Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 27, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PGRE | ||
Entity Registrant Name | PARAMOUNT GROUP, INC. | ||
Entity Central Index Key | 1,605,607 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 230,668,694 | ||
Entity Public Float | $ 2,963,821,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Rental property, at cost | |||
Land | $ 2,091,535 | $ 2,042,071 | |
Buildings and improvements | 5,757,558 | 5,610,046 | |
Rental property, at cost | 7,849,093 | 7,652,117 | |
Accumulated depreciation and amortization | (318,161) | (243,089) | |
Rental property, net | 7,530,932 | 7,409,028 | |
Cash and cash equivalents | 162,965 | 143,884 | |
Restricted cash | 29,374 | 41,823 | |
Real estate fund investments | 416,438 | ||
Investments in unconsolidated real estate funds | 28,173 | ||
Investments in unconsolidated joint ventures | 6,411 | 7,102 | |
Preferred equity investments | 55,051 | 53,941 | |
Marketable securities | 22,393 | 21,521 | |
Deferred rent receivable | 163,695 | 77,792 | |
Accounts and other receivables, net of allowance of $202 and $365 | 15,251 | 10,844 | |
Deferred charges, net of accumulated amortization of $9,832 and $14,204 | 71,184 | 74,991 | |
Intangible assets, net of accumulated amortization of $166,841 and $143,987 | 412,225 | 511,207 | |
Assets held for sale | 346,685 | ||
Other assets | 22,829 | 6,658 | |
Total assets | [1] | 8,867,168 | 8,775,229 |
LIABILITIES AND EQUITY | |||
Notes and mortgages payable, net of deferred financing costs of $43,281 and $18,914 | 3,364,898 | 2,922,610 | |
Revolving credit facility | 230,000 | 20,000 | |
Due to affiliates | 27,299 | 27,299 | |
Loans payable to noncontrolling interests | 45,662 | ||
Accounts payable and accrued expenses | 103,896 | 102,730 | |
Dividends and distributions payable | 25,151 | 25,067 | |
Deferred income taxes | 1,467 | 2,533 | |
Interest rate swap liabilities | 22,446 | 93,936 | |
Intangible liabilities, net of accumulated amortization of $55,349 and $41,931 | 153,018 | 179,741 | |
Other liabilities | 53,046 | 45,101 | |
Total liabilities | [1] | 3,981,221 | 3,464,679 |
Commitments and contingencies | |||
Paramount Group, Inc. equity: | |||
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 230,015,356 and 212,112,137 shares in 2016 and 2015, respectively | 2,300 | 2,122 | |
Additional paid-in-capital | 4,116,987 | 3,802,858 | |
Earnings less than distributions | (129,654) | (36,120) | |
Accumulated other comprehensive income (loss) | 372 | (7,843) | |
Paramount Group, Inc. equity | 3,990,005 | 3,761,017 | |
Noncontrolling interests in: | |||
Consolidated real estate funds | 64,793 | 414,637 | |
Consolidated joint ventures | 253,788 | 236,849 | |
Operating Partnership (34,511,214 and 51,660,088 units outstanding) | 577,361 | 898,047 | |
Total equity | 4,885,947 | 5,310,550 | |
Total liabilities and equity | $ 8,867,168 | $ 8,775,229 | |
[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 87.0%. As of December 31, 2016, the assets and liabilities of the Operating Partnership include $1,514,292 and $970,473, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Accounts and other receivables, allowance | $ 202 | $ 365 | |
Deferred charges, accumulated amortization | 9,832 | 14,204 | |
Intangible assets, accumulated amortization | 166,841 | 143,987 | |
Notes and mortgages payable, deferred financing costs | 43,281 | 18,914 | |
Intangible liabilities, accumulated amortization | $ 55,349 | $ 41,931 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | |
Common stock, shares issued | 230,015,356 | 212,112,137 | |
Common stock, shares outstanding | 230,015,356 | 212,112,137 | |
Operating partnership, units outstanding | 34,511,214 | 51,660,088 | |
Percentage of ownership in operating partnership | 87.00% | ||
Total assets | [1] | $ 8,867,168 | $ 8,775,229 |
Total liabilities | [1] | $ 3,981,221 | 3,464,679 |
Variable Interest Entities [Member] | |||
Percentage of ownership in operating partnership | 87.00% | ||
Total assets | $ 1,514,292 | 72,033 | |
Total liabilities | $ 970,473 | $ 45,857 | |
[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 87.0%. As of December 31, 2016, the assets and liabilities of the Operating Partnership include $1,514,292 and $970,473, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | ||
REVENUES: | ||||||||||||
Rental income | $ 57,465 | $ 590,161 | $ 586,530 | |||||||||
Tenant reimbursement income | 5,865 | 44,943 | 50,885 | |||||||||
Fee and other income | 2,805 | 48,237 | 24,993 | |||||||||
Total revenues | 66,135 | $ 166,802 | $ 171,318 | $ 172,303 | $ 172,918 | $ 170,528 | $ 167,726 | $ 162,928 | $ 161,226 | 683,341 | 662,408 | |
EXPENSES: | ||||||||||||
Operating | 26,011 | 250,040 | 244,754 | |||||||||
Depreciation and amortization | 34,481 | 269,450 | 294,624 | |||||||||
General and administrative | 2,207 | 53,510 | 42,056 | |||||||||
Transaction related costs | 2,404 | 10,355 | ||||||||||
Total expenses | 62,699 | 575,404 | 591,789 | |||||||||
Operating income | 3,436 | 107,937 | 70,619 | |||||||||
Income from real estate fund investments | 1,412 | 37,975 | ||||||||||
Loss from unconsolidated real estate funds | (498) | |||||||||||
Income from unconsolidated joint ventures | 938 | 7,413 | 6,850 | |||||||||
Interest and other income (loss), net | (179) | 6,934 | 871 | |||||||||
Interest and debt expense | (43,743) | (157,746) | (168,366) | |||||||||
Unrealized gain (loss) on interest rate swaps | 15,084 | 39,814 | 75,760 | |||||||||
Formation related costs | (143,437) | |||||||||||
Gain on consolidation of an unconsolidated joint venture | 239,716 | |||||||||||
Net income before income taxes | 73,227 | 3,854 | 23,709 | |||||||||
Income tax expense | (505) | (1,785) | (2,566) | |||||||||
Net income | 72,722 | 2,069 | 21,143 | |||||||||
Less net (income) loss attributable to noncontrolling interests: | ||||||||||||
Consolidated real estate funds | (135) | 1,316 | (21,173) | |||||||||
Consolidated joint ventures | (1,353) | (15,423) | (5,459) | |||||||||
Operating Partnership | (13,926) | 2,104 | 1,070 | |||||||||
Net (loss) income attributable to common stockholders | $ 57,308 | $ (6,489) | $ (139) | $ 3,188 | $ (6,494) | $ 8,905 | $ 1,116 | $ (4,709) | $ (9,731) | $ (9,934) | $ (4,419) | |
(LOSS) INCOME PER COMMON SHARE - BASIC: | ||||||||||||
(Loss) income per common share | $ 0.27 | $ (0.03) | $ 0 | $ 0.01 | $ (0.03) | $ 0.04 | $ 0.01 | $ (0.02) | $ (0.05) | $ (0.05) | $ (0.02) | |
Weighted average shares outstanding | 212,106,718 | 218,053,062 | 212,106,718 | |||||||||
(LOSS) INCOME PER COMMON SHARE - DILUTED: | ||||||||||||
(Loss) income per common share | $ 0.27 | $ (0.03) | $ 0 | $ 0.01 | $ (0.03) | $ 0.04 | $ 0.01 | $ (0.02) | $ (0.05) | $ (0.05) | $ (0.02) | |
Weighted average shares outstanding | 212,107,908 | 218,053,062 | 212,106,718 | |||||||||
DIVIDENDS PER COMMON SHARE | $ 0.380 | $ 0.419 | [1] | |||||||||
[1] | Includes the $0.039 cash dividend for the 38 day period following the completion of our initial public offering and related Formation Transactions and ending on December 31, 2014. |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (Parentheticals) - $ / shares | Jan. 15, 2016 | Dec. 31, 2014 |
Income Statement [Abstract] | ||
Cash dividend | $ 0.095 | $ 0.039 |
COMBINED CONSOLIDATED STATEMENT
COMBINED CONSOLIDATED STATEMENT OF INCOME $ in Thousands | 11 Months Ended |
Nov. 23, 2014USD ($) | |
Predecessor [Member] | |
REVENUES: | |
Rental income | $ 30,208 |
Tenant reimbursement income | 1,646 |
Distributions from real estate fund investments | 17,083 |
Realized and unrealized gains, net | 129,354 |
Fee and other income | 49,098 |
Total revenues | 227,389 |
EXPENSES: | |
Operating | 15,862 |
Depreciation and amortization | 10,203 |
General and administrative | 30,912 |
Profit sharing compensation | 12,041 |
Other | 7,974 |
Total expenses | 76,992 |
Operating income | 150,397 |
Income from unconsolidated joint ventures | 4,241 |
Unrealized gain (loss) on interest rate swaps | (673) |
Interest and other income (loss), net | 2,479 |
Interest and debt expense | (28,585) |
Net income before income taxes | 127,859 |
Income tax expense | (18,461) |
Net income | 109,398 |
Net income attributable to noncontrolling interests | (87,888) |
Net (loss) income attributable to common stockholders | $ 21,510 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 72,722 | $ 2,069 | $ 21,143 |
Other comprehensive income (loss): | |||
Change in value of interest rate swaps | 8,161 | (9,241) | |
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 17 | (512) | |
Comprehensive income | 72,722 | 10,247 | 11,390 |
Less comprehensive (income) loss attributable to noncontrolling interests in: | |||
Consolidated real estate funds | (135) | 1,316 | (21,173) |
Consolidated joint ventures | (1,353) | (15,423) | (5,459) |
Operating Partnership | (13,926) | 2,141 | 2,980 |
Comprehensive (loss) income attributable to common stockholders | $ 57,308 | $ (1,719) | $ (12,262) |
COMBINED CONSOLIDATED STATEMEN8
COMBINED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in-Capital [Member] | Earnings (Less than) In Excess of Distributions [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Predecessor Shareholders' Equity [Member] | Noncontrolling Interest [Member]Consolidated Real Estate Funds [Member] | Noncontrolling Interest [Member]Consolidated Joint Ventures [Member] | Noncontrolling Interest [Member]Operating Partnership [Member] |
Beginning balance (Predecessor [Member]) at Dec. 31, 2013 | $ 2,025,444 | $ 321,769 | $ 1,703,675 | ||||||
Net income (loss) | Predecessor [Member] | 109,398 | 21,510 | 87,888 | ||||||
Contributions | Predecessor [Member] | 296,409 | 23,688 | 272,721 | ||||||
Distributions | Predecessor [Member] | (442,462) | (176,434) | (266,028) | ||||||
Deemed contributions | Predecessor [Member] | 187,389 | 187,389 | |||||||
Ending balance (Predecessor [Member]) at Nov. 23, 2014 | 2,176,178 | 377,922 | 1,798,256 | ||||||
Net income (loss) | 72,722 | $ 57,308 | 135 | $ 1,353 | $ 13,926 | ||||
Common shares issued upon redemption of common units | $ 2 | $ 3,890 | (3,892) | ||||||
Common shares issued upon redemption of common units | 210,000 | ||||||||
Common shares issued initial public offering | 150,650,000 | ||||||||
Common shares issued initial public offering, value | 2,498,200 | $ 1,507 | 2,496,693 | ||||||
Common shares issued private placement | 3,914,000 | ||||||||
Common shares issued private placement value | 68,500 | $ 39 | 68,461 | ||||||
Common shares issued acquire property interest | 11,279,000 | ||||||||
Common shares issued acquire property interest, value | 209,316 | $ 113 | 209,203 | ||||||
Common shares issued under Omnibus share plan | 6,000 | ||||||||
Common shares issued under Omnibus share plan, value | 1 | $ 1 | |||||||
Common units issued Founders Grant | 71,000 | 71,000 | |||||||
Common units issued under Omnibus share plan | (13,702) | 13,702 | |||||||
Allocation of equity resulting from shares issued in connection with the Formation Transactions | 46,048,000 | ||||||||
Allocation of equity resulting from units issued in connection with the Formation Transactions, Value | 410,385 | $ 460 | 1,130,868 | $ (377,922) | (1,509,417) | 347,219 | 819,177 | ||
Contributions from noncontrolling interests | 57,843 | 57,843 | |||||||
Distributions to noncontrolling interests | (8,488) | (7,683) | (805) | ||||||
Adjustments to noncontrolling interests | (43,981) | 43,981 | |||||||
Other | (704) | (1,064) | 51 | 309 | |||||
Ending balance at Dec. 31, 2014 | 5,554,953 | $ 2,122 | 3,851,432 | 57,308 | 338,070 | 347,818 | 958,203 | ||
Common stock, shares outstanding at Dec. 31, 2014 | 212,107,000 | ||||||||
Net income (loss) | 21,143 | (4,419) | 21,173 | 5,459 | (1,070) | ||||
Common shares issued under Omnibus share plan | 5,000 | ||||||||
Common units issued under Omnibus share plan | 4 | (2,127) | 2,131 | ||||||
Dividends and distributions | (110,525) | (88,874) | (21,651) | ||||||
Contributions from noncontrolling interests | 167,929 | 165,399 | 2,530 | ||||||
Distributions to noncontrolling interests | (56,636) | (55,905) | (731) | ||||||
Change in value of interest rate swaps | (9,241) | $ (7,431) | (1,810) | ||||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | (512) | (412) | (100) | ||||||
Acquisition of noncontrolling interests' in unconsolidated joint ventures and funds | (263,416) | (91,417) | (53,772) | (118,227) | |||||
Adjustments to noncontrolling interests | 43,981 | (43,981) | |||||||
Amortization of equity awards | 7,784 | 1,459 | 6,325 | ||||||
Other | (933) | (470) | (135) | (328) | |||||
Ending balance at Dec. 31, 2015 | $ 5,310,550 | $ 2,122 | 3,802,858 | (36,120) | (7,843) | 414,637 | 236,849 | 898,047 | |
Common stock, shares outstanding at Dec. 31, 2015 | 212,112,137 | 212,112,000 | |||||||
Deconsolidation of real estate fund investments upon adoption of ASU 2015-02 at Dec. 31, 2015 | $ (351,035) | (351,035) | |||||||
Ending balance, after adjustment at Dec. 31, 2015 | 4,959,515 | $ 2,122 | 3,802,858 | (36,120) | (7,843) | 63,602 | 236,849 | 898,047 | |
Net income (loss) | 2,069 | (9,934) | (1,316) | 15,423 | (2,104) | ||||
Common shares issued upon redemption of common units | $ 178 | 312,079 | (312,257) | ||||||
Common shares issued upon redemption of common units | 17,808,000 | ||||||||
Common shares issued under Omnibus share plan | 95,000 | ||||||||
Dividends and distributions | (100,601) | (83,805) | (16,796) | ||||||
Contributions from noncontrolling interests | 7,651 | 2,500 | 5,151 | ||||||
Distributions to noncontrolling interests | (3,636) | (3,636) | |||||||
Change in value of interest rate swaps | 8,161 | 8,203 | (42) | ||||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 17 | 12 | 5 | ||||||
Amortization of equity awards | 12,528 | 2,034 | 10,494 | ||||||
Other | 243 | 16 | 205 | 7 | 1 | 14 | |||
Ending balance at Dec. 31, 2016 | $ 4,885,947 | $ 2,300 | $ 4,116,987 | $ (129,654) | $ 372 | $ 64,793 | $ 253,788 | $ 577,361 | |
Common stock, shares outstanding at Dec. 31, 2016 | 230,015,356 | 230,015,000 |
COMBINED CONSOLIDATED STATEMEN9
COMBINED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Statement Of Stockholders Equity [Abstract] | |||
Dividends and distributions, Per share and unit | $ 0.380 | $ 0.419 | [1] |
[1] | Includes the $0.039 cash dividend for the 38 day period following the completion of our initial public offering and related Formation Transactions and ending on December 31, 2014. |
COMBINED CONSOLIDATED STATEME10
COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Nov. 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ 72,722 | $ 2,069 | $ 21,143 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 34,481 | 269,450 | 294,624 | |
Unrealized (gain) loss on interest rate swaps | (15,084) | (39,814) | (75,760) | |
Straight-lining of rental income | (5,653) | (82,568) | (69,522) | |
Realized and unrealized (gains) losses on real estate fund investments | 1,357 | (21,201) | ||
Loss from unconsolidated real estate funds | 498 | |||
Distributions of cumulative earnings from unconsolidated real estate funds | 189 | |||
Amortization of above and below-market leases, net | (467) | (9,536) | (9,917) | |
Amortization of stock-based compensation expense | 11,278 | 7,309 | ||
Income from unconsolidated joint ventures | (938) | (7,413) | (6,850) | |
Other non-cash adjustments | 1,368 | 2,628 | 5,824 | |
Distributions of cumulative earnings from unconsolidated joint ventures | 532 | 8,081 | 4,966 | |
Amortization of deferred financing costs | 240 | 6,804 | 2,565 | |
Realized and unrealized (gains) losses on marketable securities | 356 | (494) | 119 | |
Defeasance cost in connection with the repayments of notes and mortgages payable | 14,990 | 4,608 | ||
Gain on consolidation of an unconsolidated joint venture | (239,716) | |||
Stock-based compensation expense in connection with the Founders Grant | 71,000 | |||
Changes in operating assets and liabilities: | ||||
Restricted cash | 6,502 | |||
Real estate fund investments | (51,362) | (127,743) | ||
Accounts and other receivables | (150) | (4,521) | (3,152) | |
Deferred charges | (13,181) | (15,701) | (40,510) | |
Other assets | 13,722 | (12,037) | 6,465 | |
Accounts payable and accrued expenses | 14,162 | 11,479 | (6,152) | |
Deferred income taxes | (1,662) | (328) | ||
Other liabilities | 14,547 | 1,702 | 1,151 | |
Net cash provided by (used in) operating activities | (80,572) | 145,040 | (16,969) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions of rental property | (517,823) | |||
Additions to rental properties | (6,143) | (132,686) | (107,859) | |
Changes in restricted cash | 18,556 | 15,080 | 12,424 | |
Contributions to unconsolidated real estate funds | (1,780) | |||
Distributions of capital from unconsolidated real estate funds | 203 | |||
Distributions of capital from unconsolidated joint ventures | 40 | 19 | ||
Cash received from properties in connection with the Formation Transactions | 192,500 | |||
Net cash (used in) provided by investing activities | 204,913 | (636,966) | (95,416) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from notes and mortgages payable | 1,362,414 | 1,013,544 | ||
Repayments of notes and mortgages payable | (1,704,330) | (689,269) | (927,633) | |
Proceeds from revolving credit facility | 340,000 | 20,000 | ||
Purchase of marketable securities in connection with the defeasance of notes and mortgages payable | (435,774) | (214,608) | ||
Repayments of revolving credit facility | (130,000) | |||
Dividends paid to common stockholders | (82,105) | (68,723) | ||
Debt issuance costs | (8,599) | (29,387) | (18,871) | |
Contributions from noncontrolling interests | 57,843 | 7,651 | 167,929 | |
Distributions to noncontrolling interests | (8,488) | (3,636) | (56,636) | |
Acquisition of noncontrolling interest in consolidated joint ventures | (261,464) | |||
Cash paid for equity interests in the Formation Transactions | (214,949) | |||
Proceeds from the issuance of common stock | 2,590,599 | |||
Settlement of interest rate swap liabilities | (14,130) | (23,654) | (33,741) | |
Distributions paid to common unitholders | (18,412) | (16,735) | ||
Net cash provided by (used in) financing activities | 262,172 | 518,994 | (182,330) | |
Net increase (decrease) in cash and cash equivalents | 386,513 | 27,068 | (294,715) | |
Cash and cash equivalents at beginning of period | 52,086 | 143,884 | 438,599 | |
Decrease in cash due to deconsolidation of real estate fund investments | (7,987) | |||
Cash and cash equivalents at end of period | 438,599 | $ 52,086 | 162,965 | 143,884 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Cash payments for interest | 23,728 | 140,111 | 159,186 | |
Cash payments for income taxes, net of refunds | 2,095 | 2,798 | ||
(Decrease) increase due to deconsolidation of real estate fund investments | ||||
Real estate fund investments | (416,438) | |||
Loans payable to noncontrolling interests | (45,662) | |||
Investments in unconsolidated real estate funds | 27,292 | |||
Noncontrolling interests in consolidated real estate funds | (351,035) | |||
Dividends and distributions declared but not yet paid | 25,151 | 25,067 | ||
Common shares issued upon redemption of commons units | 312,257 | |||
Transfer of rental property to assets held for sale | (346,685) | |||
Marketable securities transferred in connection with the defeasance of notes and mortgages payable | 435,774 | 214,608 | ||
Defeasance of notes and mortgages payable | (420,784) | (210,000) | ||
Additions to real estate included in accounts payable and accrued expenses | 16,598 | 12,104 | 32,009 | |
Change in value of interest rate swaps | (8,161) | 9,241 | ||
