SEGMENT REPORTING

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Reporting

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 related interest income. “Other” consists primarily of management fees and other 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/managing 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 six months ended June 30, 2012 and 2011 and does not include unconsolidated affiliates:

Three Months Ended June 30, 2012
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	17,003	$	16,555	$	6,350	$	2,155	$	6,140	$	(5,777	)	$	42,426
Property operating expenses and real estate taxes	4,468		6,618		3,107		—		—		(745		)	13,448
General and administrative	5,774		4,206		—		—		—		(4,763		)	5,217
Income before depreciation and amortization and interest and other finance expense	$	6,761	$	5,731	$	3,243	$	2,155	$	6,140	$	(269	)	$	23,761
Depreciation and amortization	$	4,495	$	4,764	$	1,138	$	—	$	—	$	(250	)	$	10,147
Interest and other finance expense	$	3,721	$	4,018	$	888	$	—	$	—	$	120		$	8,747
Real estate at cost	$	632,084	$	850,229	$	215,367	$	—	$	—	$	(16,323	)	$	1,681,357
Total assets	$	750,634	$	974,287	$	192,194	$	88,712	$	—	$	(151,563	)	$	1,854,264
Expenditures for redevelopment and improvements	$	12,778	$	8,216	$	815	$	—	$	—	$	(187	)	$	21,622
Acquisition of real estate	$	50,689	$	11,737	$	—	$	—	$	—	$	—		$	62,426
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	23,761
Other interest income														22
Depreciation and amortization														(10,147		)
Equity in earnings of unconsolidated affiliates														4,591
Interest and other finance expense														(8,747		)
Income tax provision														1,039
Income from discontinued operations														67
Gain on sale of property														2,668
Net income														11,176
Net (income) attributable to noncontrolling interests														(4,337		)
Net income attributable to Common Shareholders														$	6,839

12. SEGMENT REPORTING (continued)

Three Months Ended June 30, 2011
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	14,122	$	14,104	$	5,646	$	3,370	$	4,751	$	(4,465	)	$	37,528
Property operating expenses and real estate taxes	4,173		4,829		3,498		—		—		(677		)	11,823
General and administrative	6,058		2,523		—		—		—		(2,882		)	5,699
Income before depreciation and amortization and interest and other finance expense	$	3,891	$	6,752	$	2,148	$	3,370	$	4,751	$	(906	)	$	20,006
Depreciation and amortization	$	3,671	$	3,857	$	1,070	$	—	$	—	$	(297	)	$	8,301
Interest and other finance expense	$	4,144	$	3,379	$	874	$	—	$	—	$	458		$	8,855
Real estate at cost	$	477,573	$	739,844	$	210,997	$	—	$	—	$	(14,256	)	$	1,414,158
Total assets	$	632,506	$	841,713	$	192,713	$	45,457	$	—	$	(112,788	)	$	1,599,601
Expenditures for redevelopment and improvements	$	3,323	$	9,516	$	1,671	$	—	$	—	$	(632	)	$	13,878
Acquisition of real estate	$	33,215	$	31,600	$	—	$	—	$	—	$	—		$	64,815
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	20,006
Other interest income														80
Depreciation and amortization														(8,301		)
Equity in earnings of unconsolidated affiliates														63
Interest and other finance expense														(8,855		)
Income tax provision														233
Loss on debt extinguishment														(102		)
Loss from discontinued operations														(6,193		)
Gain on sale of property														28,576
Net income														25,041
Net loss attributable to noncontrolling interests														5,193
Net income attributable to Common Shareholders														$	30,234

12. SEGMENT REPORTING (continued)

Six Months Ended June 30, 2012
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	32,279	$	31,870	$	12,447	$	4,210	$	11,799	$	(11,004	)	$	81,601
Property operating expenses and real estate taxes	9,002		12,302		6,467		—		—		(1,529		)	26,242
General and administrative	12,135		7,452		—		—		—		(8,437		)	11,150
Income before depreciation, amortization and impairment	$	11,142	$	12,116	$	5,980	$	4,210	$	11,799	$	(1,038	)	$	44,209
Depreciation and amortization	$	8,242	$	9,195	$	2,252	—		—		$	(474	)	$	19,215
Interest and other finance expense	$	7,074	$	8,166	$	1,764	—		—		329			$	17,333
Real estate at cost	$	632,084	$	850,229	$	215,367	—		—		$	(16,323	)	$	1,681,357
Total assets	$	750,634	$	974,287	$	192,194	$	88,712	—		$	(151,563	)	$	1,854,264
Expenditures for real estate and improvements	$	19,984	$	20,958	$	1,654	—		—		$	(891	)	$	41,705
Acquisition of real estate	$	66,878	$	44,237	$	—	—		—		$	—		$	111,115
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	44,209
Other interest income														76
Depreciation and amortization														(19,215		)
Equity in earnings of unconsolidated affiliates														4,535
Interest and other finance expense														(17,333		)
Income tax provision														1,234
Income from discontinued operations														293
Gain on sale of property														2,668
Net income														13,999
Net (income) attributable to noncontrolling interests														(3,150		)
Net income attributable to Common Shareholders														$	10,849

12. SEGMENT REPORTING (continued)

Six Months Ended June 30, 2011
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	28,541	$	26,448	$	10,981	$	7,921	$	11,225	$	(10,323	)	$	74,793
Property operating expenses and real estate taxes	8,467		9,368		6,676		—		—		(1,122		)	23,389
General and administrative	11,957		6,002		—		—		—		(6,570		)	11,389
Income before depreciation and amortization	$	8,117	$	11,078	$	4,305	$	7,921	$	11,225	$	(2,631	)	$	40,015
Depreciation and amortization	$	6,928	$	7,328	$	2,019	—		—		$	(405	)	$	15,870
Interest and other finance expense	$	8,350	$	7,028	$	1,953	—		—		427			$	17,758
Real estate at cost	$	477,573	$	739,844	$	210,997	—		—		$	(14,256	)	$	1,414,158
Total assets	$	632,506	$	841,713	$	192,713	$	45,457	—		$	(112,788	)	$	1,599,601
Expenditures for real estate and improvements	$	4,708	$	21,186	$	2,116	—		—		$	(907	)	$	27,103
Acquisition of real estate	$	33,215	$	31,600	$	—	—		—		$	—		$	64,815
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	40,015
Other interest income														114
Depreciation and amortization														(15,870		)
Equity in losses of unconsolidated affiliates														(85		)
Interest and other finance expense														(17,758		)
Income tax provision														495
Gain on debt extinguishment														1,571
Loss from discontinued operations														(5,297		)
Gain on sale of property														32,498
Net income														34,693
Net loss attributable to noncontrolling interests														4,964
Net income attributable to Common Shareholders														$	39,657