Segment Information |
11. Segment Information
The Company's segments are based on the Company's method of internal reporting which classifies its operations by both geographic area and property type. The Company's segments by geographic area are Greater Boston, Greater Washington, DC, Midtown Manhattan, Greater San Francisco and New Jersey. Segments by property type include: Class A Office, Office/Technical and Hotels.
Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest and other income, development and management services, general and administrative expenses, interest expense, depreciation and amortization expense, loss (gain) from suspension of development, losses (gains) from investments in securities, losses from early extinguishments of debt, income from unconsolidated joint ventures, gains on sales of real estate and noncontrolling interests are not included in Net Operating Income as internal reporting addresses these items on a corporate level.
Net Operating Income is not a measure of operating results or cash flows from operating activities as measured by accounting principles generally accepted in the United States of America, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate Net Operating Income in the same manner. The Company considers Net Operating Income to be an appropriate supplemental measure to net income because it helps both investors and management to understand the core operations of the Company's properties.
Information by geographic area and property type:
Three months ended March 31, 2010 (dollars in thousands):
GreaterBoston GreaterWashington, D.C. MidtownManhattan GreaterSan Francisco NewJersey Total
Rental Revenue:
ClassA $ 88,207 $ 83,845 $ 109,943 $ 53,147 $ 16,479 $ 351,621
Office/Technical 7,584 4,019 11,603
Hotel 5,903 5,903
Total 101,694 87,864 109,943 53,147 16,479 369,127
% of Total 27.55 % 23.80 % 29.79 % 14.40 % 4.46 % 100.00 %
Real Estate Operating Expenses:
ClassA 33,496 23,688 37,499 19,020 7,841 121,544
Office/Technical 2,266 1,175 3,441
Hotel 5,268 5,268
Total 41,030 24,863 37,499 19,020 7,841 130,253
% of Total 31.50 % 19.09 % 28.79 % 14.60 % 6.02 % 100.00 %
Net Operating Income $ 60,664 $ 63,001 $ 72,444 $ 34, |