SEGMENT DISCLOSURE (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of our segments for the three and nine months ended September 30, 2020 and 2019 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Office:
Revenues	$	13,529	$	16,885	$	42,189	$	72,380
Property expenses:
Operating	6,026		7,205		17,338		29,677
General and administrative	61		41		397		397
Total property expenses	6,087		7,246		17,735		30,074
Segment net operating income—office	7,442		9,639		24,454		42,306
Hotel:
Revenues	1,762		8,511		11,129		29,430
Property expenses:
Operating	2,796		6,081		11,491		19,520
General and administrative	35		31		54		108
Total property expenses	2,831		6,112		11,545		19,628
Segment net operating (loss) income—hotel	(1,069)		2,399		(416)		9,802
Lending:
Revenues	1,981		2,411		5,963		8,312
Lending expenses:
Interest expense	170		365		650		1,483
Expense reimbursements to related parties	901		652		2,581		1,840
General and administrative	641		505		1,562		1,343
Total lending expenses	1,712		1,522		4,793		4,666
Segment net operating income—lending	269		889		1,170		3,646
Total segment net operating income	$	6,642	$	12,927	$	25,208	$	55,754

Schedule of Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company

A reconciliation of our segment net operating income to net income attributable to the Company for the three and nine months ended September 30, 2020 and 2019 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Total segment net operating income	$	6,642	$	12,927	$	25,208	$	55,754
Interest and other income	62		1,408		98		3,226
Asset management and other fees to related parties	(2,387)		(2,699)		(7,408)		(10,496)
Expense reimbursements to related parties—corporate	(639)		(630)		(2,066)		(1,819)
Interest expense	(2,473)		(2,038)		(8,056)		(7,515)
General and administrative	(999)		(807)		(3,125)		(2,945)
Transaction costs	—		(340)		—		(600)
Depreciation and amortization	(5,273)		(5,180)		(15,728)		(21,995)
Loss on early extinguishment of debt	(281)		—		(281)		(29,982)
Impairment of real estate	—		—		—		(69,000)
Gain on sale of real estate	—		302		—		433,104
(Loss) income before benefit (provision) for income taxes	(5,348)		2,943		(11,358)		347,732
Benefit (provision) for income taxes	18		(87)		731		(686)
Net (loss) income	(5,330)		2,856		(10,627)		347,046
Net loss (income) attributable to noncontrolling interests	7		(8)		1		165
Net (loss) income attributable to the Company	$	(5,323)	$	2,848	$	(10,626)	$	347,211

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of September 30, 2020 and December 31, 2019, along with capital expenditures and loan originations for the nine months ended September 30, 2020 and 2019, are as follows:


	September 30, 2020		December 31, 2019
	(in thousands)
Condensed assets:
Office	$	468,858	$	460,951
Hotel	101,234		104,029
Lending	103,577		82,140
Non-segment assets	14,444		20,472
Total assets	$	688,113	$	667,592

Schedule of Segment Capital Expenditures and Loan Originations


	Nine Months Ended September 30,
	2020		2019
	(in thousands)
Capital expenditures (1):
Office	$	7,793	$	9,500
Hotel	801		1,846
Total capital expenditures	8,594		11,346
Loan originations	48,179		27,421
Total capital expenditures and loan originations	$	56,773	$	38,767

(1)Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.