XML 36 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information
 6 Months Ended
Jun. 30, 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 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
)
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
64,349

Income tax benefit
 
 
 
 
 
 
 
 
 
51

Income from continuing operations
 
 
 
 
 
 
 
 
 
$
73,097

Capital expenditures (3)
 
$
12,770

 
$
1,671

 
$
540

 
$
16,393

 
$
31,374


Three Months Ended June 30, 2015
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
223,744

 
$
10,064

 
$
5,013

 
$
15,022

 
$
253,843

Property operating expenses (2)
 
(65,048
)
 
(2,350
)
 
(1,154
)
 
730

 
(67,822
)
Interest expense
 
(43,882
)
 
(1,873
)
 
(1,035
)
 
(11,964
)
 
(58,754
)
Other expense
 
—

 
—

 
—

 
(5,928
)
 
(5,928
)
Gain on sales of real estate assets
 
—

 
13,491

 
—

 
682

 
14,173

Segment profit (loss)
 
$
114,814

 
$
19,332

 
$
2,824

 
$
(1,458
)
 
135,512

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(71,239
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(16,215
)
Interest and other income
 
 

 
 

 
 

 
 

 
389

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
256

Loss on impairment
 
 
 
 
 
 
 
 
 
(2,781
)
Equity in earnings of unconsolidated affiliates
 
 

 
 

 
 

 
 

 
4,881

Income tax provision
 
 

 
 

 
 

 
 

 
(2,472
)
Income from continuing operations
 
 

 
 

 
 

 
 

 
$
48,331

Capital expenditures (3)
 
$
229,931

 
$
4,518

 
$
1,197

 
$
17,340

 
$
252,986




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
)
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
96,739

Income tax benefit
 
 
 
 
 
 
 
 
 
588

Income from continuing operations
 
 
 
 
 
 
 
 
 
$
114,989

Capital expenditures (3)
 
$
61,321

 
$
3,097

 
$
968

 
$
17,134

 
$
82,520


Six Months Ended June 30, 2015
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
454,015

 
$
20,471

 
$
9,694

 
$
30,572

 
$
514,752

Property operating expenses (2)
 
(138,997
)
 
(4,946
)
 
(2,278
)
 
2,494

 
(143,727
)
Interest expense
 
(87,580
)
 
(3,829
)
 
(2,230
)
 
(24,272
)
 
(117,911
)
Other expense
 
—

 
—

 
—

 
(12,404
)
 
(12,404
)
Gain on sales of real estate assets
 
264

 
13,491

 
—

 
1,175

 
14,930

Segment profit (loss)
 
$
227,702

 
$
25,187

 
$
5,186

 
$
(2,435
)
 
255,640

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(147,505
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(33,445
)
Interest and other income
 
 

 
 

 
 

 
 

 
5,663

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
256

Loss on impairment
 
 
 
 
 
 
 
 
 
(2,781
)
Gain on investment
 
 
 
 
 
 
 
 
 
16,560

Equity in earnings of unconsolidated affiliates
 
 

 
 

 
 

 
 

 
8,704

Income tax provision
 
 

 
 

 
 

 
 

 
(1,556
)
Income from continuing operations
 
 

 
 

 
 

 
 
 
$
101,536

Capital expenditures (3)
 
$
260,297

 
$
1,390

 
$
1,395

 
$
13,429

 
$
276,511

Total Assets
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
June 30, 2016
 
$
5,538,204

 
$
247,326

 
$
266,368

 
$
228,238

 
$
6,280,136

 
 
 
 
 
 
 
 
 
 
 
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.