Segments Disclosure

6 Months Ended

Jun. 30, 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 period presentation.

The following tables provide NOI for each reportable segment for the three and six months ended June 30, 2016 and 2015.

	For the Three Months Ended June 30, 2016
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	168,128		$	114,351		$	21,478		$	31,702		$	597
Property-related operating expenses		(59,994	)		(42,543	)		(8,094	)		(7,259	)		(2,098	)
NOI from unconsolidated joint ventures		4,536			4,456			-			-			80
NOI (1)	$	112,670		$	76,264		$	13,384		$	24,443		$	(1,421	)
	For the Three Months Ended June 30, 2015
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	161,148		$	110,718		$	21,014		$	28,848		$	568
Property-related operating expenses		(57,781	)		(40,919	)		(7,927	)		(7,017	)		(1,918	)
NOI from unconsolidated joint ventures		4,278			4,138			-			-			140
NOI (1)	$	107,645		$	73,937		$	13,087		$	21,831		$	(1,210	)
	For the Six Months Ended June 30, 2016
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	337,629		$	233,654		$	41,460		$	61,321		$	1,194
Property-related operating expenses		(122,939	)		(86,680	)		(16,369	)		(14,432	)		(5,458	)
NOI from unconsolidated joint ventures		8,964			8,803			-			-			161
NOI (1)	$	223,654		$	155,777		$	25,091		$	46,889		$	(4,103	)
	For the Six Months Ended June 30, 2015
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	320,839		$	224,671		$	40,165		$	54,664		$	1,339
Property-related operating expenses		(119,665	)		(85,703	)		(15,704	)		(13,794	)		(4,464	)
NOI from unconsolidated joint ventures		8,059			7,874			-			-			185
NOI (1)	$	209,233		$	146,842		$	24,461		$	40,870		$	(2,940	)

⁽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 income (loss) attributable to common stockholders for the three and six months ended June 30, 2016 and 2015.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(Amounts in thousands)	2016			2015			2016			2015
NOI	$	112,670		$	107,645		$	223,654		$	209,233
Add (subtract) adjustments to arrive to net income (loss):
Fee income		4,175			1,780			7,592			3,315
Depreciation and amortization expense		(67,287	)		(79,421	)		(142,099	)		(153,004	)
General and administrative expenses		(12,139	)		(9,133	)		(26,100	)		(21,746	)
Acquisition and transaction related costs		(508	)		(2,336	)		(1,443	)		(3,475	)
Transfer taxes due in connection with the sale of shares    by a former joint venture partner		-			(5,872	)		-			(5,872	)
NOI from unconsolidated joint ventures		(4,536	)		(4,278	)		(8,964	)		(8,059	)
Income from unconsolidated joint ventures		2,003			2,011			3,499			2,986
Income from real estate fund investments		-			14,072			-			19,293
Loss from unconsolidated real estate funds		(960	)		-			(1,286	)		-
Interest and other income, net		1,030			512			2,730			1,366
Interest and debt expense		(38,009	)		(42,236	)		(75,128	)		(84,124	)
Unrealized gain on interest rate swap		10,073			21,747			16,933			33,725
Net income (loss) before income taxes		6,512			4,491			(612	)		(6,362	)
Income tax benefit (expense)		1,398			(1,343	)		1,035			(1,917	)
Net income (loss)		7,910			3,148			423			(8,279	)
Less: net (income) loss attributable to    noncontrolling interests in:
Consolidated real estate funds		78			(6,532	)		752			(8,741	)
Consolidated joint ventures		(4,107	)		(2,472	)		(5,359	)		(931	)
Operating Partnership		(693	)		1,147			878			3,511
Net income (loss) attributable to common stockholders	$	3,188		$	(4,709	)	$	(3,306	)	$	(14,440	)

The following table provides the selected balance sheet data for each of our reportable segments as of June 30, 2016.

(Amounts in thousands)	As of June 30, 2016
Balance Sheet Data:	Total		New York		Washington, D.C.		San Francisco		Other
Total assets	$	8,408,209	$	5,654,039	$	1,069,334	$	1,376,389	$	308,447
Total liabilities	$	3,535,266	$	1,954,115	$	405,416	$	987,495	$	188,240
Total equity	$	4,872,943	$	3,699,924	$	663,918	$	388,894	$	120,207