Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2016

Schedule Of Equity Method Investments [Line Items]

Summary of Investments and Income from Investments In Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures as of March 31, 2016 and December 31, 2015 and income from these investments for the three months ended March 31, 2016 and 2015.


(Amounts in thousands)	% Ownership as of		As of
Investments:	March 31, 2016		March 31, 2016		December 31, 2015
712 Fifth Avenue		50.0%	$	3,498	$	3,577
Oder-Center, Germany		9.5%		3,623		3,525
			$	7,121	$	7,102



(Amounts in thousands)	% Ownership as of		For the Three Months Ended March 31,
Our share of Net Income:	March 31, 2016		2016		2015
712 Fifth Avenue		50.0%	$	1,476	$	940
Oder-Center, Germany ⁽¹⁾		9.5%		20		35
			$	1,496	$	975

⁽¹⁾

We account for our interest in Oder-Center, Germany 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	March 31, 2016			December 31, 2015
Rental property, net	$	212,052		$	214,139
Other assets		42,064			41,337
Total assets	$	254,116		$	255,476

Notes and mortgages payable, net	$	245,684		$	245,582
Other liabilities		13,696			15,000
Total liabilities		259,380			260,582
Equity ⁽¹⁾		(5,264	)		(5,106	)
Total liabilities and equity	$	254,116		$	255,476

(1)

The carrying amount of our investment in 712 Fifth Avenue is greater than our share of 712 Fifth Avenue's equity by approximately $6,130. This basis difference resulted from distributions in excess of the equity in net earnings of 712 Fifth Avenue.


(Amounts in thousands)	For the Three Months Ended March 31,
Income Statements	2016			2015
Rental income	$	12,678		$	12,054
Tenant reimbursement income		1,116			1,361
Fee and other income		518			279
Total revenues		14,312			13,694
Operating		5,617			6,228
Depreciation and amortization		3,008			2,930
Total expenses		8,625			9,158
Operating income		5,687			4,536
Unrealized gain on interest rate swaps		-			771
Interest and other income, net		14			2
Interest and debt expense		(2,748	)		(3,428	)
Net income	$	2,953		$	1,881