Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Below is a summary of financial information for Fifth Avenue and Times Square JV.

(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Income statement:
Revenues	$	80,627	$	85,294	$	227,413	$	158,182
Net income	6,750		18,669		16,839		40,135
Net (loss) income attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests)	(13,008)		(1,559)		(41,412)		2,520

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

(Amounts in thousands)	Percentage Ownership at September 30, 2020	Balance as of
		September 30, 2020		December 31, 2019
Investments:
Fifth Avenue and Times Square JV	51.5%	$	2,811,374	$	3,291,231
Partially owned office buildings/land(1)	Various	467,498		464,109
Alexander’s	32.4%	84,534		98,543
Other investments(2)	Various	140,922		145,282
		$	3,504,328	$	3,999,165
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(54,096)	$	(54,004)
85 Tenth Avenue	49.9%	(11,142)		(6,186)
		$	(65,238)	$	(60,190)

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(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 September 30, 2020	For the Three Months Ended September 30,				For the Nine Months Ended September 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		$	(107,023)	$	—	$	(413,349)		$	—
Return on preferred equity, net of our share of the expense		9,430		9,545		27,926			18,131
Equity in net income	51.5%	7,694		9,891		13,631		(2)	21,108
		(89,899)		19,436		(371,792)			39,239
Alexander's (see page 29 for details):
Equity in net income(3)	32.4%	2,075		5,393		7,420			14,707
Management, leasing and development fees		1,296		1,299		3,778			3,478
		3,371		6,692		11,198			18,185
Partially owned office buildings(4)	Various	6,418		(186)		8,550			(1,531)
Other investments(5)	Various	(799)		4		(1,635)			246
		$	(80,909)	$	25,946	$	(353,679)		$	56,139

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(1)Entered into on April 18, 2019.

(2)Includes a $10,047 reduction in income related to a Forever 21 lease modification at 1540 Broadway and $2,997 of write-offs of lease receivables deemed uncollectible during 2020.

(3)The three and nine months ended September 30, 2020 include $3,139 and $4,846, respectively, of our share of write-offs of lease receivables deemed uncollectible.

(4)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.

(5)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.