Investments in Unconsolidated Real Estate Funds

3 Months Ended

Mar. 31, 2020

Real Estate Fund [Abstract]

Investments in Unconsolidated Real Estate Funds

6. Investments in Unconsolidated Real Estate Funds

We are the general partner and investment manager of Paramount Group Real Estate Fund VIII, LP (“Fund VIII”) and Paramount Group Real Estate Fund X, LP and its parallel fund, Paramount Group Real Estate Fund X-ECI, LP, (collectively “Fund X”), our Alternative Investment Funds, which invest in mortgage and mezzanine loans and preferred equity investments. As of March 31, 2020, Fund VIII has invested $628,088,000 of the $775,200,000 of capital committed and Fund X has invested $78,762,000 of the $192,000,000 of capital committed. As of March 31, 2020, our ownership interest in Fund VIII and Fund X was approximately 1.3% and 7.8%, respectively.

At March 31, 2020 and December 31, 2019, our investments in the above mentioned unconsolidated real estate funds aggregated $13,116,000 and $10,317,000, respectively, and we recognized income of $52,000 and $46,000 for the three months ended March 31, 2020 and 2019, respectively.