Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
712 Fifth Avenue (1)	50.0%	$	-	$	-
Market Center (1)	67.0%		-		-
55 Second Street (2)	44.1%		30,019		30,322
111 Sutter Street (1)	49.0%		-		-
1600 Broadway (2)	9.2%		8,496		8,646
60 Wall Street (3)	5.0%		217		-
One Steuart Lane (2)	35.0% (4)		90,640		89,949
Oder-Center, Germany (2)	9.5%		3,416		3,322
Investments in unconsolidated joint ventures		$	132,788	$	132,239

(Amounts in thousands)	For the Three Months Ended March 31,
Our Share of Net (Loss) Income:	2024			2023
712 Fifth Avenue (1)	$	-		$	-
Market Center (1)		-			(2,655	)
55 Second Street (2)		(302	)		(639	)
111 Sutter Street (1)		-			-
1600 Broadway (2)		1			(3	)
60 Wall Street (3)		(1,687	)		(17	)
One Steuart Lane (2)		691			(2,416	)
Oder-Center, Germany (2)		(49	)		(32	)
Loss from unconsolidated joint ventures	$	(1,346	)	$	(5,762	)

(1)At March 31, 2024, our basis in the joint ventures that own 712 Fifth Avenue, Market Center and 111 Sutter Street was negative. Since we have no further obligation to fund additional capital to these joint ventures, we have discontinued the equity method of accounting, and accordingly, we no longer recognize our proportionate share of earnings. Instead, we recognize income only to the extent we receive cash distributions from the joint ventures and recognize losses to the extent we make cash contributions to the joint ventures.

(2)As of March 31, 2024, the carrying amount of our investments in 55 Second Street, 1600 Broadway, One Steuart Lane and Oder-Center, Germany was greater than our share of equity in these investments by $461, $303, $570 and $4,212, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs.

(3)As a result of the joint venture’s commitment to fund the development costs related to the project in connection with the modification and extension of the mortgage loan, we resumed the equity method of accounting and recognized all losses that were previously deferred.

(4)Represents RDF’s 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, 2024		December 31, 2023
Real estate, net	$	1,556,686	$	1,528,595
Cash and cash equivalents and restricted cash		200,573		167,355
Intangible assets, net		49,194		52,164
For-sale residential condominium units (1)		237,864		246,824
Other assets		80,682		84,179
Total assets	$	2,124,999	$	2,079,117
Notes and mortgages payable, net	$	1,744,978	$	1,744,706
Intangible liabilities, net		3,911		5,026
Other liabilities		122,868		98,462
Total liabilities		1,871,757		1,848,194
Equity		253,242		230,923
Total liabilities and equity	$	2,124,999	$	2,079,117

(Amounts in thousands)	For the Three Months Ended March 31,
Income Statements:	2024				2023
Revenues:
Rental revenue	$	35,936			$	40,221
Other income		14,998		(2)		1,757
Total revenues		50,934				41,978
Expenses:
Operating		32,439		(2)		24,701
Depreciation and amortization		13,162				17,765
Total expenses		45,601				42,466
Other income (expense):
Interest and other income		626				709
Interest and debt expense		(17,589	)			(15,446	)
Loss before income taxes		(11,630	)			(15,225	)
Income tax expense		(16	)			(11	)
Net loss	$	(11,646	)		$	(15,236	)

(1)Represents 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.