7.	Investments in Unconsolidated Joint Ventures

The following tables summarize our investments in unconsolidated joint ventures as of December 31, 2016 and 2015 and income from these investments for the periods set forth below.

				The Company
(Amounts in thousands)	Paramount			As of December 31,
Our Share of Investments:	Ownership			2016		2015
712 Fifth Avenue		50.0	%	$	2,912	$	3,577
Oder-Center, Germany ⁽¹⁾		9.5	%		3,499		3,525
Investments in unconsolidated joint ventures				$	6,411	$	7,102

				The Company						The Predecessor
								Period from		Period from
(Amounts in thousands)	Paramount			For the Year Ended December 31,				November 24, 2014		January 1, 2014
Our Share of Net Income:	Ownership			2016		2015		to December 31, 2014		to November 23, 2014
712 Fifth Avenue		50.0	%	$	7,335	$	6,734	$	938	$	4,141
Oder-Center, Germany ⁽¹⁾		9.5	%		78		116		-		-
1325 Avenue of the Americas ⁽²⁾	n/a				-		-		-		100
900 Third Avenue ⁽²⁾	n/a				-		-		-		-
Income from unconsolidated joint ventures				$	7,413	$	6,850	$	938	$	4,241

⁽¹⁾	We account for our interest in Oder-Center, Germany on a one-quarter lag basis.

⁽²⁾	As part of the Formation Transactions, we acquired 100% ownership of these properties.

712 Fifth Avenue

As of December 31, 2016, we own a 50% interest in a joint venture that owns 712 Fifth Avenue, which is accounted for under the equity method. 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 December 31,
Balance Sheets:	2016			2015
Rental property, net	$	207,632		$	214,139
Other assets		40,701			41,337
Total assets	$	248,333		$	255,476

Notes and mortgages payable, net	$	245,990		$	245,582
Other liabilities		8,783			15,000
Total liabilities		254,773			260,582
Equity ⁽¹⁾		(6,440	)		(5,106	)
Total liabilities and equity	$	248,333		$	255,476

⁽¹⁾

The carrying amount of our investment, as of December 31, 2016 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.

			Period from	Period from
(Amounts in thousands)	For the Year Ended December 31,		November 24, 2014	January 1, 2014
Income Statements:	2016	2015	to December 31, 2014	to November 23, 2014
Rental income	$ 50,228	$ 49,382	$ 5,118	$ 41,710
Tenant reimbursement income	4,495	4,758	607	4,282
Fee and other income	1,850	1,235	231	1,269
Total revenues	56,573	55,375	5,956	47,261
Operating	22,826	22,956	2,586	20,826
Depreciation and amortization	12,127	11,764	1,209	10,127
General and administrative	-	-	32	182
Total expenses	34,953	34,720	3,827	31,135
Operating income	21,620	20,655	2,129	16,126
Interest and other income	68	15	1	5
Interest and debt expense	(11,128)	(11,425)	(1,538)	(13,098)
Unrealized gain on interest rate swaps	4,109	4,223	1,285	5,249
Net income	$ 14,669	$ 13,468	$ 1,877	$ 8,282

Oder-Center

As of December 31, 2016, we own a 9.5% interest in a joint venture that owns Oder-Center, a shopping center located in Brandenburg, Germany. We account for our interest in Oder-Center on a one-quarter lag basis. The following tables provide summarized financial information of Oder-Center as of the dates and for the periods set forth below.


(Amounts in thousands)	As of September 30,
Balance Sheets:	2016			2015
Rental property, net	$	6,271		$	6,626
Other assets		1,150			1,228
Total assets	$	7,421		$	7,854

Notes and mortgages payable	$	23,073		$	24,143
Other liabilities		323			245
Total liabilities		23,396			24,388
Equity ⁽¹⁾		(15,975	)		(16,534	)
Total liabilities and equity	$	7,421		$	7,854

⁽¹⁾

The carrying amount of our investment is greater than our share of the equity by approximately $5,017. This basis difference resulted primarily from the excess in purchase price over the historical book value of Oder-Center’s net assets, which was allocated to land and building and improvements. We are amortizing this basis difference related to building and improvements into earnings as additional depreciation expense.


(Amounts in thousands)	For the Twelve Months Ended September 30,
Income Statements:	2016			2015
Rental income	$	4,192		$	4,458
Fee and other income		32			60
Total revenues		4,224			4,518
Operating		844			625
Depreciation and amortization		382			401
Total expenses		1,226			1,026
Operating income		2,998			3,492
Interest and debt expense		(1,084	)		(1,186	)
Income tax expense		(10	)		(21	)
Net income	$	1,904		$	2,285