XML 56 R21.htm IDEA: XBRL DOCUMENT
v2.4.0.6

SEGMENT REPORTING | 3 Months Ended
--- | ---
Mar. 31, 2013
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING The Company has three reportable segments: Core Portfolio, Opportunity Funds and Notes Receivable. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Opportunity Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/managing member of the Opportunity Funds are eliminated in the Company's consolidated financial statements. The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months ended March 31, 2013 and 2012 and does not include unconsolidated affiliates:
12. | SEGMENT REPORTING (continued)
Three Months Ended March 31, 2013
(dollars in thousands) | Core Portfolio |  | Opportunity Funds |  | Notes Receivable |  | Total
Revenues | $ | 26,877 |  |  | $ | 17,525 |  |  | $ | 2,869 |  |  | $ | 47,271 |
Property operating expenses, other operating and real estate taxes | 7,163 |  |  | 5,182 |  |  | — |  |  | 12,345 |
General and administrative | 5,481 |  |  | 145 |  |  | — |  |  | 5,626 |
Income before depreciation and amortization and interest and other finance expense | $ | 14,233 |  |  | $ | 12,198 |  |  | $ | 2,869 |  |  | $ | 29,300 |
Depreciation and amortization | $ | 6,636 |  |  | $ | 3,992 |  |  | $ | — |  |  | $ | 10,628 |
Interest and other finance expense | $ | 6,149 |  |  | $ | 4,160 |  |  | $ | — |  |  | $ | 10,309 |
Real estate at cost | $ | 979,553 |  |  | $ | 787,623 |  |  | $ | — |  |  | $ | 1,767,176 |
Total assets | $ | 1,075,253 |  |  | $ | 1,115,249 |  |  | $ | 105,367 |  |  | $ | 2,295,869 |
Expenditures for redevelopment and improvements | $ | 456 |  |  | $ | 17,485 |  |  | $ | — |  |  | $ | 17,941 |
Acquisition of real estate | $ | 86,600 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,600 |
Reconciliation to net income and net income attributable to Common Shareholders |  |
Income before depreciation and amortization and interest and other finance expense | $ | 29,300 |
Other interest income | 29 |
Depreciation and amortization | (10,628 | )
Equity in earnings of unconsolidated affiliates | 2,250 |
Interest and other finance expense | (10,309 | )
Income tax benefit | 140 |
Income from discontinued operations | 397 |
Net income | 11,179 |
Net income attributable to noncontrolling interests | (1,556 | )
Net income attributable to Common Shareholders | $ | 9,623 |
12. | SEGMENT REPORTING (continued)
Three Months Ended March 31, 2012
(dollars in thousands) | Core Portfolio |  | Opportunity Funds |  | Notes Receivable |  | Total
Revenues | $ | 15,708 |  |  | $ | 12,150 |  |  | $ | 2,055 |  |  | $ | 29,913 |
Property operating expenses, other operating and real estate taxes | 4,532 |  |  | 5,064 |  |  | — |  |  | 9,596 |
General and administrative | 5,651 |  |  | 274 |  |  | — |  |  | 5,925 |
Income before depreciation and amortization and interest and other finance expense | $ | 5,525 |  |  | $ | 6,812 |  |  | $ | 2,055 |  |  | $ | 14,392 |
Depreciation and amortization | $ | 3,742 |  |  | $ | 3,404 |  |  | $ | — |  |  | $ | 7,146 |
Interest and other finance expense | $ | 3,358 |  |  | $ | 3,202 |  |  | $ | — |  |  | $ | 6,560 |
Real estate at cost | $ | 548,075 |  |  | $ | 642,529 |  |  | $ | — |  |  | $ | 1,190,604 |
Total assets | $ | 661,545 |  |  | $ | 633,708 |  |  | $ | 77,180 |  |  | $ | 1,372,433 |
Expenditures for redevelopment and improvements | $ | 7,204 |  |  | $ | 12,877 |  |  | $ | — |  |  | $ | 20,081 |
Acquisition of real estate | $ | 16,189 |  |  | $ | 32,500 |  |  | $ | — |  |  | $ | 48,689 |
Reconciliation to net income and net income attributable to Common Shareholders |
Net property income before depreciation and amortization and interest and other finance expense | $ | 14,392 |
Other interest income | 54 |
Depreciation and amortization | (7,146 | )
Equity in losses of unconsolidated affiliates | (56 | )
Interest and other finance expense | (6,560 | )
Income tax provision | (188 | )
Income from discontinued operations | 2,327 |
Net income | 2,823 |
Net loss attributable to noncontrolling interests | 1,187 |
Net income attributable to Common Shareholders | $ | 4,010 |

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: 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 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration