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Segments Disclosure
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Segments Disclosure

20.

Segments Disclosure

 

 

Our determination of segments is primarily based on our method of internal reporting. On January 1, 2016, as a result of certain organizational and operational changes, we redefined our reportable segments to align it with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. Accordingly, our reportable segments were separated by region based on the three regions in which we conduct our business: New York, Washington, D.C. and San Francisco. In connection therewith, we have reclassified the prior period segment financial data to conform to the current year presentation.

 

The following tables provide NOI for each reportable segment for the three months ended March 31, 2016 and 2015.

 

 

 

 

For the Three Months Ended March 31, 2016

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

Washington, D.C.

 

 

San Francisco

 

 

Other

 

Property-related revenues

 

$

169,501

 

 

$

119,303

 

 

$

19,982

 

 

$

29,619

 

 

$

597

 

Property-related operating expenses

 

 

(62,945

)

 

 

(44,137

)

 

 

(8,275

)

 

 

(7,173

)

 

 

(3,360

)

NOI from unconsolidated

     joint ventures and funds

 

 

4,428

 

 

 

4,347

 

 

 

-

 

 

 

-

 

 

 

81

 

NOI (1)

 

$

110,984

 

 

$

79,513

 

 

$

11,707

 

 

$

22,446

 

 

$

(2,682

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2015

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

Washington, D.C.

 

 

San Francisco

 

 

Other

 

Property-related revenues

 

$

159,691

 

 

$

113,953

 

 

$

19,151

 

 

$

25,816

 

 

$

771

 

Property-related operating expenses

 

 

(61,884

)

 

 

(44,784

)

 

 

(7,777

)

 

 

(6,777

)

 

 

(2,546

)

NOI from unconsolidated

     joint ventures and funds

 

 

3,781

 

 

 

3,736

 

 

 

-

 

 

 

-

 

 

 

45

 

NOI (1)

 

$

101,588

 

 

$

72,905

 

 

$

11,374

 

 

$

19,039

 

 

$

(1,730

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________

(1)

Net Operating Income (“NOI”) is used to measure the operating performance of a property. NOI consists of property-related revenue (which includes rental income, 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.

 


The following table provides a reconciliation of NOI to net loss attributable to common stockholders for the three months ended March 31, 2016 and 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

(Amounts in thousands)

 

 

2016

 

 

2015

 

NOI

 

 

$

110,984

 

 

$

101,588

 

Add (subtract) adjustments to arrive to net loss:

 

 

 

 

 

 

 

 

 

Fee income

 

 

 

3,417

 

 

 

1,535

 

Depreciation and amortization expense

 

 

 

(74,812

)

 

 

(73,583

)

General and administrative expenses

 

 

 

(13,961

)

 

 

(12,613

)

Acquisition and transaction related costs

 

 

 

(935

)

 

 

(1,139

)

NOI from unconsolidated joint ventures and funds

 

 

 

(4,428

)

 

 

(3,781

)

Income from unconsolidated joint ventures

 

 

 

1,496

 

 

 

975

 

Income from real estate fund investments

 

 

 

-

 

 

 

5,221

 

Loss from unconsolidated real estate funds

 

 

 

(326

)

 

 

-

 

Interest and investment income, net

 

 

 

1,700

 

 

 

854

 

Interest and debt expense

 

 

 

(37,119

)

 

 

(41,888

)

Unrealized gain on interest rate swap

 

 

 

6,860

 

 

 

11,978

 

Net loss before income taxes

 

 

 

(7,124

)

 

 

(10,853

)

Income tax expense

 

 

 

(363

)

 

 

(574

)

Net loss

 

 

 

(7,487

)

 

 

(11,427

)

Less: net (income) loss attributable to noncontrolling interests in :

 

 

 

 

 

 

 

 

 

Consolidated real estate funds

 

 

 

674

 

 

 

(2,209

)

Consolidated joint ventures

 

 

 

(1,252

)

 

 

1,541

 

Operating Partnership

 

 

 

1,571

 

 

 

2,364

 

Net loss attributable to common stockholders

 

 

$

(6,494

)

 

$

(9,731

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table provides the selected balance sheet data for each of our reportable segments as of March 31, 2016.

 

(Amounts in thousands)

 

As of March 31, 2016

 

Balance Sheet Data:

 

Total

 

 

New York

 

 

Washington, D.C.

 

 

San Francisco

 

 

Other

 

Total Assets

 

$

8,404,057

 

 

$

5,625,762

 

 

$

1,071,389

 

 

$

1,383,404

 

 

$

323,502

 

Total Liabilities

 

 

3,502,746

 

 

 

1,885,719

 

 

 

410,638

 

 

 

1,000,217

 

 

 

206,172

 

Total Equity

 

$

4,901,311

 

 

$

3,740,043

 

 

$

660,751

 

 

$

383,187

 

 

$

117,330