Combined Guarantor Subsidiaries - Segment Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Statements Captions [Line Items]

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.