Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2025

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	September 30, 2025		December 31, 2024
One Steuart Lane (1)	35.0% (2)	$	66,932	$	76,579
1600 Broadway (1)	9.2%		7,774		8,161
60 Wall Street	5.0%		6,803		1,212
Other (3)	Various		-		-
Investments in unconsolidated joint ventures		$	81,509	$	85,952

	For the Three Months Ended					For the Nine Months Ended
(Amounts in thousands)	September 30,					September 30,
Our Share of Net Income (Loss):	2025		2024			2025		2024
One Steuart Lane	$	602	$	(721	)	$	2,442	$	(828	)
1600 Broadway		-		-			1		1
60 Wall Street		59		55			177		(1,576	)
Other (3)		-		(315	)		-		(695	)
Income (loss) from unconsolidated joint ventures	$	661	$	(981	)	$	2,620	$	(3,098	)

(1)As of September 30, 2025, the carrying amount of our investments in One Steuart Lane and 1600 Broadway was greater than our share of equity in these investments by $462 and $294, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs.

(2)Represents RDF’s 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%.

(3)As of September 30, 2025, the carrying amount of our investments in the joint ventures that own 712 Fifth Avenue, 55 Second Street, 111 Sutter Street and Oder-Center, Germany were $0. Since we have no further obligation to fund additional capital to these joint ventures, we have discontinued the equity method of accounting, and accordingly, we no longer recognize our proportionate share of earnings. Instead, we recognize income only to the extent we receive cash distributions from the joint ventures and recognize losses to the extent we make cash contributions to the joint ventures.

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:	September 30, 2025		December 31, 2024
Real estate, net	$	1,383,558	$	1,567,771
Cash and cash equivalents and restricted cash		124,488		154,669
Intangible assets, net		35,474		42,672
For-sale residential condominium units (1)		175,089		195,113
Deferred rent receivable		32,724		42,128
Other assets		29,351		26,813
Total assets	$	1,780,684	$	2,029,166
Notes and mortgages payable, net	$	1,412,745	$	1,783,587
Accounts payable and accrued expenses		42,324		59,860
Intangible liabilities, net		1,682		2,480
Other liabilities		67,961		73,129
Total liabilities		1,524,712		1,919,056
Equity		255,972		110,110
Total liabilities and equity	$	1,780,684	$	2,029,166

	For the Three Months Ended						For the Nine Months Ended
(Amounts in thousands)	September 30,						September 30,
Income Statements:	2025			2024			2025				2024
Revenues:
Rental revenue	$	24,985		$	35,374		$	84,209			$	106,557
Other income (2)		11,368			2,188			39,701				20,432
Total revenues		36,353			37,562			123,910				126,989
Expenses:
Operating (3)		22,717			23,985			72,630				80,345
Depreciation and amortization		8,207			12,464			29,094				38,232
Total expenses		30,924			36,449			101,724				118,577
Other income (expense):
Interest and other income		1,788			1,855			5,334				4,351
Interest and debt expense		(8,536	)		(14,782	)		(42,673	)			(44,729	)
Gain on extinguishment of debt		-			-			162,517		(4)		-
Gain on settlement of interest rate swap		-			2,498			-				2,498
(Loss) income before income taxes		(1,319	)		(9,316	)		147,364				(29,468	)
Income tax expense		-			(1	)		(29	)			(26	)
Net (loss) income	$	(1,319	)	$	(9,317	)	$	147,335			$	(29,494	)

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

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

(3)Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

(4)Represents gain on extinguishment of debt related to Market Center. In December 2023, we wrote off our investment in Market Center to zero and discontinued the equity method of accounting for this joint venture. Accordingly, the gain on extinguishment of debt did not have an impact on our consolidated financial statements.