v3.25.2
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Jun. 30, 2025
ASSETS    
Total real estate $ 21,050,255 $ 21,262,840
Total assets 26,084,980 25,621,190
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Mortgage and notes payable, net 4,276,609 4,278,788
Other Liabilities 450,796 416,838
Members’/Partners’ equity 5,413,306 5,258,786
Total liabilities and equity / capital 26,084,980 25,621,190
Carying value of the Company's investment in unconsolidated joint ventures 1,093,583 1,161,036
Operating Lease, Right-of-Use Asset 334,767 325,670
Lease Liabilities - Operating Leases 392,686 399,174
Unconsolidated Joint Ventures [Member]    
ASSETS    
Total real estate [1] 5,748,198 5,838,787
Other assets [2] 703,096 726,052
Total assets 6,451,294 6,564,839
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Mortgage and notes payable, net 3,206,723 3,214,062
Other Liabilities [3] 292,125 244,381
Members’/Partners’ equity 2,952,446 3,106,396
Total liabilities and equity / capital 6,451,294 6,564,839
Company's share of equity 1,344,543 1,388,350
Basis differentials [4] (284,469) (275,446)
Carying value of the Company's investment in unconsolidated joint ventures [5] 1,060,074 1,112,904
Operating Lease, Right-of-Use Asset 19,000 18,400
Sales-type lease receivable, net 14,100 14,300
Lease Liabilities - Operating Leases 30,500 30,500
Unconsolidated Joint Ventures [Member]    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Other Liabilities 33,500 48,100
Colorado Center    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Basis differentials 127,632 129,524
Carying value of the Company's investment in unconsolidated joint ventures [6] 65,000 70,222
Impairment loss on investment 168,400  
200 Fifth Avenue JV LLC    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Basis differentials 49,656 49,459
Carying value of the Company's investment in unconsolidated joint ventures [6] 70,673 74,446
Gateway Commons Complex [Member]    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Basis differentials (74,500) (72,366)
Carying value of the Company's investment in unconsolidated joint ventures [6] 272,000 271,454
Impairment loss on investment 126,100  
Safeco Plaza REIT LLC    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Basis differentials (75,576) (74,043)
Carying value of the Company's investment in unconsolidated joint ventures [6] 0 43
Impairment loss on investment 46,800  
Dock 72    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Other Liabilities [6] 9,889 11,961
Basis differentials (92,054) (90,263)
360 Park Avenue South    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Basis differentials (113,265) (111,530)
Carying value of the Company's investment in unconsolidated joint ventures [6] 74,592 89,769
Platform 16    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Basis differentials (142,698) (142,676)
Carying value of the Company's investment in unconsolidated joint ventures [6] 56,265 57,805
Remaining Other Investment    
LIABILITIES AND MEMBERS'/PARTNERS' EQUITY    
Basis differentials $ 36,336 $ 36,449
[1] At June 30, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $18.4 million and $19.0 million, respectively.
[2] At June 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 June 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 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:
June 30, 2025December 31, 2024
Property(in thousands)
Colorado Center$129,524 $127,632 
200 Fifth Avenue49,459 49,656 
Gateway Commons(72,366)(74,500)
Safeco Plaza(74,043)(75,576)
Dock 72(90,263)(92,054)
360 Park Avenue South(111,530)(113,265)
Platform 16(142,676)(142,698)
Other basis differentials36,449 36,336 
Total basis differentials (275,446)(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 $48.1 million and $33.5 million at June 30, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
[6] Investments with deficit balances aggregating approximately $48.1 million and $33.5 million at June 30, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.