Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v2.4.0.6
Segment Information
3 Months Ended
Mar. 31, 2013
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, net operating income, capital expenditures and total assets for the 2013 and 2012 Quarters from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands):
 
Three Months Ended March 31, 2013
 
Office
 
Medical Office
 
Retail
 
Multifamily
 
Corporate and Other
 
Consolidated
Real estate rental revenue
$
38,729

 
$
11,028

 
$
13,834

 
$
13,333

 
$

 
$
76,924

Real estate expenses
14,078

 
4,058

 
3,565

 
5,390

 

 
27,091

Net operating income
$
24,651

 
$
6,970

 
$
10,269

 
$
7,943

 
$

 
$
49,833

Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
(25,524
)
General and administrative
 
 
 
 
 
 
 
 
 
 
(3,862
)
Acquisition costs
 
 
 
 
 
 
 
 
 
 
(213
)
Interest expense
 
 
 
 
 
 
 
 
 
 
(16,518
)
Other income
 
 
 
 
 
 
 
 
 
 
239

Discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
Income from operations of properties sold or held for sale
 
 
 
 
 
 
 
 
 
 
185

Gain on sale of real estate
 
 
 
 
 
 
 
 
 
 
3,195

Net income
 
 
 
 
 
 
 
 
 
 
$
7,335

Capital expenditures
$
7,575

 
$
1,077

 
$
766

 
$
784

 
$
7

 
$
10,209

Total assets
$
1,118,579

 
$
325,281

 
$
351,967

 
$
250,680

 
$
49,613

 
$
2,096,120

 
Three Months Ended March 31, 2012
 
Office
 
Medical
Office
 
Retail
 
Multifamily
 
Corporate
and Other
 
Consolidated
Real estate rental revenue
$
37,547

 
$
11,225

 
$
13,446

 
$
12,996

 
$

 
$
75,214

Real estate expenses
13,477

 
3,699

 
3,444

 
4,931

 

 
25,551

Net operating income
$
24,070

 
$
7,526

 
$
10,002

 
$
8,065

 
$

 
$
49,663

Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
(25,582
)
Acquisition costs
 
 
 
 
 
 
 
 
 
 
(54
)
General and administrative
 
 
 
 
 
 
 
 
 
 
(3,606
)
Interest expense
 
 
 
 
 
 
 
 
 
 
(15,831
)
Other income
 
 
 
 
 
 
 
 
 
 
244

Discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
Income from operations of properties sold or held for sale
 
 
 
 
 
 
 
 
 
 
347

Net income
 
 
 
 
 
 
 
 
 
 
$
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