| Information About Net Operating Income (NOI) Reconciliation of Net Income (Loss) to Net Operating Income (NOI) $ in thousands (unaudited) 4Q 2020 3Q 2020 Office/Corp $47,498 Roseland $30,800 Total $78,298 Office/Corp $8,314 Roseland ($49,432) Total ($41,118) Net Income (loss) Deduct: Real estate services income Interest and other investment loss (income) Equity in (earnings) loss of unconsolidated joint ventures General & Administrative - property level Realized (gains) losses and unrealized losses on disposition (Gain) loss on disposition of developable land Gain on sale from unconsolidated joint ventures (Gain) loss from early extinguishment of debt, net Add: Real estate services expenses General and administrative Depreciation and amortization Interest expense Property impairments Land impairments Net operating income (NOI) - (2,766) - 1,298 (1,397) (7,164) - (35,184) 272 (2,766) (1) 3,551 (1,397) (48,497) (974) (35,184) 272 (12) (1) (493) - (15,775) - - - (2,864) (2) (880) (1,638) - - - - (2,876) (3) (1,373) (1,638) (15,775) - - - (1) 2,253 - (41,333) (974) - - 28 8,801 14,746 11,396 - (6,584) 3,420 2,855 15,016 9,122 - - 3,448 11,656 29,762 20,518 - (6,584) 42 22,946 17,485 12,519 - 1,292 3,258 6,010 15,551 9,067 36,582 - 3,300 28,956 33,036 21,586 36,582 1,292 $35,830 $16,272 $52,102 $46,317 $15,652 $61,969 Definition of Net Operating Income (NOI) 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. 21 |