| Condensed Balance Sheet |
The condensed balance sheets as of June 30, 2025 and December 31, 2024 for Worldwide Plaza are as follows:
|
|
|
|
|
|
|
|
|
(In thousands) |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Real estate assets, at cost |
|
$ |
852,495 |
|
|
$ |
850,939 |
|
Less accumulated depreciation and amortization |
|
|
(379,368 |
) |
|
|
(335,319 |
) |
Total real estate assets, net |
|
|
473,127 |
|
|
|
515,620 |
|
Cash and cash equivalents |
|
|
97,122 |
|
|
|
83,787 |
|
Restricted cash |
|
|
7,256 |
|
|
|
19,042 |
|
Other assets |
|
|
76,390 |
|
|
|
99,157 |
|
Total assets |
|
$ |
653,895 |
|
|
$ |
717,606 |
|
Debt |
|
$ |
1,347,321 |
|
|
$ |
1,266,858 |
|
Other liabilities |
|
|
232,525 |
|
|
|
293,308 |
|
Total liabilities |
|
|
1,579,846 |
|
|
|
1,560,166 |
|
Deficit |
|
|
(925,951 |
) |
|
|
(842,560 |
) |
Total liabilities and deficit |
|
$ |
653,895 |
|
|
$ |
717,606 |
|
|
| Condensed Income Statement |
The condensed statements of operations for the three and six months ended June 30, 2025 and 2024 for Worldwide Plaza are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Rental income |
|
$ |
19,025 |
|
|
$ |
35,542 |
|
|
$ |
38,825 |
|
|
$ |
70,803 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
16,527 |
|
|
|
16,105 |
|
|
|
34,883 |
|
|
|
32,067 |
|
Depreciation and amortization |
|
|
7,405 |
|
|
|
5,274 |
|
|
|
12,522 |
|
|
|
10,547 |
|
Total operating expenses |
|
|
23,932 |
|
|
|
21,379 |
|
|
|
47,405 |
|
|
|
42,614 |
|
Operating income (loss) |
|
|
(4,907 |
) |
|
|
14,163 |
|
|
|
(8,580 |
) |
|
|
28,189 |
|
Interest expense |
|
|
(21,803 |
) |
|
|
(21,216 |
) |
|
|
(43,372 |
) |
|
|
(42,337 |
) |
Net loss |
|
$ |
(26,710 |
) |
|
$ |
(7,053 |
) |
|
$ |
(51,952 |
) |
|
$ |
(14,148 |
) |
|