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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2012
Segment Reporting [Abstract] |
Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block] | The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three and nine months ended September 30, 2012 and 2011 and does not include unconsolidated affiliates:
Three Months Ended September 30, 2012
(dollars in thousands) | Core Portfolio |  | Opportunity Funds |  | Self- Storage Investments |  | Notes Receivable |  | Other |  | Amounts Eliminated in Consolidation |  | Total
Revenues | $ | 17,917 |  |  | $ | 17,340 |  |  | $ | 6,729 |  |  | $ | 1,866 |  |  | $ | 5,815 |  |  | $ | (5,526 | ) |  | $ | 44,141 |
Property operating expenses, other operating and real estate taxes | 5,571 |  |  | 5,851 |  |  | 3,444 |  |  | — |  |  | — |  |  | (680 | ) |  | 14,186 |
General and administrative | 5,436 |  |  | 4,948 |  |  | (3 | ) |  | — |  |  | — |  |  | (3,377 | ) |  | 7,004 |
Income before depreciation and amortization and interest and other finance expense | $ | 6,910 |  |  | $ | 6,541 |  |  | $ | 3,288 |  |  | $ | 1,866 |  |  | $ | 5,815 |  |  | $ | (1,469 | ) |  | $ | 22,951 |
Depreciation and amortization | $ | 4,712 |  |  | $ | 4,732 |  |  | $ | 1,188 |  |  | $ | — |  |  | $ | — |  |  | $ | (267 | ) |  | $ | 10,365 |
Interest and other finance expense | $ | 4,085 |  |  | $ | 4,449 |  |  | $ | 827 |  |  | $ | — |  |  | $ | — |  |  | $ | 202 |  |  | $ | 9,563 |
Real estate at cost | $ | 634,851 |  |  | $ | 868,206 |  |  | $ | 217,296 |  |  | $ | — |  |  | $ | — |  |  | $ | (17,035 | ) |  | $ | 1,703,318 |
Total assets | $ | 786,041 |  |  | $ | 993,046 |  |  | $ | 193,225 |  |  | $ | 78,826 |  |  | $ | — |  |  | $ | (151,555 | ) |  | $ | 1,899,583 |
Expenditures for redevelopment and improvements | $ | (915 | ) |  | $ | 14,108 |  |  | $ | 1,643 |  |  | $ | — |  |  | $ | — |  |  | $ | (727 | ) |  | $ | 14,109 |
Acquisition of real estate | $ | 11,492 |  |  | $ | 14,601 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,093 |
Reconciliation to net income and net income attributable to Common Shareholders |  |  |
Income before depreciation and amortization and interest and other finance expense |  | $ | 22,951 |
Other interest income |  | 55 |
Depreciation and amortization |  | (10,365 | )
Equity in losses of unconsolidated affiliates |  | (2,538 | )
Interest and other finance expense |  | (9,563 | )
Income tax benefit |  | (97 | )
Income from discontinued operations |  | 101 |
Gain on sale of property |  | 5,917 |
Net income |  | 6,655 |
Net loss attributable to noncontrolling interests |  | 926 |
Net income attributable to Common Shareholders |  | $ | 7,581 |
12. | SEGMENT REPORTING (continued)
Three Months Ended September 30, 2011
(dollars in thousands) | Core Portfolio |  | Opportunity Funds |  | Self- Storage Investments |  | Notes Receivable |  | Other |  | Amounts Eliminated in Consolidation |  | Total
Revenues | $ | 14,277 |  |  | $ | 13,614 |  |  | $ | 6,141 |  |  | $ | 1,585 |  |  | $ | 5,537 |  |  | $ | (5,285 | ) |  | $ | 35,869 |
Property operating expenses, other operating and real estate taxes | 4,190 |  |  | 4,557 |  |  | 3,731 |  |  | — |  |  | — |  |  | (613 | ) |  | 11,865 |
