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Noncontrolling Interests | 12 Months Ended
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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,
| 2024 |  | 2023
Beginning noncontrolling interests in the Operating Partnership | $ | 49,520 |  |  | $ | 65,977 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 18,666 |  |  | (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 Partnership | 2,040 |  |  | 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,
| 2024 |  | 2023 |  | 2022
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 Stock | 132 |  |  | 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 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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- References No definition available. + Details
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