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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2015
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. 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 Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/managing member of the Funds are eliminated in the Company's consolidated financial statements. Structured Financing represents the Company's investments in notes receivable and preferred equity. The following tables set forth certain segment information for the Company, as of and for the three months ended March 31, 2015 and 2014, and does not include unconsolidated affiliates: 11. SEGMENT REPORTING (continued) Three Months Ended March 31, 2015
(dollars in thousands) |  | Core Portfolio |  | Funds |  | Structured Financing |  | Total
Revenues |  | $ | 35,593 |  |  | $ | 13,480 |  |  | $ | 3,408 |  |  | $ | 52,481 |
Property operating expenses, other operating and real estate taxes |  | (9,691 | ) |  | (6,452 | ) |  | — |  |  | (16,143 | )
General and administrative expenses |  | (6,811 | ) |  | (721 | ) |  | — |  |  | (7,532 | )
Depreciation and amortization |  | (9,907 | ) |  | (3,751 | ) |  | — |  |  | (13,658 | )
Operating income |  | 9,184 |  |  | 2,556 |  |  | 3,408 |  |  | 15,148 |
Equity in earnings of unconsolidated affiliates |  | 434 |  |  | 6,159 |  |  | — |  |  | 6,593 |
Loss on debt extinguishment |  | — |  |  | (109 | ) |  | — |  |  | (109 | )
Gain on disposition of property |  | — |  |  | 27,143 |  |  | — |  |  | 27,143 |
Interest and other finance expense |  | (6,468 | ) |  | (2,353 | ) |  | — |  |  | (8,821 | )
Income tax provision |  | (480 | ) |  | (937 | ) |  | — |  |  | (1,417 | )
Net income |  | 2,670 |  |  | 32,459 |  |  | 3,408 |  |  | 38,537 |
Noncontrolling interests |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | (179 | ) |  | (21,811 | ) |  | — |  |  | (21,990 | )
Net income attributable to Common Shareholders |  | $ | 2,491 |  |  | $ | 10,648 |  |  | $ | 3,408 |  |  | $ | 16,547 |
Real Estate at Cost |  | $ | 1,550,695 |  |  | $ | 953,607 |  |  | $ | — |  |  | $ | 2,504,302 |
Total Assets |  | $ | 1,666,987 |  |  | $ | 1,105,319 |  |  | $ | 98,560 |  |  | $ | 2,870,866 |
Acquisition of Real Estate |  | $ | 169,235 |  |  | $ | 51,036 |  |  | $ | — |  |  | $ | 220,271 |
Investment in Redevelopment and Improvements |  | $ | 6,353 |  |  | $ | 34,141 |  |  | $ | — |  |  | $ | 40,494 |
11. SEGMENT REPORTING (continued) Three Months Ended March 31, 2014
(dollars in thousands) |  | Core Portfolio |  | Funds |  | Structured Financing |  | Total
Revenues |  | $ | 30,149 |  |  | $ | 12,642 |  |  | $ | 3,894 |  |  | $ | 46,685 |
Property operating expenses, other operating and real estate taxes |  | (7,906 | ) |  | (5,575 | ) |  | — |  |  | (13,481 | )
General and administrative expenses |  | (6,413 | ) |  | (483 | ) |  | — |  |  | (6,896 | )
Depreciation and amortization |  | (8,333 | ) |  | (3,254 | ) |  | — |  |  | (11,587 | )
Operating income |  | 7,497 |  |  | 3,330 |  |  | 3,894 |  |  | 14,721 |
Equity in earnings of unconsolidated affiliates |  | 95 |  |  | 2,934 |  |  | — |  |  | 3,029 |
Gain on disposition of property |  | 12,387 |  |  | — |  |  | — |  |  | 12,387 |
Loss on debt extinguishment |  | — |  |  | (203 | ) |  | — |  |  | (203 | )
Interest and other finance expense |  | (7,200 | ) |  | (3,451 | ) |  | — |  |  | (10,651 | )
Income tax provision |  | (104 | ) |  | (64 | ) |  | — |  |  | (168 | )
Net Income |  | 12,675 |  |  | 2,546 |  |  | 3,894 |  |  | 19,115 |
Noncontrolling interests |  |  |  |  |  |  |  |  |
Net (income) loss attributable to noncontrolling interests |  | (419 | ) |  | 2,899 |  |  | — |  |  | 2,480 |
Net income attributable to Common Shareholders |  | $ | 12,256 |  |  | $ | 5,445 |  |  | $ | 3,894 |  |  | $ | 21,595 |
Real Estate at Cost |  | $ | 1,128,790 |  |  | $ | 794,120 |  |  | $ | — |  |  | $ | 1,922,910 |
Total Assets |  | $ | 1,101,385 |  |  | $ | 1,124,838 |  |  | $ | 119,639 |  |  | $ | 2,345,862 |
Acquisition of Real Estate |  | $ | 90,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,500 |
Investment in Redevelopment and Improvements |  | $ | 1,428 |  |  | $ | 36,077 |  |  | $ | — |  |  | $ | 37,505 |

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- 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 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: 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 4: 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 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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: 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 8: 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 Reference 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 + Details
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