Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

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



(Amounts in thousands)	Percentage Ownership at September 30, 2019	Balance as of
	Percentage Ownership at September 30, 2019	September 30, 2019			December 31, 2018
Investments:
Fifth Avenue and Times Square JV (see page 30 for details)	51.5%	$	3,308,363		$	—
Partially owned office buildings/land⁽¹⁾	Various	467,787			499,005
Alexander’s	32.4%	101,228			107,983
PREIT⁽²⁾	N/A	—			59,491
UE⁽³⁾	N/A	—			45,344
Other investments⁽⁴⁾	Various	146,442			146,290
		$	4,023,820		$	858,113

Investments in partially owned entities included in other liabilities⁽⁵⁾:
330 Madison Avenue⁽⁶⁾	N/A	$	—		$	(58,117	)
7 West 34th Street	53.0%	(52,222		)	(51,579		)
85 Tenth Avenue	49.9%	(5,814		)	—
		$	(58,036	)	$	(109,696	)

____________________


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


(2)	On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 6 - Marketable Securities).


(3)	Sold on March 4, 2019 (see page 31 for details).


(4)	Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others.


(5)	Our negative basis results from distributions in excess of our investment.


(6)	Sold on July 11, 2019 (see page 31 for details).


7.	Investments in Partially Owned Entities - continued

Below is a schedule of income from partially owned entities.



(Amounts in thousands)	Percentage Ownership at September 30, 2019	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	Percentage Ownership at September 30, 2019	2019			2018		2019			2018
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 30 for details):
Equity in net income	51.5%	$	9,891		$	—	$	21,108		$	—
Return on preferred equity, net of our share of the expense		9,545			—		18,131			—
		19,436			—		39,239			—
Alexander's (see page 31 for details):
Equity in net income⁽¹⁾	32.4%	5,393			4,278		14,707			7,215
Management, leasing and development fees		1,299			1,149		3,478			3,378
		6,692			5,427		18,185			10,593

Partially owned office buildings⁽²⁾	Various	(186		)	735		(1,531		)	(1,546		)

Other investments⁽³⁾	Various	4			1,044		246			(2,988		)

		$	25,946		$	7,206	$	56,139		$	6,059

____________________


(1)	The nine months ended September 30, 2018 includes our $7,708 share of Alexander's disputed additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments).

(2)

Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. The nine months ended September 30, 2019 includes a $1,079 reduction in income from the non-cash write-off of straight-line rent receivable related to The Four Seasons Restaurant at 280 Park Avenue. The nine months ended September 30, 2018 includes our $4,978 share of disputed additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments).

(3)

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), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others.