| Reconciliation of Net Operating Income of Reportable Segments |
The following tables present revenues and net operating income for the 2012 and 2011 Quarters and Periods from these segments, and reconciles net operating income of reportable segments to net income as reported (in thousands):
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Quarter Ended June 30, 2012 |
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Office |
|
Medical Office |
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Retail |
|
Multifamily |
|
Corporate and Other |
|
Consolidated |
Real estate rental revenue |
$ |
38,426 |
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|
$ |
11,285 |
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|
$ |
13,970 |
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|
$ |
13,096 |
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|
$ |
— |
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|
$ |
76,777 |
|
Real estate expenses |
13,570 |
|
|
3,781 |
|
|
3,030 |
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|
5,098 |
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|
— |
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|
25,479 |
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Net operating income |
$ |
24,856 |
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|
$ |
7,504 |
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|
$ |
10,940 |
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|
$ |
7,998 |
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|
$ |
— |
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|
$ |
51,298 |
|
Depreciation and amortization |
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(25,591 |
) |
General and administrative |
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(4,164 |
) |
Interest expense |
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(15,533 |
) |
Acquisition costs |
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(254 |
) |
Other income |
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|
252 |
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Net income |
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6,008 |
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Less: Net income attributable to noncontrolling interests |
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— |
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Net income attributable to the controlling interests |
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|
$ |
6,008 |
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Capital expenditures |
$ |
7,278 |
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|
$ |
1,148 |
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|
$ |
1,154 |
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|
$ |
1,486 |
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|
$ |
205 |
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|
$ |
11,271 |
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Total assets |
$ |
1,158,617 |
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|
$ |
343,557 |
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|
$ |
360,012 |
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|
$ |
245,947 |
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|
$ |
45,538 |
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|
$ |
2,153,671 |
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Quarter Ended June 30, 2011 |
|
Office |
|
Medical
Office
|
|
Retail |
|
Multifamily |
|
Industrial/Flex |
|
Corporate
and Other
|
|
Consolidated |
Real estate rental revenue |
$ |
35,219 |
|
|
$ |
11,519 |
|
|
$ |
12,237 |
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|
$ |
12,709 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
71,684 |
|
Real estate expenses |
11,902 |
|
|
3,421 |
|
|
3,619 |
|
|
4,859 |
|
|
— |
|
|
— |
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|
23,801 |
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Net operating income |
$ |
23,317 |
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|
$ |
8,098 |
|
|
$ |
8,618 |
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|
$ |
7,850 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
47,883 |
|
Depreciation and amortization |
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|
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|
|
|
|
(22,526 |
) |
General and administrative |
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|
|
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|
|
|
|
(4,049 |
) |
Interest expense |
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|
|
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|
|
|
|
(16,865 |
) |
Acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
(322 |
) |
Other income |
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|
310 |
|
Discontinued operations: |
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Income tax expense |
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(1,173 |
) |
Income from discontinued operations |
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|
3,298 |
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Net income |
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|
|
|
|
|
|
|
|
|
|
|
6,556 |
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Less: Net income attributable to noncontrolling interests |
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|
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|
(34 |
) |
Net income attributable to the controlling interests |
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|
|
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$ |
6,522 |
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Capital expenditures |
$ |
3,367 |
|
|
$ |
1,288 |
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|
$ |
1,030 |
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|
$ |
766 |
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|
$ |
258 |
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|
$ |
126 |
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|
$ |
6,835 |
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Total assets |
$ |
991,238 |
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|
$ |
352,242 |
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|
$ |
308,655 |
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|
$ |
236,358 |
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|
$ |
223,536 |
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|
$ |
75,147 |
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|
$ |
2,187,176 |
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