 
 
 
 
(76,506
)
General and administrative expense
 
 
 
 
 
 
 
 
 
(17,168
)
Interest and other income
 
 
 
 
 
 
 
 
 
360

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
6

Loss on impairment
 
 
 
 
 
 
 
 
 
(19,685
)
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
32,390

Income tax benefit
 
 
 
 
 
 
 
 
 
537

Income from continuing operations
 
 
 
 
 
 
 
 
 
$
41,892

Capital expenditures (3)
 
$
48,551

 
$
1,426

 
$
428

 
$
741

 
$
51,146


Three Months Ended March 31, 2015
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
230,271

 
$
10,407

 
$
4,681

 
$
15,550

 
$
260,909

Property operating expenses (2)
 
(73,949
)
 
(2,596
)
 
(1,124
)
 
1,764

 
(75,905
)
Interest expense
 
(43,698
)
 
(1,956
)
 
(1,195
)
 
(12,308
)
 
(59,157
)
Other expense
 
—

 
—

 
—

 
(6,476
)
 
(6,476
)
Gain on sales of real estate assets
 
264

 
—

 
—

 
493

 
757

Segment profit (loss)
 
$
112,888

 
$
5,855

 
$
2,362

 
$
(977
)
 
120,128

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(76,266
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(17,230
)
Interest and other income
 
 

 
 

 
 

 
 

 
5,274

Gain on investment
 
 
 
 
 
 
 
 
 
16,560

Equity in earnings of unconsolidated affiliates
 
 

 
 

 
 

 
 

 
3,823

Income tax benefit
 
 

 
 

 
 

 
 

 
916

Income from continuing operations
 
 

 
 

 
 

 
 

 
$
53,205

Capital expenditures (3)
 
$
30,366

 
$
5,908

 
$
198

 
$
30,769

 
$
67,241


Total Assets
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
March 31, 2016
 
$
5,624,814

 
$
253,219

 
$
293,730

 
$
212,165

 
$
6,383,928

 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
$
5,766,084

 
$
252,188

 
$
263,614

 
$
198,105

 
$
6,479,991

 
 
 
 
 
 
 
 
 
 
 
(1)
The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Company’s subsidiary that provides security and maintenance services.
(2)
Property operating expenses include property operating, real estate taxes and maintenance and repairs.
(3)
Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.