Investment in Unconsolidated Joint Ventures

In addition to the 48 office and parking properties included in the consolidated financial statements, the Company was also invested in two unconsolidated joint ventures with unrelated investors as of March 31, 2015. Accordingly, the assets and liabilities of the joint ventures are not included on the Company's consolidated balance sheets at March 31, 2015 and December 31, 2014. Information relating to these unconsolidated joint ventures is summarized below (in thousands, except ownership %):



Joint Venture Entity	Location	Parkway's Ownership%	Number of Properties	Investment Balance at March 31, 2015		Investment Balance at December 31, 2014
US Airways Building Tenancy in Common ("US Airways Building")	Phoenix, AZ	74.58%	1	$	39,455	$	39,760
7000 Central Park JV LLC ("7000 Central Park")	Atlanta, GA	40.00%	1	15,711		15,790
			2	$	55,166	$	55,550

The following table summarizes the balance sheet of the unconsolidated joint ventures at March 31, 2015 (in thousands):



	US Airways Building		7000 Central Park		Total
Cash	$	146	$	287	$	433
Restricted cash	—		251		251
Real estate, net	47,245		48,429		95,674
Intangible assets, net	4,942		3,762		8,704
Other assets	937		2,361		3,298
Total assets	$	53,270	$	55,090	$	108,360

Mortgage debt	$	13,357	$	30,000	$	43,357
Other liabilities	371		1,643		2,014
Partners' equity	39,542		23,447		62,989
Total liabilities and partners' equity	$	53,270	$	55,090	$	108,360

The following table summarizes the balance sheet of the unconsolidated joint ventures at December 31, 2014 (in thousands):



	US Airways Building		7000 Central Park		Total
Cash	$	146	$	1,218	$	1,364
Restricted cash	—		269		269
Real estate, net	47,632		48,532		96,164
Intangible assets, net	5,078		4,157		9,235
Other assets	824		2,099		2,923
Total assets	$	53,680	$	56,275	$	109,955

Mortgage debt	$	13,441	$	30,000	$	43,441
Other liabilities	370		1,561		1,931
Partners' equity	39,869		24,714		64,583
Total liabilities and partners' equity	$	53,680	$	56,275	$	109,955

The following table summarizes the income statements of the unconsolidated joint ventures for the three months ended March 31, 2015 (in thousands):



	US Airways Building		7000 Central Park			Austin Joint Venture (1)		Total
Revenues	$	1,126	$	1,841		$	—	$	2,967
Operating expenses	—		1,035			—		1,035
Depreciation and amortization	522		1,629			—		2,151
Operating income (loss) before interest	604		(823		)	—		(219		)
Interest expense	101		148			—		249
Loan cost amortization	—		43			—		43
Net income (loss)	$	503	$	(1,014	)	$	—	$	(511	)

(1) The Company previously owned an indirect interest in PKY/CalSTRS Austin, LLC (the "Austin Joint Venture"), a joint venture with the California State Teachers' Retirement System ("CalSTRS"). The Company terminated the Austin Joint Venture on November 17, 2014.

The following table summarizes the income statements of the unconsolidated joint ventures for the three months ended March 31, 2014 (in thousands):



	US Airways Building		7000 Central Park			Austin Joint Venture (1)			Total
Revenues	$	1,126	$	1,848		$	13,364		$	16,338
Operating expenses	—		850			5,591			6,441
Depreciation and amortization	522		1,160			5,569			7,251
Operating income (loss) before interest	604		(162		)	2,204			2,646
Interest expense	104		149			5,169			5,422
Loan cost amortization	—		(234		)	—			(234		)
Net income (loss)	$	500	$	(77	)	$	(2,965	)	$	(2,542	)

(1) The Company previously owned an indirect interest in the Austin Joint Venture. The Company terminated the Austin Joint Venture on November 17, 2014.

On December 19, 2013, the Company acquired Thomas Properties Group, Inc.'s ("TPGI") interest in the Austin Joint Venture in connection with the merger transactions (the "Mergers") with TPGI. The Company and Madison International Realty ("Madison") owned a 50% interest in the joint venture with CalSTRS, of which the Company's ownership interest was 33%. On January 24, 2014, pursuant to a put right held by Madison, the Company purchased Madison’s approximately 17% interest in the Austin Joint Venture for a purchase price of approximately $41.5 million. On February 10, 2014, pursuant to an agreement entered into between CalSTRS and the Company, CalSTRS exercised an option to purchase 60% of Madison's former interest on the same terms as the Company for approximately $24.9 million. After giving effect to these transactions, the Company had a 40% interest in the CalSTRS joint venture and the Austin properties, with CalSTRS owning the remaining 60% and the Company recorded a gain of approximately $6.3 million during the three months ended March 31, 2014.