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Segment Information
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Segment Information

14.

Segment Information

At June 30, 2015, the Company had two reportable operating segments:  shopping centers and loan investments.  The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital.  The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items.  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 Months Ended June 30, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

257,283

 

 

$

40

 

 

 

 

 

 

$

257,323

 

Operating expenses

 

(73,809

)

 

 

(17

)

 

 

 

 

 

 

(73,826

)

Net operating income

 

183,474

 

 

 

23

 

 

 

 

 

 

 

183,497

 

Depreciation and amortization

 

(99,300

)

 

 

 

 

 

 

 

 

 

 

(99,300

)

Interest income

 

 

 

 

 

7,211

 

 

 

 

 

 

 

7,211

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

2,368

 

 

 

2,368

 

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(81,131

)

 

 

(81,131

)

Equity in net income of joint ventures

 

1,642

 

 

 

 

 

 

 

 

 

 

 

1,642

 

Loss on sale and change in control of interests, net

 

(6,507

)

 

 

 

 

 

 

 

 

 

 

(6,507

)

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

7,780

 

 

 

Three Months Ended June 30, 2014

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

241,949

 

 

$

91

 

 

 

 

 

 

$

242,040

 

Operating expenses(B)

 

(83,416

)

 

 

(1

)

 

 

 

 

 

 

(83,417

)

Net operating income

 

158,533

 

 

 

90

 

 

 

 

 

 

 

158,623

 

Depreciation and amortization

 

(95,203

)

 

 

 

 

 

 

 

 

 

 

(95,203

)

Interest income

 

 

 

 

 

3,158

 

 

 

 

 

 

 

3,158

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(4,100

)

 

 

(4,100

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(79,361

)

 

 

(79,361

)

Equity in net income of joint ventures

 

964

 

 

 

 

 

 

 

167

 

 

 

1,131

 

Gain on sale and change in control of interests, net

 

83,830

 

 

 

 

 

 

 

 

 

 

 

83,830

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

68,078

 

 

 

Six Months Ended June 30, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

516,053

 

 

$

95

 

 

 

 

 

 

$

516,148

 

Operating expenses(B)

 

(429,166

)

 

 

(36

)

 

 

 

 

 

 

(429,202

)

Net operating income

 

86,887

 

 

 

59

 

 

 

 

 

 

 

86,946

 

Depreciation and amortization

 

(202,315

)

 

 

 

 

 

 

 

 

 

 

(202,315

)

Interest income

 

 

 

 

 

14,372

 

 

 

 

 

 

 

14,372

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(1,060

)

 

 

(1,060

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(167,646

)

 

 

(167,646

)

Equity in net income of joint ventures

 

1,703

 

 

 

 

 

 

 

 

 

 

 

1,703

 

Gain on sale and change in control of interests, net

 

7,772

 

 

 

 

 

 

 

 

 

 

 

7,772

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(260,228

)

As of June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,180,374

 

 

 

 

 

 

 

 

 

 

$

10,180,374

 

Notes receivable, net(C)

 

 

 

 

$

355,911

 

 

$

(308,607

)

 

$

47,304

 

 

 

Six Months Ended June 30, 2014

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

483,425

 

 

$

127

 

 

 

 

 

 

$

483,552

 

Operating expenses(B)

 

(156,258

)

 

 

(51

)

 

 

 

 

 

 

(156,309

)

Net operating income

 

327,167

 

 

 

76

 

 

 

 

 

 

 

327,243

 

Depreciation and amortization

 

(198,823

)

 

 

 

 

 

 

 

 

 

 

(198,823

)

Interest income

 

 

 

 

 

6,286

 

 

 

 

 

 

 

6,286

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(8,283

)

 

 

(8,283

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(159,997

)

 

 

(159,997

)

Equity in net income of joint ventures

 

6,135

 

 

 

 

 

 

 

486

 

 

 

6,621

 

Impairment of joint venture investments

 

(9,100

)

 

 

 

 

 

 

 

 

 

 

(9,100

)

Gain on sale and change in control of interests, net

 

83,830

 

 

 

 

 

 

 

 

 

 

 

83,830

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

47,777

 

As of June 30, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,352,011

 

 

 

 

 

 

 

 

 

 

$

10,352,011

 

Notes receivable, net(C)

 

 

 

 

$

125,173

 

 

$

(66,310

)

 

$

58,863

 

 

(A)

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

 

(B)

Includes impairment charges of $14.3 million for the three months ended June 30, 2014, and $279.0 million and $16.7 million for the six months ended June 30, 2015 and 2014, respectively.  

 

(C)

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