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Segment Reporting
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment ReportingIn 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 as 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 consists of newer, high-quality, and business-essential office properties. The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. This segment includes properties that are either non-stabilized, leased to tenants with shorter lease terms or are being evaluated for repositioning, re-leasing or potential sale. 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 three and nine months ended September 30, 2023 and September 30, 2022 is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Industrial NOI
Total Industrial revenues$13,934 $15,095 $42,508 $45,401 
Industrial operating expenses(1,884)(1,706)(5,510)(5,489)
Industrial NOI12,050 13,389 36,998 39,912 
Office NOI
Total Office revenues34,022 72,128 108,210 251,467 
Office operating expenses(6,102)(17,762)(18,518)(57,832)
Office NOI27,920 54,366 89,692 193,635 
Other NOI
Total Other revenues13,757 14,107 40,508 43,724 
Other operating expenses(5,360)(4,808)(15,666)(13,932)
Other NOI8,397 9,299 24,842 29,792 
Total NOI$48,367 $77,054 $151,532 $263,339 
A reconciliation of net loss to NOI for the three and nine months ended September 30, 2023 and September 30, 2022 is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Reconciliation of Net Loss to Total NOI
Net loss$(139,948)$(119,373)$(583,332)$(193,240)
General and administrative expenses9,653 9,521 31,411 27,463 
Corporate operating expenses to related parties257 140 975 1,065 
Real estate impairment provision— 10,697 397,373 86,254 
Depreciation and amortization25,003 42,628 86,830 155,470 
Interest expense16,126 24,283 49,208 68,315 
Other (income) expense, net(3,654)162 (7,613)588 
Net loss from investment in unconsolidated entity144,598 — 176,767 — 
(Gain) loss from disposition of assets(3,748)95,513 (24,657)95,513 
Debt breakage costs— 13,249 — 13,249 
Transaction expenses80 234 24,570 8,662 
Total NOI$48,367 $77,054 $151,532 $263,339 

The following table presents the Company’s goodwill for each of the segments as of September 30, 2023 and December 31, 2022:
September 30,December 31,
20232022
Goodwill
Industrial$68,373 $68,373 
Office— — 
Other26,305 26,305 
Total Goodwill$94,678 $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 the September 30, 2023 and December 31, 2022:
September 30,December 31,
20232022
Industrial Real Estate, net
Total real estate$740,790 $761,757 
Accumulated depreciation and amortization(146,047)(137,738)
Industrial real estate, net594,743 624,019 
Office Real Estate, net
Total real estate1,567,724 2,020,463 
Accumulated depreciation and amortization(279,852)(305,829)
Office real estate, net1,287,872 1,714,634 
Other Real Estate, net
Total real estate399,295 715,036 
Accumulated depreciation and amortization(120,833)(201,072)
Other real estate, net278,462 513,964 
Total Real Estate, net$2,161,077 $2,852,617 
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.