Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2021 and 2020.


(Amounts in thousands)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Net income (loss)	$	76,832	$	(217,352)	$	103,825	$	(321,855)
Depreciation and amortization expense	89,777		92,805		185,131		185,598
General and administrative expense	30,602		35,014		74,788		87,848
Transaction related costs and other (lease liability extinguishment gain)	106		(69,221)		949		(69,150)
(Income) loss from partially owned entities	(31,426)		291,873		(60,499)		272,770
(Income) loss from real estate fund investments	(5,342)		28,042		(5,173)		211,505
Interest and other investment (income) loss, net	(1,539)		2,893		(3,061)		8,797
Interest and debt expense	51,894		58,405		101,958		117,247


Net gains on disposition of wholly owned and partially owned assets	(25,724)		(55,695)		(25,724)		(124,284)
Income tax expense	2,841		1,837		4,825		14,650

NOI from partially owned entities	77,235		69,487		155,991		151,368
NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,689)		(15,448)		(33,335)		(30,941)
NOI at share	249,567		222,640		499,675		503,553
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	846		34,190		(352)		37,266
NOI at share - cash basis	$	250,413	$	256,830	$	499,323	$	540,819

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, 2021 and 2020.


(Amounts in thousands)	For the Three Months Ended June 30, 2021
	Total		New York		Other
Total revenues	$	378,941	$	301,144	$	77,797
Operating expenses	(190,920)		(156,033)		(34,887)
NOI - consolidated	188,021		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 Three Months Ended June 30, 2020
	Total		New York		Other
Total revenues	$	343,026	$	270,628	$	72,398
Operating expenses	(174,425)		(140,207)		(34,218)
NOI - consolidated	168,601		130,421		38,180
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,448)		(8,504)		(6,944)
Add: NOI from partially owned entities	69,487		67,051		2,436
NOI at share	222,640		188,968		33,672
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	34,190		32,943		1,247
NOI at share - cash basis	$	256,830	$	221,911	$	34,919

21. Segment Information - continued


(Amounts in thousands)	For the Six Months Ended June 30, 2021
	Total		New York		Other
Total revenues	$	758,918	$	605,115	$	153,803
Operating expenses	(381,899)		(317,018)		(64,881)
NOI - consolidated	377,019		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


(Amounts in thousands)	For the Six Months Ended June 30, 2020
	Total		New York		Other
Total revenues	$	787,558	$	626,243	$	161,315
Operating expenses	(404,432)		(323,238)		(81,194)
NOI - consolidated	383,126		303,005		80,121
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(30,941)		(16,937)		(14,004)
Add: NOI from partially owned entities	151,368		145,459		5,909
NOI at share	503,553		431,527		72,026
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	37,266		34,049		3,217
NOI at share - cash basis	$	540,819	$	465,576	$	75,243