Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v2.4.0.6
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 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
Three Months Ended June 30, 2012
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
55,677

 
$
19,051

 
$
7,830

 
$
4,232

 
$
4,139

 
$
14,664

 
$
4,560

 
$
6,149

 
$
2,458

 
$
3,770

 
$
1,438

 
$
123,968

Property operating expenses
19,065

 
7,176

 
4,023

 
1,716

 
1,139

 
5,805

 
1,882

 
2,194

 
732

 
252

 
1,175

 
45,159

NOI from real estate operations
$
36,612

 
$
11,875

 
$
3,807

 
$
2,516

 
$
3,000

 
$
8,859

 
$
2,678

 
$
3,955

 
$
1,726

 
$
3,518

 
$
263

 
$
78,809

Additions to long-lived assets
$
3,075

 
$
719

 
$
259

 
$
431

 
$
293

 
$
3,616

 
$
412

 
$
687

 
$
90

 
$
133

 
$
11

 
$
9,726

Transfers from non-operating properties
$
4,463

 
$
—

 
$
102

 
$
—

 
$
(362
)
 
$
29

 
$
546

 
$
1,980

 
$
2,087

 
$
(154
)
 
$
57,680

 
$
66,371

Three Months Ended June 30, 2011
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
52,860

 
$
18,445

 
$
7,089

 
$
4,252

 
$
3,564

 
$
17,846

 
$
5,325

 
$
5,912

 
$
1,675

 
$
2,562

 
$
1,276

 
$
120,806

Property operating expenses
17,983

 
7,276

 
3,138

 
1,657

 
961

 
7,233

 
2,178

 
1,980

 
345

 
1,093

 
829

 
44,673

NOI from real estate operations
$
34,877

 
$
11,169

 
$
3,951

 
$
2,595

 
$
2,603

 
$
10,613

 
$
3,147

 
$
3,932

 
$
1,330

 
$
1,469

 
$
447

 
$
76,133

Additions to long-lived assets
$
4,816

 
$
2,781

 
$
—

 
$
656

 
$
461

 
$
4,115

 
$
2,453

 
$
1,085

 
$
—

 
$
650

 
$
—

 
$
17,017

Transfers from non-operating properties
$
6,140

 
$
4

 
$
159

 
$
—

 
$
—

 
$
3,594

 
$
31

 
$
2

 
$
6,024

 
$
—

 
$
—

 
$
15,954

Six Months Ended June 30, 2012
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
111,927

 
$
37,611

 
$
15,438

 
$
8,126

 
$
8,351

 
$
30,036

 
$
10,309

 
$
12,602

 
$
4,630

 
$
7,388

 
$
2,854

 
$
249,272

Property operating expenses
39,216

 
14,576

 
7,840

 
3,626

 
2,397

 
11,695

 
4,403

 
4,579

 
1,347

 
1,485

 
2,382

 
93,546

NOI from real estate operations
$
72,711

 
$
23,035

 
$
7,598

 
$
4,500

 
$
5,954

 
$
18,341

 
$
5,906

 
$
8,023

 
$
3,283

 
$
5,903

 
$
472

 
$
155,726

Additions to long-lived assets
$
4,939

 
$
2,380

 
$
259

 
$
(298
)
 
$
460

 
$
4,335

 
$
1,183

 
$
786

 
$
90

 
$
159

 
$
11

 
$
14,304

Transfers from non-operating properties
$
30,057

 
$
—

 
$
464

 
$
—

 
$
194

 
$
394

 
$
881

 
$
2,296

 
$
9,390

 
$
(154
)
 
$
57,680

 
$
101,202

Segment assets at June 30, 2012
$
1,227,287

 
$
474,959

 
$
120,069

 
$
107,390

 
$
98,779

 
$
369,497

 
$
78,736

 
$
181,808

 
$
111,145

 
$
112,578

 
$
100,708

 
$
2,982,956

Six Months Ended June 30, 2011
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
106,112

