Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segments

22. Segments

Our reportable segments are separated based on the regions in which we conduct our business. Prior to January 1, 2020, our reportable segments consisted of New York, San Francisco and Washington, D.C. Upon entering into an agreement to sell 1899 Pennsylvania Avenue, our sole remaining property in the Washington, D.C. segment, we redefined our reportable segments into the two remaining regions in which we conduct our business: New York and San Francisco effective January 1, 2020. 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. In connection therewith, we have reclassified the Washington, D.C. segment financial data into Other segment and reclassified prior period segment financial data to conform to current period presentation.

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, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	168,455		$	110,679		$	54,827		$	2,949
Property-related operating expenses		(65,712	)		(47,213	)		(16,054	)		(2,445	)
NOI from unconsolidated joint ventures		10,376			2,680			9,165			(1,469	)
NOI (1)	$	113,119		$	66,146		$	47,938		$	(965	)
	For the Three Months Ended June 30, 2019
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	184,370		$	118,741		$	58,431		$	7,198
Property-related operating expenses		(67,572	)		(46,504	)		(17,479	)		(3,589	)
NOI from unconsolidated joint ventures		4,185			2,886			1,213			86
NOI (1)	$	120,983		$	75,123		$	42,165		$	3,695
	For the Six Months Ended June 30, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	349,773		$	232,256		$	111,494		$	6,023
Property-related operating expenses		(134,177	)		(96,242	)		(32,973	)		(4,962	)
NOI from unconsolidated joint ventures		23,768			5,624			19,547			(1,403	)
NOI (1)	$	239,364		$	141,638		$	98,068		$	(342	)
	For the Six Months Ended June 30, 2019
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	370,163		$	239,837		$	115,615		$	14,711
Property-related operating expenses		(135,953	)		(94,607	)		(33,825	)		(7,521	)
NOI from unconsolidated joint ventures		9,596			7,543			1,913			140
NOI (1)	$	243,806		$	152,773		$	83,703		$	7,330

⁽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 income attributable to common stockholders for the periods set forth below.

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
(Amounts in thousands)	2020			2019			2020			2019
NOI	$	113,119		$	120,983		$	239,364		$	243,806
Add (subtract) adjustments to arrive to net income:
Fee income		6,209			4,213			12,539			10,212
Depreciation and amortization expense		(58,716	)		(60,277	)		(117,143	)		(120,989	)
General and administrative expenses		(17,901	)		(17,695	)		(30,150	)		(35,138	)
NOI from unconsolidated joint ventures		(10,376	)		(4,185	)		(23,768	)		(9,596	)
Loss from unconsolidated joint ventures		(5,955	)		(456	)		(10,176	)		(1,483	)
Interest and other income, net		2,252			2,583			1,256			6,483
Interest and debt expense		(36,009	)		(37,213	)		(72,628	)		(74,137	)
NOI from discontinued operations		(2,147	)		(4,404	)		(4,358	)		(8,887	)
Other, net		(169	)		(163	)		(320	)		(853	)
(Loss) income from continuing operations, before income taxes		(9,693	)		3,386			(5,384	)		9,418
Income tax expense		(138	)		(268	)		(742	)		(1,406	)
(Loss) income from continuing operations, net		(9,831	)		3,118			(6,126	)		8,012
Income from discontinued operations, net		2,147			2,056			3,668			4,162
Net (loss) income		(7,684	)		5,174			(2,458	)		12,174
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(405	)		(2,408	)		(1,919	)		(5,202	)
Consolidated real estate fund		1,235			(53	)		1,212			(147	)
Operating Partnership		584			(258	)		243			(661	)
Net (loss) income attributable to common stockholders	$	(6,270	)	$	2,455		$	(2,922	)	$	6,164

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, 2020	$	8,833,182	$	5,438,820	$	2,706,650	$	687,712
December 31, 2019		8,734,135		5,439,929		2,708,463		585,743