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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2012
Real Estate Investments, Net [Abstract] |
Investment | As of December 31, 2012 and 2011, our real estate investment portfolio, at cost, consists of properties as follows (in thousands):
| December 31,
| 2012 |  | 2011
Office | $ | 1,315,633 |  |  | $ | 1,234,499 |
Medical office | 403,064 |  |  | 396,532 |
Retail | 411,948 |  |  | 408,897 |
Multifamily | 331,901 |  |  | 324,957 |
| $ | 2,462,546 |  |  | $ | 2,364,885 |
Real Estate Portfolio in Development | The cost of our real estate portfolio under development or held for development as of December 31, 2012 and 2011 is as follows (in thousands):
| December 31,
| 2012 |  | 2011
Office | $ | 8,977 |  |  | $ | 8,953 |
Medical office | 3,810 |  |  | 5,758 |
Retail | 587 |  |  | 576 |
Multifamily | 35,761 |  |  | 27,802 |
| $ | 49,135 |  |  | $ | 43,089 |
Acquisition Of Properties and Land For Development | Properties and land for development acquired during the years ending December 31, 2012, 2011 and 2010 were as follows:
Acquisition Date |  | Property |  | Type |  | Rentable Square Feet (unaudited) |  | Contract Purchase Price (In thousands)
June 21, 2012 |  | Fairgate at Ballston |  | Office |  | 142,000 |  |  | $ | 52,250 |
|  |  |  | Total 2012 |  | 142,000 |  |  | $ | 52,250 |
January 11, 2011 |  | 1140 Connecticut Ave |  | Office |  | 188,000 |  |  | $ | 80,250 |
March 30, 2011 |  | 1227 25th Street |  | Office |  | 132,000 |  |  | 47,000 |
June 15, 2011 |  | 650 North Glebe Road (1) |  | Mutifamily |  | N/A |  |  | 11,800 |
August 30, 2011 |  | Olney Village Center |  | Retail |  | 198,000 |  |  | 58,000 |
September 13, 2011 |  | Braddock Metro Center |  | Office |  | 351,000 |  |  | 101,000 |
September 15, 2011 |  | John Marshall II |  | Office |  | 223,000 |  |  | 73,500 |
November 23, 2011 |  | 1225 First Street (1) |  | Mutifamily |  | N/A |  |  | 13,850 |
|  |  |  | Total 2011 |  | 1,092,000 |  |  | $ | 385,400 |
June 3, 2010 |  | 925 and 1000 Corporate Drive |  | Office |  | 270,000 |  |  | $ | 68,000 |
December 1, 2010 |  | Gateway Overlook |  | Retail |  | 223,000 |  |  | 88,350 |
|  |  |  | Total 2010 |  | 493,000 |  |  | $ | 156,350 |
(1) Land for development
Revenue and Earnings from Acquisitions | The revenue and earnings of our acquisitions during the three years ended December 31, 2012 are as follows (in thousands):
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
Real estate rental revenue | $ | 3,358 |  |  | $ | 20,944 |  |  | $ | 5,575 |
Net income | 325 |  |  | 484 |  |  | 1,460 |
Total Purchase Price Of Acquisitions | We have recorded the total purchase price of the above acquisitions as follows (in thousands):
| 2012 |  | 2011 |  | 2010
Land | $ | 17,750 |  |  | $ | 90,896 |  |  | $ | 38,233 |
Buildings | 26,893 |  |  | 219,613 |  |  | 93,332 |
Tenant origination costs | 3,100 |  |  | 15,667 |  |  | 9,094 |
Leasing commissions/absorption costs | 4,172 |  |  | 29,719 |  |  | 15,349 |
Net lease intangible assets | 508 |  |  | 6,805 |  |  | 1,375 |
Net lease intangible liabilities | (173 | ) |  | (2,454 | ) |  | (1,503 | )
Fair value of assumed mortgage | — |  |  | (78,500 | ) |  | — |
Total | $ | 52,250 |  |  | $ | 281,746 |  |  | $ | 155,880 |
