SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2019

The net operating income of our segments for the three months ended March 31, 2019 and 2018 is as follows:



	Three Months Ended March 31,
	2019		2018
	(in thousands)
Office:
Revenues	$	33,445	$	34,812
Property expenses:
Operating	13,559		11,383
General and administrative	154		881
Total property expenses	13,713		12,264
Segment net operating income—office	19,732		22,548
Hotel:
Revenues	10,589		10,491
Property expenses:
Operating	6,694		6,533
General and administrative	14		18
Total property expenses	6,708		6,551
Segment net operating income—hotel	3,881		3,940
Lending:
Revenues	2,924		2,991
Lending expenses:
Interest expense	582		184
Fees to related party	637		601
General and administrative	503		469
Total lending expenses	1,722		1,254
Segment net operating income—lending	1,202		1,737
Total segment net operating income	$	24,815	$	28,225

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, 2019 and 2018 is as follows:



	Three Months Ended March 31,
	2019			2018
	(in thousands)
Total segment net operating income	$	24,815		$	28,225
Interest and other income	319			—
Asset management and other fees to related parties	(5,249		)	(5,610		)
Interest expense	(3,463		)	(6,449		)
General and administrative	(1,117		)	(2,008		)
Transaction costs	(44		)	—
Depreciation and amortization	(9,630		)	(13,148		)
Loss on early extinguishment of debt	(25,071		)	—
Impairment of real estate	(66,200		)	—
Gain on sale of real estate	377,581			—
Income before provision for income taxes	291,941			1,010
Provision for income taxes	(318		)	(388		)
Net income	291,623			622
Net loss (income) attributable to noncontrolling interests	174			(4		)
Net income attributable to the Company	$	291,797		$	618

Segment Condensed Assets

The condensed assets for each of the segments as of March 31, 2019 and December 31, 2018, along with capital expenditures and loan originations for the three months ended March 31, 2019 and 2018, are as follows:



	March 31, 2019		December 31, 2018
	(in thousands)
Condensed assets:
Office (1)	$	707,769	$	1,094,269
Hotel	107,725		105,845
Lending	88,724		97,465
Non-segment assets	282,356		44,822
Total assets	$	1,186,574	$	1,342,401

Segment Capital Expenditures



	Three Months Ended March 31,
	2019		2018
	(in thousands)
Capital expenditures (2):
Office (1)	$	2,597	$	8,710
Hotel	608		481
Total capital expenditures	3,205		9,191
Loan originations	3,404		11,641
Total capital expenditures and loan originations	$	6,609	$	20,832


(1)	The March 31, 2019 balances include the assets of 1333 Broadway, which is classified as held for sale on our consolidated balance sheet at March 31, 2019 (Note 3). The December 31, 2018 balances include the assets of 260 Townsend Street, which was classified as held for sale on our consolidated balance sheet at December 31, 2018 (Note 3).


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