XML 58 R43.htm IDEA: XBRL DOCUMENT v3.25.3
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
ASSETS          
Total real estate $ 21,294,686   $ 21,294,686   $ 21,050,255
Total assets 25,999,482   25,999,482   26,084,980
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Mortgage and notes payable, net 4,279,482   4,279,482   4,276,609
Other Liabilities 406,820   406,820   450,796
Members’/Partners’ equity 4,999,559   4,999,559   5,413,306
Total liabilities and equity / capital 25,999,482   25,999,482   26,084,980
Carying value of the Company's investment in unconsolidated joint ventures 999,764   999,764   1,093,583
Operating Lease, Right-of-Use Asset 321,063   321,063   334,767
Lease Liabilities - Operating Leases 379,792   379,792   392,686
Unconsolidated Joint Ventures [Member]          
ASSETS          
Total real estate [1] 5,781,519   5,781,519   5,748,198
Other assets [2] 708,615   708,615   703,096
Total assets 6,490,134   6,490,134   6,451,294
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Mortgage and notes payable, net 3,186,295   3,186,295   3,206,723
Other Liabilities [3] 252,689   252,689   292,125
Members’/Partners’ equity 3,051,150   3,051,150   2,952,446
Total liabilities and equity / capital 6,490,134   6,490,134   6,451,294
Company's share of equity 1,365,565   1,365,565   1,344,543
Basis differentials [4] (416,253)   (416,253)   (284,469)
Carying value of the Company's investment in unconsolidated joint ventures [5] 949,312   949,312   1,060,074
Operating Lease, Right-of-Use Asset 18,100   18,100   19,000
Sales-type lease receivable, net 14,300   14,300   14,100
Lease Liabilities - Operating Leases 30,500   30,500   30,500
Equity Method Investment, Other-than-Temporary Impairment 145,133 [6] $ 0 145,133 [6] $ 0  
Unconsolidated Joint Ventures [Member]          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Other Liabilities 50,500   50,500   33,500
Colorado Center          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Basis differentials 130,440   130,440   127,632
Carying value of the Company's investment in unconsolidated joint ventures [7] 69,015   69,015   65,000
Equity Method Investment, Other-than-Temporary Impairment         168,400
200 Fifth Avenue JV LLC          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Basis differentials 48,864   48,864   49,656
Carying value of the Company's investment in unconsolidated joint ventures [7] 75,376   75,376   70,673
Gateway Commons Complex [Member]          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Basis differentials (216,170)   (216,170)   (74,500)
Carying value of the Company's investment in unconsolidated joint ventures [7] 125,090   125,090   272,000
Equity Method Investment, Other-than-Temporary Impairment 145,100   145,100   126,100
Safeco Plaza REIT LLC          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Basis differentials (73,275)   (73,275)   (75,576)
Carying value of the Company's investment in unconsolidated joint ventures [7] 121   121   0
Equity Method Investment, Other-than-Temporary Impairment         46,800
Dock 72          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Other Liabilities [7] 14,326   14,326   9,889
Basis differentials (89,347)   (89,347)   (92,054)
360 Park Avenue South          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Basis differentials (111,025)   (111,025)   (113,265)
Carying value of the Company's investment in unconsolidated joint ventures [7] 93,988   93,988   74,592
Platform 16          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Basis differentials (142,666)   (142,666)   (142,698)
Carying value of the Company's investment in unconsolidated joint ventures [7] 58,076   58,076   56,265
Remaining Other Investment          
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY          
Basis differentials $ 36,926   $ 36,926   $ 36,336
[1] At September 30, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $18.1 million and $19.0 million, respectively.
[2] At September 30, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $14.3 million and $14.1 million, respectively.
[3] At September 30, 2025 and December 31, 2024, 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 thee months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million. 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. 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:
September 30, 2025December 31, 2024
Property(in thousands)
Colorado Center$130,440 $127,632 
200 Fifth Avenue48,864 49,656 
Gateway Commons(216,170)(74,500)
Safeco Plaza(73,275)(75,576)
Dock 72(89,347)(92,054)
360 Park Avenue South(111,025)(113,265)
Platform 16(142,666)(142,698)
Other basis differentials36,926 36,336 
Total basis differentials $(416,253)$(284,469)
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 $50.5 million and $33.5 million at September 30, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
[6] During the three and nine months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million.
[7] Investments with deficit balances aggregating approximately $50.5 million and $33.5 million at September 30, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.