Segment Reporting

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Reporting

13. SEGMENT REPORTING

          We assess our business based upon the nature of operations. Our reportable segments presented are our portfolio segment and our advisory services segment, which includes our real estate operating and development business and our Advised Funds, which are segments where separate financial information is both available, and revenue and operating performance is evaluated regularly by senior management in deciding how to allocate resources and in assessing performance. However, this operating performance data might not be indicative of what a third party would assess or evaluate for purposes of determining fair value of our segments.

Portfolio Segment

          Our portfolio segment consists of our portfolio of single and multi-tenant shopping center projects. Expenses for this segment include depreciation, interest, minority interest, legal cost directly related to the portfolio of properties and property level expenses. Substantially all of our consolidated assets are in this segment.

Advisory Services Segments

          Our advisory services segments consist of our real estate operating and development business as well as our Advised Funds. The real estate operating and development business is a fully integrated and wholly-owned business consisting of brokers and real estate professionals that provide development, acquisition, brokerage, leasing, and asset and property management services to our portfolio and Advised Funds. Our Advised Funds consist of five high net worth investment funds that have sold limited partnership interests to retail investors to develop, own, manage and add value to properties with an average holding period of two to four years and three joint ventures with institutional investors.

          Segment results for the three months ended March 31, 2012 and 2011, are as follows (in thousands):

				Advisory Services
For the three months ended March 31, 2012	Portfolio			Real Estate Operating and Development			Advised Funds			Total
Rental income from operating leases	$	8,885		$	44		$	—		$	8,929
Advisory services income - related party		—			976			155			1,131
Total revenue		8,885			1,020			155			10,060
General and administrative		407			1,049			28			1,484
Property expense		2,213			—			—			2,213
Legal and professional		197			23			1			221
Real estate commissions		1			85			—			86
Depreciation and amortization		2,221			6			—			2,227
Total expenses		5,039			1,163			29			6,231
Interest expense		(2,634	)		—			—			(2,634	)
Other income/(expense)		97			1			(36	)		62
Income (loss) from continuing operations	$	1,309		$	(142	)	$	90		$	1,257

				Advisory Services
For the three months ended March 31, 2011	Portfolio			Real Estate Operating and Development			Advised Funds			Total
Rental income from operating leases	$	7,406		$	44		$	—		$	7,450
Advisory services income - related party		—			631			370			1,001
Total revenue		7,406			675			370			8,451
General and administrative		392			858			34			1,284
Property expense		1,719			8			—			1,727
Legal and professional		241			14			1			256
Real estate commissions		2			27			—			29
Acquisition costs		40			—			—			40
Depreciation and amortization		1,634			6			—			1,640
Total expenses		4,028			913			35			4,976
Interest expense		(2,203	)		—			—			(2,203	)
Other income/(expense)		141			21			(159	)		3
Income (loss) from continuing operations	$	1,316		$	(217	)	$	176		$	1,275