Investments in Partially Owned Entities

12 Months Ended

Dec. 31, 2011

Investments in Partially Owned Entities [Abstract]

5. Investments in Partially Owned Entities

The following is a summary of condensed combined financial information for all of our partially owned entities, including Toys “R” Us, Alexander's, Inc., Lexington Realty Trust and LNR Property Corporation, as of December 31, 2011 and 2010 and for the years ended December 31, 2011, 2010 and 2009.

(Amounts in thousands)				December 31,
Balance Sheet:				2011		2010
	Assets⁽¹⁾			$	153,861,000	$	165,183,000
	Liabilities⁽¹⁾				147,854,000		160,203,000
	Noncontrolling interests				132,000		124,000
	Equity				5,875,000		4,856,000

		For the Year Ended December 31,
Income Statement:		2011		2010		2009
	Total revenue	$	15,390,000	$	15,030,000	$	14,321,000
	Net income		199,000		63,000		103,000



(1)	2011 and 2010 includes $127 billion and $142 billion, respectively, of assets and liabilities of LNR related to consolidated CMBS
	and CDO trusts which are non-recourse to LNR and its equity holders, including us.

Toys “R” Us (“Toys”)

As of December 31, 2011, we own 32.7% of Toys. The business of Toys is highly seasonal. Historically, Toys' fourth quarter net income accounts for more than 80% of its fiscal year net income. We account for our investment in Toys under the equity method and record our 32.7% share of Toys net income or loss on a one-quarter lag basis because Toys' fiscal year ends on the Saturday nearest January 31, and our fiscal year ends on December 31. As of December 31, 2011, the carrying amount of our investment in Toys does not differ materially from our share of the equity in the net assets of Toys on a purchase accounting basis.

On May 28, 2010, Toys filed a registration statement, as amended, with the SEC for the offering and sale of its common stock. The offering, if completed, would result in a reduction of our percentage ownership of Toys' equity. The size of the offering and its completion are subject to market and other conditions.

In August 2010, in connection with certain financing and refinancing transactions, Toys paid us an aggregate of $9,600,000 for our share of advisory fees. Since Toys has capitalized these fees and are amortizing them over the term of the related debt, we recorded the fees as a reduction of the basis of our investment in Toys and will amortize the fees into income over the term of the related debt.

Below is a summary of Toys' latest available financial information on a purchase accounting basis:

(Amounts in thousands)				Balance as of
Balance Sheet:				October 29, 2011		October 30, 2010
	Assets			$	13,221,000	$	12,810,000
	Liabilities				11,530,000		11,317,000
	Toys “R” Us, Inc. equity				1,691,000		1,493,000

		For the Twelve Months Ended
Income Statement:		October 29, 2011		October 30, 2010		October 31, 2009
	Total revenues	$	13,956,000	$	13,749,000	$	13,172,000
	Net income attributable to Toys		121,000		189,000		216,000

5. Investments in Partially Owned Entities - continued

Alexander's, Inc. (“Alexander's”) (NYSE: ALX)

As of December 31, 2011, we own 1,654,068 Alexander's commons shares, or approximately 32.4% of Alexander's common equity. We manage, lease and develop Alexander's properties pursuant to the agreements described below which expire in March of each year and are automatically renewable.

As of December 31, 2011 the market value (“fair value” pursuant to ASC 820) of our investment in Alexander's, based on Alexander's 2011 closing share price of $370.03, was $612,055,000, or $422,280,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2011, the carrying amount of our investment in Alexander's, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander's by approximately $59,010,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander's common stock acquired over the book value of Alexander's net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander's assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander's net income. The basis difference related to the land will be recognized upon disposition of our investment.

Management and Development Agreements

We receive an annual fee for managing Alexander's and all of its properties equal to the sum of (i) $3,000,000, (ii) 3% of the gross income from the Kings Plaza Regional Shopping Center, (iii) 2% of the gross income from the Rego Park II Shopping Center, (iv) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (v) $256,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.

