Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

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
	Total		New York		Other
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
	Total		New York		Other
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
	Total		New York		Other
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

____________________

See note on the following page.

19. Segment Information - continued


(Amounts in thousands)	For the Six Months Ended June 30, 2024
	Total		New York		Other
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

____________________

(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,
	2025		2024		2025		2024
NOI at share	$	277,673	$	280,171	$	570,963	$	549,295
NOI attributable to noncontrolling interests in consolidated subsidiaries	10,643		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 assets	8,488		16,048		24,039		16,048
Gain on sales-type lease	803,248		—		803,248		—
Interest and debt expense	(87,929)		(98,401)		(183,745)		(188,879)
Interest and other investment income, net	11,056		10,511		19,317		22,235
Income from partially owned entities	16,671		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