SEGMENT REPORTING

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company has three reportable segments: Core Portfolio, Opportunity Funds and Notes Receivable. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Opportunity Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/managing member of the Opportunity Funds are eliminated in the Company's consolidated financial statements. The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months ended March 31, 2013 and 2012 and does not include unconsolidated affiliates:

12. SEGMENT REPORTING (continued)

Three Months Ended March 31, 2013
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	26,877	$	17,525	$	2,869	$	47,271
Property operating expenses, other operating and real estate taxes	7,163		5,182		—		12,345
General and administrative	5,481		145		—		5,626
Income before depreciation and amortization and interest and other finance expense	$	14,233	$	12,198	$	2,869	$	29,300
Depreciation and amortization	$	6,636	$	3,992	$	—	$	10,628
Interest and other finance expense	$	6,149	$	4,160	$	—	$	10,309
Real estate at cost	$	979,553	$	787,623	$	—	$	1,767,176
Total assets	$	1,075,253	$	1,115,249	$	105,367	$	2,295,869
Expenditures for redevelopment and improvements	$	456	$	17,485	$	—	$	17,941
Acquisition of real estate	$	86,600	$	—	$	—	$	86,600
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization and interest and other finance expense							$	29,300
Other interest income							29
Depreciation and amortization							(10,628		)
Equity in earnings of unconsolidated affiliates							2,250
Interest and other finance expense							(10,309		)
Income tax benefit							140
Income from discontinued operations							397
Net income							11,179
Net income attributable to noncontrolling interests							(1,556		)
Net income attributable to Common Shareholders							$	9,623

12. SEGMENT REPORTING (continued)

Three Months Ended March 31, 2012
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	15,708	$	12,150	$	2,055	$	29,913
Property operating expenses, other operating and real estate taxes	4,532		5,064		—		9,596
General and administrative	5,651		274		—		5,925
Income before depreciation and amortization and interest and other finance expense	$	5,525	$	6,812	$	2,055	$	14,392
Depreciation and amortization	$	3,742	$	3,404	$	—	$	7,146
Interest and other finance expense	$	3,358	$	3,202	$	—	$	6,560
Real estate at cost	$	548,075	$	642,529	$	—	$	1,190,604
Total assets	$	661,545	$	633,708	$	77,180	$	1,372,433
Expenditures for redevelopment and improvements	$	7,204	$	12,877	$	—	$	20,081
Acquisition of real estate	$	16,189	$	32,500	$	—	$	48,689
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	14,392
Other interest income							54
Depreciation and amortization							(7,146		)
Equity in losses of unconsolidated affiliates							(56		)
Interest and other finance expense							(6,560		)
Income tax provision							(188		)
Income from discontinued operations							2,327
Net income							2,823
Net loss attributable to noncontrolling interests							1,187
Net income attributable to Common Shareholders							$	4,010