Segments (Tables)

12 Months Ended

Dec. 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 Year Ended December 31, 2023
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	721,191		$	460,715		$	261,954		$	(1,478	)
Property-related operating expenses		(293,965	)		(204,301	)		(87,478	)		(2,186	)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		37,360			12,880			24,347			133
NOI (1)	$	464,586		$	269,294		$	198,823		$	(3,531	)

	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	)

(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 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)	2023			2022			2021
NOI	$	464,586		$	479,675		$	476,472
Add (subtract) adjustments to arrive to net (loss) income:
Fee income		21,597			28,421			28,473
Depreciation and amortization expense		(250,644	)		(232,517	)		(232,487	)
General and administrative expenses		(61,986	)		(59,487	)		(59,132	)
Loss from real estate related fund investments		(96,375	)		(2,233	)		-
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		(37,360	)		(45,141	)		(43,597	)
Loss from unconsolidated joint ventures		(270,298	)		(53,251	)		(24,896	)
Interest and other income, net		14,837			5,174			3,017
Interest and debt expense		(152,990	)		(143,864	)		(142,014	)
Other, net		(1,244	)		(1,709	)		(134	)
(Loss) income before income taxes		(369,877	)		(24,932	)		5,702
Income tax expense		(1,426	)		(3,265	)		(3,643	)
Net (loss) income		(371,303	)		(28,197	)		2,059
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(20,464	)		(13,981	)		(21,538	)
Consolidated real estate related funds		109,795			3,342			(2,893	)
Operating Partnership		22,228			2,433			2,018
Net loss attributable to common stockholders	$	(259,744	)	$	(36,403	)	$	(20,354	)

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, 2023	$	8,006,215	$	5,214,504	$	2,342,395	$	449,316
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