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Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
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 March 31, 2021

 

Malls

 

 

All

Other (1)

 

 

Total

 

Revenues (2)

 

$

119,328

 

 

$

13,856

 

 

$

133,184

 

Property operating expenses (3)

 

 

(45,595

)

 

 

(3,539

)

 

 

(49,134

)

Interest expense

 

 

(23,170

)

 

 

(960

)

 

 

(24,130

)

Loss on sales of real estate assets

 

 

—

 

 

 

(299

)

 

 

(299

)

Segment profit

 

$

50,563

 

 

$

9,058

 

 

 

59,621

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

(48,112

)

General and administrative expense

 

 

 

 

 

 

 

 

 

 

(12,612

)

Litigation settlement

 

 

 

 

 

 

 

 

 

 

858

 

Interest and other income

 

 

 

 

 

 

 

 

 

 

776

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

(57,182

)

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

55,131

 

Reorganization items

 

 

 

 

 

 

 

 

 

 

(22,933

)

Income tax provision

 

 

 

 

 

 

 

 

 

 

(751

)

Equity in losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

(3,076

)

Net loss

 

 

 

 

 

 

 

 

 

$

(28,280

)

Capital expenditures (4)

 

$

3,491

 

 

$

637

 

 

$

4,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Total assets

 

Malls

 

 

All

Other (1)

 

 

Total

 

March 31, 2021

 

$

3,497,709

 

 

$

782,478

 

 

$

4,280,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

3,702,523

 

 

 

741,217

 

 

 

4,443,740

 

 

(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 4 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.