Paramount (PGRE) 10-Q 31 Jul 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	PARAMOUNT GROUP, INC.
Trading Symbol	PGRE
Title of 12(b) Security	Common stock of Paramount Group, Inc.,$0.01 par value per shar
Security Exchange Name	NYSE
Entity Central Index Key	0001605607
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-36746
Entity Tax Identification Number	32-0439307
Entity Address, Address Line One	1633 Broadway
Entity Address, Address Line Two	Suite 1801
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	237-3100
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		217,306,498

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)		Jun. 30, 2023	Dec. 31, 2022
Real estate, at cost:
Land		$ 1,966,237,000	$ 1,966,237,000
Buildings and improvements		6,199,074,000	6,177,540,000
Rental property, at cost		8,165,311,000	8,143,777,000
Accumulated depreciation and amortization		(1,377,917,000)	(1,297,553,000)
Real estate, net		6,787,394,000	6,846,224,000
Cash and cash equivalents		434,751,000	408,905,000
Restricted cash		72,680,000	40,912,000
Accounts and other receivables		13,692,000	23,866,000
Real estate related fund investments		66,606,000	105,369,000
Investments in unconsolidated real estate related funds		5,270,000	3,411,000
Investments in unconsolidated joint ventures		398,677,000	393,503,000
Deferred rent receivable		346,583,000	346,338,000
Deferred charges, net of accumulated amortization of $75,732 and $68,686		113,271,000	120,685,000
Intangible assets, net of accumulated amortization of $189,123 and $246,723		79,558,000	90,381,000
Other assets		49,497,000	73,660,000
Total assets	[1]	8,367,979,000	8,453,254,000
Liabilities and Equity
Notes and mortgages payable, net of unamortized deferred financing costs of $15,331 and $17,682		3,842,669,000	3,840,318,000
Revolving credit facility		0	0
Accounts payable and accrued expenses		113,449,000	123,176,000
Dividends and distributions payable		8,188,000	18,026,000
Intangible liabilities, net of accumulated amortization of $106,393 and $102,533		31,960,000	36,193,000
Other liabilities		23,700,000	24,775,000
Total liabilities	[1]	4,019,966,000	4,042,488,000
Commitments and contingencies
Paramount Group, Inc. equity:
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 217,306,498 and 216,559,406 shares in 2023 and 2022, respectively		2,172,000	2,165,000
Additional paid-in-capital		4,183,662,000	4,186,161,000
Earnings less than distributions		(714,785,000)	(644,331,000)
Accumulated other comprehensive income		36,431,000	48,296,000
Paramount Group, Inc. equity		3,507,480,000	3,592,291,000
Noncontrolling interests in:
Consolidated joint ventures		407,647,000	402,118,000
Consolidated real estate related funds		183,988,000	173,375,000
Operating Partnership (15,366,522 and 14,586,411 units outstanding)		248,898,000	242,982,000
Total equity		4,348,013,000	4,410,766,000
Total liabilities and equity		$ 8,367,979,000	$ 8,453,254,000
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.4 % as of June 30, 2023. As of June 30, 2023, the assets and liabilities of the Operating Partnership include $ 4,003,965 and $ 2,570,004 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities ( “ VIEs ” ).

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Deferred charges, accumulated amortization		$ 75,732	$ 68,686
Intangible assets, accumulated amortization		189,123	246,723
Notes and mortgages payable, deferred financing costs		15,331	17,682
Intangible liabilities, accumulated amortization		$ 106,393	$ 102,533
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		900,000,000	900,000,000
Common stock, shares issued		217,306,498	216,559,406
Common stock, shares outstanding		217,306,498	216,559,406
Operating partnership, units outstanding		15,366,522	14,586,411
Total assets	[1]	$ 8,367,979	$ 8,453,254
Total liabilities	[1]	4,019,966	4,042,488
Variable Interest Entities [Member]
Total assets		4,003,965	4,013,461
Total liabilities		$ 2,570,004	$ 2,579,381
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member]
Percentage of ownership in operating partnership		93.40%
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.4 % as of June 30, 2023. As of June 30, 2023, the assets and liabilities of the Operating Partnership include $ 4,003,965 and $ 2,570,004 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities ( “ VIEs ” ).

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental revenue	$ 165,506,000	$ 177,243,000	$ 347,219,000	$ 347,165,000
Fee and other income	7,156,000	8,274,000	13,917,000	22,037,000
Total revenues	172,662,000	185,517,000	361,136,000	369,202,000
Expenses:
Operating	71,078,000	67,814,000	141,387,000	134,475,000
Depreciation and amortization	62,627,000	57,398,000	121,515,000	113,022,000
General and administrative	16,224,000	16,706,000	30,847,000	32,351,000
Transaction related costs	63,000	159,000	191,000	276,000
Total expenses	149,992,000	142,077,000	293,940,000	280,124,000
Other income (expense):
Loss from real estate related fund investments	(42,644,000)	0	(39,094,000)	0
Income (loss) from unconsolidated real estate related funds	32,000	155,000	(146,000)	325,000
Loss from unconsolidated joint ventures	(28,402,000)	(4,416,000)	(34,164,000)	(9,529,000)
Interest and other income, net	2,967,000	796,000	5,892,000	1,027,000
Interest and debt expense	(36,879,000)	(35,578,000)	(73,338,000)	(69,855,000)
(Loss) income before income taxes	(82,256,000)	4,397,000	(73,654,000)	11,046,000
Income tax expense	(573,000)	(359,000)	(861,000)	(886,000)
Net (loss) income	(82,829,000)	4,038,000	(74,515,000)	10,160,000
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures	(5,351,000)	(4,779,000)	(10,992,000)	(8,204,000)
Consolidated real estate related funds	37,301,000	352,000	36,478,000	1,368,000
Operating Partnership	3,341,000	29,000	3,220,000	(313,000)
Net (loss) income attributable to common stockholders	$ (47,538,000)	$ (360,000)	$ (45,809,000)	$ 3,011,000
(Loss) income per Common Share - Basic:
(Loss) income per common share	$ (0.22)	$ 0	$ (0.21)	$ 0.01
Weighted average shares outstanding	217,003,931	222,971,886	216,784,737	220,888,664
(Loss) income per Common Share - Diluted:
(Loss) income per common share	$ (0.22)	$ 0	$ (0.21)	$ 0.01
Weighted average shares outstanding	217,003,931	222,971,886	216,784,737	220,930,019

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (82,829)	$ 4,038	$ (74,515)	$ 10,160
Other comprehensive (loss) income:
Change in value of interest rate swaps and interest rate caps	(3,135)	6,109	(11,525)	24,654
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	1,394	2,949	(1,169)	13,402
Comprehensive (loss) income	(84,570)	13,096	(87,209)	48,216
Less comprehensive (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures	(5,351)	(4,779)	(10,992)	(8,204)
Consolidated real estate related funds	37,301	352	36,478	1,368
Operating Partnership	3,455	(655)	4,049	(3,667)
Comprehensive (loss) income attributable to common stockholders	$ (49,165)	$ 8,014	$ (57,674)	$ 37,713

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Earnings Less than Distributions [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member] Consolidated Joint Ventures [Member]	Noncontrolling Interest [Member] Consolidated Real Estate Related Funds [Member]	Noncontrolling Interest [Member] Operating Partnership [Member]
Beginning balance at Dec. 31, 2021	$ 4,455,032	$ 2,190	$ 4,122,680	$ (538,845)	$ 2,138	$ 428,833	$ 81,925	$ 356,111
Common stock, shares outstanding at Dec. 31, 2021		218,992,000
Net income (loss)	10,160			3,011		8,204	(1,368)	313
Common shares issued upon redemption of common units		$ 65	107,147					(107,212)
Common shares issued upon redemption of common units, shares		6,530,000
Common shares issued under Omnibus share plan, net of shares withheld for taxes	(280)			(280)
Common shares issued under Omnibus share plan, net of shares withheld for taxes, shares		103,000
Dividends and distributions	(37,564)			(34,463)				(3,101)
Distributions to noncontrolling interests	(24,848)					(24,848)
Change in value of interest rate swaps and interest rate caps	24,654				22,485			2,169
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	13,402				12,217			1,185
Amortization of equity awards	10,798		639					10,159
Reallocation of noncontrolling interest			(1,792)					1,792
Ending balance at Jun. 30, 2022	4,451,354	$ 2,255	4,228,674	(570,577)	36,840	412,189	80,557	261,416
Common stock, shares outstanding at Jun. 30, 2022		225,625,000
Beginning balance at Mar. 31, 2022	4,463,023	$ 2,190	4,120,077	(552,732)	28,466	417,577	80,909	366,536
Common stock, shares outstanding at Mar. 31, 2022		219,077,000
Net income (loss)	4,038			(360)		4,779	(352)	(29)
Common shares issued upon redemption of common units		$ 65	107,147					(107,212)
Common shares issued upon redemption of common units, shares		6,530,000
Common shares issued under Omnibus share plan, net of shares withheld for taxes, shares		18,000
Dividends and distributions	(18,787)			(17,485)				(1,302)
Distributions to noncontrolling interests	(10,167)					(10,167)
Change in value of interest rate swaps and interest rate caps	6,109				5,648			461
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	2,949				2,726			223
Amortization of equity awards	4,189		317					3,872
Reallocation of noncontrolling interest			1,133					(1,133)
Ending balance at Jun. 30, 2022	4,451,354	$ 2,255	4,228,674	(570,577)	36,840	412,189	80,557	261,416
Common stock, shares outstanding at Jun. 30, 2022		225,625,000
Beginning balance at Dec. 31, 2022	$ 4,410,766	$ 2,165	4,186,161	(644,331)	48,296	402,118	173,375	242,982
Common stock, shares outstanding at Dec. 31, 2022	216,559,406	216,559,000
Net income (loss)	$ (74,515)			(45,809)		10,992	(36,478)	(3,220)
Common shares issued upon redemption of common units		$ 7	10,870					(10,877)
Common shares issued upon redemption of common units, shares		653,000
Common shares issued under Omnibus share plan, net of shares withheld for taxes	(205)			(205)
Common shares issued under Omnibus share plan, net of shares withheld for taxes, shares		94,000
Dividends and distributions	(26,298)			(24,440)				(1,858)
Contributions from noncontrolling interests	53,354						53,354
Distributions to noncontrolling interests	(11,726)					(5,463)	(6,263)
Change in value of interest rate swaps and interest rate caps	(11,525)				(10,771)			(754)
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	(1,169)				(1,094)			(75)
Amortization of equity awards	9,331		624					8,707
Reallocation of noncontrolling interest			(13,993)					(13,993)
Ending balance at Jun. 30, 2023	$ 4,348,013	$ 2,172	4,183,662	(714,785)	36,431	407,647	183,988	248,898
Common stock, shares outstanding at Jun. 30, 2023	217,306,498	217,306,000
Beginning balance at Mar. 31, 2023	$ 4,437,080	$ 2,171	4,181,983	(659,641)	38,058	403,902	220,206	250,401
Common stock, shares outstanding at Mar. 31, 2023		217,212,000
Net income (loss)	(82,829)			(47,538)		5,351	(37,301)	(3,341)
Common shares issued upon redemption of common units		$ 1	648					(649)
Common shares issued upon redemption of common units, shares		39,000
Common shares issued under Omnibus share plan, net of shares withheld for taxes, shares		55,000
Dividends and distributions	(8,188)			(7,606)				(582)
Contributions from noncontrolling interests	3,606						3,606
Distributions to noncontrolling interests	(4,129)					(1,606)	(2,523)
Change in value of interest rate swaps and interest rate caps	(3,135)				(2,929)			(206)
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	1,394				1,302			92
Amortization of equity awards	4,214		300					3,914
Reallocation of noncontrolling interest			731					(731)
Ending balance at Jun. 30, 2023	$ 4,348,013	$ 2,172	$ 4,183,662	$ (714,785)	$ 36,431	$ 407,647	$ 183,988	$ 248,898
Common stock, shares outstanding at Jun. 30, 2023	217,306,498	217,306,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement Of Stockholders Equity [Abstract]
Dividends and distributions, Per share and unit	$ 0.035	$ 0.0775	$ 0.1125	$ 0.155

