Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2012

Schedule Of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Table [Text Block]

(Amounts in thousands)				December 31,
Balance Sheet:				2012		2011
	Assets⁽¹⁾			$	122,692,000	$	153,861,000
	Liabilities⁽¹⁾				117,064,000		147,854,000
	Noncontrolling interests				88,000		132,000
	Equity				5,540,000		5,875,000

		For the Year Ended December 31,
Income Statement:		2012		2011		2010
	Total revenue	$	15,119,000	$	15,321,000	$	14,962,000
	Net income⁽²⁾		1,091,000		199,000		63,000



(1)	2012 and 2011 include $97 billion and $127 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.

(2)	2012 includes a $600,000 net gain on sale of real estate.

Equity Method Investments

			Percentage
(Amounts in thousands)			Ownership at		As of December 31,
Investments:			December 31, 2012		2012		2011
Toys				32.6%⁽¹⁾	$	478,041	$	506,809

Alexander’s				32.4%	$	171,013	$	189,775

Lexington				10.5%⁽²⁾		75,542		57,402

LNR				26.2%		224,724		174,408

India real estate ventures				4.0%-36.5%		95,516		80,499

Partially owned office buildings:
	280 Park Avenue			49.5%		197,516		184,516
	Rosslyn Plaza			43.7%-50.4%		62,627		53,333
	West 57th Street properties			50.0%		57,033		58,529
	One Park Avenue			30.3%		50,509		47,568
	666 Fifth Avenue Office Condominium			49.5%		35,527		23,655
	330 Madison Avenue			25.0%		30,277		20,353
	Warner Building			55.0%		8,775		2,715
	Fairfax Square			20.0%		5,368		6,343
	1101 17th Street			55.0%		-		20,407
	Other partially owned office buildings			Various		9,315		11,547

Other investments:
	Downtown Crossing, Boston			50.0%		48,122		46,691
	Monmouth Mall			50.0%		7,205		7,536
	Verde Realty Operating Partnership⁽³⁾			n/a		-		59,801
	Independence Plaza Partnership⁽⁴⁾			n/a		-		48,511
	Other investments⁽⁵⁾			Various		147,187		140,061
					$	1,226,256	$	1,233,650

___________________________________
(1)		32.7% at December 31, 2011.

(2)		12.0% at December 31, 2011.

(3)		In 2012, we converted our 2,015,151 units in Verde Realty Operating Partnership into 2,015,151 common shares of Verde Realty ("Verde"), which we sold for $13.85 per share, or $27,910 in the aggregate. Accordingly, we recognized a $4,936 impairment loss in the third quarter, based on the difference between the carrying amount of the investment and the cash received. We have reclassified the $25,000 of convertible senior debentures that we continue to own to "other assets" on our consolidated balance sheets.

(4)		On December 21, 2012, we acquired a 58.75% interest in Independence Plaza and began to consolidate the accounts of the property into our consolidated financial statements from the date of acquisition (see page 142 for details).

(5)		Includes interests in 85 10th Avenue, Farley Project, Suffolk Downs, Dune Capital L.P., Fashion Centre Mall and others.

				Percentage
(Amounts in thousands)				Ownership at		For the Year Ended December 31,
Our Share of Net Income (Loss):				December 31, 2012		2012		2011		2010
Toys:					32.6%
	Equity in net income before income taxes					$	28,638	$	38,460	$	16,401
	Income tax benefit						16,629		1,132		45,418
	Equity in net income						45,267		39,592		61,819
	Non-cash impairment loss (see page 146 for details)						(40,000)		-		-
	Management fees						9,592		8,948		9,805
						$	14,859	$	48,540	$	71,624

Alexander's:					32.4%
	Equity in net income					$	24,709	$	25,013	$	20,059
	Management, leasing and development fees⁽¹⁾						13,748		7,417		7,556
	Gain on sale of real estate						179,934		-		-
							218,391		32,430		27,615

