Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

Segment Information

NOTE 9: SEGMENT INFORMATION

We have three reportable segments: office, retail and multifamily. Office buildings provide office space for various types of businesses and professions. Retail shopping centers are typically grocery store-anchored neighborhood centers that include other small shop tenants or regional power centers with several junior box tenants. Multifamily properties provide rental housing for individuals and families throughout the Washington metropolitan area.

We evaluate performance based upon operating income from the combined properties in each segment. Our reportable operating segments are consolidations of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing segments’ performance. Net operating income is a key measurement of our segment profit and loss. Net operating income is defined as segment real estate rental revenue less segment real estate expenses.

The following tables present revenues, net operating income, capital expenditures and total assets for the 2015 and 2014 Quarters and Periods from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands):

	Three Months Ended June 30, 2015
	Office		Retail		Multifamily		Corporate and Other		Consolidated
Real estate rental revenue	$	43,143	$	15,740	$	15,343	$	—	$	74,226
Real estate expenses	16,842		3,702		6,685		—		27,229
Net operating income	$	26,301	$	12,038	$	8,658	$	—	$	46,997
Depreciation and amortization									(25,503		)
General and administrative									(4,306		)
Acquisition costs									(992		)
Interest expense									(14,700		)
Other income									192
Gain on sale of real estate									1,454
Real estate impairment									(5,909		)
Loss on extinguishment of debt									(119		)
Net loss									(2,886		)
Less: Net loss attributable to noncontrolling interests in subsidiaries									340
Net loss attributable to the controlling interests									$	(2,546	)
Capital expenditures	$	6,092	$	649	$	869	$	460	$	8,070
Total assets	$	1,273,695	$	376,178	$	393,347	$	46,974	$	2,090,194

	Three Months Ended June 30, 2014
	Office		Retail		Multifamily		Corporate and Other		Consolidated
Real estate rental revenue	$	41,876	$	14,759	$	15,619	$	—	$	72,254
Real estate expenses	15,817		3,237		6,474		—		25,528
Net operating income	$	26,059	$	11,522	$	9,145	$	—	$	46,726
Depreciation and amortization									(24,401		)
Acquisition costs									(1,933		)
General and administrative									(4,828		)
Interest expense									(14,985		)
Other income									219
Gain on sale of real estate									570
Discontinued operations:
Loss on sale of real estate									(288		)
Net income									1,080
Less: Net loss attributable to noncontrolling interests in subsidiaries									7
Net income attributable to the controlling interests									$	1,087
Capital expenditures	$	14,467	$	1,010	$	3,101	$	24	$	18,602
Total assets	$	1,273,404	$	337,513	$	397,454	$	51,778	$	2,060,149