SEGMENT REPORTING

6 Months Ended

Jun. 30, 2014

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. Our advisory services segment includes our real estate operating and development business and our Advised Funds, which are segments for which separate financial information is 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 and six months ended June 30, 2014 and 2013 are as follows (in thousands):

				Advisory Services
Three months ended June 30, 2014	Portfolio			Real Estate Operating and Development			Advised Funds		Total
Rental income from operating leases	$	11,672		$	—		$	—	$	11,672
Advisory services income - related party		—			677			192		869
Total revenue		11,672			677			192		12,541
General and administrative		780			1,175			50		2,005
Property expense		3,459			—			—		3,459
Legal and professional		311			4			—		315
Real estate commissions		—			74			—		74
Acquisition fees		224			—			—		224
Depreciation and amortization		3,090			—			—		3,090
Total expenses		7,864			1,253			50		9,167
Interest expense		(2,484	)		—			—		(2,484	)
Other income		64			—			176		240
Income (loss) from continuing operations	$	1,388		$	(576	)	$	318	$	1,130

				Advisory Services
Three months ended June 30, 2013	Portfolio			Real Estate Operating and Development			Advised Funds		Total
Rental income from operating leases	$	9,863		$	—		$	—	$	9,863
Advisory services income - related party		—			717			155		872
Total revenue		9,863			717			155		10,735
General and administrative		783			1,254			32		2,069
Property expense		2,660			—			—		2,660
Legal and professional		242			15			1		258
Real estate commissions		—			52			—		52
Acquisition costs		126			—			—		126
Depreciation and amortization		2,732			—			—		2,732
Total expenses		6,543			1,321			33		7,897
Interest expense		(2,267	)		—			—		(2,267	)
Other income		300			2			80		382
Income (loss) from continuing operations	$	1,353		$	(602	)	$	202	$	953

				Advisory Services
Six months ended June 30, 2014	Portfolio			Real Estate Operating and Development			Advised Funds		Total
Rental income from operating leases	$	23,567		$	—		$	—	$	23,567
Advisory services income - related party		—			1,232			383		1,615
Real estate fee income		100			—			—		100
Total revenue		23,667			1,232			383		25,282
General and administrative		1,705			2,314			94		4,113
Property expense		7,188			—			—		7,188
Legal and professional		677			18			—		695
Real estate commissions		6			123			—		129
Acquisition fees		224			—			—		224
Depreciation and amortization		6,216			—			—		6,216
Total expenses		16,016			2,455			94		18,565
Interest expense		(4,951	)		—			—		(4,951	)
Other income		173			—			363		536
Income (loss) from continuing operations	$	2,873		$	(1,223	)	$	652	$	2,302

				Advisory Services
Six months ended June 30, 2013	Portfolio			Real Estate Operating and Development			Advised Funds			Total
Rental income from operating leases	$	20,786		$	—		$	113		$	20,899
Advisory services income - related party		—			1,404			311			1,715
Total revenue		20,786			1,404			424			22,614
General and administrative		1,548			2,424			58			4,030
Property expense		5,843			—			—			5,843
Legal and professional		479			25			2			506
Real estate commissions		1			103			—			104
Acquisition costs		126			—			—			126
Depreciation and amortization		6,025			—			—			6,025
Total expenses		14,022			2,552			60			16,634
Interest expense		(4,760	)		—			—			(4,760	)
Other income		8,166			2			(67	)		8,101
Income (loss) from continuing operations	$	10,170		$	(1,146	)	$	297		$	9,321