Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

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


(Amounts in thousands)	Percentage Ownership at June 30, 2021	Balance as of
		June 30, 2021		December 31, 2020
Investments:
Fifth Avenue and Times Square JV (see page 27 for details):	51.5%	$	2,776,891	$	2,798,413
Partially owned office buildings/land(1)	Various	361,463		473,285
Alexander’s	32.4%	83,892		82,902
Other investments(2)	Various	133,155		136,507
		$	3,355,401	$	3,491,107

Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(58,214)	$	(55,340)
85 Tenth Avenue	49.9%	(18,780)		(13,080)
		$	(76,994)	$	(68,420)

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(1)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 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.

7. Investments in Partially Owned Entities - continued

Below is a schedule of income (loss) from partially owned entities.


(Amounts in thousands)	Percentage Ownership at June 30, 2021	For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2021		2020		2021		2020
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 27 for details):
Equity in net income(1)	51.5%	$	10,037	$	441	$	19,643	$	5,937
Return on preferred equity, net of our share of the expense		9,329		9,330		18,555		18,496
Non-cash impairment loss		—		(306,326)		—		(306,326)
		19,366		(296,555)		38,198		(281,893)
Alexander's (see page 28 for details):
Equity in net income	32.4%	8,325		3,929		14,054		5,345
Management, leasing and development fees		1,962		1,222		2,537		2,482
		10,287		5,151		16,591		7,827

Partially owned office buildings(2)	Various	3,758		810		9,730		2,132

Other investments(3)	Various	(1,985)		(1,279)		(4,020)		(836)

		$	31,426	$	(291,873)	$	60,499	$	(272,770)

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(1)2020 includes $4,737 of write-offs of lease receivables deemed uncollectible during the second quarter of 2020.

(2)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

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