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Equity Investments in Ground Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
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 (losses) from | ​ | Earnings (losses) 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,
​ | ​ | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Equity investment | ​ | ​ |  |  | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |
425 Park Avenue | ​ | $ | 136,806 | ​ | $ | 135,288 | ​ | $ | 654 | ​ | $ | 938 | ​ | $ | 2,389 | ​ | $ | 2,645
32 Old Slip | ​ |  | 56,293 | ​ |  | 52,425 | ​ |  | 1,401 | ​ |  | 1,406 | ​ |  | 4,243 | ​ |  | 4,253
Ground Lease Plus Fund(1) | ​ | ​ | 30,030 | ​ | ​ | 73,428 | ​ | ​ | 497 | ​ | ​ | 1,825 | ​ | ​ | 1,839 | ​ | ​ | 3,513
Leasehold Loan Fund(2) | ​ | ​ | 23,181 | ​ | ​ | 49,179 | ​ | ​ | 2,187 | ​ | ​ | 3,282 | ​ | ​ | 9,649 | ​ | ​ | 6,109
Total | ​ | $ | 246,310 | ​ | $ | 310,320 | ​ | $ | 4,739 | ​ | $ | 7,451 | ​ | $ | 18,120 | ​ | $ | 16,520
(1) | As of September 30, 2024, the Company has a basis difference of $19.3 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 105.8 years using the effective interest method. During the three and nine months ended September 30, 2024, ($0.1) million and $0.1 million, respectively, of the basis difference was amortized as a (decrease) increase to earnings from equity method investments. 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, 2024, the Company has a basis difference of $7.2 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 2.5 years using the effective interest method. During the three and nine months ended September 30, 2024, $0.8 million and $4.0 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments. 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.
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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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