Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We have determined that our properties, which are considered our operating segments, have similar economic characteristics and meet the criteria that permit these operating segments to be aggregated into one reportable segment (the leasing, management, development and redevelopment of properties in New York City). Net operating income (“NOI”) represents total revenues less operating expenses. The Company’s chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI to be the financial measure of segment profit and loss for making decisions on how to allocate resources and assessing the performance of the segment. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions.

Below is a summary of financial information for the years ended December 31, 2024, 2023 and 2022.

		Year Ended December 31,
(Amounts in thousands)		2024		2023		2022
	Rental revenues	$	226,374	$	224,962	$	205,814
	Real estate tax expense	(59,256)		(57,722)		(49,885)
	Other segment expenses (1)	(43,984)		(43,488)		(40,561)
	Total operating expenses	(103,240)		(101,210)		(90,446)
	NOI	$	123,134	$	123,752	$	115,368
(1)	Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the years ended December 31, 2024, 2023 and 2022.

		Year Ended December 31,
(Amounts in thousands)		2024		2023		2022
	NOI	$	123,134	$	123,752	$	115,368
	Net gain on sale of real estate	—		53,952		—
	Interest and debt expense	(62,818)		(58,297)		(28,602)
	Interest and other income	24,429		22,245		6,769
	General and administrative	(6,519)		(6,341)		(6,106)
	Depreciation and amortization	(34,782)		(32,898)		(29,797)
	Net income	$	43,444	$	102,413	$	57,632