SEGMENT DISCLOSURE (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Segment Net Operating Income Included in Continuing Operations

The net operating income of our segments included in continuing operations for the three and nine months ended September 30, 2017 and 2016 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in thousands)
Office:
Revenues	$	41,427	$	47,584	$	134,434	$	139,403
Property expenses:
Operating	18,761		22,351		50,318		60,768
General and administrative	106		344		788		789
Total property expenses	18,867		22,695		51,106		61,557
Segment net operating income—office	22,560		24,889		83,328		77,846
Hotel:
Revenues	8,406		9,139		29,528		38,918
Property expenses:
Operating	5,943		6,479		18,968		25,865
General and administrative	30		229		69		622
Total property expenses	5,973		6,708		19,037		26,487
Segment net operating income—hotel	2,433		2,431		10,491		12,431
Multifamily:
Revenues	2,683		5,068		12,400		15,298
Property expenses:
Operating	1,354		2,893		6,981		8,667
General and administrative	36		485		378		840
Total property expenses	1,390		3,378		7,359		9,507
Segment net operating income—multifamily	1,293		1,690		5,041		5,791
Lending:
Revenues	2,868		2,541		7,270		7,690
Lending expenses:
Interest expense	116		124		203		306
Fees to related party	845		865		2,473		2,679
General and administrative	294		283		971		881
Total lending expenses	1,255		1,272		3,647		3,866
Segment net operating income—lending	1,613		1,269		3,623		3,824
Total segment net operating income	$	27,899	$	30,279	$	102,483	$	99,892

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, 2017 and 2016 is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(in thousands)
Total segment net operating income	$	27,899		$	30,279		$	102,483		$	99,892
Asset management and other fees to related parties	(6,051		)	(7,631		)	(20,986		)	(22,824		)
Interest expense	(9,243		)	(10,152		)	(28,442		)	(24,080		)
General and administrative	(876		)	(885		)	(2,462		)	(3,167		)
Transaction costs	(242		)	(53		)	(11,870		)	(320		)
Depreciation and amortization	(13,472		)	(17,724		)	(45,464		)	(54,262		)
Impairment of real estate	—			—			(13,100		)	—
Gain on sale of real estate	74,715			14,927			378,732			39,666
Income from continuing operations before provision for income taxes	72,730			8,761			358,891			34,905
Provision for income taxes	(339		)	(379		)	(1,193		)	(1,040		)
Net income from continuing operations	72,391			8,382			357,698			33,865
Discontinued operations:
Income from operations of assets held for sale	—			703			—			3,061
Net income from discontinued operations	—			703			—			3,061
Net income	72,391			9,085			357,698			36,926
Net loss (income) attributable to noncontrolling interests	4			3			(10		)	(9		)
Net income attributable to the Company	$	72,395		$	9,088		$	357,688		$	36,917

Segment Condensed Assets

The condensed assets for each of the segments as of September 30, 2017 and December 31, 2016, along with capital expenditures and loan originations for the nine months ended September 30, 2017 and 2016, are as follows:

	September 30, 2017		December 31, 2016
	(in thousands)
Condensed assets:
Office (1)	$	1,135,614	$	1,568,702
Hotel	111,899		115,955
Multifamily (1)	45,774		170,159
Lending assets	88,293		91,191
Non-segment assets	209,724		76,877
Total assets	$	1,591,304	$	2,022,884

Segment Capital Expenditures

	Nine Months Ended September 30,
	2017		2016
	(in thousands)
Capital expenditures (2):
Office	$	22,632	$	24,115
Hotel	267		619
Multifamily	338		449
Total capital expenditures	23,237		25,183
Loan originations	49,532		78,809
Total capital expenditures and loan originations (3)	$	72,769	$	103,992

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(1) Includes the assets of 4200 Scotland Street and 370 L'Enfant Promenade, which are classified as held for sale on our consolidated balance sheet at September 30, 2017 (Note 3).

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

(3) Includes the activity for dispositions through their respective disposition dates.