7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-11-24 2015-09-30 2015-06-30 2015-03-31 
      
    		                                           
      cash flows from operating activities:
    		                                           
      net income
    		-30,282,000 -20,409,000 -5,317,000 -48,062,000 -4,203,000 -2,860,000 16,731,000 -271,727,000 -25,061,000 -82,829,000 8,314,000 -39,581,000 1,224,000 4,038,000 6,122,000 5,671,000 4,632,000 -10,128,000 1,884,000 -12,615,000 -4,123,000 -7,684,000 5,226,000 -52,777,000 11,000,000 5,174,000 7,000,000 8,595,000 44,261,000 -36,578,000 2,715,000 -7,232,000 -25,403,000 138,182,000 1,629,000 -2,823,000 4,469,000 7,910,000 -7,487,000 20,065,000 9,357,000 3,148,000 -11,427,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                           
      depreciation and amortization
    		57,766,000 60,062,000 58,879,000 56,622,000 60,071,000 61,735,000 61,114,000 68,866,000 60,263,000 62,627,000 58,888,000 61,211,000 58,284,000 57,398,000 55,624,000 56,735,000 57,522,000 59,925,000 58,305,000 59,168,000 58,889,000 58,716,000 59,117,000 59,575,000 63,058,000 62,625,000 63,089,000 63,684,000 64,610,000 64,775,000 65,156,000 67,894,000 66,515,000 68,636,000 62,992,000 60,975,000 66,376,000 67,287,000 74,812,000 70,966,000 70,654,000 79,421,000 73,583,000 
      straight-lining of rental revenue
    		-1,172,000 4,126,000 472,000 -1,243,000 -1,982,000 -464,000 -2,854,000 -3,569,000 -1,060,000 7,511,000 -7,756,000 -5,794,000 -3,807,000 -5,790,000 1,789,000 5,430,000 1,707,000 -2,350,000 -7,282,000 -4,046,000 -4,439,000 -9,120,000 -10,611,000 -10,272,000 -11,297,000 -10,532,000 -11,578,000                 
      amortization of stock-based compensation expense
    		2,649,000 7,860,000 3,752,000 4,502,000 4,373,000 5,068,000 6,194,000 6,310,000 4,680,000 4,214,000 5,117,000 4,150,000 4,149,000 4,142,000 6,562,000 4,191,000 4,192,000 4,743,000 5,486,000 5,098,000 4,503,000 4,241,000 5,397,000 5,001,000 5,174,000 5,083,000 7,602,000 4,401,000 4,330,000 4,650,000 6,265,000 4,230,000 3,825,000 4,438,000 3,429,000 2,512,000 2,583,000       
      amortization of deferred financing costs
    		4,645,000 2,759,000 3,637,000 2,628,000 2,627,000 2,627,000 2,368,000 1,589,000 1,553,000 1,539,000 1,538,000 1,542,000 1,537,000 1,539,000 1,538,000 1,821,000 2,666,000 2,321,000 2,319,000 2,320,000 2,320,000 2,319,000 2,318,000 10,873,000 2,824,000 2,825,000 2,801,000 2,756,000 2,752,000 2,754,000 2,761,000 2,821,000 2,819,000 2,818,000 2,730,000 2,683,000 1,458,000 1,405,000 1,258,000 811,000 584,000 586,000 584,000 
      (income) income from unconsolidated joint ventures
    		-661,000 -52,000 -1,907,000                                         
      distributions of earnings from unconsolidated joint ventures
    		159,000 72,000 157,000 214,000 155,000 67,000 150,000 16,742,000 146,000 64,000 144,000 1,290,000 0 16,000 18,000 3,328,000 3,327,000   2,311,000 229,000 524,000 935,000 1,215,000 872,000 1,443,000 537,000 1,297,000 3,740,000 570,000 600,000 2,320,000 622,000 2,734,000 24,000         
      unrealized losses on real estate related fund investments
    		      775,000                                     
      loss (income) from unconsolidated real estate related funds
    		-71,000       -45,000 721,000 -32,000 178,000                                 
      distributions of earnings from unconsolidated real estate related funds
    		53,000 57,000 45,000 32,000 38,000 52,000 51,000 33,000 12,000 21,000 51,000                                 
      amortization of above and below-market leases
    		-1,151,000 -1,376,000 -1,453,000 -1,474,000 -1,379,000 -1,632,000 -1,340,000 -1,447,000 -1,445,000 -1,448,000 -1,036,000 -1,159,000 84,000 -315,000 -358,000 -735,000 -722,000 -758,000 -855,000 -81,000 -1,909,000 -1,236,000 -1,508,000 -2,436,000 -2,552,000 -2,727,000 -3,276,000 -3,448,000 -3,887,000 -4,304,000 -4,420,000 -5,359,000 -3,175,000 -7,981,000 -3,008,000 -2,943,000 -3,112,000 -7,100,000 3,619,000  -1,477,000   
      non-cash gain on extinguishment of ipo related tax liability
    		   0 0 0 -15,437,000                                     
      other non-cash adjustments
    		186,000 -1,231,000 128,000 107,000 117,000 120,000 -57,000 143,000 66,000 502,000 -42,000 104,000 524,000 258,000 302,000 816,000 1,462,000 133,000 735,000 182,000 79,000 116,000 36,000 -808,000 186,000 119,000 -458,000 -20,000 268,000 -162,000 202,000 57,000 421,000 38,000 -64,000 647,000 1,024,000 115,000 842,000 724,000 -2,991,000 3,257,000 4,834,000 
      changes in operating assets and liabilities:
    		                                           
