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Segment Information | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s operating segments are based on our method of internal reporting which classifies our operations by geographic area. We aggregate these operating segments into two reportable segments, New York and Other, which are based on similar economic characteristics. Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned entities. The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer, who considers NOI at share to be the measure of segment profit and loss for making decisions on how to allocate resources and assessing the unlevered performance of our segments as it relates to the return on assets as opposed to the levered return on equity. We have recast certain prior period disclosures to reflect changes to our reportable segments. See Note 2 - Basis of Presentation for additional information. Below is a summary of NOI at share by segment for the three and six months ended June 30, 2026 and 2025.
(Amounts in thousands) | For the Three Months Ended June 30, 2026
| Total |  | New York |  | Other
Total revenues | $ | 462,242 |  |  | $ | 380,316 |  |  | $ | 81,926 |
Deduct: operating expenses(1) | (223,649) |  |  | (194,620) |  |  | (29,029) |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,167) |  |  | (4,880) |  |  | (6,287) |
Add: NOI from partially owned entities | 76,638 |  |  | 70,882 |  |  | 5,756 |
NOI at share | $ | 304,064 |  |  | $ | 251,698 |  |  | $ | 52,366 |
(Amounts in thousands) | For the Three Months Ended June 30, 2025
| Total |  | New York |  | Other
Total revenues | $ | 441,437 |  |  | $ | 356,522 |  |  | $ | 84,915 |
Deduct: operating expenses(1) | (219,348) |  |  | (187,107) |  |  | (32,241) |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (10,643) |  |  | (2,898) |  |  | (7,745) |
Add: NOI from partially owned entities | 66,227 |  |  | 63,587 |  |  | 2,640 |
NOI at share | $ | 277,673 |  |  | $ | 230,104 |  |  | $ | 47,569 |
(Amounts in thousands) | For the Six Months Ended June 30, 2026
| Total |  | New York |  | Other
Total revenues | $ | 921,347 |  |  | $ | 757,802 |  |  | $ | 163,545 |
Deduct: operating expenses(1) | (470,280) |  |  | (398,048) |  |  | (72,232) |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (19,826) |  |  | (7,825) |  |  | (12,001) |
Add: NOI from partially owned entities | 144,946 |  |  | 136,318 |  |  | 8,628 |
NOI at share | $ | 576,187 |  |  | $ | 488,247 |  |  | $ | 87,940 |
_______________________________ See note on the following page. 19. Segment Information - continued
(Amounts in thousands) | For the Six Months Ended June 30, 2025
| Total |  | New York |  | Other
Total revenues | $ | 903,016 |  |  | $ | 731,068 |  |  | $ | 171,948 |
Deduct: operating expenses(1) | (444,088) |  |  | (369,530) |  |  | (74,558) |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (21,303) |  |  | (6,059) |  |  | (15,244) |
Add: NOI from partially owned entities | 133,338 |  |  | 127,446 |  |  | 5,892 |
NOI at share | $ | 570,963 |  |  | $ | 482,925 |  |  | $ | 88,038 |
_____________________ (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 three and six months ended June 30, 2026 and 2025.
(Amounts in thousands) | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
NOI at share | $ | 304,064 |  |  | $ | 277,673 |  |  | $ | 576,187 |  |  | $ | 570,963 |
NOI attributable to noncontrolling interests in consolidated subsidiaries | 11,167 |  |  | 10,643 |  |  | 19,826 |  |  | 21,303 |
NOI from partially owned entities | (76,638) |  |  | (66,227) |  |  | (144,946) |  |  | (133,338) |
Net gains on disposition of wholly owned and partially owned assets | — |  |  | 8,488 |  |  | — |  |  | 24,039 |
Gain on debt extinguishment | 32,073 |  |  | — |  |  | 32,073 |  |  | — |
Gain on sales-type lease | — |  |  | 803,248 |  |  | — |  |  | 803,248 |
Interest and debt expense | (89,582) |  |  | (87,929) |  |  | (178,788) |  |  | (183,745) |
Interest and other investment income, net | 8,989 |  |  | 11,056 |  |  | 18,316 |  |  | 19,317 |
Income from partially owned entities | 63,195 |  |  | 16,671 |  |  | 76,017 |  |  | 113,648 |
Transaction related costs and other | (173) |  |  | (721) |  |  | (935) |  |  | (764) |
General and administrative expense | (39,100) |  |  | (39,978) |  |  | (81,345) |  |  | (78,575) |
Depreciation and amortization expense | (171,228) |  |  | (115,574) |  |  | (289,756) |  |  | (231,729) |
Income before income taxes | $ | 42,767 |  |  | $ | 817,350 |  |  | $ | 26,649 |  |  | $ | 924,367 |

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