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Segment Reporting

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Reporting

Segment ReportingThe 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) studio properties. The Company evaluates performance based upon net operating income of the combined properties in each segment. General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. Asset information by segment is not reported because the Company does not use this measure to assess performance or make decisions to allocate resources, therefore, depreciation and amortization expense is not allocated among segments. 

The table below presents the operating activity of our reportable segments:

						Year Ended December 31,
						2018						2017						2016
Office segment
Total office revenues						$	652,517					$	667,110					$	593,236
Office expenses						(226,820)						(218,873)						(202,935)
Office segment profit						425,697						448,237						390,301
Studio segment
Total studio revenues						75,901						61,029						46,403
Studio expenses						(40,890)						(34,634)						(25,810)
Studio segment profit						35,011						26,395						20,593
TOTAL SEGMENT PROFIT						$	460,708					$	474,632					$	410,894
Total revenues						$	728,418					$	728,139					$	639,639
Total segment expenses						(267,710)						(253,507)						(228,745)
TOTAL SEGMENT PROFIT						$	460,708					$	474,632					$	410,894

The table below is a reconciliation of the total profit from all segments to net income attributable to common stockholders:

						Year Ended December 31,
						2018						2017						2016
Total profit from all segments						$	460,708					$	474,632					$	410,894
General and administrative						(61,027)						(54,459)						(52,400)
Depreciation and amortization						(251,003)						(283,570)						(269,087)
Interest expense						(83,167)						(90,037)						(76,044)
Interest income						1,718						97						260
Unrealized gain on non-real estate investment						928						—						—
Unrealized gain on ineffective portion of derivative instrument						—						(70)						(1,436)
Transaction-related expenses						(535)						(598)						(376)
Other income						822						2,992						1,558
Gains on sale of real estate						43,337						45,574						30,389
Net income						111,781						94,561						43,758

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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