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Business Segments
9 Months Ended
Sep. 30, 2020
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 2020 presentation.
(In thousands) Shopping
Centers
Mixed-Use
Properties
Corporate
and Other
Consolidated
Totals
Three months ended September 30, 2020
Real estate rental operations:
Revenue$40,336 $16,424 $— $56,760 
Expenses(8,755)(6,184)— (14,939)
Income from real estate31,581 10,240 — 41,821 
Interest expense, net and amortization of deferred debt costs— — (12,398)(12,398)
Depreciation and amortization of deferred leasing costs(8,169)(5,544)— (13,713)
General and administrative— — (4,107)(4,107)
Net income (loss)$23,412 $4,696 $(16,505)$11,603 
Capital investment$2,733 $6,703 $— $9,436 
Total assets$982,381 $643,395 $55,598 $1,681,374 
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 estate32,339 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 
(In thousands)Shopping
Centers
Mixed-Use
Properties
Corporate
and Other
Consolidated
Totals
Nine Months Ended September 30, 2020
Real estate rental operations:
Revenue$120,236 $46,687 $— $166,923 
Expenses(26,041)(16,848)— (42,889)
Income from real estate94,195 29,839 — 124,034 
Interest expense, net and amortization of deferred debt costs— — (34,011)(34,011)
Depreciation and amortization of deferred leasing costs(22,812)(14,781)— (37,593)
General and administrative— — (13,790)(13,790)
Net income (loss)$71,383 $15,058 $(47,801)$38,640 
Capital investment$11,622 $36,741 $— $48,363 
Total assets$982,381 $643,395 $55,598 $1,681,374 
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 estate99,516 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