XML 45 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 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. The accounting policies of the reportable segments are the same as those described in Note 2. Information on the Company’s reportable segments is presented as follows:
Year Ended December 31, 2016
 
Malls
 
Associated
Centers
 
Community
Centers
 
All
Other (1)
 
Total
Revenues
 
$
928,214

 
$
39,259

 
$
17,393

 
$
43,391

 
$
1,028,257

Property operating expenses (2)
 
(268,898
)
 
(8,246
)
 
(4,293
)
 
(19
)
 
(281,456
)
Interest expense
 
(143,903
)
 
(5,972
)
 
(285
)
 
(66,158
)
 
(216,318
)
Other expense
 
—

 
—

 
—

 
(20,326
)
 
(20,326
)
Gain on sales of real estate assets
 
481

 
657

 
3,239

 
25,190

 
29,567

Segment profit
 
$
515,894

 
$
25,698

 
$
16,054

 
$
(17,922
)
 
539,724

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(292,693
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(63,332
)
Interest and other income
 
 

 
 

 
 

 
 

 
1,524

Loss on impairment
 
 

 
 

 
 

 
 

 
(116,822
)
Gain on investments
 
 
 
 
 
 
 
 
 
7,534

Income tax benefit
 
 
 
 
 
 
 
 
 
2,063

Equity in earnings of unconsolidated affiliates
 
 

 
 

 
 

 
 

 
117,533

Income from continuing operations
 
 

 
 

 
 

 
 

 
$
195,531

Total assets
 
$
5,383,937

 
$
259,966

 
$
215,917

 
$
244,820

 
$
6,104,640

Capital expenditures (3)
 
$
165,230

 
$
5,705

 
$
6,149

 
$
90,719

 
$
267,803


Year Ended December 31, 2015
 
Malls
 
Associated
Centers
 
Community
Centers
 
All
Other (1)
 
Total
Revenues
 
$
944,553

 
$
40,392

 
$
19,944

 
$
50,129

 
$
1,055,018

Property operating expenses (2)
 
(274,288
)
 
(9,364
)
 
(4,500
)
 
4,807

 
(283,345
)
Interest expense
 
(166,922
)
 
(7,285
)
 
(4,236
)
 
(50,900
)
 
(229,343
)
Other expense
 
(19
)
 
—

 
—

 
(26,938
)
 
(26,957
)
Gain on sales of real estate assets
 
264

 
16,260

 
5,071

 
10,637

 
32,232

Segment profit (loss)
 
$
503,588

 
$
40,003

 
$
16,279

 
$
(12,265
)
 
547,605

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(299,069
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(62,118
)
Interest and other income
 
 

 
 

 
 

 
 

 
6,467

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
256

Loss on impairment
 
 
 
 
 
 
 
 
 
(105,945
)
Gain on investment
 
 
 
 
 
 
 
 
 
16,560

Income tax provision
 
 
 
 
 
 
 
 
 
(2,941
)
Equity in earnings of unconsolidated affiliates
 
 
 
 

 
 

 
 

 
18,200

Income from continuing operations
 
 

 
 

 
 

 
 

 
$
119,015

Total assets
 
$
5,766,084

 
$
252,188

 
$
263,614

 
$
198,105

 
$
6,479,991

Capital expenditures (3)
 
$
393,194

 
$
5,186

 
$
2,299

 
$
24,134

 
$
424,813


Year Ended December 31, 2014
 
Malls
 
Associated
Centers
 
Community
Centers
 
All
Other (1)
 
Total
Revenues
 
$
933,736

 
$
41,527

 
$
18,600

 
$
66,876

 
$
1,060,739

Property operating expenses (2)
 
(282,796
)
 
(9,500
)
 
(5,260
)
 
3,659

 
(293,897
)
Interest expense
 
(198,758
)
 
(7,959
)
 
(2,510
)
 
(30,597
)
 
(239,824
)
Other expense
 
(20
)
 
—

 
—

 
(32,277
)
 
(32,297
)
Gain on sales of real estate assets
 
3,537

 
937

 
107

 
761

 
5,342

Segment profit
 
$
455,699

 
$
25,005

 
$
10,937

 
$
8,422

 
500,063

Depreciation and amortization expense
 
 

 
 

 
 

 
 

 
(291,273
)
General and administrative expense
 
 

 
 

 
 

 
 

 
(50,271
)
Interest and other income
 
 

 
 

 
 

 
 

 
14,121

Gain on extinguishment of debt
 
 
 
 
 
 
 
 
 
87,893

Loss on impairment
 
 
 
 
 
 
 
 
 
(17,858
)
Income tax provision
 
 
 
 
 
 
 
 
 
(4,499
)
Equity in earnings of unconsolidated affiliates
 
 
 
 

 
 

 
 

 
14,803

Income from continuing operations 
 
 

 
 

 
 

 
 

 
$
252,979

(1)
The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and, prior to the redemption of the Company's redeemable noncontrolling interests during the fourth quarter of 2016, the Company’s former consolidated subsidiary that provided security and maintenance services to third parties (see Note 8).
(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.