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Business Segments (Tables) | 9 Months Ended
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Sep. 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 |  |
Three Months Ended September 30, 2011 |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 3,453 |  |  | $ | (139 | ) |  | $ | 3,314 |  |
Equity in income of non-consolidated REITs |  | (573 | ) |  | - |  |  | (573 | ) |
Distributions from non-consolidated REITs |  | 1,104 |  |  | - |  |  | 1,104 |  |
Acquisition costs |  | 185 |  |  | - |  |  | 185 |  |
Depreciation and amortization |  | 12,294 |  |  | 38 |  |  | 12,332 |  |
Funds From Operations |  | $ | 16,463 |  |  | $ | (101 | ) |  | $ | 16,362 |  |
Nine Months Ended September 30, 2011 |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 35,167 |  |  | $ | 3,295 |  |  | $ | 38,462 |  |
Gain on sale of properties |  | (21,939 | ) |  | - |  |  | (21,939 | ) |
Equity in income of non-consolidated REITs |  | (3,511 | ) |  | - |  |  | (3,511 | ) |
Distributions from non-consolidated REITs |  | 4,086 |  |  | - |  |  | 4,086 |  |
Acquisition costs |  | 463 |  |  | - |  |  | 463 |  |
Depreciation and amortization |  | 35,078 |  |  | 113 |  |  | 35,191 |  |
Funds From Operations |  | $ | 49,344 |  |  | $ | 3,408 |  |  | $ | 52,752 |  |
(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 |  |
Three Months Ended September 30, 2010 |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 5,158 |  |  | $ | (401 | ) |  | $ | 4,757 |  |
Equity in income of non-consolidated REITs |  | (404 | ) |  | - |  |  | (404 | ) |
Distributions from non-consolidated REITs |  | 1,192 |  |  | - |  |  | 1,192 |  |
Acquisition costs |  | (4 | ) |  | - |  |  | (4 | ) |
Depreciation and amortization |  | 10,445 |  |  | 66 |  |  | 10,511 |  |
Funds From Operations |  | $ | 16,387 |  |  | $ | (335 | ) |  | $ | 16,052 |  |
Nine Months Ended September 30, 2010 |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 16,890 |  |  | $ | (617 | ) |  | $ | 16,273 |  |
Equity in income of non-consolidated REITs |  | (1,037 | ) |  | - |  |  | (1,037 | ) |
Distributions from non-consolidated REITs |  | 3,923 |  |  | - |  |  | 3,923 |  |
Acquisition costs |  | 125 |  |  | - |  |  | 125 |  |
Depreciation and amortization |  | 29,982 |  |  | 138 |  |  | 30,120 |  |
Funds From Operations |  | $ | 49,883 |  |  | $ | (479 | ) |  | $ | 49,404 |  |
Summary of other financial information by business segment |
(in thousands) |  | Real Estate Operations |  | Investment Banking/ Investment Services |  | Total |
Three Months Ended September 30, 2011: |  |  |  |  |  |  |
Revenue |  | $ | 34,716 |  |  | $ | 1,003 |  |  | $ | 35,719 |  |
Interest income |  | 3 |  |  | 5 |  |  | 8 |  |
Interest expense |  | 3,419 |  |  | - |  |  | 3,419 |  |
Capital expenditures |  | 5,752 |  |  | 95 |  |  | 5,847 |  |
Nine Months Ended September 30, 2011 |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 101,392 |  |  | $ | 7,869 |  |  | $ | 109,261 |  |
Interest income |  | 19 |  |  | 9 |  |  | 28 |  |
Interest expense |  | 9,405 |  |  | - |  |  | 9,405 |  |
Capital expenditures |  | 12,798 |  |  | 95 |  |  | 12,893 |  |
Investments in non-consolidated REITs |  | $ | 88,225 |  |  | $ | - |  |  | $ | 88,225 |  |
Identifiable assets as of September 30, 2011 |  | 1,336,269 |  |  | 9,515 |  |  | 1,345,784 |  |
Three Months Ended September 30, 2010: |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 29,872 |  |  | $ | 266 |  |  | $ | 30,138 |  |
Interest income |  | 4 |  |  | - |  |  | 4 |  |
Interest expense |  | 1,892 |  |  | - |  |  | 1,892 |  |
Capital expenditures |  | 4,219 |  |  | 87 |  |  | 4,306 |  |
Nine Months Ended September 30, 2010 |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 86,611 |  |  | $ | 1,827 |  |  | $ | 88,438 |  |
Interest income |  | 20 |  |  | 1 |  |  | 21 |  |
Interest expense |  | 5,280 |  |  | - |  |  | 5,280 |  |
Capital expenditures |  | 7,275 |  |  | 149 |  |  | 7,424 |  |
Investments in non-consolidated REITs |  | $ | 89,995 |  |  | $ | - |  |  | $ | 89,995 |  |
Identifiable assets as of September 30, 2010 |  | 1,184,582 |  |  | 4,615 |  |  | 1,189,197 |

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