Segments (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Each Reportable Segment Information

The following tables provide selected results for each reportable segment for the year ended December 31, 2015 and for the period from November 24, 2014 to December 31, 2014.

	Year Ended December 31, 2015
	Owned
(Amounts in thousands)	Properties			Other			Total

Income Statement Data:
Revenues
Rental income	$	583,825		$	2,705		$	586,530
Tenant reimbursement income		50,885			-			50,885
Fee and other income		14,737			10,256			24,993
Total revenues		649,447			12,961			662,408
Total expenses		541,774			50,015			591,789
Operating income (loss)		107,673			(37,054	)		70,619
Income from real estate fund investments		-			37,975			37,975
Income from unconsolidated joint ventures		6,734			116			6,850
Unrealized gain on interest rate swaps		75,760			-			75,760
Interest and other income, net		367			504			871
Interest and debt expense		(160,058	)		(8,308	)		(168,366	)
Net income (loss) before income taxes		30,476			(6,767	)		23,709
Income tax (expense) benefit		310			(2,876	)		(2,566	)
Net income (loss)		30,786			(9,643	)		21,143
Add:
Depreciation and amortization		293,433			1,191			294,624
General and administrative		-			42,056			42,056
Interest and debt expense		160,058			8,308			168,366
Transfer taxes due in connection with the sale of shares
by a former joint venture partner		-			5,872			5,872
Acquisition and transaction costs		-			4,483			4,483
Income tax expense (benefit)		(310	)		2,876			2,566
Net Operating Income from unconsolidated joint ventures		16,210			370			16,580
Less:
Income from real estate fund investments		-			(37,975	)		(37,975	)
Income from unconsolidated joint ventures		(6,734	)		(116	)		(6,850	)
Fee income		-			(10,248	)		(10,248	)
Unrealized gain on interest rate swaps		(75,760	)		-			(75,760	)
Interest and other income, net		(367	)		(504	)		(871	)
Net Operating Income ⁽¹⁾	$	417,316		$	6,670		$	423,986

Balance Sheet data:
Total assets	$	8,172,529		$	621,614		$	8,794,143
Total liabilities		3,309,104			174,489			3,483,593
Total equity	$	4,863,425		$	447,125		$	5,310,550

	Period from November 24, 2014 to December 31, 2014
	Owned
(Amounts in thousands)	Properties			Other			Total
Income Statement data:
Revenues
Rental income	$	57,169		$	296		$	57,465
Tenant reimbursement income		5,865			-			5,865
Fee and other income		1,629			1,176			2,805
Total revenues		64,663			1,472			66,135
Total expenses		61,091			1,608			62,699
Operating income		3,572			(136	)		3,436
Income from real estate fund investments		-			1,412			1,412
Income from unconsolidated joint ventures		938			-			938
Unrealized gain on interest rate swaps		15,084			-			15,084
Interest and other income (loss), net		30			(209	)		(179	)
Interest and debt expense		(41,633	)		(2,110	)		(43,743	)
Formation related costs		-			(143,437	)		(143,437	)
Gain on consolidation of unconsolidated joint ventures		-			239,716			239,716
Net income (loss) before income taxes		(22,009	)		95,236			73,227
Income tax expense		(475	)		(30	)		(505	)
Net income (loss)		(22,484	)		95,206			72,722
Add:
Depreciation and amortization expense		34,378			103			34,481
General and administrative expenses		91			2,116			2,207
Interest and debt expense		41,633			2,110			43,743
Formation related costs		-			143,437			143,437
Income tax expense		475			30			505
NOI from unconsolidated joint ventures		1,680			-			1,680
Less:
Income from unconsolidated joint ventures		(938	)		-			(938	)
Fee income		-			(1,176	)		(1,176	)
Unrealized gain on interest rate swaps		(15,084	)		-			(15,084	)
Interest and other (income) loss, net		(30	)		209			179
Gain on consolidation of unconsolidated joint ventures		-			(239,716	)		(239,716	)
Net Operating Income ⁽¹⁾	$	39,721		$	2,319		$	42,040

Balance Sheet data:
Total assets	$	8,345,966		$	684,475		$	9,030,441
Total liabilities		3,350,798			124,690			3,475,488
Total equity	$	4,995,168		$	559,785		$	5,554,953

⁽¹⁾ Net Operating Income (“NOI”) is used to measure the operating performance of a property. NOI consists of property-related revenue (which includes rental revenue, tenant reimbursement income and certain other income) less operating expenses (which includes building expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI, and accordingly, our presentation of NOI may not be comparable to other real estate companies.

