24.

Segments

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 years ended December 31, 2017, 2016 and 2015.

	For the Year Ended December 31, 2017
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	694,755		$	430,548		$	72,143		$	191,677		$	387
Property-related operating expenses		(266,136	)		(180,855	)		(27,342	)		(50,906	)		(7,033	)
NOI from unconsolidated joint ventures		19,643			19,143			-			-			500
NOI⁽¹⁾	$	448,262		$	268,836		$	44,801		$	140,771		$	(6,146	)

	For the Year Ended December 31, 2016
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	666,410		$	449,794		$	86,389		$	127,813		$	2,414
Property-related operating expenses		(250,040	)		(176,445	)		(32,721	)		(30,889	)		(9,985	)
NOI from unconsolidated joint ventures		17,195			16,874			-			-			321
NOI⁽¹⁾	$	433,565		$	290,223		$	53,668		$	96,924		$	(7,250	)

	For the Year Ended December 31, 2015
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	652,160		$	452,842		$	82,366		$	114,472		$	2,480
Property-related operating expenses		(244,754	)		(174,273	)		(32,482	)		(29,277	)		(8,722	)
NOI from unconsolidated joint ventures		16,580			16,210			-			-			370
NOI⁽¹⁾	$	423,986		$	294,779		$	49,884		$	85,195		$	(5,872	)

⁽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 years ended December 31, 2017, 2016 and 2015.

	For the Year Ended December 31,
(Amounts in thousands)	2017			2016			2015
NOI	$	448,262		$	433,565		$	423,986
Add (subtract) adjustments to arrive to net income (loss):
Fee income		24,212			16,931			10,248
Depreciation and amortization expense		(266,037	)		(269,450	)		(294,624	)
General and administrative expenses		(61,577	)		(53,510	)		(42,056	)
Transaction related costs		(2,027	)		(2,404	)		(4,483	)
Transfer taxes due in connection with the sale of shares by a former joint venture partner		-			-			(5,872	)
NOI from unconsolidated joint ventures		(19,643	)		(17,195	)		(16,580	)
Income from unconsolidated joint ventures		20,185			7,413			6,850
Income from real estate fund investments		-			-			37,975
Loss from unconsolidated real estate funds		(6,143	)		(498	)		-
Interest and other (loss) income, net		(9,031	)		6,934			871
Interest and debt expense		(143,762	)		(153,138	)		(168,366	)
Loss on extinguishment of debt		(7,877	)		(4,608	)		-
Gain on sale of real estate		133,989			-			-
Unrealized gain on interest rate swaps		1,802			39,814			75,760
Net income before income taxes		112,353			3,854			23,709
Income tax expense		(5,177	)		(1,785	)		(2,566	)
Net income		107,176			2,069			21,143
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		10,365			(15,423	)		(5,459	)
Consolidated real estate funds		(19,797	)		1,316			(21,173	)
Operating Partnership		(11,363	)		2,104			1,070
Net income (loss) attributable to common stockholders	$	86,381		$	(9,934	)	$	(4,419	)

Total Assets as of:	Total		New York		Washington, D.C.		San Francisco		Other
December 31, 2017	$	8,917,661	$	5,511,061	$	693,408	$	2,421,173	$	292,019
December 31, 2016		8,867,168		5,617,344		1,075,350		1,913,747		260,727
December 31, 2015		8,794,143		5,702,288		1,082,093		1,391,725		618,037