General and administrative | 6,362 |  |  | 3,438 |  |  | — |  |  | — |  |  | — |  |  | (4,042 | ) |  | 5,758 |
Income before depreciation and amortization and interest and other finance expense | $ | 3,725 |  |  | $ | 5,619 |  |  | $ | 2,410 |  |  | $ | 1,585 |  |  | $ | 5,537 |  |  | $ | (630 | ) |  | $ | 18,246 |
Depreciation and amortization | $ | 3,547 |  |  | $ | 3,745 |  |  | $ | 1,070 |  |  | $ | — |  |  | $ | — |  |  | $ | (179 | ) |  | $ | 8,183 |
Interest and other finance expense | $ | 3,943 |  |  | $ | 4,570 |  |  | $ | 882 |  |  | $ | — |  |  | $ | — |  |  | $ | 297 |  |  | $ | 9,692 |
Real estate at cost | $ | 499,349 |  |  | $ | 731,900 |  |  | $ | 211,912 |  |  | $ | — |  |  | $ | — |  |  | $ | (14,994 | ) |  | $ | 1,428,167 |
Total assets | $ | 614,100 |  |  | $ | 875,623 |  |  | $ | 191,840 |  |  | $ | 41,304 |  |  | $ | — |  |  | $ | (116,400 | ) |  | $ | 1,606,467 |
Expenditures for redevelopment and improvements | $ | 4,119 |  |  | $ | 13,547 |  |  | $ | 1,063 |  |  | $ | — |  |  | $ | — |  |  | $ | (738 | ) |  | $ | 17,991 |
Acquisition of real estate | $ | 25,800 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,800 |
Reconciliation to net income and net income attributable to Common Shareholders |  |
Income before depreciation and amortization and interest and other finance expense |  | $ | 18,246 |
Other interest income |  | 105 |
Depreciation and amortization |  | (8,183 | )
Equity in earnings of unconsolidated affiliates |  | 3,110 |
Interest and other finance expense |  | (9,692 | )
Income tax benefit |  | (488 | )
Loss on debt extinguishment |  | (303 | )
Income from discontinued operations |  | 876 |
Net income |  | 4,647 |
Net income attributable to noncontrolling interests |  | (636 | )
Net income attributable to Common Shareholders |  | $ | 4,011 |
12. | SEGMENT REPORTING (continued)
Nine Months Ended September 30, 2012
(dollars in thousands) | Core Portfolio |  | Opportunity Funds |  | Self- Storage Investments |  | Notes Receivable |  | Other |  | Amounts Eliminated in Consolidation |  | Total
Revenues | $ | 50,193 |  |  | $ | 48,183 |  |  | $ | 19,204 |  |  | $ | 6,077 |  |  | $ | 17,615 |  |  | $ | (16,530 | ) |  | $ | 124,742 |
Property operating expenses, other operating and real estate taxes | 14,573 |  |  | 17,990 |  |  | 9,939 |  |  | — |  |  | — |  |  | (2,208 | ) |  | 40,294 |
General and administrative | 17,570 |  |  | 12,436 |  |  | (38 | ) |  | — |  |  | — |  |  | (11,814 | ) |  | 18,154 |
Income before depreciation, amortization and impairment | $ | 18,050 |  |  | $ | 17,757 |  |  | $ | 9,303 |  |  | $ | 6,077 |  |  | $ | 17,615 |  |  | $ | (2,508 | ) |  | $ | 66,294 |
Depreciation and amortization | $ | 12,954 |  |  | $ | 13,673 |  |  | $ | 3,440 |  |  | — |  |  | — |  |  | $ | (741 | ) |  | $ | 29,326 |
Interest and other finance expense | $ | 11,159 |  |  | $ | 12,394 |  |  | $ | 2,591 |  |  | — |  |  | — |  |  | 531 |  |  | $ | 26,675 |
Real estate at cost | $ | 634,851 |  |  | $ | 868,206 |  |  | $ | 217,296 |  |  | — |  |  | — |  |  | $ | (17,035 | ) |  | $ | 1,703,318 |
Total assets | $ | 786,041 |  |  | $ | 993,046 |  |  | $ | 193,225 |  |  | $ | 78,826 |  |  | — |  |  | $ | (151,555 | ) |  | $ | 1,899,583 |
Expenditures for real estate and improvements | $ | 13,333 |  |  | $ | 40,806 |  |  | $ | 3,296 |  |  | — |  |  | — |  |  | $ | (1,618 | ) |  | $ | 55,817 |
