XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.5.0.2

SEGMENT REPORTING | 6 Months Ended
--- | ---
Jun. 30, 2016
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company has three reportable segments: Core Portfolio, Funds and Structured Financing Portfolio. 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. The Structured Financing Portfolio 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 and six months ended June 30, 2016 and 2015, and does not include unconsolidated affiliates: Three Months Ended June 30, 2016
(dollars in thousands) |  | Core Portfolio |  | Funds |  | Structured Financing Portfolio |  | Total
Revenues |  | $ | 34,693 |  |  | $ | 9,225 |  |  | $ | 7,415 |  |  | $ | 51,333 |
Property operating expenses, other operating and real estate taxes |  | (8,286 | ) |  | (2,997 | ) |  | — |  |  | (11,283 | )
General and administrative expenses |  | (7,967 | ) |  | (554 | ) |  | — |  |  | (8,521 | )
Depreciation and amortization |  | (11,706 | ) |  | (2,972 | ) |  | — |  |  | (14,678 | )
Operating income |  | 6,734 |  |  | 2,702 |  |  | 7,415 |  |  | 16,851 |
Equity in earnings of unconsolidated affiliates |  | 581 |  |  | 1,159 |  |  | — |  |  | 1,740 |
Loss on debt extinguishment |  | — |  |  | (15 | ) |  | — |  |  | (15 | )
Gain on disposition of properties |  | — |  |  | 16,572 |  |  | — |  |  | 16,572 |
Interest and other finance expense |  | (7,113 | ) |  | (1,769 | ) |  | — |  |  | (8,882 | )
Income tax provision |  | (87 | ) |  | (24 | ) |  | — |  |  | (111 | )
Net income |  | $ | 115 |  |  | $ | 18,625 |  |  | $ | 7,415 |  |  | $ | 26,155 |
Noncontrolling interests |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | $ | (9 | ) |  | $ | (8,228 | ) |  | $ | — |  |  | $ | (8,237 | )
Net income attributable to Common Shareholders |  | $ | 106 |  |  | $ | 10,397 |  |  | $ | 7,415 |  |  | $ | 17,918 |
Real Estate at Cost |  | $ | 1,528,848 |  |  | $ | 1,118,897 |  |  | $ | — |  |  | $ | 2,647,745 |
Total Assets |  | $ | 1,809,395 |  |  | $ | 1,152,103 |  |  | $ | 273,542 |  |  | $ | 3,235,040 |
Acquisition of Real Estate |  | $ | 6,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,250 |
Investment in Redevelopment and Improvements |  | $ | 6,975 |  |  | $ | 11,452 |  |  | $ | — |  |  | $ | 18,427 |
12. SEGMENT REPORTING (continued) Three Months Ended June 30, 2015
(dollars in thousands) |  | Core Portfolio |  | Funds |  | Structured Financing Portfolio |  | Total
Revenues |  | $ | 37,593 |  |  | $ | 11,583 |  |  | $ | 3,985 |  |  | $ | 53,161 |
Property operating expenses, other operating and real estate taxes |  | (8,235 | ) |  | (4,979 | ) |  | — |  |  | (13,214 | )
General and administrative expenses |  | (7,397 | ) |  | (608 | ) |  | — |  |  | (8,005 | )
Depreciation and amortization |  | (10,568 | ) |  | (3,335 | ) |  | — |  |  | (13,903 | )
Impairment of asset |  | (5,000 | ) |  | — |  |  | — |  |  | (5,000 | )
Operating income |  | 6,393 |  |  | 2,661 |  |  | 3,985 |  |  | 13,039 |
Equity in earnings of unconsolidated affiliates |  | 699 |  |  | 2,707 |  |  | — |  |  | 3,406 |
Gain on disposition of property of unconsolidated affiliates |  | — |  |  | 17,105 |  |  | — |  |  | 17,105 |
Loss on debt extinguishment |  | — |  |  | (25 | ) |  | — |  |  | (25 | )
Gain on disposition of properties |  | — |  |  | 61,841 |  |  | — |  |  | 61,841 |
Interest and other finance expense |  | (7,329 | ) |  | (2,635 | ) |  | — |  |  | (9,964 | )
Income tax benefit (provision) |  | 75 |  |  | (19 | ) |  | — |  |  | 56 |
Net (loss) income |  | $ | (162 | ) |  | $ | 81,635 |  |  | $ | 3,985 |  |  | $ | 85,458 |
Noncontrolling interests |  |  |  |  |  |  |  |
Net loss (income) attributable to noncontrolling interests |  | $ | 2,205 |  |  | $ | (61,168 | ) |  | $ | — |  |  | $ | (58,963 | )
Net income attributable to Common Shareholders |  | $ | 2,043 |  |  | $ | 20,467 |  |  | $ | 3,985 |  |  | $ | 26,495 |
Real Estate at Cost |  | $ | 1,553,174 |  |  | $ | 1,025,406 |  |  | $ | — |  |  | $ | 2,578,580 |
Total Assets |  | $ | 1,650,555 |  |  | $ | 1,154,213 |  |  | $ | 168,931 |  |  | $ | 2,973,699 |
Acquisition of Real Estate |  | $ | — |  |  | $ | 52,800 |  |  | $ | — |  |  | $ | 52,800 |
Investment in Redevelopment and Improvements |  | $ | 3,271 |  |  | $ | 61,480 |  |  | $ | — |  |  | $ | 64,751 |
12. SEGMENT REPORTING (continued) Six Months Ended June 30, 2016
(dollars in thousands) |  | Core Portfolio |  | Funds |  | Structured Financing Portfolio |  | Total
Revenues |  | $ | 72,800 |  |  | $ | 19,163 |  |  | $ | 12,053 |  |  | $ | 104,016 |
Property operating expenses, other operating and real estate taxes |  | (16,848 | ) |  | (6,428 | ) |  | — |  |  | (23,276 | )
General and administrative expenses |  | (17,040 | ) |  | (833 | ) |  | — |  |  | (17,873 | )
