SEGMENT REPORTING

6 Months Ended

Jun. 30, 2015

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. Structured Financing represents the Company's investments in notes receivable and preferred equity. The following tables set forth certain segment information for the Company, as of and for the three and six months ended June 30, 2015 and 2014, and does not include unconsolidated affiliates:

Three Months Ended June 30, 2015

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	37,593		$	11,583		$	3,985	$	53,161
Property operating expenses, other operating and real estate taxes	(8,235		)	(4,979		)	—		(13,214		)
General and administrative expenses	(7,397		)	(608		)	—		(8,005		)
Depreciation and amortization	(10,568		)	(3,335		)	—		(13,903		)
Impairment of asset	(5,000		)	—			—		(5,000		)
Operating income	6,393			2,661			3,985		13,039
Equity in earnings of unconsolidated affiliates	699			2,707			—		3,406
Gain on disposition of property of unconsolidated affiliates	—			17,105			—		17,105
Loss on debt extinguishment	—			(25		)	—		(25		)
Gain on disposition of properties	—			61,841			—		61,841
Interest and other finance expense	(7,329		)	(2,635		)	—		(9,964		)
Income tax benefit (provision)	75			(19		)	—		56
Net (loss) income	$	(162	)	$	81,635		$	3,985	$	85,458
Noncontrolling interests
Net loss (income) attributable to noncontrolling interests	$	2,205		$	(61,168	)	$	—	$	(58,963	)
Net income attributable to Common Shareholders	$	2,043		$	20,467		$	3,985	$	26,495
Real Estate at Cost	$	1,553,174		$	1,025,406		$	—	$	2,578,580
Total Assets	$	1,650,555		$	1,154,213		$	168,931	$	2,973,699
Acquisition of Real Estate	$	—		$	52,800		$	—	$	52,800
Investment in Redevelopment and Improvements	$	3,271		$	61,480		$	—	$	64,751

11.    SEGMENT REPORTING (continued)

Three Months Ended June 30, 2014

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	30,535		$	13,934		$	5,042	$	49,511
Property operating expenses, other operating and real estate taxes	(7,587		)	(4,627		)	—		(12,214		)
General and administrative expenses	(6,238		)	(641		)	—		(6,879		)
Depreciation and amortization	(8,300		)	(3,284		)	—		(11,584		)
Operating income	8,410			5,382			5,042		18,834
Equity in earnings of unconsolidated affiliates	227			1,203			—		1,430
Loss on debt extinguishment	(3		)	(63		)	—		(66		)
Gain on disposition of property	—			561			—		561
Interest and other finance expense	(6,627		)	(2,907		)	—		(9,534		)
Income tax benefit (provision)	91			(8		)	—		83
Income from continuing operations	2,098			4,168			5,042		11,308
Discontinued operations
Gain on disposition of property	—			560			—		560
Net income	$	2,098		$	4,728		$	5,042	$	11,868
Noncontrolling interests
Continuing operations	$	(1,036	)	$	1,093		$	—	$	57
Discontinued operations	(4		)	(457		)	—		(461		)
Net (income) loss attributable to noncontrolling interests	$	(1,040	)	$	636		$	—	$	(404	)
Net income attributable to Common Shareholders	$	1,058		$	5,364		$	5,042	$	11,464
Real Estate at Cost	$	1,184,956		$	797,673		$	—	$	1,982,629
Total Assets	$	1,153,586		$	1,122,303		$	96,307	$	2,372,196
Acquisition of Real Estate	$	17,100		$	—		$	—	$	17,100
Investment in Redevelopment and Improvements	$	754		$	30,052		$	—	$	30,806

11.    SEGMENT REPORTING (continued)

Six Months Ended June 30, 2015

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	73,186		$	25,063		$	7,393	$	105,642
Property operating expenses, other operating and real estate taxes	(17,926		)	(11,431		)	—		(29,357		)
General and administrative expenses	(14,208		)	(1,329		)	—		(15,537		)
Depreciation and amortization	(20,475		)	(7,086		)	—		(27,561		)
Impairment of asset	(5,000		)	—			—		(5,000		)
Operating income	15,577			5,217			7,393		28,187
Equity in earnings of unconsolidated affiliates	1,133			8,866			—		9,999
Gain on disposition of property of unconsolidated affiliates	—			17,105			—		17,105
Loss on debt extinguishment	—			(134		)	—		(134		)
Gain on disposition of property	—			88,984			—		88,984
Interest and other finance expense	(13,797		)	(4,988		)	—		(18,785		)
Income tax provision	(405		)	(956		)	—		(1,361		)
Net income	$	2,508		$	114,094		$	7,393	$	123,995
Noncontrolling interests
Net loss (income) attributable to noncontrolling interests	$	2,026		$	(82,979	)	$	—	$	(80,953	)
Net income attributable to Common Shareholders	$	4,534		$	31,115		$	7,393	$	43,042
Real Estate at Cost	$	1,553,174		$	1,025,406		$	—	$	2,578,580
Total Assets	$	1,650,555		$	1,154,213		$	168,931	$	2,973,699
Acquisition of Real Estate	$	169,235		$	103,836		$	—	$	273,071
Investment in Redevelopment and Improvements	$	9,624		$	95,621		$	—	$	105,245

11.    SEGMENT REPORTING (continued)

Six Months Ended June 30, 2014

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	60,684		$	26,576		$	8,936	$	96,196
Property operating expenses, other operating and real estate taxes	(15,493		)	(10,202		)	—		(25,695		)
General and administrative expenses	(12,651		)	(1,124		)	—		(13,775		)
Depreciation and amortization	(16,633		)	(6,538		)	—		(23,171		)
Operating income	15,907			8,712			8,936		33,555
Equity in earnings of unconsolidated affiliates	323			4,136			—		4,459
Loss on debt extinguishment	(3		)	(266		)	—		(269		)
Gain on disposition of property	12,387			561			—		12,948
Interest and other finance expense	(13,510		)	(6,675		)	—		(20,185		)
Income tax provision	(13		)	(72		)	—		(85		)
Income from continuing operations	15,091			6,396			8,936		30,423
Discontinued operations
Gain on disposition of property	—			560			—		560
Net income	15,091			6,956			8,936		30,983
Noncontrolling interests
Continuing operations	(1,453		)	3,990			—		2,537
Discontinued operations	(4		)	(457		)	—		(461		)
Net (income) loss attributable to noncontrolling interests	(1,457		)	3,533			—		2,076
Net income attributable to Common Shareholders	$	13,634		$	10,489		$	8,936	$	33,059
Real Estate at Cost	$	1,184,956		$	797,673		$	—	$	1,982,629
Total Assets	$	1,153,586		$	1,122,303		$	96,307	$	2,372,196
Acquisition of Real Estate	$	107,600		$	—		$	—	$	107,600
Investment in Redevelopment and Improvements	$	2,182		$	66,129		$	—	$	68,311