Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Company's Combined Shopping and Office Properties Portfolios

The following table summarizes the Company’s shopping centers and office properties (none remaining at December 31, 2013 or 2012). The table includes those assets located in Brazil:


	December 31,
	2013		2012		2011
Shopping centers owned		416		452		432
Joint ventures		173		209		179
States^(A)		39		39		38
Office properties		—		—		5
States		—		—		3

(A)	Excludes shopping centers owned in Puerto Rico and Brazil.

Company's Reportable Segments

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


	For the Year Ended December 31, 2013
	Shopping Centers			Loan Investments			Brazil Equity Investment^(A)		Other			Total
Total revenues	$	888,743		$	45							$	888,788
Operating expenses^(B)		(299,890	)		(452	)							(300,342	)

Net operating income (loss)		588,853			(407	)							588,446
Depreciation and amortization		(318,076	)										(318,076	)
Interest income					23,539								23,539
Other income (expense), net									$	(6,629	)		(6,629	)
Unallocated expenses^(C)										(311,138	)		(311,138	)
Equity in net (loss) income of joint ventures		(10,020	)				$	16,839					6,819
Impairment of joint venture investments		(980	)										(980	)
Gain on change in control and sale of interests, net		19,906											19,906

Income from continuing operations												$	1,887

As of December 31, 2013:
Total gross real estate assets	$	10,228,061										$	10,228,061

Notes receivable, net^(D)				$	143,989				$	(65,651	)	$	78,338


	For the Year Ended December 31, 2012
	Shopping Centers			Loan Investments			Brazil Equity Investment^(A)		Other			Total
Total revenues	$	761,439		$	17							$	761,456
Operating expenses^(B)		(281,179	)		(583	)							(281,762	)

Net operating income (loss)		480,260			(566	)							479,694
Depreciation and amortization		(238,464	)										(238,464	)
Interest income					15,799								15,799
Other income (expense), net					(4,313	)			$	(13,513	)		(17,826	)
Unallocated expenses^(C)										(304,343	)		(304,343	)
Equity in net (loss) income of joint ventures		(2,570	)				$	37,820					35,250
Impairment of joint venture investments		(26,671	)										(26,671	)
Gain on change in control and sale of interests, net		78,127											78,127

Income from continuing operations												$	21,566

As of December 31, 2012:
Total gross real estate assets	$	8,639,111										$	8,639,111

Notes receivable, net^(D)				$	246,907				$	(178,189	)	$	68,718


	For the Year Ended December 31, 2011
	Shopping Centers			Loan Investments			Brazil Equity Investment^(A)		Other			Total
Total revenues	$	713,711		$	87							$	713,798
Operating expenses^(B)		(277,726	)		(13	)							(277,739	)

Net operating income		435,985			74								436,059
Depreciation and amortization		(205,258	)										(205,258	)
Interest income					9,832								9,832
Other income (expense), net					(5,000	)			$	13			(4,987	)
Unallocated expenses^(C)										(277,232	)		(277,232	)
Equity in net (loss) income of joint ventures		(6,747	)				$	20,481					13,734
Impairment of joint venture investments		(2,921	)										(2,921	)
Gain on change in control and sale of interests, net		25,170											25,170

Loss from continuing operations												$	(5,603	)

As of December 31, 2011:
Total gross real estate assets	$	8,222,384							$	47,722		$	8,270,106

Notes receivable, net				$	84,541				$	9,364		$	93,905

(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 $45.0 million, $58.8 million and $63.2 million for the years ended December 31, 2013, 2012 and 2011, respectively.

(C)	Unallocated expenses consist of general and administrative expenses, interest expense, loss on debt retirement, gain on equity derivative instruments and tax expense as listed in the consolidated statements of operations.

(D)	Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the consolidated balance sheets.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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