Segment Information

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021.

(Amounts in thousands)	For the Three Months Ended September 30, 2022
	Total		New York		Other
Total revenues	$	457,431	$	360,033	$	97,398
Operating expenses	(221,596)		(182,131)		(39,465)
NOI - consolidated	235,835		177,902		57,933
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(14,766)		(8,691)		(6,075)
Add: NOI from partially owned entities	76,020		71,943		4,077
NOI at share	297,089		241,154		55,935
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,419)		(3,462)		2,043
NOI at share - cash basis	$	295,670	$	237,692	$	57,978

(Amounts in thousands)	For the Three Months Ended September 30, 2021
	Total		New York		Other
Total revenues	$	409,212	$	316,643	$	92,569
Operating expenses	(212,699)		(151,276)		(61,423)
NOI - consolidated	196,513		165,367		31,146
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,886)		(9,747)		(7,139)
Add: NOI from partially owned entities	75,644		73,219		2,425
NOI at share	255,271		228,839		26,432
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	1,922		783		1,139
NOI at share - cash basis	$	257,193	$	229,622	$	27,571

(Amounts in thousands)	For the Nine Months Ended September 30, 2022
	Total		New York		Other
Total revenues	$	1,353,055	$	1,082,743	$	270,312
Operating expenses	(660,434)		(536,238)		(124,196)
NOI - consolidated	692,621		546,505		146,116
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,100)		(32,708)		(18,392)
Add: NOI from partially owned entities	228,772		219,116		9,656
NOI at share	870,293		732,913		137,380
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,824)		(13,626)		4,802
NOI at share - cash basis	$	861,469	$	719,287	$	142,182

(Amounts in thousands)	For the Nine Months Ended September 30, 2021
	Total		New York		Other
Total revenues	$	1,168,130	$	921,758	$	246,372
Operating expenses	(594,598)		(468,294)		(126,304)
NOI - consolidated	573,532		453,464		120,068
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(50,221)		(26,841)		(23,380)
Add: NOI from partially owned entities	231,635		224,392		7,243
NOI at share	754,946		651,015		103,931
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,570		351		1,219
NOI at share - cash basis	$	756,516	$	651,366	$	105,150

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 nine months ended September 30, 2022 and 2021.

(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	20,112	$	71,765	$	142,390	$	175,590
Depreciation and amortization expense	134,526		100,867		370,631		285,998
General and administrative expense	29,174		25,553		102,292		100,341
Transaction related costs and other	996		9,681		4,961		10,630
Income from partially owned entities	(24,341)		(26,269)		(83,775)		(86,768)
Loss (income) from real estate fund investments	111		66		(5,421)		(5,107)
Interest and other investment income, net	(5,228)		(633)		(9,282)		(3,694)
Interest and debt expense	76,774		50,946		191,523		152,904
Net gains on disposition of wholly owned and partially owned assets	—		(10,087)		(35,384)		(35,811)
Income tax expense (benefit)	3,711		(25,376)		14,686		(20,551)
NOI from partially owned entities	76,020		75,644		228,772		231,635
NOI attributable to noncontrolling interests in consolidated subsidiaries	(14,766)		(16,886)		(51,100)		(50,221)
NOI at share	297,089		255,271		870,293		754,946
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(1,419)		1,922		(8,824)		1,570
NOI at share - cash basis	$	295,670	$	257,193	$	861,469	$	756,516