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Segment Information | 9 Months Ended
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Sep. 30, 2011
Segment Information [Abstract] |
Segment Information | NOTE 11: SEGMENT INFORMATION We have five reportable segments: office, medical office, retail, multifamily and industrial/flex properties. Office buildings provide office space for various types of businesses and professions. Medical office buildings provide offices and facilities for a variety of medical services. Retail centers are typically neighborhood grocery store or drug store anchored retail centers. Multifamily properties provide rental housing for individuals and families throughout the Washington metropolitan area. Industrial/flex centers are used for flex-office, warehousing, services and distribution type facilities. The industrial/flex centers segment is classified as properties sold or held for sale and is presented as discontinued operations in the consolidated balance sheets and consolidated statements of income (see note 3 to the consolidate financial statements). We evaluate performance based upon operating income from the combined properties in each segment. Our reportable operating segments are consolidations of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing segments' performance. Net operating income is a key measurement of our segment profit and loss. Net operating income is defined as segment real estate rental revenue less segment real estate expenses. The following tables present revenues and net operating income for the 2011 and 2010 Quarters and Periods from these segments, and reconciles net operating income of reportable segments to net income as reported (in thousands):
|  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |
|  | Quarter Ended September 30, 2011 |
|  | Office |  |  | Medical Office |  |  | Retail |  |  | Multifamily |  |  | Industrial/ Flex |  |  | Corporate and Other |  |  | Consolidated |
Real estate rental revenue |  | $ | 35,209 |  |  | $ | 11,351 |  |  | $ | 12,500 |  |  | $ | 12,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,931 |
Real estate expenses |  |  | 12,190 |  |  |  | 3,656 |  |  |  | 3,067 |  |  |  | 5,157 |  |  |  | — |  |  |  | — |  |  |  | 24,070 |
Net operating income |  | $ | 23,019 |  |  | $ | 7,695 |  |  | $ | 9,433 |  |  | $ | 7,714 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,861 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (23,479 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,508 | )
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,837 | )
Acquisition costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,600 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 270 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,655 |
Gain on sale of real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,639 |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,036 |
Less: Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (28 | )
Net income attributable to the controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 63,008 |
Capital expenditures |  | $ | 4,808 |  |  | $ | 926 |  |  | $ | 817 |  |  | $ | 1,260 |  |  | $ | (93 | ) |  | $ | 211 |  |  | $ | 7,929 |
Total assets |  | $ | 1,134,692 |  |  | $ | 349,469 |  |  | $ | 369,162 |  |  | $ | 235,448 |  |  | $ | 73,494 |  |  | $ | 74,087 |  |  | $ | 2,236,352 |
|  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |  |  |  | $1,134,692 |
|  | Quarter Ended September 30, 2010 |
|  | Office |  |  | Medical Office |  |  | Retail |  |  | Multifamily |  |  | Industrial/ Flex |  |  | Corporate and Other |  |  | Consolidated |
Real estate rental revenue |  | $ | 31,740 |  |  | $ | 10,993 |  |  | $ | 9,865 |  |  | $ | 12,434 |  |  | $ | — |  |  | $ | — |  |  | $ | 65,032 |
Real estate expenses |  |  | 11,451 |  |  |  | 3,635 |  |  |  | 2,028 |  |  |  | 4,798 |  |  |  | — |  |  |  | — |  |  |  | 21,912 |
Net operating income |  | $ | 20,289 |  |  | $ | 7,358 |  |  | $ | 7,837 |  |  | $ | 7,636 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,120 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,224 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,717 | )
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,141 | )
Acquisition costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 289 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (238 | )
Gain from non-disposal activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,565 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,658 |
Less: Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (33 | )
Net income attributable to the controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,625 |
Capital expenditures |  | $ | 2,925 |  |  | $ | 676 |  |  | $ | 896 |  |  | $ | 548 |  |  | $ | 452 |  |  | $ | 92 |  |  | $ | 5,589 |
Total assets |  | $ | 964,235 |  |  | $ | 356,115 |  |  | $ | 224,707 |  |  | $ | 231,855 |  |  | $ | 240,822 |  |  | $ | 293,245 |  |  | $ | 2,310,979 |
|  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |
|  | Period Ended September 30, 2011 |
|  | Office |  |  | Medical Office |  |  | Retail |  |  | Multifamily |  |  | Industrial/ Flex |  |  | Corporate and Other |  |  | Consolidated |
Real estate rental revenue |  | $ | 103,860 |  |  | $ | 34,002 |  |  | $ | 36,884 |  |  | $ | 38,073 |  |  | $ | — |  |  | $ | — |  |  | $ | 212,819 |
Real estate expenses |  |  | 35,305 |  |  |  | 10,747 |  |  |  | 10,228 |  |  |  | 14,844 |  |  |  | — |  |  |  | — |  |  |  | 71,124 |
Net operating income |  | $ | 68,555 |  |  | $ | 23,255 |  |  | $ | 26,656 |  |  | $ | 23,229 |  |  | $ | — |  |  | $ | — |  |  | $ | 141,695 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (67,899 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (50,266 | )
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,588 | )
Acquisition costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,571 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 886 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,639 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,138 | )
Income (loss) from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,522 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74,280 |
Less: Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (85 | )
Net income attributable to the controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 74,195 |
Capital expenditures |  | $ | 10,641 |  |  | $ | 2,883 |  |  | $ | 2,288 |  |  | $ | 1,901 |  |  | $ | 404 |  |  | $ | 442 |  |  | $ | 18,559 |
|  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |  |  |  | $10,641 |
|  | Period Ended September 30, 2010 |
|  | Office |  |  | Medical Office |  |  | Retail |  |  | Multifamily |  |  | Industrial/ Flex |  |  | Corporate and Other |  |  | Consolidated |
Real estate rental revenue |  | $ | 92,673 |  |  | $ | 33,695 |  |  | $ | 30,566 |  |  | $ | 36,192 |  |  | $ | — |  |  | $ | — |  |  | $ | 193,126 |
Real estate expenses |  |  | 32,135 |  |  |  | 11,190 |  |  |  | 7,877 |  |  |  | 14,425 |  |  |  | — |  |  |  | — |  |  |  | 65,627 |
Net operating income |  | $ | 60,538 |  |  | $ | 22,505 |  |  | $ | 22,689 |  |  | $ | 21,767 |  |  | $ | — |  |  | $ | — |  |  | $ | 127,499 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (59,574 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49,662 | )
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,455 | )
Acquisition costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (452 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 875 |
Gain (loss) on extinguishment of debt, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (280 | )
Gain from non-disposal activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,942 |
Income (loss) from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,047 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,944 |
Less: Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (109 | )
Net income attributable to the controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 26,835 |
Capital expenditures |  | $ | 8,049 |  |  | $ | 3,398 |  |  | $ | 1,101 |  |  | $ | 1,279 |  |  | $ | 742 |  |  | $ | 256 |  |  | $ | 14,825 |

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- 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
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