2.2.0.25falsefalse11701 - Disclosure - Segment Reportingtruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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3false0us-gaap_SegmentReportingDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel| 1falsefalsefalse00<div> <b><u><font style="font-size: 10pt;" class="_mt"><font style="text-decoration: none;" class="_mt">
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<div><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">17. </font></div></td>
<td>
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">SEGMENT REPORTING</font></font></div></td></tr></table></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company operates in two business segments: (i) real estate and (ii) construction services. The Company provides leasing, property and facilities management, acquisition, development, construction and tenant-related services for its portfolio. In May 2006, in conjunction with the Company's acquisition of the Gale Company and related businesses, the Company acquired a business specializing solely in construction and related services whose operations comprise the Company's construction services segment. The Company had no revenues from foreign countries recorded for the years ended December 31, 2010, 2009 and 2008. The Company had no long lived assets in foreign locations as of December 31, 2010, 2009 and 2008. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization.</font></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company evaluates performance based upon net operating income from the combined properties in the real estate segment and net operating income from its construction services segment.</font></div><br />
<div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 0pt;">
<div> </div>
<div>
<div style="width: 100%;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt"> </font></div></div></div><br />
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Selected results of operations for the years ended December 31, 2010, 2009 and 2008 and selected asset information as of December 31, 2010 and 2009 regarding the Company's operating segments are as follows: <font style="font-style: italic; display: inline; font-size: 10pt;" class="_mt">(dollars in thousands)</font></font></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td style="border-bottom: black 2px solid;" valign="top" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block;"> </div>
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Real Estate</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Construction</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Services</font></div></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Corporate</font></div>
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">& Other (d)</font></div></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="top" width="13%">
<div> </div>
<div><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total Company </font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Total revenues:</font></div></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2010</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 726,394</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$63,703</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ (2,617)</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 787,480</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2009</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 733,287</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">31,207</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> (5,569)</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 758,925</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2008</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">728,970</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">58,105</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(14,295)</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">772,780</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Total operating and interest expenses (a):</font></div></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2010</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 284,694</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$63,141</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 178,730</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 526,565</font></div></td>
<td valign="top" width="4%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(e)</font></div></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2009</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 270,906</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 31,816</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 171,296</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 474,018</font></div></td>
<td valign="top" width="4%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(f)</font></div></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2008</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">265,476</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">56,629</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">162,110</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">484,215</font></div></td>
<td valign="top" width="4%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(g)</font></div></td></tr>
<tr><td valign="top" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Equity in earnings (loss) of unconsolidated</font></div></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> joint ventures:</font></div></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2010</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 6.5pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 2,276</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 2,276</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2009</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 6.5pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> (5,560)</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> (5,560)</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2008</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 6.5pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(39,752)</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(39,752)</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Net operating income (loss) (b):</font></div></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2010</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 443,976</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 562</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$(181,347)</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 263,191</font></div></td>
<td valign="top" width="4%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(e)</font></div></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2009</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 456,821</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(609)</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> (176,865)</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 279,347</font></div></td>
<td valign="top" width="4%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(f)</font></div></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2008</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">423,742</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,476</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(176,405)</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">248,813</font></div></td>
<td valign="top" width="4%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(g)</font></div></td></tr>
<tr><td valign="top" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Total assets:</font></div></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2010</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$4,332,408</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$13,929</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 16,129</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$4,362,466</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2009</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,512,974</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$12,015</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> 196,648</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,721,637</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Total long-lived assets (c):</font></div></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2010</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$4,096,242</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 2,630</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$4,098,872</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="31%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 18pt;" class="_mt"> </font>2009</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,189,276</font></div></td>
<td valign="top" width="11%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="text-align: right;" valign="top" width="11%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> (1,142)</font></div></td>
<td style="text-align: right;" valign="top" width="13%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,188,134</font></div></td>
<td valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td style="border-bottom: black 3px double;" valign="top" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="top" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="top" width="4%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr></table></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top"><td style="width: 18pt;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(a)</font></div></td>
<td>
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services salaries, wages and other costs; general and administrative and interest expense (net of interest income). All interest expense, net of interest income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.</font></div></td></tr></table></div>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top"><td style="width: 18pt;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(b)</font></div></td>
<td>
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Net operating income represents total revenues less total operating and interest expenses [as defined in Note (a)], plus equity in earnings (loss) of unconsolidated joint ventures, for the period.</font></div></td></tr></table></div>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top"><td style="width: 18pt;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(c)</font></div></td>
<td>
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and investments in unconsolidated joint ventures.</font></div></td></tr></table></div>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top"><td style="width: 18pt;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(d)</font></div></td>
<td>
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense and non-property general and administrative expense) as well as intercompany eliminations necessary to reconcile to consolidated Company totals.</font></div></td></tr></table></div>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top"><td style="width: 18pt;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(e)</font></div></td>
<td>
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Excludes $191,168 of depreciation and amortization and $9,521 of impairment charge on rental property.</font></div></td></tr></table></div>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top"><td style="width: 18pt;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(f)</font></div></td>
<td>
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Excludes $200,732 of depreciation and amortization.</font></div></td></tr></table></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(g) Excludes $192,957 of depreciation and amortization.</font></div></div> </div>17.
SEGMENT REPORTING
The Company operates in two business segments: (i) real estate and (ii) construction services. The Companyfalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
falsefalse
12Segment ReportingUnKnownUnKnownUnKnownUnKnownfalsetrue