(Purchases) sale of marketable securities using restricted cash | 146 | (369) | (1,481) | |
Write-off of fully amortized and/or depreciated assets | $ 11,431 | $ 1,399 | ||
Increase (decrease) in assets, liabilities and noncontrolling interests from the Formation Transactions: | ||||
Rental property, net | 7,043,651 | |||
Real estate funds | (2,045,922) | |||
Investment in unconsolidated joint ventures | (18,264) | |||
Working capital, net of cash | 26,784 | |||
Intangible assets | 689,894 | |||
Notes and mortgages payable | 4,261,903 | |||
Intangible liabilities | 222,985 | |||
Preferred equity obligation | 114,147 | |||
Profit sharing compensation payable | (57,296) | |||
Interest rate swap liabilities | 223,411 | |||
Reduction of equity for deferred offering costs | 31,284 | |||
Predecessor [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | 109,398 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 10,203 | |||
Unrealized (gain) loss on interest rate swaps | 673 | |||
Straight-lining of rental income | 161 | |||
Realized and unrealized (gains) losses on real estate fund investments | (129,354) | |||
Income from unconsolidated joint ventures | (4,241) | |||
Other non-cash adjustments | 7,303 | |||
Distributions of cumulative earnings from unconsolidated joint ventures | 2,874 | |||
Amortization of deferred financing costs | 389 | |||
Realized and unrealized (gains) losses on marketable securities | (1,706) | |||
Changes in operating assets and liabilities: | ||||
Restricted cash | (8,271) | |||
Real estate fund investments | (31,061) | |||
Accounts and other receivables | (35,989) | |||
Deferred charges | 600 | |||
Other assets | 311 | |||
Accounts payable and accrued expenses | (4,605) | |||
Profit sharing payables | 156 | |||
Deferred income taxes | (2,205) | |||
Other liabilities | 869 | |||
Net cash provided by (used in) operating activities | (84,495) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions of rental property | (64,650) | |||
Additions to rental properties | (1,266) | |||
Changes in restricted cash | 584 | |||
Distributions of capital from unconsolidated joint ventures | 2,079 | |||
Proceeds from repayment of loan to management | 3,000 | |||
Investment in unconsolidated joint ventures | (4,077) | |||
Net cash (used in) provided by investing activities | (64,330) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Repayments of notes and mortgages payable | (2,827) | |||
Contributions from noncontrolling interests | 272,721 | |||
Distributions to noncontrolling interests | (266,028) | |||
Contribution from Predecessor shareholders | 23,688 | |||
Distributions to Predecessor shareholders | (149,135) | |||
Proceeds from loans payable to noncontrolling interests | 39,075 | |||
Offering costs | (23,744) | |||
Net cash provided by (used in) financing activities | (106,250) | |||
Net increase (decrease) in cash and cash equivalents | (255,075) | |||
Cash and cash equivalents at beginning of period | $ 52,086 | 307,161 | ||
Cash and cash equivalents at end of period | 52,086 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Cash payments for interest | 19,829 | |||
Cash payments for income taxes, net of refunds | 18,998 | |||
(Decrease) increase due to deconsolidation of real estate fund investments | ||||
(Purchases) sale of marketable securities using restricted cash | 7,110 | |||
Write-off of fully amortized and/or depreciated assets | 2,735 | |||
Increase (decrease) in assets, liabilities and noncontrolling interests from the Formation Transactions: | ||||
Debt assumed from affiliate | $ 27,299 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization And Business | 1. Organization and Business As used in these combined 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 (the “Operating Partnership”), a Delaware limited 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, Washington, D.C. and San Francisco. As of December 31, 2016, our portfolio consisted of 13 Class A office properties aggregating approximately 10.8 million square feet. We were incorporated in Maryland as a corporation on April 14, 2014 to continue the business of our Predecessor, as defined, and did not have any meaningful operations until the acquisition of substantially all of the assets of our Predecessor and the assets of the funds that it controlled, as well as the interests of unaffiliated third parties in certain properties. Our properties were acquired through a series of Formation Transactions (the “Formation Transactions”) concurrently with our initial public offering of 150,650,000 common shares at a public offering price of $17.50 per share on November 24, 2014 (the “Offering”). 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 87.0% of, the Operating Partnership as of December 31, 2016. Our Predecessor Our Predecessor was not a legal entity but a combination of entities under common control as they were entities controlled by members of the Otto Family that held various assets, including interests in (i) 15 private equity real estate funds controlled by our Predecessor (which included nine primary funds and six parallel funds) that owned interests in 12 properties, (ii) a wholly-owned property, Waterview, in Rosslyn, Virginia and (iii) three partially owned properties in New York (See Note 7, Investments in Unconsolidated Joint Ventures |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 combined consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. These combined consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) which requires us to make 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 from these estimates. All significant inter-company amounts have been eliminated. Our Predecessor’s combined consolidated financial statements included all the accounts of our Predecessor, including its interests in (i) the 15 private equity real estate funds, (ii) Waterview and (iii) the three partially-owned properties. Our Predecessor evaluated each of the real estate funds pursuant to the control model of Accounting Standards Codification (“ASC”) 810-20, Consolidation—Control of Partnerships and Similar Entities Financial Services—Investment Companies Upon completion of the Offering and the Formation Transactions, we acquired substantially all of the assets of our Predecessor and the assets of the real estate funds that it controlled, other than their interests in 60 Wall Street, 50 Beale Street, and a residual 2.0% interest in One Market Plaza. In addition, as part of the Formation Transactions, we also acquired the interests of certain unaffiliated third parties in 1633 Broadway, 31 West 52nd Street and 1301 Avenue of the Americas. These transactions were accounted for as transactions among entities under common control. However, as a result of our acquisition of these assets from the real estate funds in the Formation Transactions, we account for these assets following the Formation Transactions using historical cost accounting whereas, prior to the Formation Transactions, the Predecessor had accounted for these assets using the specialized accounting applicable to investment companies because, prior to the Formation Transactions, they had been held by the real estate funds, which qualified for investment company accounting. As a result, our consolidated financial statements following the Formation Transactions differ significantly from, and are not comparable with, the historical financial position and results of operations of our Predecessor. Significant Accounting Policies Rental Property Rental property is carried at cost less accumulated depreciation and amortization. Betterments, major renovations and certain costs directly related to the improvement of rental properties are capitalized. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over estimated useful lives of the assets, which range from 5 to 40 years. Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above-market leases and acquired in-place leases) and acquired liabilities (such as acquired below-market leases) and allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases and acquired in-place leases) and acquired intangible liabilities (including below-market leases) at their estimated fair value. We amortize acquired above-market and below-market leases as a decrease or increase to rental income, respectively, over the lives of the respective leases. Amortization of acquired in-place leases is included as a component of “depreciation and amortization”. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Rental property and related intangibles are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Rental property and the related intangibles held for sale are carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on rental property and related intangibles classified as assets held for sale. Variable Interest Entities and Investments in Unconsolidated Joint Ventures and Funds We consolidate variable interest entities (“VIEs”) in which we are considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (i) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance, and (ii) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. For joint ventures that are not VIEs, we consolidate entities for which we have significant decision making control over the joint ventures’ operations. Our judgment with respect to our level of influence or control of an entity involves the consideration of various factors including the form of our ownership interest, our representation in the entity’s governance, the size of our investment, estimates of future cash flows, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace us as manager and/or liquidate the joint venture, if applicable. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments accounted for under the equity method are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less. The majority of our cash and cash equivalents are held at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit. To date, we have not experienced any losses on our invested cash. Restricted Cash Restricted cash consists primarily of security deposits held on behalf of our tenants, cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements and cash restricted in connection with our deferred compensation plan. Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for deferred rent receivable. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. Deferred Charges Deferred charges include deferred lease costs and deferred financing costs related to our revolving credit facility. Deferred lease costs consist of fees and direct costs related to successful leasing activities. Such costs are amortized on a straight-line basis over the lives of the related leases and recognized in our consolidated statements of income as a component of “depreciation and amortization”. Deferred financing costs consist of fees and direct costs incurred in obtaining our revolving credit facility. Such costs are amortized over the terms of the revolving credit facility and recognized in our consolidated statements of income as a component of “interest and debt expense”. Deferred Financing Costs Related to Notes and Mortgages Payable Deferred financing costs related to notes and mortgages payable consists of fees and direct costs incurred in obtaining such financings. These costs are presented as a reduction of our notes and mortgages payable liability and are amortized over the terms of the related agreements and recognized in our consolidated statements of income as a component of “interest and debt expense”. Income Taxes We operate and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. In order to maintain our qualification as a REIT, we are required under the Internal Revenue Code of 1986, as amended, to distribute at least 90% of our taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If, with respect to any taxable year, we fail to maintain our qualification as a REIT, and we are not entitled to relief under the relevant statutory provisions, we would be subject to income tax at regular tax rates. Even if we qualify as a REIT, we may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income tax may be due on our undistributed taxable income. Derivative Instruments and Hedging Activities We manage our market risk on variable rate debt by entering into interest rate swaps to fix the rate on all or a portion of the debt for varying periods through maturity. These interest rate swaps are accounted for as derivative instruments and, pursuant to ASC Topic 815, are recorded on our consolidated balance sheets at fair value. Changes in the fair value of interest rate swaps are accounted for based on the hedging relationship and their designation and qualification. Changes in the fair value of interest rate swaps that are not designated as hedges are recognized in earnings. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recognized in “other comprehensive income (loss)” (outside of earnings). Revenue Recognition Rental Income Rental income includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and the leased space is substantially ready for its intended use. Differences between rental income recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to “deferred rent receivable” on our consolidated balance sheets. Rental income also includes the amortization of acquired above-and below-market leases, net. Tenant Reimbursement Income Tenant reimbursement income includes revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the property. This revenue is earned in the same period as the expenses are incurred. Fee and Other Income Fee and other income includes management fees earned pursuant to contractual agreements. This revenue is recognized as the related services are performed. Fee and other income also includes lease termination and income from tenant requested services, including overtime heating and cooling. Segment Reporting Our determination of segments is primarily based on our method of internal reporting. On January 1, 2016, as a result of certain organizational and operational changes, we redefined our reportable segments to be 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. Accordingly, our reportable segments were separated by region based on the three regions in which we conduct our business: New York, Washington, D.C. and San Francisco. In connection therewith, we have reclassified the prior period segment financial data to conform to the current period presentation. Our Predecessor historically operated an integrated business that consisted of three reportable segments, (i) Owned Properties, (ii) Managed Funds and (iii) a Management Company. The Owned Properties segment consisted of properties in which our Predecessor had a direct or indirect ownership interest, other than properties that it owned through its private equity real estate funds. The Managed Funds segment consisted of the private equity real estate funds. In addition, our Predecessor included a Management Company that performed property management and asset management services and certain general and administrative level functions, including legal and accounting, as a separate reportable segment. See Note 26, Segments Disclosure Recently Issued Accounting Literature In May 2014, the Financial Accounting Standard’s Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, an update to ASC Topic 606, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU 2016-02, an update to ASC Topic 842, Leases. While we believe that the key changes in ASU 2014-09 and ASU 2016-02 relate to the separation and allocation of consideration to, lease component (rental income) and non-lease components (revenue related to various services we provide), we continue to evaluate the other potential implications that these updates will have on our consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, an update to ASC Topic 718, Compensation – Stock Compensation In February 2015, the FASB issued ASU 2015-02, an update to ASC Topic 810, Consolidation. Real Estate Fund Investments. In April 2015 and August 2015, the FASB issued ASU 2015-03 and ASU 2015-15, updates to ASC Topic 835, Interest – Imputation of Interest. 18,914,000 In September 2015, the FASB issued ASU 2015-16, an update to ASC Topic 805, Business Combinations. In March 2016, the FASB issued ASU 2016-09, an update to ASC Topic 718, Compensation – Stock Compensation. In June 2016, the FASB issued ASU 2016-13, an update to ASC Topic 326 , Financial Instruments – Credit Losses. In August 2016, the FASB issued ASU 2016-15, an update to ASC Topic 230, Statement of Cash Flows In October 2016, the FASB issued ASU 2016-17, an update to ASC Topic 810, Consolidation a reporting entity to consider only its proportionate indirect interest in the VIE held through a common control party in evaluating whether it is the primary beneficiary of a VIE. Currently, ASU 2015-02 requires the reporting entity to treat the common control party’s interest in the VIE as if the reporting entity held the interest itself. We are evaluating the impact of ASU 2016-17 but do not believe that the adoption will have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, an update to ASC Topic 230, Statement of Cash Flows classification and presentation of changes in restricted cash on the statement of cash flows entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include restricted cash with cash and cash equivalents. In January 2017, the FASB issued ASU 2017-01, an update to ASC Topic 805, Business Combinations. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions One Front Street On December 1, 2016, we completed the acquisition of One Front Street, a 643,745 square foot Class A office building, in San Francisco, California, for $521,000,000. The following table summarizes the allocation of purchase price between the assets acquired and liabilities assumed on the date of acquisition. (Amounts in thousands) The Company Land $ 127,688 Building and improvements 376,702 In-place lease intangible assets 29,092 Above-market lease intangible assets 968 Below-market lease intangible liabilities (16,921 ) Net assets acquired $ 517,529 (1) (1) Represents the purchase price of $521,000, net of a $3,471 assumed tenant improvement obligation. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Assets Of Disposal Group Including Discontinued Operation [Abstract] | |
Dispositions | 4. Dispositions In accordance with provisions of ASC 360, Property, Plant and Equipment The Company (Amounts in thousands) As of December 31, 2016 Land $ 78,300 Building and improvements, net 251,671 Deferred charges 14,512 Deferred rent receivable 2,202 Assets held for sale $ 346,685 On January 12, 2017, we entered into an agreement to sell Waterview, a 636,768 square foot Class A office building in Rosslyn, Virginia, for $460,000,000. The sale, which is subject to customary closing conditions, is expected to close in the second quarter of 2017. See Note 27, Subsequent Events |
Real Estate Fund Investments
Real Estate Fund Investments | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Fund [Abstract] | |
