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Business Segments
9 Months Ended
Sep. 30, 2022
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 2022 presentation.
Financial Information By Segment
(In thousands) Shopping
Centers
Mixed-Use
Properties
Corporate
and Other
Consolidated
Totals
Three Months Ended September 30, 2022
Real estate rental operations:
Revenue$42,478 $18,609 $— $61,087 
Expenses(8,826)(7,247)— (16,073)
Income from real estate33,652 11,362 — 45,014 
Interest expense, net and amortization of deferred debt costs— — (11,103)(11,103)
Depreciation and amortization of lease costs(7,073)(5,122)— (12,195)
General and administrative— — (5,555)(5,555)
Loss on early extinguishment of debt— — (648)(648)
Net income (loss)$26,579 $6,240 $(17,306)$15,513 
Capital investment$2,280 $30,315 $— $32,595 
Total assets$936,285 $855,797 $17,936 $1,810,018 
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 estate33,845 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$1,324 $9,984 $— $11,308 
Total assets$960,247 $766,761 $12,492 $1,739,500 
(In thousands)Shopping
Centers
Mixed-Use
Properties
Corporate
and Other
Consolidated
Totals
Nine Months Ended September 30, 2022
Real estate rental operations:
Revenue$128,615 $54,909 $— $183,524 
Expenses(27,102)(20,724)— (47,826)
Income from real estate101,513 34,185 — 135,698 
Interest expense, net and amortization of deferred debt costs— — (32,162)(32,162)
Depreciation and amortization of deferred leasing costs(21,300)(15,599)— (36,899)
General and administrative— — (15,988)(15,988)
Loss on early extinguishment of debt— — (648)(648)
Net income (loss)$80,213 $18,586 $(48,798)$50,001 
Capital investment$6,239 $78,270 $— $84,509 
Total assets$936,285 $855,797 $17,936 $1,810,018 
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 estate99,848 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$6,895 $31,893 $— $38,788 
Total assets$960,247 $766,761 $12,492 $1,739,500