Reconciliation Of Net Operating Income Of Reportable Segments |
The following tables present revenues, net operating income, capital expenditures and total assets for the three years ended December 31, 2013 from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands):
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Year Ended December 31, 2013 |
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Office |
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Medical Office |
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Retail |
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Multifamily |
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Corporate and Other |
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Consolidated |
Real estate rental revenue |
$ |
152,339 |
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$ |
— |
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$ |
56,189 |
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$ |
54,496 |
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$ |
— |
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$ |
263,024 |
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Real estate expenses |
57,293 |
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— |
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13,768 |
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22,232 |
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— |
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93,293 |
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Net operating income |
$ |
95,046 |
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$ |
— |
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$ |
42,421 |
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$ |
32,264 |
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$ |
— |
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$ |
169,731 |
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Depreciation and amortization |
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(85,740 |
) |
General and administrative |
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(17,535 |
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Acquisition costs |
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(1,265 |
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Interest expense |
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(63,573 |
) |
Other income |
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926 |
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Gain (loss) on extinguishment of debt |
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(2,737 |
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Discontinued operations: |
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Income from properties sold or held for sale |
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15,395 |
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Gain on sale of real estate |
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22,144 |
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Net income |
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37,346 |
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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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$ |
37,346 |
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Capital expenditures |
$ |
37,777 |
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$ |
3,695 |
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$ |
4,204 |
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$ |
10,153 |
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$ |
162 |
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$ |
55,991 |
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Total assets |
$ |
1,073,302 |
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$ |
84,001 |
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$ |
344,207 |
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$ |
309,117 |
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$ |
164,866 |
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$ |
1,975,493 |
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Year Ended December 31, 2012 |
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Office |
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Medical
Office
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Retail |
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Multifamily |
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Corporate
and Other
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Consolidated |
Real estate rental revenue |
$ |
147,401 |
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$ |
— |
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$ |
54,506 |
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$ |
52,887 |
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$ |
— |
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$ |
254,794 |
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Real estate expenses |
53,376 |
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— |
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12,702 |
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20,467 |
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— |
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86,545 |
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Net operating income |
$ |
94,025 |
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$ |
— |
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$ |
41,804 |
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$ |
32,420 |
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$ |
— |
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$ |
168,249 |
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Depreciation and amortization |
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(85,107 |
) |
General and administrative |
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(15,488 |
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Acquisition costs |
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(234 |
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Interest expense |
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(60,627 |
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Other income |
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975 |
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Discontinued operations: |
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Income from properties sold or held for sale |
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10,816 |
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Gain on sale of real estate |
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5,124 |
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Net income |
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23,708 |
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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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$ |
23,708 |
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Capital expenditures |
$ |
35,330 |
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$ |
7,004 |
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$ |
2,977 |
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$ |
5,869 |
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$ |
555 |
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$ |
51,735 |
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Total assets |
$ |
1,140,046 |
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$ |
327,573 |
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$ |
355,585 |
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$ |
249,503 |
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$ |
51,669 |
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$ |
2,124,376 |
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Year Ended December 31, 2011 |
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Office |
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Medical Office |
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Retail |
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Multifamily |
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Industrial/Flex |
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Corporate and Other |
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Consolidated |
Real estate rental revenue |
$ |
133,333 |
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$ |
— |
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$ |
50,421 |
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$ |
50,979 |
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$ |
— |
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$ |
— |
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$ |
234,733 |
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Real estate expenses |
45,634 |
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— |
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14,273 |
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19,717 |
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— |
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— |
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79,624 |
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Net operating income |
$ |
87,699 |
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$ |
— |
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$ |
36,148 |
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$ |
31,262 |
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$ |
— |
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$ |
— |
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$ |
155,109 |
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Depreciation and amortization |
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(74,403 |
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General and administrative |
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(15,728 |
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Real estate impairment |
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(14,526 |
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Acquisition costs |
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(3,607 |
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Interest expense |
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(61,402 |
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Other income |
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1,144 |
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Loss on extinguishment of debt |
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(976 |
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Discontinued operations: |
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Income from properties sold or held for sale |
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23,414 |
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Gain on sale of real estate |
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97,491 |
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Income tax expense |
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(1,138 |
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Net income |
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105,378 |
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Less: Net income attributable to noncontrolling interests |
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(494 |
) |
Net income attributable to the controlling interests |
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$ |
104,884 |
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Capital expenditures |
$ |
21,065 |
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$ |
5,654 |
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$ |
2,922 |
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$ |
2,823 |
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$ |
351 |
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$ |
621 |
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$ |
33,436 |
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Total assets |
$ |
1,118,074 |
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$ |
347,735 |
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$ |
365,164 |
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$ |
247,170 |
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$ |
— |
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$ |
42,615 |
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$ |
2,120,758 |
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