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Segment Information
 12 Months Ended
Dec. 31, 2019
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, net 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 reconciliation of net income to NOI at share and NOI at share - cash basis for the years ended December 31, 2019, 2018 and 2017.
(Amounts in thousands)
For the Year Ended December 31,
 
2019
 
2018
 
2017
Net income
$
3,334,262

 
$
422,603

 
$
264,128

Depreciation and amortization expense
419,107

 
446,570

 
429,389

General and administrative expense
169,920

 
141,871

 
150,782

Transaction related costs, impairment losses and other
106,538

 
31,320

 
1,776

Income from partially owned entities
(78,865
)
 
(9,149
)
 
(15,200
)
Loss (income) from real estate fund investments
104,082

 
89,231

 
(3,240
)
Interest and other investment income, net
(21,819
)
 
(17,057
)
 
(30,861
)
Interest and debt expense
286,623

 
347,949

 
345,654

Net gain on transfer to Fifth Avenue and Times Square JV
(2,571,099
)
 
—

 
—

Purchase price fair value adjustment
—

 
(44,060
)
 
—

Net gains on disposition of wholly owned and partially owned assets
(845,499
)
 
(246,031
)
 
(501
)
Income tax expense
103,439

 
37,633

 
42,375

Loss (income) from discontinued operations
30

 
(638
)
 
13,228

NOI from partially owned entities
322,390

 
253,564

 
269,164

NOI attributable to noncontrolling interests in consolidated subsidiaries
(69,332
)
 
(71,186
)
 
(65,311
)
NOI at share
1,259,777

 
1,382,620

 
1,401,383

Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
(6,060
)
 
(44,704
)
 
(86,842
)
NOI at share - cash basis
$
1,253,717

 
$
1,337,916

 
$
1,314,541

25. Segment Information - continued
Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2019, 2018 and 2017.
(Amounts in thousands)
For the Year Ended December 31, 2019
 
Total
 
New York
 
Other
Total revenues
$
1,924,700

 
$
1,577,860

 
$
346,840

Operating expenses
(917,981
)
 
(758,304
)
 
(159,677
)
NOI - consolidated
1,006,719

 
819,556

 
187,163

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(69,332
)
 
(40,896
)
 
(28,436
)
Add: NOI from partially owned entities
322,390

 
294,168

 
28,222

NOI at share
1,259,777

 
1,072,828

 
186,949

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
(6,060
)
 
(12,318
)
 
6,258

NOI at share - cash basis
$
1,253,717

 
$
1,060,510

 
$
193,207

 
 
 
 
 
 
Balance Sheet Data:
 
 
 
 
 
Real estate, at cost
$
13,074,012

 
$
10,272,458

 
$
2,801,554

Investments in partially owned entities
3,999,165

 
3,964,289

 
34,876

Total assets
18,287,013

 
16,429,159

 
1,857,854

(Amounts in thousands)
For the Year Ended December 31, 2018
 
Total
 
New York
 
Other
Total revenues
$
2,163,720

 
$
1,836,036

 
$
327,684

Operating expenses
(963,478
)
 
(806,464
)
 
(157,014
)
NOI - consolidated
1,200,242

 
1,029,572

 
170,670

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(71,186
)
 
(48,490
)
 
(22,696
)
Add: NOI from partially owned entities
253,564

 
195,908

 
57,656

NOI at share
1,382,620

 
1,176,990

 
205,630

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
(44,704
)
 
(45,427
)
 
723

NOI at share - cash basis
$
1,337,916

 
$
1,131,563

 
$
206,353

 
 
 
 
 
 
Balance Sheet Data:
 
 
 
 
 
Real estate, at cost
$
16,237,883

 
$
12,351,943

 
$
3,885,940

Investments in partially owned entities
858,113

 
719,456

 
138,657

Total assets
17,180,794

 
14,628,712

 
2,552,082

(Amounts in thousands)
For the Year Ended December 31, 2017
 
Total
 
New York
 
Other
Total revenues
$
2,084,126

 
$
1,779,307

 
$
304,819

Operating expenses
(886,596
)
 
(756,670
)
 
(129,926
)
NOI - consolidated
1,197,530

 
1,022,637

 
174,893

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(65,311
)
 
(45,899
)
 
(19,412
)
Add: Our share of NOI from partially owned entities
269,164

 
189,327

 
79,837

NOI at share
1,401,383

 
1,166,065

 
235,318

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
(86,842
)
 
(79,202
)
 
(7,640
)
NOI at share - cash basis
$
1,314,541

 
$
1,086,863

 
$
227,678