Investment in Unconsolidated Joint Venture (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2024 and 2023, including annualized cash rent related to the Company’s unconsolidated joint venture:

		June 30,
Property Portfolio	Tenant	2024			2023
Worldwide Plaza	Cravath, Swaine & Moore, LLP		48.0	%		51.5	%
Worldwide Plaza	Nomura Holdings America, Inc.		29.4	%		29.2	%

Condensed Balance Sheet

The condensed balance sheets as of June 30, 2024 and December 31, 2023 for Worldwide Plaza are as follows:

(In thousands)	June 30, 2024			December 31, 2023
Real estate assets, at cost	$	849,612		$	848,231
Less accumulated depreciation and amortization		(326,163	)		(317,058	)
Total real estate assets, net		523,449			531,173
Cash and cash equivalents		68,194			66,000
Other assets		131,874			125,919
Total assets	$	723,517		$	723,092
Debt	$	1,322,857		$	1,253,810
Other liabilities		206,369			260,473
Total liabilities		1,529,226			1,514,283
Deficit		(805,709	)		(791,191	)
Total liabilities and deficit	$	723,517		$	723,092

Condensed Income Statement

The condensed statements of operations for the three and six months ended June 30, 2024 and 2023 for Worldwide Plaza are as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands)	2024			2023			2024			2023
Rental income	$	35,542		$	35,319		$	70,803		$	70,345
Operating expenses:
Operating expenses		16,105			16,079			32,067			32,572
Depreciation and amortization		5,274			5,250			10,547			10,524
Total operating expenses		21,379			21,329			42,614			43,096
Operating income		14,163			13,990			28,189			27,249
Interest expense		(21,216	)		(20,666	)		(42,337	)		(41,111	)
Net loss	$	(7,053	)	$	(6,676	)	$	(14,148	)	$	(13,862	)