Business Acquisition, Pro Forma Information | The unaudited data for the year ended December 31, 2011 were as follows (in thousands, except per share data):
Real estate revenues | $ | 302,836 |
Loss from continuing operations | (3,471 | )
Net income | 104,311 |
Diluted earnings per share | 1.57 |
Land and Capitalized Development Costs | We include the joint venture land acquisitions and related capitalized development costs on our consolidated balance sheets in properties under development or held for development, consistent with other development activity. As of December 31, 2012 and 2011, the land and capitalized development costs were as follows (in thousands):
| December 31,
| 2012 |  | 2011
650 North Glebe Road | $ | 15,646 |  |  | $ | 13,406 |
1225 First Street | 19,807 |  |  | 14,396 |
Schedule Of Accounts Payable and Accrued Liabilities Of Joint Ventures | As of December 31, 2012 and 2011, the accounts payable and accrued liabilities related to the joint ventures were as follows (in thousands):
| December 31,
| 2012 |  | 2011
650 North Glebe Road | $ | 115 |  |  | $ | 47 |
1225 First Street | 1,676 |  |  | 235 |
Disclosure of Long Lived Assets Held-for-sale | Properties classified as sold or held for sale as of December 31, 2012 are included in "Investment in real estate sold or held for sale, net" on our consolidated balance sheets as follows (in thousands):
| December 31,
| 2012 |  | 2011
Office | $ | 17,450 |  |  | $ | 33,637 |
Medical Office | — |  |  | 8,261 |
Total | 17,450 |  |  | 41,898 |
Less accumulated depreciation | (5,922 | ) |  | (14,229 | )
| $ | 11,528 |  |  | $ | 27,669 |
Schedule of Dispositions | During the three years ended December 31, 2012, we sold the following properties (in thousands):
Disposition Date | Property | Type | Gain on Sale
August 31, 2012 | 1700 Research Boulevard | Office | $ | 3,724 |
December 20, 2012 | Plumtree Medical Center | Medical Office | 1,400 |
|  | Total 2012 | $ | 5,124 |
April 5, 2011 | Dulles Station, Phase I | Office | $ | — |
Various (1) | Industrial Portfolio (1) | Office/Industrial | 97,491 |
|  | Total 2011 | $ | 97,491 |
June 18, 2010 | Parklawn Portfolio(2) | Office/Industrial | $ | 7,942 |
December 21, 2010 | The Ridges | Office | 4,441 |
December 22, 2010 | Ammendale I&II/Amvax | Industrial | 9,216 |
|  | Total 2010 | $ | 21,599 |
(1) | The Industrial Portfolio consists of every property in our industrial segment and two office properties (the Crescent and Albemarle Point), and we closed on the sale on three separate dates. On September 2, 2011, we closed on the sale of the two office properties (the Crescent and Albemarle Point) and 8880 Gorman Road, Dulles South IV, Fullerton Business Center, Hampton Overlook, Alban Business Center, Pickett Industrial Park, Northern Virginia Industrial Park I, 270 Technology Park, Fullerton Industrial Center, Sully Square, 9950 Business Parkway, Hampton South and 8900 Telegraph Road. On October 3, 2011, we closed the sale of Northern Virginia Industrial Park II. On November 1, 2011, we closed on the sale of 6100 Columbia Park Road and Dulles Business Park I and II.
(2) | The Parklawn Portfolio consists of three office properties (Parklawn Plaza, Lexington Building and Saratoga Building) and one industrial property (Charleston Business Center).
