Reportable Segments (Tables)

9 Months Ended

Sep. 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 September 30, 2013	Office		Retail		Land		Third Party Management and Leasing			Other			Total
Net operating income	$	30,308	$	3,663	$	—	$	—		$	861		$	34,832
Sales less costs of sales	—		—		725		—			(6		)	719
Fee income	—		—		—		—			2,420			2,420
Other income	—		—		—		—			303			303
Gain on sale of third party management and leasing business	—		—		—		4,531			—			4,531
Third party management and leasing expenses	—		—		—		(14		)	—			(14		)
Separation expenses	—		—		—		—			(520		)	(520		)
General and administrative expenses	—		—		—		—			(6,635		)	(6,635		)
Reimbursed expenses	—		—		—		—			(1,097		)	(1,097		)
Interest expense	—		—		—		—			(7,224		)	(7,224		)
Other expenses	—		—		—		—			(8,312		)	(8,312		)
Preferred stock dividends	—		—		—		—			(1,777		)	(1,777		)
Funds from operations available to common stockholders	$	30,308	$	3,663	$	725	$	4,517		$	(21,987	)	17,226
Real estate depreciation and amortization, including Company's share of joint ventures													(21,890		)
Gain on sale of depreciated investment properties, including Company's share of joint ventures													67,435
Non-controlling interest related to the sale of depreciated properties													(3,390		)
Net income available to common stockholders													$	59,381



Three Months Ended September 30, 2012	Office		Retail		Land		Third Party Management and Leasing			Other			Total
Net operating income	$	20,451	$	7,168	$	—	$	—		$	—		$	27,619
Sales less costs of sales	—		—		378		—			—			378
Fee income	—		—		—		4,789			7,343			12,132
Other income	—		—		—		—			3,329			3,329
Gain on sale of third party management and leasing business	—		—		—		7,384			—			7,384
Third party management and leasing expenses	—		—		—		(4,260		)	—			(4,260		)
Separation expenses	—		—		—		—			(574		)	(574		)
General and administrative expenses	—		—		—		—			(5,255		)	(5,255		)
Reimbursed expenses	—		—		—		—			(1,235		)	(1,235		)
Interest expense	—		—		—		—			(6,759		)	(6,759		)
Impairment loss	—		—		—		—			(488		)	(488		)
Other expenses	—		—		—		—			(3,360		)	(3,360		)
Preferred stock dividends	—		—		—		—			(3,226		)	(3,226		)
Funds from operations available to common stockholders	$	20,451	$	7,168	$	378	$	7,913		$	(10,225	)	25,685
Real estate depreciation and amortization, including Company's share of joint ventures													(16,361		)
Gain on sale of depreciated investment properties including the Company's share of joint ventures													120
Net loss available to common stockholders													$	9,444



Nine Months Ended September 30, 2013	Office		Retail		Land		Third Party Management and Leasing			Other			Total
Net operating income	$	76,039	$	12,255	$	—	$	—		$	1,280		$	89,574
Sales less costs of sales	—		—		1,244		—			154			1,398
Fee income	—		—		—		76			8,931			9,007
Other income	—		—		—		—			2,649			2,649
Gain on sale of third party management and leasing business	—		—		—		4,531			—			4,531
Third party management and leasing expenses	—		—		—		(94		)	—			(94		)
Separation expenses	—		—		—		—			(520		)	(520		)
General and administrative expenses	—		—		—		—			(17,256		)	(17,256		)
Reimbursed expenses	—		—		—		—			(4,366		)	(4,366		)
Interest expense	—		—		—		—			(20,442		)	(20,442		)
Other expenses	—		—		—		—			(10,749		)	(10,749		)
Preferred stock dividends and original issuance costs	—		—		—		—			(10,887		)	(10,887		)
Funds from operations available to common stockholders	$	76,039	$	12,255	$	1,244	$	4,513		$	(51,206	)	42,845
Real estate depreciation and amortization, including Company's share of joint ventures													(57,162		)
Gain on sale of depreciated investment properties, including Company's share of joint ventures													124,682
Non-controlling interest related to the sale of depreciated properties													(3,390		)
Net loss available to common stockholders													$	106,975



Nine Months Ended September 30, 2012	Office		Retail		Land		Third Party Management and Leasing			Other			Total
Net operating income	$	61,062	$	23,241	$	—	$	—		$	1		$	84,304
Sales less costs of sales	—		—		852		—			52			904
Fee income	—		—		—		15,529			12,985			28,514
Other income	—		—		—		—			4,948			4,948
Gain on sale of third party management and leasing business	—		—		—		7,384			—			7,384
Third party management and leasing expenses	—		—		—		(13,167		)	—			(13,167		)
Separation expenses	—		—		—		—			(866		)	(866		)
General and administrative expenses	—		—		—		—			(17,524		)	(17,524		)
Reimbursed expenses	—		—		—		—			(3,968		)	(3,968		)
Interest expense	—		—		—		—			(21,143		)	(21,143		)
Impairment loss	—		—		—		—			(488		)	(488		)
Loss on extinguishment of debt	—		—		—		—			(94		)	(94		)
Other expenses	—		—		—		—			(6,799		)	(6,799		)
Preferred stock dividends	—		—		—		—			(9,680		)	(9,680		)
Funds from operations available to common stockholders	$	61,062	$	23,241	$	852	$	9,746		$	(42,576	)	52,325
Real estate depreciation and amortization, including Company's share of joint ventures													(47,936		)
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													8,475
Other													59
Net loss available to common stockholders													$	2,733

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 September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Net operating income	$	34,832		$	27,619		$	89,574		$	84,304
Sales less cost of sales	719			378			1,398			904
Fee income	2,420			12,132			9,007			28,514
Other income	303			3,329			2,649			4,948
Rental property operating expenses	22,730			13,946			57,135			38,317
Cost of sales	147			354			1,543			1,333
Net operating income in joint ventures	(7,547		)	(5,889		)	(21,425		)	(18,069		)
Sales less cost of sales in joint ventures	(109		)	—			(111		)	3
Net operating income in discontinued operations	(814		)	(4,560		)	(2,454		)	(16,188		)
Fee income in discontinued operations	—			(4,789		)	(76		)	(15,529		)
Other income in discontinued operations	(4		)	(3,234		)	9			(3,407		)
(Gain) loss on land sales (included in gain on investment properties)	(602		)	—			(1,120		)	30
Total consolidated revenues	$	52,075		$	39,286		$	136,129		$	105,160

- 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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