XML 53 R43.htm IDEA: XBRL DOCUMENT v3.22.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Schedule of NOI for Each Reportable Segment Information

The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below.

 

 

 

For the Three Months Ended June 30, 2022

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

San Francisco

 

 

Other

 

Property-related revenues

 

$

179,543

 

 

$

116,300

 

 

$

64,042

 

 

$

(799

)

Property-related operating expenses

 

 

(67,814

)

 

 

(48,147

)

 

 

(18,581

)

 

 

(1,086

)

NOI from unconsolidated joint ventures
   (excluding One Steuart Lane)

 

 

11,585

 

 

 

3,528

 

 

 

7,971

 

 

 

86

 

NOI (1)

 

$

123,314

 

 

$

71,681

 

 

$

53,432

 

 

$

(1,799

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2021

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

San Francisco

 

 

Other

 

Property-related revenues

 

$

176,068

 

 

$

108,191

 

 

$

68,674

 

 

$

(797

)

Property-related operating expenses

 

 

(64,072

)

 

 

(45,801

)

 

 

(17,067

)

 

 

(1,204

)

NOI from unconsolidated joint ventures

 

 

10,557

 

 

 

2,749

 

 

 

7,852

 

 

 

(44

)

NOI (1)

 

$

122,553

 

 

$

65,139

 

 

$

59,459

 

 

$

(2,045

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2022

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

San Francisco

 

 

Other

 

Property-related revenues

 

$

351,240

 

 

$

231,705

 

 

$

121,131

 

 

$

(1,596

)

Property-related operating expenses

 

 

(134,475

)

 

 

(96,358

)

 

 

(35,873

)

 

 

(2,244

)

NOI from unconsolidated joint ventures
   (excluding One Steuart Lane)

 

 

22,819

 

 

 

6,346

 

 

 

16,325

 

 

 

148

 

NOI (1)

 

$

239,584

 

 

$

141,693

 

 

$

101,583

 

 

$

(3,692

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2021

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

San Francisco

 

 

Other

 

Property-related revenues

 

$

350,564

 

 

$

220,028

 

 

$

132,146

 

 

$

(1,610

)

Property-related operating expenses

 

 

(130,690

)

 

 

(94,825

)

 

 

(34,005

)

 

 

(1,860

)

NOI from unconsolidated joint ventures

 

 

20,883

 

 

 

5,570

 

 

 

15,389

 

 

 

(76

)

NOI (1)

 

$

240,757

 

 

$

130,773

 

 

$

113,530

 

 

$

(3,546

)

 

 

(1)
NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies.
Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders

The following table provides a reconciliation of NOI to net (loss) income attributable to common stockholders for the periods set forth below.

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

June 30,

 

 

June 30,

 

(Amounts in thousands)

2022

 

 

2021

 

 

2022

 

 

2021

 

NOI

$

123,314

 

 

$

122,553

 

 

$

239,584

 

 

$

240,757

 

Add (subtract) adjustments to arrive to net income:

 

 

 

 

 

 

 

 

 

 

 

Fee income

 

5,974

 

 

 

6,201

 

 

 

17,962

 

 

 

12,871

 

Depreciation and amortization expense

 

(57,398

)

 

 

(59,925

)

 

 

(113,022

)

 

 

(118,230

)

General and administrative expenses

 

(16,706

)

 

 

(18,418

)

 

 

(32,351

)

 

 

(32,782

)

NOI from unconsolidated joint ventures (excluding
   One Steuart Lane)

 

(11,585

)

 

 

(10,557

)

 

 

(22,819

)

 

 

(20,883

)

Loss from unconsolidated joint ventures

 

(4,416

)

 

 

(15,717

)

 

 

(9,529

)

 

 

(21,033

)

Interest and other income, net

 

796

 

 

 

1,070

 

 

 

1,027

 

 

 

2,372

 

Interest and debt expense

 

(35,578

)

 

 

(34,914

)

 

 

(69,855

)

 

 

(69,653

)

Other, net

 

(4

)

 

 

13

 

 

 

49

 

 

 

(88

)

Net income (loss) before income taxes

 

4,397

 

 

 

(9,694

)

 

 

11,046

 

 

 

(6,669

)

Income tax expense

 

(359

)

 

 

(434

)

 

 

(886

)

 

 

(1,575

)

Net income (loss)

 

4,038

 

 

 

(10,128

)

 

 

10,160

 

 

 

(8,244

)

Less: net (income) loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

 

 

Consolidated joint ventures

 

(4,779

)

 

 

(7,428

)

 

 

(8,204

)

 

 

(13,156

)

Consolidated real estate fund

 

352

 

 

 

29

 

 

 

1,368

 

 

 

(56

)

Operating Partnership

 

29

 

 

 

1,584

 

 

 

(313

)

 

 

1,935

 

Net (loss) income attributable to common stockholders

$

(360

)

 

$

(15,943

)

 

$

3,011

 

 

$

(19,521

)
Schedule of Total Assets for Each Reportable Segments Information

The following table provides the total assets for each of our reportable segments as of the dates set forth below.

 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets as of:

 

Total

 

 

New York

 

 

San Francisco

 

 

Other

 

June 30, 2022

 

$

8,482,229

 

 

$

5,315,584

 

 

$

2,676,453

 

 

$

490,192

 

December 31, 2021

 

 

8,494,562

 

 

 

5,336,210

 

 

 

2,696,131

 

 

 

462,221