Segments Disclosure

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segments Disclosure

21. Segments Disclosure

Our reportable segments are separated by region based on the three regions in which we conduct our business: New York, Washington, D.C. and San Francisco. Our determination of segments is aligned 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.

The following tables provide NOI for each reportable segment for the three months ended March 31, 2017 and 2016.

	For the Three Months Ended March 31, 2017
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	171,680		$	105,324		$	23,787		$	41,939		$	630
Property-related operating expenses		(65,971	)		(44,759	)		(8,924	)		(10,605	)		(1,683	)
NOI from unconsolidated joint ventures		4,823			4,753			-			-			70
NOI (1)	$	110,532		$	65,318		$	14,863		$	31,334		$	(983	)
	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		4,428			4,347			-			-			81
NOI (1)	$	110,984		$	79,513		$	11,707		$	22,446		$	(2,682	)

⁽¹⁾ Net Operating Income (“NOI”) is used to measure the operating performance of our properties. 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 months ended March 31, 2017 and 2016.

	For the Three Months Ended March 31,
(Amounts in thousands)	2017			2016
NOI	$	110,532		$	110,984
Add (subtract) adjustments to arrive to net income (loss):
Fee income		9,556			3,417
Depreciation and amortization expense		(62,992	)		(74,812	)
General and administrative expenses		(13,581	)		(13,961	)
Transaction related costs		(275	)		(935	)
NOI from unconsolidated joint ventures		(4,823	)		(4,428	)
Income from unconsolidated joint ventures		1,937			1,496
Income (loss) from unconsolidated real estate funds		288			(326	)
Interest and other income, net		3,200			1,700
Interest and debt expense		(39,733	)		(37,119	)
Unrealized gain on interest rate swaps		1,802			6,860
Net income (loss) before income taxes		5,911			(7,124	)
Income tax expense		(4,282	)		(363	)
Net income (loss)		1,629			(7,487	)
Less: net (income) loss attributable to    noncontrolling interests in:
Consolidated real estate fund		88			674
Consolidated joint ventures		(1,291	)		(1,252	)
Operating Partnership		(54	)		1,571
Net income (loss) attributable to common stockholders	$	372		$	(6,494	)

The following table provides the selected balance sheet data for each of our reportable segments as of March 31, 2017.

(Amounts in thousands)	As of March 31, 2017
Balance Sheet Data:	Total		New York		Washington, D.C.		San Francisco		Other
Total assets	$	8,885,514	$	5,589,690	$	1,068,604	$	1,926,290	$	300,930
Total liabilities		4,040,156		2,449,369		214,273		1,050,151		326,363
Total equity		4,845,358		3,140,321		854,331		876,139		(25,433	)