Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.0.6
Segment Reporting
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Segment Reporting

17.   SEGMENT REPORTING

 

The Company operates in two business segments: (i) real estate and (ii) construction services.  The Company provides leasing, property 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 months ended March 31, 2013 and 2012.  The Company had no long lived assets in foreign locations as of March 31, 2013 and December 31, 2012.  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 months ended March 31, 2013 and 2012 and selected asset information as of March 31, 2013 and December 31, 2012 regarding the Company’s operating segments are as follows:  (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

Corporate

 

 

Total

 

 

Real Estate

 

 

Services

 

 

& Other (d)

 

 

Company

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

$
169,092 

 

$
8,779 

 

$
3,961 

 

$
181,832 

March 31, 2012

 
173,731 

 

 
3,832 

 

 
260 

 

 
177,823 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating and interest expenses(a):

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

$
67,673 

 

$
8,546 

 

$
46,167 

 

$
122,386 

March 31, 2012

 
63,511 

 

 
3,890 

 

 
41,165 

 

 
108,566 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings (loss) of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

 joint ventures(i):

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

$
(1,750)

 

 

 -

 

 

 -

 

$
(1,750)

March 31, 2012

 
600 

 

 

 -

 

 

 -

 

 
600 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income (loss) (b):

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

$
99,669 

 

$
233 

 

$
(42,206)

 

$
57,696 

March 31, 2012

 
110,820 

 

 
(58)

 

 
(40,905)

 

 
69,857 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

$
4,545,587 

 

$
10,726 

 

$
28,956 

 

$
4,585,269 

December 31, 2012

 
4,448,656 

 

 
6,255 

 

 
71,134 

 

 
4,526,045 

 

 

 

 

 

 

 

 

 

 

 

 

Total long-lived assets (c):

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

$
4,311,640 

 

 

 -

 

$
11,628 

 

$
4,323,268 

December 31, 2012

 
4,223,837 

 

 

 -

 

 
10,571 

 

 
4,234,408 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Total operating and interest expenses represent the sum of:  real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b)  Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c)  Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and investments in unconsolidated joint ventures.

(d)  Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense and non-property general and administrative expense) as well as intercompany eliminations necessary to reconcile to consolidated Company totals.  Also includes the revenues and expenses attributable to the Roseland Business. 

 

 

The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands) 

 

 

 

 

 

 

 

 

 

          Three Months Ended

 

 

           March 31,

 

 
2013 

 

 
2012 

Net operating income

$
57,696 

 

$
69,857 

Less:

 

 

 

 

 

Depreciation and amortization

 
(46,504)

 

 
(46,594)

Income from continuing operations

 
11,192 

 

 
23,263 

Discontinued operations:

 

 

 

 

 

Income (loss) from discontinued operations

 
1,897 

 

 
1,992 

Realized gains (losses) and unrealized losses

 

 

 

 

 

on disposition of rental property, net

 

 -

 

 
4,012 

Total discontinued operations, net

 
1,897 

 

 
6,004 

Net income

 
13,089 

 

 
29,267 

Noncontrolling interest in consolidated joint ventures

 
62 

 

 
79 

Noncontrolling interest in Operating Partnership

 
(1,365)

 

 
(2,846)

Noncontrolling interest in discontinued operations

 
(230)

 

 
(733)

Net income available to common shareholders

$
11,556 

 

 
25,767