Annual report pursuant to Section 13 and 15(d)

Information by Business Segment (Tables)

v2.4.0.6
Information by Business Segment (Tables)
 12 Months Ended
Dec. 31, 2012
Segment Reporting [Abstract]  
Schedule of segment financial information for real estate operations
The table below reports segment financial information for our reportable segments (in thousands).  We measure the performance of our segments through the measure we define as NOI from real estate operations, which is derived by subtracting property operating expenses from revenues from real estate operations.
 
Operating Office Property Segments
 
 
 
 
 
Baltimore/
Washington
Corridor
 
Northern
Virginia
 
San
Antonio
 
Washington,
DC - Capitol
Riverfront
 
St. Mary’s & 
King George
Counties
 
Greater
Baltimore
 
Suburban
Maryland
 
Colorado
Springs
 
Greater
Philadelphia
 
Other
 
Operating
Wholesale
Data Center
 
Total
Year Ended December 31, 2012
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
224,959

 
$
79,574

 
$
32,018

 
$
16,697

 
$
16,392

 
$
52,616

 
$
15,016

 
$
25,189

 
$
9,698

 
$
14,294

 
$
6,647

 
$
493,100

Property operating expenses
77,295

 
29,103

 
16,499

 
7,555

 
4,745

 
19,917

 
6,295

 
9,283

 
2,562

 
2,666

 
4,815

 
180,735

NOI from real estate operations
$
147,664

 
$
50,471

 
$
15,519

 
$
9,142

 
$
11,647

 
$
32,699

 
$
8,721

 
$
15,906

 
$
7,136

 
$
11,628

 
$
1,832

 
$
312,365

Additions to long-lived assets
$
24,599

 
$
65,157

 
$
280

 
$
317

 
$
1,844

 
$
9,690

 
$
1,319

 
$
2,977

 
$
286

 
$
133

 
$
199

 
$
106,801

Transfers from non-operating properties
$
64,318

 
$
44,250

 
$
468

 
$
—

 
$
289

 
$
37,558

 
$
790

 
$
4,295

 
$
10,626

 
$
394

 
$
58,009

 
$
220,997

Segment assets at December 31, 2012
$
1,214,105

 
$
569,860

 
$
119,369

 
$
104,544

 
$
98,027

 
$
320,548

 
$
53,252

 
$
176,726

 
$
78,798

 
$
109,924

 
$
100,777

 
$
2,945,930

Year Ended December 31, 2011
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
218,051

 
$
74,214

 
$
30,066

 
$
17,878

 
$
14,366

 
$
70,668

 
$
21,982

 
$
23,860

 
$
7,458

 
$
12,235

 
$
5,054

 
$
495,832

Property operating expenses
78,631

 
28,518

 
14,371

 
6,762

 
4,142

 
29,543

 
9,174

 
8,800

 
1,402

 
3,048

 
3,429

 
187,820

NOI from real estate operations
$
139,420

 
$
45,696

 
$
15,695

 
$
11,116

 
$
10,224

 
$
41,125

 
$
12,808

 
$
15,060

 
$
6,056

 
$
9,187

 
$
1,625

 
$
308,012

Additions to long-lived assets
$
20,974

 
$
14,770

 
$
—

 
$
2,794

 
$
1,638

 
$
21,086

 
$
12,267

 
$
4,116

 
$
516

 
$
26,889

 
$
59

 
$
105,109

Transfers from non-operating properties
$
67,357

 
$
4

 
$
17,638

 
$
—

 
$
16,858

 
$
16,307

 
$
395

 
$
214

 
$
5,446

 
$
—

 
$
20,169

 
$
144,388

Segment assets at December 31, 2011
$
1,216,770

 
$
484,392

 
$
131,412

 
$
111,318

 
$
100,818

 
$
402,067

 
$
148,635

 
$
182,758

 
$
102,572

 
$
115,048

 
$
43,650

 
$
3,039,440

Year Ended December 31, 2010
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
207,456

 
$
75,063

 
$
21,673

 
$
4,678

 
$
13,967

 
$
71,850

 
$
21,759

 
$
24,897

 
$
6,299

 
$
13,024

 
$
1,062

 
$
461,728

Property operating expenses
74,365

 
26,688

 
10,260

 
1,736

 
4,176

 
30,406

 
9,455

 
8,231

 
2,131

 
4,105

 
1,216

 
172,769

NOI from real estate operations
$
133,091

 
$
48,375

 
$
11,413

 
$
2,942

 
$
9,791

 
$
41,444

 
$
12,304

 
$
16,666

 
$
4,168

 
$
8,919

 
$
(154
)
 