Predecessor [Member]

Schedule of Each Reportable Segment Information

The following tables provide selected results for each reportable segment for the period from January 1, 2014 to November 23, 2014 and the year ended December 31, 2013.

	Period from January 1, 2014 to November 23, 2014
	Owned			Managed			Management
(Amounts in thousands)	Properties			Funds			Company			Eliminations			Total
Income Statement data:
Revenues
Rental income	$	27,774		$	2,434		$	-		$	-		$	30,208
Tenant reimbursement income		1,646			-			-			-			1,646
Distributions from real estate fund investments		-			17,083			-			-			17,083
Realized and unrealized gains, net		-			129,354			-			-			129,354
Fee and other income		-			-			74,686			(25,588	)		49,098
Total revenues		29,420			148,871			74,686			(25,588	)		227,389
Total expenses		20,553			27,995			54,032			(25,588	)		76,992
Operating income		8,867			120,876			20,654			-			150,397
Income from unconsolidated joint ventures		4,241			-			48,683			(48,683	)		4,241
Unrealized loss on interest rate swaps		-			(673	)		-			-			(673	)
Interest and other income, net		2,004			388			87			-			2,479
Interest and debt expense		(11,157	)		(17,323	)		(105	)		-			(28,585	)
Net income before income taxes		3,955			103,268			69,319			(48,683	)		127,859
Income tax expense		-			-			(18,461	)		-			(18,461	)
Net income		3,955			103,268			50,858			(48,683	)		109,398
Net income attributable to noncontrolling interests		-			(87,888	)		-			-			(87,888	)
Net income attributable to the Predecessor	$	3,955		$	15,380		$	50,858		$	(48,683	)	$	21,510

	Year Ended December 31, 2013
	Owned			Managed			Management
(Amounts in thousands)	Properties			Funds			Company			Eliminations			Total
Income Statement data:
Revenues
Rental income	$	30,406		$	-		$	-		$	-		$	30,406
Tenant reimbursement income		1,821			-			-			-			1,821
Distributions from real estate fund investments		-			29,184			-			-			29,184
Realized and unrealized gains, net		-			332,053			-			-			332,053
Fee and other income		-			-			54,298			(27,872	)		26,426
Total revenues		32,227			361,237			54,298			(27,872	)		419,890
Total expenses		26,369			29,417			60,385			(27,872	)		88,299
Operating income (loss)		5,858			331,820			(6,087	)		-			331,591
Income from unconsolidated joint ventures		1,062			-			74,695			(74,695	)		1,062
Unrealized gain on interest rate swaps		-			1,615			-			-			1,615
Interest and other income, net		5,891			1,152			2,364			-			9,407
Interest and debt expense		(12,443	)		(17,219	)		(145	)		-			(29,807	)
Net income before income taxes		368			317,368			70,827			(74,695	)		313,868
Income tax expense		-			-			(11,029	)		-			(11,029	)
Net income		368			317,368			59,798			(74,695	)		302,839
Net income attributable to noncontrolling interests		-			(286,325	)		-			-			(286,325	)
Net income attributable to the Predecessor	$	368		$	31,043		$	59,798		$	(74,695	)	$	16,514


Balance Sheet data:
Total assets	$	552,474		$	2,329,153		$	373,173		$	(332,109	)	$	2,922,691
Total liabilities		350,884			508,481			96,596			(58,714	)		897,247
Total equity	$	201,590		$	1,820,672		$	276,577		$	(273,395	)	$	2,025,444