I'm 99% sure it does own all of them outright.
The expansion plans call for a "vertical campus" (Jackie Liebergott's words, not mine) with ground floor retail whenever possible. Some buildings just can't accommodate it due to the minuscule amount of sidewalk frontage they have, or because it just wouldn't work from a pedestrian circulation standpoint - even with complete ground-floor redesigns.
There is a mandate to keep the campus on the smallest footprint possible, spread out over the smallest area possible. As it is, the Paramount is something of the boondocks to the rest of the campus. Though Emerson couldn't really pick up the theater and move it closer.
Emerson is pretty much the anti-BU in every possible way.