SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2016

SEGMENT DISCLOSURE

Schedule of net operating income of reportable segments

	Three Months Ended March 31,
	2016		2015
	(in thousands)
Office:
Revenues	$	46,049	$	46,615
Property expenses:
Operating		18,487		19,391
General and administrative		354		313
Total property expenses		18,841		19,704
Segment net operating income—office		27,208		26,911
Hotel:
Revenues		15,283		15,719
Property expenses:
Operating		9,955		10,677
General and administrative		87		41
Total property expenses		10,042		10,718
Segment net operating income—hotel		5,241		5,001
Multifamily:
Revenues		5,058		4,905
Property expenses:
Operating		2,836		2,641
General and administrative		258		83
Total property expenses		3,094		2,724
Segment net operating income—multifamily		1,964		2,181
Total segment net operating income	$	34,413	$	34,093

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

	Three Months Ended March 31,
	2016			2015
	(in thousands)
Total segment net operating income	$	34,413		$	34,093
Interest expense		(6,626	)		(5,403	)
General and administrative		(1,064	)		(2,155	)
Asset management and other fees to related parties		(7,701	)		(7,209	)
Transaction costs		(149	)		(428	)
Depreciation and amortization		(18,058	)		(19,128	)
Gain on sale of real estate		24,739			—
Income (loss) from continuing operations		25,554			(230	)
Discontinued operations
Income from operations of assets held for sale		1,429			2,962
Net income from discontinued operations		1,429			2,962
Net income		26,983			2,732
Net income attributable to noncontrolling interests		(3	)		—
Net income attributable to stockholders	$	26,980		$	2,732

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

	March 31, 2016		December 31, 2015
	(in thousands)
Condensed assets:
Office	$	1,534,059	$	1,520,339
Hotel		163,072		176,735
Multifamily		170,213		171,429
Lending assets held for sale		150,927		128,992
Non-segment assets		87,938		94,565
Total assets	$	2,106,209	$	2,092,060

Schedule of capital expenditures and loan originations

	Three Months Ended March 31,
	2016		2015
	(in thousands)
Capital expenditures(1):
Office	$	6,653	$	4,164
Hotel		150		457
Multifamily		131		130
Total capital expenditures		6,934		4,751
Loan originations included in assets held for sale		33,777		27,403
Total capital expenditures and loan originations	$	40,711	$	32,154

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