Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

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


(Amounts in thousands)	Percentage Ownership at December 31, 2021	Balance as of December 31,
		2021		2020
Investments:
Fifth Avenue and Times Square JV (see page 90 for details)	51.5%	$	2,770,633	$	2,798,413
Partially owned office buildings/land(1)	Various	306,989		473,285
Alexander’s (see page 91 for details)	32.4%	91,405		82,902
Other investments(2)	Various	128,362		136,507
		$	3,297,389	$	3,491,107
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(60,918)	$	(55,340)
85 Tenth Avenue	49.9%	(18,067)		(13,080)
		$	(78,985)	$	(68,420)

____________________

(1)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021, see Note 7 - Acquisitions and Dispositions for details), 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 income (loss) from partially owned entities.


(Amounts in thousands)	Percentage Ownership at December 31, 2021	For the Year Ended December 31,
		2021		2020			2019
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 90 for details):
Equity in net income(1)	51.5%	$	47,144	$	21,063		$	31,130
Return on preferred equity, net of our share of the expense		37,416		37,357			27,586
Non-cash impairment loss		—		(413,349)			—
		84,560		(354,929)			58,716

Alexander's (see page 91 for details):
Equity in net income	32.4%	20,116		13,326		(2)	19,204
Net gain on sale of land		14,576		—			—
Management, leasing and development fees		5,429		5,309			4,575
		40,121		18,635			23,779

Partially owned office buildings(3)	Various	12,057		12,742			(3,443)

Other investments(4)	Various	(6,221)		(5,560)			(187)

		$	130,517	$	(329,112)		$	78,865

____________________

(1)2021 includes decreases in our share of depreciation and amortization expense compared to the prior year of $17,448, primarily resulting from non-cash impairment losses recognized during 2020 (see page 90 for details). 2021 and 2020 include a $13,971 reduction in income related to a Forever 21 lease modification at 1540 Broadway. 2020 also includes $3,125 of write-offs of lease receivables deemed uncollectible.

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

(3)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021, see Note 7 - Acquisitions and Dispositions for details), 7 West 34th Street, 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), Pennsylvania Real Estate Investment Trust (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and others.

5. Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities.


(Amounts in thousands)	Percentage Ownership at December 31, 2021	Maturity	Weighted Average Interest Rate at December 31, 2021	100% Partially Owned Entities’ Debt at December 31,(1)
				2021		2020
Mortgages Payable:
Partially owned office buildings(2)	Various	2022-2029	2.95%	$	3,348,149	$	3,622,572
Alexander's	32.4%	2024-2027	1.43%	1,096,544		1,164,544
Fifth Avenue and Times Square JV	51.5%	2022-2024	2.61%	950,000		950,000
Other(3)	Various	2022-2026	3.67%	1,292,012		1,288,265

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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 (consolidated from August 5, 2021), 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 $2,699,405,000 and $2,873,174,000 as of December 31, 2021 and 2020, respectively

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities.


(Amounts in thousands)	As of December 31,
	2021		2020
Balance Sheet:
Assets	$	12,689,000	$	13,344,000
Liabilities	7,553,000		7,747,000
Noncontrolling interests	2,069,000		2,075,000
Equity	3,067,000		3,522,000


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Income Statement:
Total revenue	$	1,184,000	$	1,163,000	$	1,504,000
Net income	190,000		45,000		39,000
Net income (loss) attributable to the entities	114,000		(33,000)		(32,000)