Segment Reporting

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company’s reporting segments are based on the Company’s method of internal reporting which classifies its operations into two reporting segments: (i) office properties, and (ii) media and entertainment properties. The Company evaluates performance based upon property net operating income from continuing operations (“NOI”) of the combined properties in each segment. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental financial measure to net income because it helps both investors and management to understand the core operations of the Company’s properties. The Company defines NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees and property-level general and administrative expenses). NOI excludes corporate general and administrative expenses, depreciation and amortization, impairments, gain/loss on sale of real estate, interest expense, acquisition-related expenses and other non-operating items.

Summary information for the reportable segments for the three months ended March 31, 2012 is as follows:

	Office Properties		Media and  Entertainment Properties		Total
Revenue	$	29,868	$	8,363	$	38,231
Operating expenses	11,356		4,770		16,126
Net operating income	$	18,512	$	3,593	$	22,105

Summary information for the reportable segments for the three months ended March 31, 2011 is as follows:

	Office Properties		Media and  Entertainment Properties		Total
Revenue	$	25,632	$	9,172	$	34,804
Operating expenses	10,274		5,179		15,453
Net operating income	$	15,358	$	3,993	$	19,351

The following is reconciliation from NOI to reported net income, the most direct comparable financial measure calculated and presented in accordance with GAAP:

	March 31, 2012			March 31, 2011
Net operating income	$	22,105		$	19,351
General and administrative	(4,514		)	(3,146		)
Depreciation and amortization	(12,132		)	(11,361		)
Interest expense	(4,891		)	(4,642		)
Interest income	5			8
Acquisition-related expenses	(61		)	—
Other expense	(44		)	(117		)
Net Income	$	468		$	93

There were no intersegment sales or transfers during either of the three month periods ended March 31, 2012 and 2011.