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Segment Information

12 Months Ended

Dec. 31, 2024

Segment Information

Segment Information

11.   Segment Information

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The Company is a REIT focused on real estate investments primarily in the office market and currently operates in one segment: real estate operations. Each of the Company’s properties qualify as an operating segment but are aggregated together because they exhibit similar economic characteristics and operating similarities.

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The chief operating decision maker (CODM) of the Company is the Company’s Chief Executive Officer. The CODM measures the performance and profit or loss for the Company’s reportable segment using a measure referred to as Segment Net Operating Income (Segment NOI). The CODM utilizes Segment NOI when considering the deployment of the Company’s capital resources on a property-by-property basis. The significant expense categories which the Company’s CODM examines when measuring the segment’s performance include real estate operating expenses and real estate taxes and insurance. Asset information by segment is not reported because the Company does not use this measure to assess performance. The total assets of the Company’s reportable segment can be found on the Company’s consolidated balance sheets.

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Segment NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus selling, general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, hedge ineffectiveness, gains or losses on the sale of assets and excludes income taxes. Segment NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. Segment NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions.

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The calculations of Segment NOI are shown in the following table:

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Segment Net Operating Income (NOI)

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​	​	​	​	​	​	​	​	​	​
​	​	​		​	​		​	​	​
​	​	​		​	​		​	​	​
​	​	Year Ended		​	Year Ended		​	Year Ended
(in thousands)		31-Dec-24			31-Dec-23		​	31-Dec-22
Total consolidated revenues	​	$	120,112	​	$	145,707	​	$	165,615
​	​	​	​	​	​	​	​	​	​
Reconciling items:	​	​	​	​	​	​	​	​	​
Amortization of above/below market leases	​	​	(17)	​	​	(44)	​	​	(118)
​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​
Real estate operating expenses	​	​	45,043	​	​	50,732	​	​	52,820
Real estate taxes and insurance	​	​	22,716	​	​	27,200	​	​	34,620
Segment NOI	​	$	52,336		$	67,731	​	$	78,057
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​		​	​	​	​	​	​	​
​	​	​	Year Ended	​		Year Ended	​	​	Year Ended
Reconciliation to Net Income (Loss)	​	​	31-Dec-24	​	​	31-Dec-23	​	​	31-Dec-22
Net income (loss)		$	(52,723)		$	(48,110)	​	​	1,094
Add (deduct):	​	​	​	​	​	​	​	​	​
Loss on extinguishment of debt	​	​	1,042	​	​	106	​	​	78
Gain on consolidation of Sponsored REIT	​		—	​		(394)	​	​	—
Impairment and loan loss reserve	​	​	—	​	​	—	​	​	4,237
(Gain) loss on sale of properties and impairment of assets held for sale, net	​		20,826	​		23,384	​	​	(27,939)
Depreciation and amortization	​		44,774	​		54,738	​	​	63,808
Amortization of above/below market leases	​		(17)	​		(44)	​	​	(118)
General and administrative	​		13,884	​		14,021	​	​	13,885
Interest expense	​		26,424	​		24,318	​	​	22,808
Interest income	​		(2,090)	​		(567)	​	​	—
Tax expense	​	​	216	​		279	​	​	204
Segment NOI		$	52,336		$	67,731	​	$	78,057

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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.

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