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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
The information below presents the relationship between the compensation of our named executive officer and certain performance measures in accordance with Item 402(v) of Regulation S-K. For a discussion of our compensation programs and pay for performance philosophy, please refer to the section captioned “Compensation Discussion and Analysis,” above.
Pay Versus Performance Table
​ ​ ​
Summary
Compensation
Table Total
for PEO
($)
​ ​
Compensation
Actually Paid
to PEO
($)(1)
​ ​
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs
($)
​ ​
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)(2)
​ ​
Value of Initial Fixed $100 Investment Based On:
​
Year
​ ​
Total
Stockholder
Return
($)(3)
​ ​
Peer Group
Total
Stockholder
Return
($)(4)
​ ​
Net (Loss)
Income, in
thousands
($)
​ ​
Normalized
FFO per
Share
($)(5)
​
2024
​ ​ ​ ​ 20,685,756 ​ ​ ​ ​ ​ 48,597,262 ​ ​ ​ ​ ​ 3,550,244(6) ​ ​ ​ ​ ​ 6,761,944(6) ​ ​ ​ ​ ​ 104 ​ ​ ​ ​ ​ 68 ​ ​ ​ ​ ​ 30,222 ​ ​ ​ ​ ​ 5.24 ​ ​
2023
​ ​ ​ ​ 18,508,171 ​ ​ ​ ​ ​ 30,796,068 ​ ​ ​ ​ ​ 6,439,504(6) ​ ​ ​ ​ ​ 10,630,597(6) ​ ​ ​ ​ ​ 66 ​ ​ ​ ​ ​ 71 ​ ​ ​ ​ ​ (599,337) ​ ​ ​ ​ ​ 5.48 ​ ​
2022
​ ​ ​ ​ 16,660,855 ​ ​ ​ ​ ​ (11,758,654) ​ ​ ​ ​ ​ 7,006,710(6) ​ ​ ​ ​ ​ (2,389,306)(6) ​ ​ ​ ​ ​ 44 ​ ​ ​ ​ ​ 68 ​ ​ ​ ​ ​ (76,303) ​ ​ ​ ​ ​ 6.76 ​ ​
2021
​ ​ ​ ​ 21,088,057 ​ ​ ​ ​ ​ 32,642,206 ​ ​ ​ ​ ​ 7,711,773(6) ​ ​ ​ ​ ​ 11,565,039(6) ​ ​ ​ ​ ​ 90 ​ ​ ​ ​ ​ 103 ​ ​ ​ ​ ​ 480,632 ​ ​ ​ ​ ​ 6.58 ​ ​
2020
​ ​ ​ ​ 15,194,726 ​ ​ ​ ​ ​ 9,617,334 ​ ​ ​ ​ ​ 6,741,540(6) ​ ​ ​ ​ ​ 4,723,677(6) ​ ​ ​ ​ ​ 71 ​ ​ ​ ​ ​ 78 ​ ​ ​ ​ ​ 414,758 ​ ​ ​ ​ ​ 6.85 ​ ​
​
(1)
Represents amounts of “compensation actually paid” as computed in accordance with Item 402(v) of Regulation S-K, not the actual amount of compensation earned by or paid to Mr. Holliday during each year. The table below reflects the adjustments made from the amounts reported in the “Total” column of the Summary Compensation Table for each year to calculate the amounts set forth in “Compensation Actually Paid to PEO” column in the table above.
