Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023.


(Amounts in thousands)	For the Three Months Ended June 30, 2024
	Total		New York		Other
Total revenues	$	450,266	$	367,578	$	82,688
Operating expenses	(229,380)		(188,947)		(40,433)
NOI - consolidated	220,886		178,631		42,255
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(9,013)		(2,196)		(6,817)
Add: NOI from partially owned entities	68,298		65,718		2,580
NOI at share	280,171		242,153		38,018
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(581)		(4,319)		3,738
NOI at share - cash basis	$	279,590	$	237,834	$	41,756


(Amounts in thousands)	For the Three Months Ended June 30, 2023
	Total		New York		Other
Total revenues	$	472,359	$	362,471	$	109,888
Operating expenses	(222,723)		(176,410)		(46,313)
NOI - consolidated	249,636		186,061		63,575
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,742)		(5,204)		(13,538)
Add: NOI from partially owned entities	70,745		67,509		3,236
NOI at share	301,639		248,366		53,273
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(5,570)		(6,797)		1,227
NOI at share - cash basis	$	296,069	$	241,569	$	54,500

18. Segment Information - continued


(Amounts in thousands)	For the Six Months Ended June 30, 2024
	Total		New York		Other
Total revenues	$	886,641	$	725,812	$	160,829
Operating expenses	(455,604)		(377,225)		(78,379)
NOI - consolidated	431,037		348,587		82,450
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(20,409)		(6,732)		(13,677)
Add: NOI from partially owned entities	138,667		133,427		5,240
NOI at share	549,295		475,282		74,013
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(2,092)		(6,654)		4,562
NOI at share - cash basis	$	547,203	$	468,628	$	78,575


(Amounts in thousands)	For the Six Months Ended June 30, 2023
	Total		New York		Other
Total revenues	$	918,282	$	726,285	$	191,997
Operating expenses	(451,496)		(364,731)		(86,765)
NOI - consolidated	466,786		361,554		105,232
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(30,506)		(10,027)		(20,479)
Add: NOI from partially owned entities	138,842		132,833		6,009
NOI at share	575,122		484,360		90,762
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(518)		(1,764)		1,246
NOI at share - cash basis	$	574,604	$	482,596	$	92,008

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, 2024 and 2023.


(Amounts in thousands)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	40,099	$	62,733	$	33,826	$	73,931
Depreciation and amortization expense	109,774		107,162		218,433		213,727
General and administrative expense	38,475		39,410		76,372		81,005
Transaction related costs and other	3,361		30		4,014		688
Income from partially owned entities	(47,949)		(37,272)		(64,228)		(53,938)

Interest and other investment income, net	(10,511)		(13,153)		(22,235)		(22,737)
Interest and debt expense	98,401		87,165		188,879		173,402


Net gains on disposition of wholly owned and partially owned assets	(16,048)		(936)		(16,048)		(8,456)
Income tax expense	5,284		4,497		12,024		9,164

NOI from partially owned entities	68,298		70,745		138,667		138,842
NOI attributable to noncontrolling interests in consolidated subsidiaries	(9,013)		(18,742)		(20,409)		(30,506)
NOI at share	280,171		301,639		549,295		575,122
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(581)		(5,570)		(2,092)		(518)
NOI at share - cash basis	$	279,590	$	296,069	$	547,203	$	574,604