Investment in Unconsolidated Joint Venture (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of annualized rental income by major tenants

The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent at the Company as of December 31, 2022, 2021 and 2020, including annualized cash rent related to the Company’s unconsolidated joint venture:

		December 31,
Property Portfolio	Tenant	2022			2021			2020
Worldwide Plaza	Cravath, Swaine & Moore, LLP		50	%		48	%		48	%
Worldwide Plaza	Nomura Holdings America, Inc.		29	%		30	%		31	%

Condensed Balance Sheet

The condensed balance sheets as of December 31, 2022 and 2021 for Worldwide Plaza are as follows:

	December 31,
(In thousands)	2022			2021
Real estate assets, at cost	$	846,124		$	840,798
Less accumulated depreciation and amortization		(298,953	)		(281,011	)
Total real estate assets, net		547,171			559,787
Cash and cash equivalents		47,613			53,351
Other assets		126,811			122,921
Total assets	$	721,595		$	736,059
Debt	$	1,241,903		$	1,271,177
Other liabilities		240,428			181,005
Total liabilities		1,482,331			1,452,182
Deficit		(760,736	)		(716,123	)
Total liabilities and deficit	$	721,595		$	736,059

Condensed Income Statement

The condensed statements of operations for the years ended December 2022, 2021 and 2020 for Worldwide Plaza are as follows:

	December 31,
(In thousands)	2022			2021			2020
Rental income	$	142,201		$	150,815		$	135,435
Operating expenses:
Operating expenses		67,626			65,845			65,396
Depreciation and amortization		20,884			29,440			21,004
Total operating expenses		88,510			95,285			86,400
Operating income		53,691			55,530			49,035
Interest expense		(80,823	)		(78,892	)		(77,265	)
Net loss allocated to non-controlling interest		30,227			34,489			35,621
Net income	$	3,095		$	11,127		$	7,391