​
Year
​ ​
Summary
Compensation
Table Total
for PEO
($)
​ ​
Less Summary
Compensation
Table Value of
Equity Awards
($)(a)
​ ​
Fair Value of
Equity Award
Adjustments
($)(b)
​ ​
Compensation
Actually Paid
to PEO
($)
​
2024
​ ​ ​ ​ 20,685,756 ​ ​ ​ ​ ​ (19,394,816) ​ ​ ​ ​ ​ 47,306,322 ​ ​ ​ ​ ​ 48,597,262 ​ ​
2023
​ ​ ​ ​ 18,508,171 ​ ​ ​ ​ ​ (15,767,540) ​ ​ ​ ​ ​ 28,055,437 ​ ​ ​ ​ ​ 30,796,068 ​ ​
2022
​ ​ ​ ​ 16,660,855 ​ ​ ​ ​ ​ (14,284,701) ​ ​ ​ ​ ​ (14,134,808) ​ ​ ​ ​ ​ (11,758,654) ​ ​
2021
​ ​ ​ ​ 21,088,057 ​ ​ ​ ​ ​ (18,099,677) ​ ​ ​ ​ ​ 29,653,826 ​ ​ ​ ​ ​ 32,642,206 ​ ​
2020
​ ​ ​ ​ 15,194,726 ​ ​ ​ ​ ​ (12,643,310) ​ ​ ​ ​ ​ 7,065,918 ​ ​ ​ ​ ​ 9,617,334 ​ ​
​
(a)
Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.
​
(b)
The equity award adjustments for each fiscal year include the following: (i) the addition of the year-end fair value of any equity awards granted in the year that are outstanding and unvested as of the end of the year; (ii) for any awards granted in prior years that are outstanding and unvested as of the end of the fiscal year, the addition (or subtraction, if applicable) of the change in fair value of between the end of the prior fiscal year the end of the applicable fiscal year; (iii) for awards that are granted and vest in the same fiscal year, the addition of the fair value of such awards as of the vesting date; (iv) for awards granted in prior years that vest during the fiscal year, the addition (or subtraction, if applicable) of the change in fair value between the end of the prior fiscal year and the vesting date of such awards; (v) for awards granted in prior years that fail to meet the applicable vesting conditions during the fiscal year, the subtraction of the fair value of such awards at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on such awards in the applicable year prior to the vesting date. The amounts deducted or added in calculating the equity award adjustments are as follows:
​
Year
​ ​
Year End Fair
Value of Equity
Awards Granted
in the Year
and Unvested
($)
​ ​
Year over Year
Change in
Fair Value of
Outstanding and
Unvested Equity
Awards
($)
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in
the Year ($)
​ ​
Year over Year
Change in Fair Value
of Equity Awards
Granted in Prior
Years that Vested in
the Year
($)
​ ​
Fair Value at
the End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Year
($)
​ ​
Value of
Dividends or
other Earnings
Paid on Awards
($)
​ ​
Total Equity
Award
Adjustments
($)(i)
​
2024
​ ​ ​ ​ 24,495,938 ​ ​ ​ ​ ​ 13,307,651 ​ ​ ​ ​ ​ 2,486,913 ​ ​ ​ ​ ​ 4,685,715 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,330,105 ​ ​ ​ ​ ​ 47,306,322 ​ ​
2023
​ ​ ​ ​ 18,575,794 ​ ​ ​ ​ ​ 4,556,883 ​ ​ ​ ​ ​ 1,292,938 ​ ​ ​ ​ ​ 2,027,376 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,602,445 ​ ​ ​ ​ ​ 28,055,437 ​ ​
2022
​ ​ ​ ​ 4,807,388 ​ ​ ​ ​ ​ (14,493,069) ​ ​ ​ ​ ​ 683,334 ​ ​ ​ ​ ​ (2,002,870) ​ ​ ​ ​ ​ (4,842,970) ​ ​ ​ ​ ​ 1,713,380 ​ ​ ​ ​ ​ (14,134,808) ​ ​
2021
​ ​ ​ ​ 25,933,302 ​ ​ ​ ​ ​ 2,631,512 ​ ​ ​ ​ ​ 1,318,015 ​ ​ ​ ​ ​ (1,636,532) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,407,529 ​ ​ ​ ​ ​ 29,653,826 ​ ​
2020
​ ​ ​ ​ 8,918,153 ​ ​ ​ ​ ​ (3,385,784) ​ ​ ​ ​ ​ 982,595 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 550,954 ​ ​ ​ ​ ​ 7,065,918 ​ ​
​
(i)
The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.
