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v2.3.0.11

Segment Information | 6 Months Ended
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Jun. 30, 2011
Segment Information [Abstract] |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION As of June 30, 2011, the Company was managing its portfolio within seven segments: (1) Pennsylvania, (2) Philadelphia Central Business District (CBD), (3) Metropolitan Washington D.C, (4) New Jersey/Delaware, (5) Richmond, Virginia, (6) Austin, Texas and (7) California. The Pennsylvania segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Metropolitan Washington, D.C. segment includes properties in Northern Virginia and suburban Maryland. The New Jersey/Delaware segment includes properties in Burlington, Camden and Mercer counties and in New Castle county in the state of Delaware. The Richmond, Virginia segment includes properties primarily in Albemarle, Chesterfield, Goochland and Henrico counties and Durham, North Carolina. The Austin, Texas segment includes properties in Austin. The California segment includes properties in Oakland, Concord, Carlsbad and Rancho Bernardo. The corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress are transferred to operating properties by region upon completion of the associated construction or project. As a result of the acquisition of Three Logan Square and the placement in service of the IRS Philadelphia Campus and the Cira South Garage, the Company added the Philadelphia CBD segment in the third quarter of 2010. The Philadelphia CBD includes Three Logan Square, the IRS Philadelphia Campus, the Cira South Garage and certain other properties in Philadelphia, PA that were previously included in the Pennsylvania segment. The prior period results have been restated to conform to the current period presentation. Segment information is as follows (in thousands):
|  | Pennsylvania |  |  | Philadelphia |  |  |  |  |  |  | New Jersey |  |  | Richmond, |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Suburbs |  |  | CBD |  |  | Metropolitan, D.C. |  |  | /Delaware |  |  | Virginia |  |  | Austin, Texas |  |  | California |  |  | Corporate |  |  | Total |
As of June 30, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate investments, at cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating properties |  | $ | 1,210,274 |  |  | $ | 928,880 |  |  | $ | 1,366,282 |  |  | $ | 568,992 |  |  | $ | 306,243 |  |  | $ | 254,920 |  |  | $ | 249,450 |  |  | $ | — |  |  | $ | 4,885,041 |
Construction-in-progress |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,314 |  |  |  | 33,314 |
Land inventory |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 120,245 |  |  |  | 120,245 |
As of December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate investments, at cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating properties |  | $ | 1,199,957 |  |  | $ | 911,354 |  |  | $ | 1,359,776 |  |  | $ | 568,413 |  |  | $ | 294,406 |  |  | $ | 254,019 |  |  | $ | 246,186 |  |  | $ | — |  |  | $ | 4,834,111 |
Construction-in-progress |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,322 |  |  |  | 33,322 |
Land inventory |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 110,055 |  |  |  | 110,055 |
For the three-months ended June 30, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 39,137 |  |  | $ | 30,573 |  |  | $ | 32,616 |  |  | $ | 21,098 |  |  | $ | 9,277 |  |  | $ | 7,637 |  |  | $ | 5,382 |  |  | $ | (313 | ) |  | $ | 145,407 |
Property operating expenses, real estate taxes and third party management expenses |  |  | 13,572 |  |  |  | 11,220 |  |  |  | 12,190 |  |  |  | 10,004 |  |  |  | 3,623 |  |  |  | 3,420 |  |  |  | 2,821 |  |  |  | (275 | ) |  |  | 56,575 |
Net operating income |  | $ | 25,565 |  |  | $ | 19,353 |  |  | $ | 20,426 |  |  | $ | 11,094 |  |  | $ | 5,654 |  |  | $ | 4,217 |  |  | $ | 2,561 |  |  | $ | (38 | ) |  | $ | 88,832 |
For the three-months ended June 30, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 37,332 |  |  | $ | 18,412 |  |  | $ | 34,661 |  |  | $ | 22,647 |  |  | $ | 8,769 |  |  | $ | 7,966 |  |  | $ | 5,967 |  |  | $ | (257 | ) |  | $ | 135,497 |
Property operating expenses, real estate taxes and third party management expenses |  |  | 12,866 |  |  |  | 7,956 |  |  |  | 11,996 |  |  |  | 10,543 |  |  |  | 3,165 |  |  |  | 3,441 |  |  |  | 2,956 |  |  |  | (29 | ) |  |  | 52,894 |
Net operating income |  | $ | 24,466 |  |  | $ | 10,456 |  |  | $ | 22,665 |  |  | $ | 12,104 |  |  | $ | 5,604 |  |  | $ | 4,525 |  |  | $ | 3,011 |  |  | $ | (228 | ) |  | $ | 82,603 |
