Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2015

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures as of September 30, 2015 and December 31, 2014.

	%
	Ownership at			As of
(Amounts in thousands)	September 30, 2015			September 30, 2015		December 31, 2014
Investments:
712 Fifth Avenue		50.0	%	$	3,038	$	1,697
Oder-Center, Germany		9.5	%		3,499		4,052
				$	6,537	$	5,749

Summary of Income from Unconsolidated Joint Ventures

The following table summarizes income from unconsolidated joint ventures for the three and nine months ended September 30, 2015 and 2014.


	%			The Company				The Predecessor
	Ownership at			Three Months Ended		Nine Months Ended		Three Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2015			September 30, 2015		September 30, 2015		September 30, 2014			September 30, 2014
Our share of Net Income (Loss):
712 Fifth Avenue		50.0	%	$	1,433	$	4,358	$	1,845		$	3,869
1325 Avenue of the Americas	n/a				-		-		(68	)		(57	)
900 Third Avenue ⁽¹⁾	n/a				-		-		-			-
Oder-Center ⁽²⁾		9.5	%		25		86		-			-
				$	1,458	$	4,444	$	1,777		$	3,812

⁽¹⁾

As of September 30, 2014, our Predecessor’s investment in 900 Third Avenue had a deficit balance and since our Predecessor had no obligations to fund operating losses, it did not recognize any losses in excess of its investment balance. All unrecognized losses were aggregated to offset future net income until all unrecognized losses were utilized.

⁽²⁾

We account for our interest in Oder-Center on a one quarter lag basis.

712 Fifth Avenue [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in Unconsolidated Joint Ventures

The following tables summarize 712 Fifth Avenue’s financial information as of the dates of and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets	September 30, 2015			December 31, 2014
Rental property, net	$	214,741		$	221,827
Other assets		42,418			46,126
Total assets	$	257,159		$	267,953

Mortgage and notes payable	$	246,500		$	246,500
Other liabilities		16,843			30,321
Total liabilities		263,343			276,821
Equity ⁽¹⁾		(6,184	)		(8,868	)
Total liabilities and equity	$	257,159		$	267,953


⁽¹⁾ The carrying amount of our investment in 712 Fifth Avenue is greater than our share of 712 Fifth Avenue's equity by approximately $6,131. This basis difference resulted from distributions in excess of the net earnings of 712 Fifth Avenue.

	The Company						The Predecessor
(Amounts in thousands)	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
Income Statements	September 30, 2015			September 30, 2015			September 30, 2014			September 30, 2014
Rental income	$	12,575		$	37,021		$	11,920		$	34,609
Tenant reimbursement income		1,059			3,795			1,116			3,385
Fee and other income		287			910			250			888
Total revenue		13,921			41,726			13,286			38,882

Operating		5,500			17,557			5,852			17,178
Depreciation and amortization		2,945			8,829			2,743			8,268
General and administrative		-			-			45			100
Total expenses		8,445			26,386			8,640			25,546
Operating income		5,476			15,340			4,646			13,336
Unrealized gain on interest rate swaps		74			2,094			2,692			5,337
Interest and other income, net		3			8			-			-
Interest and debt expense		(2,687	)		(8,726	)		(3,650	)		(10,936	)
Net income	$	2,866		$	8,716		$	3,688		$	7,737