Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

 v2.3.0.11
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 2011
Information by Business Segment  
Schedule of segment financial information for real estate operations

 

 

 

Baltimore/
Washington
Corridor

 

Greater
Baltimore

 

Northern
Virginia

 

Colorado
Springs

 

Suburban
Maryland

 

San
Antonio

 

Washington,
DC - Capitol
Riverfront

 

Greater
Philadelphia

 

St. Mary’s &
King George
Counties

 

Wholesale
Data Center

 

Other

 

Total

 

Three Months Ended June 30, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from real estate operations

 

$

52,860

 

$

17,846

 

$

18,445

 

$

5,912

 

$

5,325

 

$

7,089

 

$

4,252

 

$

1,675

 

$

3,564

 

$

1,276

 

$

2,562

 

$

120,806

 

Property operating expenses

 

18,325

 

7,269

 

7,374

 

2,077

 

2,234

 

3,208

 

1,657

 

375

 

970

 

831

 

1,134

 

45,454

 

NOI from real estate operations

 

$

34,535

 

$

10,577

 

$

11,071

 

$

3,835

 

$

3,091

 

$

3,881

 

$

2,595

 

$

1,300

 

$

2,594

 

$

445

 

$

1,428

 

$

75,352

 

Additions to properties, net

 

$

18,588

 

$

5,858

 

$

17,177

 

$

998

 

$

2,388

 

$

2,399

 

$

632

 

$

3,800

 

$

3,894

 

$

15,311

 

$

4,951

 

$

75,996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from real estate operations

 

$

50,623

 

$

16,827

 

$

18,172

 

$

6,154

 

$

5,452

 

$

4,228

 

$

—

 

$

1,510

 

$

3,530

 

$

—

 

$

3,495

 

$

109,991

 

Property operating expenses

 

16,853

 

7,311

 

6,706

 

2,239

 

2,199

 

2,100

 

—

 

800

 

1,041

 

—

 

895

 

40,144

 

NOI from real estate operations

 

$

33,770

 

$

9,516

 

$

11,466

 

$

3,915

 

$

3,253

 

$

2,128

 

$

—

 

$

710

 

$

2,489

 

$

—

 

$

2,600

 

$

69,847

 

Additions to properties, net

 

$

32,257

 

$

7,919

 

$

32,684

 

$

700

 

$

540

 

$

5,559

 

$

—

 

$

6,273

 

$

132

 

$

—

 

$

1,311

 

$

87,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from real estate operations

 

$

106,112

 

$

35,458

 

$

36,719

 

$

11,832

 

$

10,934

 

$

14,752

 

$

8,842

 

$

3,614

 

$

7,098

 

$

2,486

 

$

5,400

 

$

243,247

 

Property operating expenses

 

39,715

 

15,809

 

15,045

 

4,513

 

4,952

 

7,077

 

3,284

 

821

 

1,986

 

1,537

 

1,620

 

96,359

 

NOI from real estate operations

 

$

66,397

 

$

19,649

 

$

21,674

 

$

7,319

 

$

5,982

 

$

7,675

 

$

5,558

 

$

2,793

 

$

5,112

 

$

949

 

$

3,780

 

$

146,888

 

Additions to properties, net

 

$

43,343

 

$

17,684

 

$

19,314

 

$

1,419

 

$

3,563

 

$

4,689

 

$

695

 

$

6,033

 

$

7,144

 

$

39,381

 

$

8,082

 

$

151,347

 

Segment assets at June 30, 2011

 

$

1,389,667

 

$

566,900

 

$

556,037

 

$

261,813

 

$

171,418

 

$

159,350

 

$

115,949

 

$

127,685

 

$

102,402

 

$

168,986

 

$

248,023

 

$

3,868,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from real estate operations

 

$

102,681

 

$

34,692

 

$

36,831

 

$

12,486

 

$

11,281

 

$

8,166

 

$

—

 

$

2,712

 

$

7,119

 

$

—

 

$

7,019

 

$

222,987

 

Property operating expenses

 

39,008

 

16,321

 

14,019

 

