Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v2.3.0.15
Information by Business Segment (Tables)
 9 Months Ended
Sep. 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 September 30, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from real estate operations

 

$

54,744

 

$

18,193

 

$

18,640

 

$

6,037

 

$

5,648

 

$

7,701

 

$

4,507

 

$

1,701

 

$

3,508

 

$

1,283

 

$

3,167

 

$

125,129

 

Property operating expenses

 

19,905

 

7,621

 

7,364

 

2,573

 

2,021

 

3,897

 

1,808

 

462

 

1,143

 

1,054

 

864

 

48,712

 

NOI from real estate operations

 

$

34,839

 

$

10,572

 

$

11,276

 

$

3,464

 

$

3,627

 

$

3,804

 

$

2,699

 

$

1,239

 

$

2,365

 

$

229

 

$

2,303

 

$

76,417

 

Additions to properties, net

 

$

22,208

 

$

2,706

 

$

20,402

 

$

1,293

 

$

4,372

 

$

1,021

 

$

(262

)

$

4,786

 

$

2,795

 

$

21,941

 

$

30,094

 

$

111,356

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from real estate operations

 

$

51,946

 

$

18,288

 

$

18,949

 

$

6,176

 

$

5,243

 

$

5,609

 

$

135

 

$

1,793

 

$

3,431

 

$

162

 

$

3,296

 

$

115,028

 

Property operating expenses

 

18,945

 

7,828

 

7,195

 

2,380

 

2,618

 

2,697

 

50

 

232

 

1,152

 

251

 

956

 

44,304

 

NOI from real estate operations

 

$

33,001

 

$

10,460

 

$

11,754

 

$

3,796

 

$

2,625

 

$

2,912

 

$

85

 

$

1,561

 

$

2,279

 

$

(89

)

$

2,340

 

$

70,724

 

Additions to properties, net

 

$

19,097

 

$

14,578

 

$

7,302

 

$

1,028

 

$

1,373

 

$

5,701

 

$

92,816

 

$

2,187

 

$

3,445

 

$

111,510

 

$

531

 

$

259,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from real estate operations

 

$

160,856

 

$

53,651

 

$

55,359

 

$

17,869

 

$

16,582

 

$

22,453

 

$

13,349

 

$

5,315

 

$

10,606

 

$

3,769

 

$

8,567

 

$

368,376

 

Property operating expenses

 

59,620

 

23,430

 

22,409

 

7,086

 

6,973

 

10,974

 

5,092

 

1,283

 

3,129

 

2,591

 

2,484

 

145,071

 

NOI from real estate operations

 

$

101,236

 

$

30,221

 

$

32,950

 

$

10,783

 

$

9,609

 

$

11,479

 

$

8,257

 

$

4,032

 

$

7,477

 

$

1,178

 

$

6,083

 

$

223,305

 

Additions to properties, net

 

$

65,551

 

$

20,390

 

$

39,716

 

$

2,712

 

$

7,935

 

$

5,710

 

$

433

 

$

10,819

 

$

9,939

 

$

61,322

 

$

38,176

 

$

262,703

 

Segment assets at September 30, 2011

 

$

1,414,086

 

$

551,942

 

$

571,940

 

$

261,255

 

$

176,336

 

$

159,238

 

$

114,249

 

$

133,077

 

$

104,732

 

$

190,495

 

$

288,042

 

$

3,965,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from real estate operations

 

$

154,627

 

$

52,980

 

$

55,780

 

$

18,662

 

$

16,524

 

$

13,775

 

$

135

 

$

4,505

 

$

10,550

 

$

162

 

$

10,315

 

$

338,015

 

Property operating expenses

 

57,953

 

24,149

 

21,214

 

6,928

 

7,518

 

6,426

 

50

 

1,795

 

3,300

 

251

 

3,160

 

132,744

 

NOI from real estate operations

 

$

96,674

 

$

28,831

 

$

34,566

 

$

11,734

 

$

9,006

 

$

7,349

 

$

85

 

$

2,710

 

$

7,250

 

$

(89

)

$

7,155

 

$

205,271

 

Additions to properties, net

 

$

67,313

 

$

29,737

 

$

44,896

 

$

2,541

 

$

3,454

 

$

16,199

 

$

92,816

 

$

18,518

 

$

3,988

 

$

111,510

 

$

14,318

 

$

405,290

 

Segment assets at September 30, 2010

 

$

1,382,234

 

$

584,429

 

$

487,898

 

$

266,228

 

$

175,181

 

$

151,058

 

$

122,737

 

$

121,695

 

$

96,813

 

$

115,722

 

$

233,377

 

$

3,737,372

 
Schedule of reconciliation of segment revenues to total revenues

 

 

 

For the Three Months

 

For the Nine Months

 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Segment revenues from real estate operations

 

$

125,129

 

$

115,028

 

$

368,376

 

$

338,015

 

Construction contract and other service revenues

 

18,729

 

13,608

 

67,854

 

77,038

 

Less: Revenues from discontinued operations (Note 14)

 

(3,236

)

(3,954

)

(9,434

)

(12,344

)

Total revenues

 

$

140,622

 

$

124,682

 

$

426,796

 

$

402,709

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

 

 

 

For the Three Months

 

For the Nine Months

 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Segment property operating expenses

 

$

48,712

 

$

44,304

 

$

145,071

 

$

132,744

 

Less: Property operating expenses from discontinued operations (Note 14)

 

(1,057

)

(1,291

)

(3,784

)

(4,413

)

Total property operating expenses

 

$

47,655

 

$

43,013

 

$

141,287

 

$

128,331

 
Schedule of computation of net operating income from service operations

 

 

 

For the Three Months

 

For the Nine Months

 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Construction contract and other service revenues

 

$

18,729

 

$

13,608

 

$

67,854

 

$

77,038

 

Construction contract and other service expenses

 

(18,171

)

(13,347

)

(65,698

)

(75,148

)

NOI from service operations

 

$

558

 

$

261

 

$

2,156

 

$

1,890

 
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 Nine Months

 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

NOI from real estate operations

 

$

76,417

 

$

70,724

 

$

223,305

 

$

205,271

 

NOI from service operations

 

558

 

261

 

2,156

 

1,890

 

Interest and other (loss) income

 

(242

)

395

 

3,682

 

1,942

 

Equity in (loss) income of unconsolidated entities

 

(159

)

648

 

(223

)

371

 

Income tax benefit (expense)

 

457

 

(27

)

6,043

 

(75

)

Other adjustments:

 

 

 

 

 

 

 

 

 

Depreciation and other amortization associated with real estate operations

 

(35,719

)

(29,503

)

(97,720

)

(84,368

)

Impairment losses

 

—

 

—

 

(57,824

)

—

 

General and administrative expenses

 

(6,154

)

(6,079

)

(19,251

)

(17,905

)

Business development expenses

 

(1,050

)

(2,886

)

(2,126

)

(3,506

)

Interest expense on continuing operations

 

(25,381

)

(26,174

)

(78,412

)

(74,042

)

NOI from discontinued operations

 

(2,179

)

(2,663

)

(5,650

)

(7,931

)

Loss on early extinguishment of debt

 

(1,655

)

—

 

(1,680

)

—

 

Income (loss) from continuing operations

 

$

4,893

 

$

4,696

 

$

(27,700

)

$

21,647