XML 53 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Information on Reportable Segments
Information on the Company’s reportable segments is presented as follows:
Three Months Ended
June 30, 2017
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
213,793

 
$
9,760

 
$
4,509

 
$
1,171

 
$
229,233

Property operating expenses (2)
 
(56,794
)
 
(2,166
)
 
(826
)
 
(658
)
 
(60,444
)
Interest expense
 
(31,314
)
 
(584
)
 
(82
)
 
(23,085
)
 
(55,065
)
Other expense
 
—

 
—

 
—

 
(5,019
)
 
(5,019
)
Gain on sales of real estate assets
 
77,428

 
—

 
—

 
2,105

 
79,533

Segment profit (loss)
 
$
203,113

 
$
7,010

 
$
3,601

 
$
(25,486
)
 
188,238

Depreciation and amortization expense
 
 
 
 
 
 
 
 
 
(82,509
)
General and administrative expense
 
 
 
 
 
 
 
 
 
(15,752
)
Interest and other income
 
 
 
 
 
 
 
 
 
31

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
20,420

Loss on impairment
 
 
 
 
 
 
 
 
 
(43,203
)
Loss on investment
 
 
 
 
 
 
 
 
 
(5,843
)
Income tax benefit
 
 
 
 
 
 
 
 
 
2,920

Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
6,325

Net income
 
 
 
 
 
 
 
 
 
$
70,627

Capital expenditures (3)
 
$
38,348

 
$
517

 
$
240

 
$
636

 
$
39,741


Three Months Ended June 30, 2016
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
232,746

 
$
9,857

 
$
4,488

 
$
7,874

 
$
254,965

Property operating expenses (2)
 
(65,409
)
 
(2,127
)
 
(1,260
)
 
3,112

 
(65,684
)
Interest expense
 
(35,486
)
 
(1,431
)
 
(66
)
 
(16,204
)
 
(53,187
)
Other expense
 
—

 
—

 
—

 
(5,052
)
 
(5,052
)
Gain on sales of real estate assets
 
140

 
478

 
3,281

 
5,678

 
9,577

Segment profit (loss)
 
$
131,991

 
$
6,777

 
$
6,443

 
$
(4,592
)
 
140,619

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(72,205
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(16,475
)
Interest and other income
 
 

 
 

 
 

 
 

 
251

Loss on impairment
 
 
 
 
 
 
 
 
 
(43,493
)
Income tax benefit
 
 

 
 

 
 

 
 

 
51

Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
64,349

Net income
 
 

 
 

 
 

 
 

 
$
73,097

Capital expenditures (3)
 
$
12,770

 
$
1,671

 
$
540

 
$
16,393

 
$
31,374



Six Months Ended June 30, 2017
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
435,724

 
$
19,476

 
$
9,073

 
$
2,973

 
$
467,246

Property operating expenses (2)
 
(123,324
)
 
(4,080
)
 
(1,551
)
 
(1,838
)
 
(130,793
)
Interest expense
 
(64,559
)
 
(1,226
)
 
(158
)
 
(45,323
)
 
(111,266
)
Other expense
 
—

 
—

 
—

 
(5,019
)
 
(5,019
)
Gain on sales of real estate assets
 
77,428

 
—

 
—

 
8,093

 
85,521

Segment profit (loss)
 
$
325,269

 
$
14,170

 
$
7,364

 
$
(41,114
)
 
305,689

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(153,729
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(31,834
)
Interest and other income
 
 

 
 

 
 

 
 

 
1,435

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
24,475

Loss on impairment
 
 
 
 
 
 
 
 
 
(46,466
)
Loss on investment
 
 
 
 
 
 
 
 
 
(5,843
)
Income tax benefit
 
 

 
 

 
 

 
 

 
3,720

Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
11,698

Net income
 
 

 
 

 
 

 
 

 
$
109,145

Capital expenditures (3)
 
$
79,044

 
$
1,084

 
$
705

 
$
2,764

 
$
83,597


Six Months Ended June 30, 2016
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
471,488

 
$
20,099

 
$
9,970

 
$
16,486

 
$
518,043

Property operating expenses (2)
 
(140,786
)
 
(4,699
)
 
(2,403
)
 
6,000

 
(141,888
)
Interest expense
 
(69,881
)
 
(3,133
)
 
(364
)
 
(35,040
)
 
(108,418
)
Other expense
 
—

 
—

 
—

 
(14,737
)
 
(14,737
)
Gain on sales of real estate assets
 
140

 
478

 
3,281

 
5,678

 
9,577

Segment profit (loss)
 
$
260,961

 
$
12,745

 
$
10,484

 
$
(21,613
)
 
262,577

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(148,711
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(33,643
)
Interest and other income
 
 

 
 

 
 

 
 

 
611

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
6

Loss on impairment
 
 
 
 
 
 
 
 
 
(63,178
)
Income tax benefit
 
 

 
 

 
 

 
 

 
588

Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
96,739

Net income
 
 

 
 

 
 

 
 

 
$
114,989

Capital expenditures (3)
 
$
61,321

 
$
3,097

 
$
968

 
$
17,134

 
$
82,520


Total Assets
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
June 30, 2017
 
$
5,225,213

 
$
259,600

 
$
210,315

 
$
113,205

 
$
5,808,333

 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
$
5,383,937

 
$
259,966

 
$
215,917

 
$
244,820

 
$
6,104,640

 
 
 
 
 
 
 
 
 
 
 
(1)
The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and, prior to the redemption of the Company's redeemable noncontrolling interests during the fourth quarter of 2016, the Company’s former consolidated subsidiary that provided security and maintenance services to third parties.
(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.