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Segment Reporting | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting In the fourth quarter of 2022, the Company evolved the management strategy of its real estate portfolio to focus on three different property types in order to provide clarity to the value and operations associated with the assets within each group. As a result, the Company changed to three reportable segments: Industrial, Office, and Other. The Industrial segment consists of high-quality, well-located industrial properties with modern specifications. The Office segment includes newer, high-quality office properties. The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. The Company recast its segment results for all prior periods presented to show the three reportable segments. The Company evaluates performance of each segment based on segment net operating income (“NOI”), which is defined as property revenue less property expenses. The Company excludes the following from Segment NOI because they are addressed on a corporate level: (i) the Office Joint Venture, (ii) interest expense, and (iii) general and administrative expenses. Segment NOI is not a measure of operating income or cash flows from operating activities is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit measures in the same manner. The Company considers segment NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. The following table presents segment NOI for the years ended December 31, 2023, 2022, and 2021 is as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Industrial NOI |  |  |  |  |  |
Total Industrial revenues |  | $ | 57,304 |  |  | $ | 61,347 |  |  | $ | 59,320 |
Industrial operating expenses |  | (7,655) |  |  | (7,870) |  |  | (7,195) |
Industrial NOI |  | 49,649 |  |  | 53,477 |  |  | 52,125 |
Office NOI |  |  |  |  |  |
Total Office revenues |  | 142,734 |  |  | 297,110 |  |  | 340,265 |
Office operating expenses |  | (24,295) |  |  | (66,143) |  |  | (80,010) |
Office NOI |  | 118,439 |  |  | 230,967 |  |  | 260,255 |
Other NOI |  |  |  |  |  |
Total Other revenues |  | 54,246 |  |  | 58,029 |  |  | 60,288 |
Other operating expenses |  | (20,476) |  |  | (19,252) |  |  | (19,369) |
Other NOI |  | 33,770 |  |  | 38,777 |  |  | 40,919 |
Total NOI |  | $ | 201,858 |  |  | $ | 323,221 |  |  | $ | 353,299 |
A reconciliation of net (loss) income to total NOI for the years ended December 31, 2023, 2022, and 2021 is as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Reconciliation of Net (Loss) Income to Total NOI |  |  |  |  |  |
Net (loss) income |  | $ | (605,102) |  |  | $ | (441,382) |  |  | $ | 11,570 |
General and administrative expenses |  | 42,962 |  |  | 38,995 |  |  | 39,051 |
Corporate operating expenses to affiliates |  | 1,154 |  |  | 1,349 |  |  | 2,520 |
Impairment provision, real estate |  | 409,512 |  |  | 127,577 |  |  | 4,242 |
Impairment provision, goodwill |  | 16,031 |  |  | 135,270 |  |  | — |
Depreciation and amortization |  | 112,204 |  |  | 190,745 |  |  | 209,638 |
Interest expense |  | 65,623 |  |  | 84,816 |  |  | 85,087 |
Debt breakage costs |  | — |  |  | 13,249 |  |  | — |
Other loss (income), net |  | (13,111) |  |  | 943 |  |  | (93) |
Loss (income) from investment in unconsolidated entities |  | 176,767 |  |  | 9,993 |  |  | (8) |
Loss (gain) from disposition of assets |  | (29,164) |  |  | 139,280 |  |  | 326 |
Transaction expense |  | 24,982 |  |  | 22,386 |  |  | 966 |
Total NOI |  | $ | 201,858 |  |  | $ | 323,221 |  |  | $ | 353,299 |
The following table presents the Company’s goodwill for each of the segments as of December 31, 2023 and 2022:
|  | Year Ended December 31,
|  | 2023 |  | 2022
Goodwill |  |  |  |
Industrial |  | $ | 68,373 |  |  | $ | 68,373 |
Office |  | — |  |  | — |
Other |  | 10,274 |  |  | 26,305 |
Total Goodwill |  | $ | 78,647 |  |  | $ | 94,678 |
The following table presents the Company’s total real estate assets, net, which includes accumulated depreciation and amortization and excludes intangibles, for each segment as of December 31, 2023 and 2022:
|  | Year Ended December 31,
|  | 2023 |  | 2022
Industrial Real Estate, net |  |  |  |
Total real estate |  | $ | 741,737 |  |  | $ | 761,757 |
Accumulated depreciation and amortization |  | (152,353) |  |  | (137,738) |
Industrial real estate, net |  | 589,384 |  |  | 624,019 |
Office Real Estate, net |  |  |  |
Total real estate |  | 1,505,959 |  |  | 2,020,463 |
Accumulated depreciation and amortization |  | (286,136) |  |  | (305,829) |
Office real estate, net |  | 1,219,823 |  |  | 1,714,634 |
Other Real Estate, net |  |  |  |
Total real estate |  | 362,415 |  |  | 715,036 |
Accumulated depreciation and amortization |  | (112,063) |  |  | (201,072) |
Other real estate, net |  | 250,352 |  |  | 513,964 |
Total Real Estate, net |  | $ | 2,059,559 |  |  | $ | 2,852,617 |
Total Real Estate Held for Sale, net |  |  |  |
Total real estate |  | $ | 64,289 |  |  | $ | 26,902 |
Accumulated depreciation and amortization |  | (14,636) |  |  | (7,494) |
Real estate held for sale, net |  | $ | 49,653 |  |  | $ | 19,408 |
Total asset information by segment is not reported because the Company does not use this measure to assess performance or to make resource allocation decisions.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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