Business Segments

9 Months Ended

Sep. 30, 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 September 30, 2014
Real estate rental operations:
Revenue	$	37,506		$	13,066		$	23		$	50,595
Expenses	(8,088		)	(3,992		)	—			(12,080		)
Income from real estate	29,418			9,074			23			38,515
Interest expense and amortization of deferred debt costs	—			—			(11,584		)	(11,584		)
General and administrative	—			—			(3,837		)	(3,837		)
Acquisition related costs	(359		)	—			—			(359		)
Predevelopment expenses	—			—			—			—
Subtotal	29,059			9,074			(15,398		)	22,735
Depreciation and amortization of deferred leasing costs	(7,055		)	(3,201		)	—			(10,256		)
Gain on sale of property	—			—			—			—
Change in fair value of derivatives	—			—			1			1
Net income (loss)	$	22,004		$	5,873		$	(15,397	)	$	12,480
Capital investment	$	31,541		$	6,026		$	—		$	37,567
Total assets	$	942,441		$	301,043		$	15,044		$	1,258,528
Three months ended September 30, 2013
Real estate rental operations:
Revenue	$	36,486		$	13,257		$	13		$	49,756
Expenses	(7,732		)	(4,175		)	—			(11,907		)
Income from real estate	28,754			9,082			13			37,849
Interest expense and amortization of deferred debt costs	—			—			(11,738		)	(11,738		)
General and administrative	—			—			(3,501		)	(3,501		)
Acquisition related costs	(99		)	—			—			(99		)
Predevelopment expenses	—			(60		)	—			(60		)
Subtotal	28,655			9,022			(15,226		)	22,451
Depreciation and amortization of deferred leasing costs	(6,785		)	(3,707		)	—			(10,492		)
Change in fair value of derivatives	—			—			46			46
Loss on early extinguishment of debt	—			—			(497		)	(497		)
Net income (loss)	$	21,870		$	5,315		$	(15,677	)	$	11,508
Capital investment	$	8,025		$	706		$	—		$	8,731
Total assets	$	892,716		$	294,149		$	12,307		$	1,199,172

(Dollars in thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Nine months ended September 30, 2014
Real estate rental operations:
Revenue	$	116,381		$	39,389		$	58		$	155,828
Expenses	(25,580		)	(11,570		)	—			(37,150		)
Income from real estate	90,801			27,819			58			118,678
Interest expense and amortization of deferred debt costs	—			—			(34,537		)	(34,537		)
General and administrative	—			—			(12,540		)	(12,540		)
Acquisition related costs	(738		)	—			—			(738		)
Predevelopment expenses	—			(503		)	—			(503		)
Subtotal	90,063			27,316			(47,019		)	70,360
Depreciation and amortization of deferred leasing costs	(20,863		)	(9,882		)	—			(30,745		)
Gain on sale of property	6,069			—			—			6,069
Change in fair value of derivatives	—			—			(6		)	(6		)
Net income (loss)	$	75,269		$	17,434		$	(47,025	)	$	45,678
Capital investment	$	55,865		$	14,047		$	—		$	69,912
Total assets	$	942,441		$	301,043		$	15,044		$	1,258,528
Nine months ended September 30, 2013
Real estate rental operations:
Revenue	$	108,282		$	39,412		$	57		$	147,751
Expenses	(22,709		)	(12,933		)	—			(35,642		)
Income from real estate	85,573			26,479			57			112,109
Interest expense and amortization of deferred debt costs	—			—			(35,164		)	(35,164		)
General and administrative	—			—			(10,830		)	(10,830		)
Acquisition related costs	(99		)	—			—			(99		)
Predevelopment expenses	—			(3,642		)	—			(3,642		)
Subtotal	85,474			22,837			(45,937		)	62,374
Depreciation and amortization of deferred leasing costs	(20,527		)	(18,789		)	—			(39,316		)
Change in fair value of derivatives	—			—			107			107
Loss on early extinguishment of debt	—			—			(497		)	(497		)
Net income (loss)	$	64,947		$	4,048		$	(46,327	)	$	22,668
Capital investment	$	13,829		$	6,278		$	—		$	20,107
Total assets	$	892,716		$	294,149		$	12,307		$	1,199,172