Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Reporting

(12) Segment Reporting

The Company has five business segments: Retail, Industrial, Office, Lodging and Multi-family. The Company evaluates segment performance primarily based on net property operations. Net property operations of the segments exclude interest expense, depreciation and amortization, general and administrative expenses, net income of noncontrolling interest and other investment income from corporate investments. The non-segmented assets primarily include the Company’s cash and cash equivalents, investment in marketable securities, construction in progress, investment in unconsolidated entities and notes receivable.

For the six months ended June 30, 2012, approximately 9% of the Company’s rental revenue was generated by over 400 retail banking properties leased to SunTrust Bank and approximately 7% of the Company’s rental revenue was generated by three properties leased to AT&T, Inc. As a result of the concentration of revenue generated from these properties, if SunTrust or AT&T were to cease paying rent or fulfilling its other monetary obligations, the Company could have significantly reduced rental revenues or higher expenses until the defaults were cured or the properties were leased to a new tenant or tenants.

The following table summarizes net property operations income by segment as of and for the three months ended June 30, 2012.

		Total			Retail			Industrial			Office			Lodging			Multi- Family
Property rentals	$		161,558	$		79,559	$		20,928	$		36,298	$		0	$		24,773
Straight-line rents			1,382			652			569			311			0			(150)
Amortization of acquired above and below market leases, net			944			887			0			57			0			0
Total rental income	$		163,884	$		81,098	$		21,497	$		36,666	$		0	$		24,623
Tenant recovery income			26,344			18,185			1,458			6,538			0			163
Other property income			4,265			1,636			(169)			760			0			2,038
Lodging income			206,791			0			0			0			206,791			0
Total income	$		401,284	$		100,919	$		22,786	$		43,964	$		206,791	$		26,824
Operating expenses	$		191,608	$		27,465	$		2,829	$		10,471	$		138,616	$		12,227
Net property operations	$		209,676	$		73,454	$		19,957	$		33,493	$		68,175	$		14,597
Non allocated expenses (a)	$		(130,515)
Other income and expenses (b)	$		(78,698)
Equity in earnings of unconsolidated entities	$		2,936
Provision for asset impairment	$		(17,458)
Net loss from continuing operations	$		(14,059)
Net loss from discontinued operations	$		(3,732)
Net income attributable to noncontrolling interests	$		(119)
Net loss attributable to Company	$		(17,910)

(a) Non allocated expenses consist of general and administrative expenses, business manager management fee and depreciation and amortization.

(b) Other income and expenses consist of interest and dividend income, interest expense, other income, realized gain (loss) on securities, net, and income tax expense.

The following table summarizes net property operations income by segment as of and for the three months ended June 30, 2011.

		Total			Retail			Industrial			Office			Lodging			Multi- Family
Property rentals	$		152,397		$	73,982		$	19,869	$		35,811	$		0	$		22,735
Straight-line rents			3,577			1,130			1,339			1,065			0			43
Amortization of acquired above and below market leases, net			316			415			(67)			(32)			0			0
Total rental income	$		156,290	$		75,527	$		21,141	$		36,844	$		0	$		22,778
Tenant recovery income			22,494			15,844			690			5,842			0			118
Other property income			5,063			1,092			357			1,736			0			1,878
Lodging income			149,267			0			0			0			149,267			0
Total income	$		333,114	$		92,463	$		22,188	$		44,422	$		149,267	$		24,774
Operating expenses	$		146,787	$		24,681	$		1,922	$		10,796	$		97,485	$		11,903
Net property operations	$		186,327	$		67,782	$		20,266	$		33,626	$		51,782	$		12,871
Non allocated expenses (a)	$		(123,068)
Other income and expenses (b)	$		(68,510)
Equity in earnings of unconsolidated entities	$		7,733
Provision for asset impairment	$		(10,821)
Net loss from continuing operations	$		(8,339)
Net loss from discontinued operations	$		(17,775)
Net income attributable to noncontrolling interests	$		(1,647)
Net loss attributable to Company	$		(27,761)

(a) Non allocated expenses consist of general and administrative expenses, business manager management fee and depreciation and amortization.

