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Investments in Unconsolidated Real Estate Funds
6 Months Ended
Jun. 30, 2022
Real Estate Fund [Abstract]  
Investments in Unconsolidated Real Estate Funds
4.
Investments in Unconsolidated Real Estate Funds

 

 

We are the general partner and investment manager of Paramount Group Real Estate Fund VIII, LP (“Fund VIII”) and Paramount Group Real Estate Fund X, LP and its parallel fund, Paramount Group Real Estate Fund X-ECI, LP, (collectively, “Fund X”), our Alternative Investment Funds, which invest in mortgage and mezzanine loans and preferred equity investments. While Fund VIII’s investment period has ended, Fund X’s investment period ends in December 2025. As of June 30, 2022, Fund X has $192,000,000 of capital committed, of which $134,225,000 has been invested and $48,401,000 has been reserved for future funding. Our ownership interest in Fund VIII and Fund X was approximately 1.3% and 7.8%, respectively, as of June 30, 2022.

 

As of June 30, 2022 and December 31, 2021, our share of the investments in the unconsolidated real estate funds aggregated $14,156,000 and $11,421,000, respectively. We recognized $155,000 and $148,000 for our share of income in the three months ended June 30, 2022 and 2021, respectively, and $325,000 and $328,000 for our share of income in the six months ended June 30, 2022 and 2021, respectively.