Segment Reporting

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes.  We operate in two business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate.  The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental.  The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources.  Therefore, depreciation and amortization expense is not allocated among segments.  General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The table below presents the operating activity of our reportable segments:

(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Office Segment
Total office revenues	$	188,895	$	205,900	$	585,773	$	605,379
Office expenses	(68,956)		(68,754)		(198,921)		(196,511)
Office segment profit	119,939		137,146		386,852		408,868
Multifamily Segment
Total multifamily revenues	28,092		32,169		90,360		87,410
Multifamily expenses	(9,313)		(9,127)		(27,525)		(24,394)
Multifamily segment profit	18,779		23,042		62,835		63,016
Total profit from all segments	$	138,718	$	160,188	$	449,687	$	471,884

The table below presents a reconciliation of the total profit from all segments to net income attributable to common stockholders:

(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Total profit from all segments	$	138,718	$	160,188	$	449,687	$	471,884
General and administrative expenses	(9,469)		(9,218)		(29,667)		(28,209)
Depreciation and amortization	(94,952)		(90,279)		(291,494)		(248,876)
Other income	654		2,952		2,968		8,742
Other expenses	(788)		(1,656)		(2,662)		(5,308)
Income from unconsolidated Funds	145		1,831		328		5,589
Interest expense	(36,167)		(40,397)		(106,777)		(107,753)
Net (loss) income	(1,859)		23,421		22,383		96,069
Less: Net loss (income) attributable to noncontrolling interests	5,632		(933)		10,343		(10,914)
Net income attributable to common stockholders	$	3,773	$	22,488	$	32,726	$	85,155