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net (loss) income	$ (74,515,000)	$ 10,160,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	121,515,000	113,022,000
Straight-lining of rental revenue	(245,000)	(4,001,000)
Amortization of stock-based compensation expense	9,331,000	10,704,000
Amortization of deferred financing costs	3,077,000	3,077,000
Loss from unconsolidated joint ventures	34,164,000	9,529,000
Distributions of earnings from unconsolidated joint ventures	208,000	34,000
Realized and unrealized losses on real estate related fund investments	46,803,000
Loss (income) from unconsolidated real estate related funds	146,000	(325,000)
Distributions of earnings from unconsolidated real estate related funds	72,000	304,000
Amortization of above and below-market leases, net	(2,484,000)	(673,000)
Other non-cash adjustments	460,000	560,000
Changes in operating assets and liabilities:
Real estate related fund investments	(8,040,000)
Accounts and other receivables	10,174,000	(2,206,000)
Deferred charges	(3,402,000)	(5,097,000)
Other assets	9,081,000	2,741,000
Accounts payable and accrued expenses	(7,263,000)	(4,714,000)
Other liabilities	(1,026,000)	(2,013,000)
Net cash provided by operating activities	138,056,000	131,102,000
Cash Flows from Investing Activities:
Additions to real estate	(44,310,000)	(54,136,000)
Investments in and contributions of capital to unconsolidated joint ventures	(40,715,000)	(11,252,000)
Advances to a partner in One Steuart Lane	(35,715,000)
Repayment of advances by a partner in One Steuart Lane	38,935,000
Contributions of capital to unconsolidated real estate related funds	(2,077,000)	(4,219,000)
Due from affiliates		(51,916,000)
Repayment of amounts due from affiliates		51,916,000
Distributions of capital from unconsolidated real estate related funds		1,506,000
Net cash used in investing activities	(83,882,000)	(68,101,000)
Cash Flows from Financing Activities:
Contributions from noncontrolling interests in consolidated real estate related funds	53,354,000
Distributions to noncontrolling interests in consolidated real estate related funds	(6,263,000)
Dividends paid to common stockholders	(33,660,000)	(32,307,000)
Distributions paid to common unitholders	(2,476,000)	(3,365,000)
Distributions to noncontrolling interests in consolidated joint ventures	(5,463,000)	(24,848,000)
Settlement of accounts payable in connection with repurchases of common shares	(1,847,000)
Repurchase of shares related to stock compensation agreements and related tax withholdings	(205,000)	(280,000)
Net cash provided by (used in) financing activities	3,440,000	(60,800,000)
Net increase in cash and cash equivalents and restricted cash	57,614,000	2,201,000
Cash and cash equivalents and restricted cash at beginning of period	449,817,000	529,666,000
Cash and cash equivalents and restricted cash at end of period	507,431,000	531,867,000
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	408,905,000	524,900,000
Restricted cash at beginning of period	40,912,000	4,766,000
Cash and cash equivalents and restricted cash at beginning of period	449,817,000	529,666,000
Cash and cash equivalents at end of period	434,751,000	506,933,000
Restricted cash at end of period	72,680,000	24,934,000
Cash and cash equivalents and restricted cash at end of period	507,431,000	531,867,000
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest	68,892,000	67,332,000
Cash payments for income taxes, net of refunds	598,000	1,941,000
Non-Cash Transactions:
Common shares issued upon redemption of common units	10,877,000	107,212,000
Dividends and distributions declared but not yet paid	8,188,000	18,787,000
Change in value of interest rate swaps and interest rate caps	(11,525,000)	24,654,000
Write-off of fully amortized and/or depreciated assets	20,229,000	8,617,000
Additions to real estate included in accounts payable and accrued expenses	$ 12,715,000	7,212,000
Transfer of deposit to investment in unconsolidated joint ventures		$ 6,230,000

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Insider Trading Arr [Abstract]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization And Business	1. Organization and Business As used in these consolidated financial statements, unless otherwise indicated, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc., a Maryland corporation, and its consolidated subsidiaries, including Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). We are a fully-integrated real estate investment trust (“REIT”) focused on owning, operating, managing, acquiring and redeveloping high-quality, Class A office properties in select central business district submarkets of New York City and San Francisco. We conduct our business through, and substantially all of our interests in properties and investments are held by, the Operating Partnership. We are the sole general partner of, and owned approximately 93.4 % of, the Operating Partnership as of June 30, 2023. As of June 30, 2023 , we owned and/or managed a portfolio of 18 properties aggregating 13.8 million square feet comprised of: • Eight wholly and partially owned Class A properties aggregating 8.7 million square feet in New York, comprised of 8.2 million square feet of office space and 0.5 million square feet of retail, theater and amenity space; • Six wholly and partially owned Class A properties aggregating 4.3 million square feet in San Francisco, comprised of 4.1 million square feet of office space and 0.2 million square feet of retail space; and • Four managed properties aggregating 0.8 million square feet in New York and Washington, D.C. Additionally, we have an investment management business, where we serve as the general partner of several real estate related funds for institutional investors and high net-worth individuals.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Basis Of Presentation And Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all significant adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2022 was derived from audited financial statements as of that date but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. Significant Accounting Policies There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three and six months ended June 30, 2023 , are not necessarily indicative of the operating results for the full year. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, which adds ASC Topic 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional expedients and exceptions to ease financial reporting burdens related to applying current GAAP to modifications of contracts, hedging relationships and other transactions in connection with the transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 was effective beginning March 12, 2020 to December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to clarify that certain optional expedients and exceptions apply to modifications of derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and for calculating price alignment interest. ASU 2021-01 was effective beginning January 7, 2021 to December 31, 2022. In December 2022, the FASB issued ASU 2022-06 to extend the effectiveness date of ASU 2020-04 and ASU 2021-01 from December 31, 2022 to December 31, 2024. During the three months ended June 30, 2023, we entered into loan modifications in connection with the transition from LIBOR to Secured Overnight Financing Rate (“SOFR”) for our variable rate loans and we applied the practical expedient to all such modifications. We will continue to apply ASU 2020-04 and ASU 2021-01 prospectively as and when we enter into transactions to which these updates apply.

Consolidated Real Estate Relate

Consolidated Real Estate Related Funds	6 Months Ended
	Jun. 30, 2023
Consolidated Real Estate Fund [Abstract]
Consolidated Real Estate Related Funds	3. Consolidated Real Estate Related Funds Real Estate Related Fund Investments (Fund X) Real estate related fund investments on our consolidated balance sheets represent the investments of Paramount Group Real Estate Fund X, LP (“Fund X”), which invests in mezzanine loans. We are the general partner and investment manager of Fund X, which, prior to December 12, 2022, was accounted for under the equity method of accounting (see Note 4, Investments in Unconsolidated Real Estate Related Funds ). Subsequent to December 12, 2022, we increased our ownership interest in Fund X to 13.0 % and began consolidating Fund X into our consolidated financial statements. The following table sets forth the details of income or loss from real estate related fund investments for the three and six months ended June 30, 2023. For the Three Months Ended For the Six Months Ended (Amounts in thousands) June 30, 2023 June 30, 2023 Net investment income $ 3,048 $ 7,709 Net realized losses ( 1,224 ) ( 1,224 ) Net unrealized losses (1) ( 44,468 ) ( 45,579 ) Loss from real estate related fund investments ( 42,644 ) ( 39,094 ) Less: noncontrolling interests in consolidated 37,390 34,573 Loss from real estate related fund investments $ ( 5,254 ) $ ( 4,521 ) (1) Primarily represents an unrealized loss on a mezzanine loan investment based on a negotiated transaction price. Residential Development Fund ( “ RDF ” ) We are also the general partner of RDF in which we own a 7.4 % interest. RDF owns a 35.0 % interest in One Steuart Lane, a for-sale residential condominium project, in San Francisco, California. We consolidate the financial results of RDF into our consolidated financial statements and reflect the 92.6 % interest that we do not own as noncontrolling interests in consolidated real estate related funds. RDF accounts for its 35.0 % interest in One Steuart Lane under the equity method of accounting. Accordingly, our economic interest in One Steuart Lane (based on our 7.4 % ownership interest in RDF) is 2.6 %. See Note 5, Investments in Unconsolidated Joint Ventures .

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Related Funds	6 Months Ended
	Jun. 30, 2023
Real Estate Fund [Abstract]
Investments in Unconsolidated Real Estate Related Funds	4. Investments in Unconsolidated Real Estate Related Funds We are the general partner and investment manager of Paramount Group Real Estate Fund VIII, LP (“Fund VIII”) which invests in real estate and related investments. As of June 30, 2023 , our ownership interest in Fund VIII was approximately 1.3 %. We account for our investment in Fund VIII under the equity method of accounting. Prior to December 12, 2022, we owned an 8.2 % interest in Fund X and accounted for our investment in Fund X under the equity method of accounting. Subsequent to December 12, 2022, we began consolidating Fund X into our consolidated financial statements (see Note 3, Consolidated Real Estate Related Funds ). As of June 30, 2023 and December 31, 2022, our share of the investments in the unconsolidated real estate related funds was $ 5,270,000 and $ 3,411,000 , respectively, which is reflected as “investments in unconsolidated real estate related funds” on our consolidated balance sheets. We recognized an income of $ 32,000 and $ 155,000 during the three months ended June 30, 2023 and 2022, respectively, and a loss of $ 146,000 and an income of $ 325,000 during the six months ended June 30, 2023 and 2022, respectively, for our share of earnings, which is reflected as “income (loss) from unconsolidated real estate related funds” on our consolidated statements of income.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 712 Fifth Avenue (1) 50.0 % $ - $ - Market Center 67.0 % 186,233 192,948 55 Second Street (2) 44.1 % 84,202 85,340 111 Sutter Street (3) 49.0 % - - 1600 Broadway (2) 9.2 % 8,907 9,113 60 Wall Street 5.0 % - (4) 25,034 One Steuart Lane (2) 35.0 % (5) 115,902 77,961 Oder-Center, Germany (2) 9.5 % 3,433 3,107 Investments in unconsolidated joint ventures $ 398,677 $ 393,503 For the Three Months Ended For the Six Months Ended (Amounts in thousands) June 30, June 30, Our Share of Net Income (Loss): 2023 2022 2023 2022 712 Fifth Avenue (1) $ - $ - $ - $ - Market Center ( 2,579 ) ( 2,487 ) ( 5,234 ) ( 4,850 ) 55 Second Street (2) ( 499 ) ( 792 ) ( 1,138 ) ( 1,471 ) 111 Sutter Street (3) - ( 681 ) - ( 1,459 ) 1600 Broadway (2) 3 ( 20 ) - ( 68 ) 60 Wall Street ( 24,984 ) (4) 53 ( 25,001 ) (4) 65 One Steuart Lane (2) ( 358 ) ( 518 ) ( 2,774 ) ( 1,787 ) Oder-Center, Germany (2) 15 29 ( 17 ) 41 Loss from unconsolidated joint ventures $ ( 28,402 ) $ ( 4,416 ) $ ( 34,164 ) $ ( 9,529 ) (1) At December 31, 2022, our basis in the joint venture that owns 712 Fifth Avenue was negative $ 13,427 . Since we have no further obligation to fund additional capital to the joint venture, we no longer recognize our proportionate share of earnings from the joint venture. Instead, we recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. For the six months ended June 30, 2023 , the joint venture had net income of $ 2,374 of which our 50.0% share was $ 1,187 . Accordingly, our basis in the joint venture, taking into account our share of income, was negative $ 12,240 as of June 30, 2023. (2) As of June 30, 2023, the carrying amount of our investments in 55 Second Street, 1600 Broadway, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $ 464 , $ 308 , $ 640 and $ 4,223 , respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. (3) At December 31, 2022, our basis in the joint venture that owns 111 Sutter Street was negative $ 107 . Since we have no further obligation to fund additional capital to the joint venture, we no longer recognize our proportionate share of earnings from the joint venture. Instead, we recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. For the six months ended June 30, 2023 , the joint venture had net loss of $ 7,773 of which our 49.0% share was $ 3,809 . Accordingly, our basis in the joint venture, taking into account our share of loss, was negative $ 3,916 as of June 30, 2023. (4) In May 2023, the joint venture that owns 60 Wall Street defaulted on the $ 575,000 non-recourse mortgage loan securing the property. The joint venture is currently in negotiations with the lender to modify the loan. Additionally, in the second quarter of 2023, the joint venture recognized a $ 455,893 real estate impairment loss. Accordingly, we recognized a $ 24,734 impairment loss on our investment in 60 Wall Street. This impairment, together with our share of operating losses recognized in the second quarter, reduced our investment balance to below zero as of June 30, 2023. Since we have no further obligation to fund additional capital to the joint venture, we are no longer required to recognize our proportionate share of earnings from the joint venture until such time that our basis in the joint venture becomes positive. In the meantime, we will recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. (5) Represents our consolidated Residential Development Fund’s (“RDF”) 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 %. 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: June 30, 2023 December 31, 2022 Real estate, net $ 1,962,354 $ 2,377,084 Cash and cash equivalents and restricted cash 213,591 252,540 Intangible assets, net 59,545 69,599 For-sale residential condominium units (1) 317,818 322,232 Other assets 87,951 87,054 Total assets $ 2,641,259 $ 3,108,509 Notes and mortgages payable, net $ 1,738,958 $ 1,834,916 Intangible liabilities, net 7,644 10,972 Other liabilities 56,801 50,783 Total liabilities 1,803,403 1,896,671 Equity 837,856 1,211,838 Total liabilities and equity $ 2,641,259 $ 3,108,509 (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, Income Statements: 2023 2022 2023 2022 Revenues: Rental revenue $ 40,385 $ 54,516 $ 80,606 $ 112,036 Other income (2) 3,861 31,444 5,618 50,026 Total revenues 44,246 85,960 86,224 162,062 Expenses: Operating (2) 24,990 52,293 49,691 94,801 Depreciation and amortization 17,713 23,508 35,478 50,406 Total expenses 42,703 75,801 85,169 145,207 Other income (expense): Interest and other income 783 58 1,492 16 Interest and debt expense ( 17,915 ) ( 16,335 ) ( 33,361 ) ( 33,933 ) Real estate impairment loss ( 455,893 ) - ( 455,893 ) - Loss before income taxes ( 471,482 ) ( 6,118 ) ( 486,707 ) ( 17,062 ) Income tax expense ( 19 ) ( 14 ) ( 30 ) ( 43 ) Net loss $ ( 471,501 ) $ ( 6,132 ) $ ( 486,737 ) $ ( 17,105 ) (1) Represents the cost of residential condominium units at One Steuart Lane that are available for sale. (2) Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	6. Intangible Assets and Liabilities The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below. As of (Amounts in thousands) June 30, 2023 December 31, 2022 Intangible assets: Gross amount $ 268,681 $ 337,104 Accumulated amortization ( 189,123 ) ( 246,723 ) $ 79,558 $ 90,381 Intangible liabilities: Gross amount $ 138,353 $ 138,726 Accumulated amortization ( 106,393 ) ( 102,533 ) $ 31,960 $ 36,193 For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Amortization of above and below-market leases, net $ 1,448 $ 315 $ 2,484 $ 673 Amortization of acquired in-place leases 4,262 5,412 9,071 10,943 The following table sets forth amortization of acquired above and below-market leases, net and amortization of acquired in-place leases for the six-month period from July 1, 2023 through December 31, 2023, and each of the five succeeding years commencing from January 1, 2024. (Amounts in thousands) Above and In-Place Leases 2023 $ 2,893 $ 8,499 2024 5,862 14,340 2025 4,541 10,504 2026 2,711 7,895 2027 2,398 7,251 2028 2,317 6,979

