XML 55 R33.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment In Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Financial Information for Joint Ventures
The following tables present summarized financial information for our material joint ventures for the years ended December 31, 2015, 2014, and 2013 (in thousands):
2015
%
Ownership
 
Net Investment
in Properties
 
Total
Assets
 
Mortgage
Loans
 
Total
Liabilities
 
Equity /
(Deficit)
 
Revenues
 
Property
Operating
Expense
 
Net
Operating
Income
 
Net
Income
(Loss)
Unconsolidated Joint Ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2001 Sixth Avenue
50.00
%
 
$
33,757

 
$
44,732

 
$
102,998

 
$
107,807

 
$
(63,075
)
 
$
43,734

 
$
(15,205
)
 
$
28,529

 
$
14,171

2020 Fifth Avenue
50.00
%
 
46,633

 
55,257

 
47,000

 
47,857

 
7,400

 
8,474

 
(1,177
)
 
7,297

 
4,840

33 Chun Choi Street (Hong Kong)
50.00
%
 
138,742

 
179,525

 
—

 
4,173

 
175,352

 
17,700

 
(5,358
)
 
12,342

 
4,480

PREI ®
20.00
%
 
419,498

 
481,175

 
208,000

 
293,276

 
187,898

 
40,011

 
(6,157
)
 
33,854

 
15,121

GCEAR
20.00
%
 
119,952

 
175,301

 
102,025

 
105,197

 
70,104

 
19,730

 
(8,249
)
 
11,481

 
(1,262
)
Total Unconsolidated Joint Ventures
 
 
$
758,582

 
$
935,990

 
$
460,023

 
$
558,310

 
$
377,679

 
$
129,649

 
$
(36,146
)
 
$
93,503

 
$
37,350

Our investment in and share of equity in earnings of unconsolidated joint ventures
 
 
 
 
 
 
 
 
 
 
$
106,107

 
 
 
 
 
 
 
$
15,491

2014
%
Ownership
 
Net Investment
in Properties
 
Total
Assets
 
Mortgage
Loans
 
Total
Liabilities
 
Equity /
(Deficit)
 
Revenues
 
Property
Operating
Expense
 
Net
Operating
Income
 
Net
Income
(Loss)
Unconsolidated Joint Ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2001 Sixth Avenue
50.00
%
 
$
37,620

 
$
42,537

 
$
104,523

 
$
110,749

 
$
(68,212
)
 
$
39,807

 
$
(14,707
)
 
$
25,100

 
$
11,982

2020 Fifth Avenue
50.00
%
 
47,239

 
55,123

 
47,000

 
47,795

 
7,328

 
8,308

 
(1,086
)
 
7,222

 
4,844

33 Chun Choi Street (Hong Kong)
50.00
%
 
143,014

 
165,912

 
—

 
10,210

 
155,702

 
8,671

 
(2,625
)
 
6,046

 
2,976

PREI ®
20.00
%
 
429,358

 
492,494

 
208,000

 
296,480

 
196,014

 
39,467

 
(6,144
)
 
33,323

 
12,378

GCEAR
20.00
%
 
122,521

 
186,041

 
102,025

 
104,661

 
81,380

 
6,050

 
(2,311
)
 
3,739

 
(1,603
)
Total Unconsolidated Joint Ventures
 
 
$
779,752

 
$
942,107

 
$
461,548

 
$
569,895

 
$
372,212

 
$
102,303

 
$
(26,873
)
 
$
75,430

 
$
30,577

Our investment in and share of equity in earnings of unconsolidated joint ventures
 
 
 
 
 
 
 
 
 
 
$
94,729

 
 
 
 
 
 
 
$
13,289

2013
%
Ownership
 
Net Investment
in Properties
 
Total
Assets
 
Mortgage
Loans
 
Total
Liabilities
 
Equity /
(Deficit)
 
Revenues
 
Property
Operating
Expense
 
Net
Operating
Income
 
Net
Income
(Loss)
Unconsolidated Joint Ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2001 Sixth Avenue
50.00
%
 
$
33,980

 
$
39,674

 
$
105,953

 
$
111,943

 
$
(72,269
)
 
$
37,625

 
$
(11,981
)
 
$
25,644

 
$
12,346

700/750 Central Expressway
50.00
%
 
—

 
—

 
—

 
—

 
—

 
55

 
(1
)
 
54

 
58

2020 Fifth Avenue
50.00
%
 
47,901

 
53,389

 
47,000

 
47,525

 
5,864

 
7,513

 
(522
)
 
6,991

 
5,756

33 Chun Choi Street (Hong Kong)
50.00
%
 
102,428

 
122,890

 
—

 
8,382

 
114,508

 
—

 
(44
)
 
(44
)
 
(150
)
PREI ®
20.00
%
 
400,528

 
460,062

 
185,000

 
276,212

 
183,850

 
9,577

 
(4,479
)
 
5,098

 
2,641

Total Unconsolidated Joint Ventures
 
 
$
584,837

 
$
676,015

 
$
337,953

 
$
444,062

 
$
231,953

 
$
54,770

 
$
(17,027
)
 
$
37,743

 
$
20,651

Our investment in and share of equity in earnings of unconsolidated joint ventures
 
 
 
 
 
 
 
 
 
 
$
70,504

 
 
 
 
 
 
 
$
9,796