Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

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
	Total		New York		Other
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
	Total		New York		Other
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
	Total		New York		Other
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
	Total		New York		Other
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,
	2025		2024		2025		2024
NOI at share	$	266,676	$	265,491	$	837,639	$	814,786
NOI attributable to noncontrolling interests in consolidated subsidiaries	10,139		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, net	22,413		12,391		41,730		34,626
Income from partially owned entities	21,940		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