Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Partially Owned Entities

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

(Amounts in thousands)	Percentage Ownership as of December 31, 2023	Balance as of December 31,
		2023		2022
Investments:
Fifth Avenue and Times Square JV (see page 90 for details)	51.5%	$	2,242,972	$	2,272,320
Partially owned office buildings/land(1)	Various	118,558		182,180
Alexander’s (see page 91 for details)	32.4%	87,510		87,796
Other equity method investments(2)	Various	161,518		122,777
		$	2,610,558	$	2,665,073
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(69,899)	$	(65,522)
85 Tenth Avenue	49.9%	(11,330)		(16,006)
		$	(81,229)	$	(81,528)

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(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, Pier 94 JV (see page 92 for details), 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 as of December 31, 2023	For the Year Ended December 31,
		2023		2022		2021
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 90 for details):
Equity in net income(1)	51.5%	$	35,209	$	55,248	$	47,144
Return on preferred equity, net of our share of the expense		37,416		37,416		37,416
Non-cash impairment loss		—		(489,859)		—
		72,625		(397,195)		84,560
Alexander's (see page 91 for details):
Equity in net income	32.4%	15,441		18,439		20,116
Management, leasing and development fees		5,238		4,534		5,429
Net gain on sale of land		16,396		—		14,576
		37,075		22,973		40,121
Partially owned office buildings(2)(3)	Various	(73,589)		(110,261)		6,384
Other equity method investments(3)(4)	Various	2,578		23,132		(548)
		$	38,689	$	(461,351)	$	130,517

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(1)2023 includes (i) a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan and is amortized over the remaining term of the restructured loan, reducing future interest expense and (ii) lower income from lease renewals at 697-703 Fifth Avenue and 666 Fifth Avenue, partially offset by a decrease in our share of depreciation and amortization expense compared to the prior year, primarily resulting from non-cash impairment losses recognized in prior periods.

(2)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.

(3)In 2023 and 2022, we recognized $50,458 and $93,353, respectively, of impairment losses.

(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 as of December 31, 2023	Maturity(1)	Weighted Average Interest Rate as of December 31, 2023(2)	100% Partially Owned Entities’ Debt(3) as of December 31,
				2023		2022
Mortgages Payable:
Partially owned office buildings(4)	Various	2024-2029	5.45%	$	3,275,098	$	3,288,977
Alexander's	32.4%	2024-2027	4.48%	1,096,544		1,096,544
Fifth Avenue and Times Square JV	51.5%	2024-2028	5.92%	855,476		921,000
Other(5)	Various	2024-2032	5.16%	1,365,954		1,377,492

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(1)Assumes the exercise of as-of-right extension options.

(2)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.

(3)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.

(4)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.

(5)Includes interests in Independence Plaza, Pier 94 JV (see page 92 for details), 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 $2,654,701,000 and $2,697,226,000 as of December 31, 2023 and 2022, 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,
	2023		2022
Balance Sheet:
Assets	$	11,533,000	$	12,012,000
Liabilities	7,326,000		7,519,000
Noncontrolling interests	1,907,000		2,095,000
Equity	2,300,000		2,398,000

(Amounts in thousands)	For the Year Ended December 31,
	2023		2022		2021
Income Statement:
Total revenue	$	1,132,000	$	1,189,000	$	1,184,000
Net income (loss)	34,000		(404,000)		190,000
Net (loss) income attributable to the entities	(40,000)		(483,000)		114,000