Investment in Unconsolidated Joint Venture (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Condensed Balance Sheet

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

	December 31,
(In thousands)	2024			2023
Real estate assets, at cost	$	850,939		$	848,231
Less accumulated depreciation and amortization		(335,319	)		(317,058	)
Total real estate assets, net		515,620			531,173
Cash and cash equivalents		83,787			66,000
Restricted Cash		19,042			17,000
Other assets		99,157			108,919
Total assets	$	717,606		$	723,092
Debt	$	1,266,858		$	1,253,810
Other liabilities		293,308			260,473
Total liabilities		1,560,166			1,514,283
Deficit		(842,560	)		(791,191	)
Total liabilities and deficit	$	717,606		$	723,092

Condensed Income Statement

The condensed statements of operations for the years ended December 31, 2024 and 2023 for Worldwide Plaza are as follows:

	December 31,
(In thousands)	2024			2023
Rental income	$	123,108		$	141,918
Operating expenses:
Operating expenses		67,945			67,860
Depreciation and amortization		20,878			21,021
Total operating expenses		88,823			88,881
Operating income		34,285			53,037
Interest expense		(85,225	)		(82,887	)
Net loss allocated to non-controlling interest		35,920			33,820
Net income (loss)	$	(15,020	)	$	3,970