Segments (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	174,496		$	111,837		$	63,472		$	(813	)
Property-related operating expenses		(66,618	)		(49,024	)		(16,938	)		(656	)
NOI from unconsolidated joint ventures		10,326			2,821			7,537			(32	)
NOI⁽¹⁾	$	118,204		$	65,634		$	54,071		$	(1,501	)

	For the Three Months Ended March 31, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other ⁽²⁾
Property-related revenues	$	181,318		$	121,577		$	56,667		$	3,074
Property-related operating expenses		(68,465	)		(49,029	)		(16,919	)		(2,517	)
NOI from unconsolidated joint ventures		13,392			2,944			10,382			66
NOI⁽¹⁾	$	126,245		$	75,492		$	50,130		$	623

⁽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⁾	NOI for the three months ended March 31, 2020 includes NOI from discontinued operations. See Note 3, Discontinued Operations.

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 March 31,
(Amounts in thousands)	2021			2020
NOI	$	118,204		$	126,245
Add (subtract) adjustments to arrive to net income:
Fee income		6,670			6,330
Depreciation and amortization expense		(58,305	)		(58,427	)
General and administrative expenses		(14,364	)		(12,249	)
NOI from unconsolidated joint ventures		(10,326	)		(13,392	)
Loss from unconsolidated joint ventures		(5,316	)		(4,221	)
Interest and other income (loss), net		1,302			(996	)
Interest and debt expense		(34,739	)		(36,619	)
Adjustments related to discontinued operations		-			(2,211	)
Other, net		(101	)		(151	)
Income from continuing operations, before income taxes		3,025			4,309
Income tax expense		(1,141	)		(604	)
Income from continuing operations, net		1,884			3,705
Income from discontinued operations, net		-			1,521
Net income		1,884			5,226
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(5,728	)		(1,514	)
Consolidated real estate fund		(85	)		(23	)
Operating Partnership		351			(341	)
Net (loss) income attributable to common stockholders	$	(3,578	)	$	3,348

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
March 31, 2021	$	8,571,948	$	5,384,807	$	2,725,495	$	461,646
December 31, 2020		8,554,097		5,388,596		2,698,983		466,518