Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Below is a summary of NOI at share by segment for the three months ended March 31, 2026 and 2025.


(Amounts in thousands)	For the Three Months Ended March 31, 2026
	Total		New York		Other
Total revenues	$	459,105	$	377,486	$	81,619
Deduct: operating expenses(1)	(246,631)		(203,428)		(43,203)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,659)		(2,945)		(5,714)
Add: NOI from partially owned entities	68,308		65,436		2,872
NOI at share	$	272,123	$	236,549	$	35,574


(Amounts in thousands)	For the Three Months Ended March 31, 2025
	Total		New York		Other
Total revenues	$	461,579	$	374,546	$	87,033
Deduct: operating expenses(1)	(224,740)		(182,423)		(42,317)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,660)		(3,161)		(7,499)
Add: NOI from partially owned entities	67,111		63,859		3,252
NOI at share	$	293,290	$	252,821	$	40,469

_____________________

(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.

18. Segment Information - continued

Below is a reconciliation of NOI at share to (loss) income before income taxes for the three months ended March 31, 2026 and 2025.


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
NOI at share	$	272,123	$	293,290
NOI attributable to noncontrolling interests in consolidated subsidiaries	8,659		10,660
NOI from partially owned entities	(68,308)		(67,111)
Net gains on disposition of wholly owned and partially owned assets	—		15,551

Interest and debt expense	(89,206)		(95,816)
Interest and other investment income, net	9,327		8,261
Income from partially owned entities	12,822		96,977
Transaction related costs and other	(762)		(43)
General and administrative expense	(42,245)		(38,597)
Depreciation and amortization expense	(118,528)		(116,155)
(Loss) income before income taxes	$	(16,118)	$	107,017