Investment in Unconsolidated Joint Venture (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Condensed Balance Sheet

The condensed balance sheets as of March 31, 2015 and December 31, 2014 for Worldwide Plaza are as follows:

(In thousands)	March 31, 2015			December 31, 2014
Real estate assets, at cost	$	704,257		$	704,143
Less accumulated depreciation and amortization	(102,127		)	(97,181		)
Total real estate assets, net	602,130			606,962
Other assets	261,698			255,784
Total assets	$	863,828		$	862,746
Debt	$	875,000		$	875,000
Other liabilities	10,765			12,442
Total liabilities	885,765			887,442
Deficit	(21,937		)	(24,696		)
Total liabilities and deficit	$	863,828		$	862,746
Company's basis	$	225,736		$	225,501

Condensed Income Statement

The condensed statement of operations for the three months ended March 31, 2015 and 2014 for Worldwide Plaza is as follows:

	Three Months Ended March 31,
(In thousands)	2015			2014
Rental income	$	30,514		$	27,655
Other revenue	1,217			1,215
Total revenue	31,731			28,870
Operating expenses:
Operating expense	12,241			11,513
Depreciation and amortization	6,850			6,368
Total operating expenses	19,091			17,881
Operating income	12,640			10,989
Interest expense	(9,882		)	(9,882		)
Net income	2,758			1,107
Company's preferred distribution	(3,851		)	(3,851		)
Joint venture partner distributions	—			(2,560		)
Net loss to members	$	(1,093	)	$	(5,304	)
Company's preferred distribution	$	3,851		$	3,851
Company's share of net loss from Worldwide Plaza	(534		)	(2,594		)
Amortization of difference in basis	(3,082		)	(3,241		)
Company's loss from Worldwide Plaza	$	235		$	(1,984	)