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Equity Investments in Ground Leases (Tables)

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

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.