Schedule of Net Income (Loss) by Reportable Segment |
FFO is reconciled to net income (loss) on a total Company basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2013 | Office | | Retail | | Land | | Third Party Management and Leasing | | Other | | Total | Net operating income | $ | 122,503 |
| | $ | 13,278 |
| | $ | — |
| | $ | — |
| | $ | 2,299 |
| | $ | 138,080 |
| Sales less costs of sales | — |
| | — |
| | 1,273 |
| | — |
| | 191 |
| | 1,464 |
| Fee income | — |
| | — |
| | — |
| | 76 |
| | 10,891 |
| | 10,967 |
| Other income | — |
| | — |
| | — |
| | — |
| | 3,528 |
| | 3,528 |
| Gain on sale of third party management and leasing business | — |
| | — |
| | — |
| | 4,576 |
| | — |
| | 4,576 |
| Third party management and leasing expenses | — |
| | — |
| | — |
| | (97 | ) | | — |
| | (97 | ) | Separation expenses | — |
| | — |
| | — |
| | — |
| | (520 | ) | | (520 | ) | General and administrative expenses | — |
| | — |
| | — |
| | — |
| | (21,940 | ) | | (21,940 | ) | Reimbursed expenses | — |
| | — |
| | — |
| | — |
| | (5,215 | ) | | (5,215 | ) | Interest expense | — |
| | — |
| | — |
| | — |
| | (29,672 | ) | | (29,672 | ) | Other expenses | — |
| | — |
| | — |
| | — |
| | (11,373 | ) | | (11,373 | ) | Preferred stock dividends and original issuance costs | — |
| | — |
| | — |
| | — |
| | (12,664 | ) | | (12,664 | ) | Funds from operations available to common stockholders | $ | 122,503 |
| | $ | 13,278 |
| | $ | 1,273 |
| | $ | 4,555 |
| | $ | (64,475 | ) | | 77,134 |
| Real estate depreciation and amortization, including Company's share of joint ventures | | | | | | | | | | | (92,041 | ) | Gain on sale of depreciated investment properties, including Company's share of joint ventures | | | | | | | | | | | 127,401 |
| Non-controlling interest related to the sale of depreciated properties | | | | | | | | | | | (3,397 | ) | Net income available to common stockholders | | | | | | | | | | | $ | 109,097 |
| Total Assets | $ | 2,163,123 |
| | $ | 18,112 |
| | $ | 47,235 |
| | $ | — |
| | $ | 44,736 |
| | $ | 2,273,206 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2012 | Office | | Retail | | Land | | Third Party Management and Leasing | | Other | | Total | Net operating income | $ | 80,907 |
| | $ | 29,429 |
| | $ | — |
| | $ | — |
| | $ | 121 |
| | $ | 110,457 |
| Sales less costs of sales | — |
| | — |
| | 4,915 |
| | — |
| | 309 |
| | 5,224 |
| Fee income | — |
| | — |
| | — |
| | 16,365 |
| | 17,797 |
| | 34,162 |
| Other income | — |
| | — |
| | — |
| | — |
| | 5,153 |
| | 5,153 |
| Gain on sale of third party management and leasing business | — |
| | — |
| | — |
| | 7,459 |
| | — |
| | 7,459 |
| Third party management and leasing expenses | — |
| | — |
| | — |
| | (13,675 | ) | | — |
| | (13,675 | ) | Separation expenses | — |
| | — |
| | — |
| | — |
| | (1,985 | ) | | (1,985 | ) | General and administrative expenses | — |
| | — |
| | — |
| | — |
| | (23,208 | ) | | (23,208 | ) | Reimbursed expenses | — |
| | — |
| | — |
| | — |
| | (7,063 | ) | | (7,063 | ) | Interest expense | — |
| | — |
| | — |
| | — |
| | (28,154 | ) | | (28,154 | ) | Impairment loss | — |
| | — |
| | — |
| | — |
| | (488 | ) | | (488 | ) | Loss on extinguishment of debt | — |
| | — |
| | — |
| | — |
| | (94 | ) | | (94 | ) | Other expenses | — |
| | — |
| | — |
| | — |
| | (8,389 | ) | | (8,389 | ) | Preferred stock dividends | — |
| | — |
| | — |
| | — |
| | (12,907 | ) | | (12,907 | ) | Funds from operations available to common stockholders | $ | 80,907 |
| | $ | 29,429 |
| | $ | 4,915 |
| | $ | 10,149 |
| | $ | (58,908 | ) | | 66,492 |
