XML 50 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information Segment Information (Tables)
3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Segment information is as follows (in thousands):
 
Pennsylvania
Suburbs
 
Philadelphia
CBD
 
Metropolitan, D.C.
 
New Jersey/Delaware
 
Richmond,
Virginia
 
Austin, Texas
 
California
 
Corporate
 
Total
As of March 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, at cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating properties
$
1,179,683

 
$
994,939

 
$
1,197,904

 
$
414,485

 
$
310,621

 
$
285,540

 
$
224,718

 
$

 
$
4,607,890

Construction-in-progress
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53,468

 
53,468

Land inventory
 
 
 
 
 
 
 
 
 
 
 
 
 
 
92,776

 
92,776

As of December 31, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, at cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating properties
$
1,178,730

 
$
988,590

 
$
1,193,200

 
$
546,644

 
$
309,923

 
$
285,346

 
$
223,736

 
$

 
$
4,726,169

Construction-in-progress
 
 
 
 
 
 
 
 
 
 
 
 
 
 
48,950

 
48,950

Land inventory
 
 
 
 
 
 
 
 
 
 
 
 
 
 
102,439

 
102,439

For the three-months ended March 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
$
38,187

 
$
35,925

 
$
27,785

 
$
15,602

 
$
8,765

 
$
9,257

 
$
5,389

 
$
(302
)
 
$
140,608

Property operating expenses, real estate taxes and third party management expenses
13,977

 
13,534

 
10,763

 
7,408

 
3,683

 
3,958

 
2,395

 
(222
)
 
55,496

Net operating income
$
24,210

 
$
22,391

 
$
17,022

 
$
8,194

 
$
5,082

 
$
5,299

 
$
2,994

 
$
(80
)
 
$
85,112

For the three-months ended March 31, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
$
38,105

 
$
33,149

 
$
26,437

 
$
15,730

 
$
9,034

 
$
7,495

 
$
4,971

 
$
(382
)
 
$
134,539

Property operating expenses, real estate taxes and third party management expenses
13,348

 
12,686

 
10,065

 
7,831

 
3,643

 
3,397

 
2,368

 
(444
)
 
52,894

Net operating income
$
24,757

 
$
20,463

 
$
16,372

 
$
7,899

 
$
5,391

 
$
4,098

 
$
2,603

 
$
62

 
$
81,645

Reconciliation Of Consolidated Net Operating Income [Table Text Block]
 
Three-month periods
ended March 31,
 
2013
 
2012
 
(amounts in thousands)
Consolidated net operating income
$
85,112

 
$
81,645

Less:
 
 
 
Interest expense
(30,914
)
 
(34,144
)
Deferred financing costs
(1,161
)
 
(1,311
)
Depreciation and amortization
(49,861
)
 
(48,096
)
Administrative expenses
(6,551
)
 
(6,050
)
Plus:
 
 
 
Interest income
58

 
483

Interest expense - financing obligation
(218
)
 
(182
)
Equity in income of real estate ventures
1,535

 
44

Loss on early extinguishment of debt
(3
)
 
(248
)
Loss from continuing operations
(2,003
)
 
(7,859
)
Income from discontinued operations
5,922

 
17,195

Net income
$
3,919

 
$
9,336