Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016 and income from these investments for the three and six months ended June 30, 2017 and 2016.


(Amounts in thousands)	Paramount			As of
Our Share of Investments:	Ownership			June 30, 2017			December 31, 2016
712 Fifth Avenue		50.0%		$	-	⁽¹⁾	$	2,912
60 Wall Street		5.0%			26,451			-
75 Howard		20.0%	⁽²⁾		15,882			-
Oder-Center, Germany		9.5%			3,311			3,499
Investments in unconsolidated joint ventures				$	45,644		$	6,411

				For the Three Months Ended						For the Six Months Ended
(Amounts in thousands)	Paramount			June 30,						June 30,
Our Share of Net Income (Loss):	Ownership			2017				2016		2017				2016
712 Fifth Avenue		50.0%		$	16,504		⁽¹⁾	$	1,985	$	18,434		⁽¹⁾	$	3,461
60 Wall Street		5.0%			(31	)			-		(36	)			-
75 Howard		20.0%	⁽²⁾		33				-		33				-
Oder-Center, Germany		9.5%			29				18		41				38
Income from unconsolidated joint ventures				$	16,535			$	2,003	$	18,472			$	3,499

⁽¹⁾

On June 13, 2017, we completed a $300,000 refinancing of the property. As of June 30, 2017, the basis of our investment in the property was $4,928. On June 30, 2017, we received a $20,000 distribution for our 50.0% share of the net proceeds from the refinancing. In accordance with GAAP, because we have no further obligation to fund additional capital to the venture, we have accounted for the $15,072 distribution in excess of our basis, as income. This amount is included as a component of “income from unconsolidated joint ventures” on our consolidated statements of income for the three and six months ended June 30, 2017

⁽²⁾	Represents RDF’s ownership interest in the property. We now have a 7.4% ownership interest in RDF; accordingly, our economic interest in 75 Howard is 1.5%.

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:	June 30, 2017			December 31, 2016
Real estate, net	$	206,617		$	207,632
Other assets		51,374			40,701
Total assets	$	257,991		$	248,333

Notes and mortgages payable, net	$	295,949		$	245,990
Other liabilities		4,447			8,783
Total liabilities		300,396			254,773
Equity ⁽¹⁾		(42,405	)		(6,440	)
Total liabilities and equity	$	257,991		$	248,333

⁽¹⁾

As of June 30, 2017, the carrying amount of our investment is greater than our share of the equity by approximately $21,202. This basis difference resulted from distributions in excess of the equity in net earnings of the property.


(Amounts in thousands)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Income Statements:	2017			2016			2017			2016
Rental income	$	12,713		$	12,716		$	25,658		$	25,394
Tenant reimbursement income		1,209			893			2,517			2,009
Fee and other income		468			677			594			1,195
Total revenues		14,390			14,286			28,769			28,598
Operating expenses		6,102			5,375			12,068			10,992
Depreciation and amortization		3,075			3,043			5,995			6,051
Total expenses		9,177			8,418			18,063			17,043
Operating income		5,213			5,868			10,706			11,555
Interest and other income, net		48			19			72			33
Interest and debt expense		(3,126	)		(2,752	)		(5,951	)		(5,500	)
Unrealized gain on interest rate swaps		728			834			1,896			834
Net income	$	2,863		$	3,969		$	6,723		$	6,922