Segments

6 Months Ended

Jun. 30, 2023

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 June 30, 2023
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	167,686		$	106,837		$	61,010		$	(161	)
Property-related operating expenses		(71,078	)		(48,685	)		(21,814	)		(579	)
NOI from unconsolidated joint ventures    (excluding One Steuart Lane)		10,720			3,404			7,256			60
NOI (1)	$	107,328		$	61,556		$	46,452		$	(680	)
	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 Six Months Ended June 30, 2023
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	351,603		$	224,063		$	128,312		$	(772	)
Property-related operating expenses		(141,387	)		(98,206	)		(42,082	)		(1,099	)
NOI from unconsolidated joint ventures    (excluding One Steuart Lane)		21,101			6,767			14,275			59
NOI (1)	$	231,317		$	132,624		$	100,505		$	(1,812	)
	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	)

(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 June 30,						For the Six Months Ended June 30,
(Amounts in thousands)	2023			2022			2023			2022
NOI	$	107,328		$	123,314		$	231,317		$	239,584
Add (subtract) adjustments to arrive to net income:
Fee income		4,976			5,974			9,533			17,962
Depreciation and amortization expense		(62,627	)		(57,398	)		(121,515	)		(113,022	)
General and administrative expenses		(16,224	)		(16,706	)		(30,847	)		(32,351	)
Loss from real estate related fund investments		(42,644	)		-			(39,094	)		-
NOI from unconsolidated joint ventures (excluding    One Steuart Lane)		(10,720	)		(11,585	)		(21,101	)		(22,819	)
Loss from unconsolidated joint ventures		(28,402	)		(4,416	)		(34,164	)		(9,529	)
Interest and other income, net		2,967			796			5,892			1,027
Interest and debt expense		(36,879	)		(35,578	)		(73,338	)		(69,855	)
Other, net		(31	)		(4	)		(337	)		49
(Loss) income before income taxes		(82,256	)		4,397			(73,654	)		11,046
Income tax expense		(573	)		(359	)		(861	)		(886	)
Net (loss) income		(82,829	)		4,038			(74,515	)		10,160
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(5,351	)		(4,779	)		(10,992	)		(8,204	)
Consolidated real estate related funds		37,301			352			36,478			1,368
Operating Partnership		3,341			29			3,220			(313	)
Net (loss) income attributable to common stockholders	$	(47,538	)	$	(360	)	$	(45,809	)	$	3,011

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, 2023	$	8,367,979	$	5,234,190	$	2,615,147	$	518,642
December 31, 2022		8,453,254		5,311,636		2,631,265		510,353