Segments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	176,068		$	108,191		$	68,674		$	(797	)
Property-related operating expenses		(64,072	)		(45,801	)		(17,067	)		(1,204	)
NOI from unconsolidated joint ventures		10,557			2,749			7,852			(44	)
NOI⁽¹⁾	$	122,553		$	65,139		$	59,459		$	(2,045	)

	For the Three Months Ended June 30, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other ⁽²⁾
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 Six Months Ended June 30, 2021
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	350,564		$	220,028		$	132,146		$	(1,610	)
Property-related operating expenses		(130,690	)		(94,825	)		(34,005	)		(1,860	)
NOI from unconsolidated joint ventures		20,883			5,570			15,389			(76	)
NOI⁽¹⁾	$	240,757		$	130,773		$	113,530		$	(3,546	)

	For the Six Months Ended June 30, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other ⁽²⁾
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	)

⁽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 and six months ended June 30, 2020 includes NOI from discontinued operations. See Note 3, Discontinued Operations.

Schedule of Reconciliation of NOI to Net Loss Attributable to Common Stockholders

The following table provides a reconciliation of NOI to net loss 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)	2021			2020			2021			2020
NOI	$	122,553		$	113,119		$	240,757		$	239,364
Add (subtract) adjustments to arrive to net income:
Fee income		6,201			6,209			12,871			12,539
Depreciation and amortization expense		(59,925	)		(58,716	)		(118,230	)		(117,143	)
General and administrative expenses		(18,418	)		(17,901	)		(32,782	)		(30,150	)
NOI from unconsolidated joint ventures		(10,557	)		(10,376	)		(20,883	)		(23,768	)
Loss from unconsolidated joint ventures		(15,717	)		(5,955	)		(21,033	)		(10,176	)
Interest and other income, net		1,070			2,252			2,372			1,256
Interest and debt expense		(34,914	)		(36,009	)		(69,653	)		(72,628	)
Adjustments related to discontinued operations		-			(2,147	)		-			(4,358	)
Other, net		13			(169	)		(88	)		(320	)
Loss from continuing operations, before income taxes		(9,694	)		(9,693	)		(6,669	)		(5,384	)
Income tax expense		(434	)		(138	)		(1,575	)		(742	)
Loss from continuing operations, net		(10,128	)		(9,831	)		(8,244	)		(6,126	)
Income from discontinued operations, net		-			2,147			-			3,668
Net loss		(10,128	)		(7,684	)		(8,244	)		(2,458	)
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(7,428	)		(405	)		(13,156	)		(1,919	)
Consolidated real estate fund		29			1,235			(56	)		1,212
Operating Partnership		1,584			584			1,935			243
Net loss attributable to common stockholders	$	(15,943	)	$	(6,270	)	$	(19,521	)	$	(2,922	)

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
June 30, 2021	$	8,533,140	$	5,359,621	$	2,711,847	$	461,672
December 31, 2020		8,554,097		5,388,596		2,698,983		466,518