Noncontrolling Interests

6 Months Ended

Jun. 30, 2023

Noncontrolling Interests in Consolidated Affiliates

As of June 30, 2023, our noncontrolling interest in consolidated affiliates relates to our joint venture partner's 20.0% interest in the Midtown West joint venture. Our joint venture partner is an unrelated third party.

Noncontrolling Interests in the Operating Partnership

The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Beginning noncontrolling interests in the Operating Partnership	$	54,682	$	114,570	$	65,977	$	111,689
Adjustment of noncontrolling interests in the Operating Partnership to fair value	1,915		(28,696)		(9,187)		(25,528)

Conversions of Common Units to Common Stock	—		(1,251)		—		(1,251)
Redemptions of Common Units	(163)		—		(163)		—
Net income attributable to noncontrolling interests in the Operating Partnership	947		1,203		1,933		2,168
Distributions to noncontrolling interests in the Operating Partnership	(1,175)		(1,243)		(2,354)		(2,495)
Total noncontrolling interests in the Operating Partnership	$	56,206	$	84,583	$	56,206	$	84,583

The following table sets forth net income available for common stockholders and transfers from the Company’s noncontrolling interests in the Operating Partnership:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income available for common stockholders	$	42,298	$	50,511	$	86,132	$	90,771
Increase in additional paid in capital from conversions of Common Units to Common Stock	—		1,251		—		1,251
Redemptions of Common Units	163		—		163		—

Change from net income available for common stockholders and transfers from noncontrolling interests	$	42,461	$	51,762	$	86,295	$	92,022