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Business Segments (Tables)

9 Months Ended

Sep. 30, 2011

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

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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