XML 35 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2012
SEGMENT INFORMATION  
SEGMENT INFORMATION

14.       SEGMENT INFORMATION

 

The Company operates in three distinct segments: (1) property management, acquisition and development; (2) rental operations; and (3) tenant reinsurance. Financial information for the Company’s business segments is set forth below:

 

 

 

June 30, 2012

 

December 31, 2011

 

Balance Sheet

 

 

 

 

 

Investment in real estate ventures

 

 

 

 

 

Rental operations

 

$

125,729

 

$

130,410

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

Property management, acquisition and development

 

$

418,189

 

$

250,953

 

Rental operations

 

2,274,303

 

2,243,441

 

Tenant reinsurance

 

15,851

 

21,856

 

 

 

$

2,708,343

 

$

2,516,250

 

 

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Statement of Operations

 

 

 

 

 

 

 

 

 

Total revenues

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

6,659

 

$

6,144

 

$

13,245

 

$

12,111

 

Rental operations

 

79,284

 

64,300

 

155,128

 

125,790

 

Tenant reinsurance

 

9,008

 

7,596

 

17,565

 

14,620

 

 

 

$

94,951

 

$

78,040

 

$

185,938

 

$

152,521

 

 

 

 

 

 

 

 

 

 

 

Rental operations

 

41,701

 

35,952

 

83,826

 

72,106

 

Tenant reinsurance

 

1,424

 

1,382

 

3,272

 

2,997

 

 

 

$

57,076

 

$

52,188

 

$

115,293

 

$

102,639

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

(7,292

)

$

(8,710

)

$

(14,950

)

$

(15,425

)

Rental operations

 

37,583

 

28,348

 

71,302

 

53,684

 

Tenant reinsurance

 

7,584

 

6,214

 

14,293

 

11,623

 

 

 

$

37,875

 

$

25,852

 

$

70,645

 

$

49,882

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

(264

)

$

(823

)

$

(995

)

$

(1,605

)

Rental operations

 

(15,590

)

(15,878

)

(33,374

)

(31,938

)

 

 

$

(15,854

)

$

(16,701

)

$

(34,369

)

$

(33,543

)

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

445

 

$

187

 

$

717

 

$

366

 

Tenant reinsurance

 

3

 

2

 

6

 

5

 

 

 

$

448

 

$

189

 

$

723

 

$

371

 

 

 

 

 

 

 

 

 

 

 

Interest income on note receivable from Preferred Operating Partnership unit holder

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

1,212

 

$

1,212

 

$

2,425

 

$

2,425

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of real estate ventures

 

 

 

 

 

 

 

 

 

Rental operations

 

$

2,698

 

$

2,376

 

$

4,994

 

$

4,187

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of real estate ventures-gain on sale of real estate assets

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

—

 

$

—

 

$

5,429

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

1,021

 

$

1,763

 

$

2,421

 

$

3,403

 

Tenant reinsurance

 

(2,655

)

(2,174

)

(5,005

)

(4,068

)

 

 

$

(1,634

)

$

(411

)

$

(2,584

)

$

(665

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

(4,878

)

$

(6,371

)

$

(4,953

)

$

(10,836

)

Rental operations

 

24,691

 

14,846

 

42,922

 

25,933

 

Tenant reinsurance

 

4,932

 

4,042

 

9,294

 

7,560

 

 

 

$

24,745

 

$

12,517

 

$

47,263

 

$

22,657

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

$

937

 

$

852

 

$

1,932

 

$

1,627

 

Rental operations

 

15,689

 

13,240

 

31,218

 

26,050

 

 

 

$

16,626

 

$

14,092

 

$

33,150

 

$

27,677

 

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows

 

 

 

 

 

 

 

 

 

Acquisition of real estate assets

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

 

 

 

 

$

(44,685

)

$

(82,071

)

 

 

 

 

 

 

 

 

 

 

Development and construction of real estate assets

 

 

 

 

 

 

 

 

 

Property management, acquisition and development

 

 

 

 

 

$

(1,812

)

$

(4,494

)