SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2015

SEGMENT DISCLOSURE

Schedule of net operating income of reportable segments

	March 31,
	2015		2014
	(in thousands)
Office properties:
Revenues	$	46,615	$	43,274
Property expenses:
Operating		19,391		17,653
General and administrative		313		316
Total property expenses		19,704		17,969
Segment net operating income—office		26,911		25,305
Hotel properties:
Revenues		15,719		14,339
Property expenses:
Operating		10,677		9,846
General and administrative		41		37
Total property expenses		10,718		9,883
Segment net operating income—hotel		5,001		4,456
Multifamily properties:
Revenues		4,905		4,984
Property expenses:
Operating		2,641		2,087
General and administrative		83		25
Total property expenses		2,724		2,112
Segment net operating income—multifamily		2,181		2,872
Total segment net operating income	$	34,093	$	32,633

Schedule of reconciliation of segment net operating income to net income attributable to stockholders

	March 31,
	2015			2014
	(in thousands)
Total segment net operating income	$	34,093		$	32,633
Interest		(5,403	)		(4,037	)
General and administrative		(2,155	)		(396	)
Asset management fees and other fees to related parties		(7,209	)		(5,737	)
Transaction costs		(428	)		(468	)
Depreciation and amortization		(19,128	)		(16,629	)
Bargain purchase gain		—			4,918
Income (loss) from continuing operations		(230	)		10,284
Discontinued operations
Income from operations of assets held for sale		2,962			933
Net income from discontinued operations		2,962			933
Net income		2,732			11,217
Net loss attributable to noncontrolling interests		—			2
Net income attributable to stockholders	$	2,732		$	11,219

Schedule of reconciliation of condensed assets of segments to consolidated total assets

	March 31, 2015		December 31, 2014
	(in thousands)
Condensed assets:
Office properties	$	1,528,239	$	1,534,610
Hotel properties		175,982		174,679
Multifamily properties		168,942		171,226
Lending assets held for sale		222,224		208,799
Non-segment assets		10,335		5,368
Total assets	$	2,105,722	$	2,094,682

Schedule of capital expenditures and originations

	March 31,
	2015		2014
	(in thousands)
Capital expenditures(1):
Office properties	$	4,164	$	6,055
Hotel properties		457		485
Multifamily properties		130		210
Total capital expenditures		4,751		6,750
Loan originations from assets held for sale		27,403		1,593
Total capital expenditures and loan originations	$	32,154	$	8,343

(1) Represents additions and improvements to real estate investments, excluding acquisitions.