​
(2)
Represents amounts of average “compensation actually paid” as computed in accordance with Item 402(v) of Regulation S-K, not the actual average amount of compensation earned by or paid to our named executive officers other than Mr. Holliday as a group. The table below reflects the adjustments made from the amounts reported in the “Total” column of the Summary Compensation Table for the named executive officers as a group (excluding Mr. Holliday) each year to calculate the amounts set forth in “Compensation Actually Paid to non-PEO NEOs” column in the table above, using the same methodology as set forth in footnote 1(b), above.
​
Year
​ ​
Average Reported
Summary
Compensation Table
Total for Non-PEO
NEOs
($)
​ ​
Less Average
Summary
Compensation
Table Value of
Equity Awards
($)(a)
​ ​
Average
Fair Value of
Equity Award
Adjustments
($)(b)
​ ​
Average
Compensation
Actually Paid to
Non-PEO
NEOs
($)
​
2024
​ ​ ​ ​ 3,550,244 ​ ​ ​ ​ ​ (2,946,444) ​ ​ ​ ​ ​ 6,158,144 ​ ​ ​ ​ ​ 6,761,944 ​ ​
2023
​ ​ ​ ​ 6,439,504 ​ ​ ​ ​ ​ (5,716,304) ​ ​ ​ ​ ​ 9,907,397 ​ ​ ​ ​ ​ 10,630,597 ​ ​
2022
​ ​ ​ ​ 7,006,710 ​ ​ ​ ​ ​ (6,036,720) ​ ​ ​ ​ ​ (3,359,296) ​ ​ ​ ​ ​ (2,389,306) ​ ​
2021
​ ​ ​ ​ 7,711,773 ​ ​ ​ ​ ​ (6,677,199) ​ ​ ​ ​ ​ 10,530,465 ​ ​ ​ ​ ​ 11,565,039 ​ ​
2020
​ ​ ​ ​ 6,741,540 ​ ​ ​ ​ ​ (4,872,895) ​ ​ ​ ​ ​ 2,855,032 ​ ​ ​ ​ ​ 4,723,677 ​ ​
​
(a)
Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.
​
(b)
The equity award adjustments for each fiscal year reflect the same methodology set forth in footnote 1, above. The amounts deducted or added in calculating the equity award adjustments are as follows:
​
Year(i)
​ ​
Average
Year End
Fair Value of
Equity Awards
Granted in
the Year and
Unvested
($)
​ ​
Year over
Year Average
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards ($)
​ ​
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in
the Year
($)
​ ​
Year over
Year Average
Change in Fair
Value of Equity
Awards Granted in
Prior Years
that Vested in
the Year
($)
​ ​
Average Fair
Value at the
End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Year
($)
​ ​
Average
Value of
Dividends
or other
Earnings
Paid on
Awards
($)
​ ​
Total Equity
Award
Adjustments
($)
​
2024
​ ​ ​ ​ 2,926,178 ​ ​ ​ ​ ​ 1,441,913 ​ ​ ​ ​ ​ 1,167,638 ​ ​ ​ ​ ​ 294,451 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 327,964 ​ ​ ​ ​ ​ 6,158,144 ​ ​
2023
​ ​ ​ ​ 6,660,330 ​ ​ ​ ​ ​ 1,494,511 ​ ​ ​ ​ ​ 538,835 ​ ​ ​ ​ ​ 635,195 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 578,527 ​ ​ ​ ​ ​ 9,907,397 ​ ​
2022
​ ​ ​ ​ 1,882,454 ​ ​ ​ ​ ​ (4,551,556) ​ ​ ​ ​ ​ 905,033 ​ ​ ​ ​ ​ (638,835) ​ ​ ​ ​ ​ (1,544,649) ​ ​ ​ ​ ​ 588,257 ​ ​ ​ ​ ​ (3,359,296) ​ ​
2021
​ ​ ​ ​ 8,850,588 ​ ​ ​ ​ ​ 884,588 ​ ​ ​ ​ ​ 853,696 ​ ​ ​ ​ ​ (543,494) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 485,088 ​ ​ ​ ​ ​ 10,530,465 ​ ​
2020
​ ​ ​ ​ 2,947,962 ​ ​ ​ ​ ​ (1,311,858) ​ ​ ​ ​ ​ 1,018,117 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 200,812 ​ ​ ​ ​ ​ 2,855,032 ​ ​
​
(i)
The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.
