Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

Properties other than Right of use assets - operating leases are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

Category	Term
Building (fee ownership)	40 years
Building improvements	shorter of remaining life of the building or useful life
Building (leasehold interest)	lesser of 40 years or remaining term of the lease
Right of use assets - financing leases	lesser of 40 years or remaining term of the lease
Furniture and fixtures	4 to 7 years
Tenant improvements	shorter of remaining term of the lease or useful life

Schedule of Identified Intangible Assets and Intangible Liabilities

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2024 and 2023 (in thousands):

	December 31, 2024		December 31, 2023
Identified intangible assets (included in other assets):
Gross amount	$	378,277	$	189,680
Accumulated amortization	(197,211)		(184,902)
Net	$	181,066	$	4,778
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	243,703	$	205,394
Accumulated amortization	(204,092)		(202,089)
Net	$	39,611	$	3,305

Schedule of Estimated Annual Amortization of Acquired Above-market Leases, Net of Acquired Below-market Leases

The estimated annual amortization of acquired above-market leases, net of acquired (below-market) leases (a component of rental revenue), for each of the five succeeding years is as follows (in thousands):    

2025	$	5,828
2026	5,265
2027	4,754
2028	4,058
2029	3,719

Schedule of Estimated Annual Amortization of all Other Identifiable Assets

The estimated annual amortization of all other identifiable assets (a component of depreciation and amortization expense) including tenant improvements for each of the five succeeding years is as follows (in thousands):

2025	$	30,485
2026	26,943
2027	21,648
2028	16,492
2029	15,008

Schedule of Marketable Securities

As of December 31, 2024 and 2023, we held the following marketable securities (in thousands):

	December 31, 2024		December 31, 2023
Commercial mortgage-backed securities - available-for-sale	$	17,323	$	9,591
Commercial mortgage-backed securities - held-to-maturity	5,489		—
Total investment in marketable securities	$	22,812	$	9,591

Schedule of Real Estate CMBS Securitization Trusts

As of December 31, 2024 and 2023, we consolidated the following CMBS securitization trusts (in thousands):

	December 31, 2024				December 31, 2023				Maturity
Type	Fair Value (1)		Principal Value		Fair Value		Principal Value
Real estate loans held by consolidated securitization vehicles	$	709,095	$	894,000	$	—	$	—	2023 - 2024	(2)
Senior obligations of consolidated securitization vehicles	590,131		688,346		—		—		2023 - 2024	(2)
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles	$	118,964	$	205,654	$	—	$	—

(1)Includes $134.8 million and $34.2 million of assets and liabilities, respectively, for a loan that is on non-accrual and is accounted for on an amortized cost basis.

(2)The Company is in discussions with the respective borrowers on the resolution of the past maturities.

Schedule of Properties Contributed of Annualized Cash Rent

For the years ended December 31, 2024, 2023, and 2022, the following properties contributed more than 5.0% of our annualized cash rent from office properties, including our share of annualized cash rent from joint venture office properties:

Property	2024	Property	2023	Property	2022
One Vanderbilt Avenue	14.7%	One Vanderbilt Avenue	16.0%	One Vanderbilt Avenue	14.1%
11 Madison Avenue	8.8%	11 Madison Avenue	8.3%	245 Park Avenue	10.0%
420 Lexington Avenue	7.0%	420 Lexington Avenue	6.7%	11 Madison Avenue	7.8%
1515 Broadway	6.7%	1515 Broadway	6.4%	420 Lexington Avenue	6.3%
245 Park Avenue	6.7%	1185 Avenue of the Americas	5.6%	1515 Broadway	5.8%
1185 Avenue of the Americas	5.9%	280 Park Avenue	5.5%	1185 Avenue of the Americas	5.1%
280 Park Avenue	5.2%	245 Park Avenue	5.5%	280 Park Avenue	5.1%