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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information

18.

Segment Information

In the fourth quarter of 2020, the Company transferred and redeemed its loan investments (preferred equity interests) in the BRE DDR Joint Ventures in exchange for the acquisition of certain of the underlying assets of the two joint ventures.  As such, beginning on January 1, 2021, the Company has one reportable operating segment.  The tables below present information about the Company’s reportable operating segments (in thousands):

 

 

For the Year Ended December 31, 2020

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Rental income

$

414,864

 

 

$

—

 

 

 

 

 

 

$

414,864

 

Other income

 

45,456

 

 

 

13

 

 

 

 

 

 

 

45,469

 

Total revenues

 

460,320

 

 

 

13

 

 

 

 

 

 

 

460,333

 

Rental operation expenses

 

(138,402

)

 

 

—

 

 

 

 

 

 

 

(138,402

)

Net operating income

 

321,918

 

 

 

13

 

 

 

 

 

 

 

321,931

 

Impairment charges

 

(5,200

)

 

 

 

 

 

 

 

 

 

 

(5,200

)

Depreciation and amortization

 

(170,669

)

 

 

 

 

 

 

 

 

 

 

(170,669

)

Interest income

 

 

 

 

 

11,888

 

 

 

 

 

 

 

11,888

 

Other expense, net

 

 

 

 

 

 

 

 

$

(18,400

)

 

 

(18,400

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(130,485

)

 

 

(130,485

)

Equity in net income of joint ventures

 

1,516

 

 

 

 

 

 

 

 

 

 

 

1,516

 

Reserve of preferred equity interests, net

 

 

 

 

 

(19,393

)

 

 

 

 

 

 

(19,393

)

Gain on sale and change in control of interests, net

 

45,464

 

 

 

 

 

 

 

 

 

 

 

45,464

 

Gain on disposition of real estate, net

 

1,069

 

 

 

 

 

 

 

 

 

 

 

1,069

 

Income before tax expense

 

 

 

 

 

 

 

 

 

 

 

 

$

37,721

 

As of December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

4,989,388

 

 

 

 

 

 

 

 

 

 

$

4,989,388

 

 

 

 

For the Year Ended December 31, 2019

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Rental income

$

443,421

 

 

$

—

 

 

 

 

 

 

$

443,421

 

Other income

 

63,632

 

 

 

50

 

 

 

 

 

 

 

63,682

 

Business interruption income

 

885

 

 

 

—

 

 

 

 

 

 

 

885

 

Total revenues

 

507,938

 

 

 

50

 

 

 

 

 

 

 

507,988

 

Rental operation expenses

 

(139,653

)

 

 

(10

)

 

 

 

 

 

 

(139,663

)

Net operating income

 

368,285

 

 

 

40

 

 

 

 

 

 

 

368,325

 

Impairment charges

 

(3,370

)

 

 

 

 

 

 

 

 

 

 

(3,370

)

Depreciation and amortization

 

(165,087

)

 

 

 

 

 

 

 

 

 

 

(165,087

)

Interest income

 

 

 

 

 

18,009

 

 

 

 

 

 

 

18,009

 

Other expense, net

 

 

 

 

 

 

 

 

$

357

 

 

 

357

 

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(143,105

)

 

 

(143,105

)

Equity in net income of joint ventures

 

11,519

 

 

 

 

 

 

 

 

 

 

 

11,519

 

Reserve of preferred equity interests

 

 

 

 

 

(15,544

)

 

 

 

 

 

 

(15,544

)

Gain on disposition of real estate, net

 

31,380

 

 

 

 

 

 

 

 

 

 

 

31,380

 

Income before tax expense

 

 

 

 

 

 

 

 

 

 

 

 

$

102,484

 

As of December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

4,709,812

 

 

 

 

 

 

 

 

 

 

$

4,709,812

 

Notes receivable, net(B)

 

 

 

 

$

120,130

 

 

$

(112,589

)

 

$

7,541

 

 

(A)

Unallocated expenses consist of General and Administrative Expenses and Interest Expense as listed in the Company’s consolidated statements of operations.  

(B)

In 2019, amount includes BRE DDR Joint Venture preferred investment interests.  This note receivable was used as part of the consideration paid to acquire certain of the underlying assets of two joint ventures.