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Segment Information
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Segment Information

11.

Segment Information

The tables below present information about the Company’s reportable operating segments (in thousands):

 

 

Three Months Ended September 30, 2016

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

253,787

 

 

$

13

 

 

 

 

 

 

$

253,800

 

Rental operation expenses

 

(68,107

)

 

 

(62

)

 

 

 

 

 

 

(68,169

)

Net operating income (loss)

 

185,680

 

 

 

(49

)

 

 

 

 

 

 

185,631

 

Impairment charges

 

(104,877

)

 

 

 

 

 

 

 

 

 

 

(104,877

)

Depreciation and amortization

 

(95,451

)

 

 

 

 

 

 

 

 

 

 

(95,451

)

Interest income

 

 

 

 

 

9,304

 

 

 

 

 

 

 

9,304

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(384

)

 

 

(384

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(73,123

)

 

 

(73,123

)

Equity in net loss of joint ventures

 

(1,457

)

 

 

 

 

 

 

 

 

 

 

(1,457

)

Loss on sale and change in control of interests, net

 

(1,087

)

 

 

 

 

 

 

 

 

 

 

(1,087

)

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(81,444

)

 

 

Three Months Ended September 30, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

257,109

 

 

$

26

 

 

 

 

 

 

$

257,135

 

Rental operation expenses

 

(73,280

)

 

 

(68

)

 

 

 

 

 

 

(73,348

)

Net operating income (loss)

 

183,829

 

 

 

(42

)

 

 

 

 

 

 

183,787

 

Depreciation and amortization

 

(97,155

)

 

 

 

 

 

 

 

 

 

 

(97,155

)

Interest income

 

 

 

 

 

7,331

 

 

 

 

 

 

 

7,331

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(240

)

 

 

(240

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(76,341

)

 

 

(76,341

)

Equity in net income of joint ventures

 

648

 

 

 

 

 

 

 

 

 

 

 

648

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

18,030

 

 

 

Nine Months Ended September 30, 2016

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

765,514

 

 

$

30

 

 

 

 

 

 

$

765,544

 

Rental operation expenses

 

(212,857

)

 

 

(218

)

 

 

 

 

 

 

(213,075

)

Net operating income (loss)

 

552,657

 

 

 

(188

)

 

 

 

 

 

 

552,469

 

Impairment charges

 

(104,877

)

 

 

 

 

 

 

 

 

 

 

(104,877

)

Depreciation and amortization

 

(290,051

)

 

 

 

 

 

 

 

 

 

 

(290,051

)

Interest income

 

 

 

 

 

27,800

 

 

 

 

 

 

 

27,800

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

3,470

 

 

 

3,470

 

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(222,110

)

 

 

(222,110

)

Equity in net income of joint ventures

 

14,081

 

 

 

 

 

 

 

 

 

 

 

14,081

 

Loss on sale and change in control of interests, net

 

(1,087

)

 

 

 

 

 

 

 

 

 

 

(1,087

)

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(20,305

)

As of September 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

9,911,432

 

 

 

 

 

 

 

 

 

 

$

9,911,432

 

Notes receivable, net(B)

 

 

 

 

$

447,070

 

 

$

(402,247

)

 

$

44,823

 

 

 

Nine Months Ended September 30, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

773,162

 

 

$

121

 

 

 

 

 

 

$

773,283

 

Rental operation expenses

 

(223,425

)

 

 

(104

)

 

 

 

 

 

 

(223,529

)

Net operating income

 

549,737

 

 

 

17

 

 

 

 

 

 

 

549,754

 

Impairment charges

 

(279,021

)

 

 

 

 

 

 

 

 

 

 

(279,021

)

Depreciation and amortization

 

(299,470

)

 

 

 

 

 

 

 

 

 

 

(299,470

)

Interest income

 

 

 

 

 

21,703

 

 

 

 

 

 

 

21,703

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(1,300

)

 

 

(1,300

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(243,987

)

 

 

(243,987

)

Equity in net income of joint ventures

 

2,351

 

 

 

 

 

 

 

 

 

 

 

2,351

 

Gain on sale and change in control of interests, net

 

7,772

 

 

 

 

 

 

 

 

 

 

 

7,772

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(242,198

)

As of September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,155,375

 

 

 

 

 

 

 

 

 

 

$

10,155,375

 

Notes receivable, net(B)

 

 

 

 

$

357,648

 

 

$

(310,218

)

 

$

47,430

 

(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.