​
(3)
TSR is calculated assuming a $100 investment in the Company and the peer group on December 31, 2019, and assuming the reinvestment of any dividends during the applicable measurement period, calculated through the end of the year shown based on share prices.
​
(4)
Represents the TSR for the benchmarking peer group described in “Compensation Discussion and Analysis,” which includes the following peer companies: Alexandria Real Estate Equities, Inc., Boston Properties, Inc., Douglas Emmett, Inc., Empire State Realty Trust, Inc., Hudson Pacific Properties, Inc., Kennedy-Wilson Holdings, Inc., Kilroy Realty Corporation, Ladder Capital Corp, Paramount Group, Inc. and Vornado Realty Trust.
​
(5)
Normalized FFO per share represents reported FFO per share as adjusted for non-cash fair value adjustments, gains or losses on the early extinguishment of debt and other adjustments for comparability between periods. For 2024, includes Gain on Discounted Debt Extinguishment of $20.0M consistent with the calculation of the FFO goal under our 2024 formulaic cash bonus program. Gains on Discounted Debt Extinguishment in excess of $20.0M were excluded from the final calculation.
​
(6)
Non-PEO named executive officers for 2024 includes Messrs. DiLiberto and Levine and for 2023, 2022, 2021 and 2020 includes Messrs. DiLiberto and Levine and Andrew Mathias, our former President.
       
Company Selected Measure Name Normalized FFO per Share        
Named Executive Officers, Footnote
(6)
Non-PEO named executive officers for 2024 includes Messrs. DiLiberto and Levine and for 2023, 2022, 2021 and 2020 includes Messrs. DiLiberto and Levine and Andrew Mathias, our former President.
       
Peer Group Issuers, Footnote
(4)
Represents the TSR for the benchmarking peer group described in “Compensation Discussion and Analysis,” which includes the following peer companies: Alexandria Real Estate Equities, Inc., Boston Properties, Inc., Douglas Emmett, Inc., Empire State Realty Trust, Inc., Hudson Pacific Properties, Inc., Kennedy-Wilson Holdings, Inc., Kilroy Realty Corporation, Ladder Capital Corp, Paramount Group, Inc. and Vornado Realty Trust.
       
PEO Total Compensation Amount $ 20,685,756 $ 18,508,171 $ 16,660,855 $ 21,088,057 $ 15,194,726
PEO Actually Paid Compensation Amount $ 48,597,262 30,796,068 (11,758,654) 32,642,206 9,617,334
Adjustment To PEO Compensation, Footnote
(1)
Represents amounts of “compensation actually paid” as computed in accordance with Item 402(v) of Regulation S-K, not the actual amount of compensation earned by or paid to Mr. Holliday during each year. The table below reflects the adjustments made from the amounts reported in the “Total” column of the Summary Compensation Table for each year to calculate the amounts set forth in “Compensation Actually Paid to PEO” column in the table above.
​
Year
​ ​
Summary
Compensation
Table Total
for PEO
($)
​ ​
Less Summary
Compensation
Table Value of
Equity Awards
($)(a)
​ ​
Fair Value of
Equity Award
Adjustments
($)(b)
​ ​
Compensation
Actually Paid
to PEO
($)
​
2024
​ ​ ​ ​ 20,685,756 ​ ​ ​ ​ ​ (19,394,816) ​ ​ ​ ​ ​ 47,306,322 ​ ​ ​ ​ ​ 48,597,262 ​ ​
2023
​ ​ ​ ​ 18,508,171 ​ ​ ​ ​ ​ (15,767,540) ​ ​ ​ ​ ​ 28,055,437 ​ ​ ​ ​ ​ 30,796,068 ​ ​
2022
​ ​ ​ ​ 16,660,855 ​ ​ ​ ​ ​ (14,284,701) ​ ​ ​ ​ ​ (14,134,808) ​ ​ ​ ​ ​ (11,758,654) ​ ​
2021
​ ​ ​ ​ 21,088,057 ​ ​ ​ ​ ​ (18,099,677) ​ ​ ​ ​ ​ 29,653,826 ​ ​ ​ ​ ​ 32,642,206 ​ ​
2020
​ ​ ​ ​ 15,194,726 ​ ​ ​ ​ ​ (12,643,310) ​ ​ ​ ​ ​ 7,065,918 ​ ​ ​ ​ ​ 9,617,334 ​ ​
​
(a)
Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.
