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Investments in Unconsolidated Joint Ventures | 6 Months Ended
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Jun. 30, 2020
Equity Method Investments And Joint Ventures [Abstract] |
Investments in Unconsolidated Joint Ventures |
5. | 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 |  |  | June 30, 2020 |  |  | December 31, 2019 |  |
712 Fifth Avenue (1) |  | 50.0% |  |  | $ | - |  |  | $ | - |  |
Market Center |  | 67.0% |  |  |  | 197,250 |  |  |  | 219,593 |  |
55 Second Street (2) |  | 44.1% |  |  |  | 93,939 |  |  |  | 95,384 |  |
111 Sutter Street |  | 49.0% |  |  |  | 39,417 |  |  |  | 41,519 |  |
60 Wall Street (2) |  | 5.0% |  |  |  | 19,148 |  |  |  | 19,777 |  |
One Steuart Lane (2) |  | 35.0% (3) |  |  |  | 67,986 |  |  |  | 69,536 |  |
Oder-Center, Germany (2) |  | 9.5% |  |  |  | 3,443 |  |  |  | 3,371 |  |
Investments in unconsolidated joint ventures |  |  | $ | 421,183 |  |  | $ | 449,180 |  |
(Amounts in thousands) |  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
Our Share of Net (Loss) Income: |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
712 Fifth Avenue (1) |  | $ | 229 |  |  | $ | 917 |  |  | $ | 229 |  |  | $ | 917 |
Market Center (4) |  |  | (3,070 | ) |  |  | - |  |  |  | (5,924 | ) |  |  | - |
55 Second Street (2)(5) |  |  | (662 | ) |  |  | - |  |  |  | (1,346 | ) |  |  | - |
111 Sutter Street (6) |  |  | (919 | ) |  |  | (1,249 | ) |  |  | (1,529 | ) |  |  | (2,121 | )
60 Wall Street (2) |  |  | (9 | ) |  |  | (149 | ) |  |  | (91 | ) |  |  | (298 | )
One Steuart Lane (2) |  |  | (1,549 | ) |  |  | 8 |  |  |  | (1,550 | ) |  |  | (7 | )
Oder-Center, Germany (2) |  |  | 25 |  |  |  | 17 |  |  |  | 35 |  |  |  | 26 |
Loss from unconsolidated joint ventures |  | $ | (5,955 | ) |  | $ | (456 | ) |  | $ | (10,176 | ) |  | $ | (1,483 | )
(1) | As of June 30, 2020, our basis in the partnership that owns 712 Fifth Avenue, was negative $20,956 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 June 30, 2020, the carrying amount of our investments in 55 Second Street, 60 Wall Street, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $493, $2,691, $970 and $4,593, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into “loss from unconsolidated joint ventures” over the estimated useful life of the related assets. |
(3) | Represents our consolidated Residential Development Fund’s economic interest in One Steuart Lane. |
(4) | Acquired on December 11, 2019. |
(5) | Acquired on August 21, 2019. |
(6) | Acquired on February 7, 2019. |
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: | June 30, 2020 |  |  | December 31, 2019 |
Real estate, net | $ | 2,605,205 |  |  | $ | 2,581,738 |
Cash and cash equivalents and restricted cash |  | 99,300 |  |  |  | 75,071 |
Intangible assets, net |  | 140,312 |  |  |  | 172,041 |
Other assets |  | 38,594 |  |  |  | 36,218 |
Total assets | $ | 2,883,411 |  |  | $ | 2,865,068 |
Notes and mortgages payable, net | $ | 1,706,229 |  |  | $ | 1,648,403 |
Intangible liabilities, net |  | 31,522 |  |  |  | 38,377 |
Other liabilities |  | 91,771 |  |  |  | 65,759 |
Total liabilities |  | 1,829,522 |  |  |  | 1,752,539 |
Equity |  | 1,053,889 |  |  |  | 1,112,529 |
Total liabilities and equity | $ | 2,883,411 |  |  | $ | 2,865,068 |
(Amounts in thousands) | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
Income Statements: | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenue | $ | 59,136 |  |  | $ | 36,455 |  |  | $ | 121,583 |  |  | $ | 74,679 |
Fee and other income |  | 777 |  |  |  | 393 |  |  |  | 1,524 |  |  |  | 491 |
Total revenues |  | 59,913 |  |  |  | 36,848 |  |  |  | 123,107 |  |  |  | 75,170 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  | 29,642 |  |  |  | 15,274 |  |  |  | 55,582 |  |  |  | 29,677 |
Depreciation and amortization |  | 29,099 |  |  |  | 15,082 |  |  |  | 59,281 |  |  |  | 29,207 |
Total expenses |  | 58,741 |  |  |  | 30,356 |  |  |  | 114,863 |  |  |  | 58,884 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other (loss) income, net |  | (29 | ) |  |  | 201 |  |  |  | 48 |  |  |  | 299 |
Interest and debt expense |  | (14,305 | ) |  |  | (12,323 | ) |  |  | (30,214 | ) |  |  | (23,850 | )
Net loss before income taxes |  | (13,162 | ) |  |  | (5,630 | ) |  |  | (21,922 | ) |  |  | (7,265 | )
Income tax expense |  | (5 | ) |  |  | - |  |  |  | (44 | ) |  |  | (8 | )
Net loss | $ | (13,167 | ) |  | $ | (5,630 | ) |  | $ | (21,966 | ) |  | $ | (7,273 | )

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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