Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Financial Information of 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, 2021		December 31, 2020
712 Fifth Avenue ⁽¹⁾	50.0%	$	-	$	-
Market Center	67.0%		192,391		192,306
55 Second Street ⁽²⁾	44.1%		91,676		92,298
111 Sutter Street	49.0%		37,329		37,818
60 Wall Street ⁽²⁾	5.0%		19,180		19,164
One Steuart Lane ⁽²⁾	35.0% ⁽³⁾		67,422		67,505
Oder-Center, Germany ⁽²⁾	9.5%		3,792		3,633
Investments in unconsolidated joint ventures		$	411,790	$	412,724


(Amounts in thousands)	For the Three Months Ended March 31,
Our Share of Net (Loss) Income:	2021			2020
712 Fifth Avenue ⁽¹⁾	$	-		$	-
Market Center		(4,130	)		(2,854	)
55 Second Street ⁽²⁾		(622	)		(684	)
111 Sutter Street		(490	)		(610	)
60 Wall Street ⁽²⁾		17			(82	)
One Steuart Lane ⁽²⁾		(93	)		(1	)
Oder-Center, Germany ⁽²⁾		2			10
Loss from unconsolidated joint ventures	$	(5,316	)	$	(4,221	)

⁽¹⁾

As of March 31, 2021, our basis in the partnership that owns 712 Fifth Avenue was negative $22,922 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, 2021, 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 $487, $2,652, $970 and $5,007, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into income or loss from the unconsolidated joint ventures to which they relate, over the estimated useful life of the related assets.

⁽³⁾

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

Unconsolidated Joint Ventures [Member]

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 thereof and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets:	March 31, 2021		December 31, 2020
Real estate, net	$	2,690,006	$	2,674,858
Cash and cash equivalents and restricted cash		139,944		120,149
Intangible assets, net		96,775		110,307
Other assets		46,747		45,761
Total assets	$	2,973,472	$	2,951,075

Notes and mortgages payable, net	$	1,834,074	$	1,801,084
Intangible liabilities, net		24,608		26,772
Other liabilities		82,503		87,575
Total liabilities		1,941,185		1,915,431
Equity		1,032,287		1,035,644
Total liabilities and equity	$	2,973,472	$	2,951,075


(Amounts in thousands)	For the Three Months Ended March 31,
Income Statements:	2021			2020
Revenues:
Rental revenue	$	56,528		$	62,447
Other income		757			747
Total revenues		57,285			63,194
Expenses:
Operating		25,110			25,940
Depreciation and amortization		27,453			30,182
Total expenses		52,563			56,122
Other income (expense):
Interest and other (loss) income, net		(33	)		77
Interest and debt expense		(13,740	)		(15,909	)
Net loss before income taxes		(9,051	)		(8,760	)
Income tax expense		(16	)		(39	)
Net loss	$	(9,067	)	$	(8,799	)