Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.3.0.15
Segment Reporting
 9 Months Ended
Sep. 30, 2011
Segment Reporting [Abstract]  
Segment Reporting
16.      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 three and nine months ended September 30, 2011 and 2010.  The Company had no long lived assets in foreign locations as of September 30, 2011 and December 31, 2010.  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, 2011 and 2010 and selected asset information as of September 30, 2011 and December 31, 2010 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, 2011
$174,212
$2,406
$       537
$177,155
  
September 30, 2010
181,030
16,733
193
197,956
  
 Nine months ended:
          
September 30, 2011
$533,509
$9,225
$    1,858
$544,592
  
September 30, 2010
546,382
50,173
(1,231)
595,324
  
           
Total operating and interest expenses (a):
          
 Three months ended:
          
September 30, 2011
$   62,192
$2,681
$40,240
$105,113
(e)
September 30, 2010
73,433
16,629
44,810
134,872
(f)
 Nine months ended:
          
September 30, 2011
$207,509
$10,066
$120,328
$337,903
(g)
September 30, 2010
213,139
49,723
138,215
401,077
(h)
           
Equity in earnings (loss) of unconsolidated
          
joint ventures:
          
 Three months ended:
          
September 30, 2011
$        539
--
--
$        539
  
September 30, 2010
475
--
--
475
  
 Nine months ended:
          
September 30, 2011
$     1,174
--
--
$     1,174
  
September 30, 2010
213
--
--
213
  
           
Net operating income (b):
          
 Three months ended:
          
September 30, 2011
$112,559
$   (275)
$(39,703)
$   72,581
(e)
September 30, 2010
108,072
104
(44,617)
63,559
(f)
 Nine months ended:
          
September 30, 2011
$327,174
$   (841)
$(118,470)
$207,863
(g)
September 30, 2010
333,456
450
(139,446)
194,460
(h)
           
Total assets:
          
September 30, 2011
$4,291,958
$5,799
$12,115
$4,309,872
  
December 31, 2010
4,332,408  
13,929
16,129
4,362,466
  
           
Total long-lived assets (c):
          
September 30, 2011
$4,045,531
--
$    2,390
$4,047,921
  
December 31, 2010
4,096,242  
--
2,630
4,098,872
  
 
 

 
(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 $48,498 of depreciation and amortization.
(f)
Excludes $47,978 of depreciation and amortization.
(g)
Excludes $144,914 of depreciation and amortization.
(h)
Excludes $143,942 of depreciation and amortization.