Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

Below is a schedule summarizing our investments in partially owned entities.

(Amounts in thousands)	Percentage Ownership as of June 30, 2023	Balance as of
		June 30, 2023		December 31, 2022
Investments:
Fifth Avenue and Times Square JV (see page 27 for details)	51.5%	$	2,256,952	$	2,272,320
Partially owned office buildings/land(1)	Various	173,950		182,180
Alexander's (see above for details)	32.4%	96,288		87,796
Other investments(2)	Various	114,107		122,777
		$	2,641,297	$	2,665,073
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(67,729)	$	(65,522)
85 Tenth Avenue	49.9%	(11,200)		(16,006)
		$	(78,929)	$	(81,528)

____________________

(1)Includes interests in 280 Park Avenue, 650 Madison Avenue, 512 West 22nd Street, 61 Ninth Avenue and others.

(2)Includes interests in Independence Plaza, Rosslyn Plaza and others.

(3)Our negative basis results from distributions in excess of our investment.

6.    Investments in Partially Owned Entities - continued

Below is a schedule of income from partially owned entities.

(Amounts in thousands)	Percentage Ownership at June 30, 2023	For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2023		2022		2023		2022
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 27 for details):
Equity in net income(1)	51.5%	$	5,941	$	13,665	$	16,140	$	29,974
Return on preferred equity, net of our share of the expense		9,329		9,329		18,555		18,555
		15,270		22,994		34,695		48,529
Alexander's (see page 28 for details):
Net gain on sale of land	32.4%	16,396		—		16,396		—
Equity in net income		3,318		4,824		6,889		9,495
Management, leasing and development fees		1,699		1,162		2,872		2,182
		21,413		5,986		26,157		11,677
Partially owned office buildings(2)	Various	(254)		(4,980)		(9,217)		(3,688)
Other investments(3)	Various	843		1,720		2,303		2,916
		$	37,272	$	25,720	$	53,938	$	59,434

____________________

(1)The three and six months ended June 30, 2023 include (i) a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan and will be amortized over the remaining term of the restructured loan, reducing future interest expense, and (ii) reductions in income at 697-703 Fifth Avenue and 666 Fifth Avenue upon lease renewals.

(2)Includes interests in 280 Park Avenue, 650 Madison Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

(3)Includes interests in Independence Plaza, Rosslyn Plaza and others.