Combined Guarantor Subsidiaries - Segment Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Statements Captions [Line Items]

NOTE 12. 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. The accounting policies of the reportable segments are the same as those described in Note 2 .

Information on the Company’s reportable segments is presented as follows:

Year Ended December 31, 2019	Malls			All Other ⁽¹⁾			Total
Revenues ⁽²⁾	$	699,698		$	68,998		$	768,696
Property operating expenses ⁽³⁾		( 216,771	)		( 13,881	)		( 230,652	)
Interest expense		( 86,152	)		( 120,109	)		( 206,261	)
Other expense		—			( 91	)		( 91	)
Gain on sales of real estate assets		1,226			15,048			16,274
Segment profit (loss)	$	398,001		$	( 50,035	)		347,966
Depreciation and amortization								( 257,746	)
General and administrative expense								( 64,181	)
Litigation settlement								( 61,754	)
Interest and other income								2,764
Gain on extinguishment of debt								71,722
Loss on impairment								( 239,521	)
Gain on investments/deconsolidation								67,242
Income tax provision								( 3,153	)
Equity in earnings of unconsolidated affiliates								4,940
Net loss							$	( 131,721	)
Total assets	$	4,180,515		$	441,831		$	4,622,346
Capital expenditures ⁽⁴⁾	$	130,502		$	11,057		$	141,559

Year Ended December 31, 2018	Malls			All Other ⁽¹⁾			Total
Revenues ⁽²⁾	$	783,194		$	75,363		$	858,557
Property operating expenses ⁽³⁾		( 236,807	)		( 15,805	)		( 252,612	)
Interest expense		( 103,162	)		( 116,876	)		( 220,038	)
Other expense		( 85	)		( 702	)		( 787	)
Gain on sales of real estate assets		799			18,202			19,001
Segment profit (loss)	$	443,939		$	( 39,818	)		404,121
Depreciation and amortization								( 285,401	)
General and administrative expense								( 61,506	)
Interest and other income								1,858
Loss on impairment								( 174,529	)
Income tax benefit								1,551
Equity in earnings of unconsolidated affiliates								14,677
Net loss							$	( 99,229	)
Total assets	$	4,868,141		$	472,712		$	5,340,853
Capital expenditures ⁽⁴⁾	$	132,187		$	12,772		$	144,959

Year Ended December 31, 2017	Malls			All Other ⁽¹⁾			Total
Revenues ⁽²⁾	$	847,979		$	79,273		$	927,252
Property operating expenses ⁽³⁾		( 244,282	)		( 16,271	)		( 260,553	)
Interest expense		( 120,414	)		( 98,266	)		( 218,680	)
Other expense		—			( 5,180	)		( 5,180	)
Gain on sales of real estate assets		75,980			17,812			93,792
Segment profit (loss)	$	559,263		$	( 22,632	)		536,631
Depreciation and amortization								( 299,090	)
General and administrative expense								( 58,466	)
Interest and other income								1,706
Gain on extinguishment of debt								30,927
Loss on impairment								( 71,401	)
Loss on investment								( 6,197	)
Equity in earnings of unconsolidated affiliates								22,939
Net income before income tax benefit							$	157,049

(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 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.

Guarantor Subsidiaries

Condensed Financial Statements Captions [Line Items]

Segment Information

Note 11 – Segment Information

The Combined Guarantor Subsidiaries measure performance and allocate 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. The accounting policies of the reportable segments are the same as those described in Note 2 .

Information on the Combined Guarantor Subsidiaries' segments is presented as follows:

Year Ended December 31, 2019	Malls			All Other ⁽¹⁾			Total
Revenues	$	274,772		$	10,218		$	284,990
Property operating expenses ⁽²⁾		( 84,273	)		( 2,177	)		( 86,450	)
Interest expense		( 15,246	)		—			( 15,246	)
Other expense		( 638	)		( 2	)		( 640	)
Gain on sales of real estate assets		22			—			22
Segment profit	$	174,637		$	8,039			182,676
Depreciation and amortization expense								( 94,221	)
Interest and other income								4,078
Gain on extinguishment of debt								61,796
Loss on impairment								( 60,170	)
Net income							$	94,159
Capital expenditures ⁽³⁾	$	37,120		$	864		$	37,984

Year Ended December 31, 2018	Malls			All Other ⁽¹⁾			Total
Revenues	$	308,193		$	10,732		$	318,925
Property operating expenses ⁽²⁾		( 90,047	)		( 2,633	)		( 92,680	)
Interest expense		( 24,668	)		—			( 24,668	)
Other expense		( 41	)		—			( 41	)
Gain on sales of real estate assets		2,406			—			2,406
Segment profit	$	195,843		$	8,099			203,942
Depreciation and amortization expense								( 97,929	)
Interest and other income								7,038
Net income							$	113,051
Capital expenditures⁽³⁾	$	35,966		$	611		$	36,577

Year Ended December 31, 2017	Malls			All Other⁽¹⁾			Total
Revenues	$	333,247		$	10,810		$	344,057
Property operating expenses⁽²⁾		( 92,932	)		( 2,480	)		( 95,412	)
Interest expense		( 39,408	)		( 11	)		( 39,419	)
Other expense		( 7	)		( 1	)		( 8	)
Gain on sales of real estate assets		38,247			—			38,247
Segment profit	$	239,147		$	8,318			247,465
Depreciation and amortization expense								( 106,836	)
Interest and other income								5,485
Gain on extinguishment of debt								28,815
Loss on impairment								( 43,007	)
Net income							$	131,922
Capital expenditures⁽³⁾	$	78,865		$	157		$	79,022

Total Assets	Malls		All Other ⁽¹⁾		Total
December 31, 2019	$	1,519,558	$	137,555	$	1,657,113

December 31, 2018	$	1,697,211	$	144,649	$	1,841,860

(1)	The All Other category includes associated centers and notes receivable.

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

(3)	Amounts include acquisitions of real estate assets. Developments in progress are included in the All Other category.