Below is a schedule summarizing our investments in partially owned entities.



(Amounts in thousands)	Percentage Ownership at December 31, 2018	As of December 31,
	Percentage Ownership at December 31, 2018	2018			2017
Investments:
Partially owned office buildings/land⁽¹⁾	Various	$	499,005		$	504,393
Alexander’s	32.4%	107,983			126,400
PREIT	7.9%	59,491			66,572
UE	4.5%	45,344			46,152
Other investments⁽²⁾	Various	146,290			313,312
		$	858,113		$	1,056,829

330 Madison Avenue⁽³⁾	25.0%	$	(58,117	)	$	(53,999	)
7 West 34th Street⁽⁴⁾	53.0%	(51,579		)	(47,369		)
		$	(109,696	)	$	(101,368	)

________________________________________


(1)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 85 Tenth Avenue, 61 Ninth Avenue and others.

(2)

Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Farley Office and Retail Building (in 2017 only) and others. On October 30, 2018, we increased our ownership interest in the joint venture which owns the Farley Office and Retail Building to 95.0% when we acquired a 44.9% additional ownership interest. Accordingly, beginning October 30, 2018 we consolidated the accounts of the joint venture (see page 124 for details).


(3)	Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets.


(4)	Our negative basis results from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in "other liabilities" on our consolidated balance sheets.


7.	Investments in Partially Owned Entities – continued

Below is a schedule of net income (loss) from partially owned entities.



(Amounts in thousands)	Percentage Ownership at December 31, 2018	As of December 31,
	Percentage Ownership at December 31, 2018	2018			2017			2016
Our share of net income (loss):
Alexander's (see page 127 for details):
Equity in net income⁽¹⁾	32.4%	$	10,485		$	25,820		$	27,470
Management, leasing and development fees		4,560			6,033			6,770
		15,045			31,853			34,240

UE (see page 128 for details):
Equity in net income⁽²⁾	4.5%	4,227			26,658			5,003
Management fees		233			670			836
		4,460			27,328			5,839

Partially owned office buildings⁽³⁾	Various	(3,085		)	2,109			5,773

PREIT (see page 128 for details)⁽⁴⁾	7.9%	(3,015		)	(53,325		)	(5,213		)

Other investments⁽⁵⁾	Various	(4,256		)	7,235			128,309

		$	9,149		$	15,200		$	168,948

____________________

(1)

2018 includes (i) our $7,708 share of Alexander's potential additional Transfer Tax, (ii) our $3,882 share of expense related to the decrease in fair value of marketable securities held by Alexander’s, (iii) our $1,085 share of a non-cash straight-line rent write-off adjustment related to Sears Roebuck and Co. which filed for Chapter 11 bankruptcy relief and (iv) our $518 share of Alexander’s litigation expense due to a settlement.


(2)	2017 includes $21,100 of net gains resulting from UE operating partnership unit issuances.


(3)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments).


(4)	2017 includes a $44,465 non-cash impairment loss.

(5)

Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018) and others. In 2017, we recognized $26,687 of net gains, comprised of $15,314 for our share of a net gain on the sale of Suffolk Downs and $11,373 for the net gain on repayment of our debt investments in Suffolk Downs JV. In 2018, 2017 and 2016, we recognized net losses of $4,873, $25,414, and $41,532, respectively, from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. In 2016, the owner of 85 Tenth Avenue completed a 10-year, 4.55% $625,000 refinancing of the property and we received net proceeds of $191,779 in repayment of our existing loans and preferred equity investments. We recognized $160,843 of income and no tax gain as a result of this transaction.


7.	Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities as of December 31, 2018 and 2017.



(Amounts in thousands)	Percentage Ownership at December 31, 2018	Maturity	Interest Rate at December 31, 2018	100% Partially Owned Entities’ Debt at December 31,⁽¹⁾
	Percentage Ownership at December 31, 2018	Maturity	Interest Rate at December 31, 2018	2018		2017
Partially owned office buildings⁽²⁾:
Mortgages payable	Various	2019-2026	4.18%	$	3,985,855	$	3,934,894

PREIT:
Mortgages payable	7.9%	2020-2025	3.81%	1,642,408		1,586,045

UE:
Mortgages payable	4.5%	2021-2034	4.09%	1,563,375		1,415,806

Alexander's:
Mortgages payable	32.4%	2021-2025	3.67%	1,170,544		1,252,440

Other⁽³⁾:
Mortgages payable and other	Various	2019-2025	4.57%	1,358,706		8,601,383

________________________________________


(1)	All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016.


(2)	Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others.

(3)

Includes Independence Plaza, Rosslyn Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), Farley Office and Retail Building (in 2017 only) and others. On October 30, 2018, we increased our ownership interest in the joint venture which owns the Farley Office and Retail Building to 95.0% when we acquired a 44.9% additional ownership interest. Accordingly, beginning October 30, 2018 we consolidated the accounts of the joint venture (see page 124 for details).

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,682,865,000 and $5,288,276,000 as of December 31, 2018 and 2017, respectively.

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities, including Alexander’s, as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	Balance as of December 31,
	2018		2017
Balance Sheet:
Assets	$	13,258,000	$	24,812,000
Liabilities	10,456,000		22,739,000
Noncontrolling interests	139,000		140,000
Equity	2,663,000		1,933,000



(Amounts in thousands)	For the Year Ended December 31,
	2018		2017			2016
Income Statement:
Total revenue	$	1,798,000	$	12,991,000		$	13,600,000
Net loss	52,000		(542,000		)	(65,000		)