Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020		December 31, 2019
712 Fifth Avenue ⁽¹⁾	50.0%	$	-	$	-
Market Center	67.0%		201,952		219,593
55 Second Street ⁽²⁾	44.1%		94,601		95,384
111 Sutter Street	49.0%		40,637		41,519
60 Wall Street ⁽²⁾	5.0%		19,155		19,777
One Steuart Lane ⁽²⁾	35.0% ⁽³⁾		69,533		69,536
Oder-Center, Germany ⁽²⁾	9.5%		3,480		3,371
Investments in unconsolidated joint ventures		$	429,358	$	449,180


(Amounts in thousands)	For the Three Months Ended March 31,
Our Share of Net (Loss) Income:	2020			2019
712 Fifth Avenue ⁽¹⁾	$	-		$	-
Market Center⁽⁴⁾		(2,854	)		-
55 Second Street ⁽²⁾⁽⁵⁾		(684	)		-
111 Sutter Street ⁽⁶⁾		(610	)		(872	)
60 Wall Street ⁽²⁾		(82	)		(149	)
One Steuart Lane ⁽²⁾		(1	)		(15	)
Oder-Center, Germany ⁽²⁾		10			9
Loss from unconsolidated joint ventures	$	(4,221	)	$	(1,027	)

⁽¹⁾

^{As of March 31, 2020, our basis in the partnership that owns 712 Fifth Avenue, was negative $20,035 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 March 31, 2020, the carrying amount of our investments in 55 Second Street, 60 Wall Street, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $495, $2,703, $939 and $4,702, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into “loss from unconsolidated joint ventures” over the estimated useful life of the related assets.}

⁽³⁾

^{Represents our consolidated Residential Development Fund’s economic interest in One Steuart Lane.}

⁽⁴⁾

^{Acquired on December 11, 2019.}

⁽⁵⁾

^{Acquired on August 21, 2019.}

⁽⁶⁾

^{Acquired on February 7, 2019.}

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

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:	March 31, 2020			December 31, 2019
Real estate, net	$	2,579,785		$	2,581,738
Cash and cash equivalents and restricted cash		80,856			75,071
Intangible assets, net		155,881			172,041
Other assets		40,408			36,218
Total assets	$	2,856,930		$	2,865,068

Notes and mortgages payable, net	$	1,680,697		$	1,648,403
Intangible liabilities, net		35,672			38,377
Other liabilities		70,360			65,759
Total liabilities		1,786,729			1,752,539
Equity		1,070,201			1,112,529
Total liabilities and equity	$	2,856,930		$	2,865,068


(Amounts in thousands)	For the Three Months Ended March 31,
Income Statements:	2020			2019
Revenues:
Rental revenue	$	62,447		$	38,224
Fee and other income		747			98
Total revenues		63,194			38,322
Expenses:
Operating		25,940			14,403
Depreciation and amortization		30,182			14,125
Total expenses		56,122			28,528
Other income (expense):
Interest and other income, net		77			98
Interest and debt expense		(15,909	)		(11,527	)
Net loss before income taxes		(8,760	)		(1,635	)
Income tax expense		(39	)		(8	)
Net loss	$	(8,799	)	$	(1,643	)