v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities:    
Net (loss) income $ (28,794) $ 932,290
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 474,631 363,383
Equity in net income of partially owned entities (99,335) (135,588)
Distributions of income from partially owned entities 86,015 80,548
Straight-lining of rents (77,012) (44,235)
Gain on debt extinguishment (32,073) 0
Stock-based compensation expense 17,983 19,114
Change in deferred tax liability 5,685 683
Amortization of below-market leases, net (340) (284)
Amortization of interest rate cap premiums 130 20,387
Prepaid lease payment (net of initial direct costs) 0 901,409
Gain on sales-type lease 0 (803,248)
Net gains on disposition of wholly owned and partially owned assets 0 (24,039)
Other non-cash adjustments 8,785 2,488
Changes in operating assets and liabilities:    
Tenant and other receivables (37,335) (30,318)
Prepaid assets (67,342) (52,554)
Other assets (25,252) (94,291)
Lease liabilities (5,279) (41,303)
Accounts payable and accrued expenses 45,248 20,519
Other liabilities (2,718) (2,849)
Net cash provided by operating activities 262,997 1,112,112
Cash Flows from Investing Activities:    
Investments in partially owned entities (297,123) (29,162)
Additions to real estate (185,549) (211,461)
Acquisitions of real estate and other (170,319) (245,251)
Development costs and construction in progress (88,361) (117,404)
Proceeds from repayment of loan receivable 85,000 0
Proceeds from sales of real estate and other 49,750 25,675
Distributions of capital from partially owned entities 6,063 47,288
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity 0 749,000
Investment in loan receivable 0 (35,000)
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South 0 24,839
Net cash (used in) provided by investing activities (600,539) 208,524
Cash Flows from Financing Activities:    
Proceeds from borrowings 1,714,781 835,420
Repayments of borrowings (1,415,569) (1,900,683)
Repurchase of common shares (133,396) 0
Dividends paid on preferred shares (46,575) (46,578)
Deferred financing costs (34,250) (6,809)
Distributions to noncontrolling interests (2,078) (1,396)
Contributions from noncontrolling interests 882 1,927
Other financing activity, net 36 (41)
Net cash provided by (used in) financing activities 83,831 (1,118,160)
Net (decrease) increase in cash and cash equivalents and restricted cash (253,711) 202,476
Cash and cash equivalents and restricted cash at beginning of period 977,546 949,619
Cash and cash equivalents and restricted cash at end of period 723,835 1,152,095
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 840,850 733,947
Restricted cash at beginning of period 136,696 215,672
Cash and cash equivalents and restricted cash 723,835 1,152,095
Cash and cash equivalents at end of period 580,496 1,009,876
Restricted cash at end of period 143,339 142,219
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 240,203 234,495
Cash payments for income taxes 9,349 5,006
Non-Cash Information:    
Write-off of fully depreciated assets (76,946) (86,619)
Accrued capital expenditures included in accounts payable and accrued expenses 50,541 30,250
Forgiveness of mortgage principal (27,005) 0
Change in fair value of consolidated interest rate hedges and other 23,658 (48,183)
Redeemable Class A unit measurement adjustment (16,803) 70,160
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:    
Real estate 0 172,120
Receivable arising from the straight-lining of rents 0 26,362
Deferred leasing costs, net of accumulated amortization 0 60,308
Other 0 7,322
Reclassification of assets held for sale (included in "other assets") $ 0 $ 3,044