Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019.


(Amounts in thousands)	For the Year Ended December 31, 2021
	Total		New York		Other
Total revenues	$	1,589,210	$	1,257,599	$	331,611
Operating expenses	(797,315)		(626,386)		(170,929)
NOI - consolidated	791,895		631,213		160,682
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,385)		(38,980)		(30,405)
Add: NOI from partially owned entities	310,858		300,721		10,137
NOI at share	1,033,368		892,954		140,414
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,318		(1,188)		2,506
NOI at share - cash basis	$	1,034,686	$	891,766	$	142,920

Balance Sheet Data:
Real estate, at cost	$	13,217,845	$	10,702,008	$	2,515,837
Investments in partially owned entities	3,297,389		3,265,933		31,456
Total assets	17,266,588		15,969,498		1,297,090


(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

23. Segment Information - continued


(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

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the years ended December 31, 2021, 2020 and 2019.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Net income (loss)	$	207,553	$	(461,845)	$	3,334,262
Depreciation and amortization expense	412,347		399,695		419,107
General and administrative expense	134,545		181,509		169,920
Impairment losses, transaction related costs and other	13,815		174,027		106,538
(Income) loss from partially owned entities	(130,517)		329,112		(78,865)
(Income) loss from real estate fund investments	(11,066)		226,327		104,082
Interest and other investment (income) loss, net	(4,612)		5,499		(21,819)
Interest and debt expense	231,096		229,251		286,623
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	(50,770)		(381,320)		(845,499)
Income tax (benefit) expense	(10,496)		36,630		103,439
Loss from discontinued operations	—		—		30
NOI from partially owned entities	310,858		306,495		322,390
NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,385)		(72,801)		(69,332)
NOI at share	1,033,368		972,579		1,259,777
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,318		46,246		(6,060)
NOI at share - cash basis	$	1,034,686	$	1,018,825	$	1,253,717