(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income).  All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b)Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.  The Company recorded an impairment charge of $197.9 million on assets included in the commercial and other real estate business segment for the year ended December 31, 2015.  See Note 3: Recent Transactions – Impairments on Properties Held and Used 

(d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals.

(e)Includes $3.8 million and $13.8 million of fees and salary reimbursements earned for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation.

(f)Includes $2.1 million and $6.3 million of fees and salary reimbursements earned for the year ended December 31, 2015, from the multi-family real estate segment, which are eliminated in consolidation.

(g)Includes $1.1 million and $4.0 million of fees and salary reimbursements earned for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation.

(h)Includes $1.8 million and $6.5 million of management fees and salary reimbursement expenses for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation.

(i)Includes $1.0 million and $3.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2015, respectively, from the multi-family real estate segment, which are eliminated in consolidation.

(j)Includes $0.8 million and $2.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation.