Segment Reporting

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13. Segment Reporting

As of June 30, 2013, the Company has determined that it has two reportable operating segments: Asset Management and Investments/Corporate. On March 15, 2013, the Company disposed of its third reportable segment, Gramercy Finance, as more fully discussed in Note 1. The reportable segments were determined based on the management approach, which looks to the Company’s internal organizational structure. These three lines of business require different support infrastructures. In 2012, the Company changed the composition of its business segments to separate Asset Management from Investments.

The Investments/Corporate segment includes all of the Company’s activities related to net lease investments in markets across the United States. The Investments/Corporate segment generates revenues from rental revenues from properties owned by the Company.

The Asset Management segment includes substantially all of the Company’s activities related to asset and property management services. The Asset Management segment generates revenues from fee income related to the management agreements for properties owned by third-parties.

The Finance segment was classified as held for sale at December 31, 2012 in connection with the disposal in the first quarter of 2013.

The Company’s reportable operating segments are summarized as follows:

			Asset			Investments /			Total
	Finance		Management			Corporate			Company
Three Months Ended June 30, 2013
Total revenues	$	-	$	13,617		$	2,687		$	16,304
Equity in net loss from unconsolidated joint ventures		-		-			(2,603	)		(2,603	)
Total operating and interest expense (1)		-		(10,463	)		(6,957	)		(17,420	)
Net income (loss) from continuing operations (2)	$	-	$	3,154		$	(6,873	)	$	(3,719	)

			Asset			Investments /			Total
	Finance		Management			Corporate			Company
Three Months Ended June 30, 2012
Total revenues	$	-	$	9,616		$	24		$	9,640
Equity in net loss from unconsolidated joint ventures		-		-			29			29
Total operating and interest expense (1)		-		(8,999	)		(8,103	)		(17,102	)
Net income (loss) from continuing operations (2)	$	-	$	617		$	(8,050	)	$	(7,433	)

			Asset			Investments /			Total
	Finance		Management			Corporate			Company
Six Months Ended June 30, 2013
Total revenues	$	-	$	21,932		$	3,639		$	25,571
Equity in net loss from unconsolidated joint ventures		-		-			(3,791	)		(3,791	)
Total operating and interest expense (1)		-		(17,718	)		(11,691	)		(29,409	)
Net income (loss) from continuing operations (2)	$	-	$	4,214		$	(11,843	)	$	(7,629	)

			Asset			Investments /			Total
	Finance		Management			Corporate			Company
Six Months Ended June 30, 2012
Total revenues	$	-	$	17,929		$	66		$	17,995
Equity in net loss from unconsolidated joint ventures		-		-			57			57
Total operating and interest expense (1)		-		(16,540	)		(13,210	)		(29,750	)
Net income (loss) from continuing operations (2)	$	-	$	1,389		$	(13,087	)	$	(11,698	)

			Asset		Investments /		Total
	Finance		Management		Corporate		Company
Total Assets:
June 30, 2013	$	-	$	16,126	$	313,778	$	329,904
December 31, 2012	$	1,937,554	$	-	$	231,282	$	2,168,836

⁽¹⁾ Total operating and interest expense includes operating costs on commercial property assets for the Investments segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $1,256 and $86 and provision for taxes of $4,846 and $3,419 for the six months ended June 30, 2013 and 2012, respectively, are included in the amounts presented above. Depreciation and amortization of $919 and $45 and provision for taxes of $4,441 and $2,107 for the three months ended June 30, 2013 and 2012, respectively, are included in the amounts presented above.

⁽²⁾ Net income (loss) from continuing operations represents loss before discontinued operations.