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Segment Reporting
 12 Months Ended
Dec. 31, 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. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources.
Summary information for the reportable segments for the year ended December 31, 2014 is as follows:
 
 
Office Properties
 
Media and  Entertainment
Properties
 
Total
Revenue
$
213,786

 
$
39,629

 
$
253,415

Operating expenses
78,372

 
25,897

 
104,269

Net operating income
$
135,414

 
$
13,732

 
$
149,146

Summary information for the reportable segments for the year ended December 31, 2013 is as follows:
 
 
Office Properties
 
Media and  Entertainment
Properties
 
Total
Revenue
$
165,441

 
$
40,117

 
$
205,558

Operating expenses
63,434

 
24,149

 
87,583

Net operating income
$
102,007

 
$
15,968

 
$
117,975


Summary information for the reportable segments for the year ended December 31, 2012 is as follows: 
 
Office Properties
 
Media and  Entertainment
Properties
 
Total
Revenue
$
120,328

 
$
40,133

 
$
160,461

Operating expenses
50,599

 
24,340

 
74,939

Net operating income
$
69,729

 
$
15,793

 
$
85,522


The following is reconciliation from NOI to reported net income, the most direct comparable financial measure calculated and presented in accordance with GAAP:
 
 
December 31, 2014
 
December 31, 2013
 
December 31, 2012
Net operating income
$
149,146

 
$
117,975

 
$
85,522

General and administrative
(28,253
)
 
(19,952
)
 
(16,497
)
Depreciation and amortization
(72,216
)
 
(70,063
)
 
(54,758
)
Interest expense
(25,932
)
 
(25,470
)
 
(19,071
)
Interest income
30

 
272

 
306

Acquisition-related expenses
(4,641
)
 
(1,446
)
 
(1,051
)
Other expense
14

 
99

 
92

Income (loss) from continuing operations before gain on sale of real estate
$
18,148

 
$
1,415

 
$
(5,457
)

There were no inter-segment sales or transfers during either of the years ended December 31, 2014 and 2013.