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Segment Information
 3 Months Ended
Mar. 31, 2013
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; Cambridge

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
 
 
 
March 31,
 
 
 
2013
 
2012
Operating revenue
 
 
 
 
 
 Northeast - Southeastern PA
 
$
41,054

 
$
42,195

 
 Northeast - Lehigh / Central PA
 
24,677

 
24,077

 
 Northeast - Other
 
15,394

 
17,400

 
 Central
 
32,401

 
32,144

 
 South
 
53,562

 
54,012

 
 Metro
 
9,763

 
8,188

 
 United Kingdom
 
1,100

 
1,162

Segment-level operating revenue
 
177,951

 
179,178

 
 
 
 
 
 
 Reconciliation to total operating revenue
 
 
 
 
 
 Discontinued operations
 
(1,634
)
 
(12,404
)
 
 Other
 
256

 
168

 Total operating revenue
 
$
176,573

 
$
166,942

 
 
 
 
 
 
 Net operating income
 
 
 
 
 
 Northeast - Southeastern PA
 
$
22,613

 
$
25,170

 
 Northeast - Lehigh / Central PA
 
16,668

 
16,195

 
 Northeast - Other
 
8,322

 
9,105

 
 Central
 
18,923

 
17,747

 
 South
 
33,317

 
32,654

 
 Metro
 
6,796

 
5,629

 
 United Kingdom
 
(133
)
 
(229
)
Segment-level net operating income
 
106,506

 
106,271

 
 
 
 
 
 
 Reconciliation to income from continuing operations
 
 
 
 
 
 Interest expense (1)
 
(32,082
)
 
(30,904
)
 
 Depreciation/amortization expense (2)
 
(29,307
)
 
(25,652
)
 
 Gain on property dispositions
 
1,800

 
523

 
 Equity in earnings of unconsolidated joint ventures
 
1,757

 
916

 
 General and administrative expense (2)
 
(13,877
)
 
(11,550
)
 
 Discontinued operations excluding gain on property dispositions
 
(880
)
 
(4,323
)
 
 Income taxes (2)
 
(491
)
 
(86
)
 
 Other
 
(1,363
)
 
(980
)
Income from continuing operations
 
$
32,063

 
$
34,215


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

During the three months ended March 31, 2013, the Company realized proceeds of $74.7 million from the sale of one operating property. The Company's total assets by reportable segment as of March 31, 2013 and December 31, 2012 are as follows (in thousands):

 
 
March 31, 2013
 
December 31, 2012
Total assets
 
 
 
 
 Northeast - Southeastern PA
$
810,493

 
$
816,437

 
 Northeast - Lehigh / Central PA
777,171

 
780,182

 
 Northeast - Other
385,243

 
388,446

 
 Central
1,092,854

 
1,073,631

 
 South
1,451,573

 
1,455,805

 
 Metro
459,515

 
478,835

 
 United Kingdom
121,262

 
138,025

 
 Other
48,562

 
42,818

Total assets
$
5,146,673

 
$
5,174,179