For the six-months ended June 30, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 79,431 |  |  | $ | 62,423 |  |  | $ | 65,258 |  |  | $ | 42,429 |  |  | $ | 18,076 |  |  | $ | 15,750 |  |  | $ | 10,791 |  |  | $ | (547 | ) |  | $ | 293,611 |
Property operating expenses, real estate taxes and third party management expenses |  |  | 30,366 |  |  |  | 23,439 |  |  |  | 24,514 |  |  |  | 21,751 |  |  |  | 7,011 |  |  |  | 6,514 |  |  |  | 5,515 |  |  |  | (609 | ) |  |  | 118,501 |
Net operating income |  | $ | 49,065 |  |  | $ | 38,984 |  |  | $ | 40,744 |  |  | $ | 20,678 |  |  | $ | 11,065 |  |  | $ | 9,236 |  |  | $ | 5,276 |  |  | $ | 62 |  |  | $ | 175,110 |
For the six-months ended June 30, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 76,814 |  |  | $ | 36,962 |  |  | $ | 69,403 |  |  | $ | 47,940 |  |  | $ | 18,168 |  |  | $ | 15,965 |  |  | $ | 11,871 |  |  | $ | (626 | ) |  | $ | 276,497 |
Property operating expenses, real estate taxes and third party management expenses |  |  | 29,622 |  |  |  | 15,793 |  |  |  | 24,370 |  |  |  | 22,787 |  |  |  | 6,824 |  |  |  | 6,762 |  |  |  | 5,684 |  |  |  | (480 | ) |  |  | 111,362 |
Net operating income |  | $ | 47,192 |  |  | $ | 21,169 |  |  | $ | 45,033 |  |  | $ | 25,153 |  |  | $ | 11,344 |  |  | $ | 9,203 |  |  | $ | 6,187 |  |  | $ | (146 | ) |  | $ | 165,135 |
Net operating income (“NOI”) is defined as total revenue less property operating expenses, real estate taxes and third party management expenses. Segment NOI includes revenue, real estate taxes and property operating expenses directly related to operation and management of the properties owned and managed within the respective geographical region. Segment NOI excludes property level depreciation and amortization, revenue and expenses directly associated with third party real estate management services, expenses associated with corporate administrative support services, and inter-company eliminations. NOI is the measure that is used by the Company to evaluate the operating performance of its real estate assets by segment. The Company also believes that NOI provides useful information to investors regarding its financial condition and results of operations because it reflects only those income and expenses recorded at the property level. NOI does not also reflect general and administrative expenses, interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact the Company’s results from operations. All companies may not also calculate NOI in the same manner. The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. Below is a reconciliation of consolidated net operating income to consolidated income from continuing operations:
|  | Three-month periods |  |  | Six-month periods |
|  | ended June 30, |  |  | ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
|  | (amounts in thousands) |  |  | (amounts in thousands) |
Consolidated net operating income |  | $ | 88,832 |  |  | $ | 82,603 |  |  | $ | 175,110 |  |  | $ | 165,135 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (34,738 | ) |  |  | (31,210 | ) |  |  | (67,131 | ) |  |  | (62,734 | )
Deferred financing costs |  |  | (1,070 | ) |  |  | (862 | ) |  |  | (1,998 | ) |  |  | (1,873 | )
Depreciation and amortization |  |  | (58,014 | ) |  |  | (51,289 | ) |  |  | (109,688 | ) |  |  | (103,318 | )
Administrative expenses |  |  | (5,890 | ) |  |  | (6,653 | ) |  |  | (12,134 | ) |  |  | (12,745 | )
Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 421 |  |  |  | 963 |  |  |  | 862 |  |  |  | 1,828 |
Equity in income of real estate ventures |  |  | 1,088 |  |  |  | 1,025 |  |  |  | 2,321 |  |  |  | 2,321 |
Net gain on sales of interests in real estate |  |  | — |  |  |  | — |  |  |  | 2,791 |  |  |  | — |
Loss on early extinguishment of debt |  |  | (756 | ) |  |  | (445 | ) |  |  | (756 | ) |  |  | (1,637 | )
Loss from continuing operations |  |  | (10,127 | ) |  |  | (5,868 | ) |  |  | (10,623 | ) |  |  | (13,023 | )
Income from discontinued operations |  |  | 3,893 |  |  |  | 268 |  |  |  | 3,899 |  |  |  | 7,024 |
Net loss |  | $ | (6,234 | ) |  | $ | (5,600 | ) |  | $ | (6,724 | ) |  | $ | (5,999 | )

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- Definition This element may be used to capture the complete disclosure of 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% 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 Statement of Financial Accounting Standard (FAS) -Number 131 + Details
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