| 16. | 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 for 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 2012 presentation.
| (In thousands) | Shopping | Mixed-Use | Corporate | Consolidated | ||||||||||||
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As of or for the year ended December 31, 2012 |
Centers | Properties | and Other | Totals | ||||||||||||
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Real estate rental operations: |
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Revenue |
$ | 137,647 | $ | 52,309 | $ | 136 | $ | 190,092 | ||||||||
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Expenses |
(30,139 | ) | (17,131 | ) | — | (47,270 | ) | |||||||||
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Income from real estate |
107,508 | 35,178 | 136 | 142,822 | ||||||||||||
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Interest expense & amortization of deferred debt costs |
— | — | (49,544 | ) | (49,544 | ) | ||||||||||
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General and administrative |
— | — | (14,274 | ) | (14,274 | ) | ||||||||||
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Subtotal |
107,508 | 35,178 | (63,682 | ) | 79,004 | |||||||||||
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Depreciation and amortization of deferred leasing costs |
(25,667 | ) | (14,445 | ) | — | (40,112 | ) | |||||||||
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Predevelopment expense |
— | (2,667 | ) | — | (2,667 | ) | ||||||||||
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Acquisition related costs |
(1,129 | ) | — | — | (1,129 | ) | ||||||||||
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Change in fair value of derivatives |
— | — | 36 | 36 | ||||||||||||
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Gain on casualty settlement |
219 | 219 | ||||||||||||||
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Loss from operations of property sold |
(81 | ) | — | — | (81 | ) | ||||||||||
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Gain on property dispositions |
4,510 | — | — | 4,510 | ||||||||||||
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Net income |
$ | 85,360 | $ | 18,066 | $ | (63,646 | ) | $ | 39,780 | |||||||
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Capital investment |
$ | 46,353 | $ | 8,290 | $ | — | $ | 54,643 | ||||||||
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Total assets |
$ | 894,027 | $ | 301,355 | $ | 11,927 | $ | 1,207,309 | ||||||||
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As of or for the year ended December 31, 2011 |
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Real estate rental operations: |
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Revenue |
$ | 127,767 | $ | 46,035 | $ | 76 | $ | 173,878 | ||||||||
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Expenses |
(30,372 | ) | (14,658 | ) | — | (45,030 | ) | |||||||||
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Income from real estate |
97,395 | 31,377 | 76 | 128,848 | ||||||||||||
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Interest expense & amortization of deferred debt costs |
— | — | (45,324 | ) | (45,324 | ) | ||||||||||
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General and administrative |
— | — | (14,256 | ) | (14,256 | ) | ||||||||||
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Subtotal |
97,395 | 31,377 | (59,504 | ) | 69,268 | |||||||||||
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Depreciation and amortization of deferred leasing costs |
(23,077 | ) | (12,221 | ) | — | (35,298 | ) | |||||||||
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Decrease in fair value of derivatives |
— | — | (1,332 | ) | (1,332 | ) | ||||||||||
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Acquisition related costs |
(2,534 | ) | — | — | (2,534 | ) | ||||||||||
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Loss from operations of property sold |
(55 | ) | — | — | (55 | ) | ||||||||||
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Gain on casualty settlement |
245 | — | — | 245 | ||||||||||||
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Net income |
$ | 71,974 | $ | 19,156 | $ | (60,836 | ) | $ | 30,294 | |||||||
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Capital investment |
$ | 177,958 | $ | 24,546 | $ | — | $ | 202,504 | ||||||||
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Total assets |
$ | 871,409 | $ | 308,053 | $ | 13,107 | $ | 1,192,569 | ||||||||
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As of or for the year ended December 31, 2010 |
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Real estate rental operations: |
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Revenue |
$ | 125,015 | $ | 38,060 | $ | 33 | $ | 163,108 | ||||||||
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Expenses |
(29,923 | ) | (12,052 | ) | — | (41,975 | ) | |||||||||
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Income from real estate |
95,092 | 26,008 | 33 | 121,133 | ||||||||||||
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Interest expense & amortization of deferred debt costs |
— | — | (34,799 | ) | (34,799 | ) | ||||||||||
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General and administrative |
— | — | (13,968 | ) | (13,968 | ) | ||||||||||
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Subtotal |
95,092 | 26,008 | (48,734 | ) | 72,366 | |||||||||||
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Depreciation and amortization of deferred leasing costs |
(20,491 | ) | (7,888 | ) | — | (28,379 | ) | |||||||||
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Loss on early extinguishment of debt |
— | — | (5,405 | ) | (5,405 | ) | ||||||||||
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Acquisition related costs |
(1,179 | ) | — | — | (1,179 | ) | ||||||||||
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Gain on casualty settlement |
2,475 | — | — | 2,475 | ||||||||||||
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Loss from operations of property sold |
(284 | ) | — | — | (284 | ) | ||||||||||
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Gain on property sale |
3,591 | — | — | 3,591 | ||||||||||||
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Net income |
$ | 79,204 | $ | 18,120 | $ | (54,139 | ) | $ | 43,185 | |||||||
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Capital investment |
$ | 29,253 | $ | 68,986 | $ | — | $ | 98,239 | ||||||||
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Total assets |
$ | 704,624 | $ | 294,791 | $ | 14,473 | $ | 1,013,888 | ||||||||
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