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Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of General Information on Joint Ventures and Investments in Unconsolidated Joint Ventures Sold | The table below provides general information on each of our joint ventures as of June 30, 2024:
Property | Partner | Ownership Interest (1) | Economic Interest (1) | Unaudited Approximate Square Feet
100 Park Avenue | Prudential Real Estate Investors | 49.90% | 49.90% | 834,000 |
800 Third Avenue | Private Investors | 60.52% | 60.52% | 526,000 |
919 Third Avenue | New York State Teacher's Retirement System | 51.00% | 51.00% | 1,454,000 |
11 West 34th Street (2) | Private Investor / Wharton Properties | 30.00% | 30.00% | 17,150 |
280 Park Avenue | Vornado Realty Trust | 50.00% | 50.00% | 1,219,158 |
1552-1560 Broadway (2) (3) | Wharton Properties | 50.00% | 50.00% | 57,718 |
650 Fifth Avenue (2) (4) | Wharton Properties | 50.00% | 50.00% | 69,214 |
11 Madison Avenue | PGIM Real Estate | 60.00% | 60.00% | 2,314,000 |
One Vanderbilt Avenue | National Pension Service of Korea / Hines Interest LP | 71.01% | 71.01% | 1,657,198 |
Worldwide Plaza (2) | RXR Realty / New York REIT | 24.95% | 24.95% | 2,048,725 |
1515 Broadway | Allianz Real Estate of America | 56.87% | 56.87% | 1,750,000 |
2 Herald Square (2) (5) | Israeli Institutional Investor | 95.00% | 95.00% | 369,000 |
115 Spring Street (2) | Private Investor | 51.00% | 51.00% | 5,218 |
15 Beekman (6) | A fund managed by Meritz Alternative Investment Management | 20.00% | 20.00% | 221,884 |
85 Fifth Avenue | Wells Fargo | 36.27% | 36.27% | 12,946 |
One Madison Avenue (7) | National Pension Service of Korea / Hines Interest LP / International Investor | 25.50% | 25.50% | 1,048,700 |
220 East 42nd Street | A fund managed by Meritz Alternative Investment Management | 51.00% | 51.00% | 1,135,000 |
450 Park Avenue (8) | Korean Institutional Investor / Israeli Institutional Investor | 50.10% | 25.10% | 337,000 |
5 Times Square (2) | RXR Realty led investment group | 31.55% | 31.55% | 1,131,735 |
245 Park Avenue | U.S. Affiliate of Mori Trust Co., Ltd | 50.10% | 50.10% | 1,782,793 |
625 Madison Avenue (9) | Private Investor | 90.93% | 90.93% | 591,123 |
(1)Ownership interest and economic interest represent the Company's interests in the joint venture as of June 30, 2024. Changes in ownership or economic interests within the current year are disclosed in the notes below. (2)Included in the Company's alternative strategy portfolio. (3)The joint venture owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. (4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. (5)In January 2024, the Company closed on the acquisition of interests in the joint venture that owns the leasehold interest for no consideration, which increases the Company's interest in the joint venture to 95.0%. (6)In 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company. (7)In 2021, the Company admitted an additional partner to the development project with the partner's indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in Other liabilities in our consolidated balance sheets at June 30, 2024 and December 31, 2023. (8)The 50.1% ownership interest reflected in this table is comprised of our 25.1% economic interest and a 25.0% economic interest held by a third-party. The third-party's economic interest is held within a joint venture that we consolidate and recognize in Noncontrolling interests in other partnerships on our consolidated balance sheet. An additional third-party owns the remaining 49.9% economic interest in the property. (9)In connection with the sale of the fee ownership interest, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property with a mandatory redemption date of December 2026. The Company's share, net of unamortized discounts, is $205.2 million with an aggregate weighted average current yield of 8.95% as of June 30, 2024. The following table summarizes the investments in unconsolidated joint ventures sold during the six months ended June 30, 2024:
Property |  | Ownership Interest Sold |  | Disposition Date |  | Gross Asset Valuation (in millions) |  | Gain (Loss) on Sale (in millions) (1) (2)
717 Fifth Avenue |  | 10.92% |  | January 2024 |  | $ | 963.0 |  |  | $ | 24.9 |
625 Madison Avenue (3) |  | 90.43% |  | May 2024 |  | 634.6 |  |  | (7.6) |
(1)Represents the Company's share of the gain. (2)For the six months ended June 30, 2024, the gain (loss) on sale is net of $7.8 million of employee compensation recognized in connection with the realization of the investment dispositions. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods. (3)In connection with the sale of the fee ownership interest, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property. Prior to the completion of the sale, the Company recorded a charge of $5.9 million for capital contributions required during the three months ended March 31, 2024 while the investment was under contract, which is included in Depreciable real estate reserves and impairments in the consolidated statements of operations.