​
(b)
The equity award adjustments for each fiscal year include the following: (i) the addition of the year-end fair value of any equity awards granted in the year that are outstanding and unvested as of the end of the year; (ii) for any awards granted in prior years that are outstanding and unvested as of the end of the fiscal year, the addition (or subtraction, if applicable) of the change in fair value of between the end of the prior fiscal year the end of the applicable fiscal year; (iii) for awards that are granted and vest in the same fiscal year, the addition of the fair value of such awards as of the vesting date; (iv) for awards granted in prior years that vest during the fiscal year, the addition (or subtraction, if applicable) of the change in fair value between the end of the prior fiscal year and the vesting date of such awards; (v) for awards granted in prior years that fail to meet the applicable vesting conditions during the fiscal year, the subtraction of the fair value of such awards at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on such awards in the applicable year prior to the vesting date. The amounts deducted or added in calculating the equity award adjustments are as follows:
​
Year
​ ​
Year End Fair
Value of Equity
Awards Granted
in the Year
and Unvested
($)
​ ​
Year over Year
Change in
Fair Value of
Outstanding and
Unvested Equity
Awards
($)
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in
the Year ($)
​ ​
Year over Year
Change in Fair Value
of Equity Awards
Granted in Prior
Years that Vested in
the Year
($)
​ ​
Fair Value at
the End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Year
($)
​ ​
Value of
Dividends or
other Earnings
Paid on Awards
($)
​ ​
Total Equity
Award
Adjustments
($)(i)
​
2024
​ ​ ​ ​ 24,495,938 ​ ​ ​ ​ ​ 13,307,651 ​ ​ ​ ​ ​ 2,486,913 ​ ​ ​ ​ ​ 4,685,715 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,330,105 ​ ​ ​ ​ ​ 47,306,322 ​ ​
2023
​ ​ ​ ​ 18,575,794 ​ ​ ​ ​ ​ 4,556,883 ​ ​ ​ ​ ​ 1,292,938 ​ ​ ​ ​ ​ 2,027,376 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,602,445 ​ ​ ​ ​ ​ 28,055,437 ​ ​
2022
​ ​ ​ ​ 4,807,388 ​ ​ ​ ​ ​ (14,493,069) ​ ​ ​ ​ ​ 683,334 ​ ​ ​ ​ ​ (2,002,870) ​ ​ ​ ​ ​ (4,842,970) ​ ​ ​ ​ ​ 1,713,380 ​ ​ ​ ​ ​ (14,134,808) ​ ​
2021
​ ​ ​ ​ 25,933,302 ​ ​ ​ ​ ​ 2,631,512 ​ ​ ​ ​ ​ 1,318,015 ​ ​ ​ ​ ​ (1,636,532) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,407,529 ​ ​ ​ ​ ​ 29,653,826 ​ ​
2020
​ ​ ​ ​ 8,918,153 ​ ​ ​ ​ ​ (3,385,784) ​ ​ ​ ​ ​ 982,595 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 550,954 ​ ​ ​ ​ ​ 7,065,918 ​ ​
(i)
The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.
