Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information

Segment Information

Note 19. Segment Information

The reportable segments presented are the segments for which separate financial information is available, and for which operating performance is evaluated regularly by senior management in deciding how to allocate resources and in assessing performance. We evaluate the performance of the reportable segments based on net operating income, defined as total revenues less operating expenses and real estate taxes. Management does not consider the effect of gains or losses from the sale of property in evaluating segment operating performance.

The shopping center segment is engaged in the acquisition, development and management of real estate, primarily anchored neighborhood and community shopping centers located in Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Maine, Missouri, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah and Washington. The customer base includes supermarkets, discount retailers, drugstores and other retailers who generally sell basic necessity-type commodities. The industrial segment is engaged in the acquisition, development and management of bulk warehouses and office/service centers. Its properties are located in California, Florida, Georgia, Tennessee, Texas and Virginia, and the customer base is diverse. Included in "Other" are corporate-related items, insignificant operations and costs that are not allocated to the reportable segments.

Information concerning our reportable segments is as follows (in thousands):

	Shopping Center		Industrial		Other		Total
Three Months Ended June 30, 2011:
Revenues	$	125,036	$	12,530	$	3,659	$	141,225
Net Operating Income		88,007		8,472		1,580		98,059
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net		3,439		286		(146)		3,579
Three Months Ended June 30, 2010:
Revenues	$	122,144	$	13,142	$	2,505	$	137,791
Net Operating Income		86,213		8,958		821		95,992
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net		2,457		319		(146)		2,630
Six Months Ended June 30, 2011:
Revenues	$	244,627	$	24,917	$	5,776	$	275,320
Net Operating Income		172,494		17,028		1,604		191,126
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net		6,763		432		(219)		6,976
Six Months Ended June 30, 2010:
Revenues	$	243,688	$	25,627	$	4,568	$	273,883
Net Operating Income		171,008		17,456		1,073		189,537
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net		5,636		525		(295)		5,866
As of June 30, 2011:
Investment in Real Estate Joint Ventures and Partnerships, net	$	308,028	$	37,376	$	-	$	345,404
Total Assets		3,442,227		355,252		958,299		4,755,778
As of December 31, 2010:
Investment in Real Estate Joint Ventures and Partnerships, net	$	309,171	$	38,355	$	-	$	347,526
Total Assets		3,469,694		363,153		975,008		4,807,855

Segment net operating income reconciles to income from continuing operations as shown in the Condensed Consolidated Statements of Income and Comprehensive Income as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Total Segment Net Operating Income	$	98,059	$	95,992	$	191,126	$	189,537
Depreciation and Amortization		(39,609)		(37,685)		(78,040)		(73,542)
Impairment Loss		(18,892)		(15,825)		(19,662)		(16,061)
General and Administrative		(6,612)		(6,069)		(13,168)		(12,660)
Interest Expense, net		(37,324)		(37,280)		(74,170)		(74,719)
Interest and Other Income, net		1,423		972		3,478		3,835
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net		3,579		2,630		6,976		5,866
Loss on Redemption of Convertible Senior Unsecured Notes		-		(135)		-		(135)
Gain on Acquisition		4,559		-		4,559		-
Gain on Land and Merchant Development Sales		1		-		963		-
(Provision) Benefit for Income Taxes		(119)		320		197		(156)
Income from Continuing Operations	$	5,065	$	2,920	$	22,259	$	21,965