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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Reconciliation of Segment Revenues | 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 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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