Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022	Balance as of
		June 30, 2022		December 31, 2021
Investments:
Fifth Avenue and Times Square JV (see page 26 for details):	51.5%	$	2,771,041	$	2,770,633
Partially owned office buildings/land(1)	Various	282,057		306,989
Alexander’s	32.4%	91,544		91,405
Other investments(2)	Various	125,587		128,362
		$	3,270,229	$	3,297,389
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(63,394)	$	(60,918)
85 Tenth Avenue	49.9%	(16,070)		(18,067)
		$	(79,464)	$	(78,985)

____________________

(1)Includes interests in 280 Park Avenue, 650 Madison 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.

6.    Investments in Partially Owned Entities - continued

Below is a schedule of income from partially owned entities.

(Amounts in thousands)	Percentage Ownership at June 30, 2022	For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2022		2021		2022		2021
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 26 for details):
Equity in net income	51.5%	$	13,665	$	10,037	$	29,974	$	19,643
Return on preferred equity, net of our share of the expense		9,329		9,329		18,555		18,555
		22,994		19,366		48,529		38,198
Alexander's (see page 27 for details):
Equity in net income(1)	32.4%	4,824		8,325		9,495		14,054
Management, leasing and development fees		1,162		1,962		2,182		2,537
		5,986		10,287		11,677		16,591
Partially owned office buildings(2)	Various	(3,584)		3,758		(1,107)		9,730
Other investments(3)	Various	324		(1,985)		335		(4,020)
		$	25,720	$	31,426	$	59,434	$	60,499

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(1)On June 4, 2021, Alexander's completed the sale of a parcel of land in the Bronx, New York for $10,000. As a result of the sale, we recognized our $2,956 share of the net gain and also received a $300 sales commission from Alexander's.

(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.