In addition, we are entitled to a development fee of 6% of development costs, as defined, with a minimum guaranteed payment of $750,000 per annum. During the years ended December 31, 2011, 2010, and 2009, we recognized $730,000, $711,000 and $2,710,000, respectively, of development fee income.

Leasing Agreements

We provide Alexander's with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander's tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties. We are also entitled to a commission upon the sale of any of Alexander's assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000, or 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. The total of these amounts is payable to us in annual installments in an amount not to exceed $4,000,000 with interest on the unpaid balance at one-year LIBOR plus 1.0% (1.78% at December 31, 2011).

Other Agreements

Building Maintenance Services (“BMS”), our wholly-owned subsidiary, supervises the cleaning, engineering and security services at Alexander's 731 Lexington Avenue and Kings Plaza properties for an annual fee of the costs for such services plus 6%. During the years ended December 31, 2011, 2010 and 2009, we recognized $2,970,000, $2,775,000 and $2,552,000 of income, respectively, under these agreements.

Below is a summary of Alexander's latest available financial information:

(Amounts in thousands)				Balance as of
Balance Sheet:				December 31, 2011		December 31, 2010
	Assets			$	1,771,000	$	1,679,000
	Liabilities				1,408,000		1,335,000
	Noncontrolling interests				4,000		3,000
	Stockholders' equity				359,000		341,000

		For the Year Ended
Income Statement:		December 31, 2011		December 31, 2010		December 31, 2009
	Total revenues	$	254,000	$	242,000	$	224,000
	Net income attributable to Alexander’s		79,000		67,000		132,000

5. Investments in Partially Owned Entities - continued

Lexington Realty Trust (“Lexington”) (NYSE: LXP)

As of December 31, 2011, we own 18,468,969 Lexington common shares, or approximately 12.0% of Lexington's common equity. We account for our investment in Lexington on the equity method because we believe we have the ability to exercise significant influence over Lexington's operating and financial policies, based on, among other factors, our representation on Lexington's Board of Trustees and the level of our ownership in Lexington as compared to other shareholders. We record our pro rata share of Lexington's net income or loss on a one-quarter lag basis because we file our consolidated financial statements on Form 10-K and 10-Q prior to the time that Lexington files its financial statements.

Based on Lexington's December 31, 2011 closing share price of $7.49, the market value (“fair value” pursuant to ASC 820) of our investment in Lexington was $138,333,000, or $80,931,000 in excess of the December 31, 2011 carrying amount on our consolidated balance sheet. As of December 31, 2011, the carrying amount of our investment in Lexington was less than our share of the equity in the net assets of Lexington by approximately $49,200,000. This basis difference resulted primarily from $107,882,000 of non-cash impairment charges recognized during 2008, partially offset by purchase accounting for our acquisition of an additional 8,000,000 common shares of Lexington in October 2008, of which the majority relates to our estimate of the fair values of Lexington's real estate (land and buildings) as compared to the carrying amounts in Lexington's consolidated financial statements. The basis difference related to the buildings is being amortized over their estimated useful lives as an adjustment to our equity in net income or loss of Lexington. This amortization is not material to our share of equity in Lexington's net income or loss. The basis difference attributable to the land will be recognized upon disposition of our investment.

Below is a summary of Lexington's latest available financial information:

(Amounts in thousands)				Balance as of
Balance Sheet:				September 30, 2011		September 30, 2010
	Assets			$	3,164,000	$	3,385,000
	Liabilities				1,888,000		2,115,000
	Noncontrolling interests				59,000		71,000
	Shareholders’ equity				1,217,000		1,199,000

		For the Twelve Months Ended September 30,
Income Statement:		2011		2010		2009
	Total revenues	$	335,000	$	330,000	$	375,000
	Net loss attributable to Lexington		(81,000)		(90,000)		(178,000)

LNR Property Corporation (“LNR”)

As of December 31, 2011, we own a 26.2% equity interest in LNR, which we acquired in July 2010. We account for our investment in LNR under the equity method and record our 26.2% share of LNR's net income or loss on a one-quarter lag basis because we file our consolidated financial statements on Form 10-K and 10-Q prior to receiving LNR's consolidated financial statements.

