Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020	Balance as of December 31,
		2020		2019
Investments:
Fifth Avenue and Times Square JV (see page 91 for details)	51.5%	$	2,798,413	$	3,291,231
Partially owned office buildings/land(1)	Various	473,285		464,109
Alexander’s (see page 92 for details)	32.4%	82,902		98,543
Other investments(2)	Various	136,507		145,282
		$	3,491,107	$	3,999,165
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(55,340)	$	(54,004)
85 Tenth Avenue	49.9%	(13,080)		(6,186)
		$	(68,420)	$	(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.

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


(Amounts in thousands)	Percentage Ownership at December 31, 2020	For the Year Ended December 31,
		2020			2019		2018
Our share of net (loss) income:
Fifth Avenue and Times Square JV (see page 91 for details)(1):
Non-cash impairment loss		$	(413,349)		$	—	$	—
Return on preferred equity, net of our share of the expense		37,357			27,586		—
Equity in net income	51.5%	21,063		(2)	31,130		—
		(354,929)			58,716		—

Alexander's (see page 92 for details):
Equity in net income	32.4%	13,326		(3)	19,204		10,485		(4)
Management, leasing and development fees		5,309			4,575		4,560
		18,635			23,779		15,045

Partially owned office buildings(5)	Various	12,742			(3,443)		(3,085)

Other investments(6)	Various	(5,560)			(187)		(2,811)

		$	(329,112)		$	78,865	$	9,149

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(1)Entered into on April 18, 2019.

(2)Includes a $13,971 reduction in income related to a Forever 21 lease modification at 1540 Broadway and $3,125 of write-offs of lease receivables deemed uncollectible during 2020.

(3)Includes our $4,846 share of write-offs of lease receivables deemed uncollectible.

(4)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 in 2018 (see Note 5 - Real Estate Fund Investments). On January 12, 2021, Alexander's decided not to further contest the additional Transfer Tax paid in connection with the sale of Kings Plaza.

(5)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 5 - Real Estate Fund Investments).

(6)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), 666 Fifth Avenue Office Condominium (sold on August 3, 2018) and others. 2018 includes a net loss of $4,873 from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense.

7. Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities as of December 31, 2020 and 2019.


(Amounts in thousands)	Percentage Ownership at December 31, 2020	Maturity	Interest Rate at December 31, 2020	100% Partially Owned Entities’ Debt at December 31,(1)
				2020		2019
Mortgages Payable:
Partially owned office buildings(2)	Various	2021-2029	2.89%	$	3,622,572	$	3,604,104
Alexander's	32.4%	2021-2027	1.65%	1,164,544		974,836
Fifth Avenue and Times Square JV	51.5%	2022-2024	2.63%	950,000		950,000
Other(3)	Various	2021-2025	4.32%	1,288,265		1,290,227

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(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.

(2)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

(3)Includes interests in Independence Plaza, Rosslyn Plaza 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 $2,873,174,000 and $2,802,859,000 as of December 31, 2020 and 2019, 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, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018.


(Amounts in thousands)	As of December 31,
	2020		2019
Balance Sheet:
Assets	$	13,344,000	$	13,384,000
Liabilities	7,747,000		7,548,000
Noncontrolling interests	2,075,000		2,054,000
Equity	3,522,000		3,782,000


(Amounts in thousands)	For the Year Ended December 31,
	2020		2019		2018
Income Statement:
Total revenue	$	1,163,000	$	1,504,000	$	1,798,000
Net income	45,000		39,000		52,000
Net (loss) income attributable to the entity	(33,000)		(32,000)		21,000