XML 20 R48.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Schedule of Property Level Information by Geographic Region and Property Type, Property Square Feet
At December 31, 2014, our portfolio included the following (square feet in thousands):
 
Number of Properties
 
Number of Buildings
 
Square Feet
CBD locations
40

 
53

 
21,892

Suburban locations
116

 
209

 
21,027

Total portfolio
156

 
262

 
42,919

Property level information by operating segment as of December 31, 2014 and 2013, excluding assets held for sale as of December 31, 2013, and for the years ended December 31, 2014, 2013 and 2012, is as follows (in thousands):
 
As of December 31,
 
2014
 
2013
Square feet (in thousands):
 

 
 

CBD properties
21,892

 
21,889

Suburban properties
21,027

 
21,026

Total properties(1)
42,919

 
42,915

(1) The change in total square feet from December 31, 2013 to 2014 is a result of remeasuring certain spaces.
 
As of December 31,
 
2014
 
2013
Investment in real estate properties, net of accumulated depreciation
 

 
 

CBD properties
$
2,966,926

 
$
3,001,397

Suburban properties
1,731,072

 
1,640,709

Total properties
$
4,697,998

 
$
4,642,106

 
Year Ended December 31,
 
2014
 
2013
 
2012
Rental income:
 

 
 

 
 

CBD properties
$
436,426

 
$
439,716

 
$
423,453

Suburban properties
255,273

 
323,546

 
351,147

Total properties
$
691,699

 
$
763,262

 
$
774,600

Tenant reimbursements and other income:
 

 
 

 
 

CBD properties
$
112,481

 
$
120,352

 
$
116,326

Suburban properties
57,677

 
69,415

 
70,161

Total properties
$
170,158

 
$
189,767

 
$
186,487

NOI:
 

 
 

 
 

CBD properties
$
289,141

 
$
294,306

 
$
290,810

Suburban properties
184,734

 
248,678

 
272,604

Total properties
$
473,875

 
$
542,984

 
$
563,414
Schedule of Reconciliation of NOI to Net Income
A reconciliation of NOI to net income (loss) for the years ended December 31, 2014, 2013 and 2012 is as follows:
 
Year Ended December 31,
 
2014
 
2013
 
2012
Rental income
$
691,699

 
$
763,262

 
$
774,600

Tenant reimbursements and other income
170,158

 
189,767

 
186,487

Operating expenses
(387,982
)
 
(410,045
)
 
(397,673
)
NOI
$
473,875

 
$
542,984

 
$
563,414

 
 
 
 
 
 
NOI
$
473,875

 
$
542,984

 
$
563,414

Depreciation and amortization
(227,532
)
 
(234,402
)
 
(230,284
)
General and administrative
(113,155
)
 
(80,504
)
 
(49,312
)
Loss on asset impairment
(185,067
)
 
(124,253
)
 
—

Acquisition related costs
(5
)
 
(318
)
 
(5,648
)
Operating (loss) income
(51,884
)
 
103,507

 
278,170

Interest and other income
1,561

 
1,229

 
1,410

Interest expense
(143,230
)
 
(173,011
)
 
(202,055
)
Gain (loss) on early extinguishment of debt
4,909

 
(60,052
)
 
(287
)
Gain on sale of equity investment
171,561

 
66,293

 
—

Gain on issuance of shares by an equity investee
17,020

 
—

 
7,246

Income (loss) from continuing operations before income tax expense and equity in earnings of investees
(63
)
 
(62,034
)
 
84,484

Income tax expense
(3,191
)
 
(2,634
)
 
(3,207
)
Equity in earnings of investees
24,460

 
25,754

 
11,420

Income (loss) from continuing operations
21,206

 
(38,914
)
 
92,697

Income (loss) from discontinued operations
8,389

 
6,393

 
(4,341
)
Loss on asset impairment from discontinued operations
(2,238
)
 
(102,869
)
 
(168,632
)
Loss on early extinguishment of debt from discontinued operations
(3,345
)
 
(1,011
)
 
(1,608
)
Net (loss) gain on sale of properties from discontinued operations
—

 
(22,162
)
 
2,039

Income (loss) before gain on sale of properties
24,012

 
(158,563
)
 
(79,845
)
Gain on sale of properties
—

 
1,596

 
—

Net income (loss)
$
24,012

 
$
(156,967
)
 
$
(79,845
)