SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Net Operating Income of Reportable Segments

The net operating income of our segments for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Office:
Revenues	$	55,468	$	86,948	$	147,811
Property expenses:
Operating	23,485		36,638		54,654
General and administrative	490		521		2,350
Total property expenses	23,975		37,159		57,004
Segment net operating income—office	31,493		49,789		90,807
Hotel:
Revenues	13,314		38,748		38,789
Property expenses:
Operating	14,059		26,290		25,263
General and administrative	64		134		32
Total property expenses	14,123		26,424		25,295
Segment net operating (loss) income—hotel	(809)		12,324		13,494
Lending:
Revenues	8,322		10,964		10,870
Lending expenses:
Interest expense	868		1,814		1,412
Expense reimbursements to related parties—lending segment	3,491		2,382		2,445
General and administrative	2,006		1,630		1,857
Total lending expenses	6,365		5,826		5,714
Segment net operating income—lending	1,957		5,138		5,156
Total segment net operating income	$	32,641	$	67,251	$	109,457

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 years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Total segment net operating income	$	32,641	$	67,251	$	109,457
Interest and other income	104		3,329		—
Asset management and other fees to related parties	(9,793)		(13,121)		(18,959)
Expense reimbursements to related parties—corporate	(2,243)		(2,800)		(3,047)
Interest expense	(10,547)		(10,361)		(25,482)
General and administrative	(4,212)		(4,069)		(4,928)
Transaction costs	—		(574)		(938)
Depreciation and amortization	(21,406)		(27,374)		(53,228)
Loss on early extinguishment of debt	(281)		(29,982)		(808)
Impairment of real estate	—		(69,000)		—
Gain on sale of real estate	—		433,104		—
(Loss) Income before provision for income taxes	(15,737)		346,403		2,067
Benefit (provision) for income taxes	722		(882)		(925)
Net (loss) income	(15,015)		345,521		1,142
Net (income) loss attributable to noncontrolling interests	(1)		152		(21)
Net (loss) income attributable to the Company	$	(15,016)	$	345,673	$	1,121

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of December 31, 2020 and 2019, along with capital expenditures and loan originations for the years ended December 31, 2020, 2019, and 2018 are as follows:


	December 31,
	2020		2019
	(in thousands)
Condensed assets:
Office (1)	$	472,544	$	460,951
Hotel	100,285		104,029
Lending	94,626		82,140
Non-segment assets	18,162		20,472
Total assets	$	685,617	$	667,592

Schedule of Capital Expenditures and Loan Originations


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Capital expenditures (2):
Office (1)	$	8,514	$	16,006	$	12,669
Hotel	821		2,382		2,237
Total capital expenditures	9,335		18,388		14,906
Loan originations	53,524		39,592		74,234
Total capital expenditures and loan originations	$	62,859	$	57,980	$	89,140

(1)The December 31, 2018 balances include the assets of 260 Townsend Street, which was classified as held for sale on our consolidated balance sheet as of December 31, 2018 and sold in March 2019 (Note 3).

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