Business Segments

6 Months Ended

Jun. 30, 2013

Business Segments

11. 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 2013 presentation.

	Shopping			Mixed-Use			Corporate			Consolidated
(Dollars in thousands)	Centers			Properties			and Other			Totals
Three months ended June 30, 2013
Real estate rental operations:
Revenue	$	35,749		$	13,047		$	13		$	48,809
Expenses		(7,222	)		(4,537	)		—			(11,759	)
Income from real estate		28,527			8,510			13			37,050
Interest expense and amortization of deferred debt costs		—			—			(11,709	)		(11,709	)
Predevelopment expenses		—			(1,233	)		—			(1,233	)
General and administrative		—			—			(3,925	)		(3,925	)
Subtotal		28,527			7,277			(15,621	)		20,183
Depreciation and amortization of deferred leasing costs		(6,913	)		(5,559	)		—			(12,472	)
Change in fair value of derivatives		—			—			51			51
Net income (loss)	$	21,614		$	1,718		$	(15,570	)	$	7,762
Capital investment	$	2,305		$	4,007		$	—		$	6,312
Total assets	$	885,816		$	292,048		$	13,746		$	1,191,610
Three months ended June 30, 2012
Real estate rental operations:
Revenue	$	34,214		$	13,118		$	40		$	47,372
Expenses		(7,410	)		(4,275	)		—			(11,685	)
Income from real estate		26,804			8,843			40			35,687
Interest expense and amortization of deferred debt costs		—			—			(12,554	)		(12,554	)
General and administrative		—			—			(3,784	)		(3,784	)
Subtotal		26,804			8,843			(16,298	)		19,349
Depreciation and amortization of deferred leasing costs		(6,272	)		(3,477	)		—			(9,749	)
Change in fair value of derivatives		—			—			(16	)		(16	)
Income from operation of property sold		11			—			—			11
Net income (loss)	$	20,543		$	5,366		$	(16,314	)	$	9,595
Capital investment	$	1,219		$	2,153		$	—		$	3,372
Total assets	$	858,431		$	304,044		$	38,595		$	1,201,070

(Dollars in thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Six months ended June 30, 2013
Real estate rental operations:
Revenue	$	71,796		$	26,155		$	44		$	97,995
Expenses		(14,977	)		(8,758	)		—			(23,735	)
Income from real estate		56,819			17,397			44			74,260
Interest expense and amortization of deferred debt costs		—			—			(23,426	)		(23,426	)
Predevelopment expenses		—			(3,582	)		—			(3,582	)
General and administrative		—			—			(7,329	)		(7,329	)
Subtotal		56,819			13,815			(30,711	)		39,923
Depreciation and amortization of deferred leasing costs		(13,742	)		(15,082	)		—			(28,824	)
Change in fair value of derivatives		—			—			61			61
Net income (loss)	$	43,077		$	(1,267	)	$	(30,650	)	$	11,160
Capital investment	$	5,804		$	5,572		$	—		$	11,376
Total assets	$	885,816		$	292,048		$	13,746		$	1,191,610
Six months ended June 30, 2012
Real estate rental operations:
Revenue	$	68,153		$	26,156		$	52		$	94,361
Expenses		(14,992	)		(8,618	)		—			(23,610	)
Income from real estate		53,161			17,538			52			70,751
Interest expense and amortization of deferred debt costs		—			—			(25,287	)		(25,287	)
General and administrative		—			—			(7,031	)		(7,031	)
Subtotal		53,161			17,538			(32,266	)		38,433
Depreciation and amortization of deferred leasing costs		(12,638	)		(6,869	)		—			(19,507	)
Change in fair value of derivatives		—			—			(19	)		(19	)
Income from operation of property sold		8			—			—			8
Net income (loss)	$	40,531		$	10,669		$	(32,285	)	$	18,915
Capital investment	$	3,472		$	3,800		$	—		$	7,272
Total assets	$	858,431		$	304,044		$	38,595		$	1,201,070