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	7. Debt The following table summarizes our consolidated outstanding debt. Interest Rate Maturity Fixed/ as of As of (Amounts in thousands) Date Variable Rate June 30, 2023 June 30, 2023 December 31, 2022 Notes and mortgages payable: 1633 Broadway (1) Dec-2029 Fixed 2.99 % $ 1,250,000 $ 1,250,000 One Market Plaza (1) Feb-2024 (2) Fixed 4.03 % 975,000 975,000 1301 Avenue of the Americas Aug-2026 Fixed (3) 2.46 % 500,000 500,000 Aug-2026 LIBOR + 356 bps (4) 5.56 % 360,000 360,000 3.76 % 860,000 860,000 31 West 52nd Street Jun-2026 Fixed 3.80 % 500,000 500,000 300 Mission Street (1) Oct-2023 (2) Fixed 3.65 % 273,000 273,000 Total notes and mortgages payable 3.58 % 3,858,000 3,858,000 Less: unamortized deferred financing costs ( 15,331 ) ( 17,682 ) Total notes and mortgages payable, net $ 3,842,669 $ 3,840,318 $750 Million Revolving Mar-2026 SOFR + 115 bps n/a $ - $ - (1) Our ownership interests in 1633 Broadway, One Market Plaza and 300 Mission Street are 90.0 %, 49.0 % and 31.1 %, respectively. (2) We are currently exploring various alternatives to refinance these loans and believe it is probable that we will be successful in refinancing them prior to their maturity. (3) Represents variable rate loans that have been fixed by interest rate swaps through August 2024. See Note 8, Derivative Instruments and Hedging Activities. On June 16, 2023, we amended the loans to replace LIBOR with SOFR, effective July 7, 2023. (4) Represents variable rate loans, where LIBOR has been capped at 2.00 % through August 2023. See Note 8, Derivative Instruments and Hedging Activities . On June 16, 2023, we amended the loans to replace LIBOR with SOFR, effective July 7, 2023.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	8. Derivative Instruments and Hedging Activities On July 29, 2021, in connection with the $ 860,000,000 refinancing of 1301 Avenue of the Americas, we had entered into interest rate swap agreements with an aggregate notional amount of $ 500,000,000 to fix LIBOR at 0.46 % through August 2024. We also entered into interest rate cap agreements with an aggregate notional amount of $ 360,000,000 to cap LIBOR at 2.00 % through August 2023. On June 16, 2023, we amended the swap agreements to replace LIBOR with SOFR, effective July 7, 2023. These interest rate swaps and interest rate caps are designated as cash flow hedges and therefore changes in their fair values are recognized in other comprehensive income or loss (outside of earnings). We recognized other comprehensive loss of $ 3,135,000 and $ 11,525,000 for the three and six months ended June 30, 2023, respectively, and comprehensive income of $ 6,109,000 and $ 24,654,000 for the three and six months ended June 30, 2022, respectively, from the changes in the fair value of these derivative financial instruments. See Note 10, Accumulated Other Comprehensive Income . During the next twelve months, we estimate that $ 25,069,000 of the amounts to be recognized in accumulated other comprehensive income will be reclassified as a decrease to interest expense. The tables below provide additional details on our interest rate swaps and interest rate caps that are designated as cash flow hedges. Notional Effective Maturity Benchmark Strike Fair Value as of Property Amount Date Date Rate Rate June 30, 2023 December 31, 2022 (Amounts in thousands) 1301 Avenue of the Americas $ 500,000 Jul-2021 Aug-2024 LIBOR 0.46 % $ 26,010 $ 32,681 Total interest rate swap assets designated as cash flow hedges (included in "other assets") $ 26,010 $ 32,681 Notional Effective Maturity Benchmark Strike Fair Value as of Property Amount Date Date Rate Rate June 30, 2023 December 31, 2022 (Amounts in thousands) 1301 Avenue of the Americas $ 360,000 Jul-2021 Aug-2023 LIBOR 2.00 % $ 1,187 $ 6,123 Total interest rate cap assets designated as cash flow hedges (included in "other assets") $ 1,187 $ 6,123 We have agreements with various derivative counterparties that contain provisions wherein a default on our indebtedness could be deemed a default on our derivative obligations, which would require us to settle our derivative obligations for cash. As of June 30, 2023, we did not have any obligations relating to our interest rate swaps or interest rate caps that contained such provisions.

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Stockholders Equity Note [Abstract]
Equity	9. Equity Stock Repurchase Program On November 5, 2019, we received authorization from our Board of Directors to repurchase up to $ 200,000,000 of our common stock, from time to time, in the open market or in privately negotiated transactions. As of December 31, 2022, we had repurchased a total of 24,183,768 common shares at a weighted average price of $ 7.65 per share, or $ 185,000,000 in the aggregate. As of June 30, 2023, we have $ 15,000,000 available for future repurchases under the existing program. The amount and timing of future repurchases, if any, will depend on a number of factors, including, the price and availability of our shares, trading volume, general market conditions and available funding. The stock repurchase program may be suspended or discontinued at any time.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income	10. Accumulated Other Comprehensive Income The following table sets forth changes in accumulated other comprehensive income by component for the three and six months ended June 30, 2023 and 2022, respectively, including amounts attributable to noncontrolling interests in the Operating Partnership. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Amount of income related to the cash flow hedges recognized (1) $ 5,489 $ 6,479 $ 4,450 $ 24,652 Amounts reclassified from accumulated other comprehensive (1) ( 8,624 ) ( 370 ) ( 15,975 ) 2 Amount of income related to unconsolidated joint ventures (2) 3,714 2,401 3,141 11,896 Amounts reclassified from accumulated other comprehensive (2) ( 2,320 ) 548 ( 4,310 ) 1,506 (1) Represents amounts related to interest rate swaps with an aggregate notional value of $ 500,000 and interest rate caps with an aggregate notional value of $ 360,000 , which were designated as cash flow hedges. (2) Primarily represents amounts related to an interest rate swap with a notional value of $ 402,000 , which was designated as a cash flow hedge.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	11. Noncontrolling Interests Consolidated Joint Ventures Noncontrolling interests in consolidated joint ventures consist of equity interests held by third parties in 1633 Broadway, One Market Plaza and 300 Mission Street. As of June 30, 2023 and December 31, 2022, noncontrolling interests in our consolidated joint ventures aggregated $ 407,647,000 and $ 402,118,000 , respectively. Consolidated Real Estate Related Funds Noncontrolling interests in our consolidated real estate related funds consist of equity interests held by third parties in our Residential Development Fund and Fund X. As of June 30, 2023 and December 31, 2022, the noncontrolling interests in our consolidated real estate related funds aggregated $ 183,988,000 and $ 173,375,000 , respectively. Operating Partnership Noncontrolling interests in the Operating Partnership represent common units of the Operating Partnership that are held by third parties, including management, and units issued to management under equity incentive plans. Common units of the Operating Partnership may be tendered for redemption to the Operating Partnership for cash. We, at our option, may assume that obligation and pay the holder either cash or common shares on a one-for-one basis. Since the number of common shares outstanding is equal to the number of common units owned by us, the redemption value of each common unit is equal to the market value of each common share and distributions paid to each common unitholder is equivalent to dividends paid to common stockholders. As of June 30, 2023 and December 31, 2022, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $ 248,898,000 and $ 242,982,000 , respectively, and a redemption value of $ 68,074,000 and $ 86,644,000 , respectively, based on the closing share price of our common stock on the New York Stock Exchange at the end of each period.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	6 Months Ended
	Jun. 30, 2023
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	12. Variable Interest Entities (“VIEs”) In the normal course of business, we are the general partner of various types of investment vehicles, which may be considered VIEs. We may, from time to time, own equity or debt securities through vehicles, each of which are considered variable interests. Our involvement in financing the operations of the VIEs is generally limited to our investments in the entity. We consolidate these entities when we are deemed to be the primary beneficiary. Consolidated VIEs We are the sole general partner of, and owned approximately 93.4 % of, the Operating Partnership as of June 30, 2023. The Operating Partnership is considered a VIE and is consolidated in our consolidated financial statements. Since we conduct our business through and substantially all of our interests are held by the Operating Partnership, the assets and liabilities on our consolidated financial statements represent the assets and liabilities of the Operating Partnership. As of June 30, 2023 and December 31, 2022, the Operating Partnership held interests in consolidated VIEs owning properties and real estate related funds that were determined to be VIEs. The assets of these consolidated VIEs may only be used to settle the obligations of the entities and such obligations are secured only by the assets of the entities and are non-recourse to the Operating Partnership or us. The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. As of (Amounts in thousands) June 30, 2023 December 31, 2022 Real estate, net $ 3,325,697 $ 3,364,482 Cash and cash equivalents and restricted cash 182,501 144,446 Accounts and other receivables 5,326 13,647 Real estate related fund investments 66,606 105,369 Investments in unconsolidated joint ventures 115,902 77,961 Deferred rent receivable 204,890 197,658 Deferred charges, net 46,399 49,485 Intangible assets, net 45,376 50,553 Other assets 11,268 9,860 Total VIE assets $ 4,003,965 $ 4,013,461 Notes and mortgages payable, net $ 2,490,920 $ 2,489,902 Accounts payable and accrued expenses 54,775 61,492 Intangible liabilities, net 19,558 21,936 Other liabilities 4,751 6,051 Total VIE liabilities $ 2,570,004 $ 2,579,381 Unconsolidated VIEs As of June 30, 2023 , the Operating Partnership held variable interests in entities that own our unconsolidated real estate related funds that were deemed to be VIEs. The following table summarizes our investments in these unconsolidated real estate related funds and the maximum risk of loss from these investments. As of (Amounts in thousands) June 30, 2023 December 31, 2022 Investments $ 5,270 $ 3,411 Asset management fees and other receivables - 21 Maximum risk of loss $ 5,270 $ 3,432

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. Fair Value Measurements Financial Assets Measured at Fair Value The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheets as of the dates set forth below, based on their levels in the fair value hierarchy. As of June 30, 2023 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate related fund investments $ 66,606 $ - $ - $ 66,606 Interest rate swap assets (included in "other assets") 26,010 - 26,010 - Interest rate cap assets (included in "other assets") 1,187 - 1,187 - Total assets $ 93,803 $ - $ 27,197 $ 66,606 As of December 31, 2022 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate related fund investments $ 105,369 $ - $ - $ 105,369 Interest rate swap assets (included in "other assets") 32,681 - 32,681 - Interest rate cap assets (included in "other assets") 6,123 - 6,123 - Total assets $ 144,173 $ - $ 38,804 $ 105,369 Real Estate Related Fund Investments As of June 30, 2023 , real estate related fund investments were comprised of investments in two mezzanine loans made by Fund X. These investments are measured at fair value on our consolidated balance sheet and are classified as Level 3. The primary unobservable input used in determining the fair value of one mezzanine loan is the credit spread over the base rate, which was 10.00 % as of June 30, 2023. A significant increase or decrease in the credit spread would result in a significantly lower or higher fair value, respectively. The fair value of the other mezzanine loan investment is based on a negotiated transaction price. The table below summarizes the changes in the fair value of real estate related fund investments that are classified as Level 3 for the three and six months ended June 30, 2023. For the Three Months Ended For the Six Months Ended (Amounts in thousands) June 30, 2023 June 30, 2023 Beginning balance $ 108,176 $ 105,369 Additional investments 4,122 8,040 Net realized losses ( 1,224 ) ( 1,224 ) Net unrealized losses (1) ( 44,468 ) ( 45,579 ) Ending balance $ 66,606 $ 66,606 (1) Primarily represents an unrealized loss on a mezzanine loan investment based on a negotiated transaction price. Financial Liabilities Not Measured at Fair Value Financial liabilities not measured at fair value on our consolidated balance sheets consist of notes and mortgages payable, and the revolving credit facility. The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below. As of June 30, 2023 As of December 31, 2022 (Amounts in thousands) Carrying Fair Carrying Fair Notes and mortgages payable $ 3,858,000 $ 3,527,140 $ 3,858,000 $ 3,566,096 Revolving credit facility - - - - Total liabilities $ 3,858,000 $ 3,527,140 $ 3,858,000 $ 3,566,096

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	14. Leases We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from five to fifteen years . Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to early terminate, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, and includes (i) fixed payments of cash rents, which represents revenue each tenant pays in accordance with the terms of its respective lease and that is recognized on a straight-line basis over the non-cancellable term of the lease, and includes the effects of rent steps and rent abatements under the leases, (ii) variable payments of tenant reimbursements, which are recoveries of all or a portion of the operating expenses and real estate taxes of the property and is recognized in the same period as the expenses are incurred, (iii) amortization of acquired above and below-market leases, net and (iv) lease termination income. The following table sets forth the details of our rental revenue. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Rental revenue: Fixed $ 148,961 $ 163,545 $ 314,824 $ 318,322 Variable 16,545 13,698 32,395 28,843 Total rental revenue $ 165,506 $ 177,243 $ 347,219 $ 347,165 The following table is a schedule of future undiscounted cash flows under non-cancellable operating leases in effect as of June 30, 2023, for the six-month period from July 1, 2023 through December 31, 2023, and each of the five succeeding years and thereafter commencing January 1, 2024. (Amounts in thousands) 2023 $ 315,265 2024 621,616 2025 573,439 2026 490,657 2027 428,889 2028 426,382 Thereafter 1,885,995 Total $ 4,742,243

Fee and Other Income

Fee and Other Income	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
Fee and Other Income	15. Fee and Other Income The following table sets forth the details of our fee and other income. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Fee income: Asset management $ 2,326 $ 3,087 $ 4,501 $ 5,972 Property management 1,831 2,103 3,693 4,322 Acquisition, disposition, leasing and other 819 784 1,339 7,668 Total fee income 4,976 5,974 9,533 17,962 Other income (1) 2,180 2,300 4,384 4,075 Total fee and other income $ 7,156 $ 8,274 $ 13,917 $ 22,037 (1) Primarily comprised of (i) tenant requested services, including cleaning, overtime heating and cooling and (ii) parking income.

