Segment Information

Net Operating Income ("NOI") represents total revenues less operating expenses. We consider NOI 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, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI should not be considered a substitute for net income. NOI may not be comparable to similarly titled measures employed by other companies.

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Net income	$	422,603		$	264,128		$	981,922

Deduct:
Income from partially owned entities	(9,149		)	(15,200		)	(168,948		)
Loss (income) from real estate fund investments	89,231			(3,240		)	23,602
Interest and other investment income, net	(17,057		)	(30,861		)	(24,335		)
Net gains on disposition of wholly owned and partially owned assets	(246,031		)	(501		)	(160,433		)
Purchase price fair value adjustment	(44,060		)	—			—
(Income) loss from discontinued operations	(638		)	13,228			(404,912		)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(71,186		)	(65,311		)	(66,182		)

Add:
Depreciation and amortization expense	446,570			429,389			421,023
General and administrative expense	141,871			150,782			143,643
Transaction related costs, impairment loss and other	31,320			1,776			9,451
NOI from partially owned entities	253,564			269,164			271,114
Interest and debt expense	347,949			345,654			330,240
Income tax expense	37,633			42,375			7,923
NOI at share	1,382,620			1,401,383			1,364,108
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(44,704		)	(86,842		)	(170,477		)
NOI at share - cash basis	$	1,337,916		$	1,314,541		$	1,193,631

25. Segment Information - continued

Below is a summary of NOI at share and selected balance sheet data by segment for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total			New York			Other
Total revenues	$	2,163,720		$	1,836,036		$	327,684
Operating expenses	963,478			806,464			157,014
NOI - consolidated	1,200,242			1,029,572			170,670
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(71,186		)	(48,490		)	(22,696		)
Add: Our share of NOI from partially owned entities	253,564			195,908			57,656
NOI at share	1,382,620			1,176,990			205,630
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(44,704		)	(45,427		)	723
NOI at share - cash basis	$	1,337,916		$	1,131,563		$	206,353

Balance Sheet Data:
Real estate, at cost	$	16,237,883		$	12,351,943		$	3,885,940
Investments in partially owned entities	858,113			719,456			138,657
Total assets	17,180,794			14,628,712			2,552,082



(Amounts in thousands)	For the Year Ended December 31, 2017
	Total			New York			Other
Total revenues	$	2,084,126		$	1,779,307		$	304,819
Operating expenses	886,596			756,670			129,926
NOI - consolidated	1,197,530			1,022,637			174,893
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(65,311		)	(45,899		)	(19,412		)
Add: Our share of NOI from partially owned entities	269,164			189,327			79,837
NOI at share	1,401,383			1,166,065			235,318
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(86,842		)	(79,202		)	(7,640		)
NOI at share - cash basis	$	1,314,541		$	1,086,863		$	227,678

Balance Sheet Data:
Real estate, at cost	$	14,756,295		$	11,025,092		$	3,731,203
Investments in partially owned entities	1,056,829			861,430			195,399
Total assets	17,397,934			13,780,817			3,617,117



(Amounts in thousands)	For the Year Ended December 31, 2016
	Total			New York			Other
Total revenues	$	2,003,742		$	1,713,374		$	290,368
Operating expenses	844,566			716,754			127,812
NOI - consolidated	1,159,176			996,620			162,556
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(66,182		)	(47,480		)	(18,702		)
Add: Our share of NOI from partially owned entities	271,114			159,386			111,728
NOI at share	1,364,108			1,108,526			255,582
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(170,477		)	(143,239		)	(27,238		)
NOI at share - cash basis	$	1,193,631		$	965,287		$	228,344