LNR consolidates certain commercial mortgage-backed securities (“CMBS”) and Collateralized Debt Obligation (“CDO”) trusts for which it is the primary beneficiary. The assets of these trusts (primarily commercial mortgage loans), which aggregate approximately $127 billion as of September 30, 2011, are the sole source of repayment of the related liabilities, which are non-recourse to LNR and its equity holders, including us. Changes in the fair value of these assets each period are offset by changes in the fair value of the related liabilities through LNR's consolidated income statement. As of December 31, 2011, the carrying amount of our investment in LNR does not materially differ from our share of LNR's equity.

5. Investments in Partially Owned Entities - continued

Below is a summary of LNR's latest available financial information:

(Amounts in thousands)		Balance as of
Balance Sheet:		September 30, 2011		September 30, 2010
	Assets	$	128,536,000	$	143,266,000
	Liabilities		127,809,000		142,720,000
	Noncontrolling interests		55,000		37,000
	LNR Property Corporation equity		672,000		509,000

		For the Twelve		For the Period
		Months Ended		July 29, 2010 to
Income Statement:		September 30, 2011		September 30, 2010
	Total revenue	$	208,000	$	23,000
	Net income attributable to LNR		224,000		8,000

280 Park Avenue Joint Venture

On March 16, 2011, we formed a 50/50 joint venture with SL Green Realty Corp to own the mezzanine debt of 280 Park Avenue, a 1.2 million square foot office building located between 48th and 49th Streets in Manhattan (the “Property”). We contributed our mezzanine loan with a face amount of $73,750,000, and they contributed their mezzanine loans with a face amount of $326,250,000 to the joint venture. We equalized our interest in the joint venture by paying our partner $111,250,000 in cash and assuming $15,000,000 of their debt. On May 17, 2011, as part of the recapitalization of the Property, the joint venture contributed its debt position for 99% of the common equity of a new joint venture which owns the Property. The new joint venture's investment is subordinate to $710,000,000 of third party debt. The new joint venture expects to spend $150,000,000 for re-tenanting and repositioning the Property. We account for our 49.5% equity interest in the Property under the equity method of accounting from the date of recapitalization.

Independence Plaza

On June 17, 2011, a joint venture in which we are a 51% partner, invested $55,000,000 in cash (of which we contributed $35,000,000) to acquire a face amount of $150,000,000 of mezzanine loans and a $35,000,000 participation in a senior loan on Independence Plaza, a residential complex comprised of three 39-story buildings in the Tribeca submarket of Manhattan. We share control over major decisions with our joint venture partner. We account for our 51% interest in the joint venture under the equity method of accounting from the date of acquisition.

666 Fifth Avenue Office

On December 16, 2011, we formed a joint venture with an affiliate of the Kushner Companies to recapitalize the office portion of 666 Fifth Avenue, a 39-story, 1.4 million square foot Class A office building in Manhattan, located on the full block front of Fifth Avenue between 52nd and 53rd Street. We acquired a 49.5% interest in the property from the Kushner Companies, the current owner. In connection therewith, the existing $1,215,000,000 mortgage loan was modified by LNR, the special servicer, into a $1,100,000,000 A-Note and a $115,000,000 B-Note and extended to February 2019; and a portion of the current pay interest was deferred to the B-Note. We and the Kushner Companies have committed to lend the joint venture an aggregate of $110,000,000 (of which our share is $80,000,000) for tenant improvements and working capital for the property, which is senior to the $115,000,000 B-Note. In addition, we have provided the A-Note holders a limited recourse and cooperation guarantee of up to $75,000,000 if an event of default occurs and is ongoing. We account for our 49.5% interest in the property under the equity method of accounting from the date of recapitalization.

5. Investments in Partially Owned Entities - continued

Below is a schedule of our investments in partially owned entities as of December 31, 2011 and 2010.