Real Estate Fund Investments | 5. Real Estate Fund Investments The Company On January 1, 2016, we adopted ASU 2015-02 Amendments to the Consolidation Analysis Basis of Presentation and Significant Accounting Policies – Recently Issued Accounting Literature Unconsolidated Real Estate Funds As of December 31, 2016, our unconsolidated real estate funds comprised of Property Funds and Alternative Investment Funds. Property Funds We manage four Property Funds comprised of (i) Paramount Group Real Estate Fund II, L.P. (“Fund II”), (ii) Paramount Group Real Estate Fund III, L.P. (“Fund III”), (iii) Paramount Group Real Estate Fund VII, L.P. (“Fund VII”) and (iv) Paramount Group Real Estate Fund VII-H, L.P. (“Fund VII-H”). The following is a summary of the Property Funds, our ownership interests in these funds and the funds’ ownership interest in the underlying properties. As of December 31, 2016 Paramount 60 Wall One Market 50 Beale 0 Bond Ownership Street (1) Plaza Street Street (2) Fund II 10.0% 46.3 % - - - Fund III 3.1% 16.0 % 2.0 % - - Fund VII/VII-H 7.2% - - 42.8 % 100.0 % Total Property Funds 62.3 % 2.0 % 42.8 % 100.0 % Other Investors 37.7 % 98.0 % (3) 57.2 % - Total 100.0 % 100.0 % 100.0 % 100.0 % (1) On January 24, 2017, Fund II, Fund III and the other investors sold their interests in 60 Wall Street to a newly formed joint venture in which we have a 5.2% ownership interest. See Note 27, Subsequent Events (2) Formerly 670 Broadway. (3) Includes a 49.0% direct ownership interest held by us. Alternative Investment Fund We manage Paramount Group Real Estate Fund VIII L.P. (“Fund VIII”), our Alternative Investment Fund, which has mezzanine loan, mortgage loan and preferred equity investments with a fair value of $362,282,000, of which our 1.3% share is $4,673,000, as of December 31, 2016. The investments have interest rates ranging from 6.65% to 9.61% and maturities ranging from January 2019 to November 2026. The following tables summarize our investments in Property Funds and an Alternative Investment Fund as of December 31, 2016, and income or loss recognized from these investments for the year ended December 31, 2016. The Company (Amounts in thousands) As of December 31, 2016 Our Share of Investments: Property funds $ 22,811 Alternative investment fund 5,362 Investments in unconsolidated real estate funds $ 28,173 The Company For the Year Ended December 31, 2016 Alternative (Amounts in thousands) Total Property Funds Investment Fund Our Share of Net (Loss) Income: Net investment (loss) income $ (324 ) $ (460 ) $ 136 Net unrealized (loss) income (1,706 ) (1,710 ) 4 Carried interest 1,532 1,532 - (Loss) income from unconsolidated real estate funds (1) $ (498 ) $ (638 ) $ 140 (1) Excludes asset management and other fee income from real estate funds, which is included as a component of “fee and other income” in our consolidated statement of income for the year ended December 31, 2016. The following tables provide summarized financial information for Fund II, Fund III and Fund VII as of the dates and for the periods set forth below. (Amounts in thousands) As of December 31, 2016 Balance Sheets: Fund II Fund III Fund VII Real estate investments $ 64,989 $ 39,376 $ 165,556 Cash and cash equivalents 1,297 2,221 741 Other assets 127 - - Total assets $ 66,413 $ 41,597 $ 166,297 Other liabilities $ 60 $ 49 $ 1,483 Total liabilities 60 49 1,483 Equity 66,353 41,548 164,814 Total liabilities and equity $ 66,413 $ 41,597 $ 166,297 (Amounts in thousands) For the Year Ended December 31, 2016 Income Statements: Fund II Fund III Fund VII Investment income $ 2,780 $ 1,739 $ 1,233 Investment expenses 2,694 184 2,000 Net investment income (loss) 86 1,555 (767 ) Net unrealized (losses) gains (1,906 ) 2,199 13,123 (Loss) income from real estate fund investments $ (1,820 ) $ 3,754 $ 12,356 Consolidated Real Estate Funds Below is a summary of the fair value of our Property Funds and the Alternative Investment Fund that were consolidated on our balance sheet as of December 31, 2015 and income from fund investments for the year ended December 31, 2015 and for the period from November 24, 2014 to December 31, 2014. (Amounts in thousands) As of December 31, 2015 Real estate fund investments (1) $ 416,438 Cash and other assets and liabilities, net 7,050 Total real estate fund investments 423,488 Less: noncontrolling interests in consolidated real estate funds (396,196 ) Paramount Group, Inc.'s equity in real estate fund investments $ 27,292 (1) Represents the fair value of investments owned by Fund II, Fund III, Fund VII, Fund VII-H and Fund VIII. For the Period from Year Ended November 24, 2014 to (Amounts in thousands) December 31, 2015 December 31, 2014 Net investment income $ 12,274 $ 2,769 Net realized gains 13,884 50 Previously recorded unrealized gains on exited investments (6,584 ) - Net unrealized gains (losses) 18,401 (1,407 ) Income from real estate fund investments (1) 37,975 1,412 Less: interest expense - (325 ) Less: noncontrolling interests in consolidated real estate funds (2) (24,896 ) (485 ) Income from real estate fund investments attributable to Paramount Group, Inc. $ 13,079 $ 602 (1) Represents income from our real estate funds that were consolidated during 2015, including Fund II, Fund III, Fund VII, Fund VII-H, Fund VIII, Paramount Group Real Estate Special Situations Fund L.P. and Paramount Group Real Estate Special Situations Fund-H L.P. (2) Includes $5,481 and $521 of asset management fee income that was reflected as a reduction of the amounts attributable to noncontrolling interests for the year ended December 31, 2015 and for the period from November 24, 2014 to December 31, 2014, respectively. The Predecessor Below is a summary of realized and unrealized gains from real estate fund investments on our combined consolidated statement of income. Period from (Amounts in thousands) January 1, 2014 Income Statement: to November 23, 2014 Net realized gains on real estate fund investments $ 43,309 Previously recorded unrealized gains on exited investments (10,405 ) Net unrealized gains on real estate fund investments 96,450 Realized and unrealized gains, net $ 129,354 Asset Management Fees Our Predecessor earned asset management fees from the real estate funds it managed. Asset management fees and expenses related to the real estate funds included in the combined consolidated statement of income are eliminated in combination and consolidation. The limited partners’ share of such fees are reflected as a reduction of net income attributable to noncontrolling interests, which results in a corresponding increase in net income attributable to our Predecessor. Below is a summary of the asset management fees earned by our Predecessor. Period from (Amounts in thousands) January 1, 2014 Income Statement: to November 23, 2014 Gross asset management fees $ 23,701 Eliminated fees (1) (1,078 ) Net asset management fees $ 22,623 (1) Eliminated fees reflect a reduction in asset management fees from the general partner’s interest in each of the real estate funds. |
Preferred Equity Investments
Preferred Equity Investments | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Investments [Abstract] | |
Preferred Equity Investments | 6. Preferred Equity Investments As of December 31, 2016, we own a 24.4% interest in PGRESS Equity Holdings L.P., a consolidated entity that owns certain preferred equity investments. The following is a summary of the preferred equity investments. The Company (Amounts in thousands, except square feet) Paramount As of December 31, Preferred Equity Investment Ownership Dividend Rate Initial Maturity 2016 2015 470 Vanderbilt Avenue (1) 24.4% 10.3% Feb-2019 $ 35,613 $ 35,305 2 Herald Square (2) 24.4% 10.3% Apr-2017 19,438 18,636 Total preferred equity investments $ 55,051 $ 53,941 (1) Represents a $33,750 preferred equity investment in a partnership that owns 470 Vanderbilt Avenue, a 650,000 square foot office building in Brooklyn, New York. The preferred equity has a dividend rate of 10.3%, of which 8.0% was paid in cash through February 2016 and the unpaid portion accreted to the balance of the investment. Subsequent to February 2016, the entire 10.3% dividend is being paid in cash. (2) Represents a $17,500 preferred equity investment in a partnership that owns 2 Herald Square, a 369,000 square foot office retail property in Manhattan. The preferred equity has a dividend rate of 10.3%, of which 7.0% is paid currently and the remainder accretes to the balance of the investment. The preferred equity investment has two one-year extension options. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | 7. Investments in Unconsolidated Joint Ventures The following tables summarize our investments in unconsolidated joint ventures as of December 31, 2016 and 2015 and income from these investments for the periods set forth below. The Company (Amounts in thousands) Paramount As of December 31, Our Share of Investments: Ownership 2016 2015 712 Fifth Avenue 50.0 % $ 2,912 $ 3,577 Oder-Center, Germany (1) 9.5 % 3,499 3,525 Investments in unconsolidated joint ventures $ 6,411 $ 7,102 The Company The Predecessor Period from Period from (Amounts in thousands) Paramount For the Year Ended December 31, November 24, 2014 January 1, 2014 Our Share of Net Income: Ownership 2016 2015 to December 31, 2014 to November 23, 2014 712 Fifth Avenue 50.0 % $ 7,335 $ 6,734 $ 938 $ 4,141 Oder-Center, Germany (1) 9.5 % 78 116 - - 1325 Avenue of the Americas (2) n/a - - - 100 900 Third Avenue (2) n/a - - - - Income from unconsolidated joint ventures $ 7,413 $ 6,850 $ 938 $ 4,241 (1) We account for our interest in Oder-Center, Germany on a one-quarter lag basis. (2) As part of the Formation Transactions, we acquired 100% ownership of these properties. 712 Fifth Avenue As of December 31, 2016, we own a 50% interest in a joint venture that owns 712 Fifth Avenue, which is accounted for under the equity method. The following tables provide summarized financial information of 712 Fifth Avenue as of the dates and for the periods set forth below. (Amounts in thousands) As of December 31, Balance Sheets: 2016 2015 Rental property, net $ 207,632 $ 214,139 Other assets 40,701 41,337 Total assets $ 248,333 $ 255,476 Notes and mortgages payable, net $ 245,990 $ 245,582 Other liabilities 8,783 15,000 Total liabilities 254,773 260,582 Equity (1) (6,440 ) (5,106 ) Total liabilities and equity $ 248,333 $ 255,476 (1) The carrying amount of our investment, as of December 31, 2016 is greater than our share of the equity by approximately $6,130. This basis difference resulted from distributions in excess of the equity in net earnings of 712 Fifth Avenue. Period from Period from (Amounts in thousands) For the Year Ended December 31, November 24, 2014 January 1, 2014 Income Statements: 2016 2015 to December 31, 2014 to November 23, 2014 Rental income $ 50,228 $ 49,382 $ 5,118 $ 41,710 Tenant reimbursement income 4,495 4,758 607 4,282 Fee and other income 1,850 1,235 231 1,269 Total revenues 56,573 55,375 5,956 47,261 Operating 22,826 22,956 2,586 20,826 Depreciation and amortization 12,127 11,764 1,209 10,127 General and administrative - - 32 182 Total expenses 34,953 34,720 3,827 31,135 Operating income 21,620 20,655 2,129 16,126 Interest and other income 68 15 1 5 Interest and debt expense (11,128) (11,425) (1,538) (13,098) Unrealized gain on interest rate swaps 4,109 4,223 1,285 5,249 Net income $ 14,669 $ 13,468 $ 1,877 $ 8,282 Oder-Center As of December 31, 2016, we own a 9.5% interest in a joint venture that owns Oder-Center, a shopping center located in Brandenburg, Germany. We account for our interest in Oder-Center on a one-quarter lag basis. The following tables provide summarized financial information of Oder-Center as of the dates and for the periods set forth below. (Amounts in thousands) As of September 30, Balance Sheets: 2016 2015 Rental property, net $ 6,271 $ 6,626 Other assets 1,150 1,228 Total assets $ 7,421 $ 7,854 Notes and mortgages payable $ 23,073 $ 24,143 Other liabilities 323 245 Total liabilities 23,396 24,388 Equity (1) (15,975 ) (16,534 ) Total liabilities and equity $ 7,421 $ 7,854 (1) The carrying amount of our investment is greater than our share of the equity by approximately $5,017. This basis difference resulted primarily from the excess in purchase price over the historical book value of Oder-Center’s net assets, which was allocated to land and building and improvements. We are amortizing this basis difference related to building and improvements into earnings as additional depreciation expense. (Amounts in thousands) For the Twelve Months Ended September 30, Income Statements: 2016 2015 Rental income $ 4,192 $ 4,458 Fee and other income 32 60 Total revenues 4,224 4,518 Operating 844 625 Depreciation and amortization 382 401 Total expenses 1,226 1,026 Operating income 2,998 3,492 Interest and debt expense (1,084 ) (1,186 ) Income tax expense (10 ) (21 ) Net income $ 1,904 $ 2,285 |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Liabilities | 8. Intangible Assets and Liabilities The following summarizes our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2016 and 2015. The Company As of December 31, (Amounts in thousands) 2016 2015 Intangible assets: Gross amount $ 579,066 $ 655,194 Accumulated amortization (166,841 ) (143,987 ) $ 412,225 $ 511,207 Intangible liabilities: Gross amount $ 208,367 $ 221,672 Accumulated amortization (55,349 ) (41,931 ) $ 153,018 $ 179,741 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $9,536,000 and $9,917,000 for the years ended December 31, 2016 and 2015, respectively, and $467,000 for the period from November 24, 2014 to December 31, 2014. The years ended December 31, 2016 and 2015 include $10,315,000 and $3,915,000 of income, respectively, from the accelerated amortization of a below-market lease liability in connection with a tenant’s lease modification and $12,183,000 of expense in the year ended December 31, 2016, from the write-off of above-market lease assets in connection with certain lease terminations. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2017 is as follows. (Amounts in thousands) The Company 2017 $ 15,450 2018 14,056 2019 12,124 2020 9,672 2021 4,505 Amortization of acquired in-place leases (a component of depreciation and amortization expense) was $94,935,000 and $128,603,000 for the years ended December 31, 2016 and 2015, respectively, and $17,260,000 for the period from November 24, 2014 to December 31, 2014. Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2017 is as follows. (Amounts in thousands) The Company 2017 $ 64,157 2018 54,774 2019 48,184 2020 41,073 2021 28,268 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt On May 3, 2016, we completed a $500,000,000 refinancing of 31 West 52nd Street, a 786,647 square foot Class A office building in New York. The new 10-year loan is interest-only at a fixed rate of 3.80%. We realized net proceeds of $64,538,000 after the repayment of the existing $413,490,000 loan and $21,972,000 of costs, primarily for swap breakage. On October 6, 2016, we completed an $850,000,000 financing of 1301 Avenue of the Americas, a 1.8 million square foot Class A office building in New York. The five-year interest-only loan matures in October 2021, has two one-year extension options and has an initial weighted average interest rate of 2.77%, based on a $500,000,000 tranche at a fixed rate of 3.05% and a $350,000,000 tranche at a floating rate of LIBOR plus 180 basis points (2.36% at closing). We retained net procee ds of $827,187,000 after closing costs. On October 6, 2016, we repaid the $274,337,000 mortgage loan on 900 Third Avenue, a 596,270 square foot Class A office building in New York. In connection with the repayment, we incurred $7,614,000 of swap breakage costs. On October 7, 2016, we defeased the $210,000,000 mortgage loan on Waterview, a 647,243 square foot office building in Washington, D.C. In connection with the repayment, we incurred $4,608,000 of defeasance costs, which is included in “interest and debt expense” on our consolidated statement of income. The following is a summary of our outstanding debt. The Company Maturity Fixed/Variable Interest Rate at As of December 31, (Amounts in thousands) Date Rate December 31, 2016 2016 2015 Notes and mortgages payable 1633 Broadway Dec-2022 Fixed (1) 3.54 % $ 1,000,000 $ 1,000,000 Dec-2022 L + 175 bps (2) 2.37 % 13,544 13,544 3.52 % 1,013,544 1,013,544 1301 Avenue of the Americas Nov-2021 Fixed 3.05 % 500,000 - Nov-2021 L + 180 bps 2.43 % 350,000 - 2.79 % 850,000 - 900 Third Avenue n/a Fixed n/a - 162,000 n/a Variable n/a - 112,337 n/a - 274,337 31 West 52nd Street May-2026 Fixed 3.80 % 500,000 237,600 n/a Variable n/a - 175,890 3.80 % 500,000 413,490 One Market Plaza (49.0% interest) (3) Dec-2019 Fixed (1) 6.13 % 860,546 857,037 Dec-2019 L + 420 bps (4) 4.94 % 12,414 - 6.12 % 872,960 857,037 Waterview n/a Fixed n/a - 210,000 1899 Pennsylvania Avenue Nov-2020 Fixed 4.88 % 87,675 89,116 Liberty Place June-2018 Fixed 4.50 % 84,000 84,000 Total notes and mortgages payable 4.10 % 3,408,179 2,941,524 Less: deferred financing costs (43,281 ) (18,914 ) Total notes and mortgages payable, net $ 3,364,898 $ 2,922,610 $1.0 Billion Revolving Credit Facility ($200,000 reserved for outstanding letters of credit) Nov-2018 L + 125 bps 2.02 % $ 230,000 $ 20,000 (1) Represents loans with variable interest rates that have been fixed by interest rate swaps. (See Note 10, Derivative Instruments and Hedging Activities). (2) Represents amounts outstanding under an option to increase the loan balance up to $250,000, if certain performance hurdles related to the property are satisfied. (3) We refinanced this loan on January 19, 2017. See Note 27, Subsequent Events (4) Represents amounts outstanding under a $20,136 line of credit. The LIBOR spread includes a liquidity premium of 120 basis points. As of December 31, 2016, principal repayments required for the next five years and thereafter The Company Notes and Revolving (Amounts in thousands) Mortgages Payable Credit Facility Total 2017 $ 1,513 $ - $ 1,513 2018 85,588 230,000 315,588 2019 874,628 (1) - 874,628 2020 82,906 - 82,906 2021 850,000 - 850,000 Thereafter 1,513,544 - 1,513,544 (1) Inc ludes the $872,960 mortgage loan on One Market Plaza, which was refinanced in January 2017 with a new $975,000 mortgage loan that matures in January 2024. See Note 27, Subsequent Events . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 10. Derivative Instruments and Hedging Activities We manage our market risk on variable rate debt by entering into interest rate swaps to fix the rate on all or a portion of the debt for varying periods through maturity. These interest rate swaps are accounted for as derivative instruments and, pursuant to ASC Topic 815, are recorded on our consolidated balance sheets at fair value. Changes in the fair value of interest rate swaps are accounted for based on the hedging relationship and their designation and qualification. 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 either post collateral up to the fair value of our derivative obligations or settle the obligations for cash. As of December 31, 2016, the fair value of the derivative obligations with such provisions aggregated $22,255,000. Interest Rate Swaps – Non-designated Hedges As of December 31, 2016, we had interest rate swaps with an aggregate notional amount of $840,000,000 that were not designated as hedges. Changes in the fair value of interest rate swaps that are not designated as hedges are recognized in earnings. For the years ended December 31, 2016 and 2015 and the period from November 24, 2014 to December 31, 2014, we recognized unrealized gains of $39,814,000, $75,760,000 and $15,084,000, respectively, from the changes in the fair value of these interest rate swaps. The table below provides additional details on our interest rate swaps that are not designated as hedges. The Company Notional Strike Fair Value as of December 31, Property Amount Effective Date Maturity Date Rate 2016 2015 (Amounts in thousands) One Market Plaza (1) $ 840,000 Aug-2007 to Aug-2012 Aug-2017 5.02 % $ 21,227 $ 55,404 31 W 52nd Street (2) - n/a n/a n/a - 17,661 900 Third Avenue (3) - n/a n/a n/a - 11,630 Total interest rate swap liabilities related to non-designated hedges $ 21,227 $ 84,695 (1) Terminated in connection with the refinancing of One Market Plaza in January 2017. See Note 27, Subsequent Events (2) Terminated in connection with the refinancing of 31 West 52nd Street. See Note 9, Debt (3) Terminated in connection with the repayment of this loan. See Note 9, Debt Interest Rate Swaps – Designated as Cash Flow Hedges As of December 31, 2016, we had interest rate swaps with an aggregate notional amount of $1.0 billion that were designated as cash flow hedges. We also have entered into forward starting interest rate swaps with an aggregate notional amount of $400,000,000 to extend the maturity of certain swaps for an additional year. