Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025		December 31, 2024
One Steuart Lane (1)	35.0% (2)	$	70,617	$	76,579
1600 Broadway (1)	9.2%		8,004		8,161
60 Wall Street	5.0%		2,521		1,212
Other (3)	Various		-		-
Investments in unconsolidated joint ventures		$	81,142	$	85,952


(Amounts in thousands)	For the Three Months Ended March 31,
Our Share of Net Income (Loss):	2025		2024
One Steuart Lane	$	1,848	$	691
1600 Broadway		-		1
60 Wall Street		59		(1,687	)
Other (3)		-		(351	)
Income (loss) from unconsolidated joint ventures	$	1,907	$	(1,346	)

(1)

As of March 31, 2025, the carrying amount of our investments in One Steuart Lane and 1600 Broadway was greater than our share of equity in these investments by $490 and $296, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs.

(2)

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%.

(3)

As of March 31, 2025, the carrying amount of our investments in the joint ventures that own 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street and Oder-Center, Germany were $0. 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.

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, 2025		December 31, 2024
Real estate, net	$	1,540,228	$	1,567,771
Cash and cash equivalents and restricted cash		142,265		154,669
Intangible assets, net		41,259		42,672
For-sale residential condominium units (1)		185,944		195,113
Deferred rent receivable		43,619		42,128
Other assets		32,631		26,813
Total assets	$	1,985,946	$	2,029,166

Notes and mortgages payable, net	$	1,797,068	$	1,783,587
Accounts payable and accrued expenses		77,160		59,860
Intangible liabilities, net		2,586		2,480
Other liabilities		77,158		73,129
Total liabilities		1,953,972		1,919,056
Equity		31,974		110,110
Total liabilities and equity	$	1,985,946	$	2,029,166


(Amounts in thousands)	For the Three Months Ended March 31,
Income Statements:	2025			2024
Revenues:
Rental revenue	$	32,484		$	35,936
Other income (2)		18,748			14,998
Total revenues		51,232			50,934
Expenses:
Operating (3)		32,599			32,439
Depreciation and amortization		10,750			13,162
Total expenses		43,349			45,601
Other income (expense):
Interest and other income		1,816			626
Interest and debt expense		(18,715	)		(17,589	)
Loss before income taxes		(9,016	)		(11,630	)
Income tax expense		(26	)		(16	)
Net loss	$	(9,042	)	$	(11,646	)

(1)

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

(2)

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

(3)

Includes cost of sales relating to residential condominium units sold at One Steuart Lane.