Lexington:					10.5%
	Equity in net (loss)						(23)		(1,409)		(2,692)
	Net gain resulting from Lexington's stock issuance and asset acquisition						28,763		9,760		13,710
							28,740		8,351		11,018

LNR (acquired in July 2010):					26.2%
	Equity in net income						66,270		31,409		1,973
	Income tax benefit, assets sales and tax settlement gains						-		27,377		-
							66,270		58,786		1,973

India real estate ventures					4.0%-36.5%
	Equity in net (loss)						(5,008)		(1,087)		2,581
	Impairment loss						-		(13,794)		-
							(5,008)		(14,881)		2,581

Partially owned office buildings:
	Warner Building:				55.0%
		Equity in net (loss)					(10,186)		(9,853)		(344)
		Straight-line reserves and write-off of tenant improvements					-		(9,022)		-
							(10,186)		(18,875)		(344)
	280 Park Avenue (acquired in May 2011)				49.5%		(11,510)		(18,079)		-
	666 Fifth Avenue Office Condominium (acquired in December 2011)				49.5%		7,009		198		-
	330 Madison Avenue				25.0%		3,609		2,126		2,059
	1101 17th Street				55.0%		2,576		2,740		416
	One Park Avenue (acquired in March 2011)				30.3%		1,123		(1,142)		-
	West 57th Street properties				50.0%		1,014		876		(10,990)
	Rosslyn Plaza				43.7%-50.4%		822		2,193		(2,419)
	Fairfax Square				20.0%		(132)		(42)		(28)
	Other partially owned office buildings				Various		1,905		7,735		2,405
							(3,770)		(22,270)		(8,901)

Other investments:
	Independence Plaza Partnership (acquired in June 2011)⁽²⁾				n/a		111,865		2,457		-
	Verde Realty Operating Partnership⁽³⁾				n/a		(5,703)		1,661		(537)
	Monmouth Mall				50.0%		1,429		2,556		1,952
	Downtown Crossing, Boston				50.0%		(1,309)		(1,461)		(1,155)
	Other investments⁽⁴⁾				Various		(2,638)		2,443		(13,677)
							103,644		7,656		(13,417)

						$	408,267	$	70,072	$	20,869
___________________________________
(1)			2012 includes $6,423 of commissions in connection with the sale of real estate.
(2)			2012 includes $105,366 of income comprised of (i) $60,396 from the accelerated amortization of discount on investment in subordinated debt of the property and (ii) a $44,970 purchase price fair value adjustment from the exercise of a warrant to acquire 25% of the equity interest in the property (see page 142 for details).
(3)			2012 includes a $4,936 impairment loss (see note 3 on page 150).
(4)			2011 includes a $12,525 net gain from Suffolk Downs' sale of a partial interest.

Schedule of debt of partially owned entities


		Below is a summary of the debt of our partially owned entities as of December 31, 2012 and 2011, none of which is recourse to us.

			Percentage		Interest	100% of
			Ownership at		Rate at	Partially Owned Entities’ Debt at
(Amounts in thousands)			December 31,		December 31,	December 31,		December 31,
			2012	Maturity	2012	2012		2011
Toys:			32.6%⁽¹⁾
	Notes, loans and mortgages payable			2013-2021	7.34%	$	5,683,733	$	6,047,521

Alexander's:			32.4%
	Mortgages payable			2013-2018	3.87%	$	1,065,916	$	1,330,932

Lexington:			10.5%⁽²⁾
	Mortgages payable			2015-2037	5.29%	$	1,994,179	$	1,712,750

LNR:			26.2%
	Mortgages payable			2013-2031	4.62%	$	309,787	$	353,504
	Liabilities of consolidated CMBS and CDO trusts			n/a	5.40%		97,211,734		127,348,336
						$	97,521,521	$	127,701,840

