Real Estate Fund Investments (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Investment in Unconsolidated Real Estate Fund and Income from Fund Investments

The following tables summarize our investments in unconsolidated real estate funds as of June 30, 2016 and income or loss recognized from these investments for the three and six months ended June 30, 2016.

(Amounts in thousands)	As of June 30, 2016
Our Share of Investments:
Property funds ⁽¹⁾	$	22,874
Alternative investment fund ⁽²⁾		2,924
Investments in unconsolidated real estate funds	$	25,798

⁽¹⁾

Represents our investments in Paramount Group Real Estate Fund II, L.P. (“Fund II”), Paramount Group Real Estate Fund III, L.P. (“Fund III”), and Paramount Group Real Estate Fund VII, L.P. (“Fund VII”) and Paramount Group Real Estate Fund VII-H, L.P. (“Fund VII-H”).

⁽²⁾

Represents our investment in Paramount Group Real Estate Fund VIII, L.P. (“Fund VIII”).

	For the			For the
	Three Months Ended			Six Months Ended
(Amounts in thousands)	June 30, 2016			June 30, 2016
Our Share of Net Loss:
Net investment loss	$	(69	)	$	(607	)
Net unrealized losses		(2,807	)		(2,578	)
Carried interest		1,916			1,899
Loss from unconsolidated real estate funds ⁽¹⁾	$	(960	)	$	(1,286	)

⁽¹⁾

Excludes asset management, property management and other fee income from real estate funds, which is included as a component of “fee and other income” in our consolidated statements of income for the three and six months ended June 30, 2016.

Summary of the Fair Value of Property Funds and the Alternative Investment Fund Consolidated with Balance Sheet and Income from Fund Investments

Below is a summary of the fair value of our Property Funds and the Alternative Investment Fund that were consolidated on our balance sheet as of December 31, 2015 and income from fund investments for the three and six months ended June 30, 2015.

(Amounts in thousands)	As of December 31, 2015
Real estate fund investments ⁽¹⁾	$	416,438
Cash and other assets, net		7,050
Total real estate fund investments		423,488
Less: noncontrolling interests in consolidated real estate funds		(396,196	)
Paramount Group, Inc.'s equity in real estate fund investments	$	27,292

⁽¹⁾

Represents the fair value of investments owned by Fund II, Fund III, Fund VII, Fund VII-H and Fund VIII.

	For the			For the
	Three Months Ended			Six Months Ended
(Amounts in thousands)	June 30, 2015			June 30, 2015
Net investment income	$	2,808		$	7,157
Net unrealized gains		11,264			12,136
Income from real estate fund investments		14,072			19,293
Less: noncontrolling interests in consolidated real estate funds ⁽¹⁾		(7,302	)		(10,520	)
Income from real estate fund investments attributable to Paramount Group, Inc.	$	6,770		$	8,773

⁽¹⁾

Includes $1,279 and $2,613 of asset management fee income that was reflected as a reduction of the amounts attributable to noncontrolling interests for the three and six months ended June 30, 2015, respectively.