XML 70 R50.htm IDEA: XBRL DOCUMENT v3.22.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Schedule of Segment Information
Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and six months ended June 30, 2022 and 2021.
(Amounts in thousands)For the Three Months Ended June 30, 2022
TotalNew YorkOther
Total revenues$453,494 $364,162 $89,332 
Operating expenses(222,309)(176,572)(45,737)
NOI - consolidated231,185 187,590 43,595 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(16,299)(10,707)(5,592)
Add: NOI from partially owned entities 74,060 71,209 2,851 
NOI at share288,946 248,092 40,854 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(4,275)(6,189)1,914 
NOI at share - cash basis$284,671 $241,903 $42,768 
(Amounts in thousands)For the Three Months Ended June 30, 2021
TotalNew YorkOther
Total revenues$378,941 $301,144 $77,797 
Operating expenses(190,920)(156,033)(34,887)
NOI - consolidated188,021 145,111 42,910 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(15,689)(8,473)(7,216)
Add: NOI from partially owned entities 77,235 74,400 2,835 
NOI at share
249,567 211,038 38,529 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
846 541 305 
NOI at share - cash basis$250,413 $211,579 $38,834 
(Amounts in thousands)For the Six Months Ended June 30, 2022
TotalNew YorkOther
Total revenues$895,624 $722,710 $172,914 
Operating expenses(438,838)(354,107)(84,731)
NOI - consolidated456,786 368,603 88,183 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(36,334)(24,017)(12,317)
Add: NOI from partially owned entities 152,752 147,173 5,579 
NOI at share573,204 491,759 81,445 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(7,405)(10,164)2,759 
NOI at share - cash basis$565,799 $481,595 $84,204 
(Amounts in thousands)For the Six Months Ended June 30, 2021
TotalNew YorkOther
Total revenues$758,918 $605,115 $153,803 
Operating expenses(381,899)(317,018)(64,881)
NOI - consolidated377,019 288,097 88,922 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(33,335)(17,094)(16,241)
Add: NOI from partially owned entities 155,991 151,173 4,818 
NOI at share
499,675 422,176 77,499 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
(352)(432)80 
NOI at share - cash basis$499,323 $421,744 $77,579 
20.    Segment Information - continued
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, 2022 and 2021.
(Amounts in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
2022202120222021
Net income $68,903 $76,832 $122,278 $103,825 
Depreciation and amortization expense118,662 89,777 236,105 185,131 
General and administrative expense31,902 30,602 73,118 74,788 
Transaction related costs and other2,960 106 3,965 949 
Income from partially owned entities(25,720)(31,426)(59,434)(60,499)
Loss (income) from real estate fund investments142 (5,342)(5,532)(5,173)
Interest and other investment income, net(3,036)(1,539)(4,054)(3,061)
Interest and debt expense62,640 51,894 114,749 101,958 
Net gains on disposition of wholly owned and partially owned assets(28,832)(25,724)(35,384)(25,724)
Income tax expense3,564 2,841 10,975 4,825 
NOI from partially owned entities74,060 77,235 152,752 155,991 
NOI attributable to noncontrolling interests in consolidated subsidiaries(16,299)(15,689)(36,334)(33,335)
NOI at share288,946 249,567 573,204 499,675 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(4,275)846 (7,405)(352)
NOI at share - cash basis$284,671 $250,413 $565,799 $499,323