Partially owned office buildings:
	666 Fifth Avenue Office Condominium mortgage		49.5%	02/19	6.76%	$	1,109,700	$	1,035,884
		payable
	280 Park Avenue mortgage payable		49.5%	06/16	6.65%		738,228		737,678
	Warner Building mortgage payable		55.0%	05/16	6.26%		292,700		292,700
	One Park Avenue mortgage payable		30.3%	03/16	5.00%		250,000		250,000
	330 Madison Avenue mortgage payable		25.0%	06/15	1.71%		150,000		150,000
	Fairfax Square mortgage payable		20.0%	12/14	7.00%		70,127		70,974
	1101 17th Street mortgage payable		55.0%	01/18	1.46%		31,000		-
	West 57th Street properties mortgages payable		50.0%	02/14	4.94%		20,434		21,864
	Rosslyn Plaza mortgage payable		43.7%-50.4%	01/12	n/a		-		56,680
	Other		Various	Various	6.37%		69,704		70,230
						$	2,731,893	$	2,686,010

India Real Estate Ventures:
	TCG Urban Infrastructure Holdings mortgages
		payable	25.0%	2013-2022	13.22%	$	236,579	$	226,534

Other:
	Monmouth Mall mortgage payable		50.0%	09/15	5.44%	$	159,896	$	162,153
	Verde Realty Operating Partnership mortgages
		payable	n/a	n/a	n/a		-		340,378
	Other⁽³⁾		Various	Various	5.02%		990,647		992,872
						$	1,150,543	$	1,495,403


(1)		32.7% at December 31, 2011.

(2)		12.0% at December 31, 2011.

(3)		Includes interests in Suffolk Downs, Fashion Centre Mall and others.

Toys R Us [Member]

Schedule Of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Table [Text Block]

(Amounts in thousands)				Balance as of
Balance Sheet:				October 27, 2012		October 29, 2011
	Assets			$	12,953,000	$	13,221,000
	Liabilities				11,190,000		11,530,000
	Noncontrolling interests				44,000		-
	Toys “R” Us, Inc. equity				1,719,000		1,691,000

		For the Twelve Months Ended
Income Statement:		October 27, 2012		October 29, 2011		October 30, 2010
	Total revenues	$	13,698,000	$	13,956,000	$	13,749,000
	Net income attributable to Toys		138,000		121,000		189,000

Alexanders Inc [Member]

Schedule Of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Table [Text Block]

(Amounts in thousands)				Balance as of December 31,
Balance Sheet:				2012		2011
	Assets			$	1,482,000	$	1,771,000
	Liabilities				1,150,000		1,408,000
	Noncontrolling interests				-		4,000
	Stockholders' equity				332,000		359,000

		For the Year Ended December 31,
Income Statement:		2012		2011		2010
	Total revenues	$	191,000	$	185,000	$	174,000
	Net income attributable to Alexander’s ⁽¹⁾		674,000		79,000		66,000


(1)	2012 includes a $600,000 net gain on sale of real estate.

Lexington Realty Trust [Member]

Schedule Of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Table [Text Block]

(Amounts in thousands)				Balance as of September 30,
Balance Sheet:				2012		2011
	Assets			$	3,386,000	$	3,164,000
	Liabilities				2,211,000		1,888,000
	Noncontrolling interests				27,000		59,000
	Shareholders’ equity				1,148,000		1,217,000

		For the Twelve Months Ended September 30,
Income Statement:		2012		2011		2010
	Total revenues	$	333,000	$	315,000	$	330,000
	Net income (loss) attributable to Lexington		196,000		(81,000)		(90,000)

LNR [Member]

Schedule Of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information Table [Text Block]

(Amounts in thousands)				Balance as of September 30,
Balance Sheet:				2012		2011
	Assets			$	98,530,000	$	128,536,000
	Liabilities				97,643,000		127,809,000
	Noncontrolling interests				8,000		55,000
	LNR Property Corporation equity				879,000		672,000

		For the Twelve		For the Twelve		For the Period
		Months Ended		Months Ended		July 29, 2010 to
Income Statement:		September 30, 2012		September 30, 2011		September 30, 2010
	Total revenue	$	238,000	$	208,000	$	23,000
	Net income attributable to LNR		266,000		224,000		8,000

- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

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