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Segment Information
 6 Months Ended
Jun. 30, 2012
Segment Reporting, Measurement Disclosures [Abstract]  
Segment Information
Segment Information
The Company operates its portfolio of properties primarily throughout the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States. Additionally, the Company owns certain assets in the United Kingdom. The Company reviews the performance of the portfolio on a geographical basis. As such, the following are considered the Company’s reportable segments:
 
REGIONS
MARKETS
 
 
Northeast
Southeastern PA; Lehigh/Central PA; New Jersey; Maryland
Central
Minnesota; Chicago/Milwaukee; Houston; Arizona
South
Richmond/Hampton Roads; Carolinas; Jacksonville; Orlando; South Florida; Tampa
Metro
Philadelphia; Metro Washington, D.C.
United Kingdom
County of Kent; West Midlands

The Company evaluates the performance of its reportable segments based on net operating income. Net operating income includes operating revenue from external customers, real estate taxes, amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment.
The Company's accounting policies for the segments are the same as those used in the Company's Consolidated Financial Statements. There are no material inter-segment transactions.
The operating information by reportable segment is as follows (in thousands):
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
June 30,
 
June 30,
 
 
 
2012
 
2011
 
2012
 
2011
Operating revenue
 
 
 
 
 
 
 
 
 
 Northeast - Southeastern PA
 
$
41,690

 
$
42,809

 
$
83,885

 
$
88,073

 
 Northeast - Lehigh / Central PA
 
23,913

 
24,739

 
47,991

 
52,939

 
 Northeast - Other
 
14,454

 
17,436

 
31,854

 
35,729

 
 Central
 
28,827

 
31,342

 
60,971

 
63,035

 
 South
 
51,746

 
56,854

 
105,758

 
113,218

 
 Metro
 
8,236

 
6,951

 
16,424

 
14,100

 
 United Kingdom
 
1,104

 
1,083

 
2,265

 
2,213

Segment-level operating revenue
 
169,970

 
181,214

 
349,148

 
369,307

 
 
 
 
 
 
 
 
 
 
 Reconciliation to total operating revenue
 
 
 
 
 
 
 
 
 
 Discontinued operations
 
(576
)
 
(16,886
)
 
(10,235
)
 
(39,095
)
 
 Other
 
(195
)
 
99

 
(27
)
 
101

 Total operating revenue
 
$
169,199

 
$
164,427

 
$
338,886

 
$
330,313

 
 
 
 
 
 
 
 
 
 
 Net operating income
 
 
 
 
 
 
 
 
 
 Northeast - Southeastern PA
 
$
24,814

 
$
25,571

 
$
49,984

 
$
51,095

 
 Northeast - Lehigh / Central PA
 
16,558

 
16,417

 
32,753

 
33,866

 
 Northeast - Other
 
7,628

 
9,063

 
16,733

 
18,258

 
 Central
 
15,544

 
17,390

 
33,291

 
34,863

 
 South
 
31,316

 
34,090

 
63,971

 
68,092

 
 Metro
 
5,986

 
5,044

 
11,615

 
11,001

 
 United Kingdom
 
(121
)
 
(234
)
 
(349
)
 
(284
)
Segment-level net operating income
 
101,725

 
107,341

 
207,998

 
216,891

 
 
 
 
 
 
 
 
 
 
 Reconciliation to income from continuing operations
 
 
 
 
 
 
 
 
 
 Interest expense (1)
 
(30,911
)
 
(32,203
)
 
(61,815
)
 
(68,372
)
 
 Depreciation/amortization expense (2)
 
(25,812
)
 
(25,677
)
 
(51,464
)
 
(54,083
)
 
 Gain on property dispositions
 
335

 
302

 
858

 
1,463

 
 Equity in earnings of unconsolidated joint ventures
 
769

 
1,109

 
1,685

 
1,643

 
 General and administrative expense (2)
 
(8,936
)
 
(7,606
)
 
(20,486
)
 
(18,055
)
 
 Discontinued operations excluding gain on property dispositions
 
(116
)
 
(3,871
)
 
(3,850
)
 
(7,665
)
 
 Income taxes
 
(146
)
 
(63
)
 
(324
)
 
(613
)
 
 Other
 
(2,325
)
 
(519
)
 
(3,215
)
 
(1,717
)
Income from continuing operations
 
$
34,583

 
$
38,813

 
$
69,387

 
$
69,492


(1)
Includes interest on discontinued operations.
(2)
Excludes costs which are included in determining segment-level net operating income.

During the six months ended June 30, 2012, the Company realized proceeds of $215.1 million from the sale of 56 operating properties and 58 acres of land. The Company's total assets by reportable segment as of June 30, 2012 and December 31, 2011 are as follows (in thousands):

 
 
As of
 
 
June 30, 2012
 
December 31, 2011
Total assets
 
 
 
 
 Northeast - Southeastern PA
$
828,053

 
$
842,779

 
 Northeast - Lehigh / Central PA
758,785

 
716,772

 
 Northeast - Other
380,854

 
424,005

 
 Central
939,847

 
991,776

 
 South
1,363,067

 
1,448,849

 
 Metro
435,500

 
383,725

 
 United Kingdom
141,586

 
144,558

 
 Other
160,620

 
37,209

Total assets
$
5,008,312

 
$
4,989,673