Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Partially Owned Entities

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

(Amounts in thousands)	Percentage Ownership as of September 30, 2025	Balance as of
		September 30, 2025		December 31, 2024
Investments:
Fifth Avenue and Times Square JV (see page 22 for details)	51.5%	$	1,549,488	$	2,235,546
Partially owned office buildings/land(1)	Various	154,359		186,190
Alexander's (see page 22 for details):	32.4%	53,592		68,492
Other investments(2)	Various	208,462		201,250
		$	1,965,901	$	2,691,478
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(66,168)	$	(70,552)
85 Tenth Avenue	49.9%	(23,844)		(18,978)
		$	(90,012)	$	(89,530)

____________________

(1)Includes interests in 280 Park Avenue, 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.

5. Investments in Partially Owned Entities - continued

Below is a schedule of income from partially owned entities.

(Amounts in thousands)	Percentage Ownership as of September 30, 2025	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2025		2024		2025		2024
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 22 for details):
Equity in net income	51.5%	$	2,286	$	9,253	$	11,772	$	28,971
Return on preferred equity, net of our share of the expense		6,241		10,541		21,287		30,127
Net gain on sale		—		—		76,162		—
		8,527		19,794		109,221		59,098
Alexander's (see page 22 for details):
Equity in net income	32.4%	2,069		2,099		7,911		9,902
Management, leasing and development fees		1,405		1,530		4,444		3,895
		3,474		3,629		12,355		13,797
Partially owned office buildings(1)(2)	Various	6,953		(7,633)		976		3,261		(3)
Other investments(4)	Various	2,986		2,439		13,036		6,301
		$	21,940	$	18,229	$	135,588	$	82,457

____________________

(1)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street (sold on August 14, 2025), 61 Ninth Avenue, 85 Tenth Avenue and others.

(2)2025 includes the $11,002 gain associated with the sale of 512 West 22nd Street. See page 23 for details.

(3)Includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.

(4)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.