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Equity Investments in Ground Leases (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Investments

The Company’s equity investments and its proportionate share of earnings (losses) from equity investments were as follows ($ in thousands):

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Earnings from

​

​

Carrying Value

​

Equity Method Investments

​

​

as of

​

For the Year Ended

​

​

December 31,

​

December 31,

​

December 31,

​

​

2023

2022

2023

2022

​

2021

Equity investment

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​

​

​

​

​

​

​

​

425 Park Avenue

​

$

135,288

​

$

133,118

​

$

3,536

​

$

3,403

​

$

3,348

32 Old Slip

​

52,425

​

47,270

​

5,670

​

5,652

​

2,931

Ground Lease Plus Fund(1)

​

​

73,428

​

​

—

​

​

5,415

​

​

—

​

​

—

Leasehold Loan Fund(2)

​

​

49,179

​

​

—

​

​

9,608

​

​

—

​

​

—

Total

​

$

310,320

​

$

180,388

​

$

24,229

​

$

9,055

​

$

6,279

(1) As of December 31, 2023, the Company has a basis difference of $19.4 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 105.0 years using the effective interest method. During the year ended December 31, 2023, $2.4 million of the basis difference was amortized as an increase to earnings from equity method investments.

(2) As of December 31, 2023, the Company has a basis difference of $11.2 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 3.1 years using the effective interest method. During the year ended December 31, 2023, $3.0 million of the basis difference was amortized as an increase to earnings from equity method investments.

Equity Method Investee

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Investments

The following table presents the investee level summarized financial information of the Company’s equity method investments as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 ($ in thousands):

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​	​	​	​	​	​	​	​	​	​
​	​	As of December 31,					​	​	​
​	​	2023		​	2022		​	​	​
Total assets	​	$	1,179,050	​	$	873,393	​	​	​
Total liabilities	​	​	599,538	​	​	583,910	​	​	​
Noncontrolling interests	​	​	24,313	​	​	125	​	​	​
Total equity attributable to parent entities	​	​	555,199	​	​	289,358	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2023		​	2022		​	2021
Total revenues	​	$	64,728	​	$	45,975	​	$	33,992
Total expenses	​	​	23,451	​	​	22,636	​	​	18,956
Net income	​	​	41,277	​	​	23,339	​	​	15,036
Net income attributable to parent entities	​	​	40,856	​	​	23,339	​	​	15,036

​

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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