Business Segments

9 Months Ended

Sep. 30, 2019

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 2019 presentation.



(In thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Three months ended September 30, 2019
Real estate rental operations:
Revenue	$	41,313		$	15,739		$	—		$	57,052
Expenses	(8,974		)	(5,665		)	—			(14,639		)
Income from real estate	32,339			10,074			—			42,413
Interest expense, net and amortization of deferred debt costs	—			—			(10,325		)	(10,325		)
Depreciation and amortization of deferred leasing costs	(7,260		)	(4,758		)	—			(12,018		)
General and administrative	—			—			(4,742		)	(4,742		)
Net income (loss)	$	25,079		$	5,316		$	(15,067	)	$	15,328
Capital investment	$	9,166		$	27,290		$	—		$	36,456
Total assets	$	985,244		$	609,560		$	51,960		$	1,646,764

Three months ended September 30, 2018
Real estate rental operations:
Revenue	$	41,091		$	15,819		$	—		$	56,910
Expenses	(8,574		)	(5,273		)	—			(13,847		)
Income from real estate	32,517			10,546			—			43,063
Interest expense, net and amortization of deferred debt costs	—			—			(10,974		)	(10,974		)
Depreciation and amortization of deferred leasing costs	(7,249		)	(4,007		)	—			(11,256		)
General and administrative	—			—			(4,141		)	(4,141		)
Change in fair value of derivatives	—			—			10			10
Net income (loss)	$	25,268		$	6,539		$	(15,105	)	$	16,702
Capital investment	$	15,145		$	44,161		$	—		$	59,306
Total assets	$	982,038		$	514,480		$	9,620		$	1,506,138



(Dollars in thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Nine months ended September 30, 2019
Real estate rental operations:
Revenue	$	126,730		$	48,213		$	—		$	174,943
Expenses	(27,214		)	(16,508		)	—			(43,722		)
Income from real estate	99,516			31,705			—			131,221
Interest expense, net and amortization of deferred debt costs	—			—			(32,185		)	(32,185		)
Depreciation and amortization of deferred leasing costs	(21,917		)	(13,268		)	—			(35,185		)
General and administrative	—			—			(14,696		)	(14,696		)
Net income (loss)	$	77,599		$	18,437		$	(46,881	)	$	49,155
Capital investment	$	22,746		$	82,309		$	—		$	105,055
Total assets	$	985,244		$	609,560		$	51,960		$	1,646,764

Nine months ended September 30, 2018
Real estate rental operations:
Revenue	$	122,770		$	46,330		$	—		$	169,100
Expenses	(25,931		)	(15,394		)	—			(41,325		)
Income from real estate	96,839			30,936			—			127,775
Interest expense, net and amortization of deferred debt costs	—			—			(33,568		)	(33,568		)
Depreciation and amortization of deferred leasing costs	(21,880		)	(12,076		)	—			(33,956		)
General and administrative	—			—			(13,208		)	(13,208		)
Change in fair value of derivatives	—			—			(2		)	(2		)
Gain on sale of property	509			—			—			509
Net income (loss)	$	75,468		$	18,860		$	(46,778	)	$	47,550
Capital investment	$	22,288		$	74,011		$	—		$	96,299
Total assets	$	982,038		$	514,480		$	9,620		$	1,506,138