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 range 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 2018 presentation.



(In thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Three months ended September 30, 2018
Real estate rental operations:
Revenue	$	41,161		$	15,850		$	—		$	57,011
Expenses	(8,644		)	(5,304		)	—			(13,948		)
Income from real estate	32,517			10,546			—			43,063
Other revenue	—			—			48			48
Interest expense and amortization of deferred debt costs	—			—			(11,022		)	(11,022		)
General and administrative	—			—			(4,141		)	(4,141		)
Depreciation and amortization of deferred leasing costs	(7,249		)	(4,007		)	—			(11,256		)
Change in fair value of derivatives	—			—			10			10
Net income (loss)	$	25,268		$	6,539		$	(15,105	)	$	16,702
Capital investment	$	15,145		$	44,161		$	—		$	59,306
Total assets	$	982,038		$	514,480		$	9,620		$	1,506,138

Three months ended September 30, 2017
Real estate rental operations:
Revenue	$	40,834		$	15,394		$	—		$	56,228
Expenses	(8,799		)	(5,505		)	—			(14,304		)
Income from real estate	32,035			9,889			—			41,924
Other revenue	—			—			9			9
Interest expense and amortization of deferred debt costs	—			—			(11,821		)	(11,821		)
General and administrative	—			—			(4,363		)	(4,363		)
Depreciation and amortization of deferred leasing costs	(7,457		)	(3,906		)	—			(11,363		)
Change in fair value of derivatives	—			—			(1		)	(1		)
Net income (loss)	$	24,578		$	5,983		$	(16,176	)	$	14,385
Capital investment	$	3,503		$	8,161		$	—		$	11,664
Total assets	$	983,369		$	431,182		$	9,177		$	1,423,728



(Dollars in thousands)	Shopping Centers			Mixed-Use Properties			Corporate and Other			Consolidated Totals
Nine months ended September 30, 2018
Real estate rental operations:
Revenue	$	122,982		$	46,648		$	—		$	169,630
Expenses	(26,143		)	(15,712		)	—			(41,855		)
Income from real estate	96,839			30,936			—			127,775
Other revenue	—			—			218			218
Interest expense and amortization of deferred debt costs	—			—			(33,786		)	(33,786		)
General and administrative	—			—			(13,208		)	(13,208		)
Depreciation and amortization of deferred leasing costs	(21,880		)	(12,076		)	—			(33,956		)
Gain on sale of property	509			—			—			509
Change in fair value of derivatives	—			—			(2		)	(2		)
Net income (loss)	$	75,468		$	18,860		$	(46,778	)	$	47,550
Capital investment	$	22,288		$	74,011		$	—		$	96,299
Total assets	$	982,038		$	514,480		$	9,620		$	1,506,138

Nine months ended September 30, 2017
Real estate rental operations:
Revenue	$	124,854		$	45,725		$	—		$	170,579
Expenses	(25,876		)	(15,393		)	—			(41,269		)
Income from real estate	98,978			30,332			—			129,310
Other revenue	—			—			31			31
Interest expense and amortization of deferred debt costs	—			—			(35,585		)	(35,585		)
General and administrative	—			—			(13,178		)	(13,178		)
Depreciation and amortization of deferred leasing costs	(22,649		)	(11,747		)	—			(34,396		)
Change in fair value of derivatives	—			—			(2		)	(2		)
Net income (loss)	$	76,329		$	18,585		$	(48,734	)	$	46,180
Capital investment	$	87,788		$	18,386		$	—		$	106,174
Total assets	$	983,369		$	431,182		$	9,177		$	1,423,728