Investments in Unconsolidated Real Estate Funds

3 Months Ended

Mar. 31, 2021

Real Estate Fund [Abstract]

Investments in Unconsolidated Real Estate Funds

5. 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. While Fund VIII’s investment period has ended, Fund X’s investment period ends in December 2025. As of March 31, 2021, Fund X has invested $78,791,000 of the $192,000,000 of capital committed. Our ownership interest in Fund VIII and Fund X was approximately 1.3% and 7.8%, respectively, as of March 31, 2021.

At March 31, 2021 and December 31, 2020, our share of the investments in the above mentioned unconsolidated real estate funds aggregated $12,961,000 and $12,917,000, respectively, and we recognized $180,000 and $52,000 for our share of income in the three months ended March 31, 2021 and 2020, respectively.