Segment Information

3 Months Ended

Mar. 31, 2022

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.

20.    Segment Information - continued

Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2022 and 2021.

(Amounts in thousands)	For the Three Months Ended March 31, 2022
	Total		New York		Other
Total revenues	$	442,130	$	358,548	$	83,582
Operating expenses	(216,529)		(177,535)		(38,994)
NOI - consolidated	225,601		181,013		44,588
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(20,035)		(13,310)		(6,725)
Add: NOI from partially owned entities	78,692		75,964		2,728
NOI at share	284,258		243,667		40,591
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(3,130)		(3,975)		845
NOI at share - cash basis	$	281,128	$	239,692	$	41,436

(Amounts in thousands)	For the Three Months Ended March 31, 2021
	Total		New York		Other
Total revenues	$	379,977	$	303,971	$	76,006
Operating expenses	(190,979)		(160,985)		(29,994)
NOI - consolidated	188,998		142,986		46,012
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,646)		(8,621)		(9,025)
Add: NOI from partially owned entities	78,756		76,773		1,983
NOI at share	250,108		211,138		38,970
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,198)		(973)		(225)
NOI at share - cash basis	$	248,910	$	210,165	$	38,745

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2022 and 2021.

(Amounts in thousands)	For the Three Months Ended March 31,
	2022		2021
Net income	$	53,375	$	26,993
Depreciation and amortization expense	117,443		95,354
General and administrative expense	41,216		44,186
Transaction related costs and other	1,005		843
Income from partially owned entities	(33,714)		(29,073)
(Income) loss from real estate fund investments	(5,674)		169
Interest and other investment income, net	(1,018)		(1,522)
Interest and debt expense	52,109		50,064
Net gains on disposition of wholly owned and partially owned assets	(6,552)		—
Income tax expense	7,411		1,984
NOI from partially owned entities	78,692		78,756
NOI attributable to noncontrolling interests in consolidated subsidiaries	(20,035)		(17,646)
NOI at share	284,258		250,108
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(3,130)		(1,198)
NOI at share - cash basis	$	281,128	$	248,910