XML 82 R21.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segment Information
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Segment Information

14.

Segment Information

At March 31, 2015, the Company had two reportable operating segments: shopping centers and loan investments.  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 in 2014 (Note 12) (in thousands):

 

 

Three-Month Period Ended March 31, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

258,770

 

 

$

55

 

 

 

 

 

 

$

258,825

 

Operating expenses(A)

 

(355,357

)

 

 

(19

)

 

 

 

 

 

 

(355,376

)

Net operating (loss) income

 

(96,587

)

 

 

36

 

 

 

 

 

 

 

(96,551

)

Depreciation and amortization

 

(103,015

)

 

 

 

 

 

 

 

 

 

 

(103,015

)

Interest income

 

 

 

 

 

7,161

 

 

 

 

 

 

 

7,161

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(3,428

)

 

 

(3,428

)

Unallocated expenses(B)

 

 

 

 

 

 

 

 

 

(86,515

)

 

 

(86,515

)

Equity in net income of joint ventures

 

61

 

 

 

 

 

 

 

 

 

 

 

61

 

Gain on change in control of interests

 

14,279

 

 

 

 

 

 

 

 

 

 

 

14,279

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(268,008

)

As of March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,047,415

 

 

 

 

 

 

 

 

 

 

$

10,047,415

 

Notes receivable, net(C)

 

 

 

 

$

354,205

 

 

$

(307,021

)

 

$

47,184

 

 

 

Three-Month Period Ended March 31, 2014

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

241,475

 

 

$

37

 

 

 

 

 

 

$

241,512

 

Operating expenses(A)

 

(72,842

)

 

 

(50

)

 

 

 

 

 

 

(72,892

)

Net operating income (loss)

 

168,633

 

 

 

(13

)

 

 

 

 

 

 

168,620

 

Depreciation and amortization

 

(103,619

)

 

 

 

 

 

 

 

 

 

 

(103,619

)

Interest income

 

 

 

 

 

3,127

 

 

 

 

 

 

 

3,127

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(4,183

)

 

 

(4,183

)

Unallocated expenses(B)

 

 

 

 

 

 

 

 

 

(80,635

)

 

 

(80,635

)

Equity in net income of joint ventures

 

5,172

 

 

 

 

 

 

 

318

 

 

 

5,490

 

Impairment of joint venture investments

 

(9,100

)

 

 

 

 

 

 

 

 

 

 

(9,100

)

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(20,300

)

As of March 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,097,422

 

 

 

 

 

 

 

 

 

 

$

10,097,422

 

Notes receivable, net(C)

 

 

 

 

$

144,901

 

 

$

(65,956

)

 

$

78,945

 

 

(A)

Includes impairment charges of $279.0 million and $2.3 million for the three-month periods ended March 31, 2015 and 2014, respectively.  

(B)

Unallocated expenses consist of General and Administrative expenses, Interest Expense and Tax Expense as listed in the consolidated statements of operations.  

(C)

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