Schedule of Mortgage Notes and Other Loans Payable Collateralized by the Respective Joint Venture Properties and Assignment of Leases | The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases as of June 30, 2024 and December 31, 2023, respectively, are as follows (dollars in thousands):
|  |  |  |  |  |  |  | Principal Outstanding |  | Principal Outstanding
| Economic | Current Maturity | Final Maturity |  | Interest |  | June 30, 2024 |  | December 31, 2023
Property | Interest (1) | Date | Date (2) |  | Rate (3) |  | Gross |  | SLG Share |  | Gross |  | SLG Share
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |
650 Fifth Avenue (4) | 50.00 | % | July 2024 (5) | July 2024 (5) |  |  | 5.45% |  | $ | 65,000 |  |  | $ | 32,500 |  |  | $ | 65,000 |  |  | $ | 32,500 |
5 Times Square (4) | 31.55 | % | September 2024 | September 2026 |  |  | 7.23% |  | 551,020 |  |  | 173,847 |  |  | 477,783 |  |  | 150,740 |
1515 Broadway | 56.87 | % | March 2025 | March 2025 |  |  | 3.93% |  | 751,580 |  |  | 427,416 |  |  | 762,002 |  |  | 433,344 |
115 Spring Street (4) | 51.00 | % | March 2025 | March 2025 |  |  | 5.50% |  | 65,550 |  |  | 33,431 |  |  | 65,550 |  |  | 33,431 |
450 Park Avenue | 25.10 | % | June 2025 | June 2027 |  |  | 6.10% |  | 279,059 |  |  | 70,044 |  |  | 271,394 |  |  | 68,120 |
11 Madison Avenue | 60.00 | % | September 2025 | September 2025 |  |  | 3.84% |  | 1,400,000 |  |  | 840,000 |  |  | 1,400,000 |  |  | 840,000 |
One Madison Avenue (6) | 25.50 | % | November 2025 | November 2026 |  |  | 7.10% |  | 574,938 |  |  | 146,609 |  |  | 733,103 |  |  | 186,941 |
15 Beekman | 20.00 | % | January 2026 | January 2028 |  |  | 5.99% |  | 120,000 |  |  | 24,000 |  |  | — |  |  | — |
800 Third Avenue | 60.52 | % | February 2026 | February 2026 |  |  | 3.37% |  | 177,000 |  |  | 107,120 |  |  | 177,000 |  |  | 107,120 |
919 Third Avenue | 51.00 | % | April 2026 | April 2028 |  |  | 6.11% |  | 500,000 |  |  | 255,000 |  |  | 500,000 |  |  | 255,000 |
245 Park Avenue | 50.10 | % | June 2027 | June 2027 |  |  | 4.30% |  | 1,768,000 |  |  | 885,768 |  |  | 1,768,000 |  |  | 885,768 |
Worldwide Plaza (4) | 24.95 | % | November 2027 | November 2027 |  |  | 3.98% |  | 1,200,000 |  |  | 299,400 |  |  | 1,200,000 |  |  | 299,400 |
One Vanderbilt Avenue | 71.01 | % | July 2031 | July 2031 |  |  | 2.95% |  | 3,000,000 |  |  | 2,130,300 |  |  | 3,000,000 |  |  | 2,130,300 |
220 East 42nd Street |  |  |  |  |  |  |  | — |  |  | — |  |  | 505,412 |  |  | 257,760 |
625 Madison Avenue |  |  |  |  |  |  |  | — |  |  | — |  |  | 199,987 |  |  | 180,848 |
10 East 53rd Street |  |  |  |  |  |  |  | — |  |  | — |  |  | 220,000 |  |  | 121,000 |
717 Fifth Avenue |  |  |  |  |  |  |  | — |  |  | — |  |  | 655,328 |  |  | 71,536 |
Total fixed rate debt |  |  |  |  |  |  | $ | 10,452,147 |  |  | $ | 5,425,435 |  |  | $ | 12,000,559 |  |  | $ | 6,053,808 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |
11 West 34th Street (4) | 30.00 | % | February 2023 (7) | February 2023 (7) |  | L+ | 1.45% |  | $ | 23,000 |  |  | $ | 6,900 |  |  | $ | 23,000 |  |  | $ | 6,900 |
1552 Broadway (4) | 50.00 | % | February 2024 (8) | February 2024 (8) |  | S+ | 2.75% |  | 193,133 |  |  | 96,566 |  |  | 193,133 |  |  | 96,567 |
650 Fifth Avenue (4) | 50.00 | % | July 2024 (5) | July 2024 (5) |  | S+ | 2.25% |  | 210,000 |  |  | 105,000 |  |  | 210,000 |  |  | 105,000 |
220 East 42nd Street (9) | 51.00 | % | July 2024 (9) | June 2025 |  | S+ | 2.86% |  | 505,412 |  |  | 257,760 |  |  | — |  |  | — |
5 Times Square (4) | 31.55 | % | September 2024 | September 2026 |  | S+ | 5.59% |  | 608,609 |  |  | 192,016 |  |  | 610,010 |  |  | 192,458 |
100 Park Avenue | 49.90 | % | December 2024 | December 2025 |  | S+ | 2.36% |  | 360,000 |  |  | 179,640 |  |  | 360,000 |  |  | 179,640 |
One Madison Avenue (6) | 25.50 | % | November 2025 | November 2026 |  | S+ | 3.10% |  | 256,363 |  |  | 65,373 |  |  | — |  |  | — |
280 Park Avenue | 50.00 | % | September 2026 | September 2028 |  | S+ | 1.78% |  | 1,075,000 |  |  | 537,500 |  |  | 1,200,000 |  |  | 600,000 |
2 Herald Square |  |  |  |  |  |  |  | — |  |  | — |  |  | 182,500 |  |  | 93,075 |
15 Beekman |  |  |  |  |  |  |  | — |  |  | — |  |  | 124,137 |  |  | 24,827 |
Total floating rate debt |  |  |  |  |  | $ | 3,231,517 |  |  | $ | 1,440,755 |  |  | $ | 2,902,780 |  |  | $ | 1,298,467 |
