XML 53 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Investments in Partially Owned Entities (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2020
 
Balance as of
 
 
June 30, 2020
 
December 31, 2019
Investments:
 
 
 
 
 
Fifth Avenue and Times Square JV
51.5%
 
$
2,955,957

 
$
3,291,231

Partially owned office buildings/land(1)
Various
 
460,767

 
464,109

Alexander’s
32.4%
 
89,499

 
98,543

Other investments(2)
Various
 
142,428

 
145,282

 
 
 
$
3,648,651

 
$
3,999,165

 
 
 
 
 
 
Investments in partially owned entities included in other liabilities(3):
 
 
 
 
 
7 West 34th Street
53.0%
 
$
(52,549
)
 
$
(54,004
)
85 Tenth Avenue
49.9%
 
(9,188
)
 
(6,186
)
 
 
 
$
(61,737
)
 
$
(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, Rosslyn Plaza and others.
(3)
Our negative basis results from distributions in excess of our investment.
8.    Investments in Partially Owned Entities - continued
Below is a schedule of (loss) income from partially owned entities.
(Amounts in thousands)
Percentage
Ownership at
June 30, 2020
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
 
2020
 
2019
 
2020
 
2019
 Our share of net (loss) income:
 
 
 
 
 
 
 
 
 
Fifth Avenue and Times Square JV (see page 28 for details)(1):
 
 
 
 
 
 
 
 
 
Non-cash impairment loss
 
 
$
(306,326
)
 
$
—

 
$
(306,326
)
 
$
—

Return on preferred equity, net of our share of the expense
 
 
9,330

 
8,586

 
18,496

 
8,586

Equity in net income(2)
51.5%
 
441

 
11,217

 
5,937

 
11,217

 
 
 
(296,555
)
 
19,803

 
(281,893
)
 
19,803

Alexander's (see page 29 for details):
 
 
 
 
 
 
 
 
 
Equity in net income
32.4%
 
3,929

 
3,597

 
5,345

 
9,314

Management, leasing and development fees
 
 
1,222

 
1,122

 
2,482

 
2,179

 
 
 
5,151

 
4,719

 
7,827

 
11,493

 
 
 
 
 
 
 
 
 
 
Partially owned office buildings(3)
Various
 
810

 
(1,451
)
 
2,132

 
(1,345
)
 
 
 
 
 
 
 
 
 
 
Other investments(4)
Various
 
(1,279
)
 
(198
)
 
(836
)
 
242

 
 
 
 
 
 
 
 
 
 
 
 
 
$
(291,873
)
 
$
22,873

 
$
(272,770
)
 
$
30,193

____________________
(1)
Entered into on April 18, 2019.
(2)
The decrease in our share of net income for the three and six months ended June 30, 2020 compared to June 30, 2019 was primarily due to (i) $4,737 of write-offs of lease receivables deemed uncollectible during the second quarter of 2020 and (ii) a $4,360 reduction in income related to a Forever 21 lease modification at 1540 Broadway.
(3)
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.
(4)
Includes interests in Independence Plaza, Rosslyn Plaza, 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 Fifth Avenue and Times Square JV.
(Amounts in thousands)
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Income statement:
 
 
 
 
 
 
 
Revenues
$
66,311

 
$
72,888

 
$
146,786

 
$
72,888

Net income
112

 
21,466

 
10,090

 
21,466

Net (loss) income attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests)
(19,333
)
 
4,079

 
(28,404
)
 
4,079