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recognized in “other comprehensive income (loss)” (outside of earnings). We recognized other comprehensive income of $8,161,000 and losses of $9,241,000 for the years ended December 31, 2016 and 2015, respectively, from the changes in the fair value of these interest rate swaps. During the next twelve months, we estimate that $8,227,000 of the amounts recognized in accumulated other comprehensive income (loss) will be reclassified as an increase to interest expense. The table below provides additional details on our interest rate swaps that are designated as cash flow hedges. The Company Notional Strike Fair Value as of December 31, Property Amount Effective Date Maturity Date Rate 2016 2015 (Amounts in thousands) 1633 Broadway $ 400,000 Dec-2020 Dec-2021 2.35 % $ 139 $ - Total interest rate swap assets designated as cash flow hedges $ 139 $ - 1633 Broadway $ 1,000,000 Dec-2015 Dec-2020 to Dec-2022 1.79 % $ 1,219 $ 9,204 1633 Broadway 400,000 Dec-2020 Dec-2021 2.35 % - 37 Total interest rate swap liabilities designated as cash flow hedges $ 1,219 $ 9,241 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 11. Accumulated Other Comprehensive Income (Loss) The following table sets forth changes in accumulated other comprehensive income (loss), by component for the years ended December 31, 2016 and 2015. The Company For the Year Ended December 31, (Amounts in thousands) 2016 2015 Amount of loss related to the effective portion of cash flow hedges recognized in other comprehensive income (loss) (1) $ (2,774 ) $ (8,501 ) Amounts reclassified from accumulated other comprehensive income (loss) into interest expense (1) 10,977 1,070 Amount income (loss) related to unconsolidated joint ventures recognized in other comprehensive income (loss) (1) (2) 12 (412 ) Amount of gain (loss) related to the ineffective portion of cash flow hedges and amount excluded from effectiveness testing - - (1) Net of amount attributable to the noncontrolling interests in the Operating Partnership. (2) Balance held in accumulated other comprehensive income (loss) relates to foreign currency translation adjustments. No amounts were reclassified from accumulated other comprehensive income (loss) during any of the periods set forth above. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 12. Noncontrolling Interests Consolidated Real Estate Funds As of December 31, 2015, noncontrolling interest in consolidated real estate funds aggregated $414,637,000 and consisted of equity interest in the real estate funds that were not wholly owned by us, but were required to be consolidated into our consolidated financial statements because we were the sole general partner of such funds. On January 1, 2016, we adopted ASU 2015-02 using the modified retrospective method, which resulted in the deconsolidation of all of our real estate fund investments that were accounted for at fair value, except for the Residential Fund, which is accounted for at historical cost and will continue to be consolidated into our consolidated financial statements. See Note 5, Real Estate Fund Investments Consolidated Joint Ventures Noncontrolling interests in consolidated joint ventures consists of equity interests held by third parties in properties and investments that are consolidated into our consolidated financial statements because we exercise control over the entities that own such properties and investments. As of December 31, 2016 and 2015, noncontrolling interests in consolidated joint ventures on our consolidated balance sheets aggregated $253,788,000 and $236,849,000, respectively, and was comprised of the equity interests held by third parties in One Market Plaza and PGRESS Equity Holdings, L.P. Operating Partnership Noncontrolling interests in the Operating Partnership represents 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 December 31, 2016 and 2015, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $577,361,000 and $898,047,000, respectively and a redemption value of $551,834,000 and $935,048,000, respectively. |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIEs") | 1 3. 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 determined to be the primary beneficiary. Consolidated VIEs We are the sole general partner of, and own approximately 87.0% of, the Operating Partnership as of December 31, 2016. 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 December 31, 2016, the Operating Partnership held variable interests in the entities owning certain real estate fund investments, preferred equity and a property that were determined to be VIEs. As of December 31, 2015, the Operating Partnership held variable interests in the entities owning certain funds that were determined to be VIEs. The Operating Partnership is required to consolidate its interest in these entities because it is deemed to be the primary beneficiary and has the power to direct the activities of these entities that most significantly affect economic performance and the obligation to absorb losses and rights to receive benefits that could potentially be significant to the entity. 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 table below summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. The Company As of December 31, (Amounts in thousands) 2016 2015 Rental property, net $ 1,336,810 $ 63,511 Investments, at fair value - 8,025 Cash and restricted cash 17,054 497 Preferred equity investments 55,051 - Deferred rent receivable 32,103 - Accounts and other receivables 695 - Deferred charges, net 5,966 - Intangible assets, net 52,139 - Other assets 14,474 - Total VIE assets $ 1,514,292 $ 72,033 Notes and mortgages payable, net $ 872,960 $ - Loans payable to noncontrolling interests - 45,662 Accounts payable and other accrued expenses 21,077 - Intangible liabilities, net 48,654 - Interest rate swap liabilities 21,227 - Other liabilities 6,555 195 Total VIE liabilities $ 970,473 $ 45,857 Unconsolidated VIEs The adoption of ASU 2015-02 using the modified retrospective method resulted in the deconsolidation of all of our real estate funds that were accounted for at fair value, except for the Residential Fund, which is accounted for at historical cost. The table below summarizes our investments in these unconsolidated real estate funds that are VIEs. The Company As of December 31, 2016 Asset Management Fees Maximum (Amounts in thousands) Investments and Other Receivables Risk of Loss Unconsolidated real estate funds $ 28,173 $ 1,680 $ 29,853 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 1 4. Fair Value Measurements ASC Topic 820, Fair Value Measurement and Disclosures Financial Assets and Liabilities Measured at Fair Value Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of marketable securities (which represent the assets in our deferred compensation plan, for which there is a corresponding liability on our consolidated balance sheets), real estate fund investments and interest rate swaps. The table below aggregates the fair values of these financial assets and liabilities as of December 31, 2016 and 2015, based on their levels in the fair value hierarchy. The Company As of December 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 22,393 $ 22,393 $ - $ - Interest rate swap assets (included in "other assets") 139 - 139 - Total assets $ 22,532 $ 22,393 $ 139 $ - Interest rate swap liabilities $ 22,446 $ - $ 22,446 $ - Total liabilities $ 22,446 $ - $ 22,446 $ - As of December 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate fund investments: Investments in Property Funds $ 248,824 $ - $ - $ 248,824 Investments in Alternative Investment Funds 167,614 - - 167,614 Total real estate fund investments 416,438 - - 416,438 Marketable securities 21,521 21,521 - - Total assets $ 437,959 $ 21,521 $ - $ 416,438 Interest rate swap liabilities $ 93,936 $ - $ 93,936 $ - Total liabilities $ 93,936 $ - $ 93,936 $ - Property Funds As of December 31, 2015, the Property Funds had four investments. These investments were classified as Level 3. We used a discounted cash flow valuation technique to estimate the fair value of each of these investments, which was updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique required us to estimate cash flows for each investment over the anticipated holding period, which ranged from 1.0 to 10.0 years. Cash flows were derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue was based on leases currently in place and our estimates for future leasing activity, which were based on market rents for similar space. Similarly, estimated real estate taxes and operating expenses were based on amounts incurred in the period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period were determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. The fair value of each property was calculated by discounting future cash flows (including anticipated sales proceeds), using an appropriate discount rate. The fair value of the investment was calculated by subtracting property level debt, if any, from the fair value of the property. Significant unobservable inputs used in determining the fair value of each investment included capitalization rates and discount rates. These rates were based on, among other factors, location and type of property. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the Property Fund investments as of December 31, 2015. As of December 31, 2015 Unobservable Quantitative Input Range Weighted Average (based on fair value of investments) Discount rates 7.00% - 7.50% 7.18% Terminal capitalization rates 5.00% - 6.00% 5.47% The above inputs were subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases, or decreases, in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. Significant increases (decreases) in any of these inputs in isolation would have resulted in a significantly lower (higher) fair value, respectively. Alternative Investment Fund As of December 31, 2015, the investments in the Alternative Investment Fund were comprised of mezzanine loans and a senior mortgage loan. These investments were classified as Level 3. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required and discounting it back to its present value at the appropriate risk adjusted interest rate. The balances were updated quarterly by a third party and reviewed by senior management at each reporting period. Significant unobservable inputs used in determining the fair value of these investments included preferred returns and credit spreads. Significant increases (decreases) in any of these inputs in isolation would have resulted in a significantly lower (higher) fair value, respectively. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the investment in the Alternative Investment Fund as of December 31, 2015. As of December 31, 2015 Unobservable Quantitative Input Range Weighted Average (based on fair value of investments) Preferred return 7.32% - 14.02% 9.51% Credit spread 2.34% 2.34% The table below summarizes the changes in the fair value of Real Estate Fund Investments that are classified as Level 3, as of December 31, 2015. The Company Real Estate Fund Investments (Amounts in thousands) for the Year Ended December 31, 2015 Beginning balance $ 323,387 Purchases / Additions 170,218 Sales / Transfer of assets (98,368 ) Net realized gains 7,455 Previously recorded unrealized gains on exited investments (6,584 ) Net unrealized gains 20,330 Ending balance $ 416,438 Interest Rate Swaps Interest rate swaps are valued by a third-party specialist. The valuation of these interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the interest rate swaps and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Interest rate swaps are classified as Level 2. Financial Assets and Liabilities Not Measured at Fair Value Financial assets not measured at fair value on our consolidated balance sheets consists of cash equivalents and would be classified as Level 1 as their carrying amount approximates their fair value, due to their short-term nature. Financial liabilities not measured at fair value include notes and mortgages payable and the revolving credit facility. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash payments we would be required to make under the instrument. These instruments would be classified as Level 2. The following is a summary of the carrying amounts and fair value of these financial instruments as of December 31, 2016 and 2015. The Company As of December 31, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 107,100 $ 107,100 $ 118,561 $ 118,561 Total assets $ 107,100 $ 107,100 $ 118,561 $ 118,561 As of December 31, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Notes and mortgages payable $ 3,408,179 $ 3,371,262 $ 2,941,524 $ 2,907,242 Revolving credit facility 230,000 230,018 20,000 20,723 Total liabilities $ 3,638,179 $ 3,601,280 $ 2,961,524 $ 2,927,965 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | 1 5. Leases We lease office, retail and storage space to tenants under operating leases. These leases provide for the payment of fixed minimum rents over the terms of the respective lease and generally require tenants to reimburse us for operating costs and real estate taxes above their base year costs. The following is a schedule of future minimum rents under non-cancelable operating leases as of December 31, 2016. (Amounts in thousands) The Company 2017 $ 552,573 2018 564,545 2019 551,392 2020 522,219 2021 457,868 Thereafter 2,758,892 Total $ 5,407,489 |
Fee and Other Income
Fee and Other Income | 12 Months Ended |
Dec. 31, 2016 | |
Fee And Other Income [Abstract] | |
Fee and Other Income | 1 6. Fee and Other Income The following table sets forth the details of our fee and other income. The Company The Predecessor Period from Period from For the Year Ended December 31, November 24, 2014 January 1, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 to November 23, 2014 Fee income Property management $ 5,948 $ 5,763 $ 587 $ 15,599 Asset management (1) 7,754 - - - Acquisition, leasing and disposition 2,226 3,916 510 27,038 Other 1,003 569 79 6,461 Total fee income 16,931 10,248 1,176 49,098 Lease termination income 17,010 (2) 871 465 - Other income (3) 14,296 13,874 1,164 - Total fee and other income $ 48,237 $ 24,993 $ 2,805 $ 49,098 (1) As a result of deconsolidating our real estate funds that were accounted for at fair value, on January 1, 2016, asset management fees are now included in fee income as opposed to a reduction of income attributable to noncontrolling interests in consolidated real estate funds in the prior periods. See Note 5, Real Estate Fund Investments (2) The year ended December 31, 2016 includes $10,861 from the termination of a lease with a tenant at 1633 Broadway. (3) Primarily comprised of income from tenant requested services, including overtime heating and cooling. |
Interest and Other Income (Loss
Interest and Other Income (Loss), net | 12 Months Ended |
Dec. 31, 2016 | |
Interest And Other Income [Abstract] | |
Interest and Other Income (Loss), net | 1 7. Interest and Other Income (Loss), net The following table sets forth the details of interest and other income (loss). The Company The Predecessor Period from Period from For the Year Ended December 31, November 24, 2014 January 1, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 to November 23, 2014 Preferred equity investment income $ 5,716 (1) $ - $ - $ - Interest and other income 774 674 142 773 Mark-to-market of investments in our deferred compensation plans (2) 444 197 (321 ) 1,706 Total interest and other income (loss), net $ 6,934 $ 871 $ (179 ) $ 2,479 (1) Represents income from our preferred equity investments in PGRESS Equity Holdings L.P., which was acquired in December 2015, of which our 24.4% share is $1,393. See Note 6, Preferred Equity Investments (2) The change resulting from the mark-to-market of the deferred compensation plan assets is entirely offset by the change in deferred compensation plan liabilities, which is included in “general and administrative” expenses. |
Interest and Debt Expense
Interest and Debt Expense | 12 Months Ended |
Dec. 31, 2016 | |
Interest And Debt Expense [Abstract] | |
Interest and Debt Expense | 1 8. Interest and Debt Expense The following table sets forth the details of interest and debt expense. The Company The Predecessor Period from Period from For the Year Ended December 31, November 24, 2014 January 1, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 to November 23, 2014 Interest and debt expense (1) $ 150,942 $ 165,801 $ 43,503 $ 28,196 Amortization of deferred financing costs 6,804 2,565 240 389 Total interest and debt expense $ 157,746 $ 168,366 $ 43,743 $ 28,585 (1) Includes $4,608 and $25,717, of defeasance and debt breakage costs for the year ended December 31, 2016 and for the period from November 24, 2014 to December 31, 2014, respectively, resulting from the repayments of debt. |
Formation Related Costs
Formation Related Costs | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Formation Related Costs | 1 9. Formation Related Costs The following table sets forth the details of formation related costs in connection with our initial public offering. The Company Period from November 24, 2014 (Amounts in thousands) to December 31, 2014 Founders Grant $ 71,000 Transfer taxes 51,306 Accounting, legal and other professional fees 21,131 Total formation related costs $ 143,437 |
Incentive Compensation
