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Segment Information
 6 Months Ended
Jun. 30, 2020
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. NOI at share - cash basis includes rent that has been deferred as a result of the COVID-19 pandemic. Rent deferrals generally require repayment in monthly installments over a period of time not to exceed twelve months.
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, 2020 and 2019.
(Amounts in thousands)
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net (loss) income
$
(217,352
)
 
$
2,596,693

 
$
(321,855
)
 
$
2,809,737

Depreciation and amortization expense
92,805

 
113,035

 
185,598

 
229,744

General and administrative expense
35,014

 
38,872

 
87,848

 
96,892

(Lease liability extinguishment gain) transaction related costs and impairment losses
(69,221
)
 
101,590

 
(69,150
)
 
101,739

Loss (income) from partially owned entities
291,873

 
(22,873
)
 
272,770

 
(30,193
)
Loss from real estate fund investments
28,042

 
15,803

 
211,505

 
15,970

Interest and other investment loss (income), net
2,893

 
(7,840
)
 
8,797

 
(12,885
)
Interest and debt expense
58,405

 
63,029

 
117,247

 
165,492

Net gain on transfer to Fifth Avenue and Times Square JV
—

 
(2,571,099
)
 
—

 
(2,571,099
)
Net gains on disposition of wholly owned and partially owned assets
(55,695
)
 
(111,713
)
 
(124,284
)
 
(332,007
)
Income tax expense
1,837

 
26,914

 
14,650

 
56,657

(Income) loss from discontinued operations
—

 
(60
)
 
—

 
77

NOI from partially owned entities
69,487

 
82,974

 
151,368

 
150,376

NOI attributable to noncontrolling interests in consolidated subsidiaries
(15,448
)
 
(16,416
)
 
(30,941
)
 
(33,819
)
NOI at share
222,640

 
308,909

 
503,553

 
646,681

Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
34,190

 
9,748

 
37,266

 
4,567

NOI at share - cash basis
$
256,830

 
$
318,657

 
$
540,819

 
$
651,248




22.
Segment Information - continued
Below is a summary of NOI at share, NOI at share - cash basis by segment for the three and six months ended June 30, 2020 and 2019.
(Amounts in thousands)
For the Three Months Ended June 30, 2020
 
Total
 
New York
 
Other
Total revenues
$
343,026

 
$
270,628

 
$
72,398

Operating expenses
(174,425
)
 
(140,207
)
 
(34,218
)
NOI - consolidated
168,601

 
130,421

 
38,180

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(15,448
)
 
(8,504
)
 
(6,944
)
Add: NOI from partially owned entities
69,487

 
67,051

 
2,436

NOI at share
222,640

 
188,968

 
33,672

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
34,190

 
32,943

 
1,247

NOI at share - cash basis
$
256,830

 
$
221,911

 
$
34,919

(Amounts in thousands)
For the Three Months Ended June 30, 2019
 
Total
 
New York
 
Other
Total revenues
$
463,103

 
$
376,381

 
$
86,722

Operating expenses
(220,752
)
 
(187,819
)
 
(32,933
)
NOI - consolidated
242,351

 
188,562

 
53,789

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(16,416
)
 
(10,030
)
 
(6,386
)
Add: NOI from partially owned entities
82,974

 
79,170

 
3,804

NOI at share
308,909

 
257,702

 
51,207

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
9,748

 
8,437

 
1,311

NOI at share - cash basis
$
318,657

 
$
266,139

 
$
52,518


(Amounts in thousands)
For the Six Months Ended June 30, 2020
 
Total
 
New York
 
Other
Total revenues
$
787,558

 
$
626,243

 
$
161,315

Operating expenses
(404,432
)
 
(323,238
)
 
(81,194
)
NOI - consolidated
383,126

 
303,005

 
80,121

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(30,941
)
 
(16,937
)
 
(14,004
)
Add: NOI from partially owned entities
151,368

 
145,459

 
5,909

NOI at share
503,553

 
431,527

 
72,026

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
37,266

 
34,049

 
3,217

NOI at share - cash basis
$
540,819

 
$
465,576

 
$
75,243

(Amounts in thousands)
For the Six Months Ended June 30, 2019
 
Total
 
New York
 
Other
Total revenues
$
997,771

 
$
819,666

 
$
178,105

Operating expenses
(467,647
)
 
(385,914
)
 
(81,733
)
NOI - consolidated
530,124

 
433,752

 
96,372

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(33,819
)
 
(21,437
)
 
(12,382
)
Add: NOI from partially owned entities
150,376

 
128,745

 
21,631

NOI at share
646,681

 
541,060

 
105,621

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
4,567

 
1,819

 
2,748

NOI at share - cash basis
$
651,248

 
$
542,879

 
$
108,369