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Investment in Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures

In addition to the 32 office properties included in the consolidated financial statements, the Company was also invested in four unconsolidated joint ventures, which own two properties, as of March 31, 2016. Accordingly, the assets and liabilities of the joint ventures are not included on the Company's consolidated balance sheets at March 31, 2016 and December 31, 2015. Information relating to these unconsolidated joint ventures is summarized below (dollars in thousands):
Joint Venture Entity
 
Location
 
Parkway's Ownership%
 
Investment Balance at March 31, 2016
 
Investment Balance at December 31, 2015
US Airways Building Tenancy in Common ("US Airways Building")
 
Phoenix, AZ
 
74.58%
 
$
38,131

 
$
38,472

7000 Central Park JV LLC ("7000 Central Park") (1)
 
Atlanta, GA
 
40.00%
 
124

 
120

Tryon Place, LLC (2)
 
Charlotte, NC
 
14.80%
 
1,000

 
1,000

Courvoisier Centre JV, LLC ("Courvoisier Joint Venture")
 
Miami, FL
 
20.00%
 
6,512

 
—

 
 
 
 
 
 
$
45,767

 
$
39,592


(1) The Company and its joint venture partner sold 7000 Central Park on November 6, 2015.
(2) On December 23, 2015, the Company entered into a joint venture agreement with a third party investor for the purpose of exploring a development opportunity in Charlotte, North Carolina.
The following table summarizes the balance sheets of the unconsolidated joint ventures at March 31, 2016 and December 31, 2015 (in thousands):    
 
 
March 31, 2016
 
December 31, 2015
Cash
 
$
1,756

 
$
559

Restricted cash
 
44

 
—

Real estate, net
 
213,953

 
46,087

Intangible assets, net
 
9,572

 
2,265

Receivables and other assets
 
11,872

 
3,513

Total assets
 
$
237,197

 
$
52,424

 
 
 
 
 
Mortgage debt
 
$
118,063

 
$
13,105

Other liabilities
 
9,421

 
466

Partners' equity
 
109,713

 
38,853

Total liabilities and partners' equity
 
$
237,197

 
$
52,424



The following table summarizes the statements of operations of the unconsolidated joint ventures for the three months ended March 31, 2016 and March 31, 2015 (in thousands):    
 
 
Three Months Ended
 
 
March 31, 2016
 
March 31, 2015
Revenues
 
$
3,623

 
$
2,967

Operating expenses
 
(1,388
)
 
(1,035
)
Depreciation and amortization
 
(1,541
)
 
(2,151
)
Operating income (loss) before other income and expenses
 
694

 
(219
)
Interest expense
 
(848
)
 
(249
)
Loan cost amortization
 
(25
)
 
(43
)
Net loss
 
$
(179
)
 
$
(511
)


In the Courvoisier Joint Venture, the Company's share of the joint venture partner's equity is $6.5 million and the excess investment is $7.7 million at March 31, 2016. "Excess Investment" represents the unamortized difference of the Company's investment over the share of the equity in the underlying net assets of the joint venture and is allocated on a fair value basis primarily to investment property and lease related intangibles. The Company amortizes the excess investment over the life of the related depreciable components of investment property, typically no greater than 39 years, or the terms of the applicable leases, respectively. The amortization is included in the reported amount of equity in earnings from unconsolidated joint ventures.