Segment Information

3 Months Ended

Mar. 31, 2023

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.

19.    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, 2023 and 2022.

(Amounts in thousands)	For the Three Months Ended March 31, 2023
	Total		New York		Other
Total revenues	$	445,923	$	363,814	$	82,109
Operating expenses	(228,773)		(188,321)		(40,452)
NOI - consolidated	217,150		175,493		41,657
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,764)		(4,823)		(6,941)
Add: NOI from partially owned entities	68,097		65,324		2,773
NOI at share	273,483		235,994		37,489
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	5,052		5,033		19
NOI at share - cash basis	$	278,535	$	241,027	$	37,508

(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

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2023 and 2022.

(Amounts in thousands)	For the Three Months Ended March 31,
	2023		2022
Net income	$	11,198	$	53,375
Depreciation and amortization expense	106,565		117,443
General and administrative expense	41,595		41,216
Transaction related costs and other	658		1,005
Income from partially owned entities	(16,666)		(33,714)
Loss (income) from real estate fund investments	19		(5,674)
Interest and other investment income, net	(9,603)		(1,018)
Interest and debt expense	86,237		52,109
Net gains on disposition of wholly owned and partially owned assets	(7,520)		(6,552)
Income tax expense	4,667		7,411
NOI from partially owned entities	68,097		78,692
NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,764)		(20,035)
NOI at share	273,483		284,258
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	5,052		(3,130)
NOI at share - cash basis	$	278,535	$	281,128