Investment in Unconsolidated Joint Venture (Tables)

3 Months Ended

Mar. 31, 2024

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 for the three months ended March 31, 2024 and 2023, including annualized cash rent related to the Company’s unconsolidated joint venture:

		March 31,
Property Portfolio	Tenant	2024			2023
Worldwide Plaza	Cravath, Swaine & Moore, LLP		48.1	%		50.5	%
Worldwide Plaza	Nomura Holdings America, Inc.		29.4	%		28.8	%

Condensed Balance Sheet

The condensed balance sheets as of March 31, 2024 and December 31, 2023 for Worldwide Plaza are as follows:

(In thousands)	March 31, 2024			December 31, 2023
Real estate assets, at cost	$	849,404		$	848,231
Less accumulated depreciation and amortization		(321,609	)		(317,058	)
Total real estate assets, net		527,795			531,173
Cash and cash equivalents		76,754			66,000
Other assets		125,245			125,919
Total assets	$	729,794		$	723,092
Debt	$	1,317,048		$	1,253,810
Other liabilities		211,275			260,473
Total liabilities		1,528,323			1,514,283
Deficit		(798,529	)		(791,191	)
Total liabilities and deficit	$	729,794		$	723,092

Condensed Income Statement

The condensed statements of operations for the three months ended March 31, 2024 and 2023 for Worldwide Plaza are as follows:

	Three Months Ended
	March 31,
(In thousands)	2024			2023
Rental income	$	35,261		$	35,026
Operating expenses:
Operating expenses		15,962			16,493
Depreciation and amortization		5,273			5,274
Total operating expenses		21,235			21,767
Operating income		14,026			13,259
Interest expense		(21,121	)		(20,445	)
Net loss	$	(7,095	)	$	(7,186	)