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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2015
Segment Reporting Information, Revenue for Reportable Segment [Abstract] |
Segment Information | SEGMENT INFORMATION We evaluate real estate performance and allocate resources by property type and have three reportable segments: office, multifamily, and retail. Office properties provide office space for various types of businesses and professions. Multifamily properties provide rental housing for individuals and families throughout the Washington metro region. Retail properties are typically grocery store anchored neighborhood centers that include other small shop tenants or regional power centers with several junior box tenants. Real estate rental revenue as a percentage of the total for each of the reportable operating segments in continuing operations for the three years ended December 31, 2015 was as follows:
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Office | 57 | % |  | 57 | % |  | 58 | %
Multifamily | 22 | % |  | 22 | % |  | 21 | %
Retail | 21 | % |  | 21 | % |  | 21 | %
The percentage of total income producing real estate assets, at cost, for each of the reportable operating segments in continuing operations as of December 31, 2015 and 2014 was as follows:
| December 31,
| 2015 |  | 2014
Office | 59 | % |  | 61 | %
Multifamily | 24 | % |  | 20 | %
Retail | 17 | % |  | 19 | %
The accounting policies of each of the segments are the same as those described in note 2. We evaluate performance based upon net 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 three years ended December 31, 2015 from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands):
| Year Ended December 31, 2015
| Office |  | Retail |  | Multifamily |  | Corporate and Other |  | Consolidated
Real estate rental revenue | $ | 174,378 |  |  | $ | 63,507 |  |  | $ | 68,542 |  |  | $ | — |  |  | $ | 306,427 |
Real estate expenses | 67,228 |  |  | 15,606 |  |  | 29,400 |  |  | — |  |  | 112,234 |
Net operating income | $ | 107,150 |  |  | $ | 47,901 |  |  | $ | 39,142 |  |  | $ | — |  |  | $ | 194,193 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (108,935 | )
General and administrative |  |  |  |  |  |  |  |  | (20,257 | )
Real estate impairment |  |  |  |  |  |  |  |  | (5,909 | )
Acquisition costs |  |  |  |  |  |  |  |  | (2,056 | )
Interest expense |  |  |  |  |  |  |  |  | (59,546 | )
Other income |  |  |  |  |  |  |  |  | 709 |
Gain on sale of real estate |  |  |  |  |  |  |  |  | 91,107 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  | (119 | )
Net income |  |  |  |  |  |  |  |  | 89,187 |
Less: Net loss attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 553 |
Net income attributable to the controlling interests |  |  |  |  |  |  |  |  | $ | 89,740 |
Capital expenditures | $ | 29,745 |  |  | $ | 3,897 |  |  | $ | 7,865 |  |  | $ | 2,129 |  |  | $ | 43,636 |
Total assets | $ | 1,265,570 |  |  | $ | 354,123 |  |  | $ | 529,773 |  |  | $ | 41,702 |  |  | $ | 2,191,168 |
| Year Ended December 31, 2014
| Office |  | Retail |  | Multifamily |  | Corporate and Other |  | Consolidated
Real estate rental revenue | $ | 166,116 |  |  | $ | 60,263 |  |  | $ | 62,258 |  |  | $ | — |  |  | $ | 288,637 |
Real estate expenses | 63,903 |  |  | 14,022 |  |  | 25,770 |  |  | — |  |  | 103,695 |
Net operating income | $ | 102,213 |  |  | $ | 46,241 |  |  | $ | 36,488 |  |  | $ | — |  |  | $ | 184,942 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (96,011 | )
General and administrative |  |  |  |  |  |  |  |  | (19,761 | )
Acquisition costs |  |  |  |  |  |  |  |  | (5,710 | )
Interest expense |  |  |  |  |  |  |  |  | (59,785 | )
Other income |  |  |  |  |  |  |  |  | 825 |
Gain on sale of real estate |  |  |  |  |  |  |  |  | 570 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Income from properties sold or held for sale |  |  |  |  |  |  |  |  | 546 |
Gain on sale of real estate |  |  |  |  |  |  |  |  | 105,985 |
Net income |  |  |  |  |  |  |  |  | 111,601 |
Less: Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 38 |
Net income attributable to the controlling interests |  |  |  |  |  |  |  |  | $ | 111,639 |
Capital expenditures | $ | 43,128 |  |  | $ | 5,496 |  |  | $ | 9,186 |  |  | $ | 1,719 |  |  | $ | 59,529 |
Total assets | $ | 1,283,950 |  |  | $ | 385,074 |  |  | $ | 408,114 |  |  | $ | 31,179 |  |  | $ | 2,108,317 |
| Year Ended December 31, 2013
| Office |  | Medical Office |  | Retail |  | Multifamily |  | Corporate and Other |  | Consolidated
Real estate rental revenue | $ | 152,339 |  |  | $ | — |  |  | $ | 56,189 |  |  | $ | 54,496 |  |  | $ | — |  |  | $ | 263,024 |
Real estate expenses | 57,293 |  |  | — |  |  | 13,768 |  |  | 22,232 |  |  | — |  |  | 93,293 |
Net operating income | $ | 95,046 |  |  | $ | — |  |  | $ | 42,421 |  |  | $ | 32,264 |  |  | $ | — |  |  | $ | 169,731 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (85,740 | )
General and administrative |  |  |  |  |  |  |  |  |  |  | (17,535 | )
Acquisition costs |  |  |  |  |  |  |  |  |  |  | (1,265 | )
Interest expense |  |  |  |  |  |  |  |  |  |  | (63,573 | )
Other income |  |  |  |  |  |  |  |  |  |  | 926 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  | (2,737 | )
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |
Income from properties sold or held for sale |  |  |  |  |  |  |  |  |  |  | 15,395 |
Gain on sale of real estate |  |  |  |  |  |  |  |  |  |  | 22,144 |
Net income |  |  |  |  |  |  |  |  |  |  | 37,346 |
Less: Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  | — |
Net income attributable to the controlling interests |  |  |  |  |  |  |  |  |  |  | $ | 37,346 |
Capital expenditures | $ | 37,777 |  |  | $ | 3,695 |  |  | $ | 4,204 |  |  | $ | 10,153 |  |  | $ | 162 |  |  | $ | 55,991 |
Total assets | $ | 1,073,055 |  |  | $ | 84,001 |  |  | $ | 344,084 |  |  | $ | 308,123 |  |  | $ | 160,080 |  |  | $ | 1,969,343 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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