Segment Information

9 Months Ended

Sep. 30, 2019

12.	Segment Information

The tables below present information about the Company’s reportable operating segments (in thousands):

	Three Months Ended September 30, 2019
	Shopping Centers			Loan Investments			Other			Total
Rental income	$	108,060		$	—		$	—		$	108,060
Other income		13,567			13			—			13,580
Business interruption income		—			—			885			885
Total revenues		121,627			13			885			122,525
Rental operation expenses		(33,456	)		(3	)		—			(33,459	)
Net operating income		88,171			10			885			89,066
Impairment charges		(2,750	)								(2,750	)
Depreciation and amortization		(40,732	)								(40,732	)
Interest income					4,616						4,616
Other income (expense), net								(322	)		(322	)
Unallocated expenses^(A)								(36,464	)		(36,464	)
Equity in net income of joint ventures		2,612									2,612
Reserve of preferred equity interests, net					(6,373	)					(6,373	)
Gain on disposition of real estate, net		14,497									14,497
Income before tax expense										$	24,150

	Three Months Ended September 30, 2018
	Shopping Centers			Loan Investments			Other			Total
Rental income	$	126,148		$	—		$	—		$	126,148
Other income		16,149			14			—			16,163
Business interruption income		—			—			1,784			1,784
Total revenues		142,297			14			1,784			144,095
Rental operation expenses		(39,597	)		—			—			(39,597	)
Net operating income		102,700			14			1,784			104,498
Impairment charges		(19,890	)								(19,890	)
Hurricane property credit, net							157				157
Depreciation and amortization		(49,629	)								(49,629	)
Interest income					5,055						5,055
Other income (expense), net								(1,454	)		(1,454	)
Unallocated expenses^(A)								(42,194	)		(42,194	)
Equity in net loss of joint ventures		(2,920	)								(2,920	)
Reserve of preferred equity interests, net					(2,201	)					(2,201	)
Gain on disposition of real estate, net		124									124
Loss before tax expense										$	(8,454	)

	Nine Months Ended September 30, 2019
	Shopping Centers			Loan Investments			Other			Total
Rental income	$	332,555		$	—		$	—		$	332,555
Other income		48,722			42			—			48,764
Business interruption income		—			—			885			885
Total revenues		381,277			42			885			382,204
Rental operation expenses		(106,574	)		(10	)		—			(106,584	)
Net operating income		274,703			32			885			275,620
Impairment charges		(3,370	)								(3,370	)
Depreciation and amortization		(123,400	)								(123,400	)
Interest income					13,658						13,658
Other income (expense), net								(254	)		(254	)
Unallocated expenses^(A)								(108,321	)		(108,321	)
Equity in net income of joint ventures		5,446									5,446
Reserve of preferred equity interests, net					(12,106	)					(12,106	)
Gain on disposition of real estate, net		31,087									31,087
Income before tax expense										$	78,360

As of September 30, 2019:
Total gross real estate assets	$	4,609,930								$	4,609,930
Notes receivable, net^(B)				$	182,400		$	(162,730	)	$	19,670

	Nine Months Ended September 30, 2018
	Shopping Centers			Loan Investments			Other			Total
Rental income	$	529,916		$	—		$	—		$	529,916
Other income		33,836			43			—			33,879
Business interruption income		5,100			—			1,784			6,884
Total revenues		568,852			43			1,784			570,679
Rental operation expenses		(169,185	)		—			—			(169,185	)
Net operating income		399,667			43			1,784			401,494
Impairment charges		(68,394	)								(68,394	)
Hurricane property (loss) credit, net		(974	)				157				(817	)
Depreciation and amortization		(196,515	)								(196,515	)
Interest income					15,412						15,412
Other income (expense), net								(99,316	)		(99,316	)
Unallocated expenses^(A)								(161,268	)		(161,268	)
Equity in net income of joint ventures		9,687									9,687
Reserve of preferred equity interests, net					(4,537	)					(4,537	)
Gain on disposition of real estate, net		39,643									39,643
Loss before tax expense										$	(64,611	)

As of September 30, 2018:
Total gross real estate assets	$	5,171,227								$	5,171,227
Notes receivable, net^(B)				$	223,748		$	(204,078	)	$	19,670

(A)	Unallocated expenses consist of General and Administrative Expenses and Interest Expense as listed in the Company’s consolidated statements of operations.

(B)	Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets.