Segments (Tables)

9 Months Ended

Sep. 30, 2019

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 September 30, 2019
(Amounts in thousands)	Total			New York			San Francisco			Washington, D.C.			Other
Property-related revenues	$	191,158		$	122,365		$	61,999		$	7,064		$	(270	)
Property-related operating expenses		(71,648	)		(49,825	)		(18,068	)		(2,802	)		(953	)
NOI from unconsolidated joint ventures		4,973			2,776			2,106			-			91
NOI⁽¹⁾	$	124,483		$	75,316		$	46,037		$	4,262		$	(1,132	)

	For the Three Months Ended September 30, 2018
(Amounts in thousands)	Total			New York			San Francisco			Washington, D.C.			Other
Property-related revenues	$	188,517		$	118,539		$	57,568		$	12,685		$	(275	)
Property-related operating expenses		(69,811	)		(48,257	)		(15,206	)		(4,782	)		(1,566	)
NOI from unconsolidated joint ventures		4,448			4,356			-			-			92
NOI⁽¹⁾	$	123,154		$	74,638		$	42,362		$	7,903		$	(1,749	)

	For the Nine Months Ended September 30, 2019
(Amounts in thousands)	Total			New York			San Francisco			Washington, D.C.			Other
Property-related revenues	$	561,321		$	362,202		$	177,614		$	21,707		$	(202	)
Property-related operating expenses		(207,601	)		(144,432	)		(51,893	)		(8,558	)		(2,718	)
NOI from unconsolidated joint ventures		14,569			10,319			4,019			-			231
NOI⁽¹⁾	$	368,289		$	228,089		$	129,740		$	13,149		$	(2,689	)

	For the Nine Months Ended September 30, 2018
(Amounts in thousands)	Total			New York			San Francisco			Washington, D.C.			Other
Property-related revenues	$	555,333		$	347,720		$	164,811		$	43,569		$	(767	)
Property-related operating expenses		(206,435	)		(140,710	)		(44,370	)		(16,363	)		(4,992	)
NOI from unconsolidated joint ventures		13,757			13,514			-			-			243
NOI⁽¹⁾	$	362,655		$	220,524		$	120,441		$	27,206		$	(5,516	)

⁽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 September 30,						For the Nine Months Ended September 30,
(Amounts in thousands)	2019			2018			2019			2018
NOI	$	124,483		$	123,154		$	368,289		$	362,655
Add (subtract) adjustments to arrive to net income:
Fee income		7,159			4,079			17,371			12,953
Depreciation and amortization expense		(63,058	)		(64,610	)		(188,772	)		(194,541	)
General and administrative expenses		(16,319	)		(14,452	)		(51,457	)		(44,278	)
NOI from unconsolidated joint ventures		(4,973	)		(4,448	)		(14,569	)		(13,757	)
Interest and other income, net		1,222			2,778			7,705			6,888
Interest and debt expense		(37,325	)		(37,105	)		(111,462	)		(109,996	)
Real estate impairment loss		-			-			-			(46,000	)
Gain on sale of real estate		1,140			36,845			1,140			36,845
Other, net		(1,912	)		(166	)		(4,248	)		1,800
Net income before income taxes		10,417			46,075			23,997			12,569
Income tax benefit (expense)		583			(1,814	)		(823	)		(2,171	)
Net income		11,000			44,261			23,174			10,398
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(3,051	)		(2,713	)		(8,253	)		(5,520	)
Consolidated real estate fund		(109	)		(86	)		(256	)		(668	)
Operating Partnership		(758	)		(3,931	)		(1,419	)		(381	)
Net income attributable to common stockholders	$	7,082		$	37,531		$	13,246		$	3,829

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		Washington, D.C.		Other
September 30, 2019	$	8,579,750	$	5,473,479	$	2,534,510	$	150,001	$	421,760
December 31, 2018		8,755,978		5,583,022		2,388,094		305,980		478,882