XML 38 R29.htm IDEA: XBRL DOCUMENT

Equity Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

Schedule of Equity Investments

The Company’s equity investments and its proportionate share of earnings (losses) from equity investments were as follows ($ in thousands):


								Earnings from						Earnings from
		Carrying Value						Equity Method Investments						Equity Method Investments⁽¹⁾
		as of						For the Three Months Ended						For the Nine Months Ended
		September 30,			December 31,			September 30,						September 30,
		2023			2022			2023			2022			2023			2022
Equity investment
425 Park Avenue		$	134,762		$	133,118		$	938		$	863		$	2,645		$	2,540
32 Old Slip			51,145			47,270			1,406			1,381			4,253			4,232
Ground Lease Plus Fund⁽¹⁾			61,308			—			1,825			—			3,513			—
Leasehold Loan Fund⁽²⁾			39,903			—			3,282			—			6,109			—
Total		$	287,118		$	180,388		$	7,451		$	2,244		$	16,520		$	6,772

(1)

As of September 30, 2023, the Company has a basis difference of $20.2 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 100.6 years using the effective interest method. During the three and nine months ended September 30, 2023, $0.8 million and $1.6 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments.

(2)

As of September 30, 2023, the Company has a basis difference of $12.3 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 3.3 years using the effective interest method. During the three and nine months ended September 30, 2023, $1.0 million and $2.0 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments.