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Business Segments | 6 Months Ended
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Jun. 30, 2024
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 variety 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 2024 presentation.
Financial Information By Segment
(In thousands) | Shopping Centers |  | Mixed-Use Properties |  | Corporate and Other |  | Consolidated Totals
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Real estate rental operations: |  |  |  |  |  |  |
Revenue | $ | 46,765 |  |  | $ | 20,178 |  |  | $ | — |  |  | $ | 66,943 |
Expenses | (9,953) |  |  | (7,311) |  |  | — |  |  | (17,264) |
Income from real estate | 36,812 |  |  | 12,867 |  |  | — |  |  | 49,679 |
Interest expense, net and amortization of deferred debt costs | — |  |  | — |  |  | (12,267) |  |  | (12,267) |
Depreciation and amortization of deferred leasing costs | (7,084) |  |  | (4,917) |  |  | — |  |  | (12,001) |
General and administrative | — |  |  | — |  |  | (6,102) |  |  | (6,102) |
Gain on disposition of property | 181 |  |  | — |  |  | — |  |  | 181 |
Net income (loss) | $ | 29,909 |  |  | $ | 7,950 |  |  | $ | (18,369) |  |  | $ | 19,490 |
Capital investment | $ | 4,648 |  |  | $ | 39,977 |  |  | $ | — |  |  | $ | 44,625 |
Total assets | $ | 900,335 |  |  | $ | 1,156,510 |  |  | $ | 14,752 |  |  | $ | 2,071,597 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |
Real estate rental operations: |  |  |  |  |  |  |
Revenue | $ | 43,974 |  |  | $ | 19,735 |  |  | $ | — |  |  | $ | 63,709 |
Expenses | (9,462) |  |  | (6,988) |  |  | — |  |  | (16,450) |
Income from real estate | 34,512 |  |  | 12,747 |  |  | — |  |  | 47,259 |
Interest expense, net and amortization of deferred debt costs | — |  |  | — |  |  | (12,278) |  |  | (12,278) |
Depreciation and amortization of deferred leasing costs | (7,066) |  |  | (5,048) |  |  | — |  |  | (12,114) |
General and administrative | — |  |  | — |  |  | (5,678) |  |  | (5,678) |
Net income (loss) | $ | 27,446 |  |  | $ | 7,699 |  |  | $ | (17,956) |  |  | $ | 17,189 |
Capital investment | $ | 4,221 |  |  | $ | 51,989 |  |  | $ | — |  |  | $ | 56,210 |
Total assets | $ | 915,274 |  |  | $ | 972,258 |  |  | $ | 19,162 |  |  | $ | 1,906,694 |
Financial Information By Segment
(In thousands) | Shopping Centers |  | Mixed-Use Properties |  | Corporate and Other |  | Consolidated Totals
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Real estate rental operations: |  |  |  |  |  |  |
Revenue | $ | 93,698 |  |  | $ | 39,937 |  |  | $ | — |  |  | $ | 133,635 |
Expenses | (20,917) |  |  | (14,516) |  |  | — |  |  | (35,433) |
Income from real estate | 72,781 |  |  | 25,421 |  |  | — |  |  | 98,202 |
Interest expense, net and amortization of deferred debt costs | — |  |  | — |  |  | (24,715) |  |  | (24,715) |
Depreciation and amortization of deferred leasing costs | (14,158) |  |  | (9,872) |  |  | — |  |  | (24,030) |
General and administrative | — |  |  | — |  |  | (11,885) |  |  | (11,885) |
Gain on disposition of property | 181 |  |  | — |  |  | — |  |  | 181 |
Net income (loss) | $ | 58,804 |  |  | $ | 15,549 |  |  | $ | (36,600) |  |  | $ | 37,753 |
Capital investment | $ | 8,789 |  |  | $ | 81,405 |  |  | $ | — |  |  | $ | 90,194 |
Total assets | $ | 900,335 |  |  | $ | 1,156,510 |  |  | $ | 14,752 |  |  | $ | 2,071,597 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |
Real estate rental operations: |  |  |  |  |  |  |
Revenue | $ | 88,199 |  |  | $ | 38,559 |  |  | $ | — |  |  | $ | 126,758 |
Expenses | (18,722) |  |  | (14,009) |  |  | — |  |  | (32,731) |
Income from real estate | 69,477 |  |  | 24,550 |  |  | — |  |  | 94,027 |
Interest expense, net and amortization of deferred debt costs | — |  |  | — |  |  | (24,099) |  |  | (24,099) |
Depreciation and amortization of deferred leasing costs | (14,193) |  |  | (9,937) |  |  | — |  |  | (24,130) |
General and administrative | — |  |  | — |  |  | (10,946) |  |  | (10,946) |
Net income (loss) | $ | 55,284 |  |  | $ | 14,613 |  |  | $ | (35,045) |  |  | $ | 34,852 |
Capital investment | $ | 5,888 |  |  | $ | 93,478 |  |  | $ | — |  |  | $ | 99,366 |
Total assets | $ | 915,274 |  |  | $ | 972,258 |  |  | $ | 19,162 |  |  | $ | 1,906,694 |

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