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Noncontrolling Interests
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling Interests in Consolidated Affiliates

As of December 31, 2024, our noncontrolling interest in consolidated affiliates relates to our joint venture partner’s 20.0% interest in the Midtown West joint venture. See Note 4. Our joint venture partner is an unrelated third party.

Noncontrolling Interests in the Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the ownership of Redeemable Common Units. Net income attributable to noncontrolling interests in the Operating Partnership is computed by applying the weighted average percentage of Redeemable Common Units during the period, as a percent of the total number of outstanding Common Units, to the Operating Partnership’s net income for the period after deducting distributions on Preferred Units. When a noncontrolling unitholder redeems a Common Unit for a share of Common Stock or cash, the noncontrolling interests in the Operating Partnership are reduced and the Company’s share in the Operating Partnership is increased by the fair value of each security at the time of redemption.

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

Year Ended December 31,
20242023
Beginning noncontrolling interests in the Operating Partnership$49,520 $65,977 
Adjustment of noncontrolling interests in the Operating Partnership to fair value18,666 (10,152)
Conversions of Common Units to Common Stock(132)(4,795)
Redemptions of Common Units— (163)
Net income attributable to noncontrolling interests in the Operating Partnership2,040 3,164 
Distributions to noncontrolling interests in the Operating Partnership(4,303)(4,511)
Total noncontrolling interests in the Operating Partnership$65,791 $49,520 

The following table sets forth net income available for common stockholders and transfers from the Company’s noncontrolling interests in the Operating Partnership:
Year Ended December 31,
202420232022
Net income available for common stockholders$99,763 $146,230 $156,572 
Increase in additional paid in capital from conversions of Common Units to Common Stock132 4,795 1,251 
Redemptions of Common Units— 163 3,763 
Change from net income available for common stockholders and transfers from noncontrolling interests$99,895 $151,188 $161,586