(Amounts in thousands)			Percentage		As of December 31,
Investments:			Ownership		2011		2010
Toys				32.7%	$	506,809	$	447,334

Alexander’s				32.4%	$	189,775	$	186,811

Lexington				12.0%		57,402		57,270

LNR				26.2%		174,408		132,973

India real estate ventures				4.0%-36.5%		80,499		127,193

Partially owned office buildings:
	280 Park Avenue (see page 140)			49.5%		184,516		-
	West 57th Street properties			50.0%		58,529		58,963
	Rosslyn Plaza			43.7%-50.4%		53,333		52,689
	One Park Avenue (see page 134)			30.3%		47,568		-
	Warner Building and 1101 17th Street			55.0%		23,122		37,741
	Other partially owned office buildings⁽¹⁾			Various		61,898		36,487

Other equity method investments:
	Verde Realty Operating Partnership			8.3%		59,801		59,326
	Independence Plaza (see page 140)			51.0%		48,511		-
	Downtown Crossing, Boston			50.0%		46,691		46,147
	Monmouth Mall			50.0%		7,536		6,251
	Other equity method investments⁽²⁾			Various		140,061		125,821

					$	1,233,650	$	927,672

___________________________________
(1)		Includes interests in 330 Madison Avenue (25.0%), 666 Fifth Avenue Office (49.5%), 825 Seventh Avenue (50.0%) and Fairfax Square (20.0%).

(2)		Includes interests in 85 10th Avenue Associates, Farley Project, Suffolk Downs, Dune Capital L.P. and others.

5. Investments in Partially Owned Entities – continued

Below is a schedule of income recognized from investments in partially owned entities for the years ended December 31, 2011, 2010 and 2009.

(Amounts in thousands)				For the Year Ended December 31,
Our Share of Net Income (Loss):				2011		2010		2009

Toys - 32.7% interest
	Equity in net income before income taxes⁽¹⁾			$	38,460	$	16,401	$	58,416
	Income tax benefit				1,132		45,418		13,185
	Equity in net income				39,592		61,819		71,601
	Non-cash purchase price accounting adjustments				-		-		13,946
	Interest and other income				8,948		9,805		6,753
				$	48,540	$	71,624	$	92,300

Alexander’s - 32.4% interest
	Equity in net income before income taxes and reversal of
		stock appreciation rights compensation expense ("SARs")		$	25,013	$	20,059	$	17,991
	Income tax benefit and reversal of SARs				-		-		24,773
	Equity in net income				25,013		20,059		42,764
	Management, leasing and development fees				9,115		9,125		10,765
					34,128		29,184		53,529

Lexington - 12.0% interest in 2011, 12.8% interest in 2010
	and 15.2% interest in 2009⁽²⁾				8,351		11,018		(25,665)

LNR - 26.2% interest (acquired in July 2010)⁽³⁾					58,786		1,973		-

India real estate ventures - 4.0% to 36.5% interest⁽⁴⁾					(14,881)		2,581		(1,636)

Partially owned office buildings:
	280 Park Avenue - 49.5% interest (acquired in May 2011)				(18,079)		-		-
	West 57th Street properties - 50.0% interest⁽⁵⁾				876		(10,990)		468
	Rosslyn Plaza - 43.7% to 50.4% interest				2,193		(2,419)		4,870
	One Park Avenue - 30.3% interest (acquired in March 2011)				(1,142)		-		-
	Warner Building and 1101 17th Street - 55.0% interest
		(deconsolidated in October 2010 upon sale of a 45.0% interest)⁽⁶⁾			(16,135)		72		-
	Other partially owned office buildings				10,017		4,436		4,823

Other equity method investments
	Verde Realty Operating Partnership - 8.3% interest⁽⁷⁾				1,661		(537)		(19,978)
	Independence Plaza - 51.0% interest (acquired in June 2011)				2,457		-		-
	Downtown Crossing, Boston - 50.0% interest⁽⁸⁾				(1,461)		(1,155)		(10,395)
	Monmouth Mall - 50.0% interest				2,556		1,952		1,789
	Other equity method investments⁽⁹⁾				2,443		(13,677)		(27,715)
				$	71,770	$	22,438	$	(19,910)
___________________________________

(1)			2009 includes $10,200 for our share of income from a litigation settlement.