Interest and Debt Expense

Interest and Debt Expense	6 Months Ended
	Jun. 30, 2023
Interest And Debt Expense [Abstract]
Interest and Debt Expense	16. Interest and Debt Expense The following table sets forth the details of interest and debt expense. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Interest expense $ 35,340 $ 34,039 $ 70,261 $ 66,778 Amortization of deferred financing costs 1,539 1,539 3,077 3,077 Total interest and debt expense $ 36,879 $ 35,578 $ 73,338 $ 69,855

Incentive Compensation

Incentive Compensation	6 Months Ended
	Jun. 30, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Incentive Compensation	17. Incentive Compensation Stock-Based Compensation Our Amended and Restated 2014 Equity Incentive Plan provides for grants of equity awards to our executive officers, non-employee directors and employees in order to attract and motivate talent for which we compete. In addition, equity awards are an effective management retention tool as they vest over multiple years based on continued employment. Equity awards are granted in the form of (i) restricted stock and (ii) long-term incentive plan (“LTIP”) units, which represent a class of partnership interests in our Operating Partnership and are typically comprised of performance-based LTIP units, time-based LTIP units and time-based appreciation only LTIP (“AOLTIP”) units. We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . We recognized stock-based compensation expense of $ 4,214,000 and $ 4,142,000 for the three months ended June 30, 2023 and 2022, respectively, and $ 9,331,000 and $ 10,704,000 for the six months ended June 30, 2023 and 2022, respectively, related to awards granted in prior periods, including the equity awards granted on January 25, 2023 (“2023 Equity Grants”) described below. 2023 Equity Grants 2023 Performance-Based Awards Program ( “ 2023 Performance Program ” ) On January 25, 2023, the Compensation Committee of our Board of Directors (the “Compensation Committee”) approved the 2023 Performance Program, a multi-year performance-based long-term incentive compensation program. Under the 2023 Performance Program, participants may earn awards in the form of LTIP units based on our achievement of rigorous Net Operating Income (“NOI”) goals over a three-year performance measurement period beginning on January 1, 2023 and continuing through December 31, 2025 . The amount of LTIP units otherwise earned based on the achievement of the NOI goals would then be increased or decreased based on our Total Shareholder Return (“TSR”) versus that of our New York City office REIT peers (comprised of Vornado Realty Trust, SL Green Realty Corp. and Empire State Realty Trust) but the modifier will not result in a total payout exceeding 100 % of the units granted. Additionally, if our TSR is negative over the three-year performance measurement period, then the number of LTIP units that are earned under the 2023 Performance Program will be reduced by 30.0 % of the number of such awards that otherwise would have been earned. Furthermore, awards earned under the 2023 Performance Program are subject to vesting based on continued employment with us through December 31, 2026, with 50.0 % of each award vesting upon the conclusion of the performance measurement period, and the remaining 50.0 % vesting on December 31, 2026. Our Named Executive Officers are required to hold earned awards for an additional year following vesting. Awards granted under the 2023 Performance Program had a fair value of $ 7,067,000 on the date of the grant, which is being amortized into expense over the four-year vesting period using a graded vesting attribution method. Time-Based Unit Awards Program (LTIP Units, AOLTIP Units and Restricted Stock) On January 25, 2023, we also granted an aggregate of 796,349 LTIP units, 2,054,270 AOLTIP units and 81,531 shares of Restricted Stock to our executive officers and employees that will vest over a period of three to four years . The fair value of LTIP units, AOLTIP units and restricted stock on the date of the grant were $ 4,528,000 , $ 3,752,000 , and $ 503,000 , respectively, and these awards are being amortized into expense on a straight-line basis over the vesting period. Completion of the 2020 Performance-Based Awards Program (“2020 Performance Program”) The three-year performance measurement period with respect to our 2020 Performance Program ended on December 31, 2022. On January 25, 2023, the Compensation Committee determined that (i) our TSR ranked in the 75th percentile amongst the TSR of our New York City office REIT peers and (ii) our TSR ranked in the 37th percentile amongst the performance of the SNL U.S. Office REIT Index constituents, resulting in a payout of approximately 59.7 % of the LTIP units granted. Additionally, in accordance with the 2020 Performance Program, the final payout was reduced by 30.0 % since our TSR was negative over the three-year performance measurement period. Accordingly, of the 1,068,693 LTIP units that were granted under the 2020 Performance Program, 443,713 LTIP units were earned. Of the LTIP units that were earned, 221,850 LTIP units vested immediately on January 25, 2023 and the remaining 221,863 LTIP units will vest on December 31, 2023. This award had a grant date fair value of $ 7,488,000 and a remaining unrecognized compensation cost of $ 409,000 as of June 30, 2023, which will be amortized into expense over a weighted-average period of 0.5 years.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	18. Earnings Per Share The following table summarizes our net (loss) income and the number of common shares used in the computation of basic and diluted income per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Net (loss) income attributable to common stockholders $ ( 47,538 ) $ ( 360 ) $ ( 45,809 ) $ 3,011 Earnings allocated to unvested participating securities ( 10 ) ( 22 ) ( 30 ) ( 43 ) Numerator for (loss) income per common share - $ ( 47,548 ) $ ( 382 ) $ ( 45,839 ) $ 2,968 Denominator: Denominator for basic (loss) income per common share - 217,004 222,972 216,785 220,889 Effect of dilutive stock-based compensation plans (1) - - - 41 Denominator for diluted (loss) income per common share - 217,004 222,972 216,785 220,930 (Loss) income per common share - basic and diluted $ ( 0.22 ) $ ( 0.00 ) $ ( 0.21 ) $ 0.01 (1) The effect of dilutive securities excludes 17,517 and 20,354 weighted average share equivalents for the three months ended June 30, 2023 and 2022, respectively, and 17,427 and 22,347 weighted average share equivalents for the six months ended June 30, 2023 and 2022, respectively, as their effect was anti-dilutive.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Parties	19. Related Parties Management Agreements We provide property management, leasing and other related services to certain properties owned by members of the Otto Family. We recognized fee income of $ 266,000 and $ 260,000 for the three months ended June 30, 2023 and 2022, respectively, and $ 529,000 and $ 749,000 for the six months ended June 30, 2023 and 2022, respectively, in connection with these agreements, which is included as a component of “fee and other income” on our consolidated statements of income. As of June 30, 2023 and December 31, 2022, amounts owed to us under these agreements aggregated $ 44,000 and $ 52,000 , respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets. We also provide asset management, property management, leasing and other related services to our unconsolidated joint ventures and real estate related funds. We recognized fee income of $ 4,050,000 and $ 5,015,000 for the three months ended June 30, 2023 and 2022, respectively, and $ 7,703,000 and $ 15,798,000 for the six months ended June 30, 2023 and 2022, respectively, in connection with these agreements, which is included as a component of “fee and other income” on our consolidated statements of income. As of June 30, 2023 and December 31, 2022, amounts owed to us under these agreements aggregated $ 2,111,000 and $ 3,032,000 , respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets. HT Consulting GmbH We have an agreement with HT Consulting GmbH (“HTC”), a licensed broker in Germany, to supervise selling efforts for our joint ventures and private equity real estate related funds (or investments in feeder vehicles for these funds) to investors in Germany, including distribution of securitized notes of feeder vehicles for Fund X. Pursuant to this agreement, we have agreed to pay HTC for the costs incurred plus a mark-up of 10 %. HTC is 100 % owned by Albert Behler, our Chairman, Chief Executive Officer and President. We incurred costs aggregating $ 63,000 and $ 124,000 for the three months ended June 30, 2023 and 2022, respectively, and $ 191,000 and $ 513,000 for the six months ended June 30, 2023 and 2022, respectively, in connection with this agreement. As of June 30, 2023 and December 31, 2022, we owed $ 102,000 and $ 119,000 , respectively, to HTC under this agreement, which are included as a component of “accounts payable and accrued expenses” on our consolidated balance sheets. ParkProperty Capital, LP ParkProperty Capital, LP (“ParkProperty”), an entity partially owned by Katharina Otto-Bernstein (a member of our Board of Directors), leased 3,330 square feet at 1633 Broadway (“1633 Lease”). In December 2022, upon expiration of the 1633 Lease, ParkProperty entered into a five-year lease for 4,233 square feet at 1325 Avenue of the Americas. We recognized rental revenue of $ 69,000 and $ 54,000 for the three months ended June 30, 2023 and 2022, respectively, and $ 138,000 and $ 108,000 for the six months ended June 30, 2023 and 2022, respectively, pursuant to these leases. Mannheim Trust A subsidiary of Mannheim Trust leases 3,127 square feet of office space at 712 Fifth Avenue, our 50.0 % owned unconsolidated joint venture, pursuant to a lease agreement which expires in June 2025. The Mannheim Trust is for the benefit of the children of Dr. Martin Bussmann, who is a member of our Board of Directors. We recognized $ 31,000 and $ 91,000 for the three months ended June 30, 2023 and 2022, respectively, and $ 124,000 and $ 182,000 for the six months ended June 30, 2023 and 2022, respectively, for our share of rental income pursuant to this lease. Other We have entered into an agreement with Kramer Design Services (“Kramer Design”) to develop branding and signage for the amenity center at 1301 Avenue of the Americas. Kramer Design is 100 % owned by the spouse of Albert Behler, our Chairman, Chief Executive Officer and President. During the three and six months ended June 30, 2023 , we incurred and paid Kramer Design $ 84,000 in connection with services rendered pursuant to this agreement.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	20. Commitments and Contingencies Insurance We carry commercial general liability coverage on our properties, with limits of liability customary within the industry. Similarly, we are insured against the risk of direct and indirect physical damage to our properties including coverage for the perils such as floods, earthquakes and windstorms. Our policies also cover the loss of rental income during an estimated reconstruction period. Our policies reflect limits and deductibles customary in the industry and specific to the buildings and portfolio. We also obtain title insurance policies when acquiring new properties. We currently have coverage for losses incurred in connection with both domestic and foreign terrorist-related activities. While we do carry commercial general liability insurance, property insurance and terrorism insurance with respect to our properties, these policies include limits and terms we consider commercially reasonable. In addition, there are certain losses (including, but not limited to, losses arising from known environmental conditions or acts of war) that are not insured, in full or in part, because they are either uninsurable or the cost of insurance makes it, in our belief, economically impractical to maintain such coverage. Should an uninsured loss arise against us, we would be required to use our own funds to resolve the issue, including litigation costs. We believe the policy specifications and insured limits are adequate given the relative risk of loss, the cost of the coverage and industry practice and, in consultation with our insurance advisors, we believe the properties in our portfolio are adequately insured. Other Commitments and Contingencies We are a party to various claims and routine litigation arising in the ordinary course of business. Some of these claims or others to which we may be subject from time to time, including claims arising specifically from the formation transactions, in connection with our initial public offering, may result in defense costs, settlements, fines or judgments against us, some of which are not, or cannot be, covered by insurance. Payment of any such costs, settlements, fines or judgments that are not insured could have an adverse impact on our financial position and results of operations. Should any litigation arise in connection with the formation transactions, we would contest it vigorously. In addition, certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flow, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors. The terms of our consolidated mortgage debt agreements in place include certain restrictions and covenants which may limit, among other things, certain investments, the incurrence of additional indebtedness and liens and the disposition or other transfer of assets and interests in the borrower and other credit parties, and require compliance with certain debt yield, debt service coverage and loan to value ratios. In addition, our revolving credit facility contains representations, warranties, covenants, other agreements and events of default customary for agreements of this type with comparable companies. As of June 30, 2023, we believe we are in compliance with all of our covenants. Transfer Tax Assessments During 2017, the New York City Department of Finance issued Notices of Determination (“Notices”) assessing additional transfer taxes (including interest and penalties) in connection with the transfer of interests in certain properties during our 2014 initial public offering. We believe, after consultation with legal counsel that the likelihood of loss is reasonably possible, and while it is not possible to predict the outcome of these Notices, we estimate the range of loss could be between $ 0 and $ 59,000,000 . Since no amount in this range is a better estimate than any other amount within the range, we have not accrued any liability arising from potential losses relating to these Notices in our consolidated financial statements.

