Segments (Tables)

12 Months Ended

Dec. 31, 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 Year Ended December 31, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	700,410		$	454,071		$	234,893		$	11,446
Property-related operating expenses		(273,440	)		(194,648	)		(68,924	)		(9,868	)
NOI from unconsolidated joint ventures		48,631			11,540			38,892			(1,801	)
NOI⁽¹⁾	$	475,601		$	270,963		$	204,861		$	(223	)

	For the Year Ended December 31, 2019
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	746,436		$	482,648		$	238,808		$	24,980
Property-related operating expenses		(274,836	)		(191,211	)		(69,815	)		(13,810	)
NOI from unconsolidated joint ventures		22,409			13,151			9,065			193
NOI⁽¹⁾	$	494,009		$	304,588		$	178,058		$	11,363

	For the Year Ended December 31, 2018
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	740,332		$	468,013		$	222,071		$	50,248
Property-related operating expenses		(274,078	)		(188,008	)		(60,043	)		(26,027	)
NOI from unconsolidated joint ventures		20,730			20,395			-			335
NOI⁽¹⁾	$	486,984		$	300,400		$	162,028		$	24,556

⁽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 Year Ended December 31,
(Amounts in thousands)	2020			2019			2018
NOI	$	475,601		$	494,009		$	486,984
Add (subtract) adjustments to arrive to net (loss) income:
Fee income		28,070			22,744			18,629
Depreciation and amortization expense		(235,200	)		(240,104	)		(240,868	)
General and administrative expenses		(64,917	)		(68,556	)		(57,563	)
NOI from unconsolidated joint ventures		(48,631	)		(22,409	)		(20,730	)
(Loss) income from unconsolidated joint ventures		(18,619	)		(4,706	)		3,468
Interest and other income, net		4,490			9,844			7,936
Interest and debt expense		(144,208	)		(156,679	)		(147,653	)
Loss on early extinguishment of debt		-			(11,989	)		-
Adjustments related to discontinued operations (including impairments and gain or loss on sale of real estate)		(8,390	)		(15,292	)		(31,909	)
Other, net		(824	)		(2,342	)		(1,740	)
(Loss) income from continuing operations, before income taxes		(12,628	)		4,520			16,554
Income tax expense		(1,493	)		(312	)		(3,139	)
(Loss) income from continuing operations, net		(14,121	)		4,208			13,415
(Loss) income from discontinued operations, net		(5,075	)		(33,811	)		5,578
Net (loss) income		(19,196	)		(29,603	)		18,993
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(9,257	)		(11,022	)		(8,182	)
Consolidated real estate fund		1,450			(313	)		(720	)
Operating Partnership		2,299			4,039			(944	)
Net (loss) income attributable to common stockholders	$	(24,704	)	$	(36,899	)	$	9,147

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, 2020	$	8,554,097	$	5,388,596	$	2,698,983	$	466,518
December 31, 2019		8,734,135		5,439,929		2,708,463		585,743
December 31, 2018		8,755,978		5,583,022		2,388,094		784,862