| Real estate depreciation and amortization, including Company's share of joint ventures | | | | | | | | | | | (62,043 | ) | Impairment losses on depreciable investment properties, net of amounts attributable to noncontrolling interests | | | | | | | | | | | (11,748 | ) | Gain on sale of depreciated investment properties including the Company's share of joint ventures | | | | | | | | | | | 41,944 |
| Other | | | | | | | | | | | (1,824 | ) | Net loss available to common stockholders | | | | | | | | | | | $ | 32,821 |
| Total Assets | $ | 736,867 |
| | $ | 151,417 |
| | $ | 50,520 |
| | $ | — |
| | $ | 185,438 |
| | $ | 1,124,242 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2011 | Office | | Retail | | Land | | Third Party Management and Leasing | | Other | | Total | Net operating income | $ | 75,387 |
| | $ | 31,583 |
| | $ | — |
| | $ | — |
| | $ | 3,583 |
| | $ | 110,553 |
| Sales less costs of sales | — |
| | — |
| | 5,236 |
| | — |
| | 2,250 |
| | 7,486 |
| Fee income | — |
| | — |
| | — |
| | 19,359 |
| | 13,821 |
| | 33,180 |
| Other income | — |
| | — |
| | — |
| | — |
| | 2,204 |
| | 2,204 |
| Third party management and leasing expenses | — |
| | — |
| | — |
| | (16,585 | ) | | — |
| | (16,585 | ) | Separation expenses | — |
| | — |
| | — |
| | — |
| | (197 | ) | | (197 | ) | General and administrative expenses | — |
| | — |
| | — |
| | — |
| | (24,166 | ) | | (24,166 | ) | Reimbursed expenses | — |
| | — |
| | — |
| | — |
| | (6,208 | ) | | (6,208 | ) | Interest expense | — |
| | — |
| | — |
| | — |
| | (32,515 | ) | | (32,515 | ) | Impairment losses | — |
| | — |
| | — |
| | — |
| | (129,134 | ) | | (129,134 | ) | Loss on extinguishment of debt | — |
| | — |
| | — |
| | — |
| | (74 | ) | | (74 | ) | Other expenses | — |
| | — |
| | — |
| | — |
| | (8,512 | ) | | (8,512 | ) | Preferred stock dividends | — |
| | — |
| | — |
| | — |
| | (12,907 | ) | | (12,907 | ) | Funds from operations available to common stockholders | $ | 75,387 |
| | $ | 31,583 |
| | $ | 5,236 |
| | $ | 2,774 |
| | $ | (191,855 | ) | | (76,875 | ) | Real estate depreciation and amortization, including Company's share of joint ventures | | | | | | | | | | | (62,710) |
| Impairment losses on depreciable investment properties, net of amounts attributable to noncontrolling interests | | | | | | | | | | | (7,632) |
| Gain on sale of depreciated investment properties, including Company's share of joint ventures | | | | | | | | | | | 5,885 |
| Net loss available to common stockholders | | | | | | | | | | | $ | (141,332 | ) | Total Assets | $ | 732,857 |
| | $ | 375,923 |
| | $ | 108,172 |
| | $ | 4,302 |
| | $ | 14,281 |
| | $ | 1,235,535 |
|
|
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): | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Net operating income | $ | 138,080 |
| | $ | 110,457 |
| | $ | 110,553 |
| Sales less cost of sales | 1,464 |
| | 5,224 |
| | 7,486 |
| Fee income | 10,967 |
| | 34,162 |
| | 33,180 |
| Other income | 3,528 |
| | 5,153 |
| | 2,204 |
| Rental property operating expenses | 90,498 |
| | 50,329 |
| | 40,817 |
| Cost of sales | 1,753 |
| | 1,833 |
| | 5,378 |
| Net operating income in joint ventures | (27,763 | ) | | (23,596 | ) | | (24,258 | ) | Sales less cost of sales in joint ventures | (111 | ) | | (28 | ) | | (1,927 | ) | Net operating income in discontinued operations | (6,390 | ) | | (22,983 | ) | | (32,410 | ) | Fee income in discontinued operations | (76 | ) | | (16,364 | ) | | (19,359 | ) | Other income in discontinued operations | (64 | ) | | (3,622 | ) | | (281 | ) | (Gain) loss on land sales (included in gain on investment properties) | (1,145 | ) | | (3,719 | ) | | (3,258 | ) | Total consolidated revenues | $ | 210,741 |
| | $ | 136,846 |
| | $ | 118,125 |
|
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