Segments

Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segments	21. Segments Our reportable segments are separated by region, based on the two regions in which we conduct our business: New York and San Francisco. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below. For the Three Months Ended June 30, 2023 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 167,686 $ 106,837 $ 61,010 $ ( 161 ) Property-related operating expenses ( 71,078 ) ( 48,685 ) ( 21,814 ) ( 579 ) NOI from unconsolidated joint ventures 10,720 3,404 7,256 60 NOI (1) $ 107,328 $ 61,556 $ 46,452 $ ( 680 ) For the Three Months Ended June 30, 2022 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 179,543 $ 116,300 $ 64,042 $ ( 799 ) Property-related operating expenses ( 67,814 ) ( 48,147 ) ( 18,581 ) ( 1,086 ) NOI from unconsolidated joint ventures 11,585 3,528 7,971 86 NOI (1) $ 123,314 $ 71,681 $ 53,432 $ ( 1,799 ) For the Six Months Ended June 30, 2023 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 351,603 $ 224,063 $ 128,312 $ ( 772 ) Property-related operating expenses ( 141,387 ) ( 98,206 ) ( 42,082 ) ( 1,099 ) NOI from unconsolidated joint ventures 21,101 6,767 14,275 59 NOI (1) $ 231,317 $ 132,624 $ 100,505 $ ( 1,812 ) For the Six Months Ended June 30, 2022 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 351,240 $ 231,705 $ 121,131 $ ( 1,596 ) Property-related operating expenses ( 134,475 ) ( 96,358 ) ( 35,873 ) ( 2,244 ) NOI from unconsolidated joint ventures 22,819 6,346 16,325 148 NOI (1) $ 239,584 $ 141,693 $ 101,583 $ ( 3,692 ) (1) NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies. The following table provides a reconciliation of NOI to net (loss) income attributable to common stockholders for the periods set forth below. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 NOI $ 107,328 $ 123,314 $ 231,317 $ 239,584 Add (subtract) adjustments to arrive to net income: Fee income 4,976 5,974 9,533 17,962 Depreciation and amortization expense ( 62,627 ) ( 57,398 ) ( 121,515 ) ( 113,022 ) General and administrative expenses ( 16,224 ) ( 16,706 ) ( 30,847 ) ( 32,351 ) Loss from real estate related fund investments ( 42,644 ) - ( 39,094 ) - NOI from unconsolidated joint ventures (excluding ( 10,720 ) ( 11,585 ) ( 21,101 ) ( 22,819 ) Loss from unconsolidated joint ventures ( 28,402 ) ( 4,416 ) ( 34,164 ) ( 9,529 ) Interest and other income, net 2,967 796 5,892 1,027 Interest and debt expense ( 36,879 ) ( 35,578 ) ( 73,338 ) ( 69,855 ) Other, net ( 31 ) ( 4 ) ( 337 ) 49 (Loss) income before income taxes ( 82,256 ) 4,397 ( 73,654 ) 11,046 Income tax expense ( 573 ) ( 359 ) ( 861 ) ( 886 ) Net (loss) income ( 82,829 ) 4,038 ( 74,515 ) 10,160 Less net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures ( 5,351 ) ( 4,779 ) ( 10,992 ) ( 8,204 ) Consolidated real estate related funds 37,301 352 36,478 1,368 Operating Partnership 3,341 29 3,220 ( 313 ) Net (loss) income attributable to common stockholders $ ( 47,538 ) $ ( 360 ) $ ( 45,809 ) $ 3,011 The following table provides the total assets for each of our reportable segments as of the dates set forth below. (Amounts in thousands) Total Assets as of: Total New York San Francisco Other June 30, 2023 $ 8,367,979 $ 5,234,190 $ 2,615,147 $ 518,642 December 31, 2022 8,453,254 5,311,636 2,631,265 510,353

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all significant adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2022 was derived from audited financial statements as of that date but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC.
Significant Accounting Policies	Significant Accounting Policies There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.
Use of Estimates	Use of Estimates We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three and six months ended June 30, 2023 , are not necessarily indicative of the operating results for the full year.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, which adds ASC Topic 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional expedients and exceptions to ease financial reporting burdens related to applying current GAAP to modifications of contracts, hedging relationships and other transactions in connection with the transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 was effective beginning March 12, 2020 to December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to clarify that certain optional expedients and exceptions apply to modifications of derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and for calculating price alignment interest. ASU 2021-01 was effective beginning January 7, 2021 to December 31, 2022. In December 2022, the FASB issued ASU 2022-06 to extend the effectiveness date of ASU 2020-04 and ASU 2021-01 from December 31, 2022 to December 31, 2024. During the three months ended June 30, 2023, we entered into loan modifications in connection with the transition from LIBOR to Secured Overnight Financing Rate (“SOFR”) for our variable rate loans and we applied the practical expedient to all such modifications. We will continue to apply ASU 2020-04 and ASU 2021-01 prospectively as and when we enter into transactions to which these updates apply.

Consolidated Real Estate Rela_2

Consolidated Real Estate Related Funds (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate Fund [Abstract]
Summary of Income from Real Estate Related Fund Investments	The following table sets forth the details of income or loss from real estate related fund investments for the three and six months ended June 30, 2023. For the Three Months Ended For the Six Months Ended (Amounts in thousands) June 30, 2023 June 30, 2023 Net investment income $ 3,048 $ 7,709 Net realized losses ( 1,224 ) ( 1,224 ) Net unrealized losses (1) ( 44,468 ) ( 45,579 ) Loss from real estate related fund investments ( 42,644 ) ( 39,094 ) Less: noncontrolling interests in consolidated 37,390 34,573 Loss from real estate related fund investments $ ( 5,254 ) $ ( 4,521 ) (1) Primarily represents an unrealized loss on a mezzanine loan investment based on a negotiated transaction price.

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 December 31, 2022 712 Fifth Avenue (1) 50.0 % $ - $ - Market Center 67.0 % 186,233 192,948 55 Second Street (2) 44.1 % 84,202 85,340 111 Sutter Street (3) 49.0 % - - 1600 Broadway (2) 9.2 % 8,907 9,113 60 Wall Street 5.0 % - (4) 25,034 One Steuart Lane (2) 35.0 % (5) 115,902 77,961 Oder-Center, Germany (2) 9.5 % 3,433 3,107 Investments in unconsolidated joint ventures $ 398,677 $ 393,503 For the Three Months Ended For the Six Months Ended (Amounts in thousands) June 30, June 30, Our Share of Net Income (Loss): 2023 2022 2023 2022 712 Fifth Avenue (1) $ - $ - $ - $ - Market Center ( 2,579 ) ( 2,487 ) ( 5,234 ) ( 4,850 ) 55 Second Street (2) ( 499 ) ( 792 ) ( 1,138 ) ( 1,471 ) 111 Sutter Street (3) - ( 681 ) - ( 1,459 ) 1600 Broadway (2) 3 ( 20 ) - ( 68 ) 60 Wall Street ( 24,984 ) (4) 53 ( 25,001 ) (4) 65 One Steuart Lane (2) ( 358 ) ( 518 ) ( 2,774 ) ( 1,787 ) Oder-Center, Germany (2) 15 29 ( 17 ) 41 Loss from unconsolidated joint ventures $ ( 28,402 ) $ ( 4,416 ) $ ( 34,164 ) $ ( 9,529 ) (1) At December 31, 2022, our basis in the joint venture that owns 712 Fifth Avenue was negative $ 13,427 . Since we have no further obligation to fund additional capital to the joint venture, we no longer recognize our proportionate share of earnings from the joint venture. Instead, we recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. For the six months ended June 30, 2023 , the joint venture had net income of $ 2,374 of which our 50.0% share was $ 1,187 . Accordingly, our basis in the joint venture, taking into account our share of income, was negative $ 12,240 as of June 30, 2023. (2) As of June 30, 2023, the carrying amount of our investments in 55 Second Street, 1600 Broadway, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $ 464 , $ 308 , $ 640 and $ 4,223 , respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. (3) At December 31, 2022, our basis in the joint venture that owns 111 Sutter Street was negative $ 107 . Since we have no further obligation to fund additional capital to the joint venture, we no longer recognize our proportionate share of earnings from the joint venture. Instead, we recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. For the six months ended June 30, 2023 , the joint venture had net loss of $ 7,773 of which our 49.0% share was $ 3,809 . Accordingly, our basis in the joint venture, taking into account our share of loss, was negative $ 3,916 as of June 30, 2023. (4) In May 2023, the joint venture that owns 60 Wall Street defaulted on the $ 575,000 non-recourse mortgage loan securing the property. The joint venture is currently in negotiations with the lender to modify the loan. Additionally, in the second quarter of 2023, the joint venture recognized a $ 455,893 real estate impairment loss. Accordingly, we recognized a $ 24,734 impairment loss on our investment in 60 Wall Street. This impairment, together with our share of operating losses recognized in the second quarter, reduced our investment balance to below zero as of June 30, 2023. Since we have no further obligation to fund additional capital to the joint venture, we are no longer required to recognize our proportionate share of earnings from the joint venture until such time that our basis in the joint venture becomes positive. In the meantime, we will recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. (5) Represents our consolidated Residential Development Fund’s (“RDF”) 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 %.
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: June 30, 2023 December 31, 2022 Real estate, net $ 1,962,354 $ 2,377,084 Cash and cash equivalents and restricted cash 213,591 252,540 Intangible assets, net 59,545 69,599 For-sale residential condominium units (1) 317,818 322,232 Other assets 87,951 87,054 Total assets $ 2,641,259 $ 3,108,509 Notes and mortgages payable, net $ 1,738,958 $ 1,834,916 Intangible liabilities, net 7,644 10,972 Other liabilities 56,801 50,783 Total liabilities 1,803,403 1,896,671 Equity 837,856 1,211,838 Total liabilities and equity $ 2,641,259 $ 3,108,509 (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, Income Statements: 2023 2022 2023 2022 Revenues: Rental revenue $ 40,385 $ 54,516 $ 80,606 $ 112,036 Other income (2) 3,861 31,444 5,618 50,026 Total revenues 44,246 85,960 86,224 162,062 Expenses: Operating (2) 24,990 52,293 49,691 94,801 Depreciation and amortization 17,713 23,508 35,478 50,406 Total expenses 42,703 75,801 85,169 145,207 Other income (expense): Interest and other income 783 58 1,492 16 Interest and debt expense ( 17,915 ) ( 16,335 ) ( 33,361 ) ( 33,933 ) Real estate impairment loss ( 455,893 ) - ( 455,893 ) - Loss before income taxes ( 471,482 ) ( 6,118 ) ( 486,707 ) ( 17,062 ) Income tax expense ( 19 ) ( 14 ) ( 30 ) ( 43 ) Net loss $ ( 471,501 ) $ ( 6,132 ) $ ( 486,737 ) $ ( 17,105 ) (1) Represents the cost of residential condominium units at One Steuart Lane that are available for sale. (2) Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets and Liabilities	The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below. As of (Amounts in thousands) June 30, 2023 December 31, 2022 Intangible assets: Gross amount $ 268,681 $ 337,104 Accumulated amortization ( 189,123 ) ( 246,723 ) $ 79,558 $ 90,381 Intangible liabilities: Gross amount $ 138,353 $ 138,726 Accumulated amortization ( 106,393 ) ( 102,533 ) $ 31,960 $ 36,193 For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Amortization of above and below-market leases, net $ 1,448 $ 315 $ 2,484 $ 673 Amortization of acquired in-place leases 4,262 5,412 9,071 10,943
Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases	The following table sets forth amortization of acquired above and below-market leases, net and amortization of acquired in-place leases for the six-month period from July 1, 2023 through December 31, 2023, and each of the five succeeding years commencing from January 1, 2024. (Amounts in thousands) Above and In-Place Leases 2023 $ 2,893 $ 8,499 2024 5,862 14,340 2025 4,541 10,504 2026 2,711 7,895 2027 2,398 7,251 2028 2,317 6,979

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following table summarizes our consolidated outstanding debt. Interest Rate Maturity Fixed/ as of As of (Amounts in thousands) Date Variable Rate June 30, 2023 June 30, 2023 December 31, 2022 Notes and mortgages payable: 1633 Broadway (1) Dec-2029 Fixed 2.99 % $ 1,250,000 $ 1,250,000 One Market Plaza (1) Feb-2024 (2) Fixed 4.03 % 975,000 975,000 1301 Avenue of the Americas Aug-2026 Fixed (3) 2.46 % 500,000 500,000 Aug-2026 LIBOR + 356 bps (4) 5.56 % 360,000 360,000 3.76 % 860,000 860,000 31 West 52nd Street Jun-2026 Fixed 3.80 % 500,000 500,000 300 Mission Street (1) Oct-2023 (2) Fixed 3.65 % 273,000 273,000 Total notes and mortgages payable 3.58 % 3,858,000 3,858,000 Less: unamortized deferred financing costs ( 15,331 ) ( 17,682 ) Total notes and mortgages payable, net $ 3,842,669 $ 3,840,318 $750 Million Revolving Mar-2026 SOFR + 115 bps n/a $ - $ - (1) Our ownership interests in 1633 Broadway, One Market Plaza and 300 Mission Street are 90.0 %, 49.0 % and 31.1 %, respectively. (2) We are currently exploring various alternatives to refinance these loans and believe it is probable that we will be successful in refinancing them prior to their maturity. (3) Represents variable rate loans that have been fixed by interest rate swaps through August 2024. See Note 8, Derivative Instruments and Hedging Activities. On June 16, 2023, we amended the loans to replace LIBOR with SOFR, effective July 7, 2023. (4) Represents variable rate loans, where LIBOR has been capped at 2.00 % through August 2023. See Note 8, Derivative Instruments and Hedging Activities . On June 16, 2023, we amended the loans to replace LIBOR with SOFR, effective July 7, 2023.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Interest Rate Swap [Member]
Derivative [Line Items]
Schedule of Interest Rate Swaps and Interest Rate Caps	The tables below provide additional details on our interest rate swaps and interest rate caps that are designated as cash flow hedges. Notional Effective Maturity Benchmark Strike Fair Value as of Property Amount Date Date Rate Rate June 30, 2023 December 31, 2022 (Amounts in thousands) 1301 Avenue of the Americas $ 500,000 Jul-2021 Aug-2024 LIBOR 0.46 % $ 26,010 $ 32,681 Total interest rate swap assets designated as cash flow hedges (included in "other assets") $ 26,010 $ 32,681
Interest Rate Cap [Member]
Derivative [Line Items]
Schedule of Interest Rate Swaps and Interest Rate Caps	Notional Effective Maturity Benchmark Strike Fair Value as of Property Amount Date Date Rate Rate June 30, 2023 December 31, 2022 (Amounts in thousands) 1301 Avenue of the Americas $ 360,000 Jul-2021 Aug-2023 LIBOR 2.00 % $ 1,187 $ 6,123 Total interest rate cap assets designated as cash flow hedges (included in "other assets") $ 1,187 $ 6,123

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income by Component	The following table sets forth changes in accumulated other comprehensive income by component for the three and six months ended June 30, 2023 and 2022, respectively, including amounts attributable to noncontrolling interests in the Operating Partnership. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Amount of income related to the cash flow hedges recognized (1) $ 5,489 $ 6,479 $ 4,450 $ 24,652 Amounts reclassified from accumulated other comprehensive (1) ( 8,624 ) ( 370 ) ( 15,975 ) 2 Amount of income related to unconsolidated joint ventures (2) 3,714 2,401 3,141 11,896 Amounts reclassified from accumulated other comprehensive (2) ( 2,320 ) 548 ( 4,310 ) 1,506 (1) Represents amounts related to interest rate swaps with an aggregate notional value of $ 500,000 and interest rate caps with an aggregate notional value of $ 360,000 , which were designated as cash flow hedges. (2) Primarily represents amounts related to an interest rate swap with a notional value of $ 402,000 , which was designated as a cash flow hedge.

