Segment Information

3 Months Ended

Mar. 31, 2025

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 reportable 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 three months ended March 31, 2025 and 2024.

		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	Rental revenues	$	54,915	$	61,397
	Real estate tax expense	(14,926)		(14,460)
	Other segment expenses (1)	(10,638)		(10,803)
	Total operating expenses	(25,564)		(25,263)
	NOI	$	29,351	$	36,134
(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 three months ended March 31, 2025 and 2024.

		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	NOI	$	29,351	$	36,134
	Interest and debt expense	(10,794)		(16,234)
	Interest and other income	3,945		7,162
	General and administrative	(1,591)		(1,476)
	Depreciation and amortization	(8,599)		(9,477)
	Net income	$	12,312	$	16,109