Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2016

Schedule Of Equity Method Investments [Line Items]

Summary of Investments and Income from Investments In Unconsolidated Joint Ventures

The following tables summarize our investments in unconsolidated joint ventures as of June 30, 2016 and December 31, 2015 and income from these investments for the three and six months ended June 30, 2016 and 2015.


(Amounts in thousands)	% Ownership as of		As of
Investments:	June 30, 2016		June 30, 2016		December 31, 2015
712 Fifth Avenue		50.0%	$	2,241	$	3,577
Oder-Center, Germany ⁽¹⁾		9.5%		3,559		3,525
			$	5,800	$	7,102

(Amounts in thousands)	% Ownership as of		For the Three Months Ended June 30,				For the Six Months Ended June 30,
Our Share of Net Income:	June 30, 2016		2016		2015		2016		2015
712 Fifth Avenue		50.0%	$	1,985	$	1,984	$	3,461	$	2,925
Oder-Center, Germany ⁽¹⁾		9.5%		18		27		38		61
			$	2,003	$	2,011	$	3,499	$	2,986

⁽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	June 30, 2016			December 31, 2015
Rental property, net	$	210,343		$	214,139
Other assets		39,460			41,337
Total assets	$	249,803		$	255,476

Notes and mortgages payable, net	$	245,786		$	245,582
Other liabilities		11,796			15,000
Total liabilities		257,582			260,582
Equity ⁽¹⁾		(7,779	)		(5,106	)
Total liabilities and equity	$	249,803		$	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 June 30,						For the Six Months Ended June 30,
Income Statements	2016			2015			2016			2015
Rental income	$	12,716		$	12,392		$	25,394		$	24,446
Tenant reimbursement income		893			1,375			2,009			2,736
Fee and other income		677			344			1,195			623
Total revenues		14,286			14,111			28,598			27,805
Operating		5,375			5,831			10,992			12,057
Depreciation and amortization		3,043			2,954			6,051			5,884
Total expenses		8,418			8,785			17,043			17,941
Operating income		5,868			5,326			11,555			9,864
Interest and other income, net		19			4			33			5
Interest and debt expense		(2,752	)		(2,611	)		(5,500	)		(6,039	)
Unrealized gain on interest rate swaps		834			1,248			834			2,020
Net income	$	3,969		$	3,967		$	6,922		$	5,850