Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2018

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 the dates thereof and the income or loss from these investments for the periods set forth below.


(Amounts in thousands)	Paramount	As of
Our Share of Investments:	Ownership	March 31, 2018			December 31, 2017
712 Fifth Avenue ⁽¹⁾	50.0%	$	-		$	-
60 Wall Street ⁽²⁾	5.0%		24,436			25,083
75 Howard ⁽²⁾	25.0% ⁽³⁾		39,230	⁽⁴⁾		16,031
Oder-Center, Germany ⁽²⁾	9.5%		3,689			3,648
Investments in unconsolidated joint ventures		$	67,355		$	44,762


(Amounts in thousands)	Paramount	For the Three Months Ended March 31,
Our Share of Net (Loss) Income:	Ownership	2018			2017
712 Fifth Avenue ⁽¹⁾	50.0%	$	-		$	1,930
60 Wall Street ⁽²⁾	5.0%		(73	)		(5	)
75 Howard⁽²⁾	25.0% ⁽³⁾		(2	)		-
Oder-Center, Germany ⁽²⁾	9.5%		13			12
(Loss) income from unconsolidated joint ventures		$	(62	)	$	1,937

⁽¹⁾

As of March 31, 2018, the joint venture had made distributions to us in excess of our share of earnings recognized, which resulted in our basis becoming negative $19,142. As a result, we no longer recognize our proportionate share of earnings from the venture because we have no further obligation to fund additional capital to the venture. Instead, we only recognize income to the extent we receive cash distributions from the venture. Accordingly, we did not recognize any income in the three months ended March 31, 2018 as there were no distributions made by the venture during such period.

⁽²⁾

As of March 31, 2018, the carrying amount of our investments in 60 Wall Street, 75 Howard and Oder-Center is greater than our share of equity in these investments by $2,871, $528 and $5,219, respectively.

⁽³⁾

Represents RDF’s economic interest in the Property.

⁽⁴⁾

Includes a $7,086 basis adjustment which was recorded upon the adoption of ASU 2017-05 on January 1, 2018.

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 thereof and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets:	March 31, 2018			December 31, 2017
Real estate, net	$	199,948		$	202,040
Other assets		62,989			58,034
Total assets	$	262,937		$	260,074

Notes and mortgages payable, net	$	296,235		$	296,132
Other liabilities		4,986			4,615
Total liabilities		301,221			300,747
Equity		(38,284	)		(40,673	)
Total liabilities and equity	$	262,937		$	260,074


(Amounts in thousands)	For the Three Months Ended March 31,
Income Statements:	2018			2017
Rental income	$	12,329		$	12,945
Tenant reimbursement income		1,345			1,308
Fee and other income		458			126
Total revenues		14,132			14,379
Operating expenses		6,184			5,966
Depreciation and amortization		3,026			2,920
Total expenses		9,210			8,886
Operating income		4,922			5,493
Interest and other income, net		113			24
Interest and debt expense		(2,645	)		(2,825	)
Unrealized gain on interest rate swaps		-			1,168
Net income	$	2,390		$	3,860