Segments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	171,697		$	115,405		$	57,089		$	(797	)
Property-related operating expenses		(66,661	)		(48,211	)		(17,292	)		(1,158	)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		11,234			2,818			8,354			62
NOI⁽¹⁾	$	116,270		$	70,012		$	48,151		$	(1,893	)

	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	)

⁽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 Income (Loss) Attributable to Common Stockholders

The following table provides a reconciliation of NOI to net income (loss) attributable to common stockholders for the periods set forth below.


	For the Three Months Ended March 31,
(Amounts in thousands)	2022			2021
NOI	$	116,270		$	118,204
Add (subtract) adjustments to arrive to net income:
Fee income		11,988			6,670
Depreciation and amortization expense		(55,624	)		(58,305	)
General and administrative expenses		(15,645	)		(14,364	)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		(11,234	)		(10,326	)
Loss from unconsolidated joint ventures		(5,113	)		(5,316	)
Interest and other income, net		231			1,302
Interest and debt expense		(34,277	)		(34,739	)
Other, net		53			(101	)
Net income before income taxes		6,649			3,025
Income tax expense		(527	)		(1,141	)
Net income		6,122			1,884
Less: net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(3,425	)		(5,728	)
Consolidated real estate fund		1,016			(85	)
Operating Partnership		(342	)		351
Net income (loss) attributable to common stockholders	$	3,371		$	(3,578	)

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, 2022	$	8,498,582	$	5,364,204	$	2,689,173	$	445,205
December 31, 2021		8,494,562		5,336,210		2,696,131		462,221