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Real Estate Investments (Tables)
 6 Months Ended
Jun. 30, 2016
Real Estate [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases
The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to the Company's unconsolidated joint venture, subsequent to June 30, 2016. These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.
(In thousands)
 
Future Minimum Base Cash Rental Payments
July 1, 2016 - December 31, 2016
 
$
51,360

2017
 
106,133

2018
 
103,983

2019
 
95,893

2020
 
96,417

Thereafter
 
553,811

Total
 
$
1,007,597
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 as of June 30, 2016 and 2015, including annualized cash rent related to the Company's unconsolidated joint venture:
 
 
 
 
June 30,
Property Portfolio
 
Tenant
 
2016
 
2015
Worldwide Plaza
 
Cravath, Swaine & Moore, LLP
 
16%
 
16%
Worldwide Plaza
 
Nomura Holdings America, Inc.
 
11%
 
10%
Schedule of Finite-Lived Intangible Assets And Intangible Lease Liabilities
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization of above-market ground lease, for the periods presented:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2016
 
2015
 
2016
 
2015
Amortization of in-place leases and other intangibles(1)
 
$
2,767

 
$
4,887

 
$
5,807

 
$
11,058

Amortization and (accretion) of above- and below market leases, net(2)
 
$
(1,504
)
 
$
(1,729
)
 
$
(3,116
)
 
$
(4,688
)
Amortization of above-market ground lease(3)
 
$
(113
)
 
$
(113
)
 
$
(225
)
 
$
(225
)
_______________
(1)
Reflected within depreciation and amortization expense.
(2)
Reflected within rental income.
(3)
Reflected within hotel expenses.
Acquired intangible assets and liabilities as of June 30, 2016 and December 31, 2015 consist of the following:
 
 
June 30, 2016
(In thousands)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets:
 
 
 
 
 
 
In-place leases
 
$
109,238

 
$
32,611

 
$
76,627

Other intangibles
 
3,804

 
589

 
3,215

Above-market leases
 
20,292

 
4,326

 
15,966

Total acquired intangible assets
 
$
133,334

 
$
37,526

 
$
95,808

Intangible lease liabilities:
 
 

 
 
 
 

Below-market leases
 
$
75,612

 
$
23,379

 
$
52,233

Above-market ground lease liability
 
17,968

 
1,177

 
16,791

Total market lease intangibles
 
$
93,580

 
$
24,556

 
$
69,024

 
 
December 31, 2015
(In thousands)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets:
 
 
 
 
 
 
In-place leases
 
$
113,392

 
$
31,120

 
$
82,272

Other intangibles
 
3,804

 
429

 
3,375

Above-market leases
 
20,398

 
3,713

 
16,685

Total acquired intangible assets
 
$
137,594

 
$
35,262

 
$
102,332

Intangible lease liabilities:
 
 

 
 
 
 

Below-market leases
 
$
77,177

 
$
21,110

 
$
56,067

Above-market ground lease liability
 
17,968

 
952

 
17,016

Total market lease intangibles
 
$
95,145

 
$
22,062

 
$
73,083
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table provides the projected amortization expense and adjustments to revenues for the next five years as of June 30, 2016:
 
 
July 1, 2016 - December 31, 2016
 
2017
 
2018
 
2019
 
2020
In-place leases
 
$
5,019

 
$
9,612

 
$
8,655

 
$
8,271

 
$
8,033

Other intangibles
 
161

 
321

 
321

 
321

 
321

Total to be included in depreciation and amortization expense
 
$
5,180

 
$
9,933

 
$
8,976

 
$
8,592

 
$
8,354

 
 
 
 
 
 
 
 
 
 
 
Above-market lease assets
 
$
(710
)
 
$
(1,420
)
 
$
(1,420
)
 
$
(1,420
)
 
$
(1,407
)
Below-market lease liabilities
 
3,613

 
6,660

 
5,875

 
5,490

 
5,250

Total to be included in rental income
 
$
2,903

 
$
5,240

 
$
4,455

 
$
4,070

 
$
3,843

 
 
 
 
 
 
 
 
 
 
 
Above-market ground lease liability to be deducted from hotel expenses
 
$
(225
)
 
$
(449
)
 
$
(449
)
 
$
(449
)
 
$
(449
)
Real Estate Properties Sold
The following table summarizes the properties sold during the six months ended June 30, 2016. The Company did not sell any real estate assets during the three months ended June 30, 2016 or during the three and six months ended June 30, 2015.
Property
 
Borough
 
Disposition Date
 
Contract Sales Price
 
Gain on Sale(1)(2)
 
 
 
 
 
 
(in thousands)
 
(in thousands)
Duane Reade(3)
 
Queens
 
February 2, 2016
 
$
12,600

 
$
126

1623 Kings Highway
 
Brooklyn
 
February 17, 2016
 
17,000

 
4,293

Foot Locker
 
Brooklyn
 
March 30, 2016
 
8,400

 
2,211

 
 
 
 
 
 
$
38,000

 
$
6,630

______________________
(1)
Reflected within gain on sale of real estate investments, net in the consolidated statements of operations and comprehensive loss for the six months ended June 30, 2016.
(2)
During the six months ended June 30, 2016, the Company repaid three mortgage notes payable totaling $18.9 million with the proceeds from the sales of Duane Reade, 1623 Kings Highway and Foot Locker.
(3)
Impairment charge of $0.9 million was recognized during the year ended December 31, 2015 in connection with the classification of Duane Reade as held for sale.