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Investments in Partially Owned Entities (Tables)
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Below is a schedule of our investments in partially owned entities.
(Amounts in thousands)Percentage Ownership at December 31, 2022Balance as of December 31,
20222021
Investments:
Fifth Avenue and Times Square JV (see page 89 for details)
51.5%$2,272,320 $2,770,633 
Partially owned office buildings/land(1)
Various182,180 299,101 
Alexander’s (see page 90 for details)
32.4%87,796 91,405 
Other investments(2)
Various122,777 136,250 
$2,665,073 $3,297,389 
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street53.0%$(65,522)$(60,918)
85 Tenth Avenue49.9%(16,006)(18,067)
$(81,528)$(78,985)
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(1)Includes interests in 280 Park Avenue, 650 Madison Avenue (balance reduced to zero in 2022), 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, 2022For the Year Ended December 31,
202220212020
Our share of net (loss) income:
Fifth Avenue and Times Square JV (see page 89 for details)
Non-cash impairment loss51.5%$(489,859)$— $(413,349)
Equity in net income(1)
55,248 47,144 21,063 
Return on preferred equity, net of our share of the expense37,416 37,416 37,357 
(397,195)84,560 (354,929)
Alexander's (see page 90 for details):
Equity in net income(2)
32.4%18,439 20,116 13,326 
Net gain on sale of land— 14,576 — 
Management, leasing and development fees4,534 5,429 5,309 
22,973 40,121 18,635 
Partially owned office buildings(3)
Various(110,261)6,384 11,943 
Other investments(4)
Various23,132 (548)(4,761)
$(461,351)$130,517 $(329,112)
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(1)Our share of depreciation and amortization expense in 2022 and 2021 was reduced compared to 2020 primarily due to non-cash impairment losses recognized in 2020.
(2)2020 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), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2022 includes a $93,353 impairment loss on our investment in 650 Madison Avenue.
(4)Includes interests in Independence Plaza, Rosslyn Plaza and others. 2022 includes $17,185 of net gains from dispositions of two investments.
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, 2022Maturity
Weighted Average Interest Rate at December 31, 2022(1)
100% Partially Owned Entities’
Debt(2) at December 31,
 20222021
Mortgages Payable:     
Partially owned office buildings(3)
Various2023-20294.82%$3,288,977 $3,297,999 
Alexander's32.4%2024-20274.12%1,096,544 1,096,544 
Fifth Avenue and Times Square JV(4)
51.5%2022-20245.55%921,000 950,000 
Other(5)
Various2023-20325.14%1,377,492 1,342,162 
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(1)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable.
(2)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.
(3)Includes interests in 280 Park Avenue, 650 Madison Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.
(4)Includes the 697-703 Fifth Avenue mortgage loan which was not repaid upon its December 2022 maturity, resulting in an event of default. See page 90 for details.
(5)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 $2,697,226,000 and $2,699,405,000 as of December 31, 2022 and 2021, 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,
 20222021
Balance Sheet:  
Assets$12,012,000 $12,689,000 
Liabilities7,519,000 7,553,000 
Noncontrolling interests2,095,000 2,069,000 
Equity2,398,000 3,067,000 
(Amounts in thousands)For the Year Ended December 31,
 202220212020
Income Statement:   
Total revenue$1,189,000 $1,184,000 $1,163,000 
Net (loss) income (404,000)190,000 45,000 
Net (loss) income attributable to the entities(483,000)114,000 (33,000)