Investment in Unconsolidated Joint Venture (Tables)

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Condensed Balance Sheet

The condensed balance sheets as of March 31, 2025 and December 31, 2024 for Worldwide Plaza are as follows:

(In thousands)	March 31, 2025			December 31, 2024
Real estate assets, at cost	$	851,193		$	850,939
Less accumulated depreciation and amortization		(373,990	)		(367,912	)
Total real estate assets, net		477,203			483,027
Cash and cash equivalents		84,788			83,787
Restricted cash		19,169			19,042
Other assets		89,647			100,342
Total assets	$	670,807		$	686,198
Debt	$	1,270,383		$	1,266,858
Other liabilities		301,154			293,308
Total liabilities		1,571,537			1,560,166
Deficit		(900,730	)		(873,968	)
Total liabilities and deficit	$	670,807		$	686,198

Condensed Income Statement

The condensed statements of operations for the three months ended March 31, 2025 and 2024 for Worldwide Plaza are as follows:

	Three Months Ended
	March 31,
(In thousands)	2025			2024
Rental income	$	20,566		$	35,261
Operating expenses:
Operating expenses		19,115			15,962
Depreciation and amortization		6,609			6,765
Total operating expenses		25,724			22,727
Operating income (loss)		(5,158	)		12,534
Interest expense		(21,569	)		(21,121	)
Net loss	$	(26,727	)	$	(8,587	)