       
Non-PEO NEO Average Total Compensation Amount $ 3,550,244 6,439,504 7,006,710 7,711,773 6,741,540
Non-PEO NEO Average Compensation Actually Paid Amount $ 6,761,944 10,630,597 (2,389,306) 11,565,039 4,723,677
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Represents amounts of average “compensation actually paid” as computed in accordance with Item 402(v) of Regulation S-K, not the actual average amount of compensation earned by or paid to our named executive officers other than Mr. Holliday as a group. The table below reflects the adjustments made from the amounts reported in the “Total” column of the Summary Compensation Table for the named executive officers as a group (excluding Mr. Holliday) each year to calculate the amounts set forth in “Compensation Actually Paid to non-PEO NEOs” column in the table above, using the same methodology as set forth in footnote 1(b), above.
​
Year
​ ​
Average Reported
Summary
Compensation Table
Total for Non-PEO
NEOs
($)
​ ​
Less Average
Summary
Compensation
Table Value of
Equity Awards
($)(a)
​ ​
Average
Fair Value of
Equity Award
Adjustments
($)(b)
​ ​
Average
Compensation
Actually Paid to
Non-PEO
NEOs
($)
​
2024
​ ​ ​ ​ 3,550,244 ​ ​ ​ ​ ​ (2,946,444) ​ ​ ​ ​ ​ 6,158,144 ​ ​ ​ ​ ​ 6,761,944 ​ ​
2023
​ ​ ​ ​ 6,439,504 ​ ​ ​ ​ ​ (5,716,304) ​ ​ ​ ​ ​ 9,907,397 ​ ​ ​ ​ ​ 10,630,597 ​ ​
2022
​ ​ ​ ​ 7,006,710 ​ ​ ​ ​ ​ (6,036,720) ​ ​ ​ ​ ​ (3,359,296) ​ ​ ​ ​ ​ (2,389,306) ​ ​
2021
​ ​ ​ ​ 7,711,773 ​ ​ ​ ​ ​ (6,677,199) ​ ​ ​ ​ ​ 10,530,465 ​ ​ ​ ​ ​ 11,565,039 ​ ​
2020
​ ​ ​ ​ 6,741,540 ​ ​ ​ ​ ​ (4,872,895) ​ ​ ​ ​ ​ 2,855,032 ​ ​ ​ ​ ​ 4,723,677 ​ ​
​
(a)
Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.
​
(b)
The equity award adjustments for each fiscal year reflect the same methodology set forth in footnote 1, above. The amounts deducted or added in calculating the equity award adjustments are as follows:
​
Year(i)
​ ​
Average
Year End
Fair Value of
Equity Awards
Granted in
the Year and
Unvested
($)
​ ​
Year over
Year Average
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards ($)
​ ​
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in
the Year
($)
​ ​
Year over
Year Average
Change in Fair
Value of Equity
Awards Granted in
Prior Years
that Vested in
the Year
($)
​ ​
Average Fair
Value at the
End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Year
($)
​ ​
Average
Value of
Dividends
or other
Earnings
Paid on
Awards
($)
​ ​
Total Equity
Award
Adjustments
($)
​
2024
​ ​ ​ ​ 2,926,178 ​ ​ ​ ​ ​ 1,441,913 ​ ​ ​ ​ ​ 1,167,638 ​ ​ ​ ​ ​ 294,451 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 327,964 ​ ​ ​ ​ ​ 6,158,144 ​ ​
2023
​ ​ ​ ​ 6,660,330 ​ ​ ​ ​ ​ 1,494,511 ​ ​ ​ ​ ​ 538,835 ​ ​ ​ ​ ​ 635,195 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 578,527 ​ ​ ​ ​ ​ 9,907,397 ​ ​
2022
​ ​ ​ ​ 1,882,454 ​ ​ ​ ​ ​ (4,551,556) ​ ​ ​ ​ ​ 905,033 ​ ​ ​ ​ ​ (638,835) ​ ​ ​ ​ ​ (1,544,649) ​ ​ ​ ​ ​ 588,257 ​ ​ ​ ​ ​ (3,359,296) ​ ​
2021
​ ​ ​ ​ 8,850,588 ​ ​ ​ ​ ​ 884,588 ​ ​ ​ ​ ​ 853,696 ​ ​ ​ ​ ​ (543,494) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 485,088 ​ ​ ​ ​ ​ 10,530,465 ​ ​
2020
​ ​ ​ ​ 2,947,962 ​ ​ ​ ​ ​ (1,311,858) ​ ​ ​ ​ ​ 1,018,117 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 200,812 ​ ​ ​ ​ ​ 2,855,032 ​ ​
​
(i)
The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.