(2)			Includes net gains of $9,760 and $13,710 in 2011 and 2010, respectively, resulting from Lexington's stock issuances. 2009 includes $19,121 for our share of impairment losses recorded by Lexington.

(3)			2011 includes $27,377 of income comprised of (i) $12,380 for an income tax benefit, (ii) $8,977 of a tax settlement gain, and (iii) $6,020 of net gains from asset sales.

(4)			2011 includes $13,794 for our share of an impairment loss.

(5)			2010 includes $11,481 of impairment losses.

(6)			2011 includes $9,022 for our share of expense, primarily for straight-line rent reserves and the write-off of tenant improvements in connection with a tenant's bankruptcy at the Warner Building.

(7)			2009 includes $14,515 of impairment losses.

(8)			2009 includes $7,650 of expense for our share of a lease termination payment.

(9)			2011 includes a $12,525 net gain from Suffolk Downs' sale of a partial interest and 2009 includes $3,305 of impairment losses.

5. Investments in Partially Owned Entities - continued

Below is a summary of the debt of our partially owned entities as of December 31, 2011 and 2010; none of which is recourse to us.

				Interest	100% of
				Rate at	Partially Owned Entities’ Debt at
(Amounts in thousands)				December 31,	December 31,		December 31,
			Maturity	2011	2011		2010
Toys (32.7% interest) (as of October 29, 2011 and October 30, 2010,
respectively):
	Senior unsecured notes (Face value – $950,000)		07/17	10.75%	$	930,382	$	928,045
	$1.85 billion credit facility		08/15	2.77%		750,000		519,810
	Senior unsecured notes (Face value – $725,000)		12/17	8.50%		716,583		715,577
	$700 million secured term loan facility		09/16	6.00%		684,217		689,757
	Senior U.K. real estate facility		04/13	5.02%		562,004		561,559
	$400 million secured term loan facility		05/18	5.25%		395,195		-
	7.875% senior notes (Face value – $400,000)		04/13	9.50%		391,520		386,167
	7.375% senior secured notes (Face value - $350,000)		09/16	7.38%		361,561		350,000
	7.375% senior notes (Face value – $400,000)		10/18	9.99%		348,537		343,528
	Japan bank loans		03/12-02/16	1.85%-2.85%		189,525		180,500
	Spanish real estate facility		02/13	4.51%		180,174		179,511
	Junior U.K. real estate facility		04/13	6.81%-7.84%		97,964		98,266
	Japan borrowings		06/12	1.06%		94,968		141,360
	French real estate facility		02/13	4.51%		86,919		86,599
	European and Australian asset-based revolving credit facility		03/16	2.88%		64,520		25,767
	8.750% debentures (Face value – $21,600)		09/21	9.17%		21,089		21,054
	7.625% bonds (Face value – $500,000)		n/a	n/a		-		495,943
	Other		Various	Various		172,363		156,853
						6,047,521		5,880,296

Alexander’s (32.4% interest):
	731 Lexington Avenue mortgage note payable, collateralized by
		the office space	02/14	5.33%		339,890		351,751
	731 Lexington Avenue mortgage note payable, collateralized by
		the retail space	07/15	4.93%		320,000		320,000
	Rego Park II Shopping Center mortgage note payable⁽¹⁾		11/18	2.15%		274,796		277,200
	Kings Plaza Regional Shopping Center mortgage note payable ⁽²⁾		06/16	2.24%		250,000		151,214
	Rego Park I Shopping Center mortgage note payable		03/12	0.75%		78,246		78,246
	Paramus mortgage note payable		10/18	2.90%		68,000		68,000
						1,330,932		1,246,411

