XML 48 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Business Segments
 3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Business Segments
Business Segments
The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate of the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2014 presentation.
 
(Dollars in thousands)
 Shopping
Centers
 
Mixed-Use
Properties
 
Corporate
and Other
 
Consolidated
Totals
Three months ended March 31, 2014
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
39,819

 
$
13,113

 
$
15

 
$
52,947

Expenses
(9,490
)
 
(3,751
)
 
—

 
(13,241
)
Income from real estate
30,329

 
9,362

 
15

 
39,706

Interest expense and amortization of deferred debt costs
—

 
—

 
(11,467
)
 
(11,467
)
General and administrative
—

 
—

 
(4,680
)
 
(4,680
)
Acquisition related costs
(163
)
 
—

 
—

 
(163
)
Predevelopment expenses
—

 
(503
)
 
—

 
(503
)
Subtotal
30,166

 
8,859

 
(16,132
)
 
22,893

Depreciation and amortization of deferred leasing costs
(6,897
)
 
(3,283
)
 
—

 
(10,180
)
Change in fair value of derivatives
—

 
—

 
(2
)
 
(2
)
Net income (loss)
$
23,269

 
$
5,576

 
$
(16,134
)
 
$
12,711

Capital investment
$
10,732

 
$
3,156

 
$
—

 
$
13,888

Total assets
$
895,510

 
$
293,919

 
$
15,168

 
$
1,204,597

 
 
 
 
 
 
 
 
Three months ended March 31, 2013
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
36,047

 
$
13,108

 
$
31

 
$
49,186

Expenses
(7,755
)
 
(4,221
)
 
—

 
(11,976
)
Income from real estate
28,292

 
8,887

 
31

 
37,210

Interest expense and amortization of deferred debt costs
—

 
—

 
(11,717
)
 
(11,717
)
Predevelopment expenses
—

 
(2,349
)
 
—

 
(2,349
)
General and administrative
—

 
—

 
(3,404
)
 
(3,404
)
Subtotal
28,292

 
6,538

 
(15,090
)
 
19,740

Depreciation and amortization of deferred leasing costs
(6,829
)
 
(9,523
)
 
—

 
(16,352
)
Change in fair value of derivatives
—

 
—

 
10

 
10

Net income (loss)
$
21,463

 
$
(2,985
)
 
$
(15,080
)
 
$
3,398

Capital investment
$
3,499

 
$
1,565

 
$
—

 
$
5,064

Total assets
$
889,782

 
$
295,008

 
$
9,542

 
$
1,194,332