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Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 13, 2023
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
ASSETS            
Total real estate   $ 19,868,096   $ 19,868,096   $ 19,496,442
Total assets   24,739,148   24,739,148   24,207,669
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Mortgage and notes payable, net   3,275,974   3,275,974   3,272,368
Other Liabilities   380,014   380,014   450,918
Members’/Partners’ equity   5,788,083   5,788,083   6,132,919
Total liabilities and equity / capital   24,739,148   24,739,148   24,207,669
Carying value of the Company's investment in unconsolidated joint ventures   1,536,822   1,536,822   1,715,911
Right-of-use assets - finance leases   237,532   237,532   237,510
Right of use assets - operating leases (amounts related to VIEs of $156,940 and $0 at September 30, 2023 and December 31, 2022, respectively) [1]   322,790   322,790   167,351
Lease liabilities - finance leases   253,178   253,178   249,335
Lease Liabilities - Operating Leases   341,299   341,299   204,686
Unconsolidated Joint Ventures [Member]            
ASSETS            
Total real estate [2]   6,852,171   6,852,171   6,537,554
Other assets   812,748   812,748   756,786
Total assets   7,664,919   7,664,919   7,294,340
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Mortgage and notes payable, net   4,048,987   4,048,987   4,022,746
Other Liabilities [3]   782,238   782,238   716,271
Members’/Partners’ equity   2,833,694   2,833,694   2,555,323
Total liabilities and equity / capital   7,664,919   7,664,919   7,294,340
Company's share of equity   1,331,257   1,331,257   1,238,929
Basis differentials [4]   165,591   165,591   391,556
Carying value of the Company's investment in unconsolidated joint ventures [5]   1,496,848   1,496,848   1,630,485
Right-of-use assets - finance leases   248,900   248,900   248,900
Right of use assets - operating leases (amounts related to VIEs of $156,940 and $0 at September 30, 2023 and December 31, 2022, respectively)   20,300   20,300   21,200
Lease liabilities - finance leases   378,400   378,400   382,200
Lease Liabilities - Operating Leases   30,500   30,500   30,500
Impairment loss on investment   272,603 [6] $ 0 272,603 [6] $ 0  
Gain on Unconsolidated Joint Venture Investment   35,756 [7] $ 0 35,756 [7] $ 0  
Unconsolidated Joint Ventures [Member]            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Other Liabilities   40,000   40,000   85,400
Colorado Center            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Basis differentials   299,637   299,637   301,820
Carying value of the Company's investment in unconsolidated joint ventures [8]   237,286   237,286   233,862
200 Fifth Avenue JV LLC            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Basis differentials   60,874   60,874   94,497
Carying value of the Company's investment in unconsolidated joint ventures [8]   83,244   83,244   120,083
Impairment loss on investment   33,400        
Gateway Commons Complex [Member]            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Basis differentials   48,199   48,199   47,808
Carying value of the Company's investment in unconsolidated joint ventures [8]   362,995   362,995   324,038
BP/CRF Metropolitan Square LLC [Member]            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Other Liabilities [8]   0   0   37,629
Basis differentials   37,053   37,053   1,320
Gain on Unconsolidated Joint Venture Investment $ 35,800          
Safeco Plaza REIT LLC            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Basis differentials   (29,962)   (29,962)   (15)
Carying value of the Company's investment in unconsolidated joint ventures [8]   42,330   42,330   69,785
Impairment loss on investment   29,900        
360 PAS Holdco LLC            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Basis differentials   (47,147)   (47,147)   3,798
Carying value of the Company's investment in unconsolidated joint ventures [8]   59,979   59,979   114,992
Impairment loss on investment   54,000        
Dock 72            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Other Liabilities [8]   12,195   12,195   19,921
Basis differentials   (96,366)   (96,366)   (98,980)
Platform 16            
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY            
Basis differentials   (143,803)   (143,803)   7,108
Carying value of the Company's investment in unconsolidated joint ventures [8]   35,719   $ 35,719   $ 158,109
Impairment loss on investment   $ 155,200        
[1] See Note 4.
[2] At September 30, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At September 30, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.3 million and $21.2 million, respectively.
[3] At September 30, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $378.4 million and $382.2 million, respectively. At September 30, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million.
[4] This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. During the three months ended September 30, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as well as a $35.8 million gain on investment related to Metropolitan Square, as described below in this Note 5. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows:
September 30, 2023December 31, 2022
Property(in thousands)
Colorado Center$299,637 $301,820 
200 Fifth Avenue60,874 94,497 
Gateway Commons48,199 47,808 
Metropolitan Square37,053 1,320 
Safeco Plaza(29,962)(15)
360 Park Avenue South(47,147)3,798 
Dock 72(96,366)(98,980)
Platform 16(143,803)7,108 
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.
[5] Investments with deficit balances aggregating approximately $40.0 million and $85.4 million at September 30, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
[6] During the three months ended September 30, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million respectively, as described below in this Note 5.
[7] During the three months ended September 30, 2023, the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 5.
[8] Investments with deficit balances aggregating approximately $40.0 million and $85.4 million at September 30, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.