      accounts and other receivables
    		-2,758,000 -3,328,000 -2,267,000 433,000 -4,745,000 2,131,000 2,005,000 -3,713,000 -648,000 5,717,000 4,457,000 -4,001,000 -2,077,000 -6,110,000 3,904,000 -4,198,000 1,982,000 -714,000 4,850,000 -2,213,000 3,449,000 -912,000 1,405,000 1,169,000 -705,000 441,000 -60,000 -3,871,000 -656,000 1,487,000 46,000 -3,260,000 -842,000 415,000 2,687,000 -3,066,000 -1,290,000 1,197,000 -1,362,000 1,469,000 -4,360,000 4,910,000 -5,171,000 
      deferred charges
    		   -2,447,000 -5,997,000 -438,000 -728,000 -6,326,000 -2,472,000 -1,713,000 -1,689,000 -2,797,000 -7,189,000 -4,011,000 -1,086,000 -5,774,000 -8,158,000 -4,347,000 -159,000 -645,000 -2,009,000 -3,718,000 -4,389,000 -6,409,000 -8,154,000 -5,896,000 -2,570,000 -11,224,000 -6,903,000 -9,307,000 -4,427,000 -7,866,000 -11,132,000 -7,643,000 -6,654,000 -4,435,000 -4,101,000 -3,548,000 -3,617,000 -21,756,000 -6,231,000 -6,978,000 -5,545,000 
      other assets
    		   26,413,000 -13,234,000 6,542,000 -19,648,000 16,192,000 -28,815,000 17,550,000 -8,469,000 14,219,000 -24,505,000 20,429,000 -17,688,000 21,731,000 -24,445,000 23,742,000 -29,311,000 33,875,000 -31,701,000 23,716,000 -28,083,000 31,355,000 32,257,000 -37,294,000 31,000,000 -26,068,000 -29,238,000 24,125,000 -26,035,000 28,337,000 -25,388,000 20,972,000 -13,678,000 27,301,000 -34,396,000 21,096,000 -26,038,000 27,906,000 -24,162,000 22,378,000 -19,657,000 
      accounts payable and accrued expenses
    		22,927,000 -2,936,000 -7,088,000 -825,000 5,895,000 -5,779,000 8,963,000 -3,925,000 -2,475,000 -3,466,000 -3,797,000 -988,000 9,360,000 -1,552,000 -3,162,000 3,416,000 9,132,000 -13,299,000 16,997,000 -4,126,000 6,975,000 2,871,000 -7,019,000 -3,492,000 6,836,000 -9,749,000 -2,544,000 3,500,000 -597,000 -4,028,000 5,325,000 17,015,000 4,547,000 -6,902,000 -8,355,000 14,814,000 -58,272,000 -7,082,000 62,019,000 2,191,000 -708,000   
      other liabilities
    		-10,049,000 7,868,000 -916,000 7,269,000 -2,893,000 -990,000 10,362,000 8,529,000 4,721,000 -141,000 -885,000 914,000 -86,000 -2,029,000 16,000 -39,971,000 326,000 1,161,000 946,000 3,374,000 433,000 1,927,000 -2,421,000 931,000 119,000 881,000 457,000 -5,825,000 2,500,000 167,000 400,000 -1,219,000 770,000 4,281,000 -861,000 359,000 277,000 43,000 1,023,000 143,000 -964,000 180,000 1,792,000 
      net cash from operating activities
    		5,960,000 68,206,000 8,874,000 88,356,000 39,715,000 66,965,000 69,890,000 102,262,000 37,541,000 80,088,000 57,968,000 72,220,000 43,315,000 72,428,000 58,674,000 56,246,000 53,602,000 76,128,000 58,330,000 97,703,000 36,458,000 76,151,000 26,960,000 78,794,000 99,834,000 12,362,000 94,451,000 22,355,000 27,657,000 70,942,000 35,569,000 85,040,000 23,079,000 64,276,000 17,716,000 75,086,000 -61,880,000 49,803,000 82,031,000 -75,185,000 -4,110,000 62,990,000 -664,000 
      cash flows from investing activities:
    		                                           
