Investments in Partially Owned Entities (Tables)

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

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

(Amounts in thousands)	Percentage Ownership at March 31, 2020	Balance as of
		March 31, 2020			December 31, 2019
Investments:
Fifth Avenue and Times Square JV	51.5%	$	3,272,854		$	3,291,231
Partially owned office buildings/land(1)	Various	460,885			464,109
Alexander’s	32.4%	92,767			98,543
Other investments(2)	Various	144,285			145,282
		$	3,970,791		$	3,999,165
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(53,951	)	$	(54,004	)
85 Tenth Avenue	49.9%	(7,366		)	(6,186		)
		$	(61,317	)	$	(60,190	)

____________________

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

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

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

Below is a schedule of income from partially owned entities.

(Amounts in thousands)	Percentage Ownership at March 31, 2020	For the Three Months Ended March 31,
		2020		2019
Our share of net income:
Fifth Avenue and Times Square JV (see page 25 for details)(1):
Equity in net income	51.5%	$	5,496	$	—
Return on preferred equity, net of our share of the expense		9,166		—
		14,662		—
Alexander's (see page 25 for details):
Equity in net income	32.4%	1,416		5,717
Management, leasing and development fees		1,260		1,057
		2,676		6,774
Partially owned office buildings(2)	Various	1,322		106
Other investments(3)	Various	443		440
		$	19,103	$	7,320

____________________

(1) Entered into on April 18, 2019.

(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.

(3)

Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Urban Edge Properties (sold on March 4, 2019), PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and others.

Below is a summary of the latest available financial information for the Fifth Avenue and Times Square JV, which was entered into on April 18, 2019.

(Amounts in thousands)
Income statement for the three months ended March 31, 2020:
Revenues	$	80,475
Net income	9,978
Net loss attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests)	(9,071		)