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Segments | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Segments |
22. | Segments
Our reportable segments are separated based on the regions in which we conduct our business. Prior to January 1, 2020, our reportable segments consisted of New York, San Francisco and Washington, D.C. Upon entering into an agreement to sell 1899 Pennsylvania Avenue, our sole remaining property in the Washington, D.C. segment, we redefined our reportable segments into the two remaining regions in which we conduct our business: New York and San Francisco effective January 1, 2020. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. In connection therewith, we have reclassified the Washington, D.C. segment financial data into Other segment and reclassified prior period segment financial data to conform to current period presentation. 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.
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 |
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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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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