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Segment Reporting | 12 Months Ended
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Dec. 31, 2017
Segment Reporting [Abstract] |
Segment Information |
18. SEGMENT INFORMATION
As of December 31, 2017, we operated through two business segments: Owned Real Estate and Investment Management. Prior to the completion of the PELP transaction on October 4, 2017, we only operated through the Owned Real Estate segment. As a result, we did not report any segment disclosures for the years ended December 31, 2016 and 2015. We generate revenues and segment profit from our segments as follows:
• | Owned Real Estate: Our business objective is to own and operate well-occupied grocery-anchored shopping centers that generate cash flows to support distributions to our shareholders with the potential for capital appreciation. We typically invest in neighborhood shopping centers (generally containing less than 125,000 leasable square feet) located in attractive demographic markets throughout the United States where our management believes our fully integrated operating platform can add value. Through this segment, we own a diversified portfolio of shopping centers subject to long-term net leases with creditworthy tenants in the grocery, retail, restaurant, and service industries. As of December 31, 2017, we owned 236 properties.
• | Investment Management: Through this segment, we are responsible for managing the day-to-day affairs of the Managed Funds, identifying and making acquisitions and investments on their behalf, maintaining and operating their real properties, and recommending to the respective boards of directors an approach for providing investors of the Managed Funds with liquidity. We generate revenues by providing asset management and property management services, in addition to revenues from leasing, acquisition, construction, and disposition services (see Note 14).
Our chief operating decision makers rely primarily on segment profit and similar measures to make decisions regarding allocating resources and assessing segment performance. We allocate certain operating expenses, such as employee related costs and benefits, to our segments. Items not directly attributable to our Owned Real Estate or Investment Management segments are allocated to corporate general and administrative expenses, which is a reconciling item. The table below compares segment profit for each of our operating segments and reconciles total segment profit to Net Loss for the year ended December 31, 2017 (in thousands):
| 2017
| Owned Real Estate |  | Investment Management |  | Total
Total revenues | $ | 303,410 |  |  | $ | 8,133 |  |  | $ | 311,543 |
Property operating expenses | (50,328 | ) |  | (3,496 | ) |  | (53,824 | )
Real estate tax expenses | (43,247 | ) |  | (209 | ) |  | (43,456 | )
General and administrative expenses | (3,403 | ) |  | (2,875 | ) |  | (6,278 | )
Segment profit | $ | 206,432 |  |  | $ | 1,553 |  |  | 207,985 |
Corporate general and administrative expenses |  |  |  |  | (30,070 | )
Vesting of Class B units for asset management services |  |  |  |  | (24,037 | )
Termination of affiliate arrangements |  |  |  |  | (5,454 | )
Depreciation and amortization |  |  |  |  | (130,671 | )
Interest expense, net |  |  |  |  | (45,661 | )
Acquisition expenses |  |  |  |  | (530 | )
Transaction expenses |  |  |  |  | (15,713 | )
Other income, net |  |  |  |  | 2,433 |
Net loss |  |  |  |  | $ | (41,718 | )
The table below summarizes the total assets and capital expenditures for each of our operating segments as of December 31, 2017 (in thousands):
| 2017
Assets: |
Owned Real Estate | $ | 3,388,080 |
Investment Management | 90,236 |
Total segment assets | 3,478,316 |
Reconciling items: |
Cash and cash equivalents | 5,716 |
Restricted cash | 21,729 |
Corporate headquarters and other assets | 20,321 |
Total assets | $ | 3,526,082 |
Capital Expenditures: |
Owned Real Estate | $ | 41,009 |
Investment Management | 1,137 |
Total capital expenditures | $ | 42,146 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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