Incentive Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Compensation | 20. Incentive Compensation Stock-Based Compensation In November 2014, we adopted our 2014 Equity Incentive Plan (the “Plan”), under which we expect to grant future cash and equity incentive awards to our executive officers, non-employee directors, eligible employees and other key persons in order to attract, motivate and retain the talent for which we compete. Under the Plan, awards may be granted up to a maximum of 17,142,857 shares, if all awards granted are “full value awards,” as defined, and up to 34,285,714 shares, if all of the awards granted are “not full value awards,” as defined. “Full value awards” are awards such as restricted stock or long-term incentive plan (“LTIP”) units that do not require the payment of an exercise price. “Not full value awards” are awards such as stock options or stock appreciation rights that require the payment of an exercise price. As of December 31, 2016, we have 12,228,883 shares available for future grants under the Plan, if all awards granted are full value awards, as defined in the 2014 Equity Incentive Plan. We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation Period from For the Year Ended December 31, November 24, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 Stock options (1) $ 1,590 $ 1,241 $ 79 LTIP units (2) 5,617 4,507 296 Restricted stock 391 142 16 Performance programs 3,680 1,110 - Total $ 11,278 $ 7,000 $ 391 (1) The years ended December 31, 2016 and 2015 include $412 and $294 of expense, respectively, related to the acceleration of vesting of stock options in connection with certain separation agreements. (2) The years ended December 31, 2016 and 2015 include $1,443 and $1,567 of expense, respectively, related to the acceleration of vesting of LTIP units in connection with the aforementioned separation agreements. Stock Options We grant certain of our executive officers and other employees stock options which vest over periods ranging from three to five years and expire 10 years from the date of grant. The stock options granted in the years ended December 31, 2016 and 2015 and in the period from November 24, 2014 to December 31, 2014 had grant date fair values of $3.40, $4.44 and $3.39 per stock option, respectively, which are being amortized into expense on a straight-line basis over the vesting period. The fair value of the option is estimated using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2016 and 2015 and in the period from November 24, 2014 to December 31, 2014. Period from For the Year Ended December 31, November 24, 2014 2016 2015 to December 31, 2014 Expected volatility 29.0% 27.0% 23.0% Expected life 5.9 years 6.5 years 6.5 years Risk free interest rate 1.5% 1.8% 2.1% Expected dividend yield 2.3% 2.0% 2.3% As of December 31, 2016, there was $3,347,000 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.8 years. Below is a summary of our stock option activity for year ended December 31, 2016. Shares Weighted-Average Exercise Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2015 1,624,450 $ 17.69 Granted 238,971 14.94 Exercised - - Cancelled or expired (19,300 ) 17.50 Outstanding as of December 31, 2016 1,844,121 $ 17.34 8.1 $ 250,920 Options vested and expected to vest as of December 31, 2016 1,012,693 $ 17.04 8.2 $ 240,171 Options exercisable as of December 31, 2016 742,000 $ 17.76 7.9 $ - LTIP Units We grant our executive officers, non-employee directors and other employees LTIP units which vest over a period of four to five years and are subject to a taxable book-up event, as defined. The LTIP units granted in the years ended December 31, 2016, December 31, 2015 and in the period from November 24, 2014 to December 31, 2014 had grant date fair values of $10,106,000, $2,081,000 and $14,700,000, respectively, which are being amortized into expense on a straight-line basis over the vesting period. As of December 31, 2016, there was $15,390,000 of total unrecognized compensation cost related to unvested LTIP units, which is expected to be recognized over a weighted-average period of 3.0 years. Below is a summary of our LTIP unit activity for the year ended December 31, 2016. Units Weighted-Average Grant-Date Unvested as of December 31, 2015 714,959 $ 16.84 Granted 673,237 15.01 Vested (281,626 ) 17.00 Cancelled or expired (13,715 ) 16.63 Unvested as of December 31, 2016 1,092,855 $ 15.68 Restricted Stock We grant shares of restricted stock to a non-employee director and other employees which vests over four years. The shares of restricted stock granted in the years ended December 31, 2016 and December 31, 2015 and in the period from November 24, 2014 to December 31, 2014 had grant date fair values of $1,600,000, $100,000 and $100,000, respectively, which are being amortized into expense on a straight-line basis over the vesting period. As of December 31, 2016, there was $1,146,000 of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted-average period of 3.1 years. Below is a summary of restricted stock activity for the year ended December 31, 2016. Shares Weighted-Average Grant-Date Unvested as of December 31, 2015 5,219 $ 19.16 Granted 100,673 15.90 Vested (5,219 ) 19.16 Cancelled or expired (5,850 ) 15.90 Unvested as of December 31, 2016 94,823 $ 15.90 2016 Performance Program In March 2016, our Compensation Committee approved the 2016 Performance Program, a multi-year performance-based equity compensation program. The purpose of the 2016 Performance Program is to further align the interests of our stockholders with that of management by encouraging our senior officers to create stockholder value in a “pay for performance” structure. Under the 2016 Performance Program, participants may earn awards in the form of Long LTIP units of our operating partnership based on our total return to stockholders (“TRS”) over a three-year performance measurement period beginning on March 18, 2016, and continuing through March 17, 2019, on both an absolute basis and relative basis. 25.0% of the award is earned if we outperform a predetermined absolute TRS and the remaining 75.0% is earned if we outperform a predetermined relative TRS. Specifically, participants begin to earn awards under the 2016 Performance Program if our TRS for the performance measurement period equals or exceeds 21.0% on an absolute basis and is within 250 basis points of the performance of the SNL Office REIT Index on a relative basis, and awards will be fully earned if our TRS for the performance measurement period equals or exceeds 36.0% on an absolute basis and exceeds the performance of the SNL Office REIT Index by 400 basis points on a relative basis. Participants will not earn any awards under the 2016 Performance Program if our TRS during the performance measurement period does not meet either of these minimum thresholds. The number of LTIP units that are earned if performance is above the minimum thresholds, but below the maximum thresholds, will be determined based on linear interpolation between the percentages earned at the minimum and maximum thresholds. During the performance measurement period, participants will receive per unit distributions equal to one-tenth of the per share dividends otherwise payable to our common stockholders with respect to their LTIP units. If the LTIP units are ultimately earned based on the achievement of the designated performance objectives, participants will receive cash or additional LTIP units based on the additional amount the participants would have received if per unit distributions during the performance measurement periods for the earned LTIP units had equaled per share dividends paid to our common stockholders less the amount of distributions participants actually received during the performance measurement period. If the designated performance objectives are achieved, awards earned under the 2016 Performance Program will also be subject to vesting based on continued employment with us through March 17, 2020, with 50.0% of each award vesting following the conclusion of the performance measurement period, and the remaining 50.0% vesting on March 17, 2020. The fair value of the awards granted under the 2016 Performance Program on the date of the grant was $10,914,000 and is being amortized into expense over the four-year vesting period using a graded vesting attribution method. Deferred Compensation In connection with the Formation Transactions, we assumed a deferred compensation plan (the “1993 Plan”) from our Predecessor. The 1993 Plan permits certain management employees to defer certain percentages of their compensation, as defined. The assets of the 1993 Plan remain the sole property of the Company and are subject to the claims of its general creditors. The assets of the 1993 Plan are included in “marketable securities” and “restricted cash,” with an offsetting liability included in “other liabilities” on our consolidated balance sheets. Income from the mark-to-market of investments in our deferred compensation plan is included in “interest and other income” and this amount is entirely offset by expense from the mark-to-market of plan liabilities, which is included as a component of “general and administrative” expenses on our consolidated statements of income. The 1993 Plan had a balance of $30,743,000 and $28,947,000 as of December 31, 2016 and 2015, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 21. Income Taxes The Company We operate and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. In order to maintain our qualification as a REIT, we are required under the Internal Revenue Code of 1986, as amended, to distribute at least 90% of our taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If, with respect to any taxable year, we fail to maintain our qualification as a REIT, and we are not entitled to relief under the relevant statutory provisions, we would be subject to income tax at regular corporate tax rates. Even if we qualify as a REIT, we may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income tax may be due on our undistributed taxable income. We treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. Our taxable REIT subsidiaries had a combined current income tax expense of approximately $780,000, $2,545,000 and $189,000 for the years ended December 31, 2016 and December 31, 2015 and for the period from November 24, 2014 to December 31, 2014, respectively, and have immaterial differences between the financial reporting and tax basis of assets and liabilities. The following table reconciles net (loss) income attributable to Paramount Group, Inc. to estimated taxable income (loss) for the years ended December 31, 2016 and 2015 and for the period from November 24, 2014 to December 31, 2014. Period from For the Year Ended December 31, November 24, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 Net (loss) income attributable to Paramount Group, Inc. $ (9,934 ) $ (4,419 ) $ 57,308 Book to tax differences: Straight-line and prepaid rents (29,024 ) (36,131 ) 6,927 Depreciation and amortization 95,489 104,399 11,691 Stock-based compensation 9,673 5,794 57,740 Gain on consolidation of unconsolidated joint venture - - (192,891 ) Swap breakage costs (25,367 ) (27,147 ) (11,316 ) Unrealized gain on interest rate swaps (4,651 ) (29,586 ) (6,832 ) Earnings of unconsolidated joint ventures, including real estate investments (3,513 ) (12,909 ) (5,347 ) Other, net (9,561 ) 7,356 20,832 Estimated taxable income (loss) (unaudited) $ 23,112 $ 7,357 $ (61,888 ) Dividends distributed for the year ended December 31, 2016, were characterized for federal income tax purposes as (i) $0.273 per share or 71.8% as return of capital and (ii) $0.107 per share or 28.2% as ordinary dividends. Dividends distributed for the year ended December 31, 2016 exclude the fourth quarter 2016 dividend of $0.095 per share, which was paid on January 13, 2017 and is allocable to 2017 for federal income tax purposes. Dividends distributed for the year ended December 31, 2015, were characterized for federal income tax purposes as (i) $0.289 per share or 89.2% as return of capital and (ii) $0.035 per share or 10.8% as ordinary dividends. Dividends distributed for the year ended December 31, 2015 exclude fourth quarter 2015 dividend of $0.095 per share, which was paid January 15, 2016 and was allocable to 2016 for federal income tax purposes. The Predecessor The companies included in our Predecessor’s combined consolidated financial statements operated in the U.S. as partnerships or corporations for U.S. federal income tax purposes. Our Predecessor, which owned the general partners of the real estate funds and consolidated them, was a corporate entity that was subject to federal, state, and local corporate income taxes at the entity level for their share of the profits and losses of the underlying investments. Our Predecessor accounted for income taxes using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates was recognized in income in the period when the change was enacted. The following table summarizes our Predecessor’s tax position. Period from January 1, 2014 (Amounts in thousands) to November 23, Income before income taxes $ 127,859 Total provision for income taxes 18,461 Effective income tax rate 14.4 % The following table reconciles our Predecessor’s provision for income taxes to the U.S. federal statutory tax rate. Period from January 1, 2014 to November 23, Statutory U.S. federal income tax rate 35.0% Income passed through to common unitholders and noncontrolling interests (1) (24.1%) State and local income taxes 5.5% Other (2.0%) Effective income tax rate (2) 14.4% (1) Included income that was not taxable to the Predecessor. Such income was directly taxable to the Predecessor’s unitholders and the noncontrolling interests. (2) The effective tax rate was calculated on income before income taxes. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 22. Earnings Per Share The following table provides a summary of net (loss) income and the number of common shares used in the computation of basic and diluted (loss) income per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any. The Company Period from For the Year Ended December 31, November 24, 2014 (Amounts in thousands, except per share amounts) 2016 2015 to December 31, 2014 Numerator: Net (loss) income attributable to common stockholders $ (9,934 ) $ (4,419 ) $ 57,308 Earnings allocated to unvested participating securities (37 ) - - Numerator for (loss) income per common share - basic and diluted $ (9,971 ) $ (4,419 ) $ 57,308 Denominator: Denominator for basic (loss) income per common share - weighted average shares 218,053 212,107 212,107 Effect of dilutive employee stock options and restricted share awards (1) - - 1 Denominator for diluted (loss) income per common share - weighted average shares 218,053 212,107 212,108 (Loss) income per common share - basic and diluted $ (0.05 ) $ (0.02 ) $ 0.27 (1) The effect of dilutive securities for the years ended December 31, 2016 and December 31, 2015 and for the period from November 24, 2014 to December 31, 2014 excludes 48,113, 53,281 and 53,043 weighted average share equivalents, respectively, as their effect was anti-dilutive. |
Summary of Quarterly Results (u
Summary of Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results (unaudited) | 23. Summary of Quarterly Results (unaudited) The following table provides a summary of our company’s quarterly results of operations for the years ended December 31, 2016 and 2015. Net (loss) income attributable to the Income (Loss) Per Common Share (Amounts in thousands, except per share amounts) Revenues common stockholders Basic Diluted 2016 December 31 $ 166,802 $ (6,489 ) $ (0.03 ) $ (0.03 ) September 30 171,318 (139 ) (0.00 ) (0.00 ) June 30 172,303 3,188 0.01 0.01 March 31 172,918 (6,494 ) (0.03 ) (0.03 ) 2015 December 31 $ 170,528 $ 8,905 $ 0.04 $ 0.04 September 30 167,726 1,116 0.01 0.01 June 30 162,928 (4,709 ) (0.02 ) (0.02 ) March 31 161,226 (9,731 ) (0.05 ) (0.05 ) |
Related Party
Related Party | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party | 24 . Related Party Due to Affiliates As of December 31, 2016 and 2015, we had an aggregate of $27,299,000 of liabilities that were due to affiliates. These liabilities were comprised of a $24,500,000 note payable to CNBB-RDF Holdings, LP, which is an entity partially owned by Katharina Otto-Bernstein (a member of our Board of Directors), and a $2,799,000 note payable to a different entity owned by members of the Otto Family, both of which were made in lieu of certain cash distributions prior to the completion of our initial public offering. The notes are due in October 2017 and bear interest at a fixed rate of 0.50%. For the years ended December 31, 2016 and 2015 and the period from November 24, 2014 to December 31, 2014, we recognized $139,000, $136,000 and $15,000 of interest expense, respectively, in connection with these notes. Management Agreements We provide property management, leasing and other related services to certain properties owned by members of the Otto Family. We recognized an aggregate of $795,000, $776,000 and $45,000 for the years ended December 31, 2016 and 2015, and the period from November 24, 2014 to December 31, 2014, respectively, of fee income, in connection with these agreements, which is included as a component of “fee and other income” on our consolidated statements of income. As of December 31, 2016, amounts owed to us under these agreements aggregated $83,000, which are included as a component of “accounts and other receivables, net” on our consolidated balance sheet. We also provide property management, asset management, leasing and other related services to our unconsolidated joint ventures and real estate funds. For the years ended December 31, 2016 and 2015 and the period from November 24, 2014 to December 31, 2014, we recognized $9,920,000, $2,308,000 and $212,000, respectively, of fee income in connection with these agreements. As of December 31, 2016, amounts owed to us under these agreements aggregated $1,966,000, which are included as a component of “accounts and other receivables, net” on our consolidated balance sheet. Hamburg Trust Consulting GMBH (“HTC”) We have an agreement with HTC, a licensed broker in Germany, to supervise selling efforts for our private equity real estate funds (or investments in feeder vehicles for these funds) to investors in Germany, including distribution of securitized notes of a feeder vehicle for Fund VIII. Pursuant to this agreement, we have agreed to pay HTC for the costs incurred to sell investments in this feeder vehicle, which primarily consist of commissions paid to third party agents, and other incremental costs incurred by HTC as a result of the engagement, plus, in each case, a mark-up of 10%. HTC is 100% owned by Albert Behler, our Chairman, Chief Executive Officer and President. For the years ended December 31, 2016 and December 31, 2015 and the period from November 24, 2014 to December 31, 2014, we incurred $625,000, $349,000 and $840,000 of expense, respectively, in connection with these agreements, which is included as a component of “transaction related costs” on our consolidated statements of income. Mannheim Trust Dr. Martin Bussmann (a member of our Board of Directors) is also a trustee and a director of Mannheim Trust, a subsidiary of which leases 6,790 square feet at 712 Fifth Avenue, our 50.0% owned unconsolidated joint venture. For the year ended December 31, 2016, we recognized $416,000 for our share of rental income from this lease. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 25. 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 mortgage debt and certain side letters 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 December 31, 2016, we believe we are in compliance with all of our covenants. 718 Fifth Avenue - Put Right Prior to the Formation Transactions, an affiliate of our Predecessor owned a 25.0% interest in 718 Fifth Avenue, a five-story building containing 19,050 square feet of prime retail space that is located on the southwest corner of 56th Street and Fifth Avenue in New York, (based on its 50.0% interest in a joint venture that held a 50.0% tenancy-in-common interest in the property). Prior to the completion of the Formation Transactions, this interest was sold to its partner in the 718 Fifth Avenue joint venture, who is also our partner in the joint venture that owns 712 Fifth Avenue, New York, New York. In connection with this sale, we granted our joint venture partner a put right, pursuant to which the 712 Fifth Avenue joint venture would be required to purchase the entire direct or indirect interests held by our joint venture partner or its affiliates in 718 Fifth Avenue at a purchase price equal to the fair market value of such interests. The put right may be exercised at any time after September 10, 2018 with 12 months written notice and the actual purchase occurring no earlier than September 10, 2019. If the put right is exercised and the 712 Fifth Avenue joint venture acquires the 50.0% tenancy-in-common interest in the property that will be held by our joint venture partner following the sale of its interest to our joint venture partner, we will own a 25.0% interest in 718 Fifth Avenue. 60 Wall Street – In connection with the Formation Transactions, we entered into an option agreement with each of Fund II and Fund III (collectively, the “Funds”) pursuant to which we had the right to acquire their joint venture interests (aggregating 62.3%) in 60 Wall Street, a 47-story, 1.6 million square foot office building, located in the heart of New York’s financial district, at any time before November 24, 2016. The remaining 37.7% interest in the property was held by a third party joint venture partner who had a “tag-along” right in the event we exercised the option to acquire the property. On November 9, 2016, we received the consent from the Funds’ investor advisory committees to amend the option agreement to extend the option exercise date to February 28, 2017 pursuant to which we had the right to acquire the Funds’ interests at a purchase price equal to $1.04 billion. On January 17, 2017, the third party joint venture partner agreed to “tag-along” at the agreed upon purchase price, if we were to exercise the option. On January 24, 2017, we assigned the option agreement to a subsidiary of a newly formed joint venture in which we have a 5.2% ownership interest, and exercised the option. See Note 27, Subsequent Events |
