Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2019

Equity Method Investments And Joint Ventures [Abstract]

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	June 30, 2019		December 31, 2018
712 Fifth Avenue ⁽¹⁾	50.0%	$	-	$	-
111 Sutter Street	49.0%		43,897		-
60 Wall Street ⁽²⁾	5.0%		21,031		22,353
One Steuart Lane ⁽²⁾	30.0% ⁽³⁾		69,346		52,923	⁽⁴⁾
Oder-Center, Germany ⁽²⁾	9.5%		3,460		3,587
Investments in unconsolidated joint ventures		$	137,734	$	78,863

(Amounts in thousands)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Our Share of Net (Loss) Income:	2019			2018			2019				2018
712 Fifth Avenue ⁽¹⁾	$	917		$	2,608		$	917			$	2,608
111 Sutter Street		(1,249	)		-			(2,121	)	⁽⁵⁾		-
60 Wall Street ⁽²⁾		(149	)		(102	)		(298	)			(175	)
One Steuart Lane ⁽²⁾		8			(16	)		(7	)			(18	)
Oder-Center, Germany ⁽²⁾		17			31			26				44
(Loss) income from unconsolidated joint ventures	$	(456	)	$	2,521		$	(1,483	)		$	2,459

⁽¹⁾

^{As of June 30, 2019, our basis in the partnership that owns 712 Fifth Avenue, was negative $17,672 resulting from distributions made to us in excess of our share of earnings recognized. Accordingly, 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 earnings to the extent we receive cash distributions from the venture.}

⁽²⁾

^{As of June 30, 2019, the carrying amount of our investments in 60 Wall Street, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $2,741, $935 and $4,759, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into “(loss) income from unconsolidated joint ventures” over the estimated useful life of the related assets.}

⁽³⁾	^{Represents RDF’s economic interest in One Steuart Lane.}

⁽⁴⁾

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

⁽⁵⁾

^{Represents our share of earnings from the date of acquisition through June 30, 2019.}

Summary of Financial Information of Unconsolidated Joint Ventures

The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets:	June 30, 2019		December 31, 2018
Real estate, net	$	1,463,668	$	1,236,989
Intangible assets, net		97,811		97,658
Other assets		95,058		91,552
Total assets	$	1,656,537	$	1,426,199

Notes and mortgages payable, net	$	1,022,881	$	887,882
Intangible liabilities, net		5,277		-
Other liabilities		26,542		22,310
Total liabilities		1,054,700		910,192
Equity		601,837		516,007
Total liabilities and equity	$	1,656,537	$	1,426,199


(Amounts in thousands)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Income Statements:	2019			2018			2019			2018
Revenues:
Rental revenue	$	36,455		$	35,206		$	74,679		$	71,041
Fee and other income		393			167			491			303
Total revenues		36,848			35,373			75,170			71,344
Expenses:
Operating expenses		15,274			13,078			29,677			26,605
Depreciation and amortization		15,082			12,032			29,207			24,193
Total expenses		30,356			25,110			58,884			50,798
Other income (expense):
Interest and other income, net		201			198			299			368
Interest and debt expense		(12,323	)		(9,733	)		(23,850	)		(18,912	)
Net (loss) income before income taxes		(5,630	)		728			(7,265	)		2,002
Income tax expense		-			-			(8	)		(10	)
Net (loss) income	$	(5,630	)	$	728		$	(7,273	)	$	1,992