Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

4.	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 December 31,
Our Share of Investments:	Ownership	2020		2019
712 Fifth Avenue ⁽¹⁾	50.0%	$	-	$	-
Market Center	67.0%		192,306		219,593
55 Second Street ⁽²⁾	44.1%		92,298		95,384
111 Sutter Street	49.0%		37,818		41,519
60 Wall Street ⁽²⁾	5.0%		19,164		19,777
One Steuart Lane ⁽²⁾	35.0% ⁽³⁾		67,505		69,536
Oder-Center, Germany ⁽²⁾	9.5%		3,633		3,371
Investments in unconsolidated joint ventures		$	412,724	$	449,180

(Amounts in thousands)	For the Year Ended December 31,
Our Share of Net (Loss) Income:	2020			2019			2018
712 Fifth Avenue ⁽¹⁾	$	687		$	1,849		$	3,901
Market Center ⁽⁴⁾		(11,315	)		(744	)		-
55 Second Street ⁽²⁾⁽⁵⁾		(2,723	)		(826	)		-
111 Sutter Street ⁽⁶⁾		(3,172	)		(4,394	)		-
60 Wall Street ⁽²⁾		(70	)		(551	)		(518	)
One Steuart Lane ⁽²⁾		(2,043	)		(118	)		(18	)
Oder-Center, Germany ⁽²⁾		17			78			103
(Loss) income from unconsolidated joint ventures	$	(18,619	)	$	(4,706	)	$	3,468

⁽¹⁾

As of December 31, 2020, our basis in the partnership that owns 712 Fifth Avenue, was negative $22,345 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 December 31, 2020, the carrying amount of our investments in 55 Second Street, 60 Wall Street, One Steuart Lane and Oder-Center, Germany is greater than our share of equity in these investments by $489, $2,665, $970, $4,819, 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 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.

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 December 31,
Balance Sheets:	2020		2019
Real estate, net	$	2,674,858	$	2,581,738
Cash and cash equivalents and restricted cash		120,149		75,071
Intangible assets, net		110,307		172,041
Other assets		45,761		36,218
Total assets	$	2,951,075	$	2,865,068

Notes and mortgages payable, net	$	1,801,084	$	1,648,403
Intangible liabilities, net		26,772		38,377
Other liabilities		87,575		65,759
Total liabilities		1,915,431		1,752,539
Equity		1,035,644		1,112,529
Total liabilities and equity	$	2,951,075	$	2,865,068

(Amounts in thousands)	For the Year Ended December 31,
Income Statements:	2020			2019			2018
Revenues:
Rental revenue	$	243,713		$	164,316		$	140,653
Other income		2,828			2,108			6,827
Total revenues		246,541			166,424			147,480
Expenses:
Operating		109,114			68,491			53,417
Depreciation and amortization		117,640			68,318			48,452
Total expenses		226,754			136,809			101,869
Other (expense) income:
Interest and other (loss) income, net		(36	)		663			803
Interest and debt expense		(58,239	)		(51,113	)		(39,406	)
Net (loss) income before income taxes		(38,488	)		(20,835	)		7,008
Income tax expense		(47	)		(16	)		(10	)
Net (loss) income	$	(38,535	)	$	(20,851	)	$	6,998