SEGMENT REPORTING

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. 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 Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/managing member of the Funds are eliminated in the Company's consolidated financial statements. Structured Financing represents the Company's investments in notes receivable and preferred equity. The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months and six months ended June 30, 2014 and 2013, and does not include unconsolidated affiliates:

Three Months Ended June 30, 2014

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	30,535		$	13,934		$	5,042	$	49,511
Property operating expenses, other operating and real estate taxes	(7,587		)	(4,627		)	—		(12,214		)
General and administrative expenses	(6,238		)	(641		)	—		(6,879		)
Depreciation and amortization	(8,300		)	(3,284		)	—		(11,584		)
Operating income	8,410			5,382			5,042		18,834
Equity in earnings of unconsolidated affiliates	227			1,203			—		1,430
Loss on debt extinguishment	(3		)	(63		)	—		(66		)
Gain on disposition of property	—			561			—		561
Interest and other finance expense	(6,962		)	(2,572		)	—		(9,534		)
Income tax benefit (provision)	91			(8		)	—		83
Income from continuing operations	1,763			4,503			5,042		11,308
Discontinued operations
Gain on disposition of property	—			560			—		560
Net Income	1,763			5,063			5,042		11,868
Noncontrolling interests
(Income) loss from continuing operations	(1,036		)	1,093			—		57
Income from discontinued operations	(4		)	(457		)	—		(461		)
Net (income) loss attributable to noncontrolling interests	(1,040		)	636			—		(404		)
Net income attributable to Common Shareholders	$	723		$	5,699		$	5,042	$	11,464
Real Estate at Cost	$	1,184,956		$	797,673		$	—	$	1,982,629
Total Assets	$	1,153,586		$	1,122,303		$	96,307	$	2,372,196
Acquisition of Real Estate	$	17,100		$	—		$	—	$	17,100
Investment in Redevelopment and Improvements	$	754		$	30,052		$	—	$	30,806

11.    SEGMENT REPORTING (continued)

Three Months Ended June 30, 2013

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	27,659		$	9,751		$	3,398	$	40,808
Property operating expenses, other operating and real estate taxes	(6,500		)	(3,544		)	—		(10,044		)
General and administrative expenses	(5,925		)	(377		)	—		(6,302		)
Depreciation and amortization	(6,909		)	(2,690		)	—		(9,599		)
Operating income	8,325			3,140			3,398		14,863
Equity in (losses) earnings of unconsolidated affiliates	(42		)	857			—		815
Impairment of asset	(1,500		)	—			—		(1,500		)
Interest and other finance expense	(6,329		)	(3,597		)	—		(9,926		)
Income tax benefit (provision)	146			(156		)	—		(10		)
Income from continuing operations	600			244			3,398		4,242
Discontinued operations
Operating income from discontinued operations	112			1,069			—		1,181
Gain on disposition of property	—			4,191			—		4,191
Net income	712			5,504			3,398		9,614
Noncontrolling interests
(Income) loss from continuing operations	(490		)	4,215			—		3,725
Income from discontinued operations	(54		)	(4,528		)	—		(4,582		)
Net (income) loss attributable to noncontrolling interests	(544		)	(313		)	—		(857		)
Net income attributable to Common Shareholders	$	168		$	5,191		$	3,398	$	8,757
Real Estate at Cost	$	982,323		$	628,099		$	—	$	1,610,422
Total Assets	$	1,100,356		$	1,104,704		$	105,484	$	2,310,544
Acquisition of Real Estate	$	22,500		$	—		$	—	$	22,500
Investment in Redevelopment and Improvements	$	3,255		$	22,371		$	—	$	25,626

11.    SEGMENT REPORTING (continued)

Six Months Ended June 30, 2014

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	60,684		$	26,576		$	8,936	$	96,196
Property operating expenses, other operating and real estate taxes	(15,493		)	(10,202		)	—		(25,695		)
General and administrative expenses	(12,651		)	(1,124		)	—		(13,775		)
Depreciation and amortization	(16,633		)	(6,538		)	—		(23,171		)
Operating Income	15,907			8,712			8,936		33,555
Equity in earnings of unconsolidated affiliates	323			4,136			—		4,459
Loss on debt extinguishment	(3		)	(266		)	—		(269		)
Interest and other finance expense	(14,162		)	(6,023		)	—		(20,185		)
Income tax provision	(13		)	(72		)	—		(85		)
Gain on disposition of property	12,387			561			—		12,948
Income from continuing operations	14,439			7,048			8,936		30,423
Discontinued operations
Gain on disposition of property	—			560			—		560
Net income	14,439			7,608			8,936		30,983
Noncontrolling interests
(Income) loss from continuing operations	(1,453		)	3,990			—		2,537
Income from discontinued operations	(4		)	(457		)	—		(461		)
Net (income) loss attributable to noncontrolling interests	(1,457		)	3,533			—		2,076
Net income attributable to Common Shareholders	$	12,982		$	11,141		$	8,936	$	33,059
Real Estate at Cost	$	1,184,956		$	797,673		$	—	$	1,982,629
Total Assets	$	1,153,586		$	1,122,303		$	96,307	$	2,372,196
Acquisition of Real Estate	$	107,600		$	—		$	—	$	107,600
Investment in Redevelopment and Improvements	$	2,182		$	66,129		$	—	$	68,311

11.    SEGMENT REPORTING (continued)

Six Months Ended June 30, 2013

(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	54,138		$	22,663		$	6,296	$	83,097
Property operating expenses, other operating and real estate taxes	(13,372		)	(7,655		)	—		(21,027		)
General and administrative expenses	(11,185		)	(743		)	—		(11,928		)
Depreciation and amortization	(13,298		)	(5,530		)	—		(18,828		)
Operating Income	16,283			8,735			6,296		31,314
Equity in (losses) earnings of unconsolidated affiliates	(47		)	3,112			—		3,065
Impairment of asset	(1,500		)	—			—		(1,500		)
Interest and other finance expense	(12,486		)	(6,725		)	—		(19,211		)
Income tax benefit (provision)	238			(109		)	—		129
Income from continuing operations	2,488			5,013			6,296		13,797
Discontinued operations
Operating income from discontinued operations	213			2,592			—		2,805
Gain on disposition of property	—			4,191			—		4,191
Net income	2,701			11,796			6,296		20,793
Noncontrolling interests
(Income) loss from continuing operations	(926		)	4,687			—		3,761
Income from discontinued operations	(94		)	(6,080		)	—		(6,174		)
Net (income) loss attributable to noncontrolling interests	(1,020		)	(1,393		)	—		(2,413		)
Net income attributable to Common Shareholders	$	1,681		$	10,403		$	6,296	$	18,380
Real Estate at Cost	$	982,323		$	628,099		$	—	$	1,610,422
Total Assets	$	1,100,356		$	1,104,704		$	105,484	$	2,310,544
Acquisition of Real Estate	$	109,100		$	—		$	—	$	109,100
Investment in Redevelopment and Improvements	$	3,711		$	39,856		$	—	$	43,567