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Business Segments
6 Months Ended
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 estate36,812 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 property181 — — 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 estate34,512 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 estate72,781 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 property181 — — 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 estate69,477 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