Segment Reporting

3 Months Ended

Mar. 31, 2013

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, 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 include four 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 four joint ventures with institutional investors.

Segment results for the three months ended March 31, 2013 and 2012, are as follows (in thousands):

			Advisory Services
For the three months ended March 31, 2013			Real Estate Operating and		Advised
	Portfolio		Development		Funds		Total
Rental income from operating
leases	$	11,036	$	38	$	-	$	11,074
Advisory services income - related
party		-		688		155		843
Total revenue		11,036		726		155		11,917
General and administrative		755		1,170		26		1,951
Property expense		3,119		-		-		3,119
Legal and professional		242		10		-		252
Real estate commissions		1		51		-		52
Depreciation and amortization		3,293		6		-		3,299
Total expenses		7,410		1,237		26		8,673
Interest expense		(2,493)		-		-		(2,493)
Other income/(expense)		7,793		-		(148)		7,645
Net income (loss)	$	8,926	$	(511)	$	(19)	$	8,396

			Advisory Services
For the three months ended March 31, 2012			Real Estate Operating and		Advised
	Portfolio		Development		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		198		23		-		221
Real estate commissions		-		86		-		86
Depreciation and amortization		2,221		6		-		2,227
Total expenses		5,039		1,164		28		6,231
Interest expense		(2,634)		-		-		(2,634)
Other income/(expense)		97		1		(36)		62
Net income (loss)	$	1,309	$	(143)	$	91	$	1,257