Investments in Unconsolidated Real Estate Funds

9 Months Ended

Sep. 30, 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. Fund VIII’s investment period ended in April 2020. As of September 30, 2020, Fund VIII had invested $627,088,000 of the $775,200,000 of capital committed. Fund X has invested $78,791,000 of the $192,000,000 of capital committed as of September 30, 2020. Our ownership interest in Fund VIII and Fund X was approximately 1.3% and 7.8%, respectively.

At September 30, 2020 and December 31, 2019, our investments in the Alternative Investment Funds aggregated $12,867,000 and $10,317,000, respectively. We recognized loss of $56,000 and income of $206,000 for the three months ended September 30, 2020 and 2019, respectively, and income of $85,000 and $271,000 for the nine months ended September 30, 2020 and 2019, respectively.