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Segment Information
 9 Months Ended
Sep. 30, 2012
Segment Reporting [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 Nine Months Ended
 
 
 
September 30,
 
September 30,
 
 
 
2012
 
2011
 
2012
 
2011
Operating revenue
 
 
 
 
 
 
 
 
 
 Northeast - Southeastern PA
 
$
42,773

 
$
42,695

 
$
126,658

 
$
130,769

 
 Northeast - Lehigh / Central PA
 
24,263

 
22,580

 
72,254

 
75,520

 
 Northeast - Other
 
15,042

 
17,344

 
46,895

 
53,073

 
 Central
 
28,969

 
31,566

 
89,940

 
94,601

 
 South
 
51,603

 
54,879

 
157,362

 
168,097

 
 Metro
 
8,248

 
7,047

 
24,672

 
21,147

 
 United Kingdom
 
1,264

 
1,109

 
3,529

 
3,321

Segment-level operating revenue
 
172,162

 
177,220

 
521,310

 
546,528

 
 
 
 
 
 
 
 
 
 
 Reconciliation to total operating revenue
 
 
 
 
 
 
 
 
 
 Discontinued operations
 
(635
)
 
(11,915
)
 
(12,156
)
 
(51,978
)
 
 Other
 
199

 
(113
)
 
172

 
(13
)
 Total operating revenue
 
$
171,726

 
$
165,192

 
$
509,326

 
$
494,537

 
 
 
 
 
 
 
 
 
 
 Net operating income
 
 
 
 
 
 
 
 
 
 Northeast - Southeastern PA
 
$
24,880

 
$
25,602

 
$
74,864

 
$
76,697

 
 Northeast - Lehigh / Central PA
 
16,578

 
15,119

 
49,331

 
48,985

 
 Northeast - Other
 
7,640

 
8,478

 
24,373

 
26,736

 
 Central
 
15,432

 
16,650

 
48,723

 
51,512

 
 South
 
30,870

 
32,264

 
94,840

 
100,356

 
 Metro
 
5,845

 
4,496

 
17,460

 
15,497

 
 United Kingdom
 
171

 
19

 
(178
)
 
(265
)
Segment-level net operating income
 
101,416

 
102,628

 
309,413

 
319,518

 
 
 
 
 
 
 
 
 
 
 Reconciliation to income from continuing operations
 
 
 
 
 
 
 
 
 
 Interest expense (1)
 
(31,305
)
 
(31,526
)
 
(93,120
)
 
(99,898
)
 
 Depreciation/amortization expense (2)
 
(25,753
)
 
(25,915
)
 
(77,217
)
 
(79,998
)
 
 Gain on property dispositions
 
2,001

 
1,898

 
2,859

 
3,361

 
 Equity in (loss) earnings of unconsolidated joint ventures
 
(3,082
)
 
827

 
(1,397
)
 
2,470

 
 General and administrative expense (2)
 
(9,555
)
 
(8,034
)
 
(30,041
)
 
(26,089
)
 
 Discontinued operations excluding gain on property dispositions
 
347

 
(1,379
)
 
(2,982
)
 
(7,993
)
 
 Income taxes (2)
 
(270
)
 
(325
)
 
(465
)
 
(814
)
 
 Other
 
(2,014
)
 
(1,967
)
 
(5,357
)
 
(3,807
)
Income from continuing operations
 
$
31,785

 
$
36,207

 
$
101,693

 
$
106,750


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

During the nine months ended September 30, 2012, the Company realized proceeds of $220.4 million from the sale of 56 operating properties and 107 acres of land. The Company's total assets by reportable segment as of September 30, 2012 and December 31, 2011 are as follows (in thousands):

 
 
September 30, 2012
 
December 31, 2011
Total assets
 
 
 
 
 Northeast - Southeastern PA
$
840,217

 
$
842,779

 
 Northeast - Lehigh / Central PA
785,673

 
716,772

 
 Northeast - Other
382,333

 
424,005

 
 Central
955,192

 
991,776

 
 South
1,359,110

 
1,448,849

 
 Metro
471,893

 
383,725

 
 United Kingdom
140,153

 
144,558

 
 Other
21,794

 
37,209

Total assets
$
4,956,365

 
$
4,989,673