      additions to real estate
    		-42,069,000 -33,335,000 -40,436,000 -32,927,000 -20,391,000 -25,496,000 -39,344,000 -33,153,000 -23,063,000 -25,427,000 -18,883,000 -54,521,000 -17,148,000 -25,111,000 -29,025,000 -37,867,000 -22,020,000 -32,775,000 -19,339,000 -29,115,000 -13,773,000 -16,115,000 -30,460,000 -33,822,000 -19,328,000 -22,822,000 -27,944,000 -52,294,000 -34,011,000 -26,197,000 -25,413,000 -27,179,000 -26,176,000           
      distribution of capital from an unconsolidated joint venture
    		4,279,000 0 7,810,000 0 0                                       
      contributions of capital to unconsolidated joint ventures
    		-785,000 -3,379,000 -1,250,000    -1,904,000          0                           
      proceeds from repayment of a mezzanine loan investment
    		   0                                        
      net cash from investing activities
    		-38,575,000 -36,714,000 -33,876,000 -33,763,000 -10,391,000 -23,704,000 -41,248,000 -53,153,000 -23,063,000 -64,999,000 -18,883,000 -66,911,000 -17,571,000 20,057,000 -88,158,000 -15,103,000 -26,335,000 -35,701,000 -26,344,000 59,568,000 -16,741,000 -2,907,000 115,000 -265,053,000 198,597,000 -200,339,000 -56,645,000  304,087,000 -27,615,000 -53,345,000  -160,270,000 539,651,000 -63,538,000 -490,011,000 -85,769,000 -27,401,000 -33,785,000 20,000 -63,072,000 -12,038,000 -20,326,000 
      cash flows from financing activities:
    		                                           
      proceeds from notes and mortgages payable
    		   0 0 0 850,000,000 0        0 876,136,000 0 12,430,000 0 6,718,000 0 3,073,000 1,256,643,000    0 0 0 16,700,000 0 0 0 991,556,000 852,836,000 2,951,000       
      repayment of notes and mortgages payable
    		   0 0 0 -975,000,000 0        0                       -354,000     
      proceeds from the sale of a 45.0% interest in 900 third avenue
    		0 0 83,307,000                                         
      proceeds from the sale of a 25.0% interest in one front street
    		0                                           
      debt issuance costs
    		-14,000,000   0 0 -11,000 -10,638,000 -72,000        -6,182,000         0 0 -260,000  0 0 -6,351,000 0 0 -6,000 -7,338,000 -22,855,000 -45,000       
      contributions from noncontrolling interests in consolidated joint ventures
    		3,347,000 6,126,000 2,250,000 0 0 0 62,220,000    283,000                                 
      distributions to noncontrolling interests in consolidated joint ventures
    		-1,940,000 -1,915,000 -1,855,000 -823,000 -807,000 -828,000 -809,000 -1,604,000 -1,590,000 -1,323,000 -4,140,000                                 
      repurchase of shares related to stock compensation agreements and related tax withholdings
    		0 0 -140,000 -8,000 0 0 -178,000 0 0 0 -205,000 0 -4,000 0 -280,000 -21,000 -14,000 0 -200,000 -14,000 -2,000 -7,000 -309,000 -10,000 -7,000 -6,000 -301,000  0 0 -213,000  0 0 -154,000         
      contributions from noncontrolling interests in consolidated real estate related funds
    		   0 0 0 889,000 1,025,000 1,458,000 3,606,000 49,748,000                                 
      distributions to noncontrolling interests in consolidated real estate related funds
    		   0 0 -9,957,000 -8,354,000 -1,026,000 -1,539,000 -2,523,000 -3,740,000                                 
      dividends paid to common stockholders
    		   0 -7,610,000 -7,608,000 -7,608,000 -7,606,000 -7,607,000 -16,833,000 -16,827,000 -17,269,000 -17,486,000 -16,978,000 -15,329,000 -15,327,000 -15,327,000 -15,326,000 -15,317,000 -22,060,000 -22,176,000 -22,246,000 -22,743,000 -22,795,000 -23,439,000 -23,448,000 -23,356,000 -24,047,000 -24,052,000 -24,051,000 -22,841,000 -22,807,000 -22,637,000 -21,981,000 -21,851,000 -20,864,000 -20,851,000       
      distributions paid to common unitholders
    		   0 -772,000 -768,000 -752,000 -750,000 -582,000 -1,277,000 -1,199,000 -1,296,000 -1,301,000 -1,799,000 -1,566,000 -1,570,000 -1,570,000 -1,563,000 -1,479,000 -2,113,000 -2,116,000 -2,096,000 -2,512,000 -2,512,000 -2,514,000 -2,501,000 -2,546,000 -2,550,000 -2,569,000 -2,575,000 -2,370,000 -2,404,000 -2,574,000 -3,226,000 -3,300,000         
      net cash from financing activities
    		27,407,000 14,066,000 83,562,000 8,619,000 -9,189,000 -19,172,000 -90,230,000 -10,033,000 -51,386,000 -18,633,000 22,073,000 -65,346,000 -47,757,000 -28,944,000 -31,856,000 -34,023,000 -12,562,000 -20,826,000 -9,070,000 -238,854,000 -29,269,000 84,963,000 39,690,000 194,308,000 -281,372,000 133,885,000 -42,744,000 -160,056,000 -28,402,000 -22,621,000 12,930,000 -28,905,000 67,456,000 -474,898,000 8,591,000 494,609,000 6,441,000 23,366,000 -5,422,000 -199,046,000 47,189,000 6,247,000 -36,720,000 
      net increase in cash and cash equivalents and restricted cash
    		-5,208,000 45,558,000 58,560,000 63,212,000 20,135,000 24,089,000 -61,588,000 39,076,000 -36,908,000 -3,544,000 61,158,000 -60,037,000 -22,013,000 63,541,000 -61,340,000 7,120,000 14,705,000 19,601,000 22,916,000 -81,583,000 -9,552,000 158,207,000 66,765,000 8,049,000 17,059,000   -204,218,000 303,342,000 20,706,000 -4,846,000             
      cash and cash equivalents and restricted cash at beginning of period
    		0 0 555,447,000 0 0 0 509,599,000 0 0 0 449,817,000 0 0 0 529,666,000 0 0 0 465,324,000 0 0 0 331,487,000 0 0 0 365,409,000 0 0 0 250,425,000             
      cash and cash equivalents and restricted cash at end of period
    		-5,208,000 45,558,000 614,007,000 63,212,000 20,135,000 24,089,000 448,011,000 39,076,000 -36,908,000 -3,544,000 510,975,000 -60,037,000 -22,013,000 63,541,000 468,326,000 7,120,000 14,705,000 19,601,000 488,240,000 -81,583,000 -9,552,000 158,207,000 398,252,000 8,049,000 17,059,000 -54,092,000 360,471,000 -204,218,000 303,342,000 20,706,000 245,579,000             
      reconciliation of cash and cash equivalents and restricted cash:
    		                                           
