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Segment Reporting
 9 Months Ended
Sep. 30, 2014
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company’s reporting segments are based on the Company’s method of internal reporting, which classifies its operations into two reporting segments: (i) office properties, and (ii) media and entertainment properties. The Company evaluates performance based upon property net operating income from continuing operations (“NOI”) of the combined properties in each segment. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental financial measure to net income because it helps both investors and management to understand the core operations of the Company’s properties. The Company defines NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees and property-level general and administrative expenses). NOI excludes corporate general and administrative expenses, depreciation and amortization, impairments, gain/loss on sale of real estate, interest expense, acquisition-related expenses and other non-operating items.

Summary information for the reportable segments for the nine months ended September 30, 2014 is as follows:
 
Office Properties
 
Media and  Entertainment
Properties
 
Total
Revenue
$
155,693

 
$
30,187

 
$
185,880

Operating expenses
58,469

 
19,244

 
77,713

Net operating income
$
97,224

 
$
10,943

 
$
108,167


Summary information for the reportable segments for the nine months ended September 30, 2013 is as follows: 
 
Office Properties
 
Media and  Entertainment
Properties
 
Total
Revenue
$
117,754

 
$
30,387

 
$
148,141

Operating expenses
44,191

 
18,133

 
62,324

Net operating income
$
73,563

 
$
12,254

 
$
85,817



The following is reconciliation from NOI to reported net income, the most direct comparable financial measure calculated and presented in accordance with GAAP:
 
September 30, 2014
 
September 30, 2013
Net operating income
$
108,167

 
$
85,817

General and administrative
(19,157
)
 
(15,195
)
Depreciation and amortization
(51,973
)
 
(53,069
)
Interest expense
(19,519
)
 
(18,673
)
Interest income
21

 
262

Acquisition-related expenses
(319
)
 
(992
)
Other expense
43

 
(41
)
Income from continuing operations
$
17,263

 
$
(1,891
)


There were no inter-segment sales or transfers during either of the nine months ended September 30, 2014 and 2013.
    
Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources.  Therefore, depreciation and amortization expense is not allocated among segments.  General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level.