Business Segments

6 Months Ended

Jun. 30, 2020

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 2020 presentation.



(In thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Three months ended June 30, 2020
Real estate rental operations:
Revenue	$	38,329		$	14,891		$	—		$	53,220
Expenses	(8,364		)	(5,397		)	—			(13,761		)
Income from real estate	29,965			9,494			—			39,459
Interest expense, net and amortization of deferred debt costs	—			—			(12,019		)	(12,019		)
Depreciation and amortization of deferred leasing costs	(7,258		)	(5,342		)	—			(12,600		)
General and administrative	—			—			(4,632		)	(4,632		)
Net income (loss)	$	22,707		$	4,152		$	(16,651	)	$	10,208
Capital investment	$	4,687		$	12,652		$	—		$	17,339
Total assets	$	977,654		$	642,621		$	66,361		$	1,686,636



(In thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Three months ended June 30, 2019
Real estate rental operations:
Revenue	$	42,259		$	15,882		$	—		$	58,141
Expenses	(8,552		)	(5,382		)	—			(13,934		)
Income from real estate	33,707			10,500			—			44,207
Interest expense, net and amortization of deferred debt costs	—			—			(10,793		)	(10,793		)
Depreciation and amortization of deferred leasing costs	(7,375		)	(4,149		)	—			(11,524		)
General and administrative	—			—			(5,140		)	(5,140		)
Net income (loss)	$	26,332		$	6,351		$	(15,933	)	$	16,750
Capital investment	$	8,967		$	36,209		$	—		$	45,176
Total assets	$	970,028		$	590,294		$	8,840		$	1,569,162

Six Months Ended June 30, 2020
Real estate rental operations:
Revenue	$	79,900		$	30,263		$	—		$	110,163
Expenses	(17,286		)	(10,664		)	—			(27,950		)
Income from real estate	62,614			19,599			—			82,213
Interest expense, net and amortization of deferred debt costs	—			—			(21,613		)	(21,613		)
Depreciation and amortization of deferred leasing costs	(14,644		)	(9,237		)	—			(23,881		)
General and administrative	—			—			(9,682		)	(9,682		)
Net income (loss)	$	47,970		$	10,362		$	(31,295	)	$	27,037
Capital investment	$	8,889		$	30,038		$	—		$	38,927
Total assets	$	977,654		$	642,621		$	66,361		$	1,686,636

Six Months Ended June 30, 2019
Real estate rental operations:
Revenue	$	85,417		$	32,474		$	—		$	117,891
Expenses	(18,240		)	(10,843		)	—			(29,083		)
Income from real estate	67,177			21,631			—			88,808
Interest expense, net and amortization of deferred debt costs	—			—			(21,860		)	(21,860		)
Depreciation and amortization of deferred leasing costs	(14,657		)	(8,510		)	—			(23,167		)
General and administrative	—			—			(9,954		)	(9,954		)
Net income (loss)	$	52,520		$	13,121		$	(31,814	)	$	33,827
Capital investment	$	13,580		$	55,019		$	—		$	68,599
Total assets	$	970,028		$	590,294		$	8,840		$	1,569,162