Segment Information

9 Months Ended

Sep. 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 (loss) to NOI at share and NOI at share - cash basis for the three and nine months ended September 30, 2020 and 2019.

(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	68,736	$	363,849	$	(253,119)	$	3,173,586
Depreciation and amortization expense	107,013		96,437		292,611		326,181
General and administrative expense	32,407		33,237		120,255		130,129
Expense from transaction related costs and impairment losses and (gain from lease liability extinguishment), net	584		1,576		(68,566)		103,315
Loss (income) from partially owned entities	80,909		(25,946)		353,679		(56,139)
Loss (income) from real estate fund investments	13,823		(2,190)		225,328		13,780
Interest and other investment (income) loss, net	(1,729)		(3,045)		7,068		(15,930)
Interest and debt expense	57,371		61,448		174,618		226,940
Net gain on transfer to Fifth Avenue and Times Square JV	—		—		—		(2,571,099)
Net gains on disposition of wholly owned and partially owned assets	(214,578)		(309,657)		(338,862)		(641,664)
Income tax expense	23,781		23,885		38,431		80,542
Loss from discontinued operations	—		8		—		85
NOI from partially owned entities	78,175		86,024		229,543		236,400
NOI attributable to noncontrolling interests in consolidated subsidiaries	(25,959)		(18,096)		(56,900)		(51,915)
NOI at share	220,533		307,530		724,086		954,211
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	10,981		(4,037)		48,247		530
NOI at share - cash basis	$	231,514	$	303,493	$	772,333	$	954,741

22.    Segment Information - continued

Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and nine months ended September 30, 2020 and 2019.

(Amounts in thousands)	For the Three Months Ended September 30, 2020
	Total		New York		Other
Total revenues	$	363,962	$	293,145	$	70,817
Operating expenses	(195,645)		(161,386)		(34,259)
NOI - consolidated	168,317		131,759		36,558
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(25,959)		(17,776)		(8,183)
Add: NOI from partially owned entities	78,175		75,837		2,338
NOI at share	220,533		189,820		30,713
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	10,981		6,261		4,720
NOI at share - cash basis	$	231,514	$	196,081	$	35,433

(Amounts in thousands)	For the Three Months Ended September 30, 2019
	Total		New York		Other
Total revenues	$	465,961	$	380,568	$	85,393
Operating expenses	(226,359)		(188,159)		(38,200)
NOI - consolidated	239,602		192,409		47,193
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,096)		(9,574)		(8,522)
Add: NOI from partially owned entities	86,024		82,649		3,375
NOI at share	307,530		265,484		42,046
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(4,037)		(5,560)		1,523
NOI at share - cash basis	$	303,493	$	259,924	$	43,569

(Amounts in thousands)	For the Nine Months Ended September 30, 2020
	Total		New York		Other
Total revenues	$	1,151,520	$	919,388	$	232,132
Operating expenses	(600,077)		(484,624)		(115,453)
NOI - consolidated	551,443		434,764		116,679
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(56,900)		(34,713)		(22,187)
Add: NOI from partially owned entities	229,543		221,296		8,247
NOI at share	724,086		621,347		102,739
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	48,247		40,310		7,937
NOI at share - cash basis	$	772,333	$	661,657	$	110,676

(Amounts in thousands)	For the Nine Months Ended September 30, 2019
	Total		New York		Other
Total revenues	$	1,463,732	$	1,200,234	$	263,498
Operating expenses	(694,006)		(574,073)		(119,933)
NOI - consolidated	769,726		626,161		143,565
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,915)		(31,011)		(20,904)
Add: NOI from partially owned entities	236,400		211,394		25,006
NOI at share	954,211		806,544		147,667
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	530		(3,741)		4,271
NOI at share - cash basis	$	954,741	$	802,803	$	151,938