Noncontrolling Interests

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Noncontrolling Interests

Noncontrolling Interests in Consolidated Affiliates

As of December 31, 2022, our noncontrolling interests in consolidated affiliates relate to our joint venture partners’ 50.0% interest in Markel and 20.0% interest in the Midtown West joint venture. See Note 4. Our joint venture partners are unrelated third parties.

Noncontrolling Interests in the Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the ownership of Redeemable Common Units. Net income attributable to noncontrolling interests in the Operating Partnership is computed by applying the weighted average percentage of Redeemable Common Units during the period, as a percent of the total number of outstanding Common Units, to the Operating Partnership’s net income for the period after deducting distributions on Preferred Units. When a noncontrolling unitholder redeems a Common Unit for a share of Common Stock or cash, the noncontrolling interests in the Operating Partnership are reduced and the Company’s share in the Operating Partnership is increased by the fair value of each security at the time of redemption.

The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:

	Year Ended December 31,
	2022		2021
Beginning noncontrolling interests in the Operating Partnership	$	111,689	$	112,499
Adjustment of noncontrolling interests in the Operating Partnership to fair value	(39,502)		11,461
Conversions of Common Units to Common Stock	(1,251)		(15,076)
Redemptions of Common Units	(3,763)		—
Net income attributable to noncontrolling interests in the Operating Partnership	3,670		8,321
Distributions to noncontrolling interests in the Operating Partnership	(4,866)		(5,516)
Total noncontrolling interests in the Operating Partnership	$	65,977	$	111,689

The following table sets forth net income available for common stockholders and transfers from the Company’s noncontrolling interests in the Operating Partnership:

	Year Ended December 31,
	2022		2021		2020
Net income available for common stockholders	$	156,572	$	310,791	$	344,914
Increase in additional paid in capital from conversions of Common Units to Common Stock	1,251		15,076		145
Redemptions of Common Units	3,763		—		—
Issuances of Common Units	—		—		(6,163)
Change from net income available for common stockholders and transfers from noncontrolling interests	$	161,586	$	325,867	$	338,896