XML 42 R23.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Reportable Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2013
Segment Reporting [Abstract] |
Schedule of Income (Loss) by Reportable Segment | Segment net income, the balance of the Company’s investment in joint ventures and the amount of capital expenditures are not presented in the following tables. Management does not utilize these measures when analyzing its segments or when making resource allocation decisions, and therefore this information is not provided. FFO is reconciled to net income (loss) on a total Company basis (in thousands):
Three Months Ended September 30, 2013 |  | Office |  | Retail |  | Land |  | Third Party Management and Leasing |  | Other |  | Total
Net operating income | $ | 30,308 |  |  | $ | 3,663 |  |  | $ | — |  |  | $ | — |  |  | $ | 861 |  |  | $ | 34,832 |
Sales less costs of sales | — |  |  | — |  |  | 725 |  |  | — |  |  | (6 | ) |  | 719 |
Fee income | — |  |  | — |  |  | — |  |  | — |  |  | 2,420 |  |  | 2,420 |
Other income | — |  |  | — |  |  | — |  |  | — |  |  | 303 |  |  | 303 |
Gain on sale of third party management and leasing business | — |  |  | — |  |  | — |  |  | 4,531 |  |  | — |  |  | 4,531 |
Third party management and leasing expenses | — |  |  | — |  |  | — |  |  | (14 | ) |  | — |  |  | (14 | )
Separation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (520 | ) |  | (520 | )
General and administrative expenses | — |  |  | — |  |  | — |  |  | — |  |  | (6,635 | ) |  | (6,635 | )
Reimbursed expenses | — |  |  | — |  |  | — |  |  | — |  |  | (1,097 | ) |  | (1,097 | )
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | (7,224 | ) |  | (7,224 | )
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | (8,312 | ) |  | (8,312 | )
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | (1,777 | ) |  | (1,777 | )
Funds from operations available to common stockholders |  | $ | 30,308 |  |  | $ | 3,663 |  |  | $ | 725 |  |  | $ | 4,517 |  |  | $ | (21,987 | ) |  | 17,226 |
Real estate depreciation and amortization, including Company's share of joint ventures |  |  |  |  |  |  |  |  |  |  |  | (21,890 | )
Gain on sale of depreciated investment properties, including Company's share of joint ventures |  |  |  |  |  |  |  |  |  |  |  | 67,435 |
Non-controlling interest related to the sale of depreciated properties |  |  |  |  |  |  |  |  |  |  |  | (3,390 | )
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | $ | 59,381 |
Three Months Ended September 30, 2012 |  | Office |  | Retail |  | Land |  | Third Party Management and Leasing |  | Other |  | Total
Net operating income | $ | 20,451 |  |  | $ | 7,168 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,619 |
Sales less costs of sales | — |  |  | — |  |  | 378 |  |  | — |  |  | — |  |  | 378 |
Fee income | — |  |  | — |  |  | — |  |  | 4,789 |  |  | 7,343 |  |  | 12,132 |
Other income | — |  |  | — |  |  | — |  |  | — |  |  | 3,329 |  |  | 3,329 |
Gain on sale of third party management and leasing business | — |  |  | — |  |  | — |  |  | 7,384 |  |  | — |  |  | 7,384 |
Third party management and leasing expenses | — |  |  | — |  |  | — |  |  | (4,260 | ) |  | — |  |  | (4,260 | )
Separation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (574 | ) |  | (574 | )
General and administrative expenses | — |  |  | — |  |  | — |  |  | — |  |  | (5,255 | ) |  | (5,255 | )
Reimbursed expenses | — |  |  | — |  |  | — |  |  | — |  |  | (1,235 | ) |  | (1,235 | )
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | (6,759 | ) |  | (6,759 | )
Impairment loss | — |  |  | — |  |  | — |  |  | — |  |  | (488 | ) |  | (488 | )
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | (3,360 | ) |  | (3,360 | )
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | (3,226 | ) |  | (3,226 | )
Funds from operations available to common stockholders |  | $ | 20,451 |  |  | $ | 7,168 |  |  | $ | 378 |  |  | $ | 7,913 |  |  | $ | (10,225 | ) |  | 25,685 |
Real estate depreciation and amortization, including Company's share of joint ventures |  |  |  |  |  |  |  |  |  |  |  | (16,361 | )
Gain on sale of depreciated investment properties including the Company's share of joint ventures |  |  |  |  |  |  |  |  |  |  |  | 120 |
Net loss available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | $ | 9,444 |
Nine Months Ended September 30, 2013 |  | Office |  | Retail |  | Land |  | Third Party Management and Leasing |  | Other |  | Total
Net operating income | $ | 76,039 |  |  | $ | 12,255 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,280 |  |  | $ | 89,574 |
Sales less costs of sales | — |  |  | — |  |  | 1,244 |  |  | — |  |  | 154 |  |  | 1,398 |
Fee income | — |  |  | — |  |  | — |  |  | 76 |  |  | 8,931 |  |  | 9,007 |
Other income | — |  |  | — |  |  | — |  |  | — |  |  | 2,649 |  |  | 2,649 |
Gain on sale of third party management and leasing business | — |  |  | — |  |  | — |  |  | 4,531 |  |  | — |  |  | 4,531 |
