Noncontrolling Interests

9 Months Ended

Sep. 30, 2023

Noncontrolling Interests in Consolidated Affiliates

As of September 30, 2023, our noncontrolling interest in consolidated affiliates relates to our joint venture partner's 20.0% interest in the Midtown West joint venture. Our joint venture partner is an unrelated third party.

Noncontrolling Interests in the Operating Partnership

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Beginning noncontrolling interests in the Operating Partnership	$	56,206	$	84,583	$	65,977	$	111,689
Adjustment of noncontrolling interests in the Operating Partnership to fair value	(6,334)		(16,952)		(15,521)		(42,480)

Conversions of Common Units to Common Stock	(4,795)		—		(4,795)		(1,251)
Redemptions of Common Units	—		(3,101)		(163)		(3,101)
Net income attributable to noncontrolling interests in the Operating Partnership	453		881		2,386		3,049
Distributions to noncontrolling interests in the Operating Partnership	(1,078)		(1,192)		(3,432)		(3,687)
Total noncontrolling interests in the Operating Partnership	$	44,452	$	64,219	$	44,452	$	64,219

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income available for common stockholders	$	22,101	$	38,251	$	108,233	$	129,022
Increase in additional paid in capital from conversions of Common Units to Common Stock	4,795		—		4,795		1,251
Redemptions of Common Units	—		3,101		163		3,101

Change from net income available for common stockholders and transfers from noncontrolling interests	$	26,896	$	41,352	$	113,191	$	133,374