Business Segments

9 Months Ended

Sep. 30, 2021

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 variety 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 2021 presentation.

(In thousands)	Shopping Centers		Mixed-Use Properties		Corporate and Other		Consolidated Totals
Three months ended September 30, 2021
Real estate rental operations:
Revenue	$	42,485	$	17,771	$	—	$	60,256
Expenses	(8,640)		(6,724)		—		(15,364)
Income from real estate	33,845		11,047		—		44,892
Interest expense, net and amortization of deferred debt costs	—		—		(10,914)		(10,914)
Depreciation and amortization of lease costs	(7,203)		(5,264)		—		(12,467)
General and administrative	—		—		(4,626)		(4,626)
Net income (loss)	$	26,642	$	5,783	$	(15,540)	$	16,885
Capital investment	$	2,629	$	8,722	$	—	$	11,351
Total assets	$	960,247	$	766,761	$	12,492	$	1,739,500
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 estate	31,581		10,240		—		41,821
Interest expense, net and amortization of deferred debt costs	—		—		(12,398)		(12,398)
Depreciation and amortization of lease 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

(In thousands)	Shopping Centers		Mixed-Use Properties		Corporate and Other		Consolidated Totals
Nine Months Ended September 30, 2021
Real estate rental operations:
Revenue	$	126,935	$	52,050	$	—	$	178,985
Expenses	(27,087)		(19,454)		—		(46,541)
Income from real estate	99,848		32,596		—		132,444
Interest expense, net and amortization of deferred debt costs	—		—		(34,559)		(34,559)
Depreciation and amortization of deferred leasing costs	(21,639)		(16,213)		—		(37,852)
General and administrative	—		—		(14,234)		(14,234)
Net income (loss)	$	78,209	$	16,383	$	(48,793)	$	45,799
Capital investment	$	8,200	$	30,631	$	—	$	38,831
Total assets	$	960,247	$	766,761	$	12,492	$	1,739,500
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 estate	94,195		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