Noncontrolling Interests

12 Months Ended

Dec. 31, 2023

Noncontrolling Interests in Consolidated Affiliates

As of December 31, 2023, our noncontrolling interests in consolidated affiliates relate to our joint venture partner’s 20.0% interest in the Midtown West joint venture. See Note 4. Our joint venture partner is an unrelated third party.

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,
	2023		2022
Beginning noncontrolling interests in the Operating Partnership	$	65,977	$	111,689
Adjustment of noncontrolling interests in the Operating Partnership to fair value	(10,152)		(39,502)

Conversions of Common Units to Common Stock	(4,795)		(1,251)
Redemptions of Common Units	(163)		(3,763)
Net income attributable to noncontrolling interests in the Operating Partnership	3,164		3,670
Distributions to noncontrolling interests in the Operating Partnership	(4,511)		(4,866)
Total noncontrolling interests in the Operating Partnership	$	49,520	$	65,977

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,
	2023		2022		2021
Net income available for common stockholders	$	146,230	$	156,572	$	310,791
Increase in additional paid in capital from conversions of Common Units to Common Stock	4,795		1,251		15,076
Redemptions of Common Units	163		3,763		—

Change from net income available for common stockholders and transfers from noncontrolling interests	$	151,188	$	161,586	$	325,867