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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three operating and reportable segments, real estate, debt and preferred equity investments, and SUMMIT. The results of these segments are provided to and reviewed by the CEO, our chief operating decision maker (“CODM”), who uses this information to assess performance and inform key decisions regarding operations, resources and capital allocation.
In 2024, our CODM revised the approach for reviewing results of the operating and reportable segments to be more specific to the respective businesses of each. Previously, the same profit or loss measure was utilized across all segments. With the continued growth and diversification of the Company's revenue sources, we determined that this approach needed to evolve accordingly.
As a result, our CODM now evaluates real estate performance and allocates resources based on net operating income ("NOI"), which serves as the profit or loss measure for the operating segment. For our debt and preferred equity investments and SUMMIT operating segment performance, our CODM evaluates and allocates resources based on net income. The CODM does not review asset information as a measure to assess performance.
The reportable segment profit or loss measures for the twelve months ended December 31, 2024, December 31, 2023, and December 31, 2022 are as follows (in thousands):
December 31, 2024
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$709,725 $133,214 $43,333 $886,272 
Expenses:
SUMMIT Operator expenses— 111,739 — 
SUMMIT Operator tax expense— 730 — 
Operating Expenses189,598 — — 
Real Estate Taxes128,187 — — 
Operating lease rent24,423 — — 
Net operating income from unconsolidated joint ventures$363,113 
Real Estate segment Net operating income$730,630 $730,630 
Equity in net loss (income) from unconsolidated joint ventures— 11,513 
Depreciation and amortization(2,436)— 
Interest expense, net of interest income— (28,142)
Interest expense on senior obligations of consolidated securitization vehicles— (14,634)
SUMMIT and DPE Net income$18,309 $12,070 $30,379 
Non-operating net loss from unconsolidated joint ventures(291,131)
Marketing, general and administrative expense(85,187)
Transaction related costs(401)
Gain on early extinguishment of debt43,762 
Depreciable real estate reserves(104,071)
Depreciable real estate reserves in unconsolidated joint venture(263,190)
Gain on sale of real estate, net3,025 
Purchase price and other fair value adjustments88,966 
Equity in net gain on sale of interest in unconsolidated joint venture/real estate208,144 
Depreciation and amortization(205,007)
Amortization of deferred financing costs(6,619)
Interest expense, net of interest income(119,078)
Net Income$30,222 
December 31, 2023
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$760,745 $118,260 $34,705 $913,710 
Expenses:
SUMMIT Operator expenses— 101,211 — 
SUMMIT Operator tax expense— 9,201 — 
Operating Expenses196,696 — — 
Real Estate Taxes143,757 — — 
Operating lease rent27,292 — — 
Net operating income from unconsolidated joint ventures205,694 
Real Estate segment Net operating income$598,694 $598,694 
Loan loss and other investment reserves, net of recoveries— (6,890)
Depreciation and amortization(1,747)— 
Interest expense, net of interest income— (34,149)
SUMMIT and DPE Net income$6,101 $(6,334)$(233)
Non-operating net loss from unconsolidated joint ventures(282,203)
Marketing, general and administrative expense(111,389)
Transaction related costs(1,099)
Loss on early extinguishment of debt(870)
Depreciable real estate reserves(382,374)
Loss on sale of real estate, net(32,370)
Purchase price and other fair value adjustments(17,260)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(13,368)
Depreciation and amortization(246,063)
Amortization of deferred financing costs(7,837)
Interest expense, net of interest income(102,965)
Net Loss$(599,337)
December 31, 2022
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$749,293 $89,048 $81,113 $919,454 
Expenses:
SUMMIT Operator expenses— 89,207 — 
SUMMIT Operator tax expense— 2,647 — 
Operating Expenses174,063 — — 
Real Estate Taxes26,943 — — 
Operating lease rent138,228 — — 
Net operating income from unconsolidated joint ventures$195,508 
Real Estate segment Net operating income$605,567 $605,567 
Depreciation and amortization(862)— 
Interest expense, net of interest income— (25,133)
SUMMIT and DPE Net income$(3,668)$55,980 $52,312 
Non-operating net loss from unconsolidated joint ventures(253,466)
Marketing, general and administrative expense(93,798)
Transaction related costs(409)
Depreciable real estate reserves(6,313)
Loss on sale of real estate, net(84,485)
Purchase price and other fair value adjustments(8,118)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(131)
Depreciation and amortization(215,305)
Amortization of deferred financing costs(7,817)
Interest expense, net of interest income(64,340)
Net Loss$(76,303)
For the real estate segment, the primary sources of revenue are tenant rents and escalations and reimbursement revenue. See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. We allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. SUMMIT currently operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales.
There were no transactions between the above three segments other than the SUMMIT lease with our One Vanderbilt Avenue joint venture, which is part of the real estate segment. See Note 10, "Related Party Transactions."