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SEGMENT DISCLOSURE (Tables) | 6 Months Ended
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Jun. 30, 2015
SEGMENT DISCLOSURE |
Schedule of net operating income of reportable segments |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | (in thousands) |
Office: |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 47,084 |  | $ | 45,181 |  | $ | 93,699 |  | $ | 88,455 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 20,060 |  |  | 17,933 |  |  | 39,451 |  |  | 35,586 |
General and administrative |  |  | 113 |  |  | 76 |  |  | 426 |  |  | 392 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total property expenses |  |  | 20,173 |  |  | 18,009 |  |  | 39,877 |  |  | 35,978 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment net operating income—office |  |  | 26,911 |  |  | 27,172 |  |  | 53,822 |  |  | 52,477 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hotel: |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 15,822 |  |  | 14,798 |  |  | 31,541 |  |  | 29,137 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 9,987 |  |  | 9,923 |  |  | 20,664 |  |  | 19,769 |
General and administrative |  |  | 38 |  |  | 36 |  |  | 79 |  |  | 73 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total property expenses |  |  | 10,025 |  |  | 9,959 |  |  | 20,743 |  |  | 19,842 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment net operating income—hotel |  |  | 5,797 |  |  | 4,839 |  |  | 10,798 |  |  | 9,295 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multifamily: |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 4,013 |  |  | 5,208 |  |  | 8,918 |  |  | 10,192 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 2,938 |  |  | 2,583 |  |  | 5,579 |  |  | 4,670 |
General and administrative |  |  | 90 |  |  | 54 |  |  | 173 |  |  | 79 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total property expenses |  |  | 3,028 |  |  | 2,637 |  |  | 5,752 |  |  | 4,749 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment net operating income—multifamily |  |  | 985 |  |  | 2,571 |  |  | 3,166 |  |  | 5,443 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total segment net operating income |  | $ | 33,693 |  | $ | 34,582 |  | $ | 67,786 |  | $ | 67,215 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of reconciliation of segment net operating income to net income attributable to stockholders |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | (in thousands) |
Total segment net operating income |  | $ | 33,693 |  | $ | 34,582 |  | $ | 67,786 |  | $ | 67,215 |
Interest |  |  | (5,586 | ) |  | (4,565 | ) |  | (10,989 | ) |  | (8,602 | )
General and administrative |  |  | (1,714 | ) |  | (2,191 | ) |  | (3,869 | ) |  | (2,587 | )
Asset management fees and other fees to related parties |  |  | (7,456 | ) |  | (6,338 | ) |  | (14,665 | ) |  | (12,075 | )
Transaction costs |  |  | (373 | ) |  | (32 | ) |  | (801 | ) |  | (500 | )
Depreciation and amortization |  |  | (17,566 | ) |  | (17,286 | ) |  | (36,694 | ) |  | (33,915 | )
Bargain purchase gain |  |  | — |  |  | — |  |  | — |  |  | 4,918 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from continuing operations |  |  | 998 |  |  | 4,170 |  |  | 768 |  |  | 14,454 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |
Income from operations of assets held for sale |  |  | 3,984 |  |  | 4,344 |  |  | 6,946 |  |  | 5,277 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income from discontinued operations |  |  | 3,984 |  |  | 4,344 |  |  | 6,946 |  |  | 5,277 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income |  |  | 4,982 |  |  | 8,514 |  |  | 7,714 |  |  | 19,731 |
Net income attributable to noncontrolling interests |  |  | (6 | ) |  | (115 | ) |  | (6 | ) |  | (113 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to stockholders |  | $ | 4,976 |  | $ | 8,399 |  | $ | 7,708 |  | $ | 19,618 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of reconciliation of condensed assets of segments to consolidated total assets |
|  | June 30, 2015 |  | December 31, 2014 |
|  | (in thousands) |
Condensed assets: |  |  |  |  |  |  |
Office |  | $ | 1,517,155 |  | $ | 1,534,610 |
Hotel |  |  | 177,284 |  |  | 174,679 |
Multifamily |  |  | 170,241 |  |  | 171,226 |
Lending assets held for sale |  |  | 217,418 |  |  | 208,799 |
Non-segment assets |  |  | 8,690 |  |  | 5,368 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets |  | $ | 2,090,788 |  | $ | 2,094,682 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of capital expenditures and loan originations |
|  | Six Months Ended June 30, |
|  | 2015 |  | 2014 |
|  | (in thousands) |
Capital expenditures(1): |  |  |  |  |  |  |
Office |  | $ | 14,200 |  | $ | 11,428 |
Hotel |  |  | 738 |  |  | 721 |
Multifamily |  |  | 882 |  |  | 429 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital expenditures |  |  | 15,820 |  |  | 12,578 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan originations included in assets held for sale |  |  | 41,121 |  |  | 25,191 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital expenditures and loan originations |  | $ | 56,941 |  | $ | 37,769 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Represents additions and improvements to real estate investments, excluding acquisitions.

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