Depreciation and amortization |  | (25,201 | ) |  | (6,326 | ) |  | — |  |  | (31,527 | )
Operating income |  | 13,711 |  |  | 5,576 |  |  | 12,053 |  |  | 31,340 |
Equity in earnings of unconsolidated affiliates |  | 1,173 |  |  | 2,521 |  |  | — |  |  | 3,694 |
Loss on debt extinguishment |  | — |  |  | (15 | ) |  | — |  |  | (15 | )
Gain on disposition of properties |  | — |  |  | 81,965 |  |  | — |  |  | 81,965 |
Interest and other finance expense |  | (13,877 | ) |  | (3,043 | ) |  | — |  |  | (16,920 | )
Income tax provision |  | (10 | ) |  | (24 | ) |  | — |  |  | (34 | )
Net income |  | $ | 997 |  |  | $ | 86,980 |  |  | $ | 12,053 |  |  | $ | 100,030 |
Noncontrolling interests |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | $ | (2,831 | ) |  | $ | (50,356 | ) |  | $ | — |  |  | $ | (53,187 | )
Net (loss) income attributable to Common Shareholders |  | $ | (1,834 | ) |  | $ | 36,624 |  |  | $ | 12,053 |  |  | $ | 46,843 |
Real Estate at Cost |  | $ | 1,528,848 |  |  | $ | 1,118,897 |  |  | $ | — |  |  | $ | 2,647,745 |
Total Assets |  | $ | 1,809,395 |  |  | $ | 1,152,103 |  |  | $ | 273,542 |  |  | $ | 3,235,040 |
Acquisition of Real Estate |  | $ | 6,250 |  |  | $ | 12,287 |  |  | $ | — |  |  | $ | 18,537 |
Investment in Redevelopment and Improvements |  | $ | 10,222 |  |  | $ | 45,668 |  |  | $ | — |  |  | $ | 55,890 |
12. SEGMENT REPORTING (continued) Six Months Ended June 30, 2015
(dollars in thousands) |  | Core Portfolio |  | Funds |  | Structured Financing Portfolio |  | Total
Revenues |  | $ | 73,186 |  |  | $ | 25,063 |  |  | $ | 7,393 |  |  | $ | 105,642 |
Property operating expenses, other operating and real estate taxes |  | (17,926 | ) |  | (11,431 | ) |  | — |  |  | (29,357 | )
General and administrative expenses |  | (14,208 | ) |  | (1,329 | ) |  | — |  |  | (15,537 | )
Depreciation and amortization |  | (20,475 | ) |  | (7,086 | ) |  | — |  |  | (27,561 | )
Impairment of asset |  | (5,000 | ) |  | — |  |  | — |  |  | (5,000 | )
Operating income |  | 15,577 |  |  | 5,217 |  |  | 7,393 |  |  | 28,187 |
Equity in earnings of unconsolidated affiliates |  | 1,133 |  |  | 8,866 |  |  | — |  |  | 9,999 |
Gain on disposition of property of unconsolidated affiliates |  | — |  |  | 17,105 |  |  | — |  |  | 17,105 |
Loss on debt extinguishment |  | — |  |  | (134 | ) |  | — |  |  | (134 | )
Gain on disposition of properties |  | — |  |  | 88,984 |  |  | — |  |  | 88,984 |
Interest and other finance expense |  | (13,797 | ) |  | (4,988 | ) |  | — |  |  | (18,785 | )
Income tax provision |  | (405 | ) |  | (956 | ) |  | — |  |  | (1,361 | )
Net income |  | $ | 2,508 |  |  | $ | 114,094 |  |  | $ | 7,393 |  |  | $ | 123,995 |
Noncontrolling interests |  |  |  |  |  |  |  |
Net loss (income) attributable to noncontrolling interests |  | $ | 2,026 |  |  | $ | (82,979 | ) |  | $ | — |  |  | $ | (80,953 | )
Net income attributable to Common Shareholders |  | $ | 4,534 |  |  | $ | 31,115 |  |  | $ | 7,393 |  |  | $ | 43,042 |
Real Estate at Cost |  | $ | 1,553,174 |  |  | $ | 1,025,406 |  |  | $ | — |  |  | $ | 2,578,580 |
Total Assets |  | $ | 1,650,555 |  |  | $ | 1,154,213 |  |  | $ | 168,931 |  |  | $ | 2,973,699 |
Acquisition of Real Estate |  | $ | 169,235 |  |  | $ | 103,836 |  |  | $ | — |  |  | $ | 273,071 |
Investment in Redevelopment and Improvements |  | $ | 9,624 |  |  | $ | 95,621 |  |  | $ | — |  |  | $ | 105,245 |

X
- References No definition available. + 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 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: 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=68060357&loc=d3e9038-108599 Reference 3: 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=68060357&loc=d3e8971-108599 Reference 4: 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=68060357&loc=d3e8595-108599 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=68060357&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 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: 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=68060357&loc=d3e8844-108599 Reference 8: 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=68060357&loc=d3e8984-108599 Reference 9: 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=68060357&loc=d3e9031-108599 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=68060357&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 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: 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=68060357&loc=d3e8864-108599 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=68060357&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 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration