XML 91 R68.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
ASSETS      
Total real estate $ 21,050,255 $ 20,593,459  
Total assets 26,084,980 26,026,149  
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Mortgage and notes payable, net 4,276,609 4,166,379  
Other Liabilities 450,796 445,947  
Members’/Partners’ equity 5,413,306 5,876,697  
Total liabilities and equity / capital 26,084,980 26,026,149  
Carying value of the Company's investment in unconsolidated joint ventures 1,093,583 1,377,319  
Operating Lease, Right-of-Use Asset [1] 334,767 324,298  
Sales-type lease receivable, net 14,923 13,953  
Lease Liabilities - Operating Leases 392,686 350,391  
Unconsolidated Joint Ventures [Member]      
ASSETS      
Total real estate [2] 5,748,198 5,811,763  
Other assets [3] 703,096 682,291  
Total assets 6,451,294 6,494,054  
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Mortgage and notes payable, net 3,206,723 3,351,873  
Other Liabilities [4] 292,125 361,357  
Members’/Partners’ equity 2,952,446 2,780,824  
Total liabilities and equity / capital 6,451,294 6,494,054  
Company's share of equity 1,344,543 1,278,483  
Basis differentials [5] (284,469) 58,933  
Carying value of the Company's investment in unconsolidated joint ventures [6] 1,060,074 1,337,416  
Operating Lease, Right-of-Use Asset 19,000 20,100  
Sales-type lease receivable, net 14,100 13,900  
Lease Liabilities - Operating Leases 30,500 30,500  
Impairment loss on investment [7] 341,338 272,603 $ 50,705
Unconsolidated Joint Ventures [Member] | Unconsolidated Properties      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment 341,300 272,600 $ 50,700
Unconsolidated Joint Ventures [Member]      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Other Liabilities 33,500 39,900  
Colorado Center      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Basis differentials 127,632 298,906  
Carying value of the Company's investment in unconsolidated joint ventures [8] 65,000 237,815  
Colorado Center | Unconsolidated Joint Ventures [Member]      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment 168,391    
Colorado Center | Unconsolidated Joint Ventures [Member] | Unconsolidated Properties      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment 168,400    
200 Fifth Avenue JV LLC      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Basis differentials 49,656 58,308  
Carying value of the Company's investment in unconsolidated joint ventures [8] 70,673 75,718  
200 Fifth Avenue JV LLC | Unconsolidated Joint Ventures [Member]      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment   33,400  
Gateway Commons Complex [Member]      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Basis differentials (74,500) 48,971  
Carying value of the Company's investment in unconsolidated joint ventures [8] 272,000 376,834  
Gateway Commons Complex [Member] | Unconsolidated Joint Ventures [Member]      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment 126,163    
Gateway Commons Complex [Member] | Unconsolidated Joint Ventures [Member] | Unconsolidated Properties      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment 126,100    
Safeco Plaza REIT LLC      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Basis differentials (75,576) (29,678)  
Carying value of the Company's investment in unconsolidated joint ventures [8] 0 44,734  
Safeco Plaza REIT LLC | Unconsolidated Joint Ventures [Member]      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment 46,784 29,900  
Safeco Plaza REIT LLC | Unconsolidated Joint Ventures [Member] | Unconsolidated Properties      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment 46,800    
Dock 72      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Other Liabilities [8] 9,889 11,890  
Basis differentials (92,054) (95,521)  
360 Park Avenue South      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Basis differentials (113,265) (116,534)  
Carying value of the Company's investment in unconsolidated joint ventures [8] 74,592 42,988  
360 Park Avenue South | Unconsolidated Joint Ventures [Member]      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment   54,000  
Platform 16      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Basis differentials (142,698) (143,052)  
Carying value of the Company's investment in unconsolidated joint ventures [8] 56,265 45,564  
Platform 16 | Unconsolidated Joint Ventures [Member]      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Impairment loss on investment   155,200  
Other Unconsolidated JVS      
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY      
Basis differentials $ 36,300 $ 37,500  
[1] See Note 4.
[2] At December 31, 2024 and December 31, 2023, this amount included right of use assets - operating leases totaling approximately $19.0 million and $20.1 million, respectively.
[3] At December 31, 2024 and December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $14.1 million and $13.9 million, respectively.
[4] At December 31, 2024 and December 31, 2023, this amount included lease liabilities - operating leases totaling approximately $30.5 million.
[5] 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 year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investment in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million, and $46.8 million, respectively. During the year ended December 31, 2023, the Company recognized an other-than-temporary 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. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The Company’s basis differences include:
December 31, 2024December 31, 2023
Property(in thousands)
Colorado Center$127,632 $298,906 
200 Fifth Avenue49,656 58,308 
Gateway Commons(74,500)48,971 
Safeco Plaza(75,576)(29,678)
Dock 72(92,054)(95,521)
360 Park Avenue South(113,265)(116,534)
Platform 16(142,698)(143,052)
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. An additional $36.3 million and $37.5 million of other basis differentials are not included above at December 31, 2024 and December 31, 2023, respectively.
[6] Investments with deficit balances aggregating approximately $33.5 million and $39.9 million at December 31, 2024 and December 31, 2023, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
[7] During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million, and $46.8 million, respectively. During the year ended December 31, 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. During the year ended December 31, 2022, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture that owns Dock 72 in Brooklyn, New York totaling approximately $50.7 million.
[8] Investments with deficit balances aggregating approximately $33.5 million and $39.9 million at December 31, 2024 and December 31, 2023, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.