Segments

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segments

21.Segments

Our reportable segments are separated by region, based on the two regions in which we conduct our business: New York and San Francisco. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business.

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

	For the Three Months Ended September 30, 2022
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	182,015		$	117,431		$	64,667		$	(83	)
Property-related operating expenses		(72,845	)		(52,421	)		(19,496	)		(928	)
NOI from unconsolidated joint ventures    (excluding One Steuart Lane)		11,540			3,556			7,837			147
NOI (1)	$	120,710		$	68,566		$	53,008		$	(864	)
	For the Three Months Ended September 30, 2021
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	172,570		$	109,842		$	63,527		$	(799	)
Property-related operating expenses		(67,131	)		(47,545	)		(18,646	)		(940	)
NOI from unconsolidated joint ventures    (excluding One Steuart Lane)		11,627			2,875			8,665			87
NOI (1)	$	117,066		$	65,172		$	53,546		$	(1,652	)
	For the Nine Months Ended September 30, 2022
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	533,255		$	349,136		$	185,798		$	(1,679	)
Property-related operating expenses		(207,320	)		(148,779	)		(55,369	)		(3,172	)
NOI from unconsolidated joint ventures    (excluding One Steuart Lane)		34,359			9,902			24,162			295
NOI (1)	$	360,294		$	210,259		$	154,591		$	(4,556	)
	For the Nine Months Ended September 30, 2021
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	523,134		$	329,870		$	195,673		$	(2,409	)
Property-related operating expenses		(197,821	)		(142,370	)		(52,651	)		(2,800	)
NOI from unconsolidated joint ventures    (excluding One Steuart Lane)		32,510			8,445			24,054			11
NOI (1)	$	357,823		$	195,945		$	167,076		$	(5,198	)

(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.

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 Nine Months Ended
	September 30,						September 30,
(Amounts in thousands)	2022			2021			2022			2021
NOI	$	120,710		$	117,066		$	360,294		$	357,823
Add (subtract) adjustments to arrive to net income:
Fee income		5,132			6,561			23,094			19,432
Depreciation and amortization expense		(58,284	)		(57,522	)		(171,306	)		(175,752	)
General and administrative expenses		(13,150	)		(13,257	)		(45,501	)		(46,039	)
NOI from unconsolidated joint ventures (excluding    One Steuart Lane)		(11,540	)		(11,627	)		(34,359	)		(32,510	)
(Loss) income from unconsolidated joint ventures		(5,797	)		223			(15,326	)		(20,810	)
Interest and other income, net		1,580			138			2,607			2,510
Interest and debt expense		(36,949	)		(36,266	)		(106,804	)		(105,919	)
Other, net		195			189			244			101
Income (loss) before income taxes		1,897			5,505			12,943			(1,164	)
Income tax expense		(673	)		(873	)		(1,559	)		(2,448	)
Net income (loss)		1,224			4,632			11,384			(3,612	)
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(4,179	)		(3,768	)		(12,383	)		(16,924	)
Consolidated real estate fund		1,309			(3,123	)		2,677			(3,179	)
Operating Partnership		109			204			(204	)		2,139
Net (loss) income attributable to common stockholders	$	(1,537	)	$	(2,055	)	$	1,474		$	(21,576	)

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
September 30, 2022	$	8,496,480	$	5,346,628	$	2,684,864	$	464,988
December 31, 2021		8,494,562		5,336,210		2,696,131		462,221