Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

Note 10 – 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 segments is presented as follows:

Three Months Ended June 30, 2020	Malls			All Other (1)			Total
Revenues (2)	$	112,002		$	12,209		$	124,211
Property operating expenses (3)		( 38,385	)		( 2,400	)		( 40,785	)
Interest expense		( 18,960	)		( 33,671	)		( 52,631	)
Other expense		—			( 242	)		( 242	)
Gain on sales of real estate assets		—			2,623			2,623
Segment profit (loss)	$	54,657		$	( 21,481	)		33,176
Depreciation and amortization								( 52,663	)
General and administrative expense								( 18,727	)
Interest and other income								891
Loss on impairment								( 13,274	)
Income tax provision								( 16,117	)
Equity in earnings (losses) of unconsolidated affiliates								( 6,079	)
Net loss							$	( 72,793	)
Capital expenditures (4)	$	9,754		$	1,377		$	11,131
Three Months Ended June 30, 2019	Malls			All Other (1)			Total
Revenues (2)	$	170,976		$	22,401		$	193,377
Property operating expenses (3)		( 53,599	)		( 3,379	)		( 56,978	)
Interest expense		( 21,556	)		( 30,926	)		( 52,482	)
Other expense		—			( 34	)		( 34	)
Gain on sales of real estate assets		2,478			3,049			5,527
Segment profit (loss)	$	98,299		$	( 8,889	)		89,410
Depreciation and amortization								( 64,478	)
General and administrative expense								( 14,427	)
Interest and other income								356
Loss on impairment								( 41,608	)
Income tax provision								( 813	)
Equity in earnings (losses) of unconsolidated affiliates								1,872
Net loss							$	( 29,688	)
Capital expenditures (4)	$	31,560		$	1,413		$	32,973

Six Months Ended June 30, 2020	Malls			All Other (1)			Total
Revenues (2)	$	265,353		$	26,432		$	291,785
Property operating expenses (3)		( 90,483	)		( 5,667	)		( 96,150	)
Interest expense		( 37,107	)		( 62,516	)		( 99,623	)
Other expense		—			( 400	)		( 400	)
Gain (loss) on sales of real estate assets		( 25	)		2,788			2,763
Segment profit (loss)	$	137,738		$	( 39,363	)		98,375
Depreciation and amortization								( 108,565	)
General and administrative expense								( 36,563	)
Litigation settlement								—
Interest and other income								3,288
Gain on extinguishment of debt								—
Loss on impairment								( 146,918	)
Income tax provision								( 16,643	)
Equity in earnings (losses) of unconsolidated affiliates								( 5,061	)
Net loss							$	( 212,087	)
Capital expenditures (4)	$	27,810		$	3,653		$	31,463
Six Months Ended June 30, 2019	Malls			All Other (1)			Total
Revenues (2)	$	354,840		$	36,567		$	391,407
Property operating expenses (3)		( 110,780	)		( 7,873	)		( 118,653	)
Interest expense		( 44,746	)		( 61,734	)		( 106,480	)
Other expense		—			( 34	)		( 34	)
Gain on sales of real estate assets		2,478			3,277			5,755
Segment profit (loss)	$	201,792		$	( 29,797	)		171,995
Depreciation and amortization								( 134,270	)
General and administrative expense								( 36,434	)
Litigation settlement								( 88,150	)
Interest and other income								845
Gain on extinguishment of debt								71,722
Loss on impairment								( 66,433	)
Income tax provision								( 952	)
Equity in earnings (losses) of unconsolidated affiliates								5,180
Net loss							$	( 76,497	)
Capital expenditures (4)	$	59,584		$	1,528		$	61,112

Total Assets	Malls		All Other (1)		Total
June 30, 2020	$	3,994,951	$	660,208	$	4,655,159
December 31, 2019	$	4,180,515	$	441,831	$	4,622,346

(1) The All Other category includes associated centers, community centers, mortgage and other notes receivable, office buildings, self-storage facilities, corporate-level debt and the Management Company.

(2) Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company's revenues disaggregated by revenue source for each of the above segments.

(3) Property operating expenses include property operating, real estate taxes and maintenance and repairs.

(4) Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates.  Developments in progress are included in the All Other category.