Business Segments (Tables)

6 Months Ended

Jun. 30, 2011

Business Segments.

Schedule of calculation of FFO by business segment

(in thousands)	Real Estate Operations		Investment Banking/ Investment Services		Total
Three Months Ended March 31, 2011
Net income (loss)	$	24,607	$	160	$	24,767
Gain on sale of property	(19,593)		-		(19,593)
Equity in income of non-consolidated REITs	(1,772)		-		(1,772)
Distributions from non-consolidated REITs	1,767		-		1,767
Acquisition costs	269		-		269
Depreciation and amortization	10,774		38		10,812
Funds From Operations	$	16,052	$	198	$	16,250
Three Months Ended June 30, 2011
Net income (loss)	$	7,107	$	3,274	$	10,381
Gain on sale of property	(2,346)		-		(2,346)
Equity in income of non-consolidated REITs	(1,166)		-		(1,166)
Distributions from non-consolidated REITs	1,215		-		1,215
Acquisition costs	9		-		9
Depreciation and amortization	12,010		37		12,047
Funds From Operations	$	16,829	$	3,311	$	20,140
Six Months Ended June 30, 2011
Net income (loss)	$	31,714	$	3,434	$	35,148
Gain on sale of property	(21,939)		-		(21,939)
Equity in income of non-consolidated REITs	(2,938)		-		(2,938)
Distributions from non-consolidated REITs	2,982		-		2,982
Acquisition costs	278		-		278
Depreciation and amortization	22,784		75		22,859
Funds From Operations	$	32,881	$	3,509	$	36,390

The calculation of FFO by business segment for the three and six months ended June 30, 2010 are shown in the following table:

(in thousands)	Real Estate Operations			Investment Banking/ Investment Services			Total
Three Months Ended March 31, 2010
Net income (loss)	$	6,041		$	(479	)	$	5,562
Equity in income of non-consolidated REITs	(253		)	-			(253		)
Distributions from non-consolidated REITs	1,407			-			1,407
Depreciation and amortization	9,901			33			9,934
Funds From Operations	$	17,096		$	(446	)	$	16,650
Three Months Ended June 30, 2010
Net income (loss)	$	5,691		$	263		$	5,954
Equity in income of non-consolidated REITs	(380		)	-			(380		)
Distributions from non-consolidated REITs	1,324			-			1,324
Acquisition costs	129			-			129
Depreciation and amortization	9,636			39			9,675
Funds From Operations	$	16,400		$	302		$	16,702
Six Months Ended June 30, 2010
Net income (loss)	$	11,732		$	(216	)	$	11,516
Equity in income of non-consolidated REITs	(633		)	-			(633		)
Distributions from non-consolidated REITs	2,731			-			2,731
Acquisition costs	129			-			129
Depreciation and amortization	19,537			72			19,609
Funds From Operations	$	33,496		$	(144	)	$	33,352

Summary of other financial information by business segment

(in thousands)	Real Estate Operations		Investment Banking/ Investment Services		Total
Three Months Ended June 30, 2011:
Revenue	$	34,762	$	5,658	$	40,420
Interest income	5		4		9
Interest expense	3,578		-		3,578
Capital expenditures	4,091		-		4,091
Six Months Ended June 30, 2011
Revenue	$	66,676	$	6,866	$	73,542
Interest income	15		5		20
Interest expense	5,986		-		5,986
Investment in non-consolidated REITs	88,654		-		88,654
Capital expenditures	7,046		-		7,046
Identifiable assets as of June 30, 2011	$	1,293,933	$	9,831	$	1,303,764
Three Months Ended June 30, 2010:
Revenue	$	27,612	$	1,293	$	28,905
Interest income	9		-		9
Interest expense	1,735		-		1,735
Capital expenditures	1,371		62		1,433
Six Months Ended June 30, 2010
Revenue	$	56,741	$	1,560	$	58,301
Interest income	17		-		17
Interest expense	3,388		-		3,388
Investment in non-consolidated REITs	90,782		-		90,782
Capital expenditures	3,056		62		3,118
Identifiable assets as of June 30, 2010	$	1,183,161	$	3,740	$	1,186,901