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Segment Information
 6 Months Ended
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
TotalNew YorkOther
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
TotalNew YorkOther
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
TotalNew YorkOther
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
TotalNew YorkOther
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 
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(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,
2026202520262025
NOI at share$304,064 $277,673 $576,187 $570,963 
NOI attributable to noncontrolling interests in consolidated subsidiaries11,167 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 extinguishment32,073 — 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, net8,989 11,056 18,316 19,317 
Income from partially owned entities63,195 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