Segments (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2018 and 2017.

	For the Three Months Ended September 30, 2018
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	188,517		$	118,539		$	12,685		$	57,568		$	(275	)
Property-related operating expenses		(69,811	)		(48,257	)		(4,782	)		(15,206	)		(1,566	)
NOI from unconsolidated joint ventures		4,448			4,356			-			-			92
NOI⁽¹⁾	$	123,154		$	74,638		$	7,903		$	42,362		$	(1,749	)

	For the Three Months Ended September 30, 2017
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	173,936		$	109,493		$	14,986		$	49,758		$	(301	)
Property-related operating expenses		(68,264	)		(46,609	)		(5,887	)		(14,164	)		(1,604	)
NOI from unconsolidated joint ventures		4,993			4,815			-			-			178
NOI⁽¹⁾	$	110,665		$	67,699		$	9,099		$	35,594		$	(1,727	)


	For the Nine Months Ended September 30, 2018
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	555,333		$	347,720		$	43,569		$	164,811		$	(767	)
Property-related operating expenses		(206,435	)		(140,710	)		(16,363	)		(44,370	)		(4,992	)
NOI from unconsolidated joint ventures		13,757			13,514			-			-			243
NOI⁽¹⁾	$	362,655		$	220,524		$	27,206		$	120,441		$	(5,516	)


	For the Nine Months Ended September 30, 2017
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	518,872		$	321,419		$	56,911		$	139,898		$	644
Property-related operating expenses		(197,696	)		(134,657	)		(21,376	)		(35,889	)		(5,774	)
NOI from unconsolidated joint ventures		14,774			14,406			-			-			368
NOI⁽¹⁾	$	335,950		$	201,168		$	35,535		$	104,009		$	(4,762	)

⁽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 income (loss) attributable to common stockholders for the periods set forth below.

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(Amounts in thousands)	2018			2017			2018			2017
NOI	$	123,154		$	110,665		$	362,655		$	335,950
Add (subtract) adjustments to arrive to net income (loss):
Fee income		4,079			5,834			12,953			19,838
Depreciation and amortization expense		(64,610	)		(66,515	)		(194,541	)		(198,143	)
General and administrative expenses		(14,452	)		(14,470	)		(44,278	)		(44,624	)
Transaction related costs		(450	)		(274	)		(863	)		(1,051	)
NOI from unconsolidated joint ventures		(4,448	)		(4,993	)		(13,757	)		(14,774	)
Income from unconsolidated joint ventures		472			671			2,931			19,143
Loss from unconsolidated real estate funds		(188	)		(3,930	)		(268	)		(6,053	)
Interest and other income (loss), net		2,778			(17,668	)		6,888			(11,982	)
Interest and debt expense		(37,105	)		(35,733	)		(109,996	)		(107,568	)
Loss on early extinguishment of debt		-			-			-			(7,877	)
Real estate impairment loss		-			-			(46,000	)		-
Gain on sale of real estate		36,845			-			36,845			133,989
Unrealized gain on interest rate swaps		-			-			-			1,802
Net income (loss) before income taxes		46,075			(26,413	)		12,569			118,650
Income tax (expense) benefit		(1,814	)		1,010			(2,171	)		(4,242	)
Net income (loss)		44,261			(25,403	)		10,398			114,408
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(2,713	)		14,217			(5,520	)		11,029
Consolidated real estate fund		(86	)		(114	)		(668	)		(20,195	)
Operating Partnership		(3,931	)		1,086			(381	)		(12,068	)
Net income (loss) attributable to common stockholders	$	37,531		$	(10,214	)	$	3,829		$	93,174

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
September 30, 2018	$	8,941,237	$	5,573,623	$	444,154	$	2,406,334	$	517,126
December 31, 2017		8,917,661		5,511,061		693,408		2,421,173		292,019