Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 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 September 30, 2016 and December 31, 2015 and income from these investments for the three and nine months ended September 30, 2016 and 2015.


(Amounts in thousands)	Paramount		As of
Our Share of Investments:	Ownership		September 30, 2016		December 31, 2015
712 Fifth Avenue		50.0%	$	3,081	$	3,577
Oder-Center, Germany ⁽¹⁾		9.5%		3,469		3,525
Investments in unconsolidated joint ventures			$	6,550	$	7,102

(Amounts in thousands)	Paramount		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Our Share of Net Income:	Ownership		2016		2015		2016		2015
712 Fifth Avenue		50.0%	$	1,772	$	1,433	$	5,233	$	4,358
Oder-Center, Germany ⁽¹⁾		9.5%		20		25		58		86
Income from unconsolidated joint ventures			$	1,792	$	1,458	$	5,291	$	4,444

⁽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 provide summarized financial information of 712 Fifth Avenue as of the dates and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets:	September 30, 2016			December 31, 2015
Rental property, net	$	208,578		$	214,139
Other assets		42,534			41,337
Total assets	$	251,112		$	255,476

Notes and mortgages payable, net	$	245,888		$	245,582
Other liabilities		11,324			15,000
Total liabilities		257,212			260,582
Equity ⁽¹⁾		(6,100	)		(5,106	)
Total liabilities and equity	$	251,112		$	255,476

⁽¹⁾

The carrying amount of our investment is greater than our share of the 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 September 30,						For the Nine Months Ended September 30,
Income Statements:	2016			2015			2016			2015
Rental income	$	12,107		$	12,575		$	37,501		$	37,021
Tenant reimbursement income		1,342			1,059			3,351			3,795
Fee and other income		418			287			1,613			910
Total revenues		13,867			13,921			42,465			41,726
Operating		6,081			5,500			17,073			17,557
Depreciation and amortization		3,193			2,945			9,244			8,829
Total expenses		9,274			8,445			26,317			26,386
Operating income		4,593			5,476			16,148			15,340
Interest and other income, net		16			3			49			8
Interest and debt expense		(2,787	)		(2,687	)		(8,287	)		(8,726	)
Unrealized gain on interest rate swaps		1,722			74			2,556			2,094
Net income	$	3,544		$	2,866		$	10,466		$	8,716