      cash and cash equivalents at beginning of period
    		0 0 375,056,000 0    0 0 0 408,905,000 0 0 0 524,900,000 0 0 0 434,530,000 0 0 0 306,215,000 0 0 0 339,653,000 0 0 0 219,381,000 0 0 0 162,965,000 0 0 0 143,884,000 0 0 0 438,599,000 
      restricted cash at beginning of period
    		0 0 180,391,000 0    0 0 0 40,912,000 0 0 0 4,766,000 0 0 0 30,794,000 0 0 0 25,272,000 0 0 0 25,756,000 0 0 0 31,044,000             
      cash and cash equivalents at end of period
    		-109,698,000 12,953,000 426,952,000 56,331,000    28,577,000 -35,120,000 -17,045,000 451,796,000 -60,493,000 -37,535,000 44,938,000 461,995,000 30,331,000 19,280,000 10,637,000 464,652,000 -81,412,000 -6,560,000 144,813,000 377,689,000 8,149,000 14,581,000 -58,823,000 342,308,000 -199,072,000 305,195,000 20,983,000 212,547,000 34,353,000 -69,735,000 129,029,000 125,734,000 79,684,000 -141,208,000 45,768,000 178,721,000 -274,211,000 -19,993,000 57,199,000 380,889,000 
      restricted cash at end of period
    		104,490,000 32,605,000 187,055,000 6,881,000    10,499,000 -1,788,000 13,501,000 59,179,000 456,000 15,522,000 18,603,000 6,331,000 -23,211,000 -4,575,000 8,964,000 23,588,000 -171,000 -2,992,000 13,394,000 20,563,000 -100,000 2,478,000 4,731,000 18,163,000 -5,146,000 -1,853,000 -277,000 33,032,000             
      supplemental disclosure of cash flow information:
    		                                           
      cash payments for interest
    		39,384,000 39,820,000 39,618,000 39,896,000    37,755,000 37,741,000 35,554,000 33,338,000 36,798,000 35,202,000 34,142,000 33,190,000 33,559,000 33,690,000 32,826,000 32,401,000 33,228,000 33,459,000 34,355,000 34,565,000 34,514,000 35,215,000 35,529,000 33,872,000 34,463,000 34,622,000 34,197,000 33,170,000 25,630,000 32,914,000 32,442,000 41,375,000  37,058,000 34,874,000 34,083,000 39,908,000 40,418,000 41,674,000 37,186,000 
      cash payments for income taxes, net of refunds
    		6,000 338,000 213,000 993,000    170,000 125,000 281,000 317,000 534,000 236,000 748,000 1,193,000 792,000 760,000 186,000 24,000 -74,000 310,000 555,000 575,000 425,000 -4,000 573,000 1,480,000 2,508,000 -158,000 1,400,000 299,000 6,000 1,851,000 2,101,000 1,090,000  205,000 902,000 417,000 830,000    
      non-cash transactions:
    		                                           
