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Segment Information
 9 Months Ended
Sep. 30, 2016
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:
Three Months Ended September 30, 2016
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
228,918

 
$
9,997

 
$
4,776

 
$
8,030

 
$
251,721

Property operating expenses (2)
 
(68,189
)
 
(2,311
)
 
(1,149
)
 
805

 
(70,844
)
Interest expense
 
(35,915
)
 
(1,424
)
 
(858
)
 
(16,095
)
 
(54,292
)
Other expense
 
—

 
—

 
—

 
(5,576
)
 
(5,576
)
Gain on sales of real estate assets
 
273

 
—

 
—

 
4,653

 
4,926

Segment profit (loss)
 
$
125,087

 
$
6,262

 
$
2,769

 
$
(8,183
)
 
125,935

Depreciation and amortization expense
 
 
 
 
 
 
 
 
 
(71,794
)
General and administrative expense
 
 
 
 
 
 
 
 
 
(13,222
)
Interest and other income
 
 
 
 
 
 
 
 
 
451

Loss on extinguishment of debt
 
 
 
 
 
 
 
 
 
(6
)
Loss on impairment
 
 
 
 
 
 
 
 
 
(53,558
)
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
10,478

Income tax benefit
 
 
 
 
 
 
 
 
 
2,386

Net income
 
 
 
 
 
 
 
 
 
$
670

Capital expenditures (3) (4)
 
$
64,085

 
$
61

 
$
1,452

 
$
32,420

 
$
98,018


Three Months Ended September 30, 2015
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
234,095

 
$
9,693

 
$
5,231

 
$
13,616

 
$
262,636

Property operating expenses (2)
 
(69,690
)
 
(2,260
)
 
(1,114
)
 
1,145

 
(71,918
)
Interest expense
 
(39,707
)
 
(1,732
)
 
(1,003
)
 
(14,008
)
 
(56,451
)
Other expense
 
—

 
—

 
—

 
(8,787
)
 
(8,787
)
Gain on sales of real estate assets
 
—

 
2,769

 
—

 
468

 
3,237

Segment profit (loss)
 
$
124,698

 
$
8,470

 
$
3,114

 
$
(7,566
)
 
128,717

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(74,045
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(12,995
)
Interest and other income
 
 

 
 

 
 

 
 

 
579

Loss on impairment
 
 
 
 
 
 
 
 
 
(884
)
Equity in earnings of unconsolidated affiliates
 
 

 
 

 
 

 
 

 
3,508

Income tax provision
 
 

 
 

 
 

 
 

 
(448
)
Net income
 
 

 
 

 
 

 
 

 
$
44,432

Capital expenditures (3)
 
$
66,311

 
$
1,134

 
$
489

 
$
5,549

 
$
73,483




Nine Months Ended September 30, 2016
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
700,407

 
$
30,096

 
$
14,747

 
$
24,514

 
$
769,764

Property operating expenses (2)
 
(208,975
)
 
(7,010
)
 
(3,552
)
 
6,805

 
(212,732
)
Interest expense
 
(105,797
)
 
(4,557
)
 
(321
)
 
(52,035
)
 
(162,710
)
Other expense
 
—

 
—

 
—

 
(20,313
)
 
(20,313
)
Gain on sales of real estate assets
 
489

 
478

 
3,239

 
10,297

 
14,503

Segment profit (loss)
 
$
386,124

 
$
19,007

 
$
14,113

 
$
(30,732
)
 
388,512

Depreciation and amortization expense
 
 
 
 
 
 
 
 
 
(220,505
)
General and administrative expense
 
 
 
 
 
 
 
 
 
(46,865
)
Interest and other income
 
 
 
 
 
 
 
 
 
1,062

Loss on impairment
 
 
 
 
 
 
 
 
 
(116,736
)
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
 
107,217

Income tax benefit
 
 
 
 
 
 
 
 
 
2,974

Net income
 
 
 
 
 
 
 
 
 
$
115,659

Capital expenditures (3) (4)
 
$
125,406

 
$
3,158

 
$
2,420

 
$
49,554

 
$
180,538


Nine Months Ended September 30, 2015
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
Revenues
 
$
694,310

 
$
30,164

 
$
14,925

 
$
37,988

 
$
777,388

Property operating expenses (2)
 
(209,850
)
 
(7,206
)
 
(3,392
)
 
4,803

 
(215,645
)
Interest expense
 
(128,168
)
 
(5,561
)
 
(3,233
)
 
(37,400
)
 
(174,362
)
Other expense
 
—

 
—

 
—

 
(21,191
)
 
(21,191
)
Gain on sales of real estate assets
 
264

 
16,260

 
—

 
1,643

 
18,167

Segment profit (loss)
 
$
356,556

 
$
33,657

 
$
8,300

 
$
(14,157
)
 
384,357

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(221,550
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(46,440
)
Interest and other income
 
 

 
 

 
 

 
 

 
6,242

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
256

Loss on impairment
 
 
 
 
 
 
 
 
 
(3,665
)
Gain on investment
 
 
 
 
 
 
 
 
 
16,560

Equity in earnings of unconsolidated affiliates
 
 

 
 

 
 

 
 

 
12,212

Income tax provision
 
 

 
 

 
 

 
 

 
(2,004
)
Net income
 
 

 
 

 
 

 
 
 
$
145,968

Capital expenditures (3)
 
$
326,607

 
$
2,523

 
$
1,884

 
$
18,978

 
$
349,992

Total Assets
 
Malls
 
Associated
Centers
 
Community
Centers
 
All Other (1)
 
Total
September 30, 2016
 
$
5,472,051

 
$
261,107

 
$
246,748

 
$
194,415

 
$
6,174,321

 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
$
5,766,084

 
$
252,188

 
$
263,614

 
$
198,105

 
$
6,479,991

 
 
 
 
 
 
 
 
 
 
 
(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.
(4)
Primarily related to the development of The Outlet Shoppes at Laredo, which is a consolidated 65/35 joint venture. Costs are reflected at 100% in the above table.