Lexington (12.0% and 12.8% interest) (as of September 30, 2011 and
September 30, 2010, respectively):
	Mortgage loans collateralized by Lexington’s real estate		2012-2037	5.80%		1,712,750		1,927,729

LNR (26.2% interest) (as of September 30, 2011 and
September 30, 2010, respectively):
	Mortgage notes payable		2014-2043	4.54%		353,504		508,547
	Liabilities of consolidated CMBS and CDO trusts		n/a	5.32%		127,348,336		142,001,333
						127,701,840		142,509,880


(1)		On November 30, 2011, Alexander's completed a $275,000 refinancing of this loan. The seven-year loan bears interest at LIBOR plus 1.85% and amortizes based on a 30-year schedule.

(2)		On June 10, 2011, Alexander's completed a $250,000 refinancing of this loan. The five-year interest only loan is at LIBOR plus 1.70%.

5. Investments in Partially Owned Entities - continued

				Interest	100% of
				Rate at	Partially Owned Entities’ Debt at
(Amounts in thousands)				December 31,	December 31,		December 31,
			Maturity	2011	2011		2010
Partially owned office buildings:
	666 Fifth Avenue Office (49.5% interest) mortgage note payable		02/19	6.80%	$	1,035,884	$	n/a
	280 Park Avenue (49.5% interest) mortgage notes payable		06/16	6.65%		737,678		n/a
	Warner Building (55.0% interest) mortgage note payable		05/16	6.26%		292,700		292,700
	One Park Avenue (30.3% interest) mortgage note payable		03/16	5.00%		250,000		n/a
	330 Madison Avenue (25.0% interest) mortgage note payable		06/15	1.78%		150,000		150,000
	Fairfax Square (20.0% interest) mortgage note payable		12/14	7.00%		70,974		71,764
	Rosslyn Plaza (43.7% to 50.4% interest) mortgage note payable		01/12	1.27%		56,680		56,680
	330 West 34th Street (34.8% interest) mortgage note payable,
		collateralized by land	07/22	5.71%		50,150		50,150
	West 57th Street (50.0% interest) mortgage note payable		02/14	4.94%		21,864		22,922
	825 Seventh Avenue (50.0% interest) mortgage note payable		10/14	8.07%		20,080		20,565
	Other mortgage notes payable collateralized by real estate⁽¹⁾		n/a	n/a		-		139,337


India Real Estate Ventures:
	TCG Urban Infrastructure Holdings (25.0% interest) mortgage notes
		payable, collateralized by the entity’s real estate	2012-2022	11.87%		226,534		196,319

Other:
	Verde Realty Operating Partnership (8.3% interest) mortgage notes
		payable, collateralized by the partnerships’ real estate	2013-2025	6.18%		340,378		581,086
	Green Courte Real Estate Partners, LLC (8.3% interest) (as of
		September 30, 2011 and 2010), mortgage notes payable,
		collateralized by the partnerships’ real estate	2012-2018	5.63%		293,771		296,991
	Monmouth Mall (50.0% interest) mortgage note payable		02/14-09/15	5.32%		173,938		164,474
	Wells/Kinzie Garage (50.0% interest) mortgage note payable		12/17	5.00%		14,792		15,022
	Orleans Hubbard Garage (50.0% interest) mortgage note payable		12/17	5.00%		9,362		9,508
	Waterfront Station (2.5% interest)		n/a	n/a		-		217,106
	Other		Various	4.62%		663,162		418,339


(1)		On December 23, 2011, we acquired the 97.5% interest we did not already own in the Executive Tower. Accordingly, we consolidate the accounts of this property into our consolidated financial statements from the date of acquisition.

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities, was $37,531,298,000 and $40,443,346,000 as of December 31, 2011 and 2010, respectively. Excluding our pro rata share of LNR's liabilities related to consolidated CMBS and CDO trusts, which are non-recourse to LNR and its equity holders, including us, our pro rata share of partially owned entities debt was $4,199,145,000 and $3,275,917,000 at December 31, 2011 and 2010, respectively.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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