      common shares issued upon redemption of common units
    		21,837,000 14,603,000 25,050,000 157,000    201,000 793,000 649,000 10,228,000 20,259,000 1,272,000   796,000 0   0 399,000 0 85,311,000  16,000 2,008,000 21,982,000  2,992,000 346,000 123,000  30,565,000 114,143,000 21,816,000  2,063,000 109,652,000 14,427,000     
      write-off of fully amortized and/or depreciated assets
    		6,503,000 35,024,000 15,964,000 5,906,000    12,043,000 2,045,000 10,059,000 10,170,000 2,650,000 119,000 1,533,000 7,084,000 3,362,000 6,083,000 35,007,000 2,142,000 464,000 65,000 4,818,000 3,794,000 3,435,000 1,905,000 1,809,000 1,578,000 1,017,000 194,000 2,597,000 350,000 3,726,000 1,028,000 2,624,000 2,306,000  3,096,000 2,584,000 2,795,000     
      mezzanine loan receivable in connection with the sale of a 25.0% interest in one front street
    		0                                           
      additions to real estate included in accounts payable and accrued expenses
    		1,798,000 8,799,000 12,271,000 7,748,000    11,650,000 -2,550,000 4,409,000 8,306,000 -27,457,000 34,840,000 344,000 6,868,000 -5,665,000 7,358,000 4,261,000 6,223,000 -6,004,000 -1,588,000 1,354,000 14,878,000 8,224,000 -5,028,000 2,740,000 15,630,000 -12,918,000 22,390,000 -2,934,000 13,334,000 -573,000 1,998,000 4,276,000 4,712,000  -4,069,000 -386,000 11,064,000 19,981,000    
      change in value of interest rate swaps and interest rate caps
    		-345,000 -461,000 -13,000 1,808,000    -7,814,000 -6,105,000 -3,135,000 -8,390,000 -2,611,000 9,796,000 6,109,000 18,545,000 5,862,000                            
      deferred charges and other assets
    		 14,510,000 -39,174,000                                         
      dividends and distributions declared but not yet paid
    		       3,000 169,000 -9,922,000 18,110,000 -538,000 -223,000 10,000 18,777,000 -2,000 0 8,000 16,889,000 -7,377,000 -119,000 -50,000 24,342,000 -52,000 -646,000 4,000 25,949,000 -694,000 -25,000 -6,000 26,627,000 0 0 4,000 25,207,000  0 4,000 25,147,000 1,000 0   
      income from unconsolidated real estate related funds
    		  -74,000                                         
      income from unconsolidated joint ventures
    		   -800,000 981,000 771,000 1,346,000 -43,012,000 28,974,000 28,402,000 5,762,000 37,925,000 5,797,000 4,416,000 5,113,000 4,086,000 -223,000 15,717,000 5,316,000  4,268,000 5,955,000 4,221,000    1,027,000 -537,000 -472,000   -1,042,000 -671,000 -16,535,000 -1,937,000 -2,122,000 -1,792,000 -2,003,000 -1,496,000 -2,406,000 -1,458,000   
      real estate impairment losses related to investments in unconsolidated joint ventures
    		                                           
      realized and unrealized losses on real estate related fund investments
    		   0 0   60,947,000 -28,000                                   
      (income) income from unconsolidated real estate related funds
    		   -74,000 -109,000 15,000 -105,000                                     
      loss recognized upon consolidation of real estate related fund investments that were previously unconsolidated
    		                                           
      real estate related fund investments
    		       6,503,000 -1,591,000 -4,122,000 -3,918,000                                 
      investment in a mezzanine loan
    		                                           
      investment in and contributions of capital to unconsolidated joint ventures
    		                                           
      advances to a partner in one steuart lane
    		       0 0                                   
      repayment of advances by a partner in one steuart lane
    		       0 0                                   
      contributions of capital to unconsolidated real estate related funds
    		       0 0                                   
      due from affiliates
    		           0 -7,084,000 -2,600,000 -49,316,000         -36,918,000 0                   
      repayment of amounts due from affiliates
    		           0 7,084,000       0 0 0 36,918,000 0 170,000,000                   
      distributions of capital from unconsolidated real estate related funds
    		                                           
      investment in real estate related funds
    		                                           
      deposit received for the sale of a 45.0% equity interest in 900 third avenue
    		                                           
      repurchases of common shares
    		           -43,153,000        -11,480,000 -8,520,000 -2,987,000 -97,013,000 -8,132,000 -82,517,000   -99,294,000                
      settlement of accounts payable in connection with repurchases of common shares
    		       0 0 0 -1,847,000                                 
      transfer of deposit to investment in unconsolidated joint ventures
    		           0 0                               
      repurchases of common shares included in accounts payable and accrued expenses
    		                                           
      increase due to consolidation of real estate related fund investments that were previously unconsolidated:
    		                                           
      investments in unconsolidated real estate related funds
    		                                           
      noncontrolling interests in consolidated real estate related funds
    		                                           
      investments in and contributions of capital to unconsolidated joint ventures
    		    0    0    0            -96,371,000 -3,286,000 -49,239,000                 
      real estate impairment losses on unconsolidated joint ventures
    		                                           
