Segment Information

9 Months Ended

Sep. 30, 2011

Segment Information [Abstract]

Segment Information

Note 20.     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 September 30, 2011:
Revenues	$	123,851		$	12,490	$	2,224		$	138,565
Net Operating Income		87,581			8,044		305			95,930
Equity in (Loss) of Real Estate Joint Ventures and Partnerships, net		(3,113	)		92		(13	)		(3,034	)
Three Months Ended September 30, 2010:
Revenues	$	119,281		$	12,626	$	2,211		$	134,118
Net Operating Income		85,689			8,567		408			94,664
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net		3,297			227		(69	)		3,455
Nine Months Ended September 30, 2011:
Revenues	$	360,931		$	36,549	$	8,137		$	405,617
Net Operating Income		255,009			24,420		2,052			281,481
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net		3,650			524		(232	)		3,942
Nine Months Ended September 30, 2010:
Revenues	$	355,956		$	37,573	$	6,779		$	400,308
Net Operating Income		252,296			25,574		1,481			279,351
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net		8,933			752		(364	)		9,321
As of September 30, 2011:
Investment in Real Estate Joint Ventures and Partnerships, net	$	306,576		$	36,096	$	-		$	342,672
Total Assets		3,410,088			353,788		908,561			4,672,437
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 Operations and Comprehensive (Loss) Income as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Total Segment Net Operating Income	$	95,930		$	94,664		$	281,481		$	279,351
Depreciation and Amortization		(38,872	)		(35,921	)		(114,499	)		(107,466	)
Impairment Loss		(35,344	)		(4,941	)		(55,006	)		(21,002	)
General and Administrative		(5,777	)		(6,443	)		(18,939	)		(19,096	)
Interest Expense, net		(35,814	)		(36,579	)		(110,005	)		(111,124	)
Interest and Other (Expense) Income, net		(494	)		3,070			2,984			6,905
Equity in (Loss) Earnings of Real Estate Joint Ventures and Partnerships, net		(3,034	)		3,455			3,942			9,321
Loss on Redemption of Convertible Senior Unsecured Notes		-			-			-			(135	)
Gain on Land and Merchant Development Sales		383			-			1,346			-
(Provision) Benefit for Income Taxes		(471	)		23			(229	)		(93	)
(Loss) Income from Continuing Operations	$	(23,493	)	$	17,328		$	(8,925	)	$	36,661