Segments Disclosure
Segments Disclosure | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments Disclosure | 26. Segments Disclosure The Company Our determination of segments is primarily based on our method of internal reporting. On January 1, 2016, as a result of certain organizational and operational changes, we redefined our reportable segments to be 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. Accordingly, our reportable segments were separated by region based on the three regions in which we conduct our business: New York, Washington, D.C. and San Francisco. In connection therewith, we have reclassified the prior period segment financial data to conform to the current period presentation. The following tables provide NOI for each reportable segment for years ended December 31, 2016 and 2015 and for the period from November 24, 2014 to December 31, 2014. For the Year Ended December 31, 2016 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 666,410 $ 449,794 $ 86,389 $ 127,813 $ 2,414 Property-related operating expenses (250,040 ) (176,445 ) (32,721 ) (30,889 ) (9,985 ) NOI from unconsolidated joint ventures 17,195 16,874 - - 321 NOI (1) $ 433,565 $ 290,223 $ 53,668 $ 96,924 $ (7,250 ) For the Year Ended December 31, 2015 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 652,160 $ 452,842 $ 82,366 $ 114,472 $ 2,480 Property-related operating expenses (244,754 ) (174,273 ) (32,482 ) (29,277 ) (8,722 ) NOI from unconsolidated joint ventures 16,580 16,210 - - 370 NOI (1) $ 423,986 $ 294,779 $ 49,884 $ 85,195 $ (5,872 ) Period from November 24, 2014 to December 31, 2014 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 66,371 $ 47,460 $ 7,225 $ 9,978 $ 1,708 Property-related operating expenses (26,011 ) (18,679 ) (3,307 ) (3,269 ) (756 ) NOI from unconsolidated joint ventures 1,680 1,680 - - - NOI (1) $ 42,040 $ 30,461 $ 3,918 $ 6,709 $ 952 (1) Net Operating Income (“NOI”) is used to measure the operating performance of a property. NOI consists of property-related revenue (which includes rental income, tenant reimbursement income and certain other income) less operating expenses (which includes building 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 years ended December 31, 2016 and 2015 and for the period from November 24, 2014 to December 31, 2014. The Company Period from For the Year Ended December 31, November 24, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 NOI $ 433,565 $ 423,986 $ 42,040 Add (subtract) adjustments to arrive to net (loss) income: Fee income 16,931 10,248 1,176 Depreciation and amortization expense (269,450 ) (294,624 ) (34,481 ) General and administrative expenses (53,510 ) (42,056 ) (2,207 ) Transaction related costs (2,404 ) (4,483 ) - Formation related costs - - (143,437 ) Transfer taxes due in connection with the sale of shares by a former joint venture partner - (5,872 ) - NOI from unconsolidated joint ventures (17,195 ) (16,580 ) (1,680 ) Income from unconsolidated joint ventures 7,413 6,850 938 Income from real estate fund investments - 37,975 - Loss from unconsolidated real estate funds (498 ) - - Interest and other income (loss), net 6,934 871 (179 ) Interest and debt expense (157,746 ) (168,366 ) (43,743 ) Unrealized gain on interest rate swaps 39,814 75,760 15,084 Gain on consolidation of an unconsolidated joint venture - - 239,716 Net income before income taxes 3,854 23,709 73,227 Income tax expense (1,785 ) (2,566 ) (505 ) Net income 2,069 21,143 72,722 Less: net (income) loss attributable to noncontrolling interests in: Consolidated real estate funds 1,316 (21,173 ) (135 ) Consolidated joint ventures (15,423 ) (5,459 ) (1,353 ) Operating Partnership 2,104 1,070 (13,926 ) Net (loss) income attributable to common stockholders $ (9,934 ) $ (4,419 ) $ 57,308 (Amounts in thousands) As of December 31, 2016 Balance Sheet Data: Total New York Washington, D.C. San Francisco Other Total assets $ 8,867,168 $ 5,617,344 $ 1,075,350 $ 1,913,747 $ 260,727 Total liabilities 3,981,221 2,444,101 204,020 980,460 352,640 Total equity 4,885,947 3,173,243 871,330 933,287 (91,913 ) The Predecessor Our Predecessor historically operated an integrated business that consisted of three reportable segments, (i) Owned Properties, (ii) Managed Funds and (iii) a Management Company. The Owned Properties segment consisted of properties in which our Predecessor had a direct or indirect ownership interest, other than properties that it owned through its private equity real estate funds. The Managed Funds segment consisted of the private equity real estate funds. In addition, our Predecessor included a Management Company that performed property management and asset management services and certain general and administrative level functions, including legal and accounting, as a separate reportable segment. The following tables provide selected results for each reportable segment for the period from January 1, 2014 to November 23, 2014. Period from January 1, 2014 to November 23, 2014 Owned Managed Management (Amounts in thousands) Properties Funds Company Eliminations Total Income Statement data: Revenues Rental income $ 27,774 $ 2,434 $ - $ - $ 30,208 Tenant reimbursement income 1,646 - - - 1,646 Distributions from real estate fund investments - 17,083 - - 17,083 Realized and unrealized gains, net - 129,354 - - 129,354 Fee and other income - - 74,686 (25,588 ) 49,098 Total revenues 29,420 148,871 74,686 (25,588 ) 227,389 Total expenses 20,553 27,995 54,032 (25,588 ) 76,992 Operating income 8,867 120,876 20,654 - 150,397 Income from unconsolidated joint ventures 4,241 - 48,683 (48,683 ) 4,241 Unrealized loss on interest rate swaps - (673 ) - - (673 ) Interest and other income, net 2,004 388 87 - 2,479 Interest and debt expense (11,157 ) (17,323 ) (105 ) - (28,585 ) Net income before income taxes 3,955 103,268 69,319 (48,683 ) 127,859 Income tax expense - - (18,461 ) - (18,461 ) Net income 3,955 103,268 50,858 (48,683 ) 109,398 Net income attributable to noncontrolling interests - (87,888 ) - - (87,888 ) Net income attributable to the Predecessor $ 3,955 $ 15,380 $ 50,858 $ (48,683 ) $ 21,510 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 27. Subsequent Events On January 12, 2017, we entered into an agreement to sell Waterview, a 636,768 square foot Class A office building in Rosslyn, Virginia, for $460,000,000. The sale, which is subject to customary closing conditions, is expected to close in the second quarter of 2017 and will result in a financial statement gain of approximately $110,000,000. On January 19, 2017, we completed a $975,000,000 refinancing of One Market Plaza, a 1.6 million square foot Class A office and retail property in San Francisco, California. The new seven-year interest-only loan matures in January 2024 and has a fixed rate of 4.03%. We retained $23,470,000 for our 49.0% share of net proceeds, after the repayment of the existing loan, closing costs and required reserves. On January 24, 2017, a joint venture in which we have a 5.2% interest, acquired 60 Wall Street, a 1.6 million square foot Class A office building in New York for $1,040,000,000. In connection with the acquisition, the joint venture completed a $575,000,000 financing of the property. |
Schedule-II - Valuation and Qua
Schedule-II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E Additions Balance at Charged Uncollectible Balance Beginning Against accounts at End (Amounts in thousands) of Year Operations Written-off of Year The Company: For the Year Ended December 31, 2016 Allowance for doubtful accounts $ 365 $ 315 $ (478 ) $ 202 For the Year Ended December 31, 2015 Allowance for doubtful accounts $ 333 $ 87 $ (55 ) $ 365 For the period from November 24, 2014 to December 31, 2014 Allowance for doubtful accounts $ 257 (1) $ 76 $ - $ 333 The Predecessor: Period from January 1, 2014 to November 23, 2014 Allowance for doubtful accounts $ - $ - $ - $ - (1) |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | PARAMOUNT GROUP, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I (Amounts in thousands) Life on which Costs capitalized depreciation subsequent Gross amount at which Accumulated in latest Initial cost to company to acquisition carried at close of period depreciation income Building and Building and Buildings and and Date of Date statement Description Encumbrances Land Improvements Land Improvements Land Improvements Total (1) amortization construction acquired is computed 1633 Broadway $ 1,013,544 $ 502,846 $ 1,398,341 $ - $ 63,900 $ 502,846 $ 1,462,241 $ 1,965,087 $ (81,875 ) 1971 11/2014 5 to 40 Years 1301 Avenue of the Americas 850,000 406,039 1,051,697 - 54,765 406,039 1,106,462 1,512,501 (61,175 ) 1963 11/2014 5 to 40 Years 31 West 52nd Street 500,000 221,318 604,994 - 2,376 221,318 607,370 828,688 (35,534 ) 1987 11/2014 5 to 40 Years 1325 Avenue of the Americas - 174,688 370,553 - 17,359 174,688 387,912 562,600 (24,343 ) 1989 11/2014 5 to 40 Years 900 Third Avenue - 103,741 296,031 - 6,835 103,741 302,866 406,607 (20,881 ) 1983 11/2014 5 to 40 Years Total New York 2,363,544 1,408,632 3,721,616 - 145,235 1,408,632 3,866,851 5,275,483 (223,808 ) 425 Eye Street - 93,669 98,088 - 4,866 93,669 102,954 196,623 (7,832 ) 1973 11/2014 5 to 40 Years Liberty Place 84,000 46,401 96,422 - 11,653 46,401 108,075 154,476 (6,827 ) 1993 11/2014 5 to 40 Years 1899 Pennsylvania Avenue 87,675 52,568 94,874 - 4,164 52,568 99,038 151,606 (6,094 ) 1915 11/2014 5 to 40 Years 2099 Pennsylvania Avenue - 50,631 103,992 - 10,926 50,631 114,918 165,549 (6,990 ) 2001 11/2014 5 to 40 Years Total Washington, D.C. 171,675 243,269 393,376 - 31,609 243,269 424,985 668,254 (27,743 ) One Market Plaza 872,960 288,743 988,014 - 49,939 288,743 1,037,953 1,326,696 (62,309 ) 1976 11/2014 5 to 40 Years One Front Street - 127,765 (2) 376,919 (2) - - 127,765 376,919 504,684 (1,130 ) 1979 12/2016 5 to 40 Years Total San Francisco 872,960 416,508 1,364,933 - 49,939 416,508 1,414,872 1,831,380 (63,439 ) Residential Development Fund ("75 Howard") - 23,126 41,524 - 4,497 23,126 52,193 75,319 (2,896 ) 03/2014 5 to 40 Years Other - - - - - - (1,343 ) (1,343 ) (275 ) 11/2014 5 to 40 Years Total $ 3,408,179 $ 2,091,535 $ 5,521,449 $ - $ 231,280 $ 2,091,535 $ 5,757,558 $ 7,849,093 $ (318,161 ) Assets held for sale: Waterview $ - $ 78,300 $ 297,669 $ - $ 36,346 $ 78,300 $ 334,015 $ 412,315 $ (82,344 ) 2007 05/2007 5 to 40 Years (1) The net basis of the Company’s assets and liabilities for tax purposes is approximately $3.1 billion lower than the net amount reported for financial statement purposes. (2) In accordance with the early adoption of ASU 2017-01, these amounts include the capitalized acquisition costs associated with this transaction. For the Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Rental Property: Beginning balance $ 7,652,117 $ 7,530,239 $ 414,998 Acquisitions 504,684 64,650 Acquisition of properties in connection with the Formation Transactions - - 7,043,650 Additions during the year: Land - - - Buildings and improvements 116,038 123,277 9,676 Assets held for sale (412,315 ) - - Assets sold and written-off (11,431 ) (1,399 ) (2,735 ) Ending balance $ 7,849,093 $ 7,652,117 $ 7,530,239 Accumulated Depreciation: Beginning balance $ 243,089 $ 81,050 $ 57,689 Additions charged to expense 168,847 163,438 26,096 Assets held for sale (82,344 ) - - Accumulated depreciation related to assets sold and written-off (11,431 ) (1,399 ) (2,735 ) Ending balance $ 318,161 $ 243,089 $ 81,050 |
Basis of Presentation and Sig40
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying combined consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. These combined consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) which requires us to make 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 from these estimates. All significant inter-company amounts have been eliminated. Our Predecessor’s combined consolidated financial statements included all the accounts of our Predecessor, including its interests in (i) the 15 private equity real estate funds, (ii) Waterview and (iii) the three partially-owned properties. Our Predecessor evaluated each of the real estate funds pursuant to the control model of Accounting Standards Codification (“ASC”) 810-20, Consolidation—Control of Partnerships and Similar Entities Financial Services—Investment Companies Upon completion of the Offering and the Formation Transactions, we acquired substantially all of the assets of our Predecessor and the assets of the real estate funds that it controlled, other than their interests in 60 Wall Street, 50 Beale Street, and a residual 2.0% interest in One Market Plaza. In addition, as part of the Formation Transactions, we also acquired the interests of certain unaffiliated third parties in 1633 Broadway, 31 West 52nd Street and 1301 Avenue of the Americas. These transactions were accounted for as transactions among entities under common control. However, as a result of our acquisition of these assets from the real estate funds in the Formation Transactions, we account for these assets following the Formation Transactions using historical cost accounting whereas, prior to the Formation Transactions, the Predecessor had accounted for these assets using the specialized accounting applicable to investment companies because, prior to the Formation Transactions, they had been held by the real estate funds, which qualified for investment company accounting. As a result, our consolidated financial statements following the Formation Transactions differ significantly from, and are not comparable with, the historical financial position and results of operations of our Predecessor. |
Significant Accounting Policies | Significant Accounting Policies |
Rental Property | Rental Property Rental property is carried at cost less accumulated depreciation and amortization. Betterments, major renovations and certain costs directly related to the improvement of rental properties are capitalized. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over estimated useful lives of the assets, which range from 5 to 40 years. Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above-market leases and acquired in-place leases) and acquired liabilities (such as acquired below-market leases) and allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases and acquired in-place leases) and acquired intangible liabilities (including below-market leases) at their estimated fair value. We amortize acquired above-market and below-market leases as a decrease or increase to rental income, respectively, over the lives of the respective leases. Amortization of acquired in-place leases is included as a component of “depreciation and amortization”. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Rental property and related intangibles are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Rental property and the related intangibles held for sale are carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on rental property and related intangibles classified as assets held for sale. |
Variable Interest Entities and Investments in Unconsolidated Joint Ventures and Funds | Variable Interest Entities and Investments in Unconsolidated Joint Ventures and Funds We consolidate variable interest entities (“VIEs”) in which we are considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (i) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance, and (ii) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. For joint ventures that are not VIEs, we consolidate entities for which we have significant decision making control over the joint ventures’ operations. Our judgment with respect to our level of influence or control of an entity involves the consideration of various factors including the form of our ownership interest, our representation in the entity’s governance, the size of our investment, estimates of future cash flows, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace us as manager and/or liquidate the joint venture, if applicable. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments accounted for under the equity method are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less. The majority of our cash and cash equivalents are held at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit. To date, we have not experienced any losses on our invested cash. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of security deposits held on behalf of our tenants, cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements and cash restricted in connection with our deferred compensation plan. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for deferred rent receivable. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. |
Deferred Charges | Deferred Charges Deferred charges include deferred lease costs and deferred financing costs related to our revolving credit facility. Deferred lease costs consist of fees and direct costs related to successful leasing activities. Such costs are amortized on a straight-line basis over the lives of the related leases and recognized in our consolidated statements of income as a component of “depreciation and amortization”. Deferred financing costs consist of fees and direct costs incurred in obtaining our revolving credit facility. Such costs are amortized over the terms of the revolving credit facility and recognized in our consolidated statements of income as a component of “interest and debt expense”. |
Deferred Financing Costs Related to Notes and Mortgages Payable | Deferred Financing Costs Related to Notes and Mortgages Payable Deferred financing costs related to notes and mortgages payable consists of fees and direct costs incurred in obtaining such financings. These costs are presented as a reduction of our notes and mortgages payable liability and are amortized over the terms of the related agreements and recognized in our consolidated statements of income as a component of “interest and debt expense”. |