      loss recognized upon consolidation of real estate related fund
    		                                           
      investments that were previously unconsolidated
    		                                           
      realized and unrealized gains on marketable securities
    		               -264,000                            
      sales of marketable securities
    		               21,923,000 6,924,000 8,824,000 2,557,000 3,139,000 0 14,269,000 4,780,000 3,544,000 5,331,000 7,275,000 3,132,000 8,442,000 1,099,000 7,428,000 7,825,000             
      purchases of marketable securities
    		               0 -12,000,000 0 -9,562,000 -3,602,000 -2,959,000 -1,061,000 -8,187,000 -3,287,000 -3,078,000 -2,299,000 -6,568,000 -6,827,000 -1,052,000 -8,335,000 -3,805,000             
      repurchase of common shares included in accounts payable and accrued expenses
    		                                           
      unrealized loss on real estate related fund investments
    		          1,111,000                                 
      investments in an unconsolidated joint venture
    		                                           
      loss on sale of real estate related to discontinued operations
    		                                           
      proceeds from the sale of real estate related to discontinued operations
    		                                           
      distributions to noncontrolling interests
    		           -6,885,000 -8,966,000 -10,167,000 -14,681,000 -10,923,000 -11,054,000 -3,937,000 -4,625,000 -3,187,000 -3,173,000 -3,185,000 -3,172,000 -5,202,000 -5,118,000 -4,142,000 -30,777,000 -7,601,000 -6,465,000 -2,203,000 -1,915,000 -3,702,000 -8,387,000 -75,150,000 -32,012,000 -944,000 -952,000   -1,661,000 -49,302,000 -2,185,000 -3,488,000 
      contributions from noncontrolling interests
    		               0 0 0 121,000 0 0 3,500,000 8,055,000 0 23,000 470,000 14,496,000 735,000 8,253,000 6,208,000 29,920,000 0 91,499,000 1,806,000 7,472,000     34,818,000 121,908,000 8,773,000 2,430,000 
      purchase of interest rate caps
    		               0                            
      repayment of borrowings under revolving credit facility
    		                       0        0 0 -225,000,000 -65,000,000         
      borrowings under revolving credit facility
    		                   0 0 0 163,082,000 36,918,000 25,000,000       0 0 25,000,000 35,000,000         
      proceeds from the sale of a 10.0% interest in 1633 broadway
    		                   0 0                       
      repayment of note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate related fund
    		                                           
      distributions of earnings from unconsolidated real estate funds
    		            320,000 154,000 150,000 141,000 269,000 129,000 137,000 136,000 127,000 164,000 189,000 265,000 151,000 126,000 1,011,000 98,000 97,000 67,000 68,000 67,000 129,000 84,000 62,000         
      income from unconsolidated real estate funds
    		            -300,000 -155,000 -170,000  -276,000 -148,000 -180,000  56,000 -89,000 -52,000     1,000 188,000   90,000 3,930,000   -2,042,000 1,254,000 960,000 326,000     
      contributions of capital to unconsolidated real estate funds
    		            -423,000 -4,086,000 -133,000 -126,000    0 -9,000 0 -2,936,000 -77,000 -3,617,000 -207,000 -36,000 -1,525,000 0 -2,097,000 -157,000 0 -206,000           
      distributions of capital from unconsolidated real estate funds
    		            0   967,000        463,000 353,000 0 1,260,000     735,000 10,004,000 0 3,845,000 43,000 44,000       
      investments in unconsolidated joint venture
    		              -9,684,000                             
      (income) income from unconsolidated real estate funds
    		                        -206,000 -19,000 -46,000        -288,000         
      gain on sale of real estate related to discontinued operations
    		                                           
      real estate impairment loss related to discontinued operations
    		                                           
      receipt of accrued interest on preferred equity investment
    		                        0 0 2,339,000                 
      loss on early extinguishment of debt
    		                               0            
      redemption of preferred equity investment
    		                       0 0 0 33,750,000                 
      repayment of note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund
    		                      -8,771,000                     
      acquisition of noncontrolling interest in consolidated real estate fund
    		                       0                    
      note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund
    		                       0                    
      realized and unrealized (gains) losses on marketable securities
    		                 -622,000 -858,000       -594,000 -1,880,000       -879,000 -1,607,000 -153,000        
      repayment of note payable issued in connection with the acquisition of noncontrolling interest in unconsolidated real estate fund
    		                    0                       
      loss (income) from unconsolidated joint ventures
    		                       1,891,000 1,332,000      62,000             
      escrow deposits and loans receivable for residential development fund
    		                           0 0 0 -15,680,000             
      real estate acquisition deposits
    		                        -5,000,000                   
      repayments of notes and mortgages payable
    		                               0 0 -171,179,000 -873,642,000 -274,705,000 -362,000       
      debt issuance costs and other
    		                                           
