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SEGMENT DISCLOSURE (Tables)
9 Months Ended
Sep. 30, 2015
SEGMENT DISCLOSURE  
Schedule of net operating income of reportable segments

                                                                                                                                                                                    

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(in thousands)

 

Office:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

46,427 

 

$

44,378 

 

$

140,126 

 

$

132,833 

 

​  

​  

​  

​  

​  

​  

​  

​  

Property expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

19,832 

 

 

18,644 

 

 

59,283 

 

 

54,230 

 

General and administrative

 

 

226 

 

 

413 

 

 

652 

 

 

805 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total property expenses

 

 

20,058 

 

 

19,057 

 

 

59,935 

 

 

55,035 

 

​  

​  

​  

​  

​  

​  

​  

​  

Segment net operating income—office

 

 

26,369 

 

 

25,321 

 

 

80,191 

 

 

77,798 

 

​  

​  

​  

​  

​  

​  

​  

​  

Hotel:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

15,350 

 

 

13,504 

 

 

46,891 

 

 

42,641 

 

​  

​  

​  

​  

​  

​  

​  

​  

Property expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

10,623 

 

 

9,867 

 

 

31,287 

 

 

29,636 

 

General and administrative

 

 

205 

 

 

61 

 

 

284 

 

 

134 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total property expenses

 

 

10,828 

 

 

9,928 

 

 

31,571 

 

 

29,770 

 

​  

​  

​  

​  

​  

​  

​  

​  

Segment net operating income—hotel

 

 

4,522 

 

 

3,576 

 

 

15,320 

 

 

12,871 

 

​  

​  

​  

​  

​  

​  

​  

​  

Multifamily:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

4,618 

 

 

5,235 

 

 

13,536 

 

 

15,427 

 

​  

​  

​  

​  

​  

​  

​  

​  

Property expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

2,906 

 

 

2,485 

 

 

8,485 

 

 

7,155 

 

General and administrative

 

 

145 

 

 

553 

 

 

318 

 

 

632 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total property expenses

 

 

3,051 

 

 

3,038 

 

 

8,803 

 

 

7,787 

 

​  

​  

​  

​  

​  

​  

​  

​  

Segment net operating income—multifamily

 

 

1,567 

 

 

2,197 

 

 

4,733 

 

 

7,640 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total segment net operating income

 

$

32,458 

 

$

31,094 

 

$

100,244 

 

$

98,309 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

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

                                                                                                                                                                                    

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(in thousands)

 

Total segment net operating income

 

$

32,458

 

$

31,094

 

$

100,244

 

$

98,309

 

Interest

 

 

(5,551

)

 

(5,053

)

 

(16,540

)

 

(13,655

)

General and administrative

 

 

(1,274

)

 

(867

)

 

(5,143

)

 

(3,454

)

Asset management and other fees to related parties

 

 

(7,290

)

 

(6,476

)

 

(21,955

)

 

(18,551

)

Transaction costs

 

 

(237

)

 

(46

)

 

(1,038

)

 

(546

)

Depreciation and amortization

 

 

(17,873

)

 

(17,677

)

 

(54,567

)

 

(51,592

)

Bargain purchase gain

 

 

 

 

 

 

 

 

4,918

 

​  

​  

​  

​  

​  

​  

​  

​  

Income from continuing operations

 

 

233

 

 

975

 

 

1,001

 

 

15,429

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations of assets held for sale

 

 

5,008

 

 

3,305

 

 

11,954

 

 

8,582

 

​  

​  

​  

​  

​  

​  

​  

​  

Net income from discontinued operations

 

 

5,008

 

 

3,305

 

 

11,954

 

 

8,582

 

​  

​  

​  

​  

​  

​  

​  

​  

Net income

 

 

5,241

 

 

4,280

 

 

12,955

 

 

24,011

 

Net loss (income) attributable to noncontrolling interests

 

 

1

 

 

5

 

 

(5

)

 

(108

)

​  

​  

​  

​  

​  

​  

​  

​  

Net income attributable to stockholders

 

$

5,242

 

$

4,285

 

$

12,950

 

$

23,903

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

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

                                                                                                                                                                                    

 

 

September 30,
2015

 

December 31,
2014

 

 

 

(in thousands)

 

Condensed assets:

 

 

 

 

 

 

 

Office

 

$

1,524,264 

 

$

1,534,610 

 

Hotel

 

 

178,195 

 

 

174,679 

 

Multifamily

 

 

170,861 

 

 

171,226 

 

Lending assets held for sale

 

 

204,975 

 

 

208,799 

 

Non-segment assets

 

 

14,215 

 

 

5,368 

 

​  

​  

​  

​  

Total assets

 

$

2,092,510 

 

$

2,094,682 

 

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of capital expenditures and loan originations

                                                                                                                                                                                    

 

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Capital expenditures(1):

 

 

 

 

 

 

 

Office

 

$

19,216 

 

$

15,658 

 

Hotel

 

 

1,001 

 

 

1,068 

 

Multifamily

 

 

1,486 

 

 

546 

 

​  

​  

​  

​  

Total capital expenditures

 

 

21,703 

 

 

17,272 

 

​  

​  

​  

​  

Loan originations included in assets held for sale

 

 

49,319 

 

 

36,557 

 

​  

​  

​  

​  

Total capital expenditures and loan originations

 

$

71,022 

 

$

53,829 

 

​  

​  

​  

​  

​  

​  

​  

​  


 

 

(1)          

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