Segments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	183,917		$	117,226		$	67,302		$	(611	)
Property-related operating expenses		(70,309	)		(49,521	)		(20,268	)		(520	)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		10,381			3,363			7,019			(1	)
NOI (1)	$	123,989		$	71,068		$	54,053		$	(1,132	)

	For the Three Months Ended March 31, 2022
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	171,697		$	115,405		$	57,089		$	(797	)
Property-related operating expenses		(66,661	)		(48,211	)		(17,292	)		(1,158	)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		11,234			2,818			8,354			62
NOI (1)	$	116,270		$	70,012		$	48,151		$	(1,893	)

(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 Income Attributable to Common Stockholders

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


	For the Three Months Ended March 31,
(Amounts in thousands)	2023			2022
NOI	$	123,989		$	116,270
Add (subtract) adjustments to arrive to net income:
Fee income		4,557			11,988
Depreciation and amortization expense		(58,888	)		(55,624	)
General and administrative expenses		(14,623	)		(15,645	)
Income from real estate related fund investments		3,550			-
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		(10,381	)		(11,234	)
Loss from unconsolidated joint ventures		(5,762	)		(5,113	)
Interest and other income, net		2,925			231
Interest and debt expense		(36,459	)		(34,277	)
Other, net		(306	)		53
Income before income taxes		8,602			6,649
Income tax expense		(288	)		(527	)
Net income		8,314			6,122
Less net income attributable to noncontrolling interests in:
Consolidated joint ventures		(5,641	)		(3,425	)
Consolidated real estate related funds		(823	)		1,016
Operating Partnership		(121	)		(342	)
Net income attributable to common stockholders	$	1,729		$	3,371

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
March 31, 2023	$	8,480,089	$	5,286,815	$	2,630,453	$	562,821
December 31, 2022		8,453,254		5,311,636		2,631,265		510,353