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Individually Significant Dispositions | 12 Months Ended
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Dec. 31, 2017
Discontinued Operations And Disposal Groups [Abstract] |
Individually Significant Dispositions |
11. | Individually Significant Dispositions
The Company concluded that the Starwood Transaction did not qualify for discontinued operations reporting as it did not represent a strategic shift that had a major effect on the Company’s operations and financial results. The Company has been investing only in its coastal gateway markets (Boston, New York, Washington D.C., Southern California, San Francisco and Seattle) and has not been acquiring or developing any new assets in its other markets. Over the past several years, the Company has been repositioning its portfolio by selling its suburban assets located in markets outside its coastal gateway markets. The sale of the Starwood Portfolio represented the continuation of the above strategy. However, the Company concluded that the Starwood Transaction did qualify as an individually significant component of the Company as the amount received upon disposal exceeded 10% of total assets, and NOI (see definition in Note 17) of the Starwood Portfolio represented approximately 1.2% of consolidated NOI (for the approximate one-month period owned in 2016) for the year ended December 31, 2016 and approximately 15.7% of consolidated NOI for the year ended December 31, 2015. As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the years ended December 31, 2016 and 2015 (amounts in thousands):
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |
REVENUES |  |  |  |  |  |  |  |
Rental income |  | $ | 30,785 |  |  | $ | 427,433 |
Total revenues |  |  | 30,785 |  |  |  | 427,433 |
EXPENSES |  |  |  |  |  |  |  |
Property and maintenance |  |  | 7,838 |  |  |  | 78,189 |
Real estate taxes and insurance |  |  | 2,912 |  |  |  | 48,403 |
Property management |  |  | 2 |  |  |  | 11 |
General and administrative |  |  | 23 |  |  |  | 38 |
Depreciation |  |  | — |  |  |  | 87,616 |
Total expenses |  |  | 10,775 |  |  |  | 214,257 |
Operating income |  |  | 20,010 |  |  |  | 213,176 |
Interest and other income |  |  | 21 |  |  |  | 1 |
Other expenses |  |  | — |  |  |  | (35 | )
Interest: |  |  |  |  |  |  |  |
Expense incurred, net |  |  | (380 | ) |  |  | (680 | )
Amortization of deferred financing costs |  |  | (707 | ) |  |  | (559 | )
Income and other tax (expense) benefit |  |  | (1 | ) |  |  | (1 | )
Net gain (loss) on sales of real estate properties |  |  | 3,161,097 |  |  |  | — |
Income from operations attributable to controlling interests – Operating Partnership |  |  | 3,180,040 |  |  |  | 211,902 |
Income from operations attributable to Noncontrolling Interests – Operating Partnership |  |  | (122,152 | ) |  |  | (8,083 | )
Income from operations attributable to controlling interests – Company |  | $ | 3,057,888 |  |  | $ | 203,819 |

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- References No definition available. + Details
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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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