Investment in Unconsolidated Joint Venture (Tables) - Worldwide Plaza

3 Months Ended

Mar. 31, 2016

Schedule of Equity Method Investments [Line Items]

Condensed Balance Sheet

The condensed balance sheets as of March 31, 2016 and December 31, 2015 for Worldwide Plaza are as follows:

(In thousands)	March 31, 2016			December 31, 2015
	(Unaudited)
Real estate assets, at cost	$	714,654		$	714,642
Less accumulated depreciation and amortization	(122,077		)	(117,092		)
Total real estate assets, net	592,577			597,550
Cash and cash equivalents	4,689			9,036
Other assets	267,125			259,894
Total assets	$	864,391		$	866,480
Debt	$	875,000		$	875,000
Other liabilities	17,619			15,515
Total liabilities	892,619			890,515
Deficit	(28,228		)	(24,035		)
Total liabilities and deficit	$	864,391		$	866,480
Company's basis	$	208,558		$	215,370

Condensed Income Statement

The condensed statements of operations for the three months ended March 31, 2016 and 2015 for Worldwide Plaza are as follows:

	Three Months Ended March 31,
(In thousands)	2016			2015
Rental income	$	31,489		$	30,514
Other revenue	1,230			1,217
Total revenue	32,719			31,731
Operating expenses:
Operating expenses	11,986			12,241
Depreciation and amortization	6,772			6,850
Total operating expenses	18,758			19,091
Operating income	13,961			12,640
Interest expense	(10,254		)	(9,882		)
Net income	3,707			2,758
Company's preferred return	(4,067		)	(3,851		)
Net loss to members	$	(360	)	$	(1,093	)

The following table presents the components of the income (loss) related to the Company's investment in Worldwide Plaza for the periods presented, which is included in income (loss) from unconsolidated joint venture on the consolidated statements of operations and comprehensive loss.

	Three Months Ended March 31,
(In thousands)	2016			2015
Company's preferred return	$	4,067		$	3,851
Company's share of net loss from Worldwide Plaza	(176		)	(534		)
Amortization of basis difference	(2,803		)	(3,082		)
Company's income from Worldwide Plaza	$	1,088		$	235