Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Information about Company's Reportable Operating Segments

In the fourth quarter of 2020, the Company transferred and redeemed its loan investments (preferred equity interests) in two joint ventures in exchange for the acquisition of certain of the underlying assets of the two joint ventures (Note 3). 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 for the three years ended December 31, 2020 (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

	For the Year Ended December 31, 2018
	Shopping Centers			Loan Investments			Other			Total
Rental income	$	650,594		$	—		$	—		$	650,594
Other income		49,720			57			—			49,777
Business interruption income		5,100			—			1,784			6,884
Total revenues		705,414			57			1,784			707,255
Rental operation expenses		(207,991	)		(1	)		—			(207,992	)
Net operating income		497,423			56			1,784			499,263
Impairment charges		(69,324	)								(69,324	)
Hurricane property and impairment loss (credit), net		(974	)				157				(817	)
Depreciation and amortization		(242,102	)								(242,102	)
Interest income					20,437						20,437
Other expense, net								(110,895	)		(110,895	)
Unallocated expenses^(A)								(202,944	)		(202,944	)
Equity in net income of joint ventures		9,365									9,365
Reserve of preferred equity interests					(11,422	)					(11,422	)
Gain on disposition of real estate, net		225,406									225,406
Income before tax expense										$	116,967
As of December 31, 2018:
Total gross real estate assets	$	4,627,866								$	4,627,866
Notes receivable, net^(B)				$	209,566		$	(189,891	)	$	19,675

(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 classified in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheet. This note receivable was used as part of the consideration in acquiring certain of the underlying assets of two joint ventures (Note 3).