4,548

 

4,900

 

3,729

 

—

 

1,563

 

2,148

 

—

 

2,204

 

88,440

 

NOI from real estate operations

 

$

63,673

 

$

18,371

 

$

22,812

 

$

7,938

 

$

6,381

 

$

4,437

 

$

—

 

$

1,149

 

$

4,971

 

$

—

 

$

4,815

 

$

134,547

 

Additions to properties, net

 

$

48,216

 

$

15,159

 

$

37,594

 

$

1,513

 

$

2,081

 

$

10,498

 

$

—

 

$

16,331

 

$

543

 

$

—

 

$

13,787

 

$

145,722

 

Segment assets at June 30, 2010

 

$

1,358,956

 

$

570,889

 

$

485,307

 

$

267,356

 

$

172,321

 

$

144,275

 

$

—

 

$

120,432

 

$

93,333

 

$

—

 

$

254,414

 

$

3,467,283

 
Schedule of reconciliation of segment revenues to total revenues

 

 

 

For the Three Months

 

For the Six Months

 

 

 

Ended June 30,

 

Ended June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Segment revenues from real estate operations

 

$

120,806

 

$

109,991

 

$

243,247

 

$

222,987

 

Construction contract and other service revenues

 

28,097

 

26,065

 

49,125

 

63,430

 

Less: Revenues from discontinued operations (Note 13)

 

(2,263

)

(3,262

)

(4,546

)

(6,627

)

Total revenues

 

$

146,640

 

$

132,794

 

$

287,826

 

$

279,790

 
Schedule of reconciliation of segment property operating expenses to total property operating expenses

 

 

 

For the Three Months

 

For the Six Months

 

 

 

Ended June 30,

 

Ended June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Segment property operating expenses

 

$

45,454

 

$

40,144

 

$

96,359

 

$

88,440

 

Less: Property operating expenses from discontinued operations (Note 13)

 

(733

)

(884

)

(1,928

)

(2,234

)

Total property operating expenses

 

$

44,721

 

$

39,260

 

$

94,431

 

$

86,206

 
Schedule of computation of net operating income from service operations

 

 

 

For the Three Months

 

For the Six Months

 

 

 

Ended June 30,

 

Ended June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Construction contract and other service revenues

 

$

28,097

 

$

26,065

 

$

49,125

 

$

63,430

 

Construction contract and other service expenses

 

(26,909

)

(25,402

)

(47,527

)

(61,801

)

NOI from service operations

 

$

1,188

 

$

663

 

$

1,598

 

$

1,629

 
Schedule of reconciliation of net operating income from real estate operations and service operations to income from continuing operations

 

 

 

For the Three Months

 

For the Six Months

 

 

 

Ended June 30,

 

Ended June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

NOI from real estate operations

 

$

75,352

 

$

69,847

 

$

146,888

 

$

134,547

 

NOI from service operations

 

1,188

 

663

 

1,598

 

1,629

 

Interest and other income

 

2,756

 

245

 

3,924

 

1,547

 

Equity in loss of unconsolidated entities

 

(94

)

(72

)

(64

)

(277

)

Income tax benefit (expense)

 

5,042

 

(7

)

5,586

 

(48

)

Other adjustments:

 

 

 

 

 

 

 

 

 

Depreciation and other amortization associated with real estate operations

 

(31,440

)

(28,720

)

(62,830

)

(55,531

)

Impairment losses

 

(38,290

)

—

 

(66,032

)

—

 

General and administrative expenses

 

(6,320

)

(5,926

)

(13,097

)

(11,826

)

Business development expenses

 

(588

)

(465

)

(1,076

)

(620

)

Interest expense on continuing operations

 

(26,607

)

(25,576

)

(53,246

)

(48,068

)

NOI from discontinued operations

 

(1,530

)

(2,378

)

(2,618

)

(4,393

)

Loss on early extinguishment of debt

 

(25

)

—

 

(25

)

—

 

(Loss) income from continuing operations

 

$

(20,556

)

$

7,611

 

$

(40,992

)

$

16,960