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Segment Reporting
 3 Months Ended
Mar. 31, 2013
Segment Reporting Information, Additional Information [Abstract]  
Segment Reporting
Segment Reporting
The Company has five business segments: Retail, Lodging, Office, Industrial, and Multi-family. The Company evaluates segment performance primarily based on net operating income. Net operating income of the segments exclude interest expense, depreciation and amortization, general and administrative expenses, net income of noncontrolling interest and other investment income from corporate investments. The non-segmented assets primarily include the Company’s cash and cash equivalents, investment in marketable securities, construction in progress, investment in unconsolidated entities and notes receivable.
For the three months ended March 31, 2013, approximately 10% of the Company’s rental revenue (related to the retail, office and industrial segments) was generated by approximately 400 retail banking properties leased to SunTrust Banks, Inc. and approximately 9% of the Company’s rental revenue (related to the retail, office and industrial segments) was generated by three properties leased to AT&T, Inc. As a result of the concentration of revenue generated from these properties, if SunTrust or AT&T were to cease paying rent or fulfilling its other monetary obligations, the Company could have significantly reduced rental revenues or higher expenses until the defaults were cured or the properties were leased to a new tenant or tenants.
 
The following table summarizes net property operations income by segment as of and for the three months ended March 31, 2013.
 
Total
 
Retail
 
Lodging
 
Office
 
Industrial
 
Multi-family
Rental income
$
156,399

 
$
76,433

 
$
—

 
$
35,687

 
$
19,936

 
$
24,343

Straight line income
2,838

 
1,629

 
—

 
707

 
453

 
49

Tenant recovery income
25,509

 
17,975

 
—

 
6,654

 
721

 
159

Other property income
4,025

 
1,584

 
—

 
705

 
25

 
1,711

Lodging income
185,150

 
—

 
185,150

 
—

 
—

 
—

Total income
$
373,921

 
$
97,621

 
$
185,150

 
$
43,753

 
$
21,135

 
$
26,262

Operating expenses
$
181,721

 
$
26,102

 
$
131,930

 
$
11,003

 
$
1,364

 
$
11,322

Net operating Income
$
192,200

 
$
71,519

 
$
53,220

 
$
32,750

 
$
19,771

 
$
14,940

Non allocated expenses (a)
$
(126,057
)
 
 
 
 
 
 
 
 
 
 
Other income and expenses (b)
$
(71,458
)
 
 
 
 
 
 
 
 
 
 
Equity in loss of unconsolidated entities (c)
$
(843
)
 
 
 
 
 
 
 
 
 
 
Provision for asset impairment (d)
$
(13,932
)
 
 
 
 
 
 
 
 
 
 
Net loss from continuing operations
$
(20,090
)
 
 
 
 
 
 
 
 
 
 
Net income from discontinued operations
$
24,581

 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
$
(8
)
 
 
 
 
 
 
 
 
 
 
Net income attributable to Company
$
4,483

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet Data:
 
 
 
 
 
 
 
 
 
 
 
Real estate assets, net (e)
$
9,235,716

 
$
3,479,700

 
$
2,721,073

 
$
1,465,026

 
$
789,778

 
$
780,139

Non-segmented assets (f)
$
1,496,448

 
 
 
 
 
 
 
 
 
 
Total Assets
$
10,732,164

 
 
 
 
 
 
 
 
 
 
Capital expenditures
$
19,097

 
$
821

 
$
16,758

 
$
887

 
$
5

 
$
626


(a)
Non allocated expenses consist of general and administrative expenses, business manager management fee and depreciation and amortization.
(b)
Other income and expenses consist of interest and dividend income, interest expense, other income, realized gain (loss) on securities, net, and income tax expense.
(c)
Equity in loss of unconsolidated entities includes the gain of investment in unconsolidated entities.
(d)
Of the total provision for asset impairment, $12,816 related to retail properties and $1,116 related to an industrial property.
(e)
Real estate assets include intangible assets, net of amortization.
(f)
Construction in progress is included as non-segmented assets.


The following table summarizes net property operations income by segment as of and for the three months ended March 31, 2012.
 
Total
 
Retail
 
Lodging
 
Office
 
Industrial
 
Multi-family
Rental income
$
148,325

 
$
74,065

 
$
—

 
$
35,604

 
$
20,241

 
$
18,415

Straight-line income
3,091

 
1,574

 
—

 
850

 
562

 
105

Tenant recovery income
23,695

 
16,660

 
—

 
6,490

 
460

 
85

Other property income
3,447

 
827

 
—

 
928

 
239

 
1,453

Lodging income
136,601

 
—

 
136,601

 
—

 
—

 
—

Total income
$
315,159

 
$
93,126

 
$
136,601

 
$
43,872

 
$
21,502

 
$
20,058

Operating expenses
$
143,683

 
$
24,237

 
$
97,876

 
$
10,892

 
$
1,307

 
$
9,371

Net property operations
$
171,476

 
$
68,889

 
$
38,725

 
$
32,980

 
$
20,195

 
$
10,687

Non allocated expenses (a)
$
(121,900
)
 
 
 
 
 
 
 
 
 
 
Other income and expenses (b)
$
(67,205
)
 
 
 
 
 
 
 
 
 
 
Equity in loss of unconsolidated entities (c)
$
(4,619
)
 
 
 
 
 
 
 
 
 
 
Provision for asset impairment (d)
$
(3,540
)
 
 
 
 
 
 
 
 
 
 
Net loss from continuing operations
$
(25,788
)
 
 
 
 
 
 
 
 
 
 
Net loss from discontinued operations
$
(4,422
)
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
$
(73
)
 
 
 
 
 
 
 
 
 
 
Net loss attributable to Company
$
(30,283
)
 
 
 
 
 
 
 
 
 
 

(a)
Non allocated expenses consist of general and administrative expenses, business manager management fee and depreciation and amortization.
(b)
Other income and expenses consist of interest and dividend income, interest expense, other income, realized gain (loss) on securities, net, and income tax expense.
(c)
Equity in loss of unconsolidated entities includes the impairment/loss on sale of investment in unconsolidated entities.
(d)
The total provision for asset impairment related to retail properties.