XML 56 R18.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Information by Business Segment | 3 Months Ended
--- | ---
Mar. 31, 2012
Information by Business Segment |
Information by Business Segment |
10. Information by Business Segment We have ten reportable operating office property segments (comprised of: the Baltimore/Washington Corridor; Northern Virginia; San Antonio; Washington, DC — Capitol Riverfront; St. Mary’s and King George Counties; Greater Baltimore; Suburban Maryland; Colorado Springs; Greater Philadelphia; and other). We also have an operating wholesale data center segment. On January 1, 2012, we revised our reportable segments to include only operating properties. Accordingly, we revised net operating income from real estate operations (“NOI from real estate operations”) to exclude operating expenses not related to operating properties, revised our definition of segment assets to include only long-lived assets associated with operating properties and revised our definition of additions to long-lived assets to include only additions to existing operating properties (excluding acquisitions and transfers from non-operating properties). Financial information for prior periods has been presented in conformity with this revision. 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 March 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations |  | $ | 56,250 |  | $ | 18,560 |  | $ | 7,608 |  | $ | 3,894 |  | $ | 4,212 |  | $ | 15,372 |  | $ | 5,749 |  | $ | 6,453 |  | $ | 2,172 |  | $ | 3,618 |  | $ | 1,416 |  | $ | 125,304 |
Property operating expenses |  | 20,151 |  | 7,400 |  | 3,817 |  | 1,910 |  | 1,258 |  | 5,890 |  | 2,521 |  | 2,385 |  | 615 |  | 1,233 |  | 1,207 |  | 48,387 |
NOI from real estate operations |  | $ | 36,099 |  | $ | 11,160 |  | $ | 3,791 |  | $ | 1,984 |  | $ | 2,954 |  | $ | 9,482 |  | $ | 3,228 |  | $ | 4,068 |  | $ | 1,557 |  | $ | 2,385 |  | $ | 209 |  | $ | 76,917 |
Additions to long-lived assets |  | $ | 1,864 |  | $ | 1,661 |  | $ | — |  | $ | (729 | ) | $ | 167 |  | $ | 719 |  | $ | 771 |  | $ | 99 |  | $ | — |  | $ | 26 |  | $ | — |  | $ | 4,578 |
Transfers from non-operating properties |  | $ | 25,594 |  | $ | — |  | $ | 362 |  | $ | — |  | $ | 556 |  | $ | 365 |  | $ | 335 |  | $ | 316 |  | $ | 7,303 |  | $ | — |  | $ | — |  | $ | 34,831 |
Segment assets at March 31, 2012 |  | $ | 1,231,949 |  | $ | 480,457 |  | $ | 120,024 |  | $ | 108,649 |  | $ | 99,946 |  | $ | 370,754 |  | $ | 147,197 |  | $ | 181,241 |  | $ | 109,432 |  | $ | 114,108 |  | $ | 43,390 |  | $ | 3,007,147 |
Three Months Ended March 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations |  | $ | 53,252 |  | $ | 18,274 |  | $ | 7,663 |  | $ | 4,590 |  | $ | 3,534 |  | $ | 17,612 |  | $ | 5,609 |  | $ | 5,920 |  | $ | 1,939 |  | $ | 2,838 |  | $ | 1,210 |  | $ | 122,441 |
Property operating expenses |  | 21,058 |  | 7,590 |  | 3,813 |  | 1,627 |  | 1,014 |  | 8,452 |  | 2,661 |  | 2,343 |  | 418 |  | 467 |  | 709 |  | 50,152 |
NOI from real estate operations |  | $ | 32,194 |  | $ | 10,684 |  | $ | 3,850 |  | $ | 2,963 |  | $ | 2,520 |  | $ | 9,160 |  | $ | 2,948 |  | $ | 3,577 |  | $ | 1,521 |  | $ | 2,371 |  | $ | 501 |  | $ | 72,289 |
Additions to long-lived assets |  | $ | 6,405 |  | $ | 2,033 |  | $ | — |  | $ | 156 |  | $ | 380 |  | $ | 8,088 |  | $ | 1,052 |  | $ | 736 |  | $ | (4 | ) | $ | (646 | ) | $ | — |  | $ | 18,200 |
Transfers from non-operating properties |  | $ | 19,883 |  | $ | (7 | ) | $ | 600 |  | $ | — |  | $ | — |  | $ | 4,247 |  | $ | 354 |  | $ | — |  | $ | (2,474 | ) | $ | — |  | $ | 6,654 |  | $ | 29,257 |
Segment assets at March 31, 2011 |  | $ | 1,199,244 |  | $ | 488,599 |  | $ | 115,221 |  | $ | 117,758 |  | $ | 87,690 |  | $ | 479,474 |  | $ | 145,913 |  | $ | 214,111 |  | $ | 96,372 |  | $ | 83,247 |  | $ | 30,714 |  | $ | 3,058,343 |
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 March 31, |
|  | 2012 |  | 2011 |