Variable Interest Entities ("_2

Variable Interest Entities ("VIEs") (Tables)	6 Months Ended
	Jun. 30, 2023
Consolidated VIEs [Member]
Summary of Assets and Liabilities of Consolidated Variable Interest Entities	The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. As of (Amounts in thousands) June 30, 2023 December 31, 2022 Real estate, net $ 3,325,697 $ 3,364,482 Cash and cash equivalents and restricted cash 182,501 144,446 Accounts and other receivables 5,326 13,647 Real estate related fund investments 66,606 105,369 Investments in unconsolidated joint ventures 115,902 77,961 Deferred rent receivable 204,890 197,658 Deferred charges, net 46,399 49,485 Intangible assets, net 45,376 50,553 Other assets 11,268 9,860 Total VIE assets $ 4,003,965 $ 4,013,461 Notes and mortgages payable, net $ 2,490,920 $ 2,489,902 Accounts payable and accrued expenses 54,775 61,492 Intangible liabilities, net 19,558 21,936 Other liabilities 4,751 6,051 Total VIE liabilities $ 2,570,004 $ 2,579,381
Unconsolidated VIEs [Member]
Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments	The following table summarizes our investments in these unconsolidated real estate related funds and the maximum risk of loss from these investments. As of (Amounts in thousands) June 30, 2023 December 31, 2022 Investments $ 5,270 $ 3,411 Asset management fees and other receivables - 21 Maximum risk of loss $ 5,270 $ 3,432

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets Measured at Fair Value	The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheets as of the dates set forth below, based on their levels in the fair value hierarchy. As of June 30, 2023 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate related fund investments $ 66,606 $ - $ - $ 66,606 Interest rate swap assets (included in "other assets") 26,010 - 26,010 - Interest rate cap assets (included in "other assets") 1,187 - 1,187 - Total assets $ 93,803 $ - $ 27,197 $ 66,606 As of December 31, 2022 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate related fund investments $ 105,369 $ - $ - $ 105,369 Interest rate swap assets (included in "other assets") 32,681 - 32,681 - Interest rate cap assets (included in "other assets") 6,123 - 6,123 - Total assets $ 144,173 $ - $ 38,804 $ 105,369
Summary of Changes in Fair Value of Real Estate Related Fund Investments in Level 3	The table below summarizes the changes in the fair value of real estate related fund investments that are classified as Level 3 for the three and six months ended June 30, 2023. For the Three Months Ended For the Six Months Ended (Amounts in thousands) June 30, 2023 June 30, 2023 Beginning balance $ 108,176 $ 105,369 Additional investments 4,122 8,040 Net realized losses ( 1,224 ) ( 1,224 ) Net unrealized losses (1) ( 44,468 ) ( 45,579 ) Ending balance $ 66,606 $ 66,606 (1) Primarily represents an unrealized loss on a mezzanine loan investment based on a negotiated transaction price.
Summary of Carrying Amounts and Fair Value of Financial Instruments	The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below. As of June 30, 2023 As of December 31, 2022 (Amounts in thousands) Carrying Fair Carrying Fair Notes and mortgages payable $ 3,858,000 $ 3,527,140 $ 3,858,000 $ 3,566,096 Revolving credit facility - - - - Total liabilities $ 3,858,000 $ 3,527,140 $ 3,858,000 $ 3,566,096

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Rental Revenues	The following table sets forth the details of our rental revenue. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Rental revenue: Fixed $ 148,961 $ 163,545 $ 314,824 $ 318,322 Variable 16,545 13,698 32,395 28,843 Total rental revenue $ 165,506 $ 177,243 $ 347,219 $ 347,165
Schedule of Future Undiscounted Cash Flows Under Non-Cancellable Operating Leases	The following table is a schedule of future undiscounted cash flows under non-cancellable operating leases in effect as of June 30, 2023, for the six-month period from July 1, 2023 through December 31, 2023, and each of the five succeeding years and thereafter commencing January 1, 2024. (Amounts in thousands) 2023 $ 315,265 2024 621,616 2025 573,439 2026 490,657 2027 428,889 2028 426,382 Thereafter 1,885,995 Total $ 4,742,243

Fee and Other Income (Tables)

Fee and Other Income (Tables)	6 Months Ended
	Jun. 30, 2023
Disaggregation Of Revenue [Abstract]
Summary of Fee and Other Income	The following table sets forth the details of our fee and other income. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Fee income: Asset management $ 2,326 $ 3,087 $ 4,501 $ 5,972 Property management 1,831 2,103 3,693 4,322 Acquisition, disposition, leasing and other 819 784 1,339 7,668 Total fee income 4,976 5,974 9,533 17,962 Other income (1) 2,180 2,300 4,384 4,075 Total fee and other income $ 7,156 $ 8,274 $ 13,917 $ 22,037 (1) Primarily comprised of (i) tenant requested services, including cleaning, overtime heating and cooling and (ii) parking income.

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	6 Months Ended
	Jun. 30, 2023
Interest And Debt Expense [Abstract]
Details of Interest and Debt Expense	The following table sets forth the details of interest and debt expense. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Interest expense $ 35,340 $ 34,039 $ 70,261 $ 66,778 Amortization of deferred financing costs 1,539 1,539 3,077 3,077 Total interest and debt expense $ 36,879 $ 35,578 $ 73,338 $ 69,855

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Computation of Earnings Per Share	The following table summarizes our net (loss) income and the number of common shares used in the computation of basic and diluted income per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Net (loss) income attributable to common stockholders $ ( 47,538 ) $ ( 360 ) $ ( 45,809 ) $ 3,011 Earnings allocated to unvested participating securities ( 10 ) ( 22 ) ( 30 ) ( 43 ) Numerator for (loss) income per common share - $ ( 47,548 ) $ ( 382 ) $ ( 45,839 ) $ 2,968 Denominator: Denominator for basic (loss) income per common share - 217,004 222,972 216,785 220,889 Effect of dilutive stock-based compensation plans (1) - - - 41 Denominator for diluted (loss) income per common share - 217,004 222,972 216,785 220,930 (Loss) income per common share - basic and diluted $ ( 0.22 ) $ ( 0.00 ) $ ( 0.21 ) $ 0.01 (1) The effect of dilutive securities excludes 17,517 and 20,354 weighted average share equivalents for the three months ended June 30, 2023 and 2022, respectively, and 17,427 and 22,347 weighted average share equivalents for the six months ended June 30, 2023 and 2022, respectively, as their effect was anti-dilutive.

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of NOI for Each Reportable Segment Information	The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below. For the Three Months Ended June 30, 2023 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 167,686 $ 106,837 $ 61,010 $ ( 161 ) Property-related operating expenses ( 71,078 ) ( 48,685 ) ( 21,814 ) ( 579 ) NOI from unconsolidated joint ventures 10,720 3,404 7,256 60 NOI (1) $ 107,328 $ 61,556 $ 46,452 $ ( 680 ) For the Three Months Ended June 30, 2022 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 179,543 $ 116,300 $ 64,042 $ ( 799 ) Property-related operating expenses ( 67,814 ) ( 48,147 ) ( 18,581 ) ( 1,086 ) NOI from unconsolidated joint ventures 11,585 3,528 7,971 86 NOI (1) $ 123,314 $ 71,681 $ 53,432 $ ( 1,799 ) For the Six Months Ended June 30, 2023 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 351,603 $ 224,063 $ 128,312 $ ( 772 ) Property-related operating expenses ( 141,387 ) ( 98,206 ) ( 42,082 ) ( 1,099 ) NOI from unconsolidated joint ventures 21,101 6,767 14,275 59 NOI (1) $ 231,317 $ 132,624 $ 100,505 $ ( 1,812 ) For the Six Months Ended June 30, 2022 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 351,240 $ 231,705 $ 121,131 $ ( 1,596 ) Property-related operating expenses ( 134,475 ) ( 96,358 ) ( 35,873 ) ( 2,244 ) NOI from unconsolidated joint ventures 22,819 6,346 16,325 148 NOI (1) $ 239,584 $ 141,693 $ 101,583 $ ( 3,692 ) (1) NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies.
Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders	The following table provides a reconciliation of NOI to net (loss) income attributable to common stockholders for the periods set forth below. For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 NOI $ 107,328 $ 123,314 $ 231,317 $ 239,584 Add (subtract) adjustments to arrive to net income: Fee income 4,976 5,974 9,533 17,962 Depreciation and amortization expense ( 62,627 ) ( 57,398 ) ( 121,515 ) ( 113,022 ) General and administrative expenses ( 16,224 ) ( 16,706 ) ( 30,847 ) ( 32,351 ) Loss from real estate related fund investments ( 42,644 ) - ( 39,094 ) - NOI from unconsolidated joint ventures (excluding ( 10,720 ) ( 11,585 ) ( 21,101 ) ( 22,819 ) Loss from unconsolidated joint ventures ( 28,402 ) ( 4,416 ) ( 34,164 ) ( 9,529 ) Interest and other income, net 2,967 796 5,892 1,027 Interest and debt expense ( 36,879 ) ( 35,578 ) ( 73,338 ) ( 69,855 ) Other, net ( 31 ) ( 4 ) ( 337 ) 49 (Loss) income before income taxes ( 82,256 ) 4,397 ( 73,654 ) 11,046 Income tax expense ( 573 ) ( 359 ) ( 861 ) ( 886 ) Net (loss) income ( 82,829 ) 4,038 ( 74,515 ) 10,160 Less net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures ( 5,351 ) ( 4,779 ) ( 10,992 ) ( 8,204 ) Consolidated real estate related funds 37,301 352 36,478 1,368 Operating Partnership 3,341 29 3,220 ( 313 ) Net (loss) income attributable to common stockholders $ ( 47,538 ) $ ( 360 ) $ ( 45,809 ) $ 3,011
Schedule of Total Assets for Each Reportable Segments Information	The following table provides the total assets for each of our reportable segments as of the dates set forth below. (Amounts in thousands) Total Assets as of: Total New York San Francisco Other June 30, 2023 $ 8,367,979 $ 5,234,190 $ 2,615,147 $ 518,642 December 31, 2022 8,453,254 5,311,636 2,631,265 510,353

Organization and Business - Add

Organization and Business - Additional Information (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2023 ft² Properties
Real Estate Properties [Line Items]
Number of Real Estate Properties | Properties	18
Area of office and retail properties	13.8
New York [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Properties	8
Area of office and retail properties	8.7
New York [Member] | Office Space [Member]
Real Estate Properties [Line Items]
Area of office and retail properties	8.2
New York [Member] | Retail, Theater and Amenity Space [Member]
Real Estate Properties [Line Items]
Area of office and retail properties	0.5
San Francisco [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Properties	6
Area of office and retail properties	4.3
San Francisco [Member] | Office Space [Member]
Real Estate Properties [Line Items]
Area of office and retail properties	4.1
San Francisco [Member] | Retail Space [Member]
Real Estate Properties [Line Items]
Area of office and retail properties	0.2
New York And Washington, D.C [Member]
Real Estate Properties [Line Items]
Number of real estate properties managed | Properties	4
Area of office and retail properties	0.8
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member]
Real Estate Properties [Line Items]
Percentage of ownership in operating partnership	93.40%

Consolidated Real Estate Rela_3

Consolidated Real Estate Related Funds - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023	Dec. 12, 2022	Dec. 11, 2022
One Steuart Lane [Member]
Real Estate Related Fund [Line Items]
Equity method economic interest percentage	2.60%
Fund X [Member]
Real Estate Related Fund [Line Items]
Equity method paramount ownership percentage			8.20%
Increase in ownership interest percentage		13%
Residential Development Fund's [Member]
Real Estate Related Fund [Line Items]
Equity method paramount ownership percentage	7.40%
Interest not owned as noncontrolling interest in real estate related funds	92.60%
Residential Development Fund's [Member] | One Steuart Lane [Member]
Real Estate Related Fund [Line Items]
Equity method paramount ownership percentage	35%

Consolidated Real Estate Rela_4

Consolidated Real Estate Related Funds - Summary of Income From Real Estate Related Fund Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate Related Fund [Line Items]
Loss from real estate related fund investments	$ (42,644)	$ 0	$ (39,094)	$ 0
Net (loss) income attributable to common stockholders	(47,538)	$ (360)	(45,809)	$ 3,011
Fund X [Member]
Real Estate Related Fund [Line Items]
Net investment income	3,048		7,709
Net realized losses	(1,224)		(1,224)
Net unrealized losses	(44,468)		(45,579)
Loss from real estate related fund investments	(42,644)		(39,094)
Less: noncontrolling interests in consolidated real estate related funds	37,390		34,573
Net (loss) income attributable to common stockholders	$ (5,254)		$ (4,521)

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Related Funds - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 11, 2022
Investment Holdings [Line Items]
Investments in the unconsolidated real estate related funds	$ 5,270,000		$ 5,270,000		$ 3,411,000
Income (loss) from unconsolidated real estate funds	$ 32,000	$ 155,000	$ (146,000)	$ 325,000
Fund VIII [Member]
Investment Holdings [Line Items]
Alternative Investment Fund Ownership Interest Percentage	1.30%		1.30%
Fund X [Member]
Investment Holdings [Line Items]
Alternative Investment Fund Ownership Interest Percentage						8.20%