Acquisition of real estate | $ | 78,370 |  |  | $ | 58,838 |  |  | $ | — |  |  | — |  |  | — |  |  | $ | — |  |  | $ | 137,208 |
Reconciliation to net income and net income attributable to Common Shareholders |  |
Income before depreciation and amortization and interest and other finance expense |  | $ | 66,294 |
Other interest income |  | 131 |
Depreciation and amortization |  | (29,326 | )
Equity in earnings of unconsolidated affiliates |  | 1,997 |
Interest and other finance expense |  | (26,675 | )
Income tax expense |  | 1,137 |
Income from discontinued operations |  | 783 |
Gain on sale of property |  | 8,585 |
Net income |  | 20,652 |
Net income attributable to noncontrolling interests |  | (2,223 | )
Net income attributable to Common Shareholders |  | $ | 18,429 |
12. | SEGMENT REPORTING (continued)
Nine Months Ended September 30, 2011
(dollars in thousands) | Core Portfolio |  | Opportunity Funds |  | Self- Storage Investments |  | Notes Receivable |  | Other |  | Amounts Eliminated in Consolidation |  | Total
Revenues | $ | 42,820 |  |  | $ | 39,674 |  |  | $ | 17,148 |  |  | $ | 9,506 |  |  | $ | 16,761 |  |  | $ | (15,608 | ) |  | $ | 110,301 |
Property operating expenses, other operating and real estate taxes | 12,659 |  |  | 13,880 |  |  | 10,431 |  |  | — |  |  | — |  |  | (1,734 | ) |  | 35,236 |
General and administrative | 18,318 |  |  | 9,443 |  |  | — |  |  | — |  |  | — |  |  | (10,612 | ) |  | 17,149 |
Income before depreciation and amortization | $ | 11,843 |  |  | $ | 16,351 |  |  | $ | 6,717 |  |  | $ | 9,506 |  |  | $ | 16,761 |  |  | $ | (3,262 | ) |  | $ | 57,916 |
Depreciation and amortization | $ | 10,475 |  |  | $ | 10,980 |  |  | $ | 3,089 |  |  | — |  |  | — |  |  | $ | (584 | ) |  | $ | 23,960 |
Interest and other finance expense | $ | 12,294 |  |  | $ | 11,597 |  |  | $ | 2,835 |  |  | — |  |  | — |  |  | 724 |  |  | $ | 27,450 |
Real estate at cost | $ | 499,349 |  |  | $ | 731,900 |  |  | $ | 211,912 |  |  | — |  |  | — |  |  | $ | (14,994 | ) |  | $ | 1,428,167 |
Total assets | $ | 614,100 |  |  | $ | 875,623 |  |  | $ | 191,840 |  |  | $ | 41,304 |  |  | — |  |  | $ | (116,400 | ) |  | $ | 1,606,467 |
Expenditures for real estate and improvements | $ | 8,828 |  |  | $ | 34,732 |  |  | $ | 3,179 |  |  | — |  |  | — |  |  | $ | (1,645 | ) |  | $ | 45,094 |
Acquisition of real estate | $ | 59,015 |  |  | $ | 31,600 |  |  | $ | — |  |  | — |  |  | — |  |  | $ | — |  |  | $ | 90,615 |
Reconciliation to net income and net income attributable to Common Shareholders |  |
Income before depreciation and amortization and interest and other finance expense |  | $ | 57,916 |
Other interest income |  | 219 |
Depreciation and amortization |  | (23,960 | )
Equity in earnings of unconsolidated affiliates |  | 3,025 |
Interest and other finance expense |  | (27,450 | )
Income tax benefit |  | (4 | )
Gain on debt extinguishment |  | 1,268 |
Impairment of asset |  | (6,925 | )
Income from discontinued operations |  | 2,745 |
Gain on sale of property |  | 32,498 |
Net income |  | 39,340 |
Net loss attributable to noncontrolling interests |  | 4,328 |
Net income attributable to Common Shareholders |  | 43,668 |

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