| Reconciliation of Net Operating Income of Reportable Segments |
The following tables present revenues, net operating income, capital expenditures and total assets for the three years ended December 31, 2019 from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands):
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Year Ended December 31, 2019 |
|
Office |
|
Multifamily |
|
Corporate
and Other (1)
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|
Consolidated |
Real estate rental revenue |
$ |
164,059 |
|
|
$ |
126,131 |
|
|
$ |
18,990 |
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|
$ |
309,180 |
|
Real estate expenses |
60,923 |
|
|
49,135 |
|
|
5,522 |
|
|
115,580 |
|
Net operating income |
$ |
103,136 |
|
|
$ |
76,996 |
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|
$ |
13,468 |
|
|
$ |
193,600 |
|
Depreciation and amortization |
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|
|
|
|
|
(136,253 |
) |
General and administrative |
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|
|
|
|
|
(24,370 |
) |
Lease origination expenses |
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|
|
|
|
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(1,698 |
) |
Interest expense |
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|
|
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(53,734 |
) |
Real estate impairment |
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|
|
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(8,374 |
) |
Gain on sale of real estate |
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|
59,961 |
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Discontinued operations: |
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Income from properties sold or held for sale |
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16,158 |
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Gain on sale of real estate |
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|
339,024 |
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Loss on extinguishment of debt |
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(764 |
) |
Net income |
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|
383,550 |
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Less: Net loss attributable to noncontrolling interests |
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— |
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Net income attributable to the controlling interests |
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|
$ |
383,550 |
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Capital expenditures |
$ |
38,634 |
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$ |
25,779 |
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|
$ |
4,534 |
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|
$ |
68,947 |
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Total assets |
$ |
1,134,147 |
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|
$ |
1,340,634 |
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|
$ |
153,547 |
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|
$ |
2,628,328 |
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Year Ended December 31, 2018 |
|
Office |
|
Multifamily |
|
Corporate
and Other (1)
|
|
Consolidated |
Real estate rental revenue |
$ |
178,474 |
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|
$ |
95,194 |
|
|
$ |
18,062 |
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$ |
291,730 |
|
Real estate expenses |
63,321 |
|
|
37,235 |
|
|
5,036 |
|
|
105,592 |
|
Net operating income |
$ |
115,153 |
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|
$ |
57,959 |
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|
$ |
13,026 |
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|
$ |
186,138 |
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Depreciation and amortization |
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|
|
|
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(111,826 |
) |
General and administrative |
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|
|
|
|
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(22,089 |
) |
Real estate impairment |
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|
|
|
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(1,886 |
) |
Interest expense |
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|
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|
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|
(50,501 |
) |
Gain on sale of real estate |
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|
2,495 |
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Loss on extinguishment of debt |
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|
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(1,178 |
) |
Discontinued operations: |
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Income from properties sold or held for sale |
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24,477 |
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Net income |
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|
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|
25,630 |
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Less: Net loss attributable to noncontrolling interests |
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|
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— |
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Net income attributable to the controlling interests |
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|
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$ |
25,630 |
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Capital expenditures |
$ |
42,019 |
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|
$ |
25,117 |
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|
$ |
4,897 |
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|
$ |
72,033 |
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Total assets |
$ |
1,248,673 |
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|
$ |
792,170 |
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$ |
376,261 |
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$ |
2,417,104 |
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Year Ended December 31, 2017 |
|
Office |
|
Multifamily |
|
Corporate
and Other (1)
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Consolidated |
Real estate rental revenue |
$ |
167,438 |
|
|
$ |
95,250 |
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|
$ |
17,593 |
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$ |
280,281 |
|
Real estate expenses |
62,824 |
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|
37,640 |
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|
4,936 |
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|
105,400 |
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Net operating income |
$ |
104,614 |
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|
$ |
57,610 |
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|
$ |
12,657 |
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|
$ |
174,881 |
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Depreciation and amortization |
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(101,430 |
) |
General and administrative |
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(22,580 |
) |
Casualty gain |
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(33,152 |
) |
Interest expense |
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(46,793 |
) |
Other income |
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|
507 |
|
Gain on sale of real estate |
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|
24,915 |
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Income tax benefit |
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|
84 |
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Discontinued operations: |
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Income from properties sold or held for sale |
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|
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|
23,180 |
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Net income |
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|
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|
19,612 |
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Less: Net loss attributable to noncontrolling interests |
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|
56 |
|
Net income attributable to the controlling interests |
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|
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$ |
19,668 |
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Capital expenditures |
$ |
30,407 |
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$ |
27,980 |
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$ |
5,994 |
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$ |
64,381 |
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Total assets |
$ |
1,203,187 |
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$ |
767,279 |
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$ |
388,960 |
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$ |
2,359,426 |
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______________________________
(1)
Includes the retail properties not classified as discontinued operations: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village, and total assets and capital expenditures include all retail properties, including those classified as discontinued operations.
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