| Schedule of Selected Results of Operations and Asset Information |
In 2024, the Company classified and sold its last remaining non-strategic office asset as discontinued operations (dollars in thousands):
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Total
Company |
| Total revenues: |
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| 2023 |
|
|
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260,295 |
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| 2022 |
|
|
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213,355 |
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| Total operating and interest expenses (a): |
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| 2023 |
|
|
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290,165 |
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| 2022 |
|
|
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223,801 |
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| Equity in earnings (loss) of unconsolidated joint ventures: |
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| 2023 |
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3,102 |
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| 2022 |
|
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1,200 |
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| Net operating income (loss) (b): |
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| 2023 |
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(26,768) |
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| 2022 |
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(9,246) |
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| Total assets: |
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| 2023 |
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3,241,046 |
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| Total long-lived assets (c): |
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| 2023 |
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3,011,815 |
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| Total investments in unconsolidated joint ventures: |
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| 2023 |
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117,954 |
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(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; property management; general and administrative, transaction-related costs and interest expense, net of interest and other investment income and other income (expense), net.
(b)Net operating income (loss) represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the periods.
(c)Long-lived assets are comprised of net investment in rental property and unbilled rents receivable.
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| Schedule of Reconciliation of Net Operating Income (Loss) to Net Income Available to Common Shareholders |
The following schedule reconciles net operating income (loss) to net income (loss) available to common shareholders (dollars in thousands):
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Year Ended December 31, |
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2023 |
2022 |
| Net operating income (loss) |
|
$ |
(26,768) |
$ |
(9,246) |
| Add (deduct): |
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|
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| Depreciation and amortization |
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(86,235) |
|
(77,903) |
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| Land and other impairments, net |
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(9,324) |
|
(9,368) |
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| Gain (loss) on disposition of developable land |
|
7,068 |
57,262 |
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| Gain (loss) from extinguishment of debt, net |
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(5,606) |
|
(129) |
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| Income (loss) from continuing operations before income tax expense |
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(120,865) |
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(39,384) |
| Provision for income taxes |
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(492) |
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— |
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Loss from continuing operations after income tax expense |
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(121,357) |
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(39,384) |
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| Discontinued operations |
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| Income (loss) from discontinued operations |
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(32,686) |
(64,854) |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |
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41,682 |
69,353 |
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| Total discontinued operations, net |
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8,996 |
4,499 |
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| Net income (loss) |
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(112,361) |
|
(34,885) |
| Noncontrolling interests in consolidated joint ventures |
|
2,319 |
3,079 |
| Noncontrolling interests in Operating Partnership of loss (income) from continuing operations |
|
11,174 |
5,688 |
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| Noncontrolling interests in Operating Partnership in discontinued operations |
|
(779) |
|
(414) |
| Redeemable noncontrolling interests |
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(7,618) |
|
(25,534) |
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| Net income (loss) available to common shareholders |
|
$ |
(107,265) |
|
$ |
(52,066) |
The following schedule reconciles net operating income (loss) to net income (loss) available to common unitholders (dollars in thousands):
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Year Ended December 31, |
|
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2023 |
2022 |
| Net operating income (loss) |
|
$ |
(26,768) |
$ |
(9,246) |
| Add (deduct): |
|
|
|
| Depreciation and amortization |
|
(86,235) |
|
(77,903) |
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| Land and other impairments, net |
|
(9,324) |
|
(9,368) |
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|
|
|
|
|
|
|
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| Gain (loss) on disposition of developable land |
|
7,068 |
57,262 |
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|
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| Gain (loss) from extinguishment of debt, net |
|
(5,606) |
|
(129) |
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| Income (loss) from continuing operations before income tax expense |
|
(120,865) |
|
(39,384) |
| Provision for income taxes |
|
(492) |
|
— |
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| Income (loss) from continuing operations after income tax expense |
|
(121,357) |
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(39,384) |
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| Discontinued operations |
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|
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| Income (loss) from discontinued operations |
|
(32,686) |
(64,854) |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |
|
41,682 |
69,353 |
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| Total discontinued operations, net |
|
8,996 |
4,499 |
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| Net income (loss) |
|
(112,361) |
|
(34,885) |
| Noncontrolling interests in consolidated joint ventures |
|
2,319 |
3,079 |
| Redeemable noncontrolling interests |
|
(7,618) |
|
(25,534) |
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| Net income (loss) available to common unitholders |
|
$ |
(117,660) |
|
$ |
(57,340) |
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