      repayment of loans to affiliates
    		                                           
      change in value of interest rate swaps
    		                       -433,000 4,131,000 15,345,000 9,026,000 16,465,000           29,867,000     
      basis adjustment to investment in unconsolidated joint ventures upon adoption of asu 2017-05
    		                           0 0 0 7,086,000             
      gain on sale of real estate
    		                       0    0    0 0           
      proceeds from sale of real estate
    		                       0    0    0 0           
      note payable issued in connection with the acquisition of noncontrolling interest in unconsolidated real estate fund
    		                                           
      realized and unrealized losses (gains) on marketable securities
    		                     -1,639,000 2,199,000       -28,000 29,000       19,000 293,000 -968,000    
      real estate impairment loss
    		                           0 0               
      repayment of accrued interest on preferred equity investment
    		                                           
      valuation allowance on preferred equity investment
    		                               0            
      unrealized gain on interest rate swaps
    		                               0 0 0 -1,802,000  -12,728,000 -10,073,000 -6,860,000     
      acquisitions of real estate
    		                               0            
      distributions of capital from unconsolidated joint ventures
    		                               0 0   6,000 8,000 18,000 8,000 0    
      transfer tax refund in connection with the acquisition of noncontrolling interests
    		                               0            
      settlement of interest rate swap liabilities
    		                               0 0 0 -19,425,000         
      supplemental disclosure of cash flows information:
    		                                           
      common shares issued upon redemption of commons units
    		                                           
      consolidation of real estate and real estate fund investments
    		                                           
      assumption of notes and mortgages payable
    		                               0            
      receivable from affiliate
    		                          -11,000,000                 
      net decrease in cash and cash equivalents and restricted cash
    		                          -4,938,000                 
      straight-lining of rental income
    		                           -13,390,000 -15,688,000 -16,739,000 -13,244,000 -10,924,000 -11,408,000 -11,974,000 -20,147,000 -14,725,000 -23,301,000 -24,673,000 -19,869,000 -19,663,000 -17,817,000 -16,048,000 -15,994,000 
      deposit on real estate
    		                                           
      net cash from by investing activities
    		                                           
      purchase of marketable securities in connection with the defeasance of notes and mortgages payable
    		                                           
      decrease in cash due to deconsolidation of real estate fund investments
    		                                   0 0 0 -7,987,000     
      consolidation (deconsolidation) of real estate and real estate fund investments
    		                               0            
      transfer of real estate to assets held for sale
    		                                           
      marketable securities transferred in connection with the defeasance of notes and mortgages payable
    		                                           
      defeasance of notes and mortgages payable
    		                                           
      investments in unconsolidated joint ventures
    		                            -8,354,000 -1,022,000 -16,115,000  -95,000           
      reconciliation of cash and cash equivalents and restricted cash
    		                                           
      consolidation of real estate
    		                                           
      increase in value of interest rate swaps
    		                                           
      increase due to deconsolidation of one steuart lane:
    		                                           
      real estate
    		                                           
      loss (income) from unconsolidated real estate funds
    		                              66,000             
      change in fair value of interest rate swaps
    		                              -14,551,000 -9,889,000 -738,000 4,041,000 -4,032,000  -7,802,000       
      realized and unrealized gains on real estate fund investments
    		                                           
      real estate fund investments
    		                                    0 0 -416,438,000 -130,100,000 2,379,000 0 -22,000 
      deferred income taxes
    		                               577,000 -1,356,000 8,000 -151,000 1,317,000 -692,000 -1,573,000 -714,000 -27,000 -99,000 -524,000 322,000 
      investment in unconsolidated joint ventures
    		                                           
      other
    		                                           
      acquisition of noncontrolling interest in consolidated joint ventures
    		                                           
      deposits on real estate
    		                                           
      changes in restricted cash
    		                                4,473,000 11,742,000 -24,439,000 3,700,000 -1,132,000 13,112,000 -600,000  -36,521,000   
      net increase in cash and cash equivalents
    		                                -69,735,000 129,029,000 -37,231,000   45,768,000 42,824,000     
      purchases of marketable securities resulting in a decrease to restricted cash
    		                                           
      debt breakage costs
    		                                 5,162,000 2,715,000         
      (sales) purchases of marketable securities resulting in an increase to restricted cash
    		                                           
      increase due to deconsolidation of 75 howard:
    		                                           
      increase due to deconsolidation of real estate fund investments:
    		                                           
      loans payable to noncontrolling interests
    		                                    0 0 -45,662,000     
      investments in unconsolidated real estate funds
    		                                    0 0 27,292,000     
      noncontrolling interests in consolidated real estate funds
    		                                    0 0 -351,035,000     
      investment in unconsolidated joint venture
    		                                  -27,857,000         
      additions to rental properties
    		                                  -15,087,000 -25,241,000 -33,605,000       
      purchases of marketable securities using restricted cash
    		                                  1,615,000  -129,000 98,000 170,000     
      unrealized (gain) loss on interest rate swaps
    		                                           
