Incentive Compensation	3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Compensation	18. Incentive Compensation Stock-Based Compensation Our Amended and Restated 2014 Equity Incentive Plan provides for grants of equity awards to our executive officers, non-employee directors and employees in order to attract and motivate talent for which we compete. In addition, equity awards are an effective management retention tool as they vest over multiple years based on continued employment. Equity awards are granted in the form of (i) restricted stock and (ii) long-term incentive plan (“LTIP”) units, which represent a class of partnership interests in our Operating Partnership and are typically comprised of Time-Based LTIP units, Performance-Based LTIP units, Time-Based Appreciation Only LTIP units and Performance-Based Appreciation Only LTIP units. We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. We recognized stock-based compensation expense of $6,194,000 and $5,117,000 for the three months ended March 31, 2024 and 2023, respectively, related to awards granted in prior periods. Completion of the 2021 Performance-Based Awards Program (“2021 Performance Program”) The three-year performance measurement period with respect to our 2021 Performance Program ended on December 31, 2023. On January 30, 2024, the Compensation Committee determined that (i) our TSR ranked in the 25th percentile amongst the TSR of our New York City office REIT peers and (ii) our TSR ranked in the 40th percentile amongst the performance of the SNL U.S. Office REIT Index constituents, resulting in a payout of approximately 34.6% of the LTIP units granted. Additionally, in accordance with the 2021 Performance Program, the final payout was reduced by 30.0% since our TSR was negative over the three-year performance measurement period. Accordingly, only 409,046, or 24.2% of the LTIP units that were granted under the 2021 Performance Program, were earned. Of the LTIP units that were earned, 204,727 LTIP units vested immediately on January 30, 2024 and the remaining 204,319 LTIP units will vest on December 31, 2024. This award had a grant date fair value of $7,303,000 and a remaining unrecognized compensation cost of $589,000 as of March 31, 2024, which will be amortized into expense over a weighted-average period of 0.8 years.

Incentive Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

18.

Incentive Compensation

Stock-Based Compensation

Our Amended and Restated 2014 Equity Incentive Plan provides for grants of equity awards to our executive officers, non-employee directors and employees in order to attract and motivate talent for which we compete. In addition, equity awards are an effective management retention tool as they vest over multiple years based on continued employment. Equity awards are granted in the form of (i) restricted stock and (ii) long-term incentive plan (“LTIP”) units, which represent a class of partnership interests in our Operating Partnership and are typically comprised of Time-Based LTIP units, Performance-Based LTIP units, Time-Based Appreciation Only LTIP units and Performance-Based Appreciation Only LTIP units. We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. We recognized stock-based compensation expense of $6,194,000 and $5,117,000 for the three months ended March 31, 2024 and 2023, respectively, related to awards granted in prior periods.

Completion of the 2021 Performance-Based Awards Program (“2021 Performance Program”)

The three-year performance measurement period with respect to our 2021 Performance Program ended on December 31, 2023. On January 30, 2024, the Compensation Committee determined that (i) our TSR ranked in the 25th percentile amongst the TSR of our New York City office REIT peers and (ii) our TSR ranked in the 40th percentile amongst the performance of the SNL U.S. Office REIT Index constituents, resulting in a payout of approximately 34.6% of the LTIP units granted. Additionally, in accordance with the 2021 Performance Program, the final payout was reduced by 30.0% since our TSR was negative over the three-year performance measurement period. Accordingly, only 409,046, or 24.2% of the LTIP units that were granted under the 2021 Performance Program, were earned. Of the LTIP units that were earned, 204,727 LTIP units vested immediately on January 30, 2024 and the remaining 204,319 LTIP units will vest on December 31, 2024. This award had a grant date fair value of $7,303,000 and a remaining unrecognized compensation cost of $589,000 as of March 31, 2024, which will be amortized into expense over a weighted-average period of 0.8 years.