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. Asset information by segment is not reported as we do not use this measure to assess segment performance or to make resource allocation decisions. Below is a summary of NOI at share and NOI at share - cash basis by segment for the years ended December 31, 2023, 2022 and 2021. | | | | | | | | | | | | | | | | | | (Amounts in thousands) | For the Year Ended December 31, 2023 | | Total | | New York | | Other | Total revenues | $ | 1,811,163 | | | $ | 1,452,158 | | | $ | 359,005 | | Operating expenses | (905,158) | | | (733,478) | | | (171,680) | | NOI - consolidated | 906,005 | | | 718,680 | | | 187,325 | | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (48,553) | | | (15,547) | | | (33,006) | | Add: NOI from partially owned entities | 285,761 | | | 274,436 | | | 11,325 | | NOI at share | 1,143,213 | | | 977,569 | | | 165,644 | | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,377) | | | (7,700) | | | 4,323 | | NOI at share - cash basis | $ | 1,139,836 | | | $ | 969,869 | | | $ | 169,967 | |
| | | | | | | | | | | | | | | | | | (Amounts in thousands) | For the Year Ended December 31, 2022 | | Total | | New York | | Other | Total revenues | $ | 1,799,995 | | | $ | 1,449,442 | | | $ | 350,553 | | Operating expenses | (873,911) | | | (716,148) | | | (157,763) | | NOI - consolidated | 926,084 | | | 733,294 | | | 192,790 | | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | | | (45,566) | | | (24,463) | | Add: NOI from partially owned entities | 305,993 | | | 293,780 | | | 12,213 | | NOI at share | 1,162,048 | | | 981,508 | | | 180,540 | | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (10,980) | | | (18,509) | | | 7,529 | | NOI at share - cash basis | $ | 1,151,068 | | | $ | 962,999 | | | $ | 188,069 | |
| | | | | | | | | | | | | | | | | | (Amounts in thousands) | For the Year Ended December 31, 2021 | | Total | | New York | | Other | Total revenues | $ | 1,589,210 | | | $ | 1,257,599 | | | $ | 331,611 | | Operating expenses | (797,315) | | | (626,386) | | | (170,929) | | NOI - consolidated | 791,895 | | | 631,213 | | | 160,682 | | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (69,385) | | | (38,980) | | | (30,405) | | Add: NOI from partially owned entities | 310,858 | | | 300,721 | | | 10,137 | | NOI at share | 1,033,368 | | | 892,954 | | | 140,414 | | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,318 | | | (1,188) | | | 2,506 | | NOI at share - cash basis | $ | 1,034,686 | | | $ | 891,766 | | | $ | 142,920 | |
23. Segment Information - continued Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the years ended December 31, 2023, 2022 and 2021. | | | | | | | | | | | | | | | | | | (Amounts in thousands) | For the Year Ended December 31, | | 2023 | | 2022 | | 2021 | Net income (loss) | $ | 32,888 | | | $ | (382,612) | | | $ | 207,553 | | Depreciation and amortization expense | 434,273 | | | 504,502 | | | 412,347 | | General and administrative expense | 162,883 | | | 133,731 | | | 134,545 | | Impairment losses, transaction related costs and other | 50,691 | | | 31,722 | | | 13,815 | | (Income) loss from partially owned entities | (38,689) | | | 461,351 | | | (130,517) | | Income from real estate fund investments | (1,590) | | | (3,541) | | | (11,066) | | Interest and other investment income, net | (41,697) | | | (19,869) | | | (4,612) | | Interest and debt expense | 349,223 | | | 279,765 | | | 231,096 | | | | | | | | Net gains on disposition of wholly owned and partially owned assets | (71,199) | | | (100,625) | | | (50,770) | | Income tax expense (benefit) | 29,222 | | | 21,660 | | | (10,496) | | | | | | | | NOI from partially owned entities | 285,761 | | | 305,993 | | | 310,858 | | NOI attributable to noncontrolling interests in consolidated subsidiaries | (48,553) | | | (70,029) | | | (69,385) | | NOI at share | 1,143,213 | | | 1,162,048 | | | 1,033,368 | | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,377) | | | (10,980) | | | 1,318 | | NOI at share - cash basis | $ | 1,139,836 | | | $ | 1,151,068 | | | $ | 1,034,686 | |
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