XML 92 R69.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments in Unconsolidated Joint Ventures (Statements of Operations of the Joint Ventures) (Details) - USD ($)
$ in Thousands
12 Months Ended
Jan. 08, 2024
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 07, 2024
Jan. 02, 2024
Dec. 14, 2023
Schedule of Equity Method Investments [Line Items]                
Total revenue   $ 3,407,719   $ 3,273,569 $ 3,108,581      
Expenses                
Transaction costs   1,597   4,313 2,905      
Depreciation and amortization   887,191   830,813 749,775      
Total expenses   2,387,385   2,239,227 2,050,056      
Other income (expense)                
Interest expense   (645,117)   (579,572) (437,139)      
Gain on sales-type lease   0   0 10,058      
Net Loss   84,188   291,424 1,020,584      
Loss from unconsolidated joint ventures   (343,177)   (239,543) (59,840)      
Straight Line Rent Adjustments   105,600   99,100 108,000      
Above and below market rent adjustments, net   5,500   19,200 9,100      
901 New York Avenue                
Schedule of Equity Method Investments [Line Items]                
Total revenue     $ 33,200          
Other income (expense)                
Gain on sale / consolidation $ 21,800              
Unconsolidated Properties | 901 New York Avenue                
Other income (expense)                
Gain on sale / consolidation $ 21,800              
Unconsolidated Joint Ventures [Member]                
Schedule of Equity Method Investments [Line Items]                
Total revenue [1]   507,678   612,589 512,078      
Expenses                
Operating   204,625   239,947 198,632      
Transaction costs   456   301 837      
Depreciation and amortization   160,756   197,228 181,041      
Total expenses   365,837   437,476 380,510      
Other income (expense)                
Loss from early extinguishment of debt   0   (3) (1,327)      
Interest expense   (176,994)   (227,537) (154,065)      
Unrealized gain (loss) on derivative instruments   5,570   (6,582) (1,681)      
Gain on sales-type lease   0   2,737 0      
Net Loss   (29,583)   (56,272) (22,143)      
Company's share of net income (loss)   (10,912)   (19,599) (2,551)      
Gain on Unconsolidated Joint Venture Investment   0   35,756 [2] 0      
Gain on sale / consolidation   21,696 [3]   28,412 [3] 0      
Impairment loss on investment [4]   (341,338)   (272,603) (50,705)      
Basis differential [5]   (12,623)   (11,509) (6,584)      
Loss from unconsolidated joint ventures   (343,177)   (239,543) (59,840)      
Straight Line Rent Adjustments   13,700   28,700 62,900      
Above and below market rent adjustments, net   800   800 400      
Unconsolidated Joint Ventures [Member] | Basis Differential                
Expenses                
Depreciation and amortization   15,400   16,600 7,400      
Other income (expense)                
Unrealized gain (loss) on derivative instruments   1,500   (1,800) 500      
Unconsolidated Joint Ventures [Member] | Unconsolidated Properties                
Other income (expense)                
Impairment loss on investment   $ (341,300)   (272,600) (50,700)      
Santa Monica Business Park [Member] | Joint Venture Partner [Member]                
Other income (expense)                
Ownership Percentage               45.00%
Platform 16                
Other income (expense)                
Ownership Percentage   55.00% 55.00%          
Platform 16 | Unconsolidated Joint Ventures [Member]                
Other income (expense)                
Impairment loss on investment       (155,200)        
360 PAS Holdco LLC                
Other income (expense)                
Ownership Percentage [6]   71.11% 71.11%          
360 PAS Holdco LLC | Unconsolidated Joint Ventures [Member]                
Other income (expense)                
Impairment loss on investment       (54,000)        
200 Fifth Avenue JV LLC                
Other income (expense)                
Ownership Percentage   26.69% 26.69%          
200 Fifth Avenue JV LLC | Unconsolidated Joint Ventures [Member]                
Other income (expense)                
Impairment loss on investment       (33,400)        
CA-Colorado Center LLC[Member]                
Other income (expense)                
Ownership Percentage   50.00% 50.00%          
CA-Colorado Center LLC[Member] | Unconsolidated Joint Ventures [Member]                
Other income (expense)                
Impairment loss on investment   $ (168,391)            
CA-Colorado Center LLC[Member] | Unconsolidated Joint Ventures [Member] | Unconsolidated Properties                
Other income (expense)                
Impairment loss on investment   $ (168,400)            
Gateway Commons Complex [Member]                
Other income (expense)                
Ownership Percentage   50.00% 50.00%          
Gateway Commons Complex [Member] | Unconsolidated Properties                
Other income (expense)                
Ownership Percentage             50.00%  
Gateway Commons Complex [Member] | Unconsolidated Joint Ventures [Member]                
Other income (expense)                
Impairment loss on investment   $ (126,163)            
Gateway Commons Complex [Member] | Unconsolidated Joint Ventures [Member] | Unconsolidated Properties                
Other income (expense)                
Impairment loss on investment   $ (126,100)            
Safeco Plaza REIT LLC                
Other income (expense)                
Ownership Percentage [7]   33.67% 33.67%          
Safeco Plaza REIT LLC | Unconsolidated Joint Ventures [Member]                
Other income (expense)                
Impairment loss on investment   $ (46,784)   (29,900)        
Safeco Plaza REIT LLC | Unconsolidated Joint Ventures [Member] | Unconsolidated Properties                
Other income (expense)                
Impairment loss on investment   (46,800)            
Dock 72 [Member] | Unconsolidated Joint Ventures [Member]                
Other income (expense)                
Impairment loss on investment         (50,700)      
Colorado Center [Member] | Unconsolidated Joint Ventures [Member]                
Other income (expense)                
Straight Line Rent Adjustments   $ 1,300   $ 1,500 $ 500      
901 New York Avenue LLC [Member]                
Other income (expense)                
Ownership Percentage [8]       25.00%        
901 New York Avenue LLC [Member] | Unconsolidated Properties | 901 New York Avenue                
Other income (expense)                
Ownership Percentage           50.00%    
901 New York Avenue LLC [Member] | Joint Venture Partner [Member] | 901 New York Avenue                
Other income (expense)                
Ownership Percentage 50.00%              
901 New York Avenue LLC [Member] | Joint Venture Partner [Member] | Unconsolidated Properties | 901 New York Avenue                
Other income (expense)                
Ownership Percentage 50.00%              
[1] Includes straight-line rent adjustments of approximately $13.7 million, $28.7 million and $62.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
[2] During the year ended December 31, 2023, the Company completed a restructuring of its ownership in Metropolitan Square.
[3] During the year ended December 31, 2024, the Company acquired its joint venture partner’s 50% economic interest in 901 New York Avenue. During the year ended December 31, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park.
[4] 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.
[5] Includes depreciation and amortization of approximately $15.4 million, $16.6 million and $7.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. Includes unrealized gain (loss) on derivative instruments of approximately $1.5 million, $(1.8) million and $0.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Includes straight-line rent adjustments of approximately $1.3 million, $1.5 million and $0.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.8 million, $0.8 million and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
[6] The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture.
[7] The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture.
[8] At December 31, 2023, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company completed the acquisition of its joint venture partner’s 50% economic ownership interest for a gross purchase price of
$10.0 million, as described in Note 3 and this Note 6. Since then, the Company accounts for its assets, liabilities and operations on a consolidated basis.