Segments

6 Months Ended

Jun. 30, 2019

22.

Segments

Our reportable segments are separated by region based on the three regions in which we conduct our business: New York, San Francisco and Washington, D.C. 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, 2019
(Amounts in thousands)	Total			New York			San Francisco			Washington, D.C.			Other
Property-related revenues	$	184,370		$	118,741		$	58,431		$	7,240		$	(42	)
Property-related operating expenses		(67,572	)		(46,504	)		(17,479	)		(2,836	)		(753	)
NOI from unconsolidated joint ventures		4,185			2,886			1,213			-			86
NOI⁽¹⁾	$	120,983		$	75,123		$	42,165		$	4,404		$	(709	)

	For the Three Months Ended June 30, 2018
(Amounts in thousands)	Total			New York			San Francisco			Washington, D.C.			Other
Property-related revenues	$	186,010		$	115,536		$	55,344		$	15,435		$	(305	)
Property-related operating expenses		(67,646	)		(45,292	)		(15,048	)		(5,736	)		(1,570	)
NOI from unconsolidated joint ventures		4,569			4,493			-			-			76
NOI⁽¹⁾	$	122,933		$	74,737		$	40,296		$	9,699		$	(1,799	)

	For the Six Months Ended June 30, 2019
(Amounts in thousands)	Total			New York			San Francisco			Washington, D.C.			Other
Property-related revenues	$	370,163		$	239,837		$	115,615		$	14,643		$	68
Property-related operating expenses		(135,953	)		(94,607	)		(33,825	)		(5,756	)		(1,765	)
NOI from unconsolidated joint ventures		9,596			7,543			1,913			-			140
NOI⁽¹⁾	$	243,806		$	152,773		$	83,703		$	8,887		$	(1,557	)

	For the Six Months Ended June 30, 2018
(Amounts in thousands)	Total			New York			San Francisco			Washington, D.C.			Other
Property-related revenues	$	366,816		$	229,181		$	107,243		$	30,884		$	(492	)
Property-related operating expenses		(136,624	)		(92,453	)		(29,164	)		(11,581	)		(3,426	)
NOI from unconsolidated joint ventures		9,309			9,158			-			-			151
NOI⁽¹⁾	$	239,501		$	145,886		$	78,079		$	19,303		$	(3,767	)

⁽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⁾

The following table provides a reconciliation of NOI to net income (loss) 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)	2019			2018			2019			2018
NOI	$	120,983		$	122,933		$	243,806		$	239,501
Add (subtract) adjustments to arrive to net income (loss):
Fee income		4,213			5,409			10,212			8,874
Depreciation and amortization expense		(62,625	)		(64,775	)		(125,714	)		(129,931	)
General and administrative expenses		(17,695	)		(17,195	)		(35,138	)		(29,826	)
NOI from unconsolidated joint ventures		(4,185	)		(4,569	)		(9,596	)		(9,309	)
Interest and other income, net		2,583			2,094			6,483			4,110
Interest and debt expense		(37,213	)		(36,809	)		(74,137	)		(72,891	)
Real estate impairment loss		-			(46,000	)		-			(46,000	)
Other, net		(619	)		2,214			(2,336	)		1,966
Net income (loss) before income taxes		5,442			(36,698	)		13,580			(33,506	)
Income tax (expense) benefit		(268	)		120			(1,406	)		(357	)
Net income (loss)		5,174			(36,578	)		12,174			(33,863	)
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(2,408	)		(1,752	)		(5,202	)		(2,807	)
Consolidated real estate fund		(53	)		(152	)		(147	)		(582	)
Operating Partnership		(258	)		3,666			(661	)		3,550
Net income (loss) attributable to common stockholders	$	2,455		$	(34,816	)	$	6,164		$	(33,702	)

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		Washington, D.C.		Other
June 30, 2019	$	8,853,875	$	5,532,532	$	2,446,639	$	301,326	$	573,378
December 31, 2018		8,755,978		5,583,022		2,388,094		305,980		478,882