Income Taxes | Income Taxes We operate and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. In order to maintain our qualification as a REIT, we are required under the Internal Revenue Code of 1986, as amended, to distribute at least 90% of our taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If, with respect to any taxable year, we fail to maintain our qualification as a REIT, and we are not entitled to relief under the relevant statutory provisions, we would be subject to income tax at regular tax rates. Even if we qualify as a REIT, we may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income tax may be due on our undistributed taxable income. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We manage our market risk on variable rate debt by entering into interest rate swaps to fix the rate on all or a portion of the debt for varying periods through maturity. These interest rate swaps are accounted for as derivative instruments and, pursuant to ASC Topic 815, are recorded on our consolidated balance sheets at fair value. Changes in the fair value of interest rate swaps are accounted for based on the hedging relationship and their designation and qualification. Changes in the fair value of interest rate swaps that are not designated as hedges are recognized in earnings. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recognized in “other comprehensive income (loss)” (outside of earnings). |
Revenue Recognition | Revenue Recognition Rental Income Rental income includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and the leased space is substantially ready for its intended use. Differences between rental income recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to “deferred rent receivable” on our consolidated balance sheets. Rental income also includes the amortization of acquired above-and below-market leases, net. Tenant Reimbursement Income Tenant reimbursement income includes revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the property. This revenue is earned in the same period as the expenses are incurred. Fee and Other Income Fee and other income includes management fees earned pursuant to contractual agreements. This revenue is recognized as the related services are performed. Fee and other income also includes lease termination and income from tenant requested services, including overtime heating and cooling. |
Segment Reporting | Segment Reporting Our determination of segments is primarily based on our method of internal reporting. On January 1, 2016, as a result of certain organizational and operational changes, we redefined our reportable segments to be 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. Accordingly, our reportable segments were separated by region based on the three regions in which we conduct our business: New York, Washington, D.C. and San Francisco. In connection therewith, we have reclassified the prior period segment financial data to conform to the current period presentation. Our Predecessor historically operated an integrated business that consisted of three reportable segments, (i) Owned Properties, (ii) Managed Funds and (iii) a Management Company. The Owned Properties segment consisted of properties in which our Predecessor had a direct or indirect ownership interest, other than properties that it owned through its private equity real estate funds. The Managed Funds segment consisted of the private equity real estate funds. In addition, our Predecessor included a Management Company that performed property management and asset management services and certain general and administrative level functions, including legal and accounting, as a separate reportable segment. See Note 26, Segments Disclosure |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In May 2014, the Financial Accounting Standard’s Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, an update to ASC Topic 606, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU 2016-02, an update to ASC Topic 842, Leases. While we believe that the key changes in ASU 2014-09 and ASU 2016-02 relate to the separation and allocation of consideration to, lease component (rental income) and non-lease components (revenue related to various services we provide), we continue to evaluate the other potential implications that these updates will have on our consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, an update to ASC Topic 718, Compensation – Stock Compensation In February 2015, the FASB issued ASU 2015-02, an update to ASC Topic 810, Consolidation. Real Estate Fund Investments. In April 2015 and August 2015, the FASB issued ASU 2015-03 and ASU 2015-15, updates to ASC Topic 835, Interest – Imputation of Interest. 18,914,000 In September 2015, the FASB issued ASU 2015-16, an update to ASC Topic 805, Business Combinations. In March 2016, the FASB issued ASU 2016-09, an update to ASC Topic 718, Compensation – Stock Compensation. In June 2016, the FASB issued ASU 2016-13, an update to ASC Topic 326 , Financial Instruments – Credit Losses. In August 2016, the FASB issued ASU 2016-15, an update to ASC Topic 230, Statement of Cash Flows In October 2016, the FASB issued ASU 2016-17, an update to ASC Topic 810, Consolidation a reporting entity to consider only its proportionate indirect interest in the VIE held through a common control party in evaluating whether it is the primary beneficiary of a VIE. Currently, ASU 2015-02 requires the reporting entity to treat the common control party’s interest in the VIE as if the reporting entity held the interest itself. We are evaluating the impact of ASU 2016-17 but do not believe that the adoption will have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, an update to ASC Topic 230, Statement of Cash Flows classification and presentation of changes in restricted cash on the statement of cash flows entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include restricted cash with cash and cash equivalents. In January 2017, the FASB issued ASU 2017-01, an update to ASC Topic 805, Business Combinations. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Allocation of Purchase Price Between Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of purchase price between the assets acquired and liabilities assumed on the date of acquisition (Amounts in thousands) The Company Land $ 127,688 Building and improvements 376,702 In-place lease intangible assets 29,092 Above-market lease intangible assets 968 Below-market lease intangible liabilities (16,921 ) Net assets acquired $ 517,529 (1) (1) Represents the purchase price of $521,000, net of a $3,471 assumed tenant improvement obligation. |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Assets Of Disposal Group Including Discontinued Operation [Abstract] | |
Summary of Assets Classified as Held For Sale | The following table provides the details of the assets classified as held for sale. The Company (Amounts in thousands) As of December 31, 2016 Land $ 78,300 Building and improvements, net 251,671 Deferred charges 14,512 Deferred rent receivable 2,202 Assets held for sale $ 346,685 |
Real Estate Fund Investments (T
Real Estate Fund Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Line Items] | |
Summary of Property Funds Ownership Interests in These Funds and Funds Ownership Interest in Underlying Properties | The following is a summary of the Property Funds, our ownership interests in these funds and the funds’ ownership interest in the underlying properties. As of December 31, 2016 Paramount 60 Wall One Market 50 Beale 0 Bond Ownership Street (1) Plaza Street Street (2) Fund II 10.0% 46.3 % - - - Fund III 3.1% 16.0 % 2.0 % - - Fund VII/VII-H 7.2% - - 42.8 % 100.0 % Total Property Funds 62.3 % 2.0 % 42.8 % 100.0 % Other Investors 37.7 % 98.0 % (3) 57.2 % - Total 100.0 % 100.0 % 100.0 % 100.0 % (1) On January 24, 2017, Fund II, Fund III and the other investors sold their interests in 60 Wall Street to a newly formed joint venture in which we have a 5.2% ownership interest. See Note 27, Subsequent Events (2) Formerly 670 Broadway. (3) Includes a 49.0% direct ownership interest held by us. |
Summary of Investment in Property Funds and an Alternative Investment Fund and Income or Loss from Fund Investments | The following tables summarize our investments in Property Funds and an Alternative Investment Fund as of December 31, 2016, and income or loss recognized from these investments for the year ended December 31, 2016. The Company (Amounts in thousands) As of December 31, 2016 Our Share of Investments: Property funds $ 22,811 Alternative investment fund 5,362 Investments in unconsolidated real estate funds $ 28,173 The Company For the Year Ended December 31, 2016 Alternative (Amounts in thousands) Total Property Funds Investment Fund Our Share of Net (Loss) Income: Net investment (loss) income $ (324 ) $ (460 ) $ 136 Net unrealized (loss) income (1,706 ) (1,710 ) 4 Carried interest 1,532 1,532 - (Loss) income from unconsolidated real estate funds (1) $ (498 ) $ (638 ) $ 140 (1) Excludes asset management and other fee income from real estate funds, which is included as a component of “fee and other income” in our consolidated statement of income for the year ended December 31, 2016. |
Schedule of Financial Information for Fund Investment | The following tables provide summarized financial information for Fund II, Fund III and Fund VII as of the dates and for the periods set forth below. (Amounts in thousands) As of December 31, 2016 Balance Sheets: Fund II Fund III Fund VII Real estate investments $ 64,989 $ 39,376 $ 165,556 Cash and cash equivalents 1,297 2,221 741 Other assets 127 - - Total assets $ 66,413 $ 41,597 $ 166,297 Other liabilities $ 60 $ 49 $ 1,483 Total liabilities 60 49 1,483 Equity 66,353 41,548 164,814 Total liabilities and equity $ 66,413 $ 41,597 $ 166,297 (Amounts in thousands) For the Year Ended December 31, 2016 Income Statements: Fund II Fund III Fund VII Investment income $ 2,780 $ 1,739 $ 1,233 Investment expenses 2,694 184 2,000 Net investment income (loss) 86 1,555 (767 ) Net unrealized (losses) gains (1,906 ) 2,199 13,123 (Loss) income from real estate fund investments $ (1,820 ) $ 3,754 $ 12,356 |
Summary of the Fair Value of Property Funds and the Alternative Investment Fund Consolidated with Balance Sheet and Income from Fund Investments | Below is a summary of the fair value of our Property Funds and the Alternative Investment Fund that were consolidated on our balance sheet as of December 31, 2015 and income from fund investments for the year ended December 31, 2015 and for the period from November 24, 2014 to December 31, 2014. (Amounts in thousands) As of December 31, 2015 Real estate fund investments (1) $ 416,438 Cash and other assets and liabilities, net 7,050 Total real estate fund investments 423,488 Less: noncontrolling interests in consolidated real estate funds (396,196 ) Paramount Group, Inc.'s equity in real estate fund investments $ 27,292 (1) Represents the fair value of investments owned by Fund II, Fund III, Fund VII, Fund VII-H and Fund VIII. For the Period from Year Ended November 24, 2014 to (Amounts in thousands) December 31, 2015 December 31, 2014 Net investment income $ 12,274 $ 2,769 Net realized gains 13,884 50 Previously recorded unrealized gains on exited investments (6,584 ) - Net unrealized gains (losses) 18,401 (1,407 ) Income from real estate fund investments (1) 37,975 1,412 Less: interest expense - (325 ) Less: noncontrolling interests in consolidated real estate funds (2) (24,896 ) (485 ) Income from real estate fund investments attributable to Paramount Group, Inc. $ 13,079 $ 602 (1) Represents income from our real estate funds that were consolidated during 2015, including Fund II, Fund III, Fund VII, Fund VII-H, Fund VIII, Paramount Group Real Estate Special Situations Fund L.P. and Paramount Group Real Estate Special Situations Fund-H L.P. (2) Includes $5,481 and $521 of asset management fee income that was reflected as a reduction of the amounts attributable to noncontrolling interests for the year ended December 31, 2015 and for the period from November 24, 2014 to December 31, 2014, respectively. |
Predecessor [Member] | |
Real Estate [Line Items] | |
Schedule of Realized and Unrealized Gains from Real Estate Fund Investments | Below is a summary of realized and unrealized gains from real estate fund investments on our combined consolidated statement of income. Period from (Amounts in thousands) January 1, 2014 Income Statement: to November 23, 2014 Net realized gains on real estate fund investments $ 43,309 Previously recorded unrealized gains on exited investments (10,405 ) Net unrealized gains on real estate fund investments 96,450 Realized and unrealized gains, net $ 129,354 |
Schedule of Asset Management Fees | Below is a summary of the asset management fees earned by our Predecessor. Period from (Amounts in thousands) January 1, 2014 Income Statement: to November 23, 2014 Gross asset management fees $ 23,701 Eliminated fees (1) (1,078 ) Net asset management fees $ 22,623 (1) Eliminated fees reflect a reduction in asset management fees from the general partner’s interest in each of the real estate funds. |
Preferred Equity Investments (T
Preferred Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Investments [Abstract] | |
Schedule of Preferred Equity Investments | The following is a summary of the preferred equity investments. The Company (Amounts in thousands, except square feet) Paramount As of December 31, Preferred Equity Investment Ownership Dividend Rate Initial Maturity 2016 2015 470 Vanderbilt Avenue (1) 24.4% 10.3% Feb-2019 $ 35,613 $ 35,305 2 Herald Square (2) 24.4% 10.3% Apr-2017 19,438 18,636 Total preferred equity investments $ 55,051 $ 53,941 (1) Represents a $33,750 preferred equity investment in a partnership that owns 470 Vanderbilt Avenue, a 650,000 square foot office building in Brooklyn, New York. The preferred equity has a dividend rate of 10.3%, of which 8.0% was paid in cash through February 2016 and the unpaid portion accreted to the balance of the investment. Subsequent to February 2016, the entire 10.3% dividend is being paid in cash. (2) Represents a $17,500 preferred equity investment in a partnership that owns 2 Herald Square, a 369,000 square foot office retail property in Manhattan. The preferred equity has a dividend rate of 10.3%, of which 7.0% is paid currently and the remainder accretes to the balance of the investment. The preferred equity investment has two one-year extension options. |
Investments in Unconsolidated45
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments and Income from Investments In Unconsolidated Joint Ventures | The following tables summarize our investments in unconsolidated joint ventures as of December 31, 2016 and 2015 and income from these investments for the periods set forth below. The Company (Amounts in thousands) Paramount As of December 31, Our Share of Investments: Ownership 2016 2015 712 Fifth Avenue 50.0 % $ 2,912 $ 3,577 Oder-Center, Germany (1) 9.5 % 3,499 3,525 Investments in unconsolidated joint ventures $ 6,411 $ 7,102 The Company The Predecessor Period from Period from (Amounts in thousands) Paramount For the Year Ended December 31, November 24, 2014 January 1, 2014 Our Share of Net Income: Ownership 2016 2015 to December 31, 2014 to November 23, 2014 712 Fifth Avenue 50.0 % $ 7,335 $ 6,734 $ 938 $ 4,141 Oder-Center, Germany (1) 9.5 % 78 116 - - 1325 Avenue of the Americas (2) n/a - - - 100 900 Third Avenue (2) n/a - - - - Income from unconsolidated joint ventures $ 7,413 $ 6,850 $ 938 $ 4,241 (1) We account for our interest in Oder-Center, Germany on a one-quarter lag basis. (2) As part of the Formation Transactions, we acquired 100% ownership of these properties. |
712 Fifth Avenue [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in Unconsolidated Joint Ventures | The following tables provide summarized financial information of 712 Fifth Avenue as of the dates and for the periods set forth below. (Amounts in thousands) As of December 31, Balance Sheets: 2016 2015 Rental property, net $ 207,632 $ 214,139 Other assets 40,701 41,337 Total assets $ 248,333 $ 255,476 Notes and mortgages payable, net $ 245,990 $ 245,582 Other liabilities 8,783 15,000 Total liabilities 254,773 260,582 Equity (1) (6,440 ) (5,106 ) Total liabilities and equity $ 248,333 $ 255,476 (1) The carrying amount of our investment, as of December 31, 2016 is greater than our share of the equity by approximately $6,130. This basis difference resulted from distributions in excess of the equity in net earnings of 712 Fifth Avenue. Period from Period from (Amounts in thousands) For the Year Ended December 31, November 24, 2014 January 1, 2014 Income Statements: 2016 2015 to December 31, 2014 to November 23, 2014 Rental income $ 50,228 $ 49,382 $ 5,118 $ 41,710 Tenant reimbursement income 4,495 4,758 607 4,282 Fee and other income 1,850 1,235 231 1,269 Total revenues 56,573 55,375 5,956 47,261 Operating 22,826 22,956 2,586 20,826 Depreciation and amortization 12,127 11,764 1,209 10,127 General and administrative - - 32 182 Total expenses 34,953 34,720 3,827 31,135 Operating income 21,620 20,655 2,129 16,126 Interest and other income 68 15 1 5 Interest and debt expense (11,128) (11,425) (1,538) (13,098) Unrealized gain on interest rate swaps 4,109 4,223 1,285 5,249 Net income $ 14,669 $ 13,468 $ 1,877 $ 8,282 |
Oder-Center, Germany [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in Unconsolidated Joint Ventures | The following tables provide summarized financial information of Oder-Center as of the dates and for the periods set forth below. (Amounts in thousands) As of September 30, Balance Sheets: 2016 2015 Rental property, net $ 6,271 $ 6,626 Other assets 1,150 1,228 Total assets $ 7,421 $ 7,854 Notes and mortgages payable $ 23,073 $ 24,143 Other liabilities 323 245 Total liabilities 23,396 24,388 Equity (1) (15,975 ) (16,534 ) Total liabilities and equity $ 7,421 $ 7,854 (1) The carrying amount of our investment is greater than our share of the equity by approximately $5,017. This basis difference resulted primarily from the excess in purchase price over the historical book value of Oder-Center’s net assets, which was allocated to land and building and improvements. We are amortizing this basis difference related to building and improvements into earnings as additional depreciation expense. (Amounts in thousands) For the Twelve Months Ended September 30, Income Statements: 2016 2015 Rental income $ 4,192 $ 4,458 Fee and other income 32 60 Total revenues 4,224 4,518 Operating 844 625 Depreciation and amortization 382 401 Total expenses 1,226 1,026 Operating income 2,998 3,492 Interest and debt expense (1,084 ) (1,186 ) Income tax expense (10 ) (21 ) Net income $ 1,904 $ 2,285 |
Intangible Assets and Liabili46
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Intangible Assets and Liabilities | The following summarizes our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2016 and 2015. The Company As of December 31, (Amounts in thousands) 2016 2015 Intangible assets: Gross amount $ 579,066 $ 655,194 Accumulated amortization (166,841 ) (143,987 ) $ 412,225 $ 511,207 Intangible liabilities: Gross amount $ 208,367 $ 221,672 Accumulated amortization (55,349 ) (41,931 ) $ 153,018 $ 179,741 |
Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases | Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2017 is as follows. (Amounts in thousands) The Company 2017 $ 15,450 2018 14,056 2019 12,124 2020 9,672 2021 4,505 |
Leases, Acquired-in-Place [Member] | |
