SEGMENT REPORTING

6 Months Ended

Jun. 30, 2011

Segment Reporting Disclosure [Text Block]

12. SEGMENT REPORTING

The Company has five reportable segments: Core Portfolio, Opportunity Funds, Self-Storage Investments, Notes Receivable and Other. “Notes Receivable” consists of the Company’s notes receivable and preferred equity investment and related interest income. “Other” consists primarily of management fees and interest income. 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/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, 2011 and 2010 (does not include unconsolidated affiliates):

Three Months Ended June 30, 2011

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self - Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	14,121	$	15,381	$	5,646	$	3,370	$	4,751	$	(4,465	)	$	38,804
Property operating expenses and real estate taxes		4,165		5,362		3,506		—		—		(677	)		12,356
Other expenses		6,058		2,523		—		—		—		(2,882	)		5,699
Income before depreciation, amortization and impairment	$	3,898	$	7,496	$	2,140	$	3,370	$	4,751	$	(906	)	$	20,749
Depreciation and amortization	$	3,671	$	4,005	$	1,070	$	—	$	—	$	(297	)	$	8,449
Interest and other finance expense	$	4,145	$	3,884	$	874	$	—	$	—	$	—		$	8,903
Real estate at cost	$	477,573	$	754,483	$	210,997	$	—	$	—	$	(14,256	)	$	1,428,797
Total assets	$	641,008	$	846,477	$	192,713	$	45,457	$	—	$	(112,788	)	$	1,612,867
Expenditures for real estate and improvements	$	36,538		41,116	$	1,671	$	—	$	—	$	(632	)	$	78,693
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	20,749
Other interest income															80
Depreciation and amortization															(8,449	)
Equity in earnings of unconsolidated affiliates															63
Interest and other finance expense															(8,903	)
Income tax provision															(233	)
Loss on debt extinguishment															(102	)
Impairment of asset															(6,925	)
Income from discontinued operations															185
Gain on sale of property															28,576
Net income															25,041
Net loss attributable to noncontrolling interests															5,193
Net income attributable to Common Shareholders														$	30,234

Three Months Ended June 30, 2010

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self - Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	13,632	$	11,388	$	4,773	$	5,238	$	5,204	$	(4,768	)	$	35,467
Property operating expenses and real estate taxes		3,500		4,069		3,298		—		—		(421	)		10,446
Other expenses		5,347		3,543		—		—		—		(3,474	)		5,416
Income before depreciation and amortization	$	4,785	$	3,776	$	1,475	$	5,238	$	5,204	$	(873	)	$	19,605
Depreciation and amortization	$	3,365	$	2,328	$	889	$	—	$	—	$	(110	)	$	6,472
Interest and other finance expense	$	4,510	$	3,765	$	1,254	$	—	$	—	$	(27	)	$	9,502
Real estate at cost	$	439,489	$	667,323	$	209,733	$	—	$	—	$	(12,015	)	$	1,304,530
Total assets	$	547,264	$	703,900	$	196,223	$	126,048	$	—	$	(111,003	)	$	1,462,432
Expenditures for real estate and improvements	$	2,348		23,871	$	551	$	—	$	—	$	(918	)	$	25,852
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	19,605
Other interest income															153
Depreciation and amortization															(6,472	)
Equity in earnings of unconsolidated affiliates															80
Interest and other finance expense															(9,502	)
Income tax provision															(645	)
Gain from bargain purchase															33,805
Income from discontinued operations															473
Net income															37,497
Net income attributable to noncontrolling interests															(24,699	)
Net income attributable to Common Shareholders														$	12,798

Six Months Ended June 30, 2011

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self - Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	28,541	$	28,975	$	10,981	$	7,921	$	11,225	$	(10,323	)	$	77,320
Property operating expenses and real estate taxes		8,451		10,234		6,699		—		—		(1,122	)		24,262
Other expenses		11,957		6,002		—		—		—		(6,570	)		11,389
Income before depreciation, amortization and impairment	$	8,133	$	12,739	$	4,282	$	7,921	$	11,225	$	(2,631	)	$	41,669
Depreciation and amortization	$	6,928	$	7,804	$	2,019	$	—	$	—	$	(405	)	$	16,346
Interest and other finance expense	$	8,351	$	7,552	$	1,953	$	—	$	—	$	—		$	17,856
Real estate at cost	$	477,573	$	754,483	$	210,997	$	—	$	—	$	(14,256	)	$	1,428,797
Total assets	$	641,008	$	846,477	$	192,713	$	45,457	$	—	$	(112,788	)	$	1,612,867
Expenditures for real estate and improvements	$	37,923		52,786	$	2,116	$	—	$	—	$	(907	)	$	91,918
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	41,669
Other interest income															114
Depreciation and amortization															(16,346	)
Equity in losses of unconsolidated affiliates															(85	)
Interest and other finance expense															(17,856	)
Income tax provision															(495	)
Gain on debt extinguishment															1,571
Impairment of asset															(6,925	)
Income from discontinued operations															548
Gain on sale of property															32,498
Net income															34,693
Net loss attributable to noncontrolling interests															4,964
Net income attributable to Common Shareholders														$	39,657

Six Months Ended June 30, 2010

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self - Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	28,274	$	22,983	$	9,312	$	10,231	$	9,990	$	(9,154	)	$	71,636
Property operating expenses and real estate taxes		8,118		8,434		6,206		—		—		(714	)		22,044
Other expenses		11,061		6,925		—		—		—		(7,451	)		10,535
Income before depreciation and amortization	$	9,095	$	7,624	$	3,106	$	10,231	$	9,990	$	(989	)	$	39,057
Depreciation and amortization	$	6,651	$	6,856	$	1,757	$	—	$	—	$	(190	)	$	15,074
Interest and other finance expense	$	9,038	$	7,502	$	2,671	$	—	$	—	$	(54	)	$	19,157
Real estate at cost	$	439,489	$	667,323	$	209,733	$	—	$	—	$	(12,015	)	$	1,304,530
Total assets	$	547,264	$	703,900	$	196,223	$	126,048	$	—	$	(111,003	)	$	1,462,432
Expenditures for real estate and improvements	$	4,308	$	32,482	$	1,113	$	—	$	—	$	(969	)	$	36,934
Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	39,057
Other interest income															287
Depreciation and amortization															(15,074	)
Equity in earnings of unconsolidated affiliates															467
Interest and other finance expense															(19,157	)
Income tax provision															(1,084	)
Gain from bargain purchase															33,805
Income from discontinued operations															703
Net income															39,004
Net income attributable to noncontrolling interests															(21,076	)
Net income attributable to Common Shareholders														$	17,928