XML 56 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Segment Information
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, restated for discontinued operations in all periods presented:

Three Months Ended
March 31, 2013
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
238,611

 
$
11,083

 
$
3,659

 
$
12,624

 
$
265,977

Property operating expenses (2)
 
(80,966
)
 
(2,797
)
 
(534
)
 
5,486

 
(78,811
)
Interest expense
 
(52,937
)
 
(2,046
)
 
(577
)
 
(4,268
)
 
(59,828
)
Other expense
 
—

 
—

 
—

 
(6,656
)
 
(6,656
)
Gain on sales of real estate assets
 
295

 
—

 
—

 
248

 
543

Segment profit
 
$
105,003

 
$
6,240

 
$
2,548

 
$
7,434

 
121,225

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(71,555
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(13,424
)
Interest and other income
 
 

 
 

 
 

 
 

 
727

Equity in earnings of unconsolidated affiliates
 
 

 
 

 
 

 
 

 
2,619

Income tax benefit
 
 

 
 

 
 

 
 

 
174

Income from continuing operations
 
 

 
 

 
 

 
 

 
$
39,766

Total assets
 
$
6,232,324

 
$
296,418

 
$
190,113

 
$
271,222

 
$
6,990,077

Capital expenditures (3)
 
$
19,557

 
$
1,006

 
$
1,184

 
$
40,062

 
$
61,809



Three Months Ended
March 31, 2012
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
221,313

 
$
10,241

 
$
2,828

 
$
12,087

 
$
246,469

Property operating expenses (2)
 
(74,395
)
 
(2,528
)
 
(800
)
 
5,772

 
(71,951
)
Interest expense
 
(52,528
)
 
(2,195
)
 
(669
)
 
(4,439
)
 
(59,831
)
Other expense
 
—

 
—

 
—

 
(6,758
)
 
(6,758
)
Gain (loss) on sales of real estate assets
 
—

 
—

 
97

 
(3
)
 
94

Segment profit
 
$
94,390

 
$
5,518

 
$
1,456

 
$
6,659

 
108,023

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(62,258
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(13,800
)
Interest and other income
 
 

 
 

 
 

 
 

 
1,075

Equity in earnings of unconsolidated affiliates
 
 

 
 

 
 

 
 

 
1,266

Income tax benefit
 
 

 
 

 
 

 
 

 
228

Income from continuing operations
 
 

 
 

 
 

 
 

 
$
34,534

Total assets
 
$
5,734,961

 
$
304,588

 
$
238,804

 
$
353,755

 
$
6,632,108

Capital expenditures (3)
 
$
22,578

 
$
1,540

 
$
7,664

 
$
3,706

 
$
35,488

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