SEGMENT REPORTING

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/managing member of the Funds are eliminated in the Company's consolidated financial statements. The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months ended March 31, 2014 and 2013 and does not include unconsolidated affiliates:

Three Months Ended March 31, 2014

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	30,149		$	12,642		$	3,894	$	46,685
Property operating expenses, other operating and real estate taxes	(7,906		)	(5,575		)	—		(13,481		)
General and administrative expenses	(6,413		)	(483		)	—		(6,896		)
Depreciation and amortization	(8,333		)	(3,254		)	—		(11,587		)
Operating income	7,497			3,330			3,894		14,721
Equity in earnings of unconsolidated affiliates	95			2,934			—		3,029
Loss on debt extinguishment	—			(203		)	—		(203		)
Gain on disposition of property	12,387			—			—		12,387
Interest and other finance expense	(7,200		)	(3,451		)	—		(10,651		)
Income tax provision	(104		)	(64		)	—		(168		)
Income from continuing operations	12,675			2,546			3,894		19,115
Noncontrolling interests
(Income) loss from continuing operations	(419		)	2,899			—		2,480
Net income attributable to Common Shareholders	$	12,256		$	5,445		$	3,894	$	21,595
Real Estate at Cost	$	1,128,790		$	794,120		$	—	$	1,922,910
Total Assets	$	1,101,385		$	1,124,838		$	119,639	$	2,345,862
Acquisition of Real Estate	$	90,500		$	—		$	—	$	90,500
Investment in Redevelopment and Improvements	$	1,428		$	36,077		$	—	$	37,505

12. SEGMENT REPORTING (continued)

Three Months Ended March 31, 2013

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	26,478		$	12,913		$	2,898	$	42,289
Property operating expenses, other operating and real estate taxes	(6,873		)	(4,110		)	—		(10,983		)
General and administrative expenses	(5,481		)	(145		)	—		(5,626		)
Depreciation and amortization	(6,389		)	(2,840		)	—		(9,229		)
Operating income	7,735			5,818			2,898		16,451
Equity in (losses) earnings of unconsolidated affiliates	(5		)	2,255			—		2,250
Interest and other finance expense	(6,157		)	(3,128		)	—		(9,285		)
Income tax benefit	92			47			—		139
Income from continuing operations	1,665			4,992			2,898		9,555
Discontinued operations
Operating income from discontinued operations	101			1,523			—		1,624
Net income	1,766			6,515			2,898		11,179
Noncontrolling interests
Loss (income) from continuing operations	304			(269		)	—		35
Income from discontinued operations	(40		)	(1,551		)	—		(1,591		)
Net loss (income) attributable to noncontrolling interests	264			(1,820		)	—		(1,556		)
Net income attributable to Common Shareholders	2,030			4,695			2,898		9,623
Real Estate at Cost	$	956,647		$	586,643		$	—	$	1,543,290
Total Assets	$	1,075,253		$	1,115,249		$	105,367	$	2,295,869
Acquisition of Real Estate	$	86,600		$	—		$	—	$	86,600
Investment in Redevelopment and Improvements	$	456		$	17,485		$	—	$	17,941