SEGMENT REPORTING

9 Months Ended

Sep. 30, 2011

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT REPORTING

The Company has five reportable segments: Core Portfolio, Opportunity Funds, Self-Storage Investments, Notes Receivable and Other. “Notes Receivable” consists of the Company's notes receivable and preferred equity investment and related interest income. “Other” consists primarily of management fees and interest income. 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 Opportunity Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/member of the Opportunity 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 and nine months ended September 30, 2011 and 2010 (does not include unconsolidated affiliates):

12. SEGMENT REPORTING (continued)

Three Months Ended September 30, 2011
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	14,278	$	15,151	$	6,127	$	1,585	$	5,537	$	(5,285	)	$	37,393
Property operating expenses and real estate taxes	4,182		5,037		3,744		—		—		(613		)	12,350
General and administrative	6,361		3,439		—		—		—		(4,042		)	5,758
Income before depreciation, amortization and impairment	$	3,735	$	6,675	$	2,383	$	1,585	$	5,537	$	(630	)	$	19,285
Depreciation and amortization	$	3,547	$	3,960	$	1,070	$	—	$	—	$	(179	)	$	8,398
Interest and other finance expense	$	3,944	$	4,619	$	882	$	—	$	—	$	297		$	9,742
Real estate at cost	$	499,349	$	763,565	$	211,912	$	—	$	—	$	(14,994	)	$	1,459,832
Total assets	$	614,100	$	875,623	$	191,840	$	41,304	$	—	$	(116,400	)	$	1,606,467
Expenditures for real estate and improvements	$	33,995	$	9,338	$	1,196	$	—	$	—	$	(738	)	$	43,791
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	19,285
Other interest income														105
Depreciation and amortization														(8,398		)
Equity in earnings of unconsolidated affiliates														3,110
Interest and other finance expense														(9,742		)
Income tax (benefit)														(488		)
Loss on debt extinguishment														(303		)
Income from discontinued operations														102
Net income														4,647
Net (income) attributable to noncontrolling interests														(636		)
Net income attributable to Common Shareholders														$	4,011

12. SEGMENT REPORTING (continued)

Three Months Ended September 30, 2010
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	13,996	$	11,355	$	6,703	$	5,206	$	5,442	$	(5,114	)	$	37,588
Property operating expenses and real estate taxes	4,140		3,681		3,963		—		—		(374		)	11,410
General and administrative	5,911		3,284		—		—		—		(3,878		)	5,317
Income before depreciation and amortization	$	3,945	$	4,390	$	2,740	$	5,206	$	5,442	$	(862	)	$	20,861
Depreciation and amortization	$	3,743	$	3,792	$	1,264	$	—	$	—	$	(112	)	$	8,687
Interest and other finance expense	$	4,529	$	4,097	$	1,305	$	—	$	—	$	(27	)	$	9,904
Real estate at cost	$	440,721	$	677,946	$	209,956	$	—	$	—	$	(12,869	)	$	1,315,754
Total assets	$	595,870	$	721,911	$	194,461	$	87,600	$	—	$	(121,571	)	$	1,478,271
Expenditures for real estate and improvements	$	1,194	$	23,090	$	187	$	—	$	—	$	(853	)	$	23,618
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	20,861
Other interest income														175
Depreciation and amortization														(8,687		)
Equity in earnings of unconsolidated affiliates														143
Interest and other finance expense														(9,904		)
Income tax provision														785
Income from discontinued operations														478
Net income														2,281
Net loss attributable to noncontrolling interests														2,836
Net income attributable to Common Shareholders														$	5,117

12. SEGMENT REPORTING (continued)

Nine Months Ended September 30, 2011
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	42,833	$	43,701	$	17,108	$	9,493	$	16,761	$	(15,608	)	$	114,288
Property operating expenses and real estate taxes	12,636		14,980		10,475		—		—		(1,734		)	36,357
General and administrative	18,318		9,441		—		—		—		(10,612		)	17,147
Income before depreciation, amortization and impairment	$	11,879	$	19,280	$	6,633	$	9,493	$	16,761	$	(3,262	)	$	60,784
Depreciation and amortization	$	10,474	$	11,647	$	3,089	—		—		$	(584	)	$	24,626
Interest and other finance expense	$	12,295	$	11,857	$	2,722	—		—		724			$	27,598
Real estate at cost	$	499,349	$	763,565	$	211,912	—		—		$	(14,994	)	$	1,459,832
Total assets	$	614,100	$	875,623	$	191,840	$	41,304	—		$	(116,400	)	$	1,606,467
Expenditures for real estate and improvements	$	67,842	$	67,439	$	2,073	—		—		$	(1,645	)	$	135,709
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	60,784
Other interest income														219
Depreciation and amortization														(24,626		)
Equity in earnings of unconsolidated affiliates														3,025
Interest and other finance expense														(27,598		)
Income tax provision														7
Gain on debt extinguishment														1,268
Impairment of asset														(6,925		)
Income from discontinued operations														702
Gain on sale of property														32,498
Net income														39,340
Net loss attributable to noncontrolling interests														4,328
Net income attributable to Common Shareholders														$	43,668

12. SEGMENT REPORTING (continued)

Nine Months Ended September 30, 2010
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	42,270	$	33,973	$	16,016	$	15,437	$	15,431	$	(14,268	)	$	108,859
Property operating expenses and real estate taxes	12,258		11,877		10,179		—		—		(1,088		)	33,226
General and administrative	16,971		10,210		—		—		—		(11,329		)	15,852
Income before depreciation and amortization	$	13,041	$	11,886	$	5,837	$	15,437	$	15,431	$	(1,851	)	$	59,781
Depreciation and amortization	$	10,394	$	10,537	$	3,021	—		—		$	(301	)	$	23,651
Interest and other finance expense	$	13,567	$	11,877	$	3,699	—		—		(82		)	$	29,061
Real estate at cost	$	440,721	$	677,946	$	209,956	—		—		$	(12,869	)	$	1,315,754
Total assets	$	595,870	$	721,911	$	194,461	$	87,600	—		$	(121,571	)	$	1,478,271
Expenditures for real estate and improvements	$	2,756	$	58,318	$	1,300	—		—		$	(1,822	)	$	60,552
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	59,781
Other interest income														462
Depreciation and amortization														(23,651		)
Equity in earnings of unconsolidated affiliates														610
Interest and other finance expense														(29,061		)
Income tax provision														1,869
Gain from bargain purchase														33,805
Income from discontinued operations														1,208
Net income														41,285
Net (income) attributable to noncontrolling interests														(18,240		)
Net income attributable to Common Shareholders														$	23,045