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Business Segments | 9 Months Ended
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Sep. 30, 2011
Business Segments |
Business Segments |
9. Business Segments The Company operates in two business segments: real estate operations (including real estate leasing, making interim acquisition loans and other financing and asset/property management) including discontinued operations and investment banking/investment services (including real estate acquisition, development and broker/dealer services). The Company has identified these segments because this information is the basis upon which management makes decisions regarding resource allocation and performance assessment. The accounting policies of the reportable segments are the same as those described in “Significant Accounting Policies” in Note 2 to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2010. The Company’s operations are located in the United States of America. The Company evaluates the performance of its reportable segments based on Funds From Operations (“FFO”), because management believes that FFO represents the most accurate measure of the reportable segment’s activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income (determined in accordance with GAAP), excluding gains (or losses) from sales of property and acquisition costs of newly acquired properties that are not capitalized, plus depreciation and amortization, including amortization of acquired above and below market lease intangibles, and after adjustments to exclude non-cash income (or losses) from non-consolidated or Sponsored REITs, plus distributions received from non-consolidated or Sponsored REITs. FFO should not be considered as an alternative to net income (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income and cash flows from operating, investing and financing activities in the consolidated financial statements. The calculation of FFO by business segment for the three and nine months ended September 30, 2011 are shown in the following table:
(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 |  |
The calculation of FFO by business segment for the three and nine months ended September 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 |  |
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 |  |
The following table is a 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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- 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 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: 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 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=6534315&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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: 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 6: 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 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 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: 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 11: 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 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 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: 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 15: 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 + Details
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