| Segment Reporting |
16. SEGMENT REPORTING
The Company operates in two business segments: (i) real estate and (ii) construction services. The Company provides leasing, property and facilities management, acquisition, development, construction and tenant-related services for its portfolio. In May 2006, in conjunction with the Company's acquisition of the Gale Company and related businesses, the Company acquired a business specializing solely in construction and related services whose operations comprise the Company's construction services segment. The Company had no revenues from foreign countries recorded for the three and six months ended June 30, 2011 and 2010. The Company had no long lived assets in foreign locations as of June 30, 2011 and December 31, 2010. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization.
The Company evaluates performance based upon net operating income from the combined properties in the real estate segment and net operating income from its construction services segment.
Selected results of operations for the three and six months ended June 30, 2011 and 2010 and selected asset information as of June 30, 2011 and December 31, 2010 regarding the Company's operating segments are as follows (dollars in thousands):
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Construction
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Corporate
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Total
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Real Estate
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Services
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& Other (d)
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Company
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Total revenues:
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Three months ended:
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June 30, 2011
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$177,454
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$2,905
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$ 748
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$181,107
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June 30, 2010
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179,848
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22,518
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419
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202,785
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Six months ended:
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June 30, 2011
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$359,296
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$6,819
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$ 1,322
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$367,437
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June 30, 2010
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370,808
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33,440
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(6,880)
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397,368
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Total operating and interest expenses(a):
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Three months ended:
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June 30, 2011
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$ 69,350
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$3,264
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$40,670
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$113,284
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(e)
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June 30, 2010
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68,716
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22,142
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46,922
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137,780
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(f)
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Six months ended:
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June 30, 2011
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$145,318
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$7,386
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$80,086
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$232,790
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(g)
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June 30, 2010
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130,308
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33,095
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102,802
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266,205
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(h)
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Equity in earnings (loss) of unconsolidated
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joint ventures:
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Three months ended:
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June 30, 2011
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$ 736
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--
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--
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$ 736
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June 30, 2010
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260
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--
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--
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260
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Six months ended:
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June 30, 2011
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$ 635
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--
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--
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$ 635
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June 30, 2010
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(262)
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--
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--
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(262)
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Net operating income (b):
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Three months ended:
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June 30, 2011
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$108,840
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$ (359)
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$(39,922)
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$ 68,559
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(e)
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June 30, 2010
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111,392
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376
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(46,503)
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65,265
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(f)
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Six months ended:
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June 30, 2011
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$214,613
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$ (567)
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$(78,764)
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$135,282
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(g)
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June 30, 2010
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240,238
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345
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(109,682)
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130,901
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(h)
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Total assets:
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June 30, 2011
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$4,304,298
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$9,027
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$13,158
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$4,326,483
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December 31, 2010
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4,332,408
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13,929
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16,129
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4,362,466
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Total long-lived assets (c):
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June 30, 2011
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$4,062,829
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--
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$ 2,725
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$4,065,554
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December 31, 2010
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4,096,242
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--
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2,630
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4,098,872
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