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Segment Information
 3 Months Ended
Mar. 31, 2012
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information
SEGMENT INFORMATION
We have four reportable segments: office, medical office, retail and multifamily. 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.
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 2012 and 2011 Quarters from these segments, and reconciles net operating income of reportable segments to net income as reported (in thousands):
 
Quarter Ended March 31, 2012
 
Office
 
Medical Office
 
Retail
 
Multifamily
 
Corporate and Other
 
Consolidated
Real estate rental revenue
$
38,629

 
$
11,428

 
$
13,446

 
$
12,996

 
$
—

 
$
76,499

Real estate expenses
13,894

 
3,744

 
3,444

 
4,931

 
—

 
26,013

Net operating income
$
24,735

 
$
7,684

 
$
10,002

 
$
8,065

 
$
—

 
$
50,486

Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
(25,994
)
General and administrative
 
 
 
 
 
 
 
 
 
 
(3,606
)
Interest expense
 
 
 
 
 
 
 
 
 
 
(15,895
)
Other income
 
 
 
 
 
 
 
 
 
 
244

Acquisition costs
 
 
 
 
 
 
 
 
 
 
(54
)
Net income
 
 
 
 
 
 
 
 
 
 
5,181

Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
—

Net income attributable to the controlling interests
 
 
 
 
 
 
 
 
 
 
$
5,181

Capital expenditures
$
7,740

 
$
1,473

 
$
260

 
$
986

 
$
210

 
$
10,669

Total assets
$
1,113,521

 
$
346,145

 
$
362,307

 
$
246,730

 
$
47,843

 
$
2,116,546


 
Quarter Ended March 31, 2011
 
Office
 
Medical
Office
 
Retail
 
Multifamily
 
Industrial/Flex
 
Corporate
and Other
 
Consolidated
Real estate rental revenue
$
33,433

 
$
11,131

 
$
12,147

 
$
12,493

 
$
—

 
$
—

 
$
69,204

Real estate expenses
11,214

 
3,669

 
3,542

 
4,828

 
—

 
—

 
23,253

Net operating income
$
22,219

 
$
7,462

 
$
8,605

 
$
7,665

 
$
—

 
$
—

 
$
45,951

Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
 
 
(21,894
)
General and administrative
 
 
 
 
 
 
 
 
 
 
 
 
(3,702
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(16,893
)
Acquisition costs
 
 
 
 
 
 
 
 
 
 
 
 
(1,649
)
Other income
 
 
 
 
 
 
 
 
 
 
 
 
306

Discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations
 
 
 
 
 
 
 
 
 
 
 
 
2,569

Net income
 
 
 
 
 
 
 
 
 
 
 
 
4,688

Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
(23
)
Net income attributable to the controlling interests
 
 
 
 
 
 
 
 
 
 
 
 
$
4,665

Capital expenditures
$
2,466

 
$
669

 
$
441

 
$
(125
)
 
$
239

 
$
105

 
$
3,795

Total assets
$
1,056,647

 
$
351,939

 
$
310,795

 
$
225,776

 
$
224,923

 
$
46,132

 
$
2,216,212