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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company has three reportable segments, real estate, debt and preferred equity investments, and SUMMIT. In the fourth quarter of 2023, due to quantitative thresholds, SUMMIT was identified as a reportable segment. As such, prior period segment data has been restated to reflect SUMMIT as a reportable segment for comparative purposes. We evaluate real estate performance and allocate resources based on earnings contributions. The primary sources of revenue are generated from tenant rents, escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, insurance, real estate taxes and, at certain properties, ground rent expense. See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. SUMMIT currently operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales. Selected consolidated results of operations for the three and six months ended June 30, 2024 and 2023, and selected asset information as of June 30, 2024 and December 31, 2023, regarding our operating segments are as follows (in thousands):
|  | Real Estate Segment |  | SUMMIT Segment |  | Debt and Preferred Equity Segment |  | Total Company
Total revenues |  |  |  |  |  |  |  |
Three months ended: |  |  |  |  |  |  |  |
June 30, 2024 |  | $ | 184,027 |  |  | $ | 32,602 |  |  | $ | 6,191 |  |  | $ | 222,820 |
June 30, 2023 |  | $ | 208,753 |  |  | $ | 28,180 |  |  | $ | 9,103 |  |  | $ | 246,036 |
Six months ended: |  |  |  |  |  |  |  |
June 30, 2024 |  | $ | 338,902 |  |  | $ | 58,206 |  |  | $ | 13,594 |  |  | $ | 410,702 |
June 30, 2023 |  | $ | 425,689 |  |  | $ | 47,951 |  |  | $ | 18,160 |  |  | $ | 491,800 |
Net income (loss) |  |  |  |  |  |  |  |
Three months ended: |  |  |  |  |  |  |  |
June 30, 2024 |  | $ | (6,146) |  |  | $ | 7,111 |  |  | $ | 994 |  |  | $ | 1,959 |
June 30, 2023 |  | $ | (381,636) |  |  | $ | 3,214 |  |  | $ | (806) |  |  | $ | (379,228) |
Six months ended: |  |  |  |  |  |  |  |
June 30, 2024 |  | $ | 6,581 |  |  | $ | 11,564 |  |  | $ | 2,203 |  |  | $ | 20,348 |
June 30, 2023 |  | $ | (424,519) |  |  | $ | 796 |  |  | $ | 6,138 |  |  | $ | (417,585) |
Total assets |  |  |  |  |  |  |  |
As of: |  |  |  |  |  |  |  |
June 30, 2024 |  | $ | 8,781,809 |  |  | $ | 471,115 |  |  | $ | 295,728 |  |  | $ | 9,548,652 |
December 31, 2023 |  | $ | 8,716,738 |  |  | $ | 464,799 |  |  | $ | 349,644 |  |  | $ | 9,531,181 |
We allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses to the debt and preferred equity segment because that segment does not have dedicated personnel and the use of personnel and resources is dependent on transaction volume between the three segments, which varies between periods. In addition, we base performance on the individual segments prior to allocating marketing, general and administrative expenses. SUMMIT segment incurs its own marketing, general and administrative expenses for its dedicated personnel, which are included in SUMMIT Operator expenses in the consolidated statement of operations. For the three and six months ended June 30, 2024, marketing, general and administrative expenses totaled $20.0 million and $41.3 million, respectively. For the three and six months ended June 30, 2023, marketing, general and administrative expenses totaled $23.0 million and $46.3 million, respectively. All other expenses, except interest and SUMMIT operator expenses, relate entirely to the real estate assets. There were no transactions between the above three segments other than the SUMMIT lease with our One Vanderbilt Avenue joint venture, which is part of the real estate segment. See Note 10, "Related Party Transactions."

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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