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Segments (Tables)
 12 Months Ended
Dec. 31, 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 Year Ended December 31, 2022

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

San Francisco

 

 

Other

 

Property-related revenues

 

$

711,956

 

 

$

468,409

 

 

$

245,560

 

 

$

(2,013

)

Property-related operating expenses

 

 

(277,422

)

 

 

(199,085

)

 

 

(74,396

)

 

 

(3,941

)

NOI from unconsolidated joint ventures
   (excluding One Steuart Lane)

 

 

45,141

 

 

 

13,257

 

 

 

31,596

 

 

 

288

 

NOI (1)

 

$

479,675

 

 

$

282,581

 

 

$

202,760

 

 

$

(5,666

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2021

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

San Francisco

 

 

Other

 

Property-related revenues

 

$

698,313

 

 

$

443,384

 

 

$

258,188

 

 

$

(3,259

)

Property-related operating expenses

 

 

(265,438

)

 

 

(191,793

)

 

 

(69,976

)

 

 

(3,669

)

NOI from unconsolidated joint ventures
   (excluding One Steuart Lane)

 

 

43,597

 

 

 

11,303

 

 

 

32,221

 

 

 

73

 

NOI (1)

 

$

476,472

 

 

$

262,894

 

 

$

220,433

 

 

$

(6,855

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2020

 

(Amounts in thousands)

 

Total

 

 

New York

 

 

San Francisco

 

 

Other (2)

 

Property-related revenues

 

$

700,410

 

 

$

454,071

 

 

$

234,893

 

 

$

11,446

 

Property-related operating expenses

 

 

(273,440

)

 

 

(194,648

)

 

 

(68,924

)

 

 

(9,868

)

NOI from unconsolidated joint ventures

 

 

48,631

 

 

 

11,540

 

 

 

38,892

 

 

 

(1,801

)

NOI (1)

 

$

475,601

 

 

$

270,963

 

 

$

204,861

 

 

$

(223

)

 

 

(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.
(2)
NOI for the year ended December 31, 2020 includes NOI from discontinued operations. See Note 3, Discontinued Operations.
Schedule of Reconciliation of NOI to Net Loss Income Attributable to Common Stockholders

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

 

 

For the Year Ended December 31,

 

(Amounts in thousands)

2022

 

 

2021

 

 

2020

 

NOI

$

479,675

 

 

$

476,472

 

 

$

475,601

 

Add (subtract) adjustments to arrive to net (loss) income:

 

 

 

 

 

 

 

 

Fee income

 

28,421

 

 

 

28,473

 

 

 

28,070

 

Depreciation and amortization expense

 

(232,517

)

 

 

(232,487

)

 

 

(235,200

)

General and administrative expenses

 

(59,487

)

 

 

(59,132

)

 

 

(64,917

)

Loss from real estate related fund investments

 

(2,233

)

 

 

-

 

 

 

-

 

NOI from unconsolidated joint ventures (excluding One Steuart Lane)

 

(45,141

)

 

 

(43,597

)

 

 

(48,631

)

Loss from unconsolidated joint ventures

 

(53,251

)

 

 

(24,896

)

 

 

(18,619

)

Interest and other income, net

 

5,174

 

 

 

3,017

 

 

 

4,490

 

Interest and debt expense

 

(143,864

)

 

 

(142,014

)

 

 

(144,208

)

Adjustments related to discontinued operations (including

 

 

 

 

 

 

 

 

loss on sale of real estate)

 

-

 

 

 

-

 

 

 

(8,390

)

Other, net

 

(1,709

)

 

 

(134

)

 

 

(824

)

(Loss) income from continuing operations, before income taxes

 

(24,932

)

 

 

5,702

 

 

 

(12,628

)

Income tax expense

 

(3,265

)

 

 

(3,643

)

 

 

(1,493

)

(Loss) income from continuing operations, net

 

(28,197

)

 

 

2,059

 

 

 

(14,121

)

Loss from discontinued operations, net

 

-

 

 

 

-

 

 

 

(5,075

)

Net (loss) income

 

(28,197

)

 

 

2,059

 

 

 

(19,196

)

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

 

 

 

 

 

 

 

 

Consolidated joint ventures

 

(13,981

)

 

 

(21,538

)

 

 

(9,257

)

Consolidated real estate related funds

 

3,342

 

 

 

(2,893

)

 

 

1,450

 

Operating Partnership

 

2,433

 

 

 

2,018

 

 

 

2,299

 

Net loss attributable to common stockholders

$

(36,403

)

 

$

(20,354

)

 

$

(24,704

)

 
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

 

December 31, 2022

 

$

8,453,254

 

 

$

5,311,636

 

 

$

2,631,265

 

 

$

510,353

 

December 31, 2021

 

 

8,494,562

 

 

 

5,336,210

 

 

 

2,696,131

 

 

 

462,221

 

December 31, 2020

 

 

8,554,097

 

 

 

5,388,596

 

 

 

2,698,983

 

 

 

466,518