15. SEGMENT INFORMATION

As of September 30, 2018, we operated through two business segments: Owned Real Estate and Investment Management. Prior to the completion of the PELP transaction in October 2017, we only operated through the Owned Real Estate segment. As a result, we did not report any segment disclosures for the three and nine months ended September 30, 2017. We generate revenues and Segment Profit as follows:

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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 September 30, 2018, we owned 233 properties.

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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 an approach for providing investors of the Managed Funds with liquidity. We generate revenues by providing asset management and property management services, such as revenues from leasing, acquisition, construction, and disposition services (see Note 12).

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 three and nine months ended September 30, 2018 (in thousands):



	Three Months Ended September 30, 2018									Nine Months Ended September 30, 2018
	Owned Real Estate			Investment Management			Total			Owned Real Estate			Investment Management			Total
Total revenues	$	95,788		$	9,111		$	104,899		$	285,041		$	27,230		$	312,271
Property operating expenses	(15,940		)	(3,336		)	(19,276		)	(45,442		)	(8,850		)	(54,292		)
Real estate tax expenses	(12,698		)	(175		)	(12,873		)	(38,737		)	(609		)	(39,346		)
General and administrative expenses	(588		)	(3,540		)	(4,128		)	(1,817		)	(9,599		)	(11,416		)
Segment profit	$	66,562		$	2,060		68,622			$	199,045		$	8,172		207,217
Corporate general and administrative expenses							(9,451		)							(26,074		)
Depreciation and amortization							(45,692		)							(138,504		)
Impairment of real estate assets							(16,757		)							(27,696		)
Interest expense, net							(17,336		)							(51,166		)
Gain on sale of property, net							4,571									5,556
Other loss, net							(224		)							(1,513		)
Net loss							(16,267		)							(32,180		)