Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2014

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, 2014	Office		Retail		Land		Other			Total
Net operating income	$	48,821	$	1,288	$	—	$	1,179		$	51,288
Sales less costs of sales	—		—		1,331		42			1,373
Fee income	—		—		—		2,025			2,025
Other income	—		—		—		2,256			2,256
General and administrative expenses	—		—		—		(5,756		)	(5,756		)
Reimbursed expenses	—		—		—		(988		)	(988		)
Interest expense	—		—		—		(8,813		)	(8,813		)
Other expenses	—		—		—		(893		)	(893		)
Preferred stock dividends and original issuance costs	—		—		—		(4,708		)	(4,708		)
Funds from operations available to common stockholders	$	48,821	$	1,288	$	1,331	$	(15,656	)	35,784
Real estate depreciation and amortization, including Company's share of joint ventures										(38,022		)
Gain on sale of depreciated investment properties, including Company's share of joint ventures										15
Net loss available to common stockholders										$	(2,223	)



Three Months Ended June 30, 2013	Office		Retail		Land		Other			Total
Net operating income	$	23,894	$	4,302	$	—	$	376		$	28,572
Sales less costs of sales	—		—		276		(8		)	268
Fee income	—		—		—		2,933			2,933
Other income	—		—		—		2,064			2,064
General and administrative expenses	—		—		—		(4,552		)	(4,552		)
Reimbursed expenses	—		—		—		(1,359		)	(1,359		)
Interest expense	—		—		—		(6,573		)	(6,573		)
Other expenses	—		—		—		(1,312		)	(1,312		)
Preferred stock dividends and original issuance costs	—		—		—		(5,883		)	(5,883		)
Funds from operations available to common stockholders	$	23,894	$	4,302	$	276	$	(14,314	)	14,158
Real estate depreciation and amortization, including Company's share of joint ventures										(19,953		)
Gain on sale of depreciated investment properties including the Company's share of joint ventures										216
Net loss available to common stockholders										$	(5,579	)



Six Months Ended June 30, 2014	Office		Retail		Land		Other			Total
Net operating income	$	96,419	$	2,591	$	—	$	2,296		$	101,306
Sales less costs of sales	—		—		1,491		42			1,533
Fee income	—		—		—		4,363			4,363
Other income	—		—		—		4,172			4,172
Separation expenses	—		—		—		(84		)	(84		)
General and administrative expenses	—		—		—		(11,367		)	(11,367		)
Reimbursed expenses	—		—		—		(1,920		)	(1,920		)
Interest expense	—		—		—		(17,825		)	(17,825		)
Other expenses	—		—		—		(1,727		)	(1,727		)
Preferred stock dividends and original issuance costs	—		—		—		(6,485		)	(6,485		)
Funds from operations available to common stockholders	$	96,419	$	2,591	$	1,491	$	(28,535	)	71,966
Real estate depreciation and amortization, including Company's share of joint ventures										(74,974		)
Gain on sale of depreciated investment properties, including Company's share of joint ventures										5,987
Net income available to common stockholders										$	2,979



Six Months Ended June 30, 2013	Office		Retail		Land		Other			Total
Net operating income	$	45,731	$	8,592	$	—	$	419		$	54,742
Sales less costs of sales	—		—		519		160			679
Fee income	—		—		—		6,587			6,587
Other income	—		—		—		2,346			2,346
General and administrative expenses	—		—		—		(10,621		)	(10,621		)
Reimbursed expenses	—		—		—		(3,269		)	(3,269		)
Interest expense	—		—		—		(13,218		)	(13,218		)
Other expenses	—		—		—		(2,517		)	(2,517		)
Preferred stock dividends and original issuance costs	—		—		—		(9,110		)	(9,110		)
Funds from operations available to common stockholders	$	45,731	$	8,592	$	519	$	(29,223	)	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

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,
	2014			2013			2014			2013
Net operating income	$	51,288		$	28,572		$	101,306		$	54,742
Sales less cost of sales	1,373			268			1,533			679
Fee income	2,025			2,933			4,363			6,587
Other income	2,256			2,064			4,172			2,346
Rental property operating expenses	35,959			17,868			70,816			33,079
Cost of sales	270			433			270			1,578
Net operating income in joint ventures	(6,648		)	(7,582		)	(13,147		)	(14,029		)
Sales less cost of sales in joint ventures	(47		)	8			(47		)	(2		)
Net operating income in discontinued operations	(565		)	(1,758		)	(1,457		)	(3,567		)
Fee income in discontinued operations	—			(3		)	—			(77		)
Other income in discontinued operations	(82		)	(8		)	(89		)	(15		)
Gain on land sales (included in gain on investment properties)	(1,324		)	(274		)	(1,492		)	(537		)
Total consolidated revenues	$	84,505		$	42,521		$	166,228		$	80,784

- 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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