Segment Information

9 Months Ended

Sep. 30, 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, accruals for ground rent resets yet to be determined, 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, 2023 and 2022.

(Amounts in thousands)	For the Three Months Ended September 30, 2023
	Total		New York		Other
Total revenues	$	450,995	$	364,768	$	86,227
Operating expenses	(233,737)		(186,147)		(47,590)
NOI - consolidated	217,258		178,621		38,637
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,363)		(2,197)		(6,166)
Add: NOI from partially owned entities	72,100		69,210		2,890
NOI at share	280,995		245,634		35,361
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(2,980)		(4,790)		1,810
NOI at share - cash basis	$	278,015	$	240,844	$	37,171

(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 Nine Months Ended September 30, 2023
	Total		New York		Other
Total revenues	$	1,369,277	$	1,091,053	$	278,224
Operating expenses	(685,233)		(550,878)		(134,355)
NOI - consolidated	684,044		540,175		143,869
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(38,869)		(12,224)		(26,645)
Add: NOI from partially owned entities	210,942		202,043		8,899
NOI at share	856,117		729,994		126,123
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(3,498)		(6,554)		3,056
NOI at share - cash basis	$	852,619	$	723,440	$	129,179

(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

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, 2023 and 2022.

(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	59,570	$	20,112	$	133,501	$	142,390
Depreciation and amortization expense	110,349		134,526		324,076		370,631
General and administrative expense	35,838		29,174		116,843		102,292
Transaction related costs and other	813		996		1,501		4,961
Income from partially owned entities	(18,269)		(24,341)		(72,207)		(83,775)
(Income) loss from real estate fund investments	(1,783)		111		(1,662)		(5,421)
Interest and other investment income, net	(12,934)		(5,228)		(35,792)		(9,282)
Interest and debt expense	88,126		76,774		261,528		191,523
Net gains on disposition of wholly owned and partially owned assets	(56,136)		—		(64,592)		(35,384)
Income tax expense	11,684		3,711		20,848		14,686
NOI from partially owned entities	72,100		76,020		210,942		228,772
NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,363)		(14,766)		(38,869)		(51,100)
NOI at share	280,995		297,089		856,117		870,293
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(2,980)		(1,419)		(3,498)		(8,824)
NOI at share - cash basis	$	278,015	$	295,670	$	852,619	$	861,469