Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Financial Information of Unconsolidated Joint Ventures

The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below.

(Amounts in thousands)	Paramount	As of
Our Share of Investments:	Ownership	June 30, 2022		December 31, 2021
712 Fifth Avenue (1)	50.0%	$	-	$	-
Market Center	67.0%		194,000		185,344
55 Second Street (2)	44.1%		86,813		88,284
111 Sutter Street	49.0%		33,744		35,182
1600 Broadway (2)(3)	9.2%		9,882		-
60 Wall Street (2)	5.0%		20,623		19,230
One Steuart Lane (2)	35.0% (4)		80,870		76,428
Oder-Center, Germany (2)	9.5%		3,486		3,628
Investments in unconsolidated joint ventures		$	429,418	$	408,096

	For the Three Months Ended						For the Six Months Ended
(Amounts in thousands)	June 30,						June 30,
Our Share of Net Income (Loss):	2022			2021			2022			2021
712 Fifth Avenue (1)	$	-		$	(11,128	)	$	-		$	(11,128	)
Market Center		(2,487	)		(2,914	)		(4,850	)		(7,044	)
55 Second Street (2)		(792	)		(847	)		(1,471	)		(1,469	)
111 Sutter Street		(681	)		(699	)		(1,459	)		(1,189	)
1600 Broadway (2)(3)		(20	)		-			(68	)		-
60 Wall Street (2)		53			17			65			34
One Steuart Lane (2)		(518	)		(132	)		(1,787	)		(225	)
Oder-Center, Germany (2)		29			(14	)		41			(12	)
Loss from unconsolidated joint ventures	$	(4,416	)	$	(15,717	)	$	(9,529	)	$	(21,033	)

(1)At December 31, 2021, our basis in the joint venture that owns 712 Fifth Avenue was negative $14,329. Since we have no further obligation to fund additional capital to the joint venture, we no longer recognize our proportionate share of earnings from the joint venture. Instead, we recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. For the six months ended June 30, 2022, the joint venture had net losses of $830 of which our 50.0% share was $415. Accordingly, our basis in the joint venture, taking into account our share of losses, was negative $14,744 as of June 30, 2022. Additionally, during the three and six months ended June 30, 2021, we received a $622 distribution from the joint venture and made an $11,750 contribution to the joint venture, which are included in "loss from unconsolidated joint ventures" on our consolidated statements of income for the three and six months ended June 30, 2021.

(2)As of June 30, 2022, the carrying amount of our investments in 55 Second Street, 1600 Broadway, 60 Wall Street, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $473, $866, $2,598, $668 and $4,399, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs.

(3)Acquired on February 24, 2022.

(4)Represents our consolidated Residential Development Fund’s (“RDF”) economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% ownership interest in RDF) is 2.6%.

Unconsolidated Joint Ventures [Member]

Summary of Financial Information of Unconsolidated Joint Ventures

The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates thereof and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets:	June 30, 2022		December 31, 2021
Real estate, net	$	2,384,038	$	2,246,152
Cash and cash equivalents and restricted cash		264,334		216,910
Intangible assets, net		80,237		58,590
For-sale residential condominium units (1)		327,538		359,638
Other assets		68,817		46,646
Total assets	$	3,124,964	$	2,927,936
Notes and mortgages payable, net	$	1,845,996	$	1,791,404
Intangible liabilities, net		14,489		18,397
Other liabilities		61,123		61,097
Total liabilities		1,921,608		1,870,898
Equity		1,203,356		1,057,038
Total liabilities and equity	$	3,124,964	$	2,927,936

(Amounts in thousands)	For the Three Months Ended June 30,							For the Six Months Ended June 30,
Income Statements:	2022				2021			2022				2021
Revenues:
Rental revenue	$	54,516			$	57,195		$	112,036			$	113,723
Other income		31,444		(2)		581			50,026		(2)		1,338
Total revenues		85,960				57,776			162,062				115,061
Expenses:
Operating		52,293		(2)		25,467			94,801		(2)		50,577
Depreciation and amortization		23,508				27,014			50,406				54,467
Total expenses		75,801				52,481			145,207				105,044
Other income (expense):
Interest and other income (loss)		58				(23	)		16				(56	)
Interest and debt expense		(16,335	)			(13,892	)		(33,933	)			(27,632	)
Net loss before income taxes		(6,118	)			(8,620	)		(17,062	)			(17,671	)
Income tax (expense) benefit		(14	)			1			(43	)			(15	)
Net loss	$	(6,132	)		$	(8,619	)	$	(17,105	)		$	(17,686	)

(1)Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

(2)Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.