(b) Other income and expenses consist of interest and dividend income, interest expense, other income, realized gain on securities, net, and income tax expense.

The following table summarizes net property operations income by segment as of and for the six months ended June 30, 2012.

		Total			Retail			Industrial			Office			Lodging			Multi- Family
Property rentals	$		320,040	$		158,024	$		41,761	$		71,588	$		0	$		48,667
Straight-line rents			5,445			2,433			1,258			1,595			0			159
Amortization of acquired above and below market leases, net			1,315			1,292			(67)			90			0			0
Total rental income	$		326,800	$		161,749	$		42,952	$		73,273	$		0	$		48,826
Tenant recovery income			50,330			34,949			2,105			13,028			0			248
Other property income			8,490			2,493			323			1,693			0			3,981
Lodging income			356,867			0			0			0			356,867			0
Total income	$		742,487	$		199,191	$		45,380	$		87,994	$		356,867	$		53,055
Operating expenses	$		348,207	$		51,991	$		4,760	$		21,370	$		245,619	$		24,467
Net property operations	$		394,280	$		147,200	$		40,620	$		66,624	$		111,248	$		28,588
Non allocated expenses (a)	$		(257,667)
Other income and expenses (b)	$		(151,541)
Equity in earnings of unconsolidated entities (c)	$		(1,683)
Provision for asset impairment	$		(27,887)
Net loss from continuing operations	$		(44,498)
Net loss from discontinued operations	$		(3,503)
Net income attributable to noncontrolling interests	$		(192)
Net loss attributable to Company	$		(48,193)
Balance Sheet Data:
Real estate assets, net (d)	$		9,542,434	$		3,699,040	$		843,058	$		1,532,938	$		2,718,939	$		748,459
Non-segmented assets (e)	$		1,526,790
Total Assets	$		11,069,224
Capital expenditures	$		39,736	$		9,154	$		2,339	$		2,873	$		24,292	$		1,078

(a) Non allocated expenses consist of general and administrative expenses, business manager management fee and depreciation and amortization.

(b) Other income and expenses consist of interest and dividend income, interest expense, other income, realized gain (loss) on securities, net, and income tax expense.

(c) Equity in earning of unconsolidated entities includes the impairment of investment in unconsolidated entities.

(d) Real estate assets includes net intangibles.

(e) Construction in progress is included as non-segmented assets.

The following table summarizes net property operations income by segment for the six months ended June 30, 2011.

		Total			Retail			Industrial			Office			Lodging			Multi- Family
Property rentals	$		304,464	$		147,080	$		39,875	$		72,351	$		0	$		45,158
Straight-line rents			6,980			2,147			2,357			2,380			0			96
Amortization of acquired above and below market leases, net			1,094			1,339			(136)			(109)			0			0
Total rental income	$		312,538	$		150,566	$		42,096	$		74,622	$		0	$		45,254
Tenant recovery income			45,633			31,981			1,235			12,182			0			235
Other property income			9,844			2,788			380			2,794			0			3,882
Lodging income			276,922			0			0			0			276,922			0
Total income	$		644,937	$		185,335	$		43,711	$		89,598	$		276,922	$		49,371
Operating expenses	$		288,366	$		50,728	$		3,863	$		22,304	$		187,734	$		23,737
Net property operations	$		356,571	$		134,607	$		39,848	$		67,294	$		89,188	$		25,634
Non allocated expenses (a)	$		(244,796)
Other income and expenses (b)	$		(134,315)
Equity in earnings of unconsolidated entities	$		5,435
Provision for asset impairment	$		(17,314)
Net loss from continuing operations	$		(34,419)
Net loss from discontinued operations	$		(44,099)
Net loss	$		(78,518)
Net income attributable to noncontrolling interests	$		(3,871)
Net loss attributable to Company	$		(82,389)

(a) Non allocated expenses consist of general and administrative expenses, business manager management fee and depreciation and amortization.

(b) Other income and expenses consist of interest and dividend income, interest expense, other income and expenses, realized gain on securities, and income tax benefit.