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 398,677		$ 398,677		$ 393,503
Loss from unconsolidated joint ventures	$ (28,402)	$ (4,416)	$ (34,164)	$ (9,529)
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	50%		50%
Market Center [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	67%		67%
Investments in unconsolidated joint ventures	$ 186,233		$ 186,233		192,948
Loss from unconsolidated joint ventures	$ (2,579)	(2,487)	$ (5,234)	(4,850)
55 Second Street [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	44.10%		44.10%
Investments in unconsolidated joint ventures	$ 84,202		$ 84,202		85,340
Loss from unconsolidated joint ventures	$ (499)	(792)	$ (1,138)	(1,471)
111 Sutter Street [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	49%		49%
Loss from unconsolidated joint ventures		(681)		(1,459)
1600 Broadway [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	9.20%		9.20%
Investments in unconsolidated joint ventures	$ 8,907		$ 8,907		9,113
Loss from unconsolidated joint ventures	$ 3	(20)		(68)
60 Wall Street [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	5%		5%
Investments in unconsolidated joint ventures					25,034
Loss from unconsolidated joint ventures	$ (24,984)	53	$ (25,001)	65
One Steuart Lane [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	35%		35%
Investments in unconsolidated joint ventures	$ 115,902		$ 115,902		77,961
Loss from unconsolidated joint ventures	$ (358)	(518)	$ (2,774)	(1,787)
Oder-Center, Germany [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	9.50%		9.50%
Investments in unconsolidated joint ventures	$ 3,433		$ 3,433		$ 3,107
Loss from unconsolidated joint ventures	$ 15	$ 29	$ (17)	$ 41

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	May 31, 2023
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Distributions made in excess of share of earnings recognized negative basis		$ 12,240	$ 13,427
Income (Loss) of investment accounted under equity method accounting		2,374
Proportionate share of income (loss) of equity method investment not recognized		$ 1,187
Equity method paramount ownership percentage	50%	50%
55 Second Street [Member]
Schedule Of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity	$ 464	$ 464
Equity method paramount ownership percentage	44.10%	44.10%
1600 Broadway [Member]
Schedule Of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity	$ 308	$ 308
60 Wall Street [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	5%	5%
Proportionate share of real estate impairment loss	$ 24,734	$ 24,734
Real estate impairment loss	455,893	455,893
60 Wall Street [Member] | Nonrecourse [Member]
Schedule Of Equity Method Investments [Line Items]
Defaulted on non-recourse mortgage loan				$ 575,000
One Steuart Lane [Member]
Schedule Of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity	$ 640	$ 640
Equity method paramount ownership percentage	35%	35%
Equity method economic interest percentage		2.60%
One Steuart Lane [Member] | Residential Development Fund's [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	7.40%	7.40%
Oder-Center, Germany [Member]
Schedule Of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity	$ 4,223	$ 4,223
Equity method paramount ownership percentage	9.50%	9.50%
111 Sutter Street [Member]
Schedule Of Equity Method Investments [Line Items]
Distributions made in excess of share of earnings recognized negative basis		$ 3,916	$ 107
Income (Loss) of investment accounted under equity method accounting		(7,773)
Proportionate share of income (loss) of equity method investment not recognized		$ (3,809)
Equity method paramount ownership percentage	49%	49%

Investments in Unconsolidated_6

Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Total assets	[1]	$ 8,367,979		$ 8,367,979		$ 8,453,254
Total liabilities	[1]	4,019,966		4,019,966		4,042,488
Equity		3,507,480		3,507,480		3,592,291
Total liabilities and equity		8,367,979		8,367,979		8,453,254
Rental revenue		165,506	$ 177,243	347,219	$ 347,165
Other income		2,180	2,300	4,384	4,075
Total revenues		172,662	185,517	361,136	369,202
Operating		71,078	67,814	141,387	134,475
Depreciation and amortization		62,627	57,398	121,515	113,022
Total expenses		149,992	142,077	293,940	280,124
Interest and other income		2,967	796	5,892	1,027
Interest and debt expense		(36,879)	(35,578)	(73,338)	(69,855)
Loss before income taxes		(82,256)	4,397	(73,654)	11,046
Income tax expense		(573)	(359)	(861)	(886)
Net (loss) income attributable to common stockholders		(47,538)	(360)	(45,809)	3,011
Unconsolidated Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Real estate, net		1,962,354		1,962,354		2,377,084
Cash and cash equivalents and restricted cash		213,591		213,591		252,540
Intangible assets, net		59,545		59,545		69,599
For-sale residential condominium units	[2]	317,818		317,818		322,232
Other assets		87,951		87,951		87,054
Total assets		2,641,259		2,641,259		3,108,509
Notes and mortgages payable, net		1,738,958		1,738,958		1,834,916
Intangible liabilities, net		7,644		7,644		10,972
Other liabilities		56,801		56,801		50,783
Total liabilities		1,803,403		1,803,403		1,896,671
Equity		837,856		837,856		1,211,838
Total liabilities and equity		2,641,259		2,641,259		$ 3,108,509
Rental revenue		40,385	54,516	80,606	112,036
Other income	[3]	3,861	31,444	5,618	50,026
Total revenues		44,246	85,960	86,224	162,062
Operating	[3]	24,990	52,293	49,691	94,801
Depreciation and amortization		17,713	23,508	35,478	50,406
Total expenses		42,703	75,801	85,169	145,207
Interest and other income		783	58	1,492	16
Interest and debt expense		(17,915)	(16,335)	(33,361)	(33,933)
Real estate impairment loss		(455,893)		(455,893)
Loss before income taxes		(471,482)	(6,118)	(486,707)	(17,062)
Income tax expense		(19)	(14)	(30)	(43)
Net (loss) income attributable to common stockholders		$ (471,501)	$ (6,132)	$ (486,737)	$ (17,105)
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.4 % as of June 30, 2023. As of June 30, 2023, the assets and liabilities of the Operating Partnership include $ 4,003,965 and $ 2,570,004 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities ( “ VIEs ” ). Represents the cost of residential condominium units at One Steuart Lane that are available for sale. Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

Intangible Assets and Intangibl

Intangible Assets and Intangible Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Intangible assets:
Gross amount	$ 268,681		$ 268,681		$ 337,104
Accumulated amortization	(189,123)		(189,123)		(246,723)
Intangible assets, Net	79,558		79,558		90,381
Intangible liabilities:
Gross amount	138,353		138,353		138,726
Accumulated amortization	(106,393)		(106,393)		(102,533)
Intangible Liabilities, Net	31,960		31,960		$ 36,193
Amortization of above and below-market leases, net (component of "rental revenue")			(2,484)	$ (673)
Leases, Acquired-in-Place, Market Adjustment [Member]
Intangible liabilities:
Amortization of above and below-market leases, net (component of "rental revenue")	1,448	$ 315	2,484	673
Leases, Acquired-in-Place [Member]
Intangible liabilities:
Amortization of acquired in-place leases (component of "depreciation and amortization")	$ 4,262	$ 5,412	$ 9,071	$ 10,943

Intangible Assets and Intangi_2

Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Finite Lived Intangible Assets [Line Items]
2023	$ 2,893
2024	5,862
2025	4,541
2026	2,711
2027	2,398
2028	2,317
Leases, Acquired-in-Place [Member]
Finite Lived Intangible Assets [Line Items]
2023	8,499
2024	14,340
2025	10,504
2026	7,895
2027	7,251
2028	$ 6,979

Debt - Summary of Outstanding D

Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate	3.58%
Notes and mortgages payable	$ 3,858,000	$ 3,858,000
Credit Facility	0	0
Less: unamortized deferred financing costs	(15,331)	(17,682)
Total notes and mortgages payable, net	$ 3,842,669	3,840,318
Credit Facility With Variable Rate [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date of debt	2026-03
Credit Facility With Variable Rate [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate	1.15%
1633 Broadway [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt	2029-12
Notes and mortgages payable, Interest Rate	2.99%
Notes and mortgages payable	$ 1,250,000	1,250,000
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt	2024-02
Notes and mortgages payable, Interest Rate	4.03%
Notes and mortgages payable	$ 975,000	975,000
1301 Avenue of the Americas [Member]
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate	3.76%
Notes and mortgages payable	$ 860,000	860,000
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt	2026-08
Notes and mortgages payable, Interest Rate	2.46%
Notes and mortgages payable	$ 500,000	500,000
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt	2026-08
Notes and mortgages payable, Interest Rate	5.56%
Notes and mortgages payable	$ 360,000	360,000
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate	3.56%
31 West 52nd Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt	2026-06
Notes and mortgages payable, Interest Rate	3.80%
Notes and mortgages payable	$ 500,000	500,000
300 Mission Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt	2023-10
Notes and mortgages payable, Interest Rate	3.65%
Notes and mortgages payable	$ 273,000	$ 273,000

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Debt (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
1633 Broadway [Member]
Debt Instrument [Line Items]
Ownership percentage of Property	90%	90%
One Market Plaza [Member]
Debt Instrument [Line Items]
Ownership percentage of Property	49%	49%
300 Mission Street [Member]
Debt Instrument [Line Items]
Ownership percentage of Property	31.10%	31.10%
1301 Avenue of the Americas [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Capped interest rate	2%	2%

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 29, 2021
Derivative [Line Items]
Notes and mortgages payable	$ 3,858,000,000		$ 3,858,000,000		$ 3,858,000,000
Changes in fair value of these interest rate swaps and interest rate caps	5,489,000	$ 6,479,000	4,450,000	$ 24,652,000
1301 Avenue of the Americas [Member]
Derivative [Line Items]
Notes and mortgages payable						$ 860,000,000
Designated As Hedging Instrument [Member] | | Cash Flow Hedging [Member]
Derivative [Line Items]
Changes in fair value of these interest rate swaps and interest rate caps	3,135,000	$ 6,109,000	11,525,000	$ 24,654,000
Amount to be recognized in accumulated other comprehensive income (loss) reclassified to interest expense for next twelve months			25,069,000
Designated As Hedging Instrument [Member] | | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | London Inter bank Offered Rate Libor Swap Rate [Member] | 1301 Avenue of the Americas [Member]
Derivative [Line Items]
Derivative, notional amount	$ 500,000,000		$ 500,000,000
LIBOR rate	0.46%		0.46%
Designated As Hedging Instrument [Member] | | Interest Rate Cap [Member] | Cash Flow Hedging [Member] | London Inter bank Offered Rate Libor Swap Rate [Member] | 1301 Avenue of the Americas [Member]
Derivative [Line Items]
Derivative, notional amount	$ 360,000,000		$ 360,000,000
Aggregate notional percentage	2%		2%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Interest Rate Swaps and Interest Rate Caps (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Interest Rate Swap [Member]
Derivative [Line Items]
Total interest rate swap and interest rate caps assets designated as cash flow hedges (included in "other assets")	$ 26,010	$ 32,681
Interest Rate Swap [Member] | 1301 Avenue of the Americas [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Notional Amount	$ 500,000
Effective Date	Jul. 31, 2021
Maturity Date	Aug. 31, 2024
Strike Rate	0.46%
Total interest rate swap and interest rate caps assets designated as cash flow hedges (included in "other assets")	$ 26,010	32,681
Interest Rate Cap [Member]
Derivative [Line Items]
Total interest rate swap and interest rate caps assets designated as cash flow hedges (included in "other assets")	1,187	6,123
Interest Rate Cap [Member] | 1301 Avenue of the Americas [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Notional Amount	$ 360,000
Effective Date	Jul. 31, 2021
Maturity Date	Aug. 31, 2023
Strike Rate	2%
Total interest rate swap and interest rate caps assets designated as cash flow hedges (included in "other assets")	$ 1,187	$ 6,123

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	36 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Nov. 05, 2019
Class Of Stock [Line Items]
Common stock shares authorized amount			$ 200,000,000
Stock repurchased, price per share	$ 7.65
Stock repurchased, value	$ 185,000,000
Stock repurchase amount available for future repurchase		$ 15,000,000
Common Stock [Member]
Class Of Stock [Line Items]
Stock repurchased	24,183,768

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Amount of income related to the cash flow hedges recognized in other comprehensive (loss) income	$ 5,489	$ 6,479	$ 4,450	$ 24,652
Amounts reclassified from accumulated other comprehensive income (decreasing) increasing interest and debt expense	(8,624)	(370)	(15,975)	2
Amount of income related to unconsolidated joint ventures recognized in other comprehensive (loss) income	3,714	2,401	3,141	11,896
Amounts reclassified from accumulated other comprehensive income(decreasing) increasing loss from unconsolidated joint ventures	$ (2,320)	$ 548	$ (4,310)	$ 1,506

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income by Component (Parenthetical) (Details) - Designated As Hedging Instrument [Member] | - Cash Flow Hedging [Member]	Jun. 30, 2023 USD ($)
Interest Rate Swap [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Derivative liability, aggregate notional amount	$ 500,000,000
Interest Rate Swap [Member] | Unconsolidated Joint Ventures [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Derivative liability, aggregate notional amount	402,000,000
Interest Rate Cap [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Derivative liability, aggregate notional amount	$ 360,000,000

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Consolidated joint ventures	$ 407,647,000	$ 402,118,000
Noncontrolling interests in consolidated real estate fund aggregated	183,988,000	173,375,000
Operating partnerships	248,898,000	242,982,000
Redemption value	$ 68,074,000	$ 86,644,000
Common units conversion basis	one-for-one

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member]
Variable Interest Entity [Line Items]
Percentage of ownership in operating partnership	93.40%

Variable Interest Entities ("_4

Variable Interest Entities ("VIEs") - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Real estate, net		$ 6,787,394	$ 6,846,224
Cash and cash equivalents and restricted cash		507,431	449,817	$ 531,867	$ 529,666
Real estate related fund investments		66,606	105,369
Deferred rent receivable		346,583	346,338
Deferred charges, net		113,271	120,685
Intangible assets, net		79,558	90,381
Other assets		49,497	73,660
Total assets	[1]	8,367,979	8,453,254
Notes and mortgages payable, net		3,842,669	3,840,318
Accounts payable and accrued expenses		113,449	123,176
Intangible liabilities, net		31,960	36,193
Other liabilities		23,700	24,775
Total liabilities	[1]	4,019,966	4,042,488
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Real estate, net		3,325,697	3,364,482
Cash and cash equivalents and restricted cash		182,501	144,446
Accounts and other receivables		5,326	13,647
Real estate related fund investments		66,606	105,369
Investments in unconsolidated joint ventures		115,902	77,961
Deferred rent receivable		204,890	197,658
Deferred charges, net		46,399	49,485
Intangible assets, net		45,376	50,553
Other assets		11,268	9,860
Total assets		4,003,965	4,013,461
Notes and mortgages payable, net		2,490,920	2,489,902
Accounts payable and accrued expenses		54,775	61,492
Intangible liabilities, net		19,558	21,936
Other liabilities		4,751	6,051
Total liabilities		$ 2,570,004	$ 2,579,381
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.4 % as of June 30, 2023. As of June 30, 2023, the assets and liabilities of the Operating Partnership include $ 4,003,965 and $ 2,570,004 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities ( “ VIEs ” ).

