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Segment Information
 9 Months Ended
Sep. 30, 2013
Segment Reporting [Abstract]  
Segment Information

16. 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 14) (in thousands):

 

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

Total revenues

    $ 219,354     $ 14          $ 219,368  

Operating expenses(B)

      (87,330 )      (75 )           (87,405 ) 
  

 

 

    

 

 

         

 

 

  

Net operating income (loss)

      132,024       (61 )           131,963  

Depreciation and amortization

      (74,141 )             (74,141 ) 

Interest income

        6,691            6,691  

Other income (expense), net

           $ (2,282 )      (2,282 ) 

Unallocated expenses(C)

             (77,588 )      (77,588 ) 

Equity in net (loss) income of joint ventures

      (660 )      $ 4,440          3,780  
           

 

 

  

Loss from continuing operations

             $ (11,577 ) 
           

 

 

  

 

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

Total revenues

    $ 197,272     $ 5          $ 197,277  

Operating expenses(B)

      (58,365 )      (150 )           (58,515 ) 
  

 

 

    

 

 

         

 

 

  

Net operating income (loss)

      138,907       (145 )           138,762  

Depreciation and amortization

      (59,620 )             (59,620 ) 

Interest income

        5,661            5,661  

Other income (expense), net

           $ (1,868 )      (1,868 ) 

Gain on change in control of interests

      40,645              40,645  

Unallocated expenses(C)

             (72,534 )      (72,534 ) 

Equity in net (loss) income of joint ventures

      (441 )      $ 5,927          5,486  

Impairment of joint venture investments

               (26,111 ) 
           

 

 

  

Income from continuing operations

             $ 30,421  
           

 

 

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

Total revenues

    $ 640,012     $ 29          $ 640,041  

Operating expenses(B)

      (238,109 )      (377 )           (238,486 ) 
  

 

 

    

 

 

         

 

 

  

Net operating income (loss)

      401,903       (348 )           401,555  

Depreciation and amortization

      (211,200 )             (211,200 ) 

Interest income

        20,365            20,365  

Other income (expense), net

           $ (3,288 )      (3,288 ) 

Gain on change in control on interests

      1,066              1,066  

Unallocated expenses(C)

             (228,594 )      (228,594 ) 

Equity in net (loss) income of joint ventures

      (7,677 )      $ 13,220          5,543  
           

 

 

  

Loss from continuing operations

             $ (14,553 ) 
           

 

 

  

As of September 30, 2013:

            

Total gross real estate assets

    $ 8,921,305            $ 8,921,305  
  

 

 

           

 

 

  

Notes receivable, net

      $ 302,130 (D)       $ (224,273 )(D)    $ 77,857  
    

 

 

       

 

 

    

 

 

  

 

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

Total revenues

    $ 571,042     $ 12          $ 571,054  

Operating expenses(B)

      (210,800 )      (433 )           (211,233 ) 
  

 

 

    

 

 

         

 

 

  

Net operating income (loss)

      360,242       (421 )           359,821  

Depreciation and amortization

      (178,535 )             (178,535 ) 

Interest income

        9,829            9,829  

Other income (expense), net

           $ (7,100 )      (7,100 ) 

Gain on change in control of interests

      79,993              79,993  

Unallocated expenses(C)

             (232,187 )      (232,187 ) 

Equity in net (loss) income of joint ventures

      (3,484 )      $ 20,450          16,966  

Impairment of joint venture investments

               (26,671 ) 
           

 

 

  

Income from continuing operations

             $ 22,116  
           

 

 

  

As of September 30, 2012:

            

Total gross real estate assets

    $ 8,583,201          $ 7,093     $ 8,590,294  
  

 

 

         

 

 

    

 

 

  

Notes receivable, net

      $ 240,583 (D)       $ (177,470 )(D)    $ 63,113  
    

 

 

       

 

 

    

 

 

  

 

(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 $24.1 million and $2.6 million for the three-month periods ended September 30, 2013 and 2012, respectively, and $54.1 million and $44.7 million for the nine-month periods ended September 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.