Segments (Tables)

9 Months Ended

Sep. 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 September 30, 2021
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	172,570		$	109,842		$	63,527		$	(799	)
Property-related operating expenses		(67,131	)		(47,545	)		(18,646	)		(940	)
NOI from unconsolidated joint ventures (including One Steuart Lane)		16,214			2,875			8,665			4,674
NOI attributable to One Steuart Lane		(4,587	)		-			-			(4,587	)
NOI⁽¹⁾	$	117,066		$	65,172		$	53,546		$	(1,652	)

	For the Three Months Ended September 30, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other ⁽²⁾
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 Nine Months Ended September 30, 2021
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	523,134		$	329,870		$	195,673		$	(2,409	)
Property-related operating expenses		(197,821	)		(142,370	)		(52,651	)		(2,800	)
NOI from unconsolidated joint ventures (including One Steuart Lane)		37,097			8,445			24,054			4,598
NOI attributable to One Steuart Lane		(4,587	)		-			-			(4,587	)
NOI⁽¹⁾	$	357,823		$	195,945		$	167,076		$	(5,198	)

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

⁽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 nine months ended September 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 Nine Months Ended
	September 30,						September 30,
(Amounts in thousands)	2021			2020			2021			2020
NOI	$	117,066		$	114,849		$	357,823		$	354,213
Add (subtract) adjustments to arrive to net income:
Fee income		6,561			9,153			19,432			21,692
Depreciation and amortization expense		(57,522	)		(58,889	)		(175,752	)		(176,032	)
General and administrative expenses		(13,257	)		(16,805	)		(46,039	)		(46,955	)
NOI from unconsolidated joint ventures (including One Steuart Lane)		(16,214	)		(12,935	)		(37,097	)		(36,703	)
Income (loss) from unconsolidated joint ventures		223			(4,268	)		(20,810	)		(14,444	)
NOI attributable to One Steuart Lane		4,587			-			4,587			-
Interest and other income, net		138			1,104			2,510			2,360
Interest and debt expense		(36,266	)		(35,792	)		(105,919	)		(108,420	)
Adjustments related to discontinued operations		-			(2,157	)		-			(6,515	)
Other, net		189			(137	)		101			(457	)
Income (loss) from continuing operations, before income taxes		5,505			(5,877	)		(1,164	)		(11,261	)
Income tax expense		(873	)		(393	)		(2,448	)		(1,135	)
Income (loss) from continuing operations, net		4,632			(6,270	)		(3,612	)		(12,396	)
Income from discontinued operations, net		-			2,147			-			5,815
Net income (loss)		4,632			(4,123	)		(3,612	)		(6,581	)
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(3,768	)		(3,566	)		(16,924	)		(5,485	)
Consolidated real estate fund		(3,123	)		79			(3,179	)		1,291
Operating Partnership		204			652			2,139			895
Net loss attributable to common stockholders	$	(2,055	)	$	(6,958	)	$	(21,576	)	$	(9,880	)

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, 2021	$	8,545,585	$	5,375,688	$	2,712,559	$	457,338
December 31, 2020		8,554,097		5,388,596		2,698,983		466,518