Financial Performance - Net income attributable to common shareholders for Q4 2025 was $601,000, or $0.00 per diluted share, down from $1,203,000, or $0.01 per diluted share in Q4 2024 [1] - For the year ended December 31, 2025, net income attributable to common shareholders was $842,851,000, or $4.20 per diluted share, compared to $8,275,000, or $0.04 per diluted share for 2024, primarily due to a $803,248,000 gain from a master lease with NYU [3] - Funds from operations (FFO) attributable to common shareholders for Q4 2025 was $112,927,000, or $0.56 per diluted share, compared to $117,085,000, or $0.58 per diluted share in Q4 2024 [2] - For the year ended December 31, 2025, FFO was $486,826,000, or $2.42 per diluted share, an increase from $470,021,000, or $2.37 per diluted share in 2024 [4] Acquisitions and Dispositions - The company acquired 3 East 54th Street for $141,000,000 on January 7, 2026, with prior purchases of defaulted notes secured by the property [9][10] - On September 4, 2025, the company purchased 623 Fifth Avenue for $218,000,000, intending to redevelop it into a boutique office building [11] - A joint venture sold 512 West 22nd Street for $205,000,000 on August 14, 2025, resulting in net proceeds of $37,900,000 and a net gain of $11,002,000 [12] Financing Activities - The company completed a $525,000,000 refinancing of One Park Avenue on February 9, 2026, with a five-year interest-only loan maturing in February 2031 [18] - On January 14, 2026, the company completed a public offering of $500,000,000 senior unsecured notes due February 1, 2033 [22] - A joint venture refinanced 7 West 34th Street for $250,000,000 on January 23, 2026, paying down a prior loan [21] Leasing Activity - Total square feet leased in Q4 2025 was 960,000, with an initial rent of $95.36 per square foot [46] - The weighted average lease term for new leases was 9.9 years in Q4 2025 [47] - Occupancy as of December 31, 2025, was 90.0% for New York properties [50] Dividends and Share Repurchase - The Board of Trustees declared a dividend of $0.74 per common share for 2025, with plans to continue the dividend policy in 2026 [44] - During 2025, the company repurchased 1,462,360 common shares for $50,962,000 at an average price of $34.85 per share [45]