Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of Income (Loss) by Reportable Segment

Segment net income, the balance of the Company’s investment in joint ventures and the amount of capital expenditures are not presented in the following tables. Management does not utilize these measures when analyzing its segments or when making resource allocation decisions, and therefore this information is not provided. FFO is reconciled to net income (loss) on a total Company basis (in thousands):



Three Months Ended June 30, 2013	Office		Retail		Land		Third Party Management and Leasing			Other			Total
Net operating income	$	23,894	$	4,303	$	—	$	—		$	377		$	28,574
Sales less costs of sales	—		—		276		—			(8		)	268
Fee income	—		—		—		3			2,931			2,934
Other income	—		—		—		—			2,064			2,064
Third party management and leasing expenses	—		—		—		(27		)	—			(27		)
Separation expenses	—		—		—		—			—			—
General and administrative expenses	—		—		—		—			(4,552		)	(4,552		)
Reimbursed expenses	—		—		—		—			(1,359		)	(1,359		)
Interest expense	—		—		—		—			(6,573		)	(6,573		)
Other expenses	—		—		—		—			(1,288		)	(1,288		)
Preferred stock dividends and original issuance costs	—		—		—		—			(5,883		)	(5,883		)
Funds from operations available to common stockholders	$	23,894	$	4,303	$	276	$	(24	)	$	(14,291	)	14,158

Real estate depreciation and amortization, including Company's share of joint ventures													(19,953		)
Gain on sale of depreciated investment properties, including Company's share of joint ventures													216
Net loss available to common stockholders													$	(5,579	)



Three Months Ended June 30, 2012	Office		Retail		Land		Third Party Management and Leasing			Other			Total
Net operating income	$	20,013	$	7,415	$	—	$	—		$	—		$	27,428
Sales less costs of sales	—		—		90		—			53			143
Fee income	—		—		—		6,029			2,786			8,815
Other income	—		—		—		—			112			112
Third party management and leasing expenses	—		—		—		(4,607		)	—			(4,607		)
Separation expenses	—		—		—		—			(79		)	(79		)
General and administrative expenses	—		—		—		—			(5,646		)	(5,646		)
Reimbursed expenses	—		—		—		—			(1,357		)	(1,357		)
Interest expense	—		—		—		—			(6,937		)	(6,937		)
Other expenses	—		—		—		—			(1,493		)	(1,493		)
Preferred stock dividends	—		—		—		—			(3,227		)	(3,227		)
Funds from operations available to common stockholders	$	20,013	$	7,415	$	90	$	1,422		$	(15,788	)	13,152

Real estate depreciation and amortization, including Company's share of joint ventures													(15,022		)
Impairment losses on depreciable investment properties, net of amounts attributable to noncontrolling interests													—
Gain on sale of depreciated investment properties, including Company's share of joint ventures													8,271
Net income available to common stockholders													6,401



Six Months Ended June 30, 2013	Office		Retail		Land		Third Party Management and Leasing			Other			Total
Net operating income	$	45,731	$	8,593	$	—	$	—		$	420		$	54,744
Sales less costs of sales	—		—		519		—			160			679
Fee income	—		—		—		77			6,511			6,588
Other income	—		—		—		—			2,346			2,346
Third party management and leasing expenses	—		—		—		(80		)	—			(80		)
Separation expenses	—		—		—		—			—			—
General and administrative expenses	—		—		—		—			(10,621		)	(10,621		)
Reimbursed expenses	—		—		—		—			(3,269		)	(3,269		)
Interest expense	—		—		—		—			(13,218		)	(13,218		)
Other expenses	—		—		—		—			(2,440		)	(2,440		)
Preferred stock dividends and original issuance costs	—		—		—		—			(9,110		)	(9,110		)
Funds from operations available to common stockholders	$	45,731	$	8,593	$	519	$	(3	)	$	(29,221	)	25,619

Real estate depreciation and amortization, including Company's share of joint ventures													(35,273		)
Gain on sale of depreciated investment properties, including Company's share of joint ventures													57,247
Net income available to common stockholders													47,593



Six Months Ended June 30, 2012	Office		Retail		Land		Third Party Management and Leasing			Other			Total
Net operating income	$	40,611	$	16,073	$	—	$	—		$	1		$	56,685
Sales less costs of sales	—		—		474		—			52			526
Fee income	—		—		—		10,740			5,642			16,382
Other income	—		—		—		—			1,619			1,619
Third party management and leasing expenses	—		—		—		(8,907		)	—			(8,907		)
Separation expenses	—		—		—		—			(292		)	(292		)
General and administrative expenses	—		—		—		—			(12,269		)	(12,269		)
Reimbursed expenses	—		—		—		—			(2,733		)	(2,733		)
Interest expense	—		—		—		—			(14,384		)	(14,384		)
Other expenses	—		—		—		—			(3,533		)	(3,533		)
Preferred stock dividends	—		—		—		—			(6,454		)	(6,454		)
Funds from operations available to common stockholders	$	40,611	$	16,073	$	474	$	1,833		$	(32,351	)	26,640

Real estate depreciation and amortization, including Company's share of joint ventures													(31,575		)
Impairment loss on depreciable investment property, net of amounts attributable to noncontrolling interests													(10,190		)
Gain on sale of depreciated investment properties, including Company's share of joint ventures													8,414
Net loss available to common stockholders													$	(6,711	)

Reconciliation of revenues per Segment to Consolidated Revenues

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net operating income	$	28,574		$	27,428		$	54,744		$	56,685
Sales less cost of sales	268			143			679			526
Fee income	2,934			8,815			6,588			16,382
Other income	2,064			112			2,346			1,619
Rental property operating expenses	18,576			12,521			34,406			24,370
Cost of sales	434			535			1,579			1,100
Net operating income in joint ventures	(7,582		)	(5,937		)	(14,030		)	(12,206		)
Sales less cost of sales in joint ventures	8			2			(2		)	4
Net operating income in discontinued operations	(839		)	(5,093		)	(1,644		)	(11,632		)
Fee income in discontinued operations	(3		)	(6,029		)	(77		)	(10,740		)
Other income in discontinued operations	—			(31		)	(19		)	(265		)
Gain on land sales (included in gain on investment properties)	(276		)	30			(518		)	30
Total consolidated revenues	$	44,158		$	32,496		$	84,052		$	65,873

- 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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