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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s operating segments are based on our method of internal reporting which classifies our operations by geographic area. We aggregate these operating segments into two reportable segments, New York and Other, which is based on similar economic characteristics.
Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned entities. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI at share to be the measure of segment profit and loss for making decisions on how to allocate resources and assessing the unlevered performance of our segments as it relates to the return on assets as opposed to the levered return on equity.
Below is a summary of NOI at share by segment for the three and nine months ended September 30, 2025 and 2024.
(Amounts in thousands)For the Three Months Ended September 30, 2025
TotalNew YorkOther
Total revenues$453,700 $367,340 $86,360 
Deduct: operating expenses(1)
(241,769)(198,430)(43,339)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(10,139)(3,031)(7,108)
Add: NOI from partially owned entities 64,884 62,659 2,225 
NOI at share$266,676 $228,538 $38,138 

(Amounts in thousands)For the Three Months Ended September 30, 2024
TotalNew YorkOther
Total revenues$443,255 $362,483 $80,772 
Deduct: operating expenses(1)
(236,149)(194,927)(41,222)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(8,907)(2,523)(6,384)
Add: NOI from partially owned entities 67,292 64,555 2,737 
NOI at share
$265,491 $229,588 $35,903 

(Amounts in thousands)For the Nine Months Ended September 30, 2025
TotalNew YorkOther
Total revenues$1,356,716 $1,101,713 $255,003 
Deduct: operating expenses(1)
(685,857)(570,472)(115,385)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(31,442)(9,391)(22,051)
Add: NOI from partially owned entities 198,222 190,584 7,638 
NOI at share$837,639 $712,434 $125,205 
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See note on the following page.
20. Segment Information - continued
(Amounts in thousands)For the Nine Months Ended September 30, 2024
TotalNew YorkOther
Total revenues$1,329,896 $1,088,295 $241,601 
Deduct: operating expenses(1)
(691,753)(572,152)(119,601)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(29,316)(9,255)(20,061)
Add: NOI from partially owned entities 205,959 197,982 7,977 
NOI at share
$814,786 $704,870 $109,916 
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(1)Includes various expenses associated with operating our properties, including but not limited to: real estate taxes, ground rent, insurance, and utilities. Our CODM
is not regularly provided with significant expense categories and amounts included within net operating income at share.
Below is a reconciliation of NOI at share to income (loss) before income taxes for the three and nine months ended September 30, 2025 and 2024.
(Amounts in thousands)For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
NOI at share$266,676 $265,491 $837,639 $814,786 
NOI attributable to noncontrolling interests in consolidated subsidiaries10,139 8,907 31,442 29,316 
NOI from partially owned entities(64,884)(67,292)(198,222)(205,959)
Net gains on disposition of wholly owned and partially owned assets— — 24,039 16,048 
Gain on sales-type lease— — 803,248 — 
Interest and debt expense(84,459)(100,907)(268,204)(289,786)
Interest and other investment income, net22,413 12,391 41,730 34,626 
Income from partially owned entities21,940 18,229 135,588 82,457 
Transaction related costs and other(3,563)113 (4,327)(3,901)
General and administrative expense(37,490)(35,511)(116,065)(111,883)
Depreciation and amortization expense(117,122)(116,006)(348,851)(334,439)
Income (loss) before income taxes$13,650 $(14,585)$938,017 $31,265