| Schedule Of Segment Reporting Information, By Segment |
Selected results of operations for the three and six months ended June 30, 2013 and 2012 and selected asset information as of June 30, 2013 and December 31, 2012 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, 2013
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$
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164,734
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$
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6,978
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$
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6,226
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$
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177,938
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June 30, 2012
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166,785
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4,739
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521
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172,045
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Six months ended:
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June 30, 2013
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$
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332,158
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$
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15,757
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$
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10,744
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$
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358,659
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June 30, 2012
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339,400
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8,572
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781
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348,753
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Total operating and interest expenses(a):
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Three months ended:
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June 30, 2013
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$
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63,419
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$
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6,966
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$
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47,286
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$
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117,671
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June 30, 2012
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64,057
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4,687
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44,079
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112,823
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Six months ended:
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June 30, 2013
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$
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130,785
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$
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15,511
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$
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93,119
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$
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239,415
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June 30, 2012
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126,945
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8,577
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85,243
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220,765
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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, 2013
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$
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(80)
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-
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-
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$
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(80)
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June 30, 2012
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1,733
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-
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-
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1,733
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Six months ended:
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June 30, 2013
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$
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(1,830)
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-
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-
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$
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(1,830)
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June 30, 2012
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2,333
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-
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-
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2,333
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Net operating income (loss) (b):
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Three months ended:
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June 30, 2013
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$
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101,235
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$
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12
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$
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(41,060)
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$
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60,187
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June 30, 2012
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104,461
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52
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(43,558)
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60,955
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Six months ended:
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June 30, 2013
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$
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199,543
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$
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246
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$
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(82,375)
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$
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117,414
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June 30, 2012
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214,788
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(5)
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(84,462)
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130,321
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Total assets:
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June 30, 2013
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$
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4,448,547
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$
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4,967
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$
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184,550
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$
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4,638,064
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December 31, 2012
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4,448,656
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6,255
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71,134
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4,526,045
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Total long-lived assets (c):
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June 30, 2013
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$
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4,206,728
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-
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$
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11,135
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$
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4,217,863
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December 31, 2012
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4,223,837
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-
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10,571
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4,234,408
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(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)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2013
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2012
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2013
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2012
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Net operating income
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$
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60,187
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$
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60,955
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$
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117,414
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$
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130,321
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Less:
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Depreciation and amortization
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(48,422)
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(46,326)
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(94,482)
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(92,526)
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Impairments
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(23,851)
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-
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(23,851)
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-
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Loss from early extinguishment of debt
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-
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(4,415)
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-
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(4,415)
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Income from continuing operations
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(12,086)
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10,214
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(919)
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33,380
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Discontinued operations:
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Income from discontinued operations
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1,364
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2,831
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3,286
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4,920
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Loss from early extinguishment of debt
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(703)
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-
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(703)
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-
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Realized gains (losses) and unrealized losses
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on disposition of rental property, net
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37,609
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(1,634)
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37,609
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2,378
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Total discontinued operations, net
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38,270
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1,197
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40,192
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7,298
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Net income
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26,184
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11,411
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39,273
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40,678
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Noncontrolling interest in consolidated joint ventures
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62
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92
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124
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171
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Noncontrolling interest in Operating Partnership
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1,455
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(1,256)
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93
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(4,090)
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Noncontrolling interest in discontinued operations
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(4,630)
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(146)
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(4,863)
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(891)
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Net income available to common shareholders
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$
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23,071
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10,101
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$
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34,627
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35,868
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