Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

Summary of Investments and Income from Investments In 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, 2019		December 31, 2018
712 Fifth Avenue ⁽¹⁾	50.0%	$	-	$	-
111 Sutter Street	49.0%		45,152		-
60 Wall Street ⁽²⁾	5.0%		21,685		22,353
One Steuart Lane ⁽²⁾	30.0% ⁽³⁾		66,059		52,923
Oder-Center, Germany ⁽²⁾	9.5%		3,530		3,587
Investments in unconsolidated joint ventures		$	136,426	$	78,863

(Amounts in thousands)	For the Three Months Ended March 31,
Our Share of Net Income (Loss):	2019				2018
712 Fifth Avenue ⁽¹⁾	$	-			$	-
111 Sutter Street		(872	)	⁽⁴⁾		-
60 Wall Street ⁽²⁾		(149	)			(73	)
One Steuart Lane ⁽²⁾		(15	)			(2	)
Oder-Center, Germany ⁽²⁾		9				13
Loss from unconsolidated joint ventures	$	(1,027	)		$	(62	)

⁽¹⁾

As of March 31, 2019, our basis in the partnership that owns 712 Fifth Avenue, was negative $16,340 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, 2019, the carrying amount of our investments in 60 Wall Street, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $2,760, $935 and $5,027, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into “income from unconsolidated joint ventures” over the estimated useful life of the related assets.

⁽³⁾

Represents RDF’s economic interest in One Steuart Lane.

⁽⁴⁾

Represents our share of earnings from the date of acquisition through March 31, 2019.

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 and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets:	March 31, 2019		December 31, 2018
Real estate, net	$	1,460,396	$	1,236,989
Intangible assets, net		106,781		97,658
Other assets		95,031		91,552
Total assets	$	1,662,208	$	1,426,199

Notes and mortgages payable, net	$	1,022,931	$	887,882
Intangible liabilities, net		5,685		-
Other liabilities		23,758		22,310
Total liabilities		1,052,374		910,192
Equity		609,834		516,007
Total liabilities and equity	$	1,662,208	$	1,426,199


(Amounts in thousands)	For the Three Months Ended March 31,
Income Statements:	2019			2018
Revenues:
Rental revenue	$	38,224		$	35,835
Fee and other income		98			136
Total revenues		38,322			35,971
Expenses:
Operating expenses		14,403			13,527
Depreciation and amortization		14,125			12,161
Total expenses		28,528			25,688
Other income (expense):
Interest and other income, net		98			170
Interest and debt expense		(11,527	)		(9,179	)
Net (loss) income before income taxes		(1,635	)		1,274
Income tax expense		(8	)		(10	)
Net (loss) income	$	(1,643	)	$	1,264