Segments (Tables)

12 Months Ended

Dec. 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 Year Ended December 31, 2021
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	698,313		$	443,384		$	258,188		$	(3,259	)
Property-related operating expenses		(265,438	)		(191,793	)		(69,976	)		(3,669	)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		43,597			11,303			32,221			73
NOI⁽¹⁾	$	476,472		$	262,894		$	220,433		$	(6,855	)

	For the Year Ended December 31, 2020
(Amounts in thousands)	Total			New York			San Francisco			Other ⁽²⁾
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 ⁽²⁾
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

⁽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 years ended December 31, 2020 and 2019 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 attributable to common stockholders for the periods set forth below.

	For the Year Ended December 31,
(Amounts in thousands)	2021			2020			2019
NOI	$	476,472		$	475,601		$	494,009
Add (subtract) adjustments to arrive to net income (loss):
Fee income		28,473			28,070			22,744
Depreciation and amortization expense		(232,487	)		(235,200	)		(240,104	)
General and administrative expenses		(59,132	)		(64,917	)		(68,556	)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		(43,597	)		(48,631	)		(22,409	)
Loss from unconsolidated joint ventures		(24,896	)		(18,619	)		(4,706	)
Interest and other income, net		3,017			4,490			9,844
Interest and debt expense		(142,014	)		(144,208	)		(156,679	)
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	)
Other, net		(134	)		(824	)		(2,342	)
Income (loss) from continuing operations, before income taxes		5,702			(12,628	)		4,520
Income tax expense		(3,643	)		(1,493	)		(312	)
Income (loss) from continuing operations, net		2,059			(14,121	)		4,208
Loss from discontinued operations, net		-			(5,075	)		(33,811	)
Net income (loss)		2,059			(19,196	)		(29,603	)
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(21,538	)		(9,257	)		(11,022	)
Consolidated real estate fund		(2,893	)		1,450			(313	)
Operating Partnership		2,018			2,299			4,039
Net loss attributable to common stockholders	$	(20,354	)	$	(24,704	)	$	(36,899	)

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, 2021	$	8,494,562	$	5,336,210	$	2,696,131	$	462,221
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