Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

Segment Information

Note 9 - Segment Information

The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. Information on the Company's reportable segments is presented as follows:

Three Months Ended June 30, 2011	Malls			Associated Centers			Community Centers			All Other (2)			Total
Revenues	$	234,536		$	10,570		$	4,909		$	13,071		$	263,086
Property operating expenses (1)		(76,900	)		(2,772	)		(776	)		4,926			(75,522	)
Interest expense		(61,794	)		(2,346	)		(2,250	)		(4,525	)		(70,915	)
Other expense		-			-			-			(7,046	)		(7,046	)
Loss on sales of real estate assets		(9	)		(37	)		(16	)		-			(62	)
Segment profit	$	95,833		$	5,415		$	1,867		$	6,426			109,541
Depreciation and amortization expense														(72,111	)
General and administrative expense														(11,241	)
Interest and other income														612
Loss on impairment of real estate														(4,457	)
Equity in earnings of unconsolidated affiliates														1,455
Income tax benefit														4,653
Income from continuing operations													$	28,452
Capital expenditures (3)	$	37,170		$	3,215		$	1,271		$	24,065		$	65,721

Three Months Ended June 30, 2010	Malls			Associated Centers			Community Centers			All Other (2)			Total
Revenues	$	231,091		$	10,483		$	4,426		$	11,653		$	257,653
Property operating expenses (1)		(79,065	)		(2,716	)		2,634			4,982			(74,165	)
Interest expense		(57,680	)		(1,934	)		(1,628	)		(11,252	)		(72,494	)
Other expense		-			-			-			(6,415	)		(6,415	)
Gain (loss) on sales of real estate assets		1,150			-			(2	)		1			1,149
Segment profit (loss)	$	95,496		$	5,833		$	5,430		$	(1,031	)		105,728
Depreciation and amortization expense														(68,772	)
General and administrative expense														(10,321	)
Interest and other income														948
Equity in earnings of unconsolidated affiliates														409
Income tax benefit														1,911
Income from continuing operations													$	29,903
Capital expenditures (3)	$	31,668		$	3,096		$	1,696		$	12,500		$	48,960

Six Months Ended June 30, 2011	Malls			Associated Centers			Community Centers			All Other (2)			Total
Revenues	$	473,442		$	21,677		$	10,011		$	26,106		$	531,236
Property operating expenses (1)		(158,425	)		(5,745	)		(1,972	)		10,112			(156,030	)
Interest expense		(118,656	)		(4,257	)		(3,430	)		(12,785	)		(139,128	)
Other expense		-			-			-			(15,349	)		(15,349	)
Gain on sales of real estate assets		4			317			414			12			747
Segment profit	$	196,365		$	11,992		$	5,023		$	8,096			221,476
Depreciation and amortization expense														(140,092	)
General and administrative expense														(23,041	)
Interest and other income														1,157
Gain on extinguishment of debt														581
Loss on impairment of real estate														(4,457	)
Equity in earnings of unconsolidated affiliates														3,233
Income tax benefit														6,423
Income from continuing operations													$	65,280
Total assets	$	6,438,327		$	323,470		$	65,036		$	618,764		$	7,445,597
Capital expenditures (3)	$	52,409		$	3,413		$	2,662		$	44,914		$	103,398

Six Months Ended June 30, 2010	Malls			Associated Centers			Community Centers			All Other (2)			Total
Revenues	$	466,594		$	20,854		$	8,138		$	23,797		$	519,383
Property operating expenses (1)		(157,589	)		(5,578	)		785			10,437			(151,945	)
Interest expense		(115,941	)		(3,978	)		(2,353	)		(22,602	)		(144,874	)
Other expense		-			-			-			(13,116	)		(13,116	)
Gain (loss) on sales of real estate assets		1,114			-			982			(81	)		2,015
Segment profit (loss)	$	194,178		$	11,298		$	7,552		$	(1,565	)		211,463
Depreciation and amortization expense														(139,221	)
General and administrative expense														(21,395	)
Interest and other income														1,999
Equity in earnings of unconsolidated affiliates														948
Income tax benefit														3,788
Income from continuing operations													$	57,582
Total assets	$	6,574,654		$	327,793		$	67,633		$	686,897		$	7,656,977
Capital expenditures (3)	$	55,862		$	5,165		$	2,732		$	19,017		$	82,776

(1)	Property operating expenses include property operating, real estate taxes and maintenance and repairs.
(2)	The All Other category includes mortgage notes receivable, Office Buildings, the Management Company and the Company's subsidiary that provides security and maintenance services.
(3)	Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.