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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2011
Business Segments. |
Schedule of calculation of FFO by business segment |
(in thousands) |  | Real Estate Operations |  | Investment Banking/ Investment Services |  | Total |
Three Months Ended March 31, 2011 |  |  |  |  |  |  |
Net income (loss) |  | $ | 24,607 |  | $ | 160 |  | $ | 24,767 |
Gain on sale of property |  | (19,593) |  | - |  | (19,593) |
Equity in income of non-consolidated REITs |  | (1,772) |  | - |  | (1,772) |
Distributions from non-consolidated REITs |  | 1,767 |  | - |  | 1,767 |
Acquisition costs |  | 269 |  | - |  | 269 |
Depreciation and amortization |  | 10,774 |  | 38 |  | 10,812 |
Funds From Operations |  | $ | 16,052 |  | $ | 198 |  | $ | 16,250 |
Three Months Ended June 30, 2011 |  |  |  |  |  |  |
Net income (loss) |  | $ | 7,107 |  | $ | 3,274 |  | $ | 10,381 |
Gain on sale of property |  | (2,346) |  | - |  | (2,346) |
Equity in income of non-consolidated REITs |  | (1,166) |  | - |  | (1,166) |
Distributions from non-consolidated REITs |  | 1,215 |  | - |  | 1,215 |
Acquisition costs |  | 9 |  | - |  | 9 |
Depreciation and amortization |  | 12,010 |  | 37 |  | 12,047 |
Funds From Operations |  | $ | 16,829 |  | $ | 3,311 |  | $ | 20,140 |
Six Months Ended June 30, 2011 |  |  |  |  |  |  |
Net income (loss) |  | $ | 31,714 |  | $ | 3,434 |  | $ | 35,148 |
Gain on sale of property |  | (21,939) |  | - |  | (21,939) |
Equity in income of non-consolidated REITs |  | (2,938) |  | - |  | (2,938) |
Distributions from non-consolidated REITs |  | 2,982 |  | - |  | 2,982 |
Acquisition costs |  | 278 |  | - |  | 278 |
Depreciation and amortization |  | 22,784 |  | 75 |  | 22,859 |
Funds From Operations |  | $ | 32,881 |  | $ | 3,509 |  | $ | 36,390 |
The calculation of FFO by business segment for the three and six months ended June 30, 2010 are shown in the following table:
(in thousands) |  | Real Estate Operations |  | Investment Banking/ Investment Services |  | Total
Three Months Ended March 31, 2010 |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 6,041 |  |  | $ | (479 | ) |  | $ | 5,562 |
Equity in income of non-consolidated REITs |  | (253 | ) |  | - |  |  | (253 | )
Distributions from non-consolidated REITs |  | 1,407 |  |  | - |  |  | 1,407 |
Depreciation and amortization |  | 9,901 |  |  | 33 |  |  | 9,934 |
Funds From Operations |  | $ | 17,096 |  |  | $ | (446 | ) |  | $ | 16,650 |
Three Months Ended June 30, 2010 |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 5,691 |  |  | $ | 263 |  |  | $ | 5,954 |
Equity in income of non-consolidated REITs |  | (380 | ) |  | - |  |  | (380 | )
Distributions from non-consolidated REITs |  | 1,324 |  |  | - |  |  | 1,324 |
Acquisition costs |  | 129 |  |  | - |  |  | 129 |
Depreciation and amortization |  | 9,636 |  |  | 39 |  |  | 9,675 |
Funds From Operations |  | $ | 16,400 |  |  | $ | 302 |  |  | $ | 16,702 |
Six Months Ended June 30, 2010 |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 11,732 |  |  | $ | (216 | ) |  | $ | 11,516 |
Equity in income of non-consolidated REITs |  | (633 | ) |  | - |  |  | (633 | )
Distributions from non-consolidated REITs |  | 2,731 |  |  | - |  |  | 2,731 |
Acquisition costs |  | 129 |  |  | - |  |  | 129 |
Depreciation and amortization |  | 19,537 |  |  | 72 |  |  | 19,609 |
Funds From Operations |  | $ | 33,496 |  |  | $ | (144 | ) |  | $ | 33,352 |
Summary of other financial information by business segment |
(in thousands) |  | Real Estate Operations |  | Investment Banking/ Investment Services |  | Total |
Three Months Ended June 30, 2011: |  |  |  |  |  |  |
Revenue |  | $ | 34,762 |  | $ | 5,658 |  | $ | 40,420 |
Interest income |  | 5 |  | 4 |  | 9 |
Interest expense |  | 3,578 |  | - |  | 3,578 |
Capital expenditures |  | 4,091 |  | - |  | 4,091 |
Six Months Ended June 30, 2011 |  |  |  |  |  |  |
Revenue |  | $ | 66,676 |  | $ | 6,866 |  | $ | 73,542 |
Interest income |  | 15 |  | 5 |  | 20 |
Interest expense |  | 5,986 |  | - |  | 5,986 |
Investment in non-consolidated REITs |  | 88,654 |  | - |  | 88,654 |
Capital expenditures |  | 7,046 |  | - |  | 7,046 |
Identifiable assets as of June 30, 2011 |  | $ | 1,293,933 |  | $ | 9,831 |  | $ | 1,303,764 |
Three Months Ended June 30, 2010: |  |  |  |  |  |  |
Revenue |  | $ | 27,612 |  | $ | 1,293 |  | $ | 28,905 |
Interest income |  | 9 |  | - |  | 9 |
Interest expense |  | 1,735 |  | - |  | 1,735 |
Capital expenditures |  | 1,371 |  | 62 |  | 1,433 |
Six Months Ended June 30, 2010 |  |  |  |  |  |  |
Revenue |  | $ | 56,741 |  | $ | 1,560 |  | $ | 58,301 |
Interest income |  | 17 |  | - |  | 17 |
Interest expense |  | 3,388 |  | - |  | 3,388 |
Investment in non-consolidated REITs |  | 90,782 |  | - |  | 90,782 |
Capital expenditures |  | 3,056 |  | 62 |  | 3,118 |
Identifiable assets as of June 30, 2010 |  | $ | 1,183,161 |  | $ | 3,740 |  | $ | 1,186,901 |

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