Related Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Related Party Transactions One Vanderbilt Avenue Investment In December 2016, we entered into agreements with entities owned and controlled by our Chairman and Chief Executive Officer ("CEO"), Marc Holliday, and our former President, Andrew Mathias, pursuant to which they agreed to make an investment in our One Vanderbilt project (inclusive of the property and SUMMIT One Vanderbilt) at the appraised fair market value for the interests acquired. This investment entitles these entities to receive a percentage of any profits realized by the Company from its One Vanderbilt project in excess of the Company's capital contributions, of approximately 1.27% and 0.85%, respectively, on account of the property and 1.92% and 1.28%, respectively, on account of SUMMIT One Vanderbilt. The entities owned and controlled by Messrs. Holliday and Mathias paid $1.4 million and $1.0 million, respectively, which equaled the fair market value of the interests acquired as of the date the investment agreements were entered into as determined by an independent third party appraisal that we obtained. Messrs. Holliday and Mathias had the right to tender 50% of their interests in the project within three years after stabilization and 100% three years or more after stabilization. The property (excluding SUMMIT One Vanderbilt) achieved stabilization in 2022, and in July of that year, Messrs. Holliday and Mathias exercised their rights to tender 50% of their interests in the property. In 2023, stabilization of SUMMIT One Vanderbilt was achieved. Separate from the tender rights, the agreement provides us with the right to repurchase these interests on the seven-year anniversary of the stabilization of the project. In either event, the price paid will equal the liquidation value of the interests at the time, with the value based on the project's sale price, if applicable, or fair market value as determined by an independent third-party appraiser. The agreement also requires that we repurchase these interests in the event of a sale of One Vanderbilt or a transactional change of control of the Company, at a price based on the sale or change of control transaction. Messrs. Holliday's and Mathias's remaining interests in the One Vanderbilt project are included in Preferred units and redeemable equity in the mezzanine equity section of the Company's consolidated financial statements. One Vanderbilt Avenue Leases In November 2018, we entered into a lease agreement with the One Vanderbilt Avenue joint venture covering certain floors at the property. In March 2021, the lease commenced and we relocated our corporate headquarters to the leased space. For the three and six months ended June 30, 2026, we recorded $1.0 million and $2.0 million, respectively, of rent expense under the lease. For the three and six months ended June 30, 2025, we recorded 0.9 million and $1.8 million, respectively, of rent expense under the lease. In June 2021, we, through a consolidated subsidiary, entered into a lease agreement with the One Vanderbilt Avenue joint venture for SUMMIT One Vanderbilt, which commenced operations in October 2021. In June 2025, we, through a consolidated subsidiary, entered into a second lease agreement with the One Vanderbilt Avenue joint venture for SUMMIT One Vanderbilt to lease special event space. For the three and six months ended June 30, 2026, we recorded $6.7 million and $13.4 million, respectively, of rent expense under the leases, including percentage rent, of which $3.7 million and $7.4 million, respectively, was recognized as income as a component of Equity in net income (loss) from unconsolidated joint ventures in our consolidated statements of operations. For the three and six months ended June 30, 2025, we recorded $6.3 million and $12.6 million, respectively, of rent expense under the lease, including percentage rent, of which $3.5 million and $7.0 million, respectively, was recognized as income as a component of Equity in net income (loss) from unconsolidated joint ventures in our consolidated statements of operations. Other We receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures as further described in Note 5, "Investments in Unconsolidated Joint Ventures." Amounts due from joint ventures, inclusive of our ownership share of the joint ventures, and related parties as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||