Combined Guarantor Subsidiaries - Segment Information

3 Months Ended

Mar. 31, 2020

Condensed Financial Statements Captions [Line Items]

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 March 31, 2020	Malls			All Other ⁽¹⁾			Total
Revenues ⁽²⁾	$	153,351		$	14,223		$	167,574
Property operating expenses ⁽³⁾		( 52,098	)		( 3,267	)		( 55,365	)
Interest expense		( 18,147	)		( 28,845	)		( 46,992	)
Other expense		—			( 158	)		( 158	)
Gain (loss) on sales of real estate assets		( 25	)		165			140
Segment profit (loss)	$	83,081		$	( 17,882	)		65,199
Depreciation and amortization								( 55,902	)
General and administrative expense								( 17,836	)
Interest and other income								2,397
Loss on impairment								( 133,644	)
Income tax provision								( 526	)
Equity in earnings of unconsolidated affiliates								1,018
Net loss							$	( 139,294	)
Capital expenditures ⁽⁴⁾	$	18,056		$	2,276		$	20,332

Three Months Ended March 31, 2019	Malls			All Other ⁽¹⁾			Total
Revenues ⁽²⁾	$	183,864		$	14,166		$	198,030
Property operating expenses ⁽³⁾		( 57,181	)		( 4,494	)		( 61,675	)
Interest expense		( 23,190	)		( 30,808	)		( 53,998	)
Gain on sales of real estate assets		—			228			228
Segment profit (loss)	$	103,493		$	( 20,908	)		82,585
Depreciation and amortization								( 69,792	)
General and administrative expense								( 22,007	)
Litigation settlement								( 88,150	)
Interest and other income								489
Gain on extinguishment of debt								71,722
Loss on impairment								( 24,825	)
Income tax provision								( 139	)
Equity in earnings of unconsolidated affiliates								3,308
Net loss							$	( 46,809	)
Capital expenditures ⁽⁴⁾	$	28,024		$	115		$	28,139

Total Assets	Malls		All Other ⁽¹⁾		Total
March 31, 2020	$	3,998,280	$	723,035	$	4,721,315

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.

Guarantor Subsidiaries

Condensed Financial Statements Captions [Line Items]

Segment Information

Note 9 – 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.

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

Three Months Ended March 31, 2020	Malls			All Other ⁽¹⁾			Total
Revenues	$	63,045		$	2,382		$	65,427
Property operating expenses ⁽²⁾		( 21,390	)		( 606	)		( 21,996	)
Interest expense		( 3,772	)		—			( 3,772	)
Segment profit	$	37,883		$	1,776			39,659
Depreciation and amortization expense								( 21,864	)
Interest and other income								1,040
Net income							$	18,835
Capital expenditures ⁽³⁾	$	7,303		$	625		$	7,928

Three Months Ended March 31, 2019	Malls			All Other ⁽¹⁾			Total
Revenues	$	70,400		$	2,592		$	72,992
Property operating expenses ⁽²⁾		( 22,169	)		( 596	)		( 22,765	)
Interest expense		( 3,985	)		—			( 3,985	)
Segment profit	$	44,246		$	1,996			46,242
Depreciation and amortization expense								( 24,101	)
Interest and other income								942
Gain on extinguishment of debt								61,796
Loss on impairment								( 22,770	)
Net income							$	62,109
Capital expenditures ⁽³⁾	$	2,618		$	—		$	2,618

Total Assets	Malls		All Other ⁽¹⁾		Total
March 31, 2020	$	1,498,319	$	138,651	$	1,636,970

December 31, 2019	$	1,519,558	$	137,555	$	1,657,113

(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.