XML 29 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Business Segments
 6 Months Ended
Jun. 30, 2017
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 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 2017 presentation.

 
(Dollars in thousands)
 Shopping
Centers
 
Mixed-Use
Properties
 
Corporate
and Other
 
Consolidated
Totals
Three months ended June 30, 2017
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
40,583

 
$
15,314

 
$
10

 
$
55,907

Expenses
(8,378
)
 
(5,002
)
 
—

 
(13,380
)
Income from real estate
32,205

 
10,312

 
10

 
42,527

Interest expense and amortization of deferred debt costs
—

 
—

 
(11,900
)
 
(11,900
)
General and administrative
—

 
—

 
(4,514
)
 
(4,514
)
Subtotal
32,205

 
10,312

 
(16,404
)
 
26,113

Depreciation and amortization of deferred leasing costs
(7,798
)
 
(3,893
)
 
—

 
(11,691
)
Change in fair value of derivatives
—

 
—

 
(1
)
 
(1
)
Net income (loss)
$
24,407

 
$
6,419

 
$
(16,405
)
 
$
14,421

Capital investment
$
1,942

 
$
5,219

 
$
—

 
$
7,161

Total assets
$
983,476

 
$
425,298

 
$
12,104

 
$
1,420,878

 
 
 
 
 
 
 
 
Three months ended June 30, 2016
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
38,677

 
$
14,021

 
$
12

 
$
52,710

Expenses
(8,035
)
 
(4,546
)
 
—

 
(12,581
)
Income from real estate
30,642

 
9,475

 
12

 
40,129

Interest expense and amortization of deferred debt costs
—

 
—

 
(11,655
)
 
(11,655
)
General and administrative
—

 
—

 
(4,407
)
 
(4,407
)
Subtotal
30,642

 
9,475

 
(16,050
)
 
24,067

Depreciation and amortization of deferred leasing costs
(7,174
)
 
(3,643
)
 
—

 
(10,817
)
Change in fair value of derivatives
—

 
—

 
(3
)
 
(3
)
Net income (loss)
$
23,468

 
$
5,832

 
$
(16,053
)
 
$
13,247

Capital investment
$
4,291

 
$
9,157

 
$
—

 
$
13,448

Total assets
$
916,204

 
$
367,089

 
$
12,162

 
$
1,295,455

 
 
 
 
 
 
 
 
(Dollars in thousands)
 Shopping
Centers
 
Mixed-Use
Properties
 
Corporate
and Other
 
Consolidated
Totals
Six months ended June 30, 2017
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
84,020

 
$
30,330

 
$
23

 
$
114,373

Expenses
(17,077
)
 
(9,888
)
 
—

 
(26,965
)
Income from real estate
66,943

 
20,442

 
23

 
87,408

Interest expense and amortization of deferred debt costs
—

 
—

 
(23,764
)
 
(23,764
)
General and administrative
—

 
—

 
(8,815
)
 
(8,815
)
Subtotal
66,943

 
20,442

 
(32,556
)
 
54,829

Depreciation and amortization of deferred leasing costs
(15,192
)
 
(7,841
)
 
—

 
(23,033
)
Change in fair value of derivatives
—

 
—

 
(1
)
 
(1
)
Net income (loss)
$
51,751

 
$
12,601

 
$
(32,557
)
 
$
31,795

Capital investment
$
84,285

 
$
10,225

 
$
—

 
$
94,510

Total assets
$
983,476

 
$
425,298

 
$
12,104

 
$
1,420,878

 
 
 
 
 
 
 
 
Six months ended June 30, 2016
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
82,123

 
$
27,488

 
$
25

 
$
109,636

Expenses
(18,189
)
 
(8,753
)
 
—

 
(26,942
)
Income from real estate
63,934

 
18,735

 
25

 
82,694

Interest expense and amortization of deferred debt costs
—

 
—

 
(22,744
)
 
(22,744
)
General and administrative
—

 
—

 
(8,467
)
 
(8,467
)
Subtotal
63,934

 
18,735

 
(31,186
)
 
51,483

Depreciation and amortization of deferred leasing costs
(15,042
)
 
(6,810
)
 
—

 
(21,852
)
Change in fair value of derivatives
—

 
—

 
(10
)
 
(10
)
Net income (loss)
$
48,892

 
$
11,925

 
$
(31,196
)
 
$
29,621

Capital investment
$
6,404

 
$
20,028

 
$
—

 
$
26,432

Total assets
$
916,204

 
$
367,089

 
$
12,162

 
$
1,295,455