Annual report pursuant to Section 13 and 15(d)

Segment Information (Tables)

v3.19.3.a.u2
Segment Information (Tables)
12 Months Ended
Dec. 31, 2019
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Real Estate Rental Revenue, Percent
Real estate rental revenue as a percentage of the total for each of the reportable operating segments for the three years ended December 31, 2019 was as follows:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Multifamily
41
%
 
33
%
 
34
%
Office
53
%
 
61
%
 
60
%
Corporate and other
6
%
 
6
%
 
6
%

Percentage of Real Estate Assets by Segment
The percentage of income producing real estate assets classified as held and used, at cost, for each of the reportable operating segments as of December 31, 2019 and 2018 was as follows:
 
December 31,
 
2019
 
2018
Multifamily
50
%
 
36
%
Office
45
%
 
58
%
Corporate and other
5
%
 
6
%

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):
 
Year Ended December 31, 2019
 
Office
 
Multifamily
 
Corporate
and Other
(1)
 
Consolidated
Real estate rental revenue
$
164,059

 
$
126,131

 
$
18,990

 
$
309,180

Real estate expenses
60,923

 
49,135

 
5,522

 
115,580

Net operating income
$
103,136

 
$
76,996

 
$
13,468

 
$
193,600

Depreciation and amortization
 
 
 
 
 
 
(136,253
)
General and administrative
 
 
 
 
 
 
(24,370
)
Lease origination expenses
 
 
 
 
 
 
(1,698
)
Interest expense
 
 
 
 
 
 
(53,734
)
Real estate impairment
 
 
 
 
 
 
(8,374
)
Gain on sale of real estate
 
 
 
 
 
 
59,961

Discontinued operations:
 
 
 
 
 
 
 
Income from properties sold or held for sale
 
 
 
 
 
 
16,158

Gain on sale of real estate
 
 
 
 
 
 
339,024

Loss on extinguishment of debt
 
 
 
 
 
 
(764
)
Net income
 
 
 
 
 
 
383,550

Less: Net loss attributable to noncontrolling interests
 
 
 
 
 
 

Net income attributable to the controlling interests
 
 
 
 
 
 
$
383,550

Capital expenditures
$
38,634

 
$
25,779

 
$
4,534

 
$
68,947

Total assets
$
1,134,147

 
$
1,340,634

 
$
153,547

 
$
2,628,328

 
 
Year Ended December 31, 2018
 
Office
 
Multifamily
 
Corporate
and Other (1)
 
Consolidated
Real estate rental revenue
$
178,474

 
$
95,194

 
$
18,062

 
$
291,730

Real estate expenses
63,321

 
37,235

 
5,036

 
105,592

Net operating income
$
115,153

 
$
57,959

 
$
13,026

 
$
186,138

Depreciation and amortization
 
 
 
 
 
 
(111,826
)
General and administrative
 
 
 
 
 
 
(22,089
)
Real estate impairment
 
 
 
 
 
 
(1,886
)
Interest expense
 
 
 
 
 
 
(50,501
)
Gain on sale of real estate
 
 
 
 
 
 
2,495

Loss on extinguishment of debt
 
 
 
 
 
 
(1,178
)
Discontinued operations:
 
 
 
 
 
 
 
Income from properties sold or held for sale
 
 
 
 
 
 
24,477

Net income
 
 
 
 
 
 
25,630

Less: Net loss attributable to noncontrolling interests
 
 
 
 
 
 

Net income attributable to the controlling interests
 
 
 
 
 
 
$
25,630

Capital expenditures
$
42,019

 
$
25,117

 
$
4,897

 
$
72,033

Total assets
$
1,248,673

 
$
792,170

 
$
376,261

 
$
2,417,104

 
Year Ended December 31, 2017
 
Office
 
Multifamily
 
Corporate
and Other (1)
 
Consolidated
Real estate rental revenue
$
167,438

 
$
95,250

 
$
17,593

 
$
280,281

Real estate expenses
62,824

 
37,640

 
4,936

 
105,400

Net operating income
$
104,614

 
$
57,610

 
$
12,657

 
$
174,881

Depreciation and amortization
 
 
 
 
 
 
(101,430
)
General and administrative
 
 
 
 
 
 
(22,580
)
Casualty gain
 
 
 
 
 
 
(33,152
)
Interest expense
 
 
 
 
 
 
(46,793
)
Other income
 
 
 
 
 
 
507

Gain on sale of real estate
 
 
 
 
 
 
24,915

Income tax benefit
 
 
 
 
 
 
84

Discontinued operations:
 
 
 
 
 
 
 
Income from properties sold or held for sale
 
 
 
 
 
 
23,180

Net income
 
 
 
 
 
 
19,612

Less: Net loss attributable to noncontrolling interests
 
 
 
 
 
 
56

Net income attributable to the controlling interests
 
 
 
 
 
 
$
19,668

Capital expenditures
$
30,407

 
$
27,980

 
$
5,994

 
$
64,381

Total assets
$
1,203,187

 
$
767,279

 
$
388,960

 
$
2,359,426


______________________________
(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.