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Equity Investments in Ground Leases (Tables)

12 Months Ended

Dec. 31, 2024

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 (losses) from

​

​

Carrying Value

​

Equity Method Investments(1)

​

​

as of

​

For the Year Ended

​

​

December 31,

​

December 31,

​

December 31,

​

​

2024

2023

2024

2023

​

2022

Equity investment

​

​

​

​

​

​

​

​

​

425 Park Avenue

​

$

137,348

​

$

135,288

​

$

3,245

​

$

3,536

​

$

3,403

32 Old Slip

​

57,574

​

52,425

​

5,662

​

5,670

​

5,652

Ground Lease Plus Fund(1)

​

​

30,103

​

​

73,428

​

​

2,271

​

​

5,415

​

​

—

Leasehold Loan Fund(2)

​

​

25,009

​

​

49,179

​

​

11,799

​

​

9,608

​

​

—

Total

​

$

250,034

​

$

310,320

​

$

22,977

​

$

24,229

​

$

9,055

(1) As of December 31, 2024, 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 105.6 years using the effective interest method. During the years ended December 31, 2024 and 2023, ($0.1) million and $2.4 million, respectively, of the basis difference was amortized as a (decrease) increase to earnings from equity method investments.

(2) As of December 31, 2024, the Company has a basis difference of $6.5 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 2.3 years using the effective interest method. During the years ended December 31, 2024 and 2023, $4.8 million and $3.0 million, respectively, 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, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 ($ in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	As of December 31,					​	​	​
​	​	2024		​	2023		​	​	​
Total assets	​	$	1,026,071	​	$	1,179,050	​	​	​
Total liabilities	​	​	602,428	​	​	599,538	​	​	​
Noncontrolling interests	​	​	552	​	​	24,313	​	​	​
Total equity attributable to parent entities	​	​	423,091	​	​	555,199	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2024		​	2023		​	2022
Total revenues	​	$	65,094	​	$	64,728	​	$	45,975
Total expenses	​	​	24,860	​	​	23,451	​	​	22,636
Net income	​	​	40,234	​	​	41,277	​	​	23,339
Net income attributable to parent entities	​	​	40,095	​	​	40,856	​	​	23,339

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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