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Segment Information (Tables)
6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Company's Reportable Segments

The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations (Note 14) (in thousands):

 

                                                                                                        
     Three-Month Period Ended June 30, 2013  
     Shopping
Centers
    Loan
Investments
    Brazil  Equity
Investment
(A)
     Other     Total  

Total revenues

   $   217,078     $ 9          $   217,087  

Operating expenses(B)

     (96,255     (151          (96,406
  

 

 

   

 

 

        

 

 

 

Net operating income (loss)

     120,823       (142          120,681  

Depreciation and amortization

     (69,887            (69,887

Interest income

           5,797            5,797  

Other income (expense), net

          $       1,895       1,895  

Gain on change in control of interests

     1,066              1,066  

Unallocated expenses(C)

            (77,649     (77,649

Equity in net (loss) income of joint ventures

     (5,687     $   4,496          (1,191
           

 

 

 

Loss from continuing operations

            $ (19,288
           

 

 

 

 

                                                                                                        
     Three-Month Period Ended June 30, 2012  
     Shopping
Centers
    Loan
Investments
    Brazil  Equity
Investment
(A)
     Other     Total  

Total revenues

   $   190,694     $ —            $   190,694  

Operating expenses(B)

     (96,985     (150          (97,135
  

 

 

   

 

 

        

 

 

 

Net operating income (loss)

     93,709       (150          93,559  

Depreciation and amortization

     (62,247            (62,247

Interest income

           2,328            2,328  

Other income (expense), net

          $ (3,656 )     (3,656

Gain on change in control of interests

     39,348              39,348  

Unallocated expenses(C)

            (81,075 )     (81,075

Equity in net (loss) income of joint ventures

     (2,383     $   5,615          3,232  
           

 

 

 

Loss from continuing operations

            $ (8,511
           

 

 

 

 

                                                                                    
     Six-Month Period Ended June 30, 2013  
     Shopping
Centers
    Loan
Investments
    Brazil  Equity
Investment
(A)
     Other     Total  

Total revenues

   $ 425,916     $ 14          $ 425,930  

Operating expenses(B)

     (159,937     (301          (160,238
  

 

 

   

 

 

        

 

 

 

Net operating income (loss)

     265,979       (287          265,692  

Depreciation and amortization

     (138,331            (138,331

Interest income

       13,674            13,674  

Other income (expense), net

          $ (1,006     (1,006

Gain on change in control on interests

     1,066              1,066  

Unallocated expenses(C)

            (152,200     (152,200

Equity in net (loss) income of joint ventures

     (7,017     $   8,780          1,763  
           

 

 

 

Loss from continuing operations

            $ (9,342
           

 

 

 

As of June 30, 2013:

           

Total gross real estate assets

   $ 8,761,681            $ 8,761,681  
  

 

 

          

 

 

 

Notes receivable, net

     $ 261,894 (D)       $ (190,818 )(D)    $ 71,076  
    

 

 

      

 

 

   

 

 

 

 

                                                                                    
     Six-Month Period Ended June 30, 2012  
     Shopping
Centers
    Loan
Investments
    Brazil  Equity
Investment
(A)
     Other     Total  

Total revenues

   $ 379,281     $ 8          $ 379,289  

Operating expenses(B)

     (154,010     (284          (154,294
  

 

 

   

 

 

        

 

 

 

Net operating income (loss)

     225,271       (276          224,995  

Depreciation and amortization

     (120,315            (120,315

Interest income

       4,168            4,168  

Other income (expense), net

          $ (5,233     (5,233

Gain on change in control of interests

     39,348              39,348  

Unallocated expenses(C)

            (160,905 )     (160,905

Equity in net (loss) income of joint ventures

     (3,042     $ 14,522          11,480  

Impairment of joint venture investments

              (560
           

 

 

 

Loss from continuing operations

            $ (7,022
           

 

 

 

As of June 30, 2012:

           

Total gross real estate assets

   $ 8,241,982          $ 9,771     $ 8,251,753  
  

 

 

        

 

 

   

 

 

 

Notes receivable, net

     $ 236,433        $ (173,935 )(D)    $ 62,498  
    

 

 

      

 

 

   

 

 

 

 

(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 $34.4 million and $42.1 million for the three-month periods ended June 30, 2013 and 2012, respectively, and $37.5 million and $42.1 million for the six-month periods ended June 30, 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.