Segments (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of NOI for Each Reportable Segment Information

The following tables provide Net Operating Income (“NOI”) for each reportable segment for the three and six months ended June 30, 2018 and 2017.

	For the Three Months Ended June 30, 2018
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	186,010		$	115,536		$	15,435		$	55,344		$	(305	)
Property-related operating expenses		(67,646	)		(45,292	)		(5,736	)		(15,048	)		(1,570	)
NOI from unconsolidated joint ventures		4,569			4,493			-			-			76
NOI⁽¹⁾	$	122,933		$	74,737		$	9,699		$	40,296		$	(1,799	)

	For the Three Months Ended June 30, 2017
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	173,256		$	106,602		$	18,138		$	48,201		$	315
Property-related operating expenses		(63,461	)		(43,289	)		(6,565	)		(11,120	)		(2,487	)
NOI from unconsolidated joint ventures		4,958			4,838			-			-			120
NOI⁽¹⁾	$	114,753		$	68,151		$	11,573		$	37,081		$	(2,052	)


	For the Six Months Ended June 30, 2018
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	366,816		$	229,181		$	30,884		$	107,243		$	(492	)
Property-related operating expenses		(136,624	)		(92,453	)		(11,581	)		(29,164	)		(3,426	)
NOI from unconsolidated joint ventures		9,309			9,158			-			-			151
NOI⁽¹⁾	$	239,501		$	145,886		$	19,303		$	78,079		$	(3,767	)


	For the Six Months Ended June 30, 2017
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	344,936		$	211,926		$	41,925		$	90,140		$	945
Property-related operating expenses		(129,432	)		(88,048	)		(15,489	)		(21,725	)		(4,170	)
NOI from unconsolidated joint ventures		9,781			9,591			-			-			190
NOI⁽¹⁾	$	225,285		$	133,469		$	26,436		$	68,415		$	(3,035	)

⁽¹⁾

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) Attributable to Common Stockholders

The following table provides a reconciliation of NOI to net (loss) income attributable to common stockholders for the periods set forth below.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(Amounts in thousands)	2018			2017			2018			2017
NOI	$	122,933		$	114,753		$	239,501		$	225,285
Add (subtract) adjustments to arrive to net income:
Fee income		5,409			4,448			8,874			14,004
Depreciation and amortization expense		(64,775	)		(68,636	)		(129,931	)		(131,628	)
General and administrative expenses		(17,195	)		(16,573	)		(29,826	)		(30,154	)
Transaction related costs		(293	)		(502	)		(413	)		(777	)
NOI from unconsolidated joint ventures		(4,569	)		(4,958	)		(9,309	)		(9,781	)
Income from unconsolidated joint ventures		2,521			16,535			2,459			18,472
Loss from unconsolidated real estate funds		(14	)		(2,411	)		(80	)		(2,123	)
Interest and other income, net		2,094			2,486			4,110			5,686
Interest and debt expense		(36,809	)		(34,817	)		(72,891	)		(71,835	)
Loss on early extinguishment of debt		-			(5,162	)		-			(7,877	)
Real estate impairment loss		(46,000	)		-			(46,000	)		-
Gain on sale of real estate		-			133,989			-			133,989
Unrealized gain on interest rate swaps		-			-			-			1,802
Net (loss) income before income taxes		(36,698	)		139,152			(33,506	)		145,063
Income tax benefit (expense)		120			(970	)		(357	)		(5,252	)
Net (loss) income		(36,578	)		138,182			(33,863	)		139,811
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(1,752	)		(1,897	)		(2,807	)		(3,188	)
Consolidated real estate fund		(152	)		(20,169	)		(582	)		(20,081	)
Operating Partnership		3,666			(13,100	)		3,550			(13,154	)
Net (loss) income attributable to common stockholders	$	(34,816	)	$	103,016		$	(33,702	)	$	103,388

Schedule of Total Assets for Each Reportable Segments Information

The following table provides the total assets for each of our reportable segments as of the periods set forth below.

(Amounts in thousands)
Total Assets as of:	Total		New York		Washington, D.C.		San Francisco		Other
June 30, 2018	$	8,915,913	$	5,518,698	$	638,793	$	2,419,887	$	338,535
December 31, 2017		8,917,661		5,511,061		693,408		2,421,173		292,019