Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

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

	Percentage Ownership at September 30, 2022	Balance as of
(Amounts in thousands)		September 30, 2022		December 31, 2021
Investments:
Fifth Avenue and Times Square JV (see page 26 for details):	51.5%	$	2,765,475	$	2,770,633
Partially owned office buildings/land(1)	Various	271,634		298,415
Alexander’s	32.4%	91,278		91,405
Other investments(2)	Various	121,810		136,936
		$	3,250,197	$	3,297,389
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(63,124)	$	(60,918)
85 Tenth Avenue	49.9%	(16,884)		(18,067)
		$	(80,008)	$	(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 September 30, 2022	For the Three Months Ended September 30,				For the Nine Months Ended September 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%	$	11,941	$	12,671	$	41,915	$	32,314
Return on preferred equity, net of our share of the expense		9,430		9,430		27,985		27,985
		21,371		22,101		69,900		60,299
Alexander's (see page 27 for details):
Equity in net income(1)	32.4%	4,740		3,710		14,235		17,764
Management, leasing and development fees		1,170		1,085		3,352		3,622
		5,910		4,795		17,587		21,386
Partially owned office buildings(2)	Various	(4,732)		418		(8,080)		8,395
Other investments(3)	Various	1,792		(1,045)		4,368		(3,312)
		$	24,341	$	26,269	$	83,775	$	86,768

____________________

(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.