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Segment Information
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Information

18.

Segment Information

The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations in 2014 and 2013 (Note 13) (in thousands):

 

 

For the Year Ended December 31, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

1,027,934

 

 

$

137

 

 

 

 

 

 

$

1,028,071

 

Rental operation expenses

 

(293,578

)

 

 

(115

)

 

 

 

 

 

 

(293,693

)

Net operating income

 

734,356

 

 

 

22

 

 

 

 

 

 

 

734,378

 

Impairment charges

 

(279,021

)

 

 

 

 

 

 

 

 

 

 

(279,021

)

Depreciation and amortization

 

(402,045

)

 

 

 

 

 

 

 

 

 

 

(402,045

)

Interest income

 

 

 

 

 

29,213

 

 

 

 

 

 

 

29,213

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(1,739

)

 

 

(1,739

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(321,395

)

 

 

(321,395

)

Equity in net loss of joint ventures

 

(3,135

)

 

 

 

 

 

 

 

 

 

 

(3,135

)

Impairment of joint venture investments

 

(1,909

)

 

 

 

 

 

 

 

 

 

 

(1,909

)

Gain on sale and change in control of interests, net

 

7,772

 

 

 

 

 

 

 

 

 

 

 

7,772

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(237,881

)

As of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,128,199

 

 

 

 

 

 

 

 

 

 

$

10,128,199

 

Notes receivable, net(B)

 

 

 

 

$

437,144

 

 

$

(394,610

)

 

$

42,534

 

 

 

For the Year Ended December 31, 2014

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

985,479

 

 

$

196

 

 

 

 

 

 

$

985,675

 

Rental operation expenses

 

(281,005

)

 

 

(102

)

 

 

 

 

 

 

(281,107

)

Net operating income

 

704,474

 

 

 

94

 

 

 

 

 

 

 

704,568

 

Impairment charges

 

(29,175

)

 

 

 

 

 

 

 

 

 

 

(29,175

)

Depreciation and amortization

 

(402,825

)

 

 

 

 

 

 

 

 

 

 

(402,825

)

Interest income

 

 

 

 

 

15,927

 

 

 

 

 

 

 

15,927

 

Other income (expense), net

 

 

 

 

 

(500

)

 

$

(11,762

)

 

 

(12,262

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(323,459

)

 

 

(323,459

)

Equity in net income of joint ventures

 

10,989

 

 

 

 

 

 

 

 

 

 

 

10,989

 

Impairment of joint venture investments

 

(30,652

)

 

 

 

 

 

 

 

 

 

 

(30,652

)

Gain on sale and change in control of interests, net

 

87,996

 

 

 

 

 

 

 

 

 

 

 

87,996

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

21,107

 

As of December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,335,785

 

 

 

 

 

 

 

 

 

 

$

10,335,785

 

Notes receivable, net(B)

 

 

 

 

$

357,754

 

 

$

(301,509

)

 

$

56,245

 

 

 

For the Year Ended December 31, 2013

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

829,890

 

 

$

45

 

 

 

 

 

 

$

829,935

 

Rental operation expenses

 

(238,727

)

 

 

(452

)

 

 

 

 

 

 

(239,179

)

Net operating income (loss)

 

591,163

 

 

 

(407

)

 

 

 

 

 

 

590,756

 

Impairment charges

 

(19,044

)

 

 

 

 

 

 

 

 

 

 

(19,044

)

Depreciation and amortization

 

(296,560

)

 

 

 

 

 

 

 

 

 

 

(296,560

)

Interest income

 

 

 

 

 

23,541

 

 

 

 

 

 

 

23,541

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(6,408

)

 

 

(6,408

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(296,611

)

 

 

(296,611

)

Equity in net (loss) income of joint ventures

 

(10,020

)

 

 

 

 

 

 

16,839

 

 

 

6,819

 

Impairment of joint venture investments

 

(980

)

 

 

 

 

 

 

 

 

 

 

(980

)

Gain on sale and change in control of interests, net

 

19,906

 

 

 

 

 

 

 

 

 

 

 

19,906

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

21,419

 

As of December 31, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,228,061

 

 

 

 

 

 

 

 

 

 

$

10,228,061

 

Notes receivable, net(B)

 

 

 

 

$

143,989

 

 

$

(65,651

)

 

$

78,338

 

(A)

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

(B)

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