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Investments in Unconsolidated Joint Ventures (Tables)
 3 Months Ended
Mar. 31, 2023
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

 

March 31, 2023

 

 

December 31, 2022

 

712 Fifth Avenue (1)

 

50.0%

 

$

-

 

 

$

-

 

Market Center

 

67.0%

 

 

187,471

 

 

 

192,948

 

55 Second Street (2)

 

44.1%

 

 

84,701

 

 

 

85,340

 

111 Sutter Street (3)

 

49.0%

 

 

-

 

 

 

-

 

1600 Broadway (2)

 

9.2%

 

 

8,968

 

 

 

9,113

 

60 Wall Street (2)

 

5.0%

 

 

24,976

 

 

 

25,034

 

One Steuart Lane (2)

 

35.0% (4)

 

 

75,545

 

 

 

77,961

 

Oder-Center, Germany (2)

 

9.5%

 

 

3,373

 

 

 

3,107

 

Investments in unconsolidated joint ventures

 

$

385,034

 

 

$

393,503

 

 

(Amounts in thousands)

For the Three Months Ended March 31,

 

Our Share of Net Income (Loss):

2023

 

 

2022

 

712 Fifth Avenue (1)

$

-

 

 

$

-

 

Market Center

 

(2,655

)

 

 

(2,363

)

55 Second Street (2)

 

(639

)

 

 

(679

)

111 Sutter Street (3)

 

-

 

 

 

(778

)

1600 Broadway (2)

 

(3

)

 

 

(48

)

60 Wall Street (2)

 

(17

)

 

 

12

 

One Steuart Lane (2)

 

(2,416

)

 

 

(1,269

)

Oder-Center, Germany (2)

 

(32

)

 

 

12

 

Loss from unconsolidated joint ventures

$

(5,762

)

 

$

(5,113

)

 

(1)
At December 31, 2022, our basis in the joint venture that owns 712 Fifth Avenue was negative $13,427. 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 three months ended March 31, 2023, the joint venture had net income of $1,210 of which our 50.0% share was $605. Accordingly, our basis in the joint venture, taking into account our share of income, was negative $12,822 as of March 31, 2023.
(2)
As of March 31, 2023, 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 $465, $309, $2,562, $645 and $4,193, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs.
(3)
At December 31, 2022, our basis in the joint venture that owns 111 Sutter Street was negative $107. 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 three months ended March 31, 2023, the joint venture had net loss of $3,932 of which our 49.0% share was $1,927. Accordingly, our basis in the joint venture, taking into account our share of loss, was negative $2,034 as of March 31, 2023.
(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:

March 31, 2023

 

 

December 31, 2022

 

 

Real estate, net

$

2,394,692

 

 

$

2,377,084

 

 

Cash and cash equivalents and restricted cash

 

237,588

 

 

 

252,540

 

 

Intangible assets, net

 

64,517

 

 

 

69,599

 

 

For-sale residential condominium units (1)

 

321,077

 

 

 

322,232

 

 

Other assets

 

80,520

 

 

 

87,054

 

 

Total assets

$

3,098,394

 

 

$

3,108,509

 

 

 

 

 

 

 

 

 

Notes and mortgages payable, net

$

1,839,321

 

 

$

1,834,916

 

 

Intangible liabilities, net

 

9,299

 

 

 

10,972

 

 

Other liabilities

 

60,496

 

 

 

50,783

 

 

Total liabilities

 

1,909,116

 

 

 

1,896,671

 

 

Equity

 

1,189,278

 

 

 

1,211,838

 

 

Total liabilities and equity

$

3,098,394

 

 

$

3,108,509

 

 

 

 

(Amounts in thousands)

For the Three Months Ended March 31,

 

 

Income Statements:

2023

 

 

2022

 

 

Revenues:

 

 

 

 

 

 

Rental revenue

$

40,221

 

 

$

57,520

 

 

Other income

 

1,757

 

 

 

18,582

 

 (2)

Total revenues

 

41,978

 

 

 

76,102

 

 

Expenses:

 

 

 

 

 

 

Operating

 

24,701

 

 

 

42,508

 

 (2)

Depreciation and amortization

 

17,765

 

 

 

26,898

 

 

Total expenses

 

42,466

 

 

 

69,406

 

 

Other income (expense):

 

 

 

 

 

 

Interest and other income (loss)

 

709

 

 

 

(42

)

 

Interest and debt expense

 

(15,446

)

 

 

(17,598

)

 

Loss before income taxes

 

(15,225

)

 

 

(10,944

)

 

Income tax expense

 

(11

)

 

 

(29

)

 

Net loss

$

(15,236

)

 

$

(10,973

)

 

 

 

(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.