Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.0.6
Segment Reporting
 9 Months Ended
Sep. 30, 2012
Segment Reporting [Abstract]  
Segment Reporting

17.     SEGMENT REPORTING     

 

The Company operates in two business segments: (i) real estate and (ii) construction services.  The Company provides leasing, property and facilities management, acquisition, development, construction and tenant-related services for its portfolio.  In May 2006, in conjunction with the Company’s acquisition of the Gale Company and related businesses, the Company acquired a business specializing solely in construction and related services whose operations comprise the Company’s construction services segment.  The Company had no revenues from foreign countries recorded for the nine months ended September 30, 2012 and 2011.  The Company had no long lived assets in foreign locations as of September 30, 2012 and December 31, 2011.  The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. 

 

The Company evaluates performance based upon net operating income from the combined properties in the real estate segment and net operating income from its construction services segment. 

 

Selected results of operations for the three and nine months ended September 30, 2012 and 2011 and selected asset information as of September 30, 2012 and December 31, 2011 regarding the Company’s operating segments are as follows (dollars in thousands): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

Corporate

 

 

Total

 

 

 

Real Estate

 

 

Services

 

 

& Other (d)

 

 

Company

 

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
171,356 

 

$
2,446 

 

$
(590)

 

$
173,212 

 

September 30, 2011

 
172,503 

 

 
2,406 

 

 
528 

 

 
175,437 

 

Nine months ended:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
523,445 

 

$
11,018 

 

$
191 

 

$
534,654 

 

September 30, 2011

 
527,815 

 

 
9,225 

 

 
1,778 

 

 
538,818 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating and interest expenses(a):

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
67,571 

 

$
2,361 

 

$
41,948 

(i)

$
111,880 

(e)

September 30, 2011

 
61,234 

 

 
2,681 

 

 
39,792 

 

 
103,707 

(f)

Nine months ended:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
199,073 

 

$
10,938 

 

$
127,241 

(i)

$
337,252 

(g)

September 30, 2011

 
204,586 

 

 
10,066 

 

 
118,981 

 

 
333,633 

(h)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings (loss) of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

 

joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
2,418 

 

 

 -

 

 

 -

 

$
2,418 

 

September 30, 2011

 
539 

 

 

 -

 

 

 -

 

 
539 

 

Nine months ended:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
4,751 

 

 

 -

 

 

 -

 

$
4,751 

 

September 30, 2011

 
1,174 

 

 

 -

 

 

 -

 

 
1,174 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income (loss) (b):

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
106,203 

 

$
85 

 

$
(42,538)

(i)

$
63,750 

(e)

September 30, 2011

 
111,808 

 

 
(275)

 

 
(39,264)

 

 
72,269 

(f)

Nine months ended:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
329,123 

 

$
80 

 

$
(127,050)

(i)

$
202,153 

(g)

September 30, 2011

 
324,403 

 

 
(841)

 

 
(117,203)

 

 
206,359 

(h)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
4,249,228 

 

$
6,470 

 

$
13,875 

 

$
4,269,573 

 

December 31, 2011

 
4,272,469 

 

 
7,022 

 

 
16,268 

 

 
4,295,759 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total long-lived assets (c):

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

$
4,010,766 

 

 

 -

 

$
3,090 

 

$
4,013,856 

 

December 31, 2011

 
4,034,651 

 

 

 -

 

 
2,272 

 

 
4,036,923 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Total operating and interest expenses represent the sum of:  real estate taxes; utilities; operating services; direct construction costs; real estate services salaries, wages and other costs; general and administrative and interest expense (net of interest income). All interest expense, net of interest income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. 

(b)  Net operating income represents total revenues less total operating and interest expenses [as defined in Note (a)], plus equity in earnings (loss) of unconsolidated joint ventures, for the period. 

(c)  Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and investments in unconsolidated joint ventures. 

(d)  Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense and non-property general and administrative expense) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. 

(e)  Excludes $47,829 of depreciation and amortization. 

(f)  Excludes $48,082 of depreciation and amortization. 

(g)  Excludes $143,642 of depreciation and amortization. 

(h)Excludes $143,635 of depreciation and amortization. 

(i)Included in these amounts for the three and nine months ended September 30, 2012 were transaction costs related to the Roseland Transaction of  $3.8 million and  $6.3 million, respectively.