Segment Information (Tables)

9 Months Ended

Sep. 30, 2011

Segment Information [Abstract]

Segment information

	Pennsylvania		Philadelphia				New Jersey		Richmond,
	Suburbs		CBD		Metropolitan, D.C.		/Delaware		Virginia		Austin, Texas		California		Corporate			Total
As of September 30, 2011:
Real estate investments, at cost:
Operating properties	$	1,214,060	$	951,790	$	1,369,899	$	570,804	$	306,039	$	257,208	$	250,928	$	—		$	4,920,728
Construction-in-progress		—		—		—		—		—		—		—		36,246			36,246
Land inventory		—		—		—		—		—		—		—		120,470			120,470
As of December 31, 2010:
Real estate investments, at cost:
Operating properties	$	1,199,957	$	911,354	$	1,359,776	$	568,413	$	294,406	$	254,019	$	246,186	$	—		$	4,834,111
Construction-in-progress		—		—		—		—		—		—		—		33,322			33,322
Land inventory		—		—		—		—		—		—		—		110,055			110,055
For the three-months ended September 30, 2011:
Total revenue	$	38,864	$	31,098	$	31,554	$	22,096	$	9,334	$	7,453	$	5,567	$	(302	)	$	145,664
Property operating expenses, real estate taxes and third party management expenses		14,224		11,541		11,526		10,576		3,664		3,233		3,262		(421	)		57,605
Net operating income	$	24,640	$	19,557	$	20,028	$	11,520	$	5,670	$	4,220	$	2,305	$	119		$	88,059
For the three-months ended September 30, 2010:
Total revenue	$	36,809	$	24,617	$	33,881	$	23,944	$	8,919	$	8,014	$	5,503	$	(195	)	$	141,492
Property operating expenses, real estate taxes and third party management expenses		14,591		9,859		11,665		11,930		3,287		3,204		3,171		(232	)		57,475
Net operating income	$	22,218	$	14,758	$	22,216	$	12,014	$	5,632	$	4,810	$	2,332	$	37		$	84,017
For the nine-months ended September 30, 2011:
Total revenue	$	118,295	$	93,520	$	96,813	$	64,526	$	27,409	$	23,202	$	16,359	$	(849	)	$	439,275
Property operating expenses, real estate taxes and third party management expenses		44,554		34,954		36,012		32,302		10,667		9,740		8,772		(895	)		176,106
Net operating income	$	73,741	$	58,566	$	60,801	$	32,224	$	16,742	$	13,462	$	7,587	$	46		$	263,169
For the nine-months ended September 30, 2010:
Total revenue	$	113,622	$	61,579	$	103,285	$	71,884	$	27,087	$	23,979	$	17,374	$	(821	)	$	417,989
Property operating expenses, real estate taxes and third party management expenses		44,218		25,643		36,041		34,716		10,111		9,968		8,853		(713	)		168,837
Net operating income	$	69,404	$	35,936	$	67,244	$	37,168	$	16,976	$	14,011	$	8,521	$	(108	)	$	249,152

Reconciliation of consolidated net operating income

	Three-month periods						Nine-month periods
	ended September 30,						ended September 30,
	2011			2010			2011			2010
	(amounts in thousands)						(amounts in thousands)
Consolidated net operating income	$	88,059		$	84,017		$	263,169		$	249,152
Less:
Interest expense		(32,346	)		(34,488	)		(99,477	)		(97,222	)
Deferred financing costs		(1,846	)		(827	)		(3,844	)		(2,700	)
Depreciation and amortization		(54,252	)		(51,644	)		(163,940	)		(154,962	)
Administrative expenses		(6,177	)		(5,753	)		(18,311	)		(18,498	)
Plus:
Interest income		523			726			1,385			2,554
Historic tax credit transaction income		12,026			—			12,026			—
Equity in income of real estate ventures		418			1,035			2,739			3,356
Net gain on sales of interests in real estate		—			—			2,791			—
Gain (loss) on early extinguishment of debt		176			(64	)		(580	)		(1,701	)
Loss from continuing operations		6,581			(6,998	)		(4,042	)		(20,021	)
Income from discontinued operations		30			382			3,929			7,406
Net income (loss)	$	6,611		$	(6,616	)	$	(113	)	$	(12,615	)