      realized and unrealized (gains) losses on real estate fund investments
    		                                           
      distributions of cumulative earnings from unconsolidated real estate funds
    		                                   41,000        
      distributions of cumulative earnings from unconsolidated joint ventures
    		                                   2,291,000        
      defeasance cost in connection with the repayments of notes and mortgages payable
    		                                           
      gain on consolidation of an unconsolidated joint venture
    		                                           
      stock-based compensation expense in connection with the founders grant
    		                                           
      restricted cash
    		                                           
      profit sharing payables
    		                                           
      acquisitions of rental property
    		                                           
      contributions to unconsolidated real estate funds
    		                                   -696,000        
      cash received from properties in connection with the formation transactions
    		                                           
      proceeds from repayment of loan to management
    		                                           
      proceeds from revolving credit facility
    		                                   230,000,000 50,000,000 20,000,000 40,000,000     
      repayments of revolving credit facility
    		                                   -50,000,000 -20,000,000       
      cash paid for equity interests in the formation transactions
    		                                           
      proceeds from the issuance of common stock
    		                                           
      contribution from predecessor shareholders
    		                                           
      distributions to predecessor shareholders
    		                                           
      proceeds from loans payable to noncontrolling interests
    		                                           
      offering costs
    		                                           
      realized and unrealized gains, net, on real estate fund investments
    		                                        -3,227,000   
      deposit on rental property
    		                                           
      settlement of swap liabilities
    		                                    0       
      distributions paid to unitholders
    		                                    -4,300,000       
      net decrease in cash and cash equivalents
    		                                        -19,993,000 57,199,000 -57,710,000 
      cash flows from operating activities
    		                                           
      transfer taxes due in connection with the sale of shares by a former joint venture partner
    		                                           
      distributions of income from unconsolidated real estate funds
    		                                     5,000 79,000     
      distributions of income from unconsolidated joint ventures
    		                                     3,262,000 1,576,000 1,864,000 1,109,000   
      contributions from noncontrolling interests called but not yet received
    		                                           
      amortization of stock based compensation expense
    		                                      3,627,000     
      acquisitions of, and additions to, rental properties
    		                                      -33,193,000 -39,375,000 -26,570,000 -20,278,000 -21,636,000 
      repayment of revolving credit facility
    		                                      -20,000,000     
      dividends paid to common stockholders and unitholders
    		                                      -25,068,000 -25,062,000    
      amortization of below-market leases
    		                                          -890,000 
      defeasance cost in connection with the refinancing of notes and mortgages payable
    		                                           
      stock-based compensation expense in connection with founders grants
    		                                           
      change in restricted cash
    		                                          1,309,000 
      purchase of marketable securities
    		                                           
      (purchases) sale of marketable securities
    		                                       -188,000 -852,000 114,000 -555,000 
      increase in assets, liabilities and noncontrolling interests from the formation transactions:
    		                                           
      real estate funds
    		                                           
      working capital, net of cash
    		                                           
      intangible assets
    		                                           
      notes and mortgages payable
    		                                           
      intangible liabilities
    		                                           
      preferred equity obligation
    		                                           
      profit sharing compensation payable
    		                                           
      interest rate swap liabilities
    		                                           
      reduction of equity for deferred offering costs
    		                                           
      debt assumed from affiliate
    		                                           
      unrealized (gains) losses on interest rate swaps
    		                                        -15,772,000   
      non-cash stock based compensation expense
    		                                           
      profit sharing payable
    		                                           
      repayment of mortgage notes and loans payable
    		                                        -346,000   
      contributions from predecessor shareholders
    		                                           
      change in value of forward interest rate swap
    		                                           
      dividends paid to common shareholders and unitholders
    		                                         0 -35,325,000 
      cash payments for income taxes
    		                                         1,181,000 32,000 
      contributions from non controlling interests called but not yet received
    		                                           
      see notes to combined consolidated financial statements (unaudited).
    		                                           
      unrealized gains on interest rate swaps
    		                                          -11,978,000 
      realized and unrealized gains, net on real estate fund investments
    		                                          -873,000 
      income from partially owned entities
    		                                          -975,000 
      distributions of income from partially owned entities
    		                                          353,000 
      realized and unrealized gains from marketable securities
    		                                          -672,000 
      accounts and other payables
    		                                          -8,928,000 
      distributions of capital from partially owned entities
    		                                          1,000 
      repayment of borrowings
    		                                          -337,000 
      adjustment to carry noncontrolling interests in the operating partnership at redemption value
    		                                          43,409,000 
      gain on consolidation of a partially owned entity
    		                                           
      defeasance cost in connection with the refinancing of mortgage notes payable
    		                                           
      realized and unrealized losses (gains), net on real estate fund investments
    		                                           
      gain on sale of joint venture interest
    		                                           
      realized and unrealized losses (gains) from marketable securities
    		                                           
      sale (purchase) of marketable securities
    		                                           
      proceeds from sale of joint venture interest
    		                                           
      investment in partially owned entities
    		                                           
      refund of tenant improvements
    		                                           
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.