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Investments in Unconsolidated Real Estate Related Funds
6 Months Ended
Jun. 30, 2024
Real Estate Fund [Abstract]  
Investments in Unconsolidated Real Estate Related Funds
4.
Investments in Unconsolidated Real Estate Related Funds

 

We are the general partner and investment manager of Paramount Group Real Estate Fund VIII, LP (“Fund VIII”) which invests in real estate and related investments. As of June 30, 2024, our ownership interest in Fund VIII was approximately 1.3%. We account for our investment in Fund VIII under the equity method of accounting.

 

As of June 30, 2024 and December 31, 2023, our share of the investments in the unconsolidated real estate related funds was $4,536,000 and $4,549,000, respectively, which is reflected as “investments in unconsolidated real estate related funds” on our consolidated balance sheets. We recognized loss of $15,000 and income of $32,000 during the three months ended June 30, 2024 and 2023, respectively, and income of $90,000 and loss of $146,000 during the six months ended June 30, 2024 and 2023, respectively, for our share of earnings, which is reflected as “(loss) income from unconsolidated real estate related funds” in our consolidated statements of income.