Third party management and leasing expenses | — |  |  | — |  |  | — |  |  | (94 | ) |  | — |  |  | (94 | )
Separation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (520 | ) |  | (520 | )
General and administrative expenses | — |  |  | — |  |  | — |  |  | — |  |  | (17,256 | ) |  | (17,256 | )
Reimbursed expenses | — |  |  | — |  |  | — |  |  | — |  |  | (4,366 | ) |  | (4,366 | )
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | (20,442 | ) |  | (20,442 | )
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | (10,749 | ) |  | (10,749 | )
Preferred stock dividends and original issuance costs | — |  |  | — |  |  | — |  |  | — |  |  | (10,887 | ) |  | (10,887 | )
Funds from operations available to common stockholders |  | $ | 76,039 |  |  | $ | 12,255 |  |  | $ | 1,244 |  |  | $ | 4,513 |  |  | $ | (51,206 | ) |  | 42,845 |
Real estate depreciation and amortization, including Company's share of joint ventures |  |  |  |  |  |  |  |  |  |  |  | (57,162 | )
Gain on sale of depreciated investment properties, including Company's share of joint ventures |  |  |  |  |  |  |  |  |  |  |  | 124,682 |
Non-controlling interest related to the sale of depreciated properties |  |  |  |  |  |  |  |  |  |  |  | (3,390 | )
Net loss available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | $ | 106,975 |
Nine Months Ended September 30, 2012 |  | Office |  | Retail |  | Land |  | Third Party Management and Leasing |  | Other |  | Total
Net operating income | $ | 61,062 |  |  | $ | 23,241 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 84,304 |
Sales less costs of sales | — |  |  | — |  |  | 852 |  |  | — |  |  | 52 |  |  | 904 |
Fee income | — |  |  | — |  |  | — |  |  | 15,529 |  |  | 12,985 |  |  | 28,514 |
Other income | — |  |  | — |  |  | — |  |  | — |  |  | 4,948 |  |  | 4,948 |
Gain on sale of third party management and leasing business |  | — |  |  | — |  |  | — |  |  | 7,384 |  |  | — |  |  | 7,384 |
Third party management and leasing expenses | — |  |  | — |  |  | — |  |  | (13,167 | ) |  | — |  |  | (13,167 | )
Separation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (866 | ) |  | (866 | )
General and administrative expenses | — |  |  | — |  |  | — |  |  | — |  |  | (17,524 | ) |  | (17,524 | )
Reimbursed expenses | — |  |  | — |  |  | — |  |  | — |  |  | (3,968 | ) |  | (3,968 | )
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | (21,143 | ) |  | (21,143 | )
Impairment loss | — |  |  | — |  |  | — |  |  | — |  |  | (488 | ) |  | (488 | )
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | — |  |  | (94 | ) |  | (94 | )
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | (6,799 | ) |  | (6,799 | )
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | (9,680 | ) |  | (9,680 | )
Funds from operations available to common stockholders |  | $ | 61,062 |  |  | $ | 23,241 |  |  | $ | 852 |  |  | $ | 9,746 |  |  | $ | (42,576 | ) |  | 52,325 |
Real estate depreciation and amortization, including Company's share of joint ventures |  |  |  |  |  |  |  |  |  |  |  | (47,936 | )
Impairment loss on depreciable investment property, net of amounts attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  | (10,190 | )
Gain on sale of depreciated investment properties, including Company's share of joint ventures |  |  |  |  |  |  |  |  |  |  |  | 8,475 |
Other |  |  |  |  |  |  |  |  |  |  |  | 59 |
Net loss available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | $ | 2,733 |
Reconciliation of revenues per Segment to Consolidated Revenues | The following table reconciles information presented in the tables above to the Company’s consolidated revenues (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2013 |  | 2012 |  | 2013 |  | 2012
Net operating income |  | $ | 34,832 |  |  | $ | 27,619 |  |  | $ | 89,574 |  |  | $ | 84,304 |
Sales less cost of sales |  | 719 |  |  | 378 |  |  | 1,398 |  |  | 904 |
Fee income |  | 2,420 |  |  | 12,132 |  |  | 9,007 |  |  | 28,514 |
Other income |  | 303 |  |  | 3,329 |  |  | 2,649 |  |  | 4,948 |
Rental property operating expenses |  | 22,730 |  |  | 13,946 |  |  | 57,135 |  |  | 38,317 |
Cost of sales |  | 147 |  |  | 354 |  |  | 1,543 |  |  | 1,333 |
Net operating income in joint ventures |  | (7,547 | ) |  | (5,889 | ) |  | (21,425 | ) |  | (18,069 | )
Sales less cost of sales in joint ventures |  | (109 | ) |  | — |  |  | (111 | ) |  | 3 |
Net operating income in discontinued operations |  | (814 | ) |  | (4,560 | ) |  | (2,454 | ) |  | (16,188 | )
Fee income in discontinued operations |  | — |  |  | (4,789 | ) |  | (76 | ) |  | (15,529 | )
Other income in discontinued operations |  | (4 | ) |  | (3,234 | ) |  | 9 |  |  | (3,407 | )
(Gain) loss on land sales (included in gain on investment properties) |  | (602 | ) |  | — |  |  | (1,120 | ) |  | 30 |
Total consolidated revenues |  | $ | 52,075 |  |  | $ | 39,286 |  |  | $ | 136,129 |  |  | $ | 105,160 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration