Segments (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	171,263		$	106,287		$	62,086		$	2,890
Property-related operating expenses		(69,349	)		(49,072	)		(17,825	)		(2,452	)
NOI from unconsolidated joint ventures		12,935			3,116			10,019			(200	)
NOI⁽¹⁾	$	114,849		$	60,331		$	54,280		$	238

	For the Three Months Ended September 30, 2019
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	191,158		$	122,365		$	61,999		$	6,794
Property-related operating expenses		(71,648	)		(49,825	)		(18,068	)		(3,755	)
NOI from unconsolidated joint ventures		4,973			2,776			2,106			91
NOI⁽¹⁾	$	124,483		$	75,316		$	46,037		$	3,130

	For the Nine Months Ended September 30, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	521,036		$	338,543		$	173,580		$	8,913
Property-related operating expenses		(203,526	)		(145,314	)		(50,798	)		(7,414	)
NOI from unconsolidated joint ventures		36,703			8,740			29,566			(1,603	)
NOI⁽¹⁾	$	354,213		$	201,969		$	152,348		$	(104	)

	For the Nine Months Ended September 30, 2019
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	561,321		$	362,202		$	177,614		$	21,505
Property-related operating expenses		(207,601	)		(144,432	)		(51,893	)		(11,276	)
NOI from unconsolidated joint ventures		14,569			10,319			4,019			231
NOI⁽¹⁾	$	368,289		$	228,089		$	129,740		$	10,460

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

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
(Amounts in thousands)	2020			2019			2020			2019
NOI	$	114,849		$	124,483		$	354,213		$	368,289
Add (subtract) adjustments to arrive to net (loss) income:
Fee income		9,153			7,159			21,692			17,371
Depreciation and amortization expense		(58,889	)		(60,696	)		(176,032	)		(181,685	)
General and administrative expenses		(16,805	)		(16,319	)		(46,955	)		(51,457	)
NOI from unconsolidated joint ventures		(12,935	)		(4,973	)		(36,703	)		(14,569	)
Loss from unconsolidated joint ventures		(4,268	)		(1,332	)		(14,444	)		(2,815	)
Interest and other income, net		1,104			1,222			2,360			7,705
Interest and debt expense		(35,792	)		(37,325	)		(108,420	)		(111,462	)
NOI from discontinued operations		(2,157	)		(4,262	)		(6,515	)		(13,149	)
Other, net		(137	)		(580	)		(457	)		(1,433	)
(Loss) income from continuing operations, before income taxes		(5,877	)		7,377			(11,261	)		16,795
Income tax (expense) benefit		(393	)		583			(1,135	)		(823	)
(Loss) income from continuing operations, net		(6,270	)		7,960			(12,396	)		15,972
Income from discontinued operations, net		2,147			3,040			5,815			7,202
Net (loss) income		(4,123	)		11,000			(6,581	)		23,174
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(3,566	)		(3,051	)		(5,485	)		(8,253	)
Consolidated real estate fund		79			(109	)		1,291			(256	)
Operating Partnership		652			(758	)		895			(1,419	)
Net (loss) income attributable to common stockholders	$	(6,958	)	$	7,082		$	(9,880	)	$	13,246

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
September 30, 2020	$	8,806,494	$	5,421,273	$	2,713,952	$	671,269
December 31, 2019		8,734,135		5,439,929		2,708,463		585,743