       
Compensation Actually Paid vs. Total Shareholder Return
COMPENSATION ACTUALLY PAID VS. TSR
[MISSING IMAGE: bc_tsr-pn.jpg]
       
Compensation Actually Paid vs. Net Income
COMPENSATION ACTUALLY PAID VS. NET (LOSS) INCOME
[MISSING IMAGE: bc_netincome-pn.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
COMPENSATION ACTUALLY PAID VS. NORMALIZED FFO PER SHARE
[MISSING IMAGE: bc_normalized-pn.jpg]
       
Total Shareholder Return Vs Peer Group [MISSING IMAGE: bc_tsr-pn.jpg]        
Tabular List, Table
Tabular List of Performance Measures
The following table lists the performance measures that we consider to be the most important performance measures we use to link compensation actually paid to its named executive officers for the most recently completed fiscal year to our performance.
Performance Measure
•
Normalized FFO per Share
​
Relative TSR
​
Normalized Funds Available for Distribution
​
Combined Net Debt Reduction
​
Manhattan Same Store Office Leased Occupancy
​
Manhattan Office Leasing Volume
Liquidity
       
Total Shareholder Return Amount $ 104 66 44 90 71
Peer Group Total Shareholder Return Amount 68 71 68 103 78
Net Income (Loss) $ 30,222,000 $ (599,337,000) $ (76,303,000) $ 480,632,000 $ 414,758,000
Company Selected Measure Amount | $ / shares 5.24 5.48 6.76 6.58 6.85
PEO Name Mr. Holliday        
Measure:: 1          
Pay vs Performance Disclosure          
Name Normalized FFO per Share        
Non-GAAP Measure Description
(5)
Normalized FFO per share represents reported FFO per share as adjusted for non-cash fair value adjustments, gains or losses on the early extinguishment of debt and other adjustments for comparability between periods. For 2024, includes Gain on Discounted Debt Extinguishment of $20.0M consistent with the calculation of the FFO goal under our 2024 formulaic cash bonus program. Gains on Discounted Debt Extinguishment in excess of $20.0M were excluded from the final calculation.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Relative TSR        
Measure:: 3          
Pay vs Performance Disclosure          
Name Normalized Funds Available for Distribution        
Measure:: 4          
Pay vs Performance Disclosure          
Name Combined Net Debt Reduction        
Measure:: 5          
Pay vs Performance Disclosure          
Name Manhattan Same Store Office Leased Occupancy        
Measure:: 6          
Pay vs Performance Disclosure          
Name Manhattan Office Leasing Volume        
Measure:: 7          
Pay vs Performance Disclosure          
Name Liquidity        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (19,394,816) $ (15,767,540) $ (14,284,701) $ (18,099,677) $ (12,643,310)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 47,306,322 28,055,437 (14,134,808) 29,653,826 7,065,918
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 24,495,938 18,575,794 4,807,388 25,933,302 8,918,153
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 13,307,651 4,556,883 (14,493,069) 2,631,512 (3,385,784)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,486,913 1,292,938 683,334 1,318,015 982,595
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,685,715 2,027,376 (2,002,870) (1,636,532)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,842,970)
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,330,105 1,602,445 1,713,380 1,407,529 550,954
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,946,444) (5,716,304) (6,036,720) (6,677,199) (4,872,895)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 6,158,144 9,907,397 (3,359,296) 10,530,465 2,855,032
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,926,178 6,660,330 1,882,454 8,850,588 2,947,962
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,441,913 1,494,511 (4,551,556) 884,588 (1,311,858)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,167,638 538,835 905,033 853,696 1,018,117
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 294,451 635,195 (638,835) (543,494)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,544,649)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 327,964 $ 578,527 $ 588,257 $ 485,088 $ 200,812