Total joint venture mortgages and other loans payable |  |  |  |  |  | $ | 13,683,664 |  |  | $ | 6,866,190 |  |  | $ | 14,903,339 |  |  | $ | 7,352,275 |
Deferred financing costs, net |  |  |  |  |  | (89,982) |  |  | (49,691) |  |  | (104,062) |  |  | (54,865) |
Total joint venture mortgages and other loans payable, net |  |  |  |  |  | $ | 13,593,682 |  |  | $ | 6,816,499 |  |  | $ | 14,799,277 |  |  | $ | 7,297,410 |
(1)Economic interest represents the Company's interests in the joint venture as of June 30, 2024. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above. (2)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property. (3)Interest rates as of June 30, 2024, taking into account interest rate hedges at the joint venture. Corporate interest rate hedges are not taken into consideration. Floating rate debt is presented with the stated spread over Term SOFR ("S"). (4)Included in the Company's alternative strategy portfolio. (5)In July 2024, the maturity date of the loan was extended by one month to August 2024. The Company is in discussions with the lenders on a further extension. (6)The loan is a $1.25 billion construction facility with an initial term of five years with one, one year extension option. Advances under the loan are subject to costs incurred. In conjunction with the loan, the Company provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics. (7)The Company's joint venture partner is in discussions with the lender on resolution of the past maturity. (8)The Company is in discussions with the lender on resolution of the past maturity. (9)In July 2024, the joint venture closed on a loan extension through December 2027.
Schedule of Combined Balance Sheets for the Unconsolidated Joint Ventures | The combined balance sheets for the unconsolidated joint ventures, at June 30, 2024 and December 31, 2023 are as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Assets (1) |  |  |
Commercial real estate property, net | $ | 16,514,243 |  |  | $ | 17,561,406 |
Cash and restricted cash | 672,903 |  |  | 656,038 |
Tenant and other receivables, related party receivables, and deferred rents receivable | 619,409 |  |  | 673,532 |
Debt and preferred equity investments, net | 225,743 |  |  | — |
Right-of-use assets | 931,159 |  |  | 905,934 |
Other assets | 2,476,351 |  |  | 2,584,765 |
Total assets | $ | 21,439,808 |  |  | $ | 22,381,675 |
Liabilities and equity (1) |  |  |
Mortgages and other loans payable, net | $ | 13,593,682 |  |  | $ | 14,799,277 |
Deferred revenue | 1,022,793 |  |  | 1,108,180 |
Lease liabilities | 1,014,419 |  |  | 990,276 |
Other liabilities | 430,542 |  |  | 447,705 |
Equity | 5,378,372 |  |  | 5,036,237 |
Total liabilities and equity | $ | 21,439,808 |  |  | $ | 22,381,675 |
Company's investments in unconsolidated joint ventures | $ | 2,895,399 |  |  | $ | 2,983,313 |
(1)At June 30, 2024, $539.5 million of net unamortized basis differences between the carrying value of our investments and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences.
Schedule of Combined Statements of Income for the Unconsolidated Joint Ventures | The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three months ended June 30, 2024 and 2023, are as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Total revenues | $ | 365,007 |  |  | $ | 344,289 |  |  | $ | 730,346 |  |  | $ | 733,741 |
Operating expenses | 59,733 |  |  | 58,776 |  |  | 125,483 |  |  | 120,744 |
Real estate taxes | 73,479 |  |  | 66,124 |  |  | 149,111 |  |  | 131,864 |
Operating lease rent | 8,478 |  |  | 7,258 |  |  | 17,503 |  |  | 14,439 |
Interest expense, net of interest income | 142,196 |  |  | 129,154 |  |  | 292,050 |  |  | 258,631 |
Amortization of deferred financing costs | 4,159 |  |  | 7,198 |  |  | 10,231 |  |  | 14,243 |
Depreciation and amortization | 135,611 |  |  | 117,402 |  |  | 269,789 |  |  | 242,668 |
Total expenses | 423,656 |  |  | 385,912 |  |  | 864,167 |  |  | 782,589 |
Gain on early extinguishment of debt | 61,185 |  |  | — |  |  | 233,704 |  |  | — |
Net income (loss) before loss on sale | $ | 2,536 |  |  | $ | (41,623) |  |  | $ | 99,883 |  |  | $ | (48,848) |
Company's equity in net income (loss) from unconsolidated joint ventures | $ | 4,325 |  |  | $ | (21,932) |  |  | $ | 115,485 |  |  | $ | (29,344) |

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