Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019	As of December 31,
	Percentage Ownership at December 31, 2019	2019			2018
Investments:
Fifth Avenue and Times Square JV (see pages 110 and 111 for details)	51.5%	$	3,291,231		$	—
Partially owned office buildings/land⁽¹⁾	Various	464,109			499,005
Alexander’s	32.4%	98,543			107,983
PREIT⁽²⁾	N/A	—			59,491
UE⁽³⁾	N/A	—			45,344
Other investments⁽⁴⁾	Various	145,282			146,290
		$	3,999,165		$	858,113
Investments in partially owned entities included in other liabilities⁽⁵⁾:
7 West 34th Street	53.0%	$	(54,004	)	$	(51,579	)
85 Tenth Avenue	49.9%	(6,186		)	—
330 Madison Avenue⁽⁶⁾	N/A	—			(58,117		)
		$	(60,190	)	$	(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 5 - Marketable Securities).


(3)	Sold on March 4, 2019 (see page 112 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 112 for details).

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



(Amounts in thousands)	Percentage Ownership at December 31, 2019	For the Year Ended December 31,
	Percentage Ownership at December 31, 2019	2019			2018			2017
Our share of net income (loss):
Fifth Avenue and Times Square JV (see pages 110 and 111 for details):
Equity in net income	51.5%	$	31,130		$	—		$	—
Return on preferred equity, net of our share of the expense		27,586			—			—
		58,716			—			—

Alexander's (see page 111 for details):
Equity in net income⁽¹⁾	32.4%	19,204			10,485			25,820
Management, leasing and development fees		4,575			4,560			6,033
		23,779			15,045			31,853

Partially owned office buildings⁽²⁾	Various	(3,443		)	(3,085		)	2,109

Other investments⁽³⁾	Various	(187		)	(2,811		)	(18,762		)

		$	78,865		$	9,149		$	15,200

____________________


(1)	2018 includes our $7,708 share of Alexander's 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 4 - 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. 2018 includes our $4,978 share of additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 4 - 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. In 2018 and 2017, we recognized net losses of $4,873 and $25,414, respectively, from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. 2017 includes (i) a $44,465 non-cash impairment loss on our investment in PREIT (ii) $21,100 of net gains resulting from UE operating partnership unit issuances and (iii) $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.


6.	Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities as of December 31, 2019 and 2018.



(Amounts in thousands)	Percentage Ownership at December 31, 2019	Maturity	Interest Rate at December 31, 2019	100% Partially Owned Entities’ Debt at December 31,⁽¹⁾
	Percentage Ownership at December 31, 2019	Maturity	Interest Rate at December 31, 2019	2019		2018
Partially owned office buildings⁽²⁾:
Mortgages payable	Various	2021-2029	3.68%	$	3,604,104	$	3,985,855

Alexander's:
Mortgages payable	32.4%	2021-2025	2.98%	974,836		1,170,544

Fifth Avenue and Times Square JV:
Mortgages payable	51.5%	2022-2024	3.31%	950,000		—

Other⁽³⁾:
Mortgages payable and other	Various	2021-2025	4.36%	1,290,227		4,564,489

________________________________________


(1)	All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) 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, 85 Tenth Avenue, One Park Avenue, 650 Madison Avenue, 7 West 34th Street, 61 Ninth Avenue, 512 West 22nd Street, 330 Madison Avenue (in 2018 only) and others.


(3)	Includes Independence Plaza, Rosslyn Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, UE (in 2018 only), PREIT (in 2018 only) and others.

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,802,859,000 and $2,682,865,000 as of December 31, 2019 and 2018, respectively.

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017.



(Amounts in thousands)	As of December 31,
	2019		2018
Balance Sheet:
Assets	$	13,384,000	$	13,258,000
Liabilities	7,548,000		10,456,000
Noncontrolling interests	2,054,000		139,000
Equity	3,782,000		2,663,000



(Amounts in thousands)	For the Year Ended December 31,
	2019		2018		2017
Income Statement:
Total revenue	$	1,504,000	$	1,798,000	$	12,991,000
Net income (loss)	39,000		52,000		(542,000		)