Segment Reporting

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Reporting

17. SEGMENT REPORTING

     We assess our business based upon the nature of operations. Our reportable segments presented are our Portfolio, Real Estate Operating and Development business and our Advised Funds, which are segments of AmREIT where separate financial information is both available, and revenue and operating performance is evaluated regularly by senior management in deciding how to allocate resources and in assessing performance. However, this operating performance data might not be indicative of what a third party would assess or evaluate for purposes of determining fair value of our segments.

Portfolio Segment

     Our portfolio segment consists of our portfolio of single and multi-tenant shopping center projects. This segment consists of 28 properties located in four states. Expenses for this segment include depreciation, interest, minority interest, legal cost directly related to the portfolio of properties and property level expenses. Substantially all of our consolidated assets are in this segment.

Advisory Services Segments

     Our advisory services segments consist of our real estate operating and development business, which includes one operating property, as well as our Advised Funds. The real estate operating and development business is a fully integrated and wholly-owned business consisting of brokers and real estate professionals that provide development, acquisition, brokerage, leasing, and asset and property management services to our portfolio and Advised Funds. Our Advised Funds consist of five high net worth investment funds that have sold limited partnership interests to retail investors to develop, own, manage and add value to properties with an average holding period of two to four years and three joint ventures with institutional investors.

Segment results for the years ended December 31, 2011, 2010 and 2009 are as follows (in thousands):

				Advisory Services
For the year ended December 31, 2011					Real Estate
					Operating and			Advised
		Portfolio			Development			Funds			Total
Rental income from operating leases	$	32,798		$	197		$	-		$	32,995
Advisory services income - related party		147			2,578			1,064			3,789
Lease termination and other income		131			-			-			131
Total revenue		33,076			2,775			1,064			36,915
General and administrative		2,213			3,701			135			6,049
Property expense		7,724			46			-			7,770
Legal and professional		877			65			3			945
Real estate commissions		2			340			-			342
Acquisition costs		229			-			-			229
Depreciation and amortization		8,233			24			-			8,257
Impairment recovery - notes receivable		(1,071	)		-			-			(1,071	)
Total expenses		18,207			4,176			138			22,521
Interest expense		(9,971	)		-			-			(9,971	)
Other income/(expense)		(505	)		142			(385	)		(748	)
Income (loss) from continuing operations	$	4,393		$	(1,259	)	$	541		$	3,675

				Advisory Services
For the year ended December 31, 2010					Real Estate
					Operating and			Advised
		Portfolio			Development			Funds			Total
Rental income from operating leases	$	28,959		$	196		$	-		$	29,155
Advisory services income - related party		10			2,714			1,480			4,204
Lease termination and other income		-			15			-			15
Total revenue		28,969			2,925			1,480			33,374
General and administrative		1,995			3,806			143			5,944
Property expense		8,292			22			-			8,314
Legal and professional		1,169			(13	)		9			1,165
Real estate commissions		9			182			-			191
Acquisition costs		12			-			-			12
Depreciation and amortization		6,594			40			-			6,634
Impairment - properties		864			1,404			-			2,268
Impairment - notes receivable		1,800			-			-			1,800
Total expenses		20,735			5,441			152			26,328
Interest expense		(9,541	)		-			-			(9,541	)
Other income/(expense)		2,496			1,156			(1,234	)		2,418
Income (loss) from continuing operations	$	1,189		$	(1,360	)	$	94		$	(77	)

				Advisory Services
For the year ended December 31, 2009					Real Estate
					Operating and		Advised
		Portfolio			Development		Funds				Total
Rental income from operating leases	$	29,178		$	189		$	-		$	29,367
Advisory services income - related party		(6	)		3,060			1,530			4,584
Lease termination and other income		1,065			-			-			1,065
Total revenue		30,237			3,249			1,530			35,016
General and administrative		1,579			4,604			137			6,320
Property expense		8,188			18			-			8,206
Legal and professional		1,067			565			35			1,667
Real estate commissions		1			156			-			157
Depreciation and amortization		7,305			45			-			7,350
Impairment - properties		441			-			-			441
Total expenses		18,581			5,388			172			24,141
Interest expense		(9,146	)		-			-			(9,146	)
Other income/(expense)		395			1,264			(765	)		894
Income (loss) from continuing operations	$	2,905		$	(875	)	$	593		$	2,623