Segments

12 Months Ended

Dec. 31, 2018

25.

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 Net Operating Income (“NOI”) for each reportable segment for the periods set forth below.

	For the Year Ended December 31, 2018
(Amounts in thousands)	Total			New York			Washington, D.C.			San Francisco			Other
Property-related revenues	$	740,332		$	468,013		$	51,290		$	222,071		$	(1,042	)
Property-related operating expenses		(274,078	)		(188,008	)		(19,381	)		(60,043	)		(6,646	)
NOI from unconsolidated joint ventures		20,730			20,395			-			-			335
NOI⁽¹⁾	$	486,984		$	300,400		$	31,909		$	162,028		$	(7,353	)

	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	)

⁽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, lease termination 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 attributable to common stockholders for the periods set forth below.

	For the Year Ended December 31,
(Amounts in thousands)	2018			2017			2016
NOI	$	486,984		$	448,262		$	433,565
Add (subtract) adjustments to arrive to net income (loss):
Fee income		18,629			24,212			16,931
Depreciation and amortization expense		(258,225	)		(266,037	)		(269,450	)
General and administrative expenses		(57,563	)		(61,577	)		(53,510	)
Transaction related costs		(1,471	)		(2,027	)		(2,404	)
NOI from unconsolidated joint ventures		(20,730	)		(19,643	)		(17,195	)
Income from unconsolidated joint ventures		3,468			20,185			7,413
Loss from unconsolidated real estate funds		(269	)		(6,143	)		(498	)
Interest and other income (loss), net		8,117			(9,031	)		6,934
Interest and debt expense		(147,653	)		(143,762	)		(153,138	)
Loss on early extinguishment of debt		-			(7,877	)		(4,608	)
Real estate impairment loss		(46,000	)		-			-
Gain on sale of real estate		36,845			133,989			-
Unrealized gain on interest rate swaps		-			1,802			39,814
Net income before income taxes		22,132			112,353			3,854
Income tax expense		(3,139	)		(5,177	)		(1,785	)
Net income		18,993			107,176			2,069
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(8,182	)		10,365			(15,423	)
Consolidated real estate fund		(720	)		(19,797	)		1,316
Operating Partnership		(944	)		(11,363	)		2,104
Net income (loss) attributable to common stockholders	$	9,147		$	86,381		$	(9,934	)

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

(Amounts in thousands)
Total Assets as of:	Total		New York		Washington, D.C.		San Francisco		Other
December 31, 2018	$	8,755,978	$	5,583,022	$	305,980	$	2,388,094	$	478,882
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