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Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items] |
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 December 31, |  |
Our Share of Investments: |  | Ownership |  |  | 2019 |  |  | 2018 |  |
712 Fifth Avenue (1) |  | 50.0% |  |  | $ | - |  |  | $ | - |  |
Market Center |  | 67.0% |  |  |  | 219,593 |  |  |  | - |  |
55 Second Street (2) |  | 44.1% |  |  |  | 95,384 |  |  |  | - |  |
111 Sutter Street |  | 49.0% |  |  |  | 41,519 |  |  |  | - |  |
60 Wall Street (2) |  | 5.0% |  |  |  | 19,777 |  |  |  | 22,353 |  |
One Steuart Lane (2) |  | 35.0% (3) |  |  |  | 69,536 |  |  |  | 52,923 |  | (4)
Oder-Center, Germany (2) |  | 9.5% |  |  |  | 3,371 |  |  |  | 3,587 |  |
Investments in unconsolidated joint ventures |  |  |  |  |  | $ | 449,180 |  |  | $ | 78,863 |  |
(Amounts in thousands) |  | For the Year Ended December 31, |
Our Share of Net (Loss) Income: |  | 2019 |  |  | 2018 |  |  | 2017 |
712 Fifth Avenue (1) |  | $ | 1,849 |  |  | $ | 3,901 |  |  | $ | 20,072 |
Market Center |  |  | (744 | ) | (5) |  | - |  |  |  | - |
55 Second Street (2) |  |  | (826 | ) | (5) |  | - |  |  |  | - |
111 Sutter Street |  |  | (4,394 | ) | (5) |  | - |  |  |  | - |
60 Wall Street (2) |  |  | (551 | ) |  |  | (518 | ) |  |  | (152 | )
One Steuart Lane (2) |  |  | (118 | ) |  |  | (18 | ) |  |  | 182 |
Oder-Center, Germany (2) |  |  | 78 |  |  |  | 103 |  |  |  | 83 |
(Loss) income from unconsolidated joint ventures |  | $ | (4,706 | ) |  | $ | 3,468 |  |  | $ | 20,185 |
| (1) | As of December 31, 2019, our basis in the partnership that owns 712 Fifth Avenue, was negative $19,648 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 December 31, 2019, the carrying amount of our investment in 55 Second Street, 60 Wall Street, One Steuart Lane and Oder Center, Germany is greater than our share of equity in these investments by $583, $2,716, $974, $4,576, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into “(loss) 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) | Includes a $7,086 basis adjustment which was recorded upon the adoption of ASU 2017-05 on January 1, 2018. |
| (5) | Represents our share of earnings from the date of acquisition through December 31, 2019. |
Unconsolidated Joint Ventures [Member] |
Schedule Of Equity Method Investments [Line Items] |
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 December 31, |
Balance Sheets: | 2019 |  |  | 2018 |
Real estate, net | $ | 2,581,738 |  |  | $ | 1,236,989 |
Cash and cash equivalents and restricted cash |  | 75,071 |  |  |  | 50,834 |
Intangible assets, net |  | 172,041 |  |  |  | 97,658 |
Other assets |  | 36,218 |  |  |  | 40,718 |
Total assets | $ | 2,865,068 |  |  | $ | 1,426,199 |
Notes and mortgages payable, net | $ | 1,648,403 |  |  | $ | 887,882 |
Intangible liabilities, net |  | 38,377 |  |  |  | - |
Other liabilities |  | 65,759 |  |  |  | 22,310 |
Total liabilities |  | 1,752,539 |  |  |  | 910,192 |
Equity |  | 1,112,529 |  |  |  | 516,007 |
Total liabilities and equity | $ | 2,865,068 |  |  | $ | 1,426,199 |
(Amounts in thousands) | For the Year Ended December 31, |
Income Statements: | 2019 |  |  | 2018 |  |  | 2017 |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Rental revenue | $ | 164,316 |  |  | $ | 140,653 |  |  | $ | 138,805 |
Fee and other income |  | 2,108 |  |  |  | 6,827 |  |  |  | 1,621 |
Total revenues |  | 166,424 |  |  |  | 147,480 |  |  |  | 140,426 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Operating |  | 68,491 |  |  |  | 53,417 |  |  |  | 51,390 |
Depreciation and amortization |  | 68,318 |  |  |  | 48,452 |  |  |  | 46,409 |
Total expenses |  | 136,809 |  |  |  | 101,869 |  |  |  | 97,799 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest and other income, net |  | 663 |  |  |  | 803 |  |  |  | 381 |
Interest and debt expense |  | (51,113 | ) |  |  | (39,406 | ) |  |  | (33,461 | )
Unrealized gain on interest rate swaps |  | - |  |  |  | - |  |  |  | 1,896 |
Net (loss) income before income taxes |  | (20,835 | ) |  |  | 7,008 |  |  |  | 11,443 |
Income tax expense |  | (16 | ) |  |  | (10 | ) |  |  | (2 | )
Net (loss) income | $ | (20,851 | ) |  | $ | 6,998 |  |  | $ | 11,441 |

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