Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v2.4.1.9
Segment Information
3 Months Ended
Mar. 31, 2015
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information
NOTE 8: SEGMENT INFORMATION
We have three reportable segments: office, retail and multifamily. Office buildings provide office space for various types of businesses and professions. Retail shopping centers are typically grocery store anchored neighborhood centers that include other small shop tenants or regional power centers with several junior box tenants. Multifamily properties provide rental housing for individuals and families throughout the Washington metropolitan area.
We evaluate performance based upon operating income from the combined properties in each segment. Our reportable operating segments are consolidations of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing segments’ performance. Net operating income is a key measurement of our segment profit and loss. Net operating income is defined as segment real estate rental revenue less segment real estate expenses.
The following tables present revenues, net operating income, capital expenditures and total assets for the 2015 and 2014 Quarters from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands):
 
Three Months Ended March 31, 2015
 
Office
 
Retail
 
Multifamily
 
Corporate and Other
 
Consolidated
Real estate rental revenue
$
42,495

 
$
16,330

 
$
16,031

 
$

 
$
74,856

Real estate expenses
17,143

 
4,787

 
7,278

 

 
29,208

Net operating income
$
25,352

 
$
11,543

 
$
8,753

 
$

 
$
45,648

Depreciation and amortization
 
 
 
 
 
 
 
 
(25,275
)
General and administrative
 
 
 
 
 
 
 
 
(6,080
)
Acquisition costs
 
 
 
 
 
 
 
 
(16
)
Interest expense
 
 
 
 
 
 
 
 
(15,348
)
Other income
 
 
 
 
 
 
 
 
192

Gain on sale of real estate (classified as continuing operations)
 
 
 
 
 
 
 
 
30,277

Net income
 
 
 
 
 
 
 
 
29,398

Less: Net loss attributable to noncontrolling interests in subsidiaries
 
 
 
 
 
 
 
 
108

Net income attributable to the controlling interests
 
 
 
 
 
 
 
 
$
29,506

Capital expenditures
$
2,518

 
$
850

 
$
1,413

 
$
1,376

 
$
6,157

Total assets
$
1,279,406

 
$
383,511

 
$
407,639

 
$
52,678

 
$
2,123,234

 
Three Months Ended March 31, 2014
 
Office
 
Retail
 
Multifamily
 
Corporate
and Other
 
Consolidated
Real estate rental revenue
$
39,064

 
$
14,625

 
$
14,922

 
$

 
$
68,611

Real estate expenses
15,696

 
4,231

 
6,415

 

 
26,342

Net operating income
$
23,368

 
$
10,394

 
$
8,507

 
$

 
$
42,269

Depreciation and amortization
 
 
 
 
 
 
 
 
(22,753
)
Acquisition costs
 
 
 
 
 
 
 
 
(3,045
)
General and administrative
 
 
 
 
 
 
 
 
(4,429
)
Interest expense
 
 
 
 
 
 
 
 
(14,530
)
Other income
 
 
 
 
 
 
 
 
223

Discontinued operations:
 
 
 
 
 
 
 
 
 
Income from operations of properties sold or held for sale
 
 
 
 
 
 
 
 
546

Gain on sale of real estate, discontinued operations
 
 
 
 
 
 
 
 
106,273

Net income
 
 
 
 
 
 
 
 
104,554

Less: Net income attributable to noncontrolling interests in subsidiaries
 
 
 
 
 
 
 
 

Net income attributable to the controlling interests
 
 
 
 
 
 
 
 
$
104,554

Capital expenditures
$
8,703

 
$
110

 
$
1,556

 
$
17

 
$
10,386

Total assets
$
1,151,585

 
$
341,134

 
$
392,531

 
$
189,922

 
$
2,075,172