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Segment Information
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Segment Information
15. SEGMENT INFORMATION

The Company has three reportable operating segments: shopping centers, loan investments and Brazil equity investment. Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of the revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregation criteria under the applicable standard.

 

The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations (Note 13) (in thousands):

 

                                                                                         
     Three-Month Period Ended March 31, 2013  
     Shopping
Centers		     Loan
Investments		     Brazil  Equity
Investment(A)		      Other     Total  

Total revenues

    $ 210,832     $ 5           $ 210,837  

Operating expenses(B)

      (68,375 )      (150 )           (68,525 ) 
  

 

 

    

 

 

         

 

 

  

Net operating income (loss)

      142,457       (145 )           142,312  

Depreciation and amortization

      (68,980 )             (68,980 ) 

Interest income

        7,877             7,877  

Other income (expense), net

           $ (2,901 )      (2,901 ) 

Unallocated expenses(C)

             (75,021 )      (75,021 ) 

Equity in net (loss) income of joint ventures

      (1,330 )      $ 4,284           2,954  
           

 

 

  

Income from continuing operations

             $ 6,241  
           

 

 

  

As of March 31, 2013:

            

Total gross real estate assets

    $ 8,715,170            $ 8,715,170  
  

 

 

           

 

 

  

Notes receivable, net

      $ 236,630  (D)       $ (179,072 ) (D)    $ 57,558  
    

 

 

       

 

 

    

 

 

  

 

                                                                                         
     Three-Month Period Ended March 31, 2012  
     Shopping
Centers		     Loan
Investments		     Brazil  Equity
Investment(A)		      Other     Total  

Total revenues

    $ 190,577     $ 7          $ 190,584  

Operating expenses(B)

      (59,103 )      (133 )           (59,236 ) 
  

 

 

    

 

 

         

 

 

  

Net operating income (loss)

      131,474       (126 )           131,348  

Depreciation and amortization

      (58,779 )             (58,779 ) 

Interest income

        1,841            1,841  

Other income (expense), net

           $ (1,602 )     (1,602 ) 

Unallocated expenses(C)

             (80,312 )     (80,312 ) 
           

Equity in net (loss) income of joint ventures

      (659 )      $ 8,907          8,248  

Impairment of joint venture investments

               (560 ) 
           

 

 

  

Income from continuing operations

             $ 184  
           

 

 

  

As of March 31, 2012:

            

Total gross real estate assets

    $ 8,234,810          $    47,511     $ 8,282,321  
  

 

 

         

 

 

    

 

 

  

Notes receivable, net

      $   85,611        $ 9,493     $ 95,104  
    

 

 

       

 

 

    

 

 

  

 

(A) The carrying value of the Brazil Equity Investment is not a measure used by executive management for purposes of decision making related to asset allocation or performance assessment of this segment.
(B) Includes impairment charges of $6.9 million and $1.5 million for the three-month periods ended March 31, 2013 and 2012, respectively.
(C) Unallocated expenses consist of general and administrative expenses, interest expense, loss/gain on debt retirement, and tax benefit/expense as listed in the condensed consolidated statements of operations.
(D) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheet.