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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate in two reportable segments, New York and Other, which is based on how we manage our business.
Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.
Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and six months ended June 30, 2024 and 2023.
(Amounts in thousands)For the Three Months Ended June 30, 2024
TotalNew YorkOther
Total revenues$450,266 $367,578 $82,688 
Operating expenses(229,380)(188,947)(40,433)
NOI - consolidated220,886 178,631 42,255 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(9,013)(2,196)(6,817)
Add: NOI from partially owned entities 68,298 65,718 2,580 
NOI at share280,171 242,153 38,018 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(581)(4,319)3,738 
NOI at share - cash basis$279,590 $237,834 $41,756 
(Amounts in thousands)For the Three Months Ended June 30, 2023
TotalNew YorkOther
Total revenues$472,359 $362,471 $109,888 
Operating expenses(222,723)(176,410)(46,313)
NOI - consolidated249,636 186,061 63,575 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(18,742)(5,204)(13,538)
Add: NOI from partially owned entities 70,745 67,509 3,236 
NOI at share
301,639 248,366 53,273 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(5,570)(6,797)1,227 
NOI at share - cash basis$296,069 $241,569 $54,500 
18.    Segment Information - continued
(Amounts in thousands)For the Six Months Ended June 30, 2024
TotalNew YorkOther
Total revenues$886,641 $725,812 $160,829 
Operating expenses(455,604)(377,225)(78,379)
NOI - consolidated431,037 348,587 82,450 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(20,409)(6,732)(13,677)
Add: NOI from partially owned entities 138,667 133,427 5,240 
NOI at share
549,295 475,282 74,013 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(2,092)(6,654)4,562 
NOI at share - cash basis$547,203 $468,628 $78,575 
(Amounts in thousands)For the Six Months Ended June 30, 2023
TotalNew YorkOther
Total revenues$918,282 $726,285 $191,997 
Operating expenses(451,496)(364,731)(86,765)
NOI - consolidated466,786 361,554 105,232 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(30,506)(10,027)(20,479)
Add: NOI from partially owned entities 138,842 132,833 6,009 
NOI at share
575,122 484,360 90,762 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(518)(1,764)1,246 
NOI at share - cash basis$574,604 $482,596 $92,008 
Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2024 and 2023.
(Amounts in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
Net income$40,099 $62,733 $33,826 $73,931 
Depreciation and amortization expense109,774 107,162 218,433 213,727 
General and administrative expense38,475 39,410 76,372 81,005 
Transaction related costs and other3,361 30 4,014 688 
Income from partially owned entities(47,949)(37,272)(64,228)(53,938)
Interest and other investment income, net(10,511)(13,153)(22,235)(22,737)
Interest and debt expense98,401 87,165 188,879 173,402 
Net gains on disposition of wholly owned and partially owned assets(16,048)(936)(16,048)(8,456)
Income tax expense 5,284 4,497 12,024 9,164 
NOI from partially owned entities68,298 70,745 138,667 138,842 
NOI attributable to noncontrolling interests in consolidated subsidiaries(9,013)(18,742)(20,409)(30,506)
NOI at share280,171 301,639 549,295 575,122 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(581)(5,570)(2,092)(518)
NOI at share - cash basis$279,590 $296,069 $547,203 $574,604