SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2018

The net operating income of our segments for the three months ended March 31, 2018 and 2017 is as follows:



	Three Months Ended March 31,
	2018		2017
	(in thousands)
Office:
Revenues	$	34,916	$	49,093
Property expenses:
Operating	11,487		13,753
General and administrative	881		288
Total property expenses	12,368		14,041
Segment net operating income—office	22,548		35,052
Hotel:
Revenues	10,491		10,518
Property expenses:
Operating	6,533		6,439
General and administrative	18		4
Total property expenses	6,551		6,443
Segment net operating income—hotel	3,940		4,075
Multifamily:
Revenues	—		5,003
Property expenses:
Operating	—		2,768
General and administrative	—		229
Total property expenses	—		2,997
Segment net operating income—multifamily	—		2,006
Lending:
Revenues	2,991		2,335
Lending expenses:
Interest expense	184		142
Fees to related party	601		844
General and administrative	469		367
Total lending expenses	1,254		1,353
Segment net operating income—lending	1,737		982
Total segment net operating income	$	28,225	$	42,115

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 months ended March 31, 2018 and 2017 is as follows:



	Three Months Ended March 31,
	2018			2017
	(in thousands)
Total segment net operating income	$	28,225		$	42,115
Asset management and other fees to related parties	(5,610		)	(7,856		)
Interest expense	(6,449		)	(9,631		)
General and administrative	(2,008		)	(791		)
Transaction costs	—			(13		)
Depreciation and amortization	(13,148		)	(17,231		)
Gain on sale of real estate	—			187,734
Income before provision for income taxes	1,010			194,327
Provision for income taxes	(388		)	(392		)
Net income	622			193,935
Net income attributable to noncontrolling interests	(4		)	(5		)
Net income attributable to the Company	$	618		$	193,930

Segment Condensed Assets

The condensed assets for each of the segments as of March 31, 2018 and December 31, 2017, along with capital expenditures and loan originations for the three months ended March 31, 2018 and 2017, are as follows:



	March 31, 2018		December 31, 2017
	(in thousands)
Condensed assets:
Office	$	1,138,818	$	997,808
Hotel	109,617		107,790
Lending	93,947		92,919
Multifamily	—		815
Non-segment assets	15,602		137,056
Total assets	$	1,357,984	$	1,336,388

Segment Capital Expenditures



	Three Months Ended March 31,
	2018		2017
	(in thousands)
Capital expenditures (1):
Office	$	8,710	$	6,805
Hotel	481		46
Multifamily	—		130
Total capital expenditures	9,191		6,981
Loan originations	11,641		8,404
Total capital expenditures and loan originations	$	20,832	$	15,385


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