$
288,959

Additions to long-lived assets
$
21,629

 
$
91,919

 
$
17

 
$
92,827

 
$
1,103

 
$
11,501

 
$
1,959

 
$
1,626

 
$
30

 
$
(2,012
)
 
$
369

 
$
220,968

Transfers from non-operating properties
$
48,549

 
$
(42
)
 
$
40,500

 
$
—

 
$
—

 
$
15,289

 
$
5,623

 
$
32,438

 
$
23,119

 
$
14

 
$
19,798

 
$
185,288

Segment assets at December 31, 2010
$
1,182,659

 
$
492,005

 
$
114,850

 
$
119,927

 
$
88,221

 
$
473,977

 
$
145,646

 
$
215,801

 
$
99,701

 
$
85,633

 
$
24,227

 
$
3,042,647

Schedule of reconciliation of segment revenues to total revenues
The following table reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands):
 
 
For the Years Ended December 31,
 
 
2012
 
2011
 
2010
Segment revenues from real estate operations
 
$
493,100

 
$
495,832

 
$
461,728

Construction contract and other service revenues
 
73,836

 
84,345

 
104,675

Less: Revenues from discontinued operations (Note 17)
 
(38,929
)
 
(67,336
)
 
(74,169
)
Total revenues
 
$
528,007

 
$
512,841

 
$
492,234

Schedule of reconciliation of segment property operating expenses to total property operating expenses
The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands):
 
 
For the Years Ended December 31,
 
 
2012
 
2011
 
2010
Segment property operating expenses
 
$
180,735

 
$
187,820

 
$
172,769

Less: Property operating expenses from discontinued operations (Note 17)
 
(13,574
)
 
(25,423
)
 
(26,152
)
Total property operating expenses
 
$
167,161

 
$
162,397

 
$
146,617

Schedule of computation of net operating income from service operations
The table below sets forth the computation of our NOI from service operations (in thousands):
 
 
For the Years Ended December 31,
 
 
2012
 
2011
 
2010
Construction contract and other service revenues
 
$
73,836

 
$
84,345

 
$
104,675

Construction contract and other service expenses
 
(70,576
)
 
(81,639
)
 
(102,302
)
NOI from service operations
 
$
3,260

 
$
2,706

 
$
2,373

Schedule of reconciliation of net operating income from real estate operations and service operations to (loss) income from continuing operations
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to (loss) income from continuing operations as reported on our consolidated statements of operations (in thousands):
 
 
For the Years Ended December 31,
 
 
2012
 
2011
 
2010
NOI from real estate operations
 
$
312,365

 
$
308,012

 
$
288,959

NOI from service operations
 
3,260

 
2,706

 
2,373

Interest and other income
 
7,172

 
5,603

 
9,568

Equity in (loss) income of unconsolidated entities
 
(546
)
 
(331
)
 
1,376

Income tax (expense) benefit
 
(381
)
 
6,710

 
(108
)
Other adjustments:
 
—

 
 

 
 
Depreciation and other amortization associated with real estate operations
 
(113,480
)
 
(113,111
)
 
(97,897
)
Impairment losses
 
(43,214
)
 
(83,478
)
 
—

General, administrative and leasing expenses
 
(31,900
)
 
(30,314
)
 
(28,501
)
Business development expenses and land carry costs
 
(5,711
)
 
(6,122
)
 
(6,403
)
Interest expense on continuing operations
 
(94,624
)
 
(98,222
)
 
(95,729
)
NOI from discontinued operations
 
(25,355
)
 
(41,913
)
 
(48,017
)
Loss on interest rate derivatives
 
—

 
(29,805
)
 
—

Loss on early extinguishment of debt
 
(943
)
 
(1,639
)
 
—

Income (loss) from continuing operations
 
$
6,643

 
$
(81,904
)
 
$
25,621

Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to total assets (in thousands):
 
 
As of December 31,
 
2012
 
2011
Segment assets
$
2,945,930

 
$
3,039,440

Non-operating property assets
570,402

 
658,900

Other assets
137,427

 
165,215

Total assets
$
3,653,759

 
$
3,863,555