SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of net operating income of reportable segments

The net operating income of our segments for the years ended December 31, 2019, 2018 and 2017 is as follows:



	Year Ended December 31,
	2019		2018		2017
	(in thousands)
Office:
Revenues	$	86,948	$	147,811	$	173,853
Property expenses:
Operating	36,638		54,654		68,650
General and administrative	521		2,350		981
Total property expenses	37,159		57,004		69,631
Segment net operating income—office	49,789		90,807		104,222
Hotel:
Revenues	38,748		38,789		38,585
Property expenses:
Operating	26,290		25,263		25,059
General and administrative	134		32		77
Total property expenses	26,424		25,295		25,136
Segment net operating income—hotel	12,324		13,494		13,449
Multifamily:
Revenues	—		—		13,400
Property expenses:
Operating	—		—		7,559
General and administrative	—		—		393
Total property expenses	—		—		7,952
Segment net operating income—multifamily	—		—		5,448
Lending:
Revenues	10,964		10,870		10,221
Lending expenses:
Interest expense	1,814		1,412		414
Fees to related party	2,382		2,445		3,464
General and administrative	1,630		1,857		1,010
Total lending expenses	5,826		5,714		4,888
Segment net operating income—lending	5,138		5,156		5,333
Total segment net operating income	$	67,251	$	109,457	$	128,452

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

A reconciliation of our segment net operating income to net income attributable to the Company for the years ended December 31, 2019, 2018 and 2017 is as follows:



	Year Ended December 31,
	2019			2018			2017
	(in thousands)
Total segment net operating income	$	67,251		$	109,457		$	128,452
Interest and other income	3,329			—			—
Asset management and other fees to related parties	(15,921		)	(22,006		)	(26,787		)
Interest expense	(10,361		)	(25,482		)	(34,070		)
General and administrative	(4,069		)	(4,928		)	(3,018		)
Transaction costs	(574		)	(938		)	(11,862		)
Depreciation and amortization	(27,374		)	(53,228		)	(58,364		)
Loss on early extinguishment of debt	(29,982		)	(808		)	(8,215		)
Impairment of real estate	(69,000		)	—			(13,100		)
Gain on sale of real estate	433,104			—			408,098
Income before provision for income taxes	346,403			2,067			381,134
Provision for income taxes	(882		)	(925		)	(1,376		)
Net income	345,521			1,142			379,758
Net loss (income) attributable to noncontrolling interests	152			(21		)	(21		)
Net income attributable to the Company	$	345,673		$	1,121		$	379,737

Schedule of segment condensed assets

The condensed assets for each of the segments as of December 31, 2019 and 2018, along with capital expenditures and loan originations for the years ended December 31, 2019, 2018, and 2017 are as follows:



	December 31,
	2019		2018
	(in thousands)
Condensed assets:
Office (1)	$	460,951	$	1,094,269
Hotel	104,029		105,845
Lending	82,140		97,465
Non-segment assets	20,472		44,822
Total assets	$	667,592	$	1,342,401

Schedule of capital expenditures



	Year Ended December 31,
	2019		2018		2017
	(in thousands)
Capital expenditures (2):
Office (1)	$	16,006	$	12,669	$	24,907
Hotel	2,382		2,237		478
Multifamily	—		—		693
Total capital expenditures	18,388		14,906		26,078
Loan originations	39,592		74,234		76,316
Total capital expenditures and loan originations	$	57,980	$	89,140	$	102,394


(1)	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 and sold in March 2019 (Note 3).


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