SEGMENT REPORTING

6 Months Ended

Jun. 30, 2013

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 and six months ended June 30, 2013 and 2012 and does not include unconsolidated affiliates:



	Three Months Ended June 30, 2013
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	28,057	$	14,480	$	3,399	$	45,936
Property operating expenses, other operating and real estate taxes	6,811		5,086		—		11,897
General and administrative	5,872		429		—		6,301
Income before depreciation and amortization and interest and other finance expense	$	15,374	$	8,965	$	3,399	$	27,738
Depreciation and amortization	$	7,142	$	3,834	$	—	$	10,976
Interest and other finance expense	$	6,563	$	4,350	$	—	$	10,913
Real estate at cost	$	1,006,210	$	810,214	$	—	$	1,816,424
Total assets	$	1,100,356	$	1,104,704	$	105,484	$	2,310,544
Expenditures for redevelopment and improvements	$	3,255	$	22,371	$	—	$	25,626
Acquisition of real estate	$	22,500	$	—	$	—	$	22,500

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	27,738
Depreciation and amortization							(10,976		)
Equity in earnings of unconsolidated affiliates							815
Interest and other finance expense							(10,913		)
Income tax provision							(7		)
Impairment of asset							(1,500		)
Income from discontinued operations							266
Gain on sale of property							4,191
Net income							9,614
Net income attributable to noncontrolling interests							(857		)
Net income attributable to Common Shareholders							$	8,757


12.	SEGMENT REPORTING (continued)



	Three Months Ended June 30, 2012
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	17,366	$	13,202	$	2,177	$	32,745
Property operating expenses, other operating and real estate taxes	4,468		6,177		—		10,645
General and administrative	4,600		605		—		5,205
Income before depreciation and amortization and interest and other finance expense	$	8,298	$	6,420	$	2,177	$	16,895
Depreciation and amortization	$	4,495	$	3,706	$	—	$	8,201
Interest and other finance expense	$	3,721	$	3,349	$	—	$	7,070
Real estate at cost	$	632,084	$	684,101	$	—	$	1,316,185
Total assets	$	750,634	$	664,419	$	88,712	$	1,503,765
Expenditures for redevelopment and improvements	$	12,778	$	5,978	$	—	$	18,756
Acquisition of real estate	$	50,689	$	11,737	$	—	$	62,426

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	16,895
Depreciation and amortization							(8,201		)
Equity in earnings of unconsolidated affiliates							4,591
Interest and other finance expense							(7,070		)
Income tax provision							(1,039		)
Income from discontinued operations							3,332
Gain on sale of property							2,668
Net income							11,176
Net income attributable to noncontrolling interests							(4,337		)
Net income attributable to Common Shareholders							$	6,839


12.	SEGMENT REPORTING (continued)



	Six Months Ended June 30. 2013
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	54,471	$	32,006	$	6,759	$	93,236
Property operating expenses, other operating and real estate taxes	13,912		10,330		—		24,242
General and administrative	11,345		582		—		11,927
Income before depreciation and amortization and interest and other finance expense	$	29,214	$	21,094	$	6,759	$	57,067
Depreciation and amortization	$	13,777	$	7,827	$	—	$	21,604
Interest and other finance expense	$	12,712	$	8,510	$	—	$	21,222
Real estate at cost	$	1,006,210	$	810,214	$	—	$	1,816,424
Total assets	$	1,100,356	$	1,104,704	$	105,484	$	2,310,544
Expenditures for redevelopment and improvements	$	3,711	$	39,856	$	—	$	43,567
Acquisition of real estate	$	109,100	$	—	$	—	$	109,100

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	57,067
Depreciation and amortization							(21,604		)
Equity in earnings of unconsolidated affiliates							3,065
Interest and other finance expense							(21,222		)
Income tax benefit							133
Impairment of asset							(1,500		)
Income from discontinued operations							663
Gain on sale of property							4,191
Net income							20,793
Net income attributable to noncontrolling interests							(2,413		)
Net income attributable to Common Shareholders							$	18,380


12.	SEGMENT REPORTING (continued)



	Six Months Ended June 30, 2012
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	33,070	$	25,436	$	4,206	$	62,712
Property operating expenses, other operating and real estate taxes	9,007		11,234		—		20,241
General and administrative	10,252		878		—		11,130
Income before depreciation and amortization and interest and other finance expense	$	13,811	$	13,324	$	4,206	$	31,341
Depreciation and amortization	$	8,237	$	7,114	$	—	$	15,351
Interest and other finance expense	$	7,074	$	6,552	$	—	$	13,626
Real estate at cost	$	632,084	$	684,101	$	—	$	1,316,185
Total assets	$	750,634	$	664,419	$	88,712	$	1,503,765
Expenditures for redevelopment and improvements	$	19,984	$	18,934	$	—	$	38,918
Acquisition of real estate	$	66,878	$	44,237	$	—	$	111,115

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	31,341
Depreciation and amortization							(15,351		)
Equity in earnings of unconsolidated affiliates							4,535
Interest and other finance expense							(13,626		)
Income tax provision							(1,227		)
Income from discontinued operations							5,659
Gain on sale of property							2,668
Net income							13,999
Net income attributable to noncontrolling interests							(3,150		)
Net income attributable to Common Shareholders							$	10,849

- Definition

The entire disclosure for 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 percent 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

+ Details