Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Below is a summary of financial information by segment for the years ended December 31, 2025, 2024 and 2023.


(Amounts in thousands)	For the Year Ended December 31, 2025
	Total		New York		Other
Total revenues	$	1,810,425	$	1,476,522	$	333,903
Deduct: operating expenses(1)	(919,959)		(766,758)		(153,201)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(41,882)		(13,846)		(28,036)
Add: NOI from partially owned entities	263,315		253,504		9,811
NOI at share	$	1,111,899	$	949,422	$	162,477


(Amounts in thousands)	For the Year Ended December 31, 2024
	Total		New York		Other
Total revenues	$	1,787,686	$	1,471,997	$	315,689




Deduct: operating expenses(1)	(927,796)		(766,347)		(161,449)

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(39,367)		(12,899)		(26,468)
Add: NOI from partially owned entities	279,229		269,159		10,070
NOI at share	$	1,099,752	$	961,910	$	137,842


(Amounts in thousands)	For the Year Ended December 31, 2023
	Total		New York		Other
Total revenues	$	1,811,163	$	1,452,158	$	359,005




Deduct: operating expenses(1)	(905,158)		(733,478)		(171,680)

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(48,553)		(15,547)		(33,006)
Add: NOI from partially owned entities	285,761		274,436		11,325
NOI at share	$	1,143,213	$	977,569	$	165,644

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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 before income taxes for the years ended December 31, 2025, 2024 and 2023.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
NOI at share	$	1,111,899	$	1,099,752	$	1,143,213
NOI attributable to noncontrolling interests in consolidated subsidiaries	41,882		39,367		48,553
NOI from partially owned entities	(263,315)		(279,229)		(285,761)
Net gains on disposition of wholly owned and partially owned assets	35,291		16,048		71,199
Gain on sales-type lease	803,248		—		—
Interest and debt expense	(353,868)		(390,269)		(349,223)
Interest and other investment income, net	55,113		45,974		43,287
Income from partially owned entities	141,310		112,464		38,689
Transaction related costs, impairment losses and other	(2,531)		(5,242)		(50,691)
General and administrative expense	(156,115)		(148,520)		(162,883)
Depreciation and amortization expense	(462,201)		(447,500)		(434,273)
Income before income taxes	$	950,713	$	42,845	$	62,110