Segment revenues from real estate operations |  | $ | 125,304 |  | $ | 122,441 |
Construction contract and other service revenues |  | 21,534 |  | 21,028 |
Less: Revenues from discontinued operations (Note 13) |  | (3,365 | ) | (5,980 | )
Total revenues |  | $ | 143,473 |  | $ | 137,489 |
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 March 31, |
|  | 2012 |  | 2011 |
Segment property operating expenses |  | $ | 48,387 |  | $ | 50,152 |
Less: Property operating expenses from discontinued operations (Note 13) |  | (1,185 | ) | (3,091 | )
Total property operating expenses |  | $ | 47,202 |  | $ | 47,061 |
As previously discussed, we provide real estate services such as property management and construction and development services primarily for our properties but also for third parties. The primary manner in which we evaluate the operating performance of our service activities is through a measure we define as net operating income from service operations (“NOI from service operations”), which is based on the net of revenues and expenses from these activities. Construction contract and other service revenues and expenses consist primarily of subcontracted costs that are reimbursed to us by the customer along with a management fee. The operating margins from these activities are small relative to the revenue. We believe NOI from service operations is a useful measure in assessing both our level of activity and our profitability in conducting such operations. The table below sets forth the computation of our NOI from service operations (in thousands):
|  | For the Three Months |
|  | Ended March 31, |
|  | 2012 |  | 2011 |
Construction contract and other service revenues |  | $ | 21,534 |  | $ | 21,028 |
Construction contract and other service expenses |  | (20,607 | ) | (20,618 | )
NOI from service operations |  | $ | 927 |  | $ | 410 |
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 March 31, |
|  | 2012 |  | 2011 |
NOI from real estate operations |  | $ | 76,917 |  | $ | 72,289 |
NOI from service operations |  | 927 |  | 410 |
Interest and other income |  | 1,217 |  | 1,168 |
Equity in (loss) income of unconsolidated entities |  | (89 | ) | 30 |
Income tax (expense) benefit |  | (4,173 | ) | 544 |
Other adjustments: |  |  |  |  |
Depreciation and other amortization associated with real estate operations |  | (31,066 | ) | (30,043 | )
Impairment losses |  | (5,126 | ) | (27,742 | )
General and administrative expenses |  | (7,017 | ) | (6,777 | )
Business development expenses and land carry costs |  | (1,594 | ) | (1,241 | )
Interest expense on continuing operations |  | (25,224 | ) | (26,115 | )
NOI from discontinued operations |  | (2,180 | ) | (2,889 | )
Income (loss) from continuing operations |  | $ | 2,592 |  | $ | (20,366 | )
The following table reconciles our segment assets to total assets (in thousands):
|  | March 31, |  | March 31, |
|  | 2012 |  | 2011 |
Segment assets |  | $ | 3,007,147 |  | $ | 3,058,343 |
Non-operating property assets |  | 638,856 |  | 652,223 |
Other assets |  | 151,365 |  | 155,243 |
Total assets |  | $ | 3,797,368 |  | $ | 3,865,809 |
The accounting policies of the segments are the same as those used to prepare our consolidated financial statements, except that discontinued operations are not presented separately for segment purposes. In the segment reporting presented above, we did not allocate interest expense, depreciation and amortization and impairment losses to our real estate segments since they are not included in the measure of segment profit reviewed by management. We also did not allocate general and administrative expenses, business development expenses and land carry costs, interest and other income, equity in (loss) income of unconsolidated entities, income taxes and noncontrolling interests because these items represent general corporate or non-operating property items not attributable to segments.

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration