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Noncontrolling Interests
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling Interests in Consolidated Affiliates

As of December 31, 2025, 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,
20252024
Beginning noncontrolling interests in the Operating Partnership$65,791 $49,520 
Adjustment of noncontrolling interests in the Operating Partnership to fair value(8,538)18,666 
Conversions of Common Units to Common Stock(3,329)(132)
Redemptions of Common Units(10)— 
Net income attributable to noncontrolling interests in the Operating Partnership3,112 2,040 
Distributions to noncontrolling interests in the Operating Partnership(4,249)(4,303)
Total noncontrolling interests in the Operating Partnership$52,777 $65,791 

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,
202520242023
Net income available for common stockholders$157,253 $99,763 $146,230 
Increase in additional paid in capital from conversions of Common Units to Common Stock3,329 132 4,795 
Redemptions of Common Units10 — 163 
Change from net income available for common stockholders and transfers from noncontrolling interests$160,592 $99,895 $151,188