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 2018 presentation.



(In thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Three months ended June 30, 2018
Real estate rental operations:
Revenue	$	40,848		$	15,376		$	—		$	56,224
Expenses	(8,574		)	(5,079		)	—			(13,653		)
Income from real estate	32,274			10,297			—			42,571
Other revenue	—			—			69			69
Interest expense and amortization of deferred debt costs	—			—			(11,237		)	(11,237		)
General and administrative	—			—			(4,647		)	(4,647		)
Depreciation and amortization of deferred leasing costs	(7,333		)	(4,018		)	—			(11,351		)
Gain on sale of property	509			—			—			509
Change in fair value of derivatives	—			—			(12		)	(12		)
Net income (loss)	$	25,450		$	6,279		$	(15,827	)	$	15,902
Capital investment	$	3,883		$	16,387		$	—		$	20,270
Total assets	$	804,939		$	464,534		$	177,009		$	1,446,482

Three months ended June 30, 2017
Real estate rental operations:
Revenue	$	40,583		$	15,314		$	—		$	55,897
Expenses	(8,378		)	(5,002		)	—			(13,380		)
Income from real estate	32,205			10,312			—			42,517
Other revenue	—			—			10			10
Interest expense and amortization of deferred debt costs	—			—			(11,900		)	(11,900		)
General and administrative	—			—			(4,514		)	(4,514		)
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



(Dollars in thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Six months ended June 30, 2018
Real estate rental operations:
Revenue	$	81,821		$	30,798		$	—		$	112,619
Expenses	(17,499		)	(10,408		)	—			(27,907		)
Income from real estate	64,322			20,390			—			84,712
Other revenue	—			—			170			170
Interest expense and amortization of deferred debt costs	—			—			(22,764		)	(22,764		)
General and administrative	—			—			(9,068		)	(9,068		)
Depreciation and amortization of deferred leasing costs	(14,631		)	(8,069		)	—			(22,700		)
Gain on sale of property	509			—			—			509
Change in fair value of derivatives	—			—			(12		)	(12		)
Net income (loss)	$	50,200		$	12,321		$	(31,674	)	$	30,847
Capital investment	$	7,143		$	29,850		$	—		$	36,993
Total assets	$	804,939		$	464,534		$	177,009		$	1,446,482

Six months ended June 30, 2017
Real estate rental operations:
Revenue	$	84,020		$	30,330		$	—		$	114,350
Expenses	(17,077		)	(9,888		)	—			(26,965		)
Income from real estate	66,943			20,442			—			87,385
Other revenue	—			—			23			23
Interest expense and amortization of deferred debt costs	—			—			(23,764		)	(23,764		)
General and administrative	—			—			(8,815		)	(8,815		)
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