Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
712 Fifth Avenue ⁽¹⁾	50.0%	$	-	$	-
Market Center	67.0%		193,462		185,344
55 Second Street ⁽²⁾	44.1%		87,605		88,284
111 Sutter Street	49.0%		34,425		35,182
1600 Broadway ⁽²⁾⁽³⁾	9.2%		9,753		-
60 Wall Street ⁽²⁾	5.0%		19,253		19,230
One Steuart Lane ⁽²⁾	35.0% ⁽⁴⁾		75,159		76,428
Oder-Center, Germany ⁽²⁾	9.5%		3,562		3,628
Investments in unconsolidated joint ventures		$	423,219	$	408,096


(Amounts in thousands)	For the Three Months Ended March 31,
Our Share of Net Income (Loss):	2022			2021
712 Fifth Avenue ⁽¹⁾	$	-		$	-
Market Center		(2,363	)		(4,130	)
55 Second Street ⁽²⁾		(679	)		(622	)
111 Sutter Street		(778	)		(490	)
1600 Broadway ⁽²⁾⁽³⁾		(48	)		-
60 Wall Street ⁽²⁾		12			17
One Steuart Lane ⁽²⁾		(1,269	)		(93	)
Oder-Center, Germany ⁽²⁾		12			2
Loss from unconsolidated joint ventures	$	(5,113	)	$	(5,316	)

⁽¹⁾

At December 31, 2021, our basis in the joint venture that owns 712 Fifth Avenue was negative $14,329. Since we have no further obligation to fund additional capital to the joint venture, we no longer recognize our proportionate share of earnings from the joint venture. Instead, we recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. During the three months ended March 31, 2022, the joint venture had net losses of $1,166 of which our 50.0% share was $583. Accordingly, our basis in the joint venture, taking into account our share of losses, was negative $14,912 as of March 31, 2022.

⁽²⁾

As of March 31, 2022, the carrying amount of our investments in 55 Second Street, 1600 Broadway, 60 Wall Street, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $476, $722, $2,604, $720 and $4,536, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs.

⁽³⁾

Acquired on February 24, 2022.

⁽⁴⁾

Represents our consolidated Residential Development Fund’s (“RDF”) economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% ownership interest in RDF) is 2.6%.

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, 2022		December 31, 2021
Real estate, net	$	2,387,526	$	2,246,152
Cash and cash equivalents and restricted cash		224,149		216,910
Intangible assets, net		85,553		58,590
For-sale residential condominium units ⁽¹⁾		346,054		359,638
Other assets		66,040		46,646
Total assets	$	3,109,322	$	2,927,936

Notes and mortgages payable, net	$	1,870,635	$	1,791,404
Intangible liabilities, net		16,358		18,397
Other liabilities		61,459		61,097
Total liabilities		1,948,452		1,870,898
Equity		1,160,870		1,057,038
Total liabilities and equity	$	3,109,322	$	2,927,936


(Amounts in thousands)	For the Three Months Ended March 31,
Income Statements:	2022				2021
Revenues:
Rental revenue	$	57,520			$	56,528
Other income		18,582		⁽²⁾		757
Total revenues		76,102				57,285
Expenses:
Operating		42,508		⁽²⁾		25,110
Depreciation and amortization		26,898				27,453
Total expenses		69,406				52,563
Other income (expense):
Interest and other loss		(42	)			(33	)
Interest and debt expense		(17,598	)			(13,740	)
Net loss before income taxes		(10,944	)			(9,051	)
Income tax expense		(29	)			(16	)
Net loss	$	(10,973	)		$	(9,067	)

⁽¹⁾

Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

⁽²⁾

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.