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Segment Information (Tables)
3 Months Ended
Mar. 31, 2014
Segment Information  
Schedule of property level information by geographic region and property type, property square feet

 

 

 

 

As of March 31,

 

 

 

2014

 

2013

 

Square feet (in thousands):

 

 

 

 

 

CBD properties

 

21,889

 

22,146

 

Suburban properties

 

21,024

 

46,091

 

Total properties

 

42,913

 

68,237

 

 

 

 

Three Months Ended March 31,

 

 

 

2014

 

2013

 

Rental income:

 

 

 

 

 

CBD properties

 

$

110,239

 

$

112,171

 

Suburban properties

 

61,801

 

99,129

 

Total properties

 

$

172,040

 

$

211,300

 

 

 

 

 

 

 

Tenant reimbursements and other income:

 

 

 

 

 

CBD properties

 

$

30,241

 

$

31,108

 

Suburban properties

 

14,979

 

20,204

 

Total properties

 

$

45,220

 

$

51,312

 

 

 

 

 

 

 

NOI:

 

 

 

 

 

CBD properties

 

$

73,170

 

$

78,985

 

Suburban properties

 

42,359

 

79,497

 

Total properties

 

$

115,529

 

$

158,482

 

Schedule of reconciliation of NOI to net income

 

 

 

 

Three Months Ended March 31,

 

 

 

2014

 

2013

 

Rental income

 

$

172,040

 

$

211,300

 

Tenant reimbursements and other income

 

45,220

 

51,312

 

Operating expenses

 

(101,731

)

(104,130

)

NOI

 

$

115,529

 

$

158,482

 

 

 

 

 

 

 

NOI

 

$

115,529

 

$

158,482

 

Depreciation and amortization

 

(51,649

)

(62,570

)

General and administrative

 

(24,848

)

(16,663

)

Reversal of loss on asset impairment

 

4,761

 

 

Acquisition related costs

 

(5

)

(628

)

Operating income

 

43,788

 

78,621

 

 

 

 

 

 

 

Interest and other income

 

384

 

455

 

Interest expense

 

(37,935

)

(51,896

)

Loss on early extinguishment of debt

 

 

(60,027

)

Gain on sale of equity investment

 

 

66,293

 

Gain on issuance of shares by an equity investee

 

109

 

 

Income from continuing operations before income tax expense and equity in earnings of investees

 

6,346

 

33,446

 

Income tax expense

 

(555

)

(988

)

Equity in earnings of investees

 

10,934

 

4,262

 

Income from continuing operations

 

16,725

 

36,720

 

Income (loss) from discontinued operations

 

4,011

 

(6

)

Loss on asset impairment from discontinued operations

 

(288

)

(3,946

)

Gain on sale of properties from discontinued operations

 

 

1,260

 

Income before gain on sale of properties

 

20,448

 

34,028

 

Gain on sale of properties

 

 

1,596

 

Net income

 

$

20,448

 

$

35,624