XML 50 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Combined Guarantor Subsidiaries - Segment Information
 6 Months Ended
Jun. 30, 2020
Condensed Financial Statements Captions [Line Items]  
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.

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 June 30, 2020

 

Malls

 

 

All Other (1)

 

 

Total

 

Revenues

 

$

45,941

 

 

$

2,042

 

 

$

47,983

 

Property operating expenses (2)

 

 

( 15,329

)

 

 

( 428

)

 

 

( 15,757

)

Interest expense

 

 

( 4,334

)

 

 

—

 

 

 

( 4,334

)

Gain on sales of real estate assets

 

 

650

 

 

 

—

 

 

 

650

 

Segment profit

 

$

26,928

 

 

$

1,614

 

 

 

28,542

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

 

 

( 21,437

)

Interest and other income

 

 

 

 

 

 

 

 

 

 

952

 

Net income

 

 

 

 

 

 

 

 

 

$

8,057

 

Capital expenditures (3)

 

$

4,312

 

 

$

34

 

 

$

4,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

Malls

 

 

All Other (1)

 

 

Total

 

Revenues

 

$

66,403

 

 

$

2,465

 

 

$

68,868

 

Property operating expenses (2)

 

 

( 19,840

)

 

 

( 581

)

 

 

( 20,421

)

Interest expense

 

 

( 3,412

)

 

 

—

 

 

 

( 3,412

)

Other expense

 

 

( 627

)

 

 

—

 

 

 

( 627

)

Segment profit

 

$

42,524

 

 

$

1,884

 

 

 

44,408

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

 

 

( 22,717

)

Interest and other income

 

 

 

 

 

 

 

 

 

 

1,084

 

Net income

 

 

 

 

 

 

 

 

 

$

22,775

 

Capital expenditures (3)

 

$

15,911

 

 

$

23

 

 

$

15,934

 

 

Six Months Ended June 30, 2020

 

Malls

 

 

All Other (1)

 

 

Total

 

Revenues

 

$

108,985

 

 

$

4,425

 

 

$

113,410

 

Property operating expenses (2)

 

 

( 36,719

)

 

 

( 1,034

)

 

 

( 37,753

)

Interest expense

 

 

( 8,106

)

 

 

—

 

 

 

( 8,106

)

Gain on sales of real estate assets

 

 

650

 

 

 

—

 

 

 

650

 

Segment profit

 

$

64,810

 

 

$

3,391

 

 

 

68,201

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

 

 

( 43,301

)

Interest and other income

 

 

 

 

 

 

 

 

 

 

1,992

 

Net income

 

 

 

 

 

 

 

 

 

$

26,892

 

Capital expenditures (3)

 

$

11,615

 

 

$

659

 

 

$

12,274

 

 

Six Months Ended June 30, 2019

 

Malls

 

 

All Other (1)

 

 

Total

 

Revenues

 

$

136,803

 

 

$

5,056

 

 

$

141,859

 

Property operating expenses (2)

 

 

( 42,009

)

 

 

( 1,177

)

 

 

( 43,186

)

Interest expense

 

 

( 7,397

)

 

 

—

 

 

 

( 7,397

)

Other expense

 

 

( 627

)

 

 

—

 

 

 

( 627

)

Segment profit

 

$

86,770

 

 

$

3,879

 

 

 

90,649

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

 

 

( 46,818

)

Interest and other income

 

 

 

 

 

 

 

 

 

 

2,027

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

61,796

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

( 22,770

)

Net income

 

 

 

 

 

 

 

 

 

$

84,884

 

Capital expenditures (3)

 

$

18,529

 

 

$

23

 

 

$

18,552

 

 

Total Assets

 

Malls

 

 

All Other (1)

 

 

Total

 

June 30, 2020

 

$

1,505,640

 

 

$

136,571

 

 

$

1,642,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.