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Segments (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
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, 2020 |
(Amounts in thousands) |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
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 Three Months Ended September 30, 2019 |
(Amounts in thousands) |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
Property-related revenues |  | $ | 191,158 |  |  | $ | 122,365 |  |  | $ | 61,999 |  |  | $ | 6,794 |
Property-related operating expenses |  |  | (71,648 | ) |  |  | (49,825 | ) |  |  | (18,068 | ) |  |  | (3,755 | )
NOI from unconsolidated joint ventures |  |  | 4,973 |  |  |  | 2,776 |  |  |  | 2,106 |  |  |  | 91 |
NOI (1) |  | $ | 124,483 |  |  | $ | 75,316 |  |  | $ | 46,037 |  |  | $ | 3,130 |
|  | For the Nine Months Ended September 30, 2020 |
(Amounts in thousands) |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
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 | )
|  | For the Nine Months Ended September 30, 2019 |
(Amounts in thousands) |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
Property-related revenues |  | $ | 561,321 |  |  | $ | 362,202 |  |  | $ | 177,614 |  |  | $ | 21,505 |
Property-related operating expenses |  |  | (207,601 | ) |  |  | (144,432 | ) |  |  | (51,893 | ) |  |  | (11,276 | )
NOI from unconsolidated joint ventures |  |  | 14,569 |  |  |  | 10,319 |  |  |  | 4,019 |  |  |  | 231 |
NOI (1) |  | $ | 368,289 |  |  | $ | 228,089 |  |  | $ | 129,740 |  |  | $ | 10,460 |
(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 (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 |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
(Amounts in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
NOI |  | $ | 114,849 |  |  | $ | 124,483 |  |  | $ | 354,213 |  |  | $ | 368,289 |
Add (subtract) adjustments to arrive to net (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fee income |  |  | 9,153 |  |  |  | 7,159 |  |  |  | 21,692 |  |  |  | 17,371 |
Depreciation and amortization expense |  |  | (58,889 | ) |  |  | (60,696 | ) |  |  | (176,032 | ) |  |  | (181,685 | )
General and administrative expenses |  |  | (16,805 | ) |  |  | (16,319 | ) |  |  | (46,955 | ) |  |  | (51,457 | )
NOI from unconsolidated joint ventures |  |  | (12,935 | ) |  |  | (4,973 | ) |  |  | (36,703 | ) |  |  | (14,569 | )
Loss from unconsolidated joint ventures |  |  | (4,268 | ) |  |  | (1,332 | ) |  |  | (14,444 | ) |  |  | (2,815 | )
Interest and other income, net |  |  | 1,104 |  |  |  | 1,222 |  |  |  | 2,360 |  |  |  | 7,705 |
Interest and debt expense |  |  | (35,792 | ) |  |  | (37,325 | ) |  |  | (108,420 | ) |  |  | (111,462 | )
NOI from discontinued operations |  |  | (2,157 | ) |  |  | (4,262 | ) |  |  | (6,515 | ) |  |  | (13,149 | )
Other, net |  |  | (137 | ) |  |  | (580 | ) |  |  | (457 | ) |  |  | (1,433 | )
(Loss) income from continuing operations, before income taxes |  |  | (5,877 | ) |  |  | 7,377 |  |  |  | (11,261 | ) |  |  | 16,795 |
Income tax (expense) benefit |  |  | (393 | ) |  |  | 583 |  |  |  | (1,135 | ) |  |  | (823 | )
(Loss) income from continuing operations, net |  |  | (6,270 | ) |  |  | 7,960 |  |  |  | (12,396 | ) |  |  | 15,972 |
Income from discontinued operations, net |  |  | 2,147 |  |  |  | 3,040 |  |  |  | 5,815 |  |  |  | 7,202 |
Net (loss) income |  |  | (4,123 | ) |  |  | 11,000 |  |  |  | (6,581 | ) |  |  | 23,174 |
Less: net (income) loss attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated joint ventures |  |  | (3,566 | ) |  |  | (3,051 | ) |  |  | (5,485 | ) |  |  | (8,253 | )
Consolidated real estate fund |  |  | 79 |  |  |  | (109 | ) |  |  | 1,291 |  |  |  | (256 | )
Operating Partnership |  |  | 652 |  |  |  | (758 | ) |  |  | 895 |  |  |  | (1,419 | )
Net (loss) income attributable to common stockholders |  | $ | (6,958 | ) |  | $ | 7,082 |  |  | $ | (9,880 | ) |  | $ | 13,246 |
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, 2020 |  | $ | 8,806,494 |  |  | $ | 5,421,273 |  |  | $ | 2,713,952 |  |  | $ | 671,269 |
December 31, 2019 |  |  | 8,734,135 |  |  |  | 5,439,929 |  |  |  | 2,708,463 |  |  |  | 585,743 |

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