We sold or classified as held for sale the following properties during the three years ended December 31, 2012:
Disposition Date |  | Property |  | Type |  | Rentable Square Feet (unaudited) |  | Contract Sales Price (in thousands) |  | Gain on Sale (in thousands)
August 31, 2012 |  | 1700 Research Boulevard |  | Office |  | 101,000 |  |  | $ | 14,250 |  |  | $ | 3,724 |
December 20, 2012 |  | Plumtree Medical Center |  | Medical Office |  | 33,000 |  |  | 8,750 |  |  | 1,400 |
N/A - Held for Sale |  | Atrium Building |  | Office |  | 79,000 |  |  | N/A |  |  | N/A |
|  |  |  | Total 2012 |  | 213,000 |  |  | $ | 23,000 |  |  | $ | 5,124 |
Various (1) |  | Industrial Portfolio (1) |  | Industrial/Office |  | 3,092,000 |  |  | $ | 350,900 |  |  | $ | 97,491 |
April 5, 2011 |  | Dulles Station, Phase I |  | Office |  | 180,000 |  |  | 58,800 |  |  | — |
|  |  |  | Total 2011 |  | 3,272,000 |  |  | $ | 409,700 |  |  | $ | 97,491 |
June 18, 2010 |  | Parklawn Portfolio (2) |  | Office/Industrial |  | 229,000 |  |  | $ | 23,430 |  |  | $ | 7,942 |
December 21, 2010 |  | The Ridges |  | Office |  | 104,000 |  |  | 27,500 |  |  | 4,441 |
December 22, 2010 |  | Ammendale I&II and Amvax |  | Industrial |  | 305,000 |  |  | 23,000 |  |  | 9,216 |
|  |  |  | Total 2010 |  | 638,000 |  |  | $ | 73,930 |  |  | $ | 21,599 |
(1) | The Industrial Portfolio consists of every property in our industrial segment and two office properties (the Crescent and Albemarle Point), and we closed on the sale on three separate dates. On September 2, 2011, we closed on the sale of the two office properties (the Crescent and Albemarle Point) and 8880 Gorman Road, Dulles South IV, Fullerton Business Center, Hampton Overlook, Alban Business Center, Pickett Industrial Park, Northern Virginia Industrial Park I, 270 Technology Park, Fullerton Industrial Center, Sully Square, 9950 Business Parkway, Hampton South and 8900 Telegraph Road. On October 3, 2011, we closed the sale of Northern Virginia Industrial Park II. On November 1, 2011, we closed on the sale of 6100 Columbia Park Road and Dulles Business Park I and II.
(2) | The Parklawn Portfolio consists of three office properties (Parklawn Plaza, Lexington Building and Saratoga Building) and one industrial property (Charleston Business Center).
Operating Results of Properties Classified as Discontinued Operations | Income from operations of properties sold or held for sale for the three years ended December 31, 2012 were as follows (in thousands):
| December 31,
| 2012 |  | 2011 |  | 2010
Revenues | $ | 4,155 |  |  | $ | 31,525 |  |  | $ | 53,009 |
Property expenses | (1,542 | ) |  | (9,547 | ) |  | (17,163 | )
Real estate impairment | — |  |  | (599 | ) |  | — |
Depreciation and amortization | (867 | ) |  | (8,723 | ) |  | (17,263 | )
Interest expense | (261 | ) |  | (733 | ) |  | (2,014 | )
| $ | 1,485 |  |  | $ | 11,923 |  |  | $ | 16,569 |
Operating Income (Loss) By Property Classified As Discontinued Operations | by property for the three years ended December 31, 2012 were as follows (in thousands):
|  |  | Operating Income For the Year Ending December 31,
Property | Segment |  | 2012 |  | 2011 |  | 2010
Parklawn Plaza | Office |  | $ | — |  |  | $ | — |  |  | $ | 132 |
Lexington Building | Office |  | — |  |  | — |  |  | 65 |
Saratoga Building | Office |  | — |  |  | — |  |  | 225 |
Charleston Business Center | Industrial |  | — |  |  | — |  |  | 370 |
The Ridges | Office |  | — |  |  | — |  |  | 678 |
Ammendale I&II | Industrial |  | — |  |  | — |  |  | 1,023 |
Amvax | Industrial |  | — |  |  | — |  |  | 336 |
Dulles Station, Phase I | Office |  | — |  |  | (468 | ) |  | 492 |
Industrial Portfolio | Industrial/Office |  | — |  |  | 10,621 |  |  | 11,647 |
1700 Research Boulevard | Office |  | 225 |  |  | 651 |  |  | 670 |
Atrium Building | Office |  | 1,063 |  |  | 1,052 |  |  | 883 |
Plumtree Medical Center | Medical Office |  | 197 |  |  | 67 |  |  | 48 |
|  |  | $ | 1,485 |  |  | $ | 11,923 |  |  | $ | 16,569 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The impact of the disposal of our industrial segment on revenues and net income for the three years ended December 31, 2012 were as follows (in thousands, except per share data):
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
Real estate revenues | $ | — |  |  | $ | 23,045 |  |  | $ | 32,191 |
Net income | — |  |  | 16,484 |  |  | 22,857 |
Basic net income per share | — |  |  | 0.23 |  |  | 0.36 |
Diluted net income per share | — |  |  | 0.23 |  |  | 0.36 |

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