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Segments (Tables)
 12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Schedule of NOI for Each Reportable Segment Information

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.
Schedule of Reconciliation of NOI to Net Income (Loss) Income Attributable to Common Stockholders

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

)

 
Schedule of Selected Balance Sheet Data for Each Reportable Segments Information

 

 

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