Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2012

Total profit or loss from reportable segments

FFO is reconciled to net income (loss) on a total Company basis (in thousands):



Three Months Ended March 31, 2012	Office		Retail		Land			CPS Third Party Management and Leasing			Other			Total
Net operating property income, including discontinued operations	$	16,937	$	6,050	$	—		$	—		$	1		$	22,988
Fee income, net of reimbursed expenses	—		—		—			2,409			1,480			3,889
Residential lot sales, net of cost of sales	—		—		385			—			—			385
Other income	—		192		—			—			1,273			1,465
Third party management and leasing expenses	—		—		—			(1,998		)	—			(1,998		)
General and administrative expenses	—		—		—			—			(6,623		)	(6,623		)
Interest expense	—		—		—			—			(6,268		)	(6,268		)
Depreciation and amortization of non-real estate assets	—		—		—			—			(364		)	(364		)
Separation expenses	—		—		—			—			(213		)	(213		)
Other expenses	—		—		—			—			(698		)	(698		)
Loss on extinguishment of debt	—		—		—			—			(94		)	(94		)
Funds from operations from unconsolidated joint ventures	3,053		2,152		(358		)	—			—			4,847
Income attributable to noncontrolling interests	—		—		—			—			(574		)	(574		)
Provision for income taxes from operations	—		—		—			—			(27		)	(27		)
Preferred stock dividends	—		—		—			—			(3,227		)	(3,227		)
Funds from operations available to common stockholders	$	19,990	$	8,394	$	27		$	411		$	(15,334	)	$	13,488

Real estate depreciation and amortization, including Company's share of joint ventures														(16,553		)
Impairment loss on depreciable investment property														(12,233		)
Noncontrolling interest related to gain on sale of depreciable investment property														2,043
Gain on sale of depreciable investment properties														143
Net loss available to common stockholders														$	(13,112	)



Three Months Ended March 31, 2011	Office		Retail		Land		CPS Third Party Management and Leasing			Other			Total
Net operating property income, including discontinued operations	$	15,250	$	5,737	$	—	$	—		$	1,049		$	22,036
Fee income, net of reimbursed expenses	—		—		—		1,840			1,873			3,713
Residential lot, outparcel and multi-family unit sales, net of cost of sales	—		50		46		—			2,157			2,253
Other income	371		24		—		—			118			513
Third party management and leasing expenses	—		—		—		(1,845		)	—			(1,845		)
General and administrative expenses	—		—		—		—			(7,400		)	(7,400		)
Interest expense	—		—		—		—			(7,544		)	(7,544		)
Impairment loss	—		—		—		—			(3,508		)	(3,508		)
Depreciation and amortization of non-real estate assets	—		—		—		—			(563		)	(563		)
Separation expenses	—		—		—		—			(101		)	(101		)
Other expenses	—		—		—		—			(862		)	(862		)
Funds from operations from unconsolidated joint ventures	2,721		2,241		195		—			17			5,174
Income attributable to noncontrolling interests	—		—		—		—			(581		)	(581		)
Benefit for income taxes from operations	—		—		—		—			64			64
Preferred stock dividends	—		—		—		—			(3,227		)	(3,227		)
Funds from operations available to common stockholders	$	18,342	$	8,052	$	241	$	(5	)	$	(18,508	)	$	8,122

Real estate depreciation and amortization, including Company's share of joint ventures													(15,654		)
Loss on sale of depreciable investment properties, net of gains													(325		)
Net loss available to common stockholders													$	(7,857	)

Company's consolidated revenues

The following table reconciles information presented in the tables above to the Company's consolidated revenues (in thousands):



	Three Months Ended March 31,
	2012			2011
Net operating property income, including discontinued operations	$	22,988		$	22,036
Plus rental property operating expenses	14,419			12,886
Fee income	3,889			3,713
Third party management and leasing expense reimbursements	2,302			2,248
Reimbursed expenses	1,376			1,512
Residential lot and multi-family unit sales, net of cost of sales, including gain on sale of undepreciated investment properties	385			2,253
Plus residential lot, multi-family unit and outparcel cost of sales	564			2,569
Net operating income from discontinued operations not included in revenues	(224		)	(2,243		)
Other income	1,465			513
Total consolidated revenues	$	47,164		$	45,487

- 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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