XML 93 R83.htm IDEA: XBRL DOCUMENT v3.23.3
Segments - Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting [Abstract]        
NOI [1] $ 118,339 $ 120,710 $ 349,656 $ 360,294
Fee income 4,573 5,132 14,106 23,094
Depreciation and amortization expense (60,263) (58,284) (181,778) (171,306)
General and administrative expenses (15,460) (13,150) (46,307) (45,501)
Income (loss) from real estate related fund investments 2,060 0 (37,034) 0
NOI from unconsolidated joint ventures (excluding One Steuart Lane) (9,233) (11,540) (30,334) (34,359)
Loss from unconsolidated joint ventures (28,974) (5,797) (63,138) (15,326)
Interest and other income, net 4,115 1,580 10,007 2,607
Interest and debt expense (39,102) (36,949) (112,440) (106,804)
Other, net (853) 195 (1,190) 244
(Loss) income before income taxes (24,798) 1,897 (98,452) 12,943
Income tax expense (263) (673) (1,124) (1,559)
Net (loss) income (25,061) 1,224 (99,576) 11,384
Consolidated joint ventures (4,887) (4,179) (15,879) (12,383)
Consolidated real estate related funds 20,934 1,309 57,412 2,677
Operating Partnership 629 109 3,849 (204)
Net (loss) income attributable to common stockholders $ (8,385) $ (1,537) $ (54,194) $ 1,474
[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.