v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
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 is 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.
Below is a summary of NOI at share by segment for the three and six months ended June 30, 2025 and 2024.
(Amounts in thousands)For the Three Months Ended June 30, 2025
TotalNew YorkOther
Total revenues$441,437 $358,167 $83,270 
Deduct: operating expenses(1)
(219,348)(188,402)(30,946)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(10,643)(3,013)(7,630)
Add: NOI from partially owned entities 66,227 63,827 2,400 
NOI at share$277,673 $230,579 $47,094 

(Amounts in thousands)For the Three Months Ended June 30, 2024
TotalNew YorkOther
Total revenues$450,266 $367,578 $82,688 
Deduct: operating expenses(1)
(229,380)(188,947)(40,433)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(9,013)(2,196)(6,817)
Add: NOI from partially owned entities 68,298 65,718 2,580 
NOI at share
$280,171 $242,153 $38,018 

(Amounts in thousands)For the Six Months Ended June 30, 2025
TotalNew YorkOther
Total revenues$903,016 $734,373 $168,643 
Deduct: operating expenses(1)
(444,088)(372,042)(72,046)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(21,303)(6,360)(14,943)
Add: NOI from partially owned entities 133,338 127,925 5,413 
NOI at share$570,963 $483,896 $87,067 
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See note on the following page.
19. Segment Information - continued
(Amounts in thousands)For the Six Months Ended June 30, 2024
TotalNew YorkOther
Total revenues$886,641 $725,812 $160,829 
Deduct: operating expenses(1)
(455,604)(377,225)(78,379)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(20,409)(6,732)(13,677)
Add: NOI from partially owned entities 138,667 133,427 5,240 
NOI at share
$549,295 $475,282 $74,013 
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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, 2025 and 2024.
(Amounts in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
NOI at share$277,673 $280,171 $570,963 $549,295 
NOI attributable to noncontrolling interests in consolidated subsidiaries10,643 9,013 21,303 20,409 
NOI from partially owned entities(66,227)(68,298)(133,338)(138,667)
Net gains on disposition of wholly owned and partially owned assets8,488 16,048 24,039 16,048 
Gain on sales-type lease803,248 — 803,248 — 
Interest and debt expense(87,929)(98,401)(183,745)(188,879)
Interest and other investment income, net11,056 10,511 19,317 22,235 
Income from partially owned entities16,671 47,949 113,648 64,228 
Transaction related costs and other(721)(3,361)(764)(4,014)
General and administrative expense(39,978)(38,475)(78,575)(76,372)
Depreciation and amortization expense(115,574)(109,774)(231,729)(218,433)
Income before income taxes$817,350 $45,383 $924,367 $45,850