Segment Information

12 Months Ended

Dec. 31, 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 (loss) income to NOI at share and NOI at share - cash basis for the years ended December 31, 2020, 2019 and 2018.

(Amounts in thousands)	For the Year Ended December 31,
	2020		2019		2018
Net (loss) income	$	(461,845)	$	3,334,262	$	422,603
Depreciation and amortization expense	399,695		419,107		446,570
General and administrative expense	181,509		169,920		141,871
Impairment losses and transaction related costs, net	174,027		106,538		31,320
Loss (income) from partially owned entities	329,112		(78,865)		(9,149)
Loss from real estate fund investments	226,327		104,082		89,231
Interest and other investment loss (income), net	5,499		(21,819)		(17,057)
Interest and debt expense	229,251		286,623		347,949
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	(381,320)		(845,499)		(246,031)
Income tax expense	36,630		103,439		37,633
Loss (income) from discontinued operations	—		30		(638)
NOI from partially owned entities	306,495		322,390		253,564
NOI attributable to noncontrolling interests in consolidated subsidiaries	(72,801)		(69,332)		(71,186)
NOI at share	972,579		1,259,777		1,382,620
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	46,246		(6,060)		(44,704)
NOI at share - cash basis	$	1,018,825	$	1,253,717	$	1,337,916

24. 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, 2020, 2019 and 2018.

(Amounts in thousands)	For the Year Ended December 31, 2020
	Total		New York		Other
Total revenues	$	1,527,951	$	1,221,748	$	306,203
Operating expenses	(789,066)		(640,531)		(148,535)
NOI - consolidated	738,885		581,217		157,668
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(72,801)		(43,773)		(29,028)
Add: NOI from partially owned entities	306,495		296,447		10,048
NOI at share	972,579		833,891		138,688
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	46,246		36,715		9,531
NOI at share - cash basis	$	1,018,825	$	870,606	$	148,219
Balance Sheet Data:
Real estate, at cost	$	12,087,943	$	9,581,830	$	2,506,113
Investments in partially owned entities	3,491,107		3,459,142		31,965
Total assets	16,221,822		15,046,469		1,175,353

(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