SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2013

SEGMENT INFORMATION

SEGMENT INFORMATION

13. SEGMENT INFORMATION

The Company operates in three distinct segments: (1) rental operations; (2) tenant reinsurance; and (3) property management, acquisition and development. Management fees collected for wholly-owned properties are eliminated in consolidation.  Financial information for the Company’s business segments is presented below:

	September 30, 2013		December 31, 2012
Balance Sheet
Investment in unconsolidated real estate ventures
Rental operations	$	100,455	$	106,313
Total assets
Rental operations	$	3,209,347	$	2,981,927
Tenant reinsurance	30,057		27,645
Property management, acquisition and development	278,835		213,905
	$	3,518,239	$	3,223,477

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
Statement of Operations
Total revenues
Rental operations	$	113,881		$	94,065		$	324,144		$	249,193
Tenant reinsurance	12,294			9,495			34,625			27,060
Property management, acquisition and development	6,936			6,231			19,910			19,476
	133,111			109,791			378,679			295,729
Operating expenses, including depreciation and amortization
Rental operations	56,428			48,920			167,300			132,746
Tenant reinsurance	2,873			1,379			6,985			4,651
Property management, acquisition and development	17,746			16,008			48,226			44,203
	77,047			66,307			222,511			181,600
Income (loss) from operations
Rental operations	57,453			45,145			156,844			116,447
Tenant reinsurance	9,421			8,116			27,640			22,409
Property management, acquisition and development	(10,810		)	(9,777		)	(28,316		)	(24,727		)
	56,064			43,484			156,168			114,129
Gain on sale of real estate assets
Rental operations	—			—			800			—
Loss on extinguishment of debt related to portfolio acquisition
Property management, acquisition and development	(9,153		)	—			(9,153		)	—
Interest expense
Rental operations	(15,608		)	(17,575		)	(50,657		)	(50,949		)
Property management, acquisition and development	(656		)	(848		)	(1,335		)	(1,399		)
	(16,264		)	(18,423		)	(51,992		)	(52,348		)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes
Property management, acquisition and development	(834		)	—			(947		)	(444		)
	(834		)	—			(947		)	(444		)
Interest income
Tenant reinsurance	5			2			13			8
Property management, acquisition and development	197			459			506			1,176
	202			461			519			1,184
Interest income on note receivable from Preferred Operating Partnership unit holder
Property management, acquisition and development	1,213			1,213			3,638			3,638
Equity in earnings of unconsolidated real estate ventures
Rental operations	3,405			2,854			8,942			7,848
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of partners’ interests
Rental operations	—			13,620			2,556			19,049
Income tax expense
Rental operations	—			(169		)	—			(491		)
Tenant reinsurance	(3,300		)	(2,841		)	(12,545		)	(7,845		)
Property management, acquisition and development	1,019			1,354			5,398			4,096
	(2,281		)	(1,656		)	(7,147		)	(4,240		)
Net income (loss)
Rental operations	45,250			43,875			118,485			91,904
Tenant reinsurance	6,126			5,277			15,108			14,572
Property management, acquisition and development	(19,024		)	(7,599		)	(30,209		)	(17,660		)
	$	32,352		$	41,553		$	103,384		$	88,816
Depreciation and amortization expense
Rental operations	$	22,052		$	18,805		$	65,025		$	50,023
Property management, acquisition and development	1,376			963			4,213			2,895
	$	23,428		$	19,768		$	69,238		$	52,918
Statement of Cash Flows
Acquisition, development and redevelopment of real estate assets
Property management, acquisition and development							$	(86,890	)	$	(368,753	)