Investments in Partially Owned Entities (Tables)

3 Months Ended

Mar. 31, 2025

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


(Amounts in thousands)	Percentage Ownership as of March 31, 2025	Balance as of
		March 31, 2025		December 31, 2024
Investments:
Fifth Avenue and Times Square JV (see page 20 for details)	51.5%	$	1,965,973	$	2,235,546
Partially owned office buildings/land(1)	Various	185,958		186,190
Alexander's (see page 20 for details):	32.4%	64,677		68,492
Other investments(2)	Various	204,675		201,250
		$	2,421,283	$	2,691,478
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(67,656)	$	(70,552)
85 Tenth Avenue	49.9%	(20,939)		(18,978)
		$	(88,595)	$	(89,530)

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(1)Includes interests in 280 Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others.

(2)Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others.

(3)Our negative basis results from distributions in excess of our investment.

Below is a schedule of income from partially owned entities.


(Amounts in thousands)	Percentage Ownership as of March 31, 2025	For the Three Months Ended March 31,
		2025		2024
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 20 for details):

Equity in net income	51.5%	$	5,837	$	9,291
Return on preferred equity, net of our share of the expense		8,543		9,328
Net gain on sale		76,162		—
		90,542		18,619
Alexander's (see page 20 for details):
Equity in net income	32.4%	3,923		5,154
Management, leasing and development fees		1,633		1,180

		5,556		6,334

Partially owned office buildings(1)	Various	(3,622)		(10,403)

Other investments(2)	Various	4,501		1,729

		$	96,977	$	16,279

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(1)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

(2)Includes interests in Independence Plaza, Rosslyn Plaza and others.