Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.2.0.727
Segment Information
6 Months Ended
Jun. 30, 2015
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information
NOTE 9: 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 and Periods 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 June 30, 2015
 
Office
 
Retail
 
Multifamily
 
Corporate and Other
 
Consolidated
Real estate rental revenue
$
43,143

 
$
15,740

 
$
15,343

 
$

 
$
74,226

Real estate expenses
16,842

 
3,702

 
6,685

 

 
27,229

Net operating income
$
26,301

 
$
12,038

 
$
8,658

 
$

 
$
46,997

Depreciation and amortization
 
 
 
 
 
 
 
 
(25,503
)
General and administrative
 
 
 
 
 
 
 
 
(4,306
)
Acquisition costs
 
 
 
 
 
 
 
 
(992
)
Interest expense
 
 
 
 
 
 
 
 
(14,700
)
Other income
 
 
 
 
 
 
 
 
192

Gain on sale of real estate
 
 
 
 
 
 
 
 
1,454

Real estate impairment
 
 
 
 
 
 
 
 
(5,909
)
Loss on extinguishment of debt
 
 
 
 
 
 
 
 
(119
)
Net loss
 
 
 
 
 
 
 
 
(2,886
)
Less: Net loss attributable to noncontrolling interests in subsidiaries
 
 
 
 
 
 
 
 
340

Net loss attributable to the controlling interests
 
 
 
 
 
 
 
 
$
(2,546
)
Capital expenditures
$
6,092

 
$
649

 
$
869

 
$
460

 
$
8,070

Total assets
$
1,273,695

 
$
376,178

 
$
393,347

 
$
46,974

 
$
2,090,194

 
Three Months Ended June 30, 2014
 
Office
 
Retail
 
Multifamily
 
Corporate
and Other
 
Consolidated
Real estate rental revenue
$
41,876

 
$
14,759

 
$
15,619

 
$

 
$
72,254

Real estate expenses
15,817

 
3,237

 
6,474

 

 
25,528

Net operating income
$
26,059

 
$
11,522

 
$
9,145

 
$

 
$
46,726

Depreciation and amortization
 
 
 
 
 
 
 
 
(24,401
)
Acquisition costs
 
 
 
 
 
 
 
 
(1,933
)
General and administrative
 
 
 
 
 
 
 
 
(4,828
)
Interest expense
 
 
 
 
 
 
 
 
(14,985
)
Other income
 
 
 
 
 
 
 
 
219

Gain on sale of real estate
 
 
 
 
 
 
 
 
570

Discontinued operations:
 
 
 
 
 
 
 
 
 
Loss on sale of real estate
 
 
 
 
 
 
 
 
(288
)
Net income
 
 
 
 
 
 
 
 
1,080

Less: Net loss attributable to noncontrolling interests in subsidiaries
 
 
 
 
 
 
 
 
7

Net income attributable to the controlling interests
 
 
 
 
 
 
 
 
$
1,087

Capital expenditures
$
14,467

 
$
1,010

 
$
3,101

 
$
24

 
$
18,602

Total assets
$
1,273,404

 
$
337,513

 
$
397,454

 
$
51,778

 
$
2,060,149