Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three and nine months ended September 30, 2025 and 2024 is set forth in Note 20 - Segment Information.


(Amounts in thousands)	For the Three Months Ended September 30, 2025							For the Three Months Ended September 30, 2024
	Total		New York		Other			Total		New York		Other
Property rentals	$	360,416	$	291,001	$	69,415		$	362,903	$	294,258	$	68,645
Trade shows	6,956		—		6,956			6,789		—		6,789
Sales-type lease income(1)	2,507		2,507		—			—		—		—
Lease revenues(2)	369,879		293,508		76,371			369,692		294,258		75,434
Tenant services	14,158		9,364		4,794			13,190		9,300		3,890
Parking revenues	5,060		3,892		1,168			4,588		3,611		977
Rental revenues	389,097		306,764		82,333			387,470		307,169		80,301
BMS cleaning fees	42,530		44,902		(2,372)		(3)	37,772		41,007		(3,235)		(3)
Management and leasing fees	2,998		3,170		(172)			2,841		3,089		(248)
Other income	19,075		12,504		6,571			15,172		11,218		3,954
Fee and other income	64,603		60,576		4,027			55,785		55,314		471
Total revenues	$	453,700	$	367,340	$	86,360		$	443,255	$	362,483	$	80,772

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See notes below.


(Amounts in thousands)	For the Nine Months Ended September 30, 2025							For the Nine Months Ended September 30, 2024
	Total		New York		Other			Total		New York		Other
Property rentals	$	1,103,097	$	894,652	$	208,445		$	1,104,972	$	898,569	$	206,403
Trade shows	19,807		—		19,807			19,566		—		19,566
Sales-type lease income(1)	4,101		4,101		—			—		—		—
Lease revenues(2)	1,127,005		898,753		228,252			1,124,538		898,569		225,969
Tenant services	34,177		24,043		10,134			31,822		22,220		9,602
Parking revenues	14,922		11,657		3,265			13,983		11,018		2,965
Rental revenues	1,176,104		934,453		241,651			1,170,343		931,807		238,536
BMS cleaning fees	116,437		123,143		(6,706)		(3)	112,017		120,336		(8,319)		(3)
Management and leasing fees	8,954		9,525		(571)			12,161		12,712		(551)
Other income	55,221		34,592		20,629			35,375		23,440		11,935
Fee and other income	180,612		167,260		13,352			159,553		156,488		3,065
Total revenues	$	1,356,716	$	1,101,713	$	255,003		$	1,329,896	$	1,088,295	$	241,601

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(1)See page 24 for details.

(2)The components of lease revenues were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed payments	$	340,797	$	332,023	$	1,030,936	$	1,006,351
Variable payments	26,575		37,669		91,968		118,187
Total operating lease payments	367,372		369,692		1,122,904		1,124,538
Sales-type lease income	2,507		—		4,101		—

Lease revenues	$	369,879	$	369,692	$	1,127,005	$	1,124,538

(3)Represents the elimination of Building Maintenance Services LLC ("BMS") cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment.

Schedule of Components of Lease Revenues

The components of lease revenues were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed payments	$	340,797	$	332,023	$	1,030,936	$	1,006,351
Variable payments	26,575		37,669		91,968		118,187
Total operating lease payments	367,372		369,692		1,122,904		1,124,538
Sales-type lease income	2,507		—		4,101		—

Lease revenues	$	369,879	$	369,692	$	1,127,005	$	1,124,538