Variable Interest Entities ("_5

Variable Interest Entities ("VIEs") - Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments (Details) - Unconsolidated Real Estate Funds [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value of Investments [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	$ 5,270	$ 3,411
Asset Management Fees and Other Receivables [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds		21
Maximum Risk of Loss [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	$ 5,270	$ 3,432

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate related fund investments	$ 66,606	$ 105,369
Total assets	93,803	144,173
Interest Rate Swap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate assets (included in "other assets")	26,010	32,681
Interest Rate Cap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate assets (included in "other assets")	1,187	6,123
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	27,197	38,804
Level 2 [Member] | Interest Rate Swap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate assets (included in "other assets")	26,010	32,681
Level 2 [Member] | Interest Rate Cap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate assets (included in "other assets")	1,187	6,123
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate related fund investments	66,606	105,369
Total assets	$ 66,606	$ 105,369

Fair Value Measurements (Additi

Fair Value Measurements (Additional Information) (Details)	Jun. 30, 2023
Credit Spread [Member] | Maximum [Member] | Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real Estate Fund Investment, Unobservable Input	10

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Real Estate Related Fund Investments in Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		$ 105,369
Ending balance	$ 66,606	66,606
Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		105,369
Ending balance	66,606	66,606
Level 3 [Member] | Real Estate Related Fund Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	108,176	105,369
Additional investments	4,122	8,040
Net realized losses	(1,224)	(1,224)
Net unrealized losses	(44,468)	(45,579)
Ending balance	$ 66,606	$ 66,606

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes and mortgages payable	$ 3,858,000	$ 3,858,000
Total liabilities	3,858,000	3,858,000
Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes and mortgages payable	3,527,140	3,566,096
Total liabilities	$ 3,527,140	$ 3,566,096

Leases - Additional Information

Leases - Additional Information (Details)	Jun. 30, 2023
Minimum [Member]
Lessor Lease Description [Line Items]
Lease term	5 years
Maximum [Member]
Lessor Lease Description [Line Items]
Lease term	15 years

Leases - Schedule of Rental Rev

Leases - Schedule of Rental Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Abstract]
Fixed rental revenues	$ 148,961	$ 163,545	$ 314,824	$ 318,322
Variable rental revenues	16,545	13,698	32,395	28,843
Total rental revenue	$ 165,506	$ 177,243	$ 347,219	$ 347,165

Leases - Schedule of Future Und

Leases - Schedule of Future Undiscounted Cash Flows Under Non-Cancellable Operating Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 315,265
2024	621,616
2025	573,439
2026	490,657
2027	428,889
2028	426,382
Thereafter	1,885,995
Total	$ 4,742,243

Fee and Other Income - Summary

Fee and Other Income - Summary of Fee and Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fee income:
Fee income	$ 4,976	$ 5,974	$ 9,533	$ 17,962
Other income	2,180	2,300	4,384	4,075
Total fee and other income	7,156	8,274	13,917	22,037
Asset Management Fees [Member]
Fee income:
Fee income	2,326	3,087	4,501	5,972
Property Management Fees [Member]
Fee income:
Fee income	1,831	2,103	3,693	4,322
Acquisition Disposition Leasing And Other [Member]
Fee income:
Fee income	$ 819	$ 784	$ 1,339	$ 7,668

Interest and Debt Expense - Det

Interest and Debt Expense - Details of Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest And Debt Expense [Abstract]
Interest expense	$ 35,340	$ 34,039	$ 70,261	$ 66,778
Amortization of deferred financing costs	1,539	1,539	3,077	3,077
Total interest and debt expense	$ 36,879	$ 35,578	$ 73,338	$ 69,855

Incentive Compensation - Additi

Incentive Compensation - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2023	Jan. 25, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 4,214,000	$ 4,142,000	$ 9,331,000	$ 10,704,000
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of awards granted		$ 503,000
Shares available for grant		81,531
2023 Performance Program [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance measurement period, term		3 years
Performance measurement period, start date		Jan. 01, 2023
Performance measurement period, end date		Dec. 31, 2025
Percentage of payout exceeding units granted		100%
Reduction in percentage on number of LTIP units earned if negative TSR		30%
Fair value of awards granted		$ 7,067,000
Vesting period		4 years
2023 Performance Program [Member] | Share-Based Compensation Award Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of the awards that vest		50%
2023 Performance Program [Member] | Share-Based Compensation Award Tranche Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of the awards that vest		50%
Long Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of awards granted		$ 4,528,000
Shares available for grant		796,349
Long Term Incentive Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Long Term Incentive Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Appreciation Only Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of awards granted		$ 3,752,000
Shares available for grant		2,054,270
2020 Performance Program [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance measurement period, term		3 years					3 years
Reduction in percentage on number of LTIP units earned if negative TSR		30%
LTIP units, granted		1,068,693
LTIP units, earned		443,713
LTIP units, vested		221,850
Percentage of payout approximately units granted		59.70%
Fair value granted					7,488,000
Unrecognized compensation cost			$ 409,000		$ 409,000
Unrecognized compensation cost expected to be recognized over a weighted-average period					6 months
2020 Performance Program [Member] | Scenario Forecast [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
LTIP units, vested	221,863

Earnings Per Share - Summary of

Earnings Per Share - Summary of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net (loss) income attributable to common stockholders	$ (47,538)	$ (360)	$ (45,809)	$ 3,011
Earnings allocated to unvested participating securities	(10)	(22)	(30)	(43)
Numerator for (loss) income per common share - basic and diluted	$ (47,548)	$ (382)	$ (45,839)	$ 2,968
Denominator:
Denominator for basic (loss) income per common share - weighted average shares	217,003,931	222,971,886	216,784,737	220,888,664
Effect of dilutive stock-based compensation plans				41,000
Denominator for diluted (loss) income per common share - weighted average shares	217,003,931	222,971,886	216,784,737	220,930,019
(Loss) income per common share - basic	$ (0.22)	$ 0	$ (0.21)	$ 0.01
(Loss) income per common share - diluted	$ (0.22)	$ 0	$ (0.21)	$ 0.01

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Effect of dilutive securities excluded from computation of earning per share	17,517	20,354	17,427	22,347

Related Parties - Additional In

Related Parties - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) ft²
Related Party Transaction [Line Items]
Fee and other income	$ 7,156,000	$ 8,274,000	$ 13,917,000	$ 22,037,000
Accounts and other receivables	13,692,000		13,692,000		$ 23,866,000
Fee income	4,976,000	5,974,000	9,533,000	17,962,000
Transaction related costs	63,000	159,000	191,000	276,000
Accounts payable and accrued expenses	$ 113,449,000		$ 113,449,000		123,176,000
Area of leased properties | ft²	13,800,000		13,800,000
Rental revenue	$ 165,506,000	177,243,000	$ 347,219,000	347,165,000
712 Fifth Avenue [Member]
Related Party Transaction [Line Items]
Equity method paramount ownership percentage	50%		50%
CNBB-RDF Holdings Otto Family [Member] | Management Agreements [Member]
Related Party Transaction [Line Items]
Fee and other income	$ 266,000	260,000	$ 529,000	749,000
Accounts and other receivables	44,000		44,000		52,000
Unconsolidated Joint Ventures and Real Estate Funds [Member] | Management Agreements [Member]
Related Party Transaction [Line Items]
Accounts and other receivables	2,111,000		2,111,000		3,032,000
Fee income	$ 4,050,000	5,015,000	$ 7,703,000	15,798,000
Hamburg Trust Consulting GMBH ("HTC") [Member]
Related Party Transaction [Line Items]
Mark-up cost percentage	10%		10%
Transaction related costs	$ 63,000	124,000	$ 191,000	513,000
Accounts payable and accrued expenses	$ 102,000		$ 102,000		$ 119,000
Hamburg Trust Consulting GMBH ("HTC") [Member] | Chairman, Chief Executive Officer and President [Member]
Related Party Transaction [Line Items]
Percentage of ownership	100%		100%
Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member]
Related Party Transaction [Line Items]
Lease rental income	$ 31,000	91,000	$ 124,000	182,000
Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member] | Lease expiring in June 2025 [Member]
Related Party Transaction [Line Items]
Area of leased properties | ft²	3,127		3,127
Equity method paramount ownership percentage	50%		50%
ParkProperty Capital LP [Member] | Board of Director [Member]
Related Party Transaction [Line Items]
Rental revenue	$ 69,000	$ 54,000	$ 138,000	$ 108,000
ParkProperty Capital LP [Member] | Board of Director [Member] | 1633 Broadway [Member]
Related Party Transaction [Line Items]
Area of leased properties | ft²	3,330		3,330
ParkProperty Capital LP [Member] | Board of Director [Member] | 1325 Avenue of the Americas [Member]
Related Party Transaction [Line Items]
Area of leased properties | ft²					4,233
Lease term					5 years
Kramer Design Services [Member]
Related Party Transaction [Line Items]
Business development costs incurred	$ 84,000		$ 84,000
Kramer Design Services [Member] | Chairman, Chief Executive Officer and President [Member]
Related Party Transaction [Line Items]
Percentage of ownership	100%		100%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - New York State Division Of Taxation And Finance [Member]	Feb. 16, 2018 USD ($)
Minimum [Member]
Other Commitments [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 0
Maximum [Member]
Other Commitments [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 59,000,000

Segments - Additional Informati

Segments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segments - Schedule of NOI for

Segments - Schedule of NOI for Each Reportable Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Property-related revenues		$ 167,686	$ 179,543	$ 351,603	$ 351,240
Property-related operating expenses		(71,078)	(67,814)	(141,387)	(134,475)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		10,720	11,585	21,101	22,819
NOI	[1]	107,328	123,314	231,317	239,584
New York [Member]
Segment Reporting Information [Line Items]
Property-related revenues		106,837	116,300	224,063	231,705
Property-related operating expenses		(48,685)	(48,147)	(98,206)	(96,358)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		3,404	3,528	6,767	6,346
NOI	[1]	61,556	71,681	132,624	141,693
San Francisco [Member]
Segment Reporting Information [Line Items]
Property-related revenues		61,010	64,042	128,312	121,131
Property-related operating expenses		(21,814)	(18,581)	(42,082)	(35,873)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		7,256	7,971	14,275	16,325
NOI	[1]	46,452	53,432	100,505	101,583
Other [Member]
Segment Reporting Information [Line Items]
Property-related revenues		(161)	(799)	(772)	(1,596)
Property-related operating expenses		(579)	(1,086)	(1,099)	(2,244)
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		(60)	86	59	148
NOI	[1]	$ (680)	$ (1,799)	$ (1,812)	$ (3,692)
[1] NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies.

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
NOI	[1]	$ 107,328	$ 123,314	$ 231,317	$ 239,584
Fee income		4,976	5,974	9,533	17,962
Depreciation and amortization expense		(62,627)	(57,398)	(121,515)	(113,022)
General and administrative expenses		(16,224)	(16,706)	(30,847)	(32,351)
Loss from real estate related fund investments		(42,644)	0	(39,094)	0
NOI from unconsolidated joint ventures (excluding One Steuart Lane)		(10,720)	(11,585)	(21,101)	(22,819)
Loss from unconsolidated joint ventures		(28,402)	(4,416)	(34,164)	(9,529)
Interest and other income, net		2,967	796	5,892	1,027
Interest and debt expense		(36,879)	(35,578)	(73,338)	(69,855)
Other, net		(31)	(4)	(337)	49
(Loss) income before income taxes		(82,256)	4,397	(73,654)	11,046
Income tax expense		(573)	(359)	(861)	(886)
Net (loss) income		(82,829)	4,038	(74,515)	10,160
Consolidated joint ventures		(5,351)	(4,779)	(10,992)	(8,204)
Consolidated real estate related funds		37,301	352	36,478	1,368
Operating Partnership		3,341	29	3,220	(313)
Net (loss) income attributable to common stockholders		$ (47,538)	$ (360)	$ (45,809)	$ 3,011
[1] NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies.

Segments - Schedule of Total As

Segments - Schedule of Total Assets for Each Reportable Segments Information (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	[1]	$ 8,367,979	$ 8,453,254
New York [Member]
Segment Reporting Information [Line Items]
Total assets		5,234,190	5,311,636
San Francisco [Member]
Segment Reporting Information [Line Items]
Total assets		2,615,147	2,631,265
Other [Member]
Segment Reporting Information [Line Items]
Total assets		$ 518,642	$ 510,353
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.4 % as of June 30, 2023. As of June 30, 2023, the assets and liabilities of the Operating Partnership include $ 4,003,965 and $ 2,570,004 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities ( “ VIEs ” ).