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| NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company’s use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed. Definition of Net Operating Income (NOI) Reconciliation of Net Income (Loss) to Net Operating Income (NOI) $ in thousands (unaudited) 22 Office/Corp Roseland Total Office/Corp Roseland Total Net Income (loss) $23,471 ($9,950) $13,521 $47,498 $30,800 $78,298 Deduct: Real estate services income (1) (2,526) (2,527) - (2,766) (2,766) Interest and other investment loss (income) (17) - (17) (1) - (1) Equity in (earnings) loss of unconsolidated joint ventures 119 1,337 1,456 2,253 1,298 3,551 General & Administrative - property level - (1,326) (1,326) - (1,397) (1,397) Realized and unrealized (gains) losses on disposition (22,781) - (22,781) (41,333) (7,164) (48,497) (Gain) loss on disposition of developable land - - - (974) - (974) Gain on sale from unconsolidated joint ventures - - - - (35,184) (35,184) (Gain) loss from early extinguishment of debt, net - - - - 272 272 - - - Add: Real estate services expenses 79 3,239 3,318 28 3,420 3,448 General and administrative 10,997 3,005 14,002 8,801 2,855 11,656 Depreciation and amortization 13,652 15,180 28,832 14,746 15,016 29,762 Interest expense 10,309 8,594 18,903 11,396 9,122 20,518 Property impairments - - - - - - Land impairments 413 - 413 (6,584) - (6,584) Net operating income (NOI) $36,241 $17,553 $53,794 $35,830 $16,272 $52,102 1Q 2021 4Q 2020 |