 
$
36,719

 
$
14,752

 
$
8,842

 
$
7,098

 
$
35,458

 
$
10,934

 
$
11,832

 
$
3,614

 
$
5,400

 
$
2,486

 
$
243,247

Property operating expenses
39,041

 
14,866

 
6,951

 
3,284

 
1,975

 
15,685

 
4,839

 
4,323

 
763

 
1,560

 
1,538

 
94,825

NOI from real estate operations
$
67,071

 
$
21,853

 
$
7,801

 
$
5,558

 
$
5,123

 
$
19,773

 
$
6,095

 
$
7,509

 
$
2,851

 
$
3,840

 
$
948

 
$
148,422

Additions to long-lived assets
$
11,221

 
$
4,814

 
$
—

 
$
812

 
$
841

 
$
12,203

 
$
3,505

 
$
1,821

 
$
(4
)
 
$
4

 
$
—

 
$
35,217

Transfers from non-operating properties
$
26,023

 
$
(3
)
 
$
759

 
$
—

 
$
—

 
$
7,841

 
$
385

 
$
2

 
$
3,550

 
$
—

 
$
6,654

 
$
45,211

Segment assets at June 30, 2011
$
1,193,626

 
$
485,927

 
$
115,149

 
$
115,515

 
$
85,563

 
$
459,601

 
$
142,334

 
$
213,021

 
$
101,542

 
$
83,437

 
$
30,547

 
$
3,026,262

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 Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
Segment revenues from real estate operations
$
123,968

 
$
120,806

 
$
249,272

 
$
243,247

Construction contract and other service revenues
16,995

 
28,097

 
38,529

 
49,125

Less: Revenues from discontinued operations (Note 13)
(7,577
)
 
(11,787
)
 
(16,805
)
 
(23,710
)
Total revenues
$
133,386

 
$
137,116

 
$
270,996

 
$
268,662

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 Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
Segment property operating expenses
$
45,159

 
$
44,673

 
$
93,546

 
$
94,825

Less: Property operating expenses from discontinued operations (Note 13)
(2,775
)
 
(4,223
)
 
(6,245
)
 
(9,840
)
Total property operating expenses
$
42,384

 
$
40,450

 
$
87,301

 
$
84,985

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 Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
Construction contract and other service revenues
$
16,995

 
$
28,097

 
$
38,529

 
$
49,125

Construction contract and other service expenses
(16,285
)
 
(26,909
)
 
(36,892
)
 
(47,527
)
NOI from service operations
$
710

 
$
1,188

 
$
1,637

 
$
1,598

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 income (loss) from continuing operations as reported on our consolidated statements of operations (in thousands):
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
NOI from real estate operations
$
78,809

 
$
76,133

 
$
155,726

 
$
148,422

NOI from service operations
710

 
1,188

 
1,637

 
1,598

Interest and other income
840

 
2,756

 
2,057

 
3,924

Equity in loss of unconsolidated entities
(187
)
 
(94
)
 
(276
)
 
(64
)
Income tax (expense) benefit
(17
)
 
5,042

 
(4,190
)
 
5,586

Other adjustments:
—

 
 

 
—

 
 

Depreciation and other amortization associated with real estate operations
(29,853
)
 
(28,171
)
 
(59,172
)
 
(56,244
)
Impairment (losses) recoveries
—

 
(20,183
)
 
2,303

 
(47,925
)
General and administrative expenses
(7,742
)
 
(6,320
)
 
(14,759
)
 
(13,097
)
Business development expenses and land carry costs
(1,298
)
 
(1,349
)
 
(2,874
)
 
(2,571
)
Interest expense on continuing operations
(24,747
)
 
(25,595
)
 
(49,667
)
 
(51,263
)
NOI from discontinued operations
(4,802
)
 
(7,564
)
 
(10,560
)
 
(13,870
)
Loss on early extinguishment of debt
(169
)
 
(25
)
 
(169
)
 
(25
)
Income (loss) from continuing operations
$
11,544

 
$
(4,182
)
 
$
20,056

 
$
(25,529
)
Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to total assets (in thousands):
 
 
June 30,
2012
 
June 30,
2011
Segment assets
$
2,982,956

 
$
3,026,262

Non-operating property assets
607,590

 
686,806

Other assets
124,529

 
155,162

Total assets
$
3,715,075

 
$
3,868,230