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Real Estate (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Real Estate [Abstract] |
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| Land and Capitalized Development Costs |
As of September 30, 2013 and December 31, 2012, the land and capitalized development costs are as follows (in thousands):
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September 30, 2013 |
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December 31, 2012 |
650 North Glebe |
$ |
24,185 |
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|
$ |
15,646 |
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1225 First Street |
21,409 |
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|
19,807 |
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| Schedule of Accounts Payable and Accrued Liabilities of Joint Ventures |
As of September 30, 2013 and December 31, 2012, the accounts payable and accrued liabilities related to the joint ventures are as follows (in thousands):
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September 30, 2013 |
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December 31, 2012 |
650 North Glebe |
$ |
2,584 |
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|
$ |
115 |
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1225 First Street |
249 |
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|
1,676 |
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| Schedule of Income Statement Results for Medical Office Segment |
The results of our medical office segment are summarized as follows (amounts in thousands, except per share data):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2013 |
|
2012 |
|
2013 |
|
2012 |
Real estate revenues |
$ |
10,889 |
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|
$ |
11,282 |
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|
$ |
32,928 |
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|
$ |
33,580 |
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Net income |
$ |
3,820 |
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$ |
2,463 |
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$ |
10,080 |
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$ |
7,456 |
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Basic net income per share |
$ |
0.06 |
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$ |
0.04 |
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$ |
0.15 |
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$ |
0.11 |
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Diluted net income per share |
$ |
0.06 |
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$ |
0.04 |
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$ |
0.15 |
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$ |
0.11 |
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| Schedule of Dispositions |
We classified as held for sale or sold the following properties in 2013 and 2012:
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Disposition Date |
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Property Name |
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Segment |
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Rentable Square Feet |
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Contract
Purchase Price
(In thousands) |
March 19, 2013 |
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Atrium Building |
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Office |
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79,000 |
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|
$ |
15,750 |
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N/A |
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Medical Office Portfolio (1)
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Medical Office / Office |
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1,520,000 |
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|
500,750 |
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Total 2013 |
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1,599,000 |
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|
$ |
516,500 |
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August 31, 2012 |
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1700 Research Boulevard |
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Office |
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101,000 |
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|
$ |
14,250 |
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December 20, 2012 |
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Plumtree Medical Center |
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Medical Office |
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33,000 |
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|
8,750 |
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Total 2012 |
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134,000 |
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$ |
23,000 |
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| Schedule of Investment in Real Estate for Properties Sold or Held For Sale and Related Liabilities |
As of September 30, 2013 and December 31, 2012, investment in real estate for properties sold or held for sale were as follows (in thousands):
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September 30, 2013 |
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December 31, 2012 |
Office |
$ |
55,049 |
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|
$ |
71,605 |
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Medical office |
409,486 |
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|
406,873 |
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Total |
464,535 |
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|
478,478 |
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Less accumulated depreciation |
(118,378 |
) |
|
(113,479 |
) |
Investment in real estate sold or held for sale, net |
$ |
346,157 |
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|
$ |
364,999 |
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As of September 30, 2013 and December 31, 2012, liabilities related to properties sold or held for sale were as follows (in thousands):
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September 30, 2013 |
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December 31, 2012 |
Mortgage notes |
$ |
23,467 |
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$ |
23,945 |
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Other liabilities |
7,808 |
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|
8,412 |
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Liabilities related to properties sold or held for sale |
$ |
31,275 |
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$ |
32,357 |
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| Operating Income (Loss) for Discontinued Operations |
Income from operations of properties sold or held for sale for the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2013 |
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2012 |
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2013 |
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2012 |
Revenues |
$ |
12,073 |
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|
$ |
13,725 |
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|
37,141 |
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|
41,338 |
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Property expenses |
(4,398 |
) |
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(4,793 |
) |
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(12,856 |
) |
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(13,992 |
) |
Depreciation and amortization |
(3,215 |
) |
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(4,536 |
) |
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(12,161 |
) |
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(14,210 |
) |
Interest expense |
(329 |
) |
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(1,163 |
) |
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(985 |
) |
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(3,494 |
) |
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$ |
4,131 |
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$ |
3,233 |
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$ |
11,139 |
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$ |
9,642 |
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| Operating Income (Loss) By Property Classified As Discontinued Operations |
Income from operations of properties sold or held for sale by property for the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
Property |
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Segment |
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2013 |
|
2012 |
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2013 |
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2012 |
1700 Research Boulevard |
|
Office |
|
$ |
— |
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$ |
106 |
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— |
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|
225 |
|
Atrium Building |
|
Office |
|
— |
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|
320 |
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|
185 |
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|
833 |
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Plumtree Medical Center |
|
Medical Office |
|
— |
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|
88 |
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|
— |
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|
117 |
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Medical Office Portfolio |
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Medical Office / Office |
|
4,131 |
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|
2,719 |
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|
10,954 |
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8,467 |
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$ |
4,131 |
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$ |
3,233 |
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$ |
11,139 |
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$ |
9,642 |
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