XML 62 R41.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information
12 Months Ended
Dec. 31, 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. 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
TotalNew YorkOther
Total revenues$1,811,163 $1,452,158 $359,005 
Operating expenses(905,158)(733,478)(171,680)
NOI - consolidated906,005 718,680 187,325 
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 share1,143,213 977,569 165,644 
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
TotalNew YorkOther
Total revenues$1,799,995 $1,449,442 $350,553 
Operating expenses(873,911)(716,148)(157,763)
NOI - consolidated926,084 733,294 192,790 
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 share1,162,048 981,508 180,540 
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
TotalNew YorkOther
Total revenues$1,589,210 $1,257,599 $331,611 
Operating expenses(797,315)(626,386)(170,929)
NOI - consolidated791,895 631,213 160,682 
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 share1,033,368 892,954 140,414 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other1,318 (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,
202320222021
Net income (loss)$32,888 $(382,612)$207,553 
Depreciation and amortization expense434,273 504,502 412,347 
General and administrative expense162,883 133,731 134,545 
Impairment losses, transaction related costs and other50,691 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 expense349,223 279,765 231,096 
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 entities285,761 305,993 310,858 
NOI attributable to noncontrolling interests in consolidated subsidiaries(48,553)(70,029)(69,385)
NOI at share1,143,213 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