Schedule of Estimated Annual Amortization of Acquired In-Place Leases | Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2017 is as follows. (Amounts in thousands) The Company 2017 $ 64,157 2018 54,774 2019 48,184 2020 41,073 2021 28,268 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following is a summary of our outstanding debt. The Company Maturity Fixed/Variable Interest Rate at As of December 31, (Amounts in thousands) Date Rate December 31, 2016 2016 2015 Notes and mortgages payable 1633 Broadway Dec-2022 Fixed (1) 3.54 % $ 1,000,000 $ 1,000,000 Dec-2022 L + 175 bps (2) 2.37 % 13,544 13,544 3.52 % 1,013,544 1,013,544 1301 Avenue of the Americas Nov-2021 Fixed 3.05 % 500,000 - Nov-2021 L + 180 bps 2.43 % 350,000 - 2.79 % 850,000 - 900 Third Avenue n/a Fixed n/a - 162,000 n/a Variable n/a - 112,337 n/a - 274,337 31 West 52nd Street May-2026 Fixed 3.80 % 500,000 237,600 n/a Variable n/a - 175,890 3.80 % 500,000 413,490 One Market Plaza (49.0% interest) (3) Dec-2019 Fixed (1) 6.13 % 860,546 857,037 Dec-2019 L + 420 bps (4) 4.94 % 12,414 - 6.12 % 872,960 857,037 Waterview n/a Fixed n/a - 210,000 1899 Pennsylvania Avenue Nov-2020 Fixed 4.88 % 87,675 89,116 Liberty Place June-2018 Fixed 4.50 % 84,000 84,000 Total notes and mortgages payable 4.10 % 3,408,179 2,941,524 Less: deferred financing costs (43,281 ) (18,914 ) Total notes and mortgages payable, net $ 3,364,898 $ 2,922,610 $1.0 Billion Revolving Credit Facility ($200,000 reserved for outstanding letters of credit) Nov-2018 L + 125 bps 2.02 % $ 230,000 $ 20,000 (1) Represents loans with variable interest rates that have been fixed by interest rate swaps. (See Note 10, Derivative Instruments and Hedging Activities). (2) Represents amounts outstanding under an option to increase the loan balance up to $250,000, if certain performance hurdles related to the property are satisfied. (3) We refinanced this loan on January 19, 2017. See Note 27, Subsequent Events (4) Represents amounts outstanding under a $20,136 line of credit. The LIBOR spread includes a liquidity premium of 120 basis points. |
Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility | As of December 31, 2016, principal repayments required for the next five years and thereafter The Company Notes and Revolving (Amounts in thousands) Mortgages Payable Credit Facility Total 2017 $ 1,513 $ - $ 1,513 2018 85,588 230,000 315,588 2019 874,628 (1) - 874,628 2020 82,906 - 82,906 2021 850,000 - 850,000 Thereafter 1,513,544 - 1,513,544 (1) Inc ludes the $872,960 mortgage loan on One Market Plaza, which was refinanced in January 2017 with a new $975,000 mortgage loan that matures in January 2024. See Note 27, Subsequent Events . |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Outstanding Interest Rate Swaps | The table below provides additional details on our interest rate swaps that are not designated as hedges. The Company Notional Strike Fair Value as of December 31, Property Amount Effective Date Maturity Date Rate 2016 2015 (Amounts in thousands) One Market Plaza (1) $ 840,000 Aug-2007 to Aug-2012 Aug-2017 5.02 % $ 21,227 $ 55,404 31 W 52nd Street (2) - n/a n/a n/a - 17,661 900 Third Avenue (3) - n/a n/a n/a - 11,630 Total interest rate swap liabilities related to non-designated hedges $ 21,227 $ 84,695 (1) Terminated in connection with the refinancing of One Market Plaza in January 2017. See Note 27, Subsequent Events (2) Terminated in connection with the refinancing of 31 West 52nd Street. See Note 9, Debt (3) Terminated in connection with the repayment of this loan. See Note 9, Debt The table below provides additional details on our interest rate swaps that are designated as cash flow hedges. The Company Notional Strike Fair Value as of December 31, Property Amount Effective Date Maturity Date Rate 2016 2015 (Amounts in thousands) 1633 Broadway $ 400,000 Dec-2020 Dec-2021 2.35 % $ 139 $ - Total interest rate swap assets designated as cash flow hedges $ 139 $ - 1633 Broadway $ 1,000,000 Dec-2015 Dec-2020 to Dec-2022 1.79 % $ 1,219 $ 9,204 1633 Broadway 400,000 Dec-2020 Dec-2021 2.35 % - 37 Total interest rate swap liabilities designated as cash flow hedges $ 1,219 $ 9,241 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component | The following table sets forth changes in accumulated other comprehensive income (loss), by component for the years ended December 31, 2016 and 2015. The Company For the Year Ended December 31, (Amounts in thousands) 2016 2015 Amount of loss related to the effective portion of cash flow hedges recognized in other comprehensive income (loss) (1) $ (2,774 ) $ (8,501 ) Amounts reclassified from accumulated other comprehensive income (loss) into interest expense (1) 10,977 1,070 Amount income (loss) related to unconsolidated joint ventures recognized in other comprehensive income (loss) (1) (2) 12 (412 ) Amount of gain (loss) related to the ineffective portion of cash flow hedges and amount excluded from effectiveness testing - - (1) Net of amount attributable to the noncontrolling interests in the Operating Partnership. (2) Balance held in accumulated other comprehensive income (loss) relates to foreign currency translation adjustments. No amounts were reclassified from accumulated other comprehensive income (loss) during any of the periods set forth above. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated VIEs [Member] | |
Summary of Assets and Liabilities of Consolidated Variable Interest Entities | The table below summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. The Company As of December 31, (Amounts in thousands) 2016 2015 Rental property, net $ 1,336,810 $ 63,511 Investments, at fair value - 8,025 Cash and restricted cash 17,054 497 Preferred equity investments 55,051 - Deferred rent receivable 32,103 - Accounts and other receivables 695 - Deferred charges, net 5,966 - Intangible assets, net 52,139 - Other assets 14,474 - Total VIE assets $ 1,514,292 $ 72,033 Notes and mortgages payable, net $ 872,960 $ - Loans payable to noncontrolling interests - 45,662 Accounts payable and other accrued expenses 21,077 - Intangible liabilities, net 48,654 - Interest rate swap liabilities 21,227 - Other liabilities 6,555 195 Total VIE liabilities $ 970,473 $ 45,857 |
Unconsolidated VIEs [Member] | |
Summary of Investments in Unconsolidated Real Estate Funds | The table below summarizes our investments in these unconsolidated real estate funds that are VIEs. The Company As of December 31, 2016 Asset Management Fees Maximum (Amounts in thousands) Investments and Other Receivables Risk of Loss Unconsolidated real estate funds $ 28,173 $ 1,680 $ 29,853 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value | The table below aggregates the fair values of these financial assets and liabilities as of December 31, 2016 and 2015, based on their levels in the fair value hierarchy. The Company As of December 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 22,393 $ 22,393 $ - $ - Interest rate swap assets (included in "other assets") 139 - 139 - Total assets $ 22,532 $ 22,393 $ 139 $ - Interest rate swap liabilities $ 22,446 $ - $ 22,446 $ - Total liabilities $ 22,446 $ - $ 22,446 $ - As of December 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate fund investments: Investments in Property Funds $ 248,824 $ - $ - $ 248,824 Investments in Alternative Investment Funds 167,614 - - 167,614 Total real estate fund investments 416,438 - - 416,438 Marketable securities 21,521 21,521 - - Total assets $ 437,959 $ 21,521 $ - $ 416,438 Interest rate swap liabilities $ 93,936 $ - $ 93,936 $ - Total liabilities $ 93,936 $ - $ 93,936 $ - |
Summary of Changes in Fair Value of Real Estate Fund Investments in Level 3 | The table below summarizes the changes in the fair value of Real Estate Fund Investments that are classified as Level 3, as of December 31, 2015. The Company Real Estate Fund Investments (Amounts in thousands) for the Year Ended December 31, 2015 Beginning balance $ 323,387 Purchases / Additions 170,218 Sales / Transfer of assets (98,368 ) Net realized gains 7,455 Previously recorded unrealized gains on exited investments (6,584 ) Net unrealized gains 20,330 Ending balance $ 416,438 |
Summary of Carrying Amounts and Fair Value of Financial Instruments | The following is a summary of the carrying amounts and fair value of these financial instruments as of December 31, 2016 and 2015. The Company As of December 31, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 107,100 $ 107,100 $ 118,561 $ 118,561 Total assets $ 107,100 $ 107,100 $ 118,561 $ 118,561 As of December 31, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Notes and mortgages payable $ 3,408,179 $ 3,371,262 $ 2,941,524 $ 2,907,242 Revolving credit facility 230,000 230,018 20,000 20,723 Total liabilities $ 3,638,179 $ 3,601,280 $ 2,961,524 $ 2,927,965 |
Property Funds [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Summary of Significant Unobservable Quantitative Inputs Utilized in Determining Fair Value of Investments | Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the Property Fund investments as of December 31, 2015. As of December 31, 2015 Unobservable Quantitative Input Range Weighted Average (based on fair value of investments) Discount rates 7.00% - 7.50% 7.18% Terminal capitalization rates 5.00% - 6.00% 5.47% |
Alternative Investment Fund [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Summary of Significant Unobservable Quantitative Inputs Utilized in Determining Fair Value of Investments | Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the investment in the Alternative Investment Fund as of December 31, 2015. As of December 31, 2015 Unobservable Quantitative Input Range Weighted Average (based on fair value of investments) Preferred return 7.32% - 14.02% 9.51% Credit spread 2.34% 2.34% |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rents Under Non-Cancelable Operating Leases | The following is a schedule of future minimum rents under non-cancelable operating leases as of December 31, 2016. (Amounts in thousands) The Company 2017 $ 552,573 2018 564,545 2019 551,392 2020 522,219 2021 457,868 Thereafter 2,758,892 Total $ 5,407,489 |
Fee and Other Income (Tables)
Fee and Other Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fee And Other Income [Abstract] | |
Schedule of Fee and Other Income | The following table sets forth the details of our fee and other income. The Company The Predecessor Period from Period from For the Year Ended December 31, November 24, 2014 January 1, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 to November 23, 2014 Fee income Property management $ 5,948 $ 5,763 $ 587 $ 15,599 Asset management (1) 7,754 - - - Acquisition, leasing and disposition 2,226 3,916 510 27,038 Other 1,003 569 79 6,461 Total fee income 16,931 10,248 1,176 49,098 Lease termination income 17,010 (2) 871 465 - Other income (3) 14,296 13,874 1,164 - Total fee and other income $ 48,237 $ 24,993 $ 2,805 $ 49,098 (1) As a result of deconsolidating our real estate funds that were accounted for at fair value, on January 1, 2016, asset management fees are now included in fee income as opposed to a reduction of income attributable to noncontrolling interests in consolidated real estate funds in the prior periods. See Note 5, Real Estate Fund Investments (2) The year ended December 31, 2016 includes $10,861 from the termination of a lease with a tenant at 1633 Broadway. (3) Primarily comprised of income from tenant requested services, including overtime heating and cooling. |
Interest and Other Income (Lo54
Interest and Other Income (Loss), net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest And Other Income [Abstract] | |
Schedule Of Interest And Other Income (Loss), net | The following table sets forth the details of interest and other income (loss). The Company The Predecessor Period from Period from For the Year Ended December 31, November 24, 2014 January 1, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 to November 23, 2014 Preferred equity investment income $ 5,716 (1) $ - $ - $ - Interest and other income 774 674 142 773 Mark-to-market of investments in our deferred compensation plans (2) 444 197 (321 ) 1,706 Total interest and other income (loss), net $ 6,934 $ 871 $ (179 ) $ 2,479 (1) Represents income from our preferred equity investments in PGRESS Equity Holdings L.P., which was acquired in December 2015, of which our 24.4% share is $1,393. See Note 6, Preferred Equity Investments (2) The change resulting from the mark-to-market of the deferred compensation plan assets is entirely offset by the change in deferred compensation plan liabilities, which is included in “general and administrative” expenses. |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest And Debt Expense [Abstract] | |
Details of Interest and Debt Expense | The following table sets forth the details of interest and debt expense. The Company The Predecessor Period from Period from For the Year Ended December 31, November 24, 2014 January 1, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 to November 23, 2014 Interest and debt expense (1) $ 150,942 $ 165,801 $ 43,503 $ 28,196 Amortization of deferred financing costs 6,804 2,565 240 389 Total interest and debt expense $ 157,746 $ 168,366 $ 43,743 $ 28,585 (1) Includes $4,608 and $25,717, of defeasance and debt breakage costs for the year ended December 31, 2016 and for the period from November 24, 2014 to December 31, 2014, respectively, resulting from the repayments of debt. |
Formation Related Costs (Tables
Formation Related Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Formation Related Costs | The following table sets forth the details of formation related costs in connection with our initial public offering. The Company Period from November 24, 2014 (Amounts in thousands) to December 31, 2014 Founders Grant $ 71,000 Transfer taxes 51,306 Accounting, legal and other professional fees 21,131 Total formation related costs $ 143,437 |
Incentive Compensation (Tables)
Incentive Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Components of Stock-Based Compensations Expense | Below are the components of stock-based compensation expense for the years ended December 31, 2016 and 2015 and for the period from November 24, 2014 to December 31, 2014. Period from For the Year Ended December 31, November 24, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 Stock options (1) $ 1,590 $ 1,241 $ 79 LTIP units (2) 5,617 4,507 296 Restricted stock 391 142 16 Performance programs 3,680 1,110 - Total $ 11,278 $ 7,000 $ 391 (1) The years ended December 31, 2016 and 2015 include $412 and $294 of expense, respectively, related to the acceleration of vesting of stock options in connection with certain separation agreements. (2) The years ended December 31, 2016 and 2015 include $1,443 and $1,567 of expense, respectively, related to the acceleration of vesting of LTIP units in connection with the aforementioned separation agreements. |
Summary of Weighted-average assumptions for grants using Option-pricing model | The fair value of the option is estimated using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2016 and 2015 and in the period from November 24, 2014 to December 31, 2014. Period from For the Year Ended December 31, November 24, 2014 2016 2015 to December 31, 2014 Expected volatility 29.0% 27.0% 23.0% Expected life 5.9 years 6.5 years 6.5 years Risk free interest rate 1.5% 1.8% 2.1% Expected dividend yield 2.3% 2.0% 2.3% |
LTIP Units | |
Summary of LTIP Unit and Restricted Stock Activity | Below is a summary of our LTIP unit activity for the year ended December 31, 2016. Units Weighted-Average Grant-Date Unvested as of December 31, 2015 714,959 $ 16.84 Granted 673,237 15.01 Vested (281,626 ) 17.00 Cancelled or expired (13,715 ) 16.63 Unvested as of December 31, 2016 1,092,855 $ 15.68 |
Employee Stock Option | |
Summary of Stock Option Activity | Below is a summary of our stock option activity for year ended December 31, 2016. Shares Weighted-Average Exercise Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2015 1,624,450 $ 17.69 Granted 238,971 14.94 Exercised - - Cancelled or expired (19,300 ) 17.50 Outstanding as of December 31, 2016 1,844,121 $ 17.34 8.1 $ 250,920 Options vested and expected to vest as of December 31, 2016 1,012,693 $ 17.04 8.2 $ 240,171 Options exercisable as of December 31, 2016 742,000 $ 17.76 7.9 $ - |
Restricted Stock | |
Summary of LTIP Unit and Restricted Stock Activity | Below is a summary of restricted stock activity for the year ended December 31, 2016. Shares Weighted-Average Grant-Date Unvested as of December 31, 2015 5,219 $ 19.16 Granted 100,673 15.90 Vested (5,219 ) 19.16 Cancelled or expired (5,850 ) 15.90 Unvested as of December 31, 2016 94,823 $ 15.90 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Reconciliation Net Income Attributable to Estimated Taxable Income (Loss) | The following table reconciles net (loss) income attributable to Paramount Group, Inc. to estimated taxable income (loss) for the years ended December 31, 2016 and 2015 and for the period from November 24, 2014 to December 31, 2014. Period from For the Year Ended December 31, November 24, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 Net (loss) income attributable to Paramount Group, Inc. $ (9,934 ) $ (4,419 ) $ 57,308 Book to tax differences: Straight-line and prepaid rents (29,024 ) (36,131 ) 6,927 Depreciation and amortization 95,489 104,399 11,691 Stock-based compensation 9,673 5,794 57,740 Gain on consolidation of unconsolidated joint venture - - (192,891 ) Swap breakage costs (25,367 ) (27,147 ) (11,316 ) Unrealized gain on interest rate swaps (4,651 ) (29,586 ) (6,832 ) Earnings of unconsolidated joint ventures, including real estate investments (3,513 ) (12,909 ) (5,347 ) Other, net (9,561 ) 7,356 20,832 Estimated taxable income (loss) (unaudited) $ 23,112 $ 7,357 $ (61,888 ) |
Predecessor [Member] | |
Schedule of Income Tax Position | The following table summarizes our Predecessor’s tax position. Period from January 1, 2014 (Amounts in thousands) to November 23, Income before income taxes $ 127,859 Total provision for income taxes 18,461 Effective income tax rate 14.4 % |
Summary of Tax Rate Reconciliation | The following table reconciles our Predecessor’s provision for income taxes to the U.S. federal statutory tax rate. Period from January 1, 2014 to November 23, Statutory U.S. federal income tax rate 35.0% Income passed through to common unitholders and noncontrolling interests (1) (24.1%) State and local income taxes 5.5% Other (2.0%) Effective income tax rate (2) 14.4% (1) Included income that was not taxable to the Predecessor. Such income was directly taxable to the Predecessor’s unitholders and the noncontrolling interests. (2) The effective tax rate was calculated on income before income taxes. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Earnings Per Share | The following table provides a summary of net (loss) income and the number of common shares used in the computation of basic and diluted (loss) income per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any. The Company Period from For the Year Ended December 31, November 24, 2014 (Amounts in thousands, except per share amounts) 2016 2015 to December 31, 2014 Numerator: Net (loss) income attributable to common stockholders $ (9,934 ) $ (4,419 ) $ 57,308 Earnings allocated to unvested participating securities (37 ) - - Numerator for (loss) income per common share - basic and diluted $ (9,971 ) $ (4,419 ) $ 57,308 Denominator: Denominator for basic (loss) income per common share - weighted average shares 218,053 212,107 212,107 Effect of dilutive employee stock options and restricted share awards (1) - - 1 Denominator for diluted (loss) income per common share - weighted average shares 218,053 212,107 212,108 (Loss) income per common share - basic and diluted $ (0.05 ) $ (0.02 ) $ 0.27 (1) The effect of dilutive securities for the years ended December 31, 2016 and December 31, 2015 and for the period from November 24, 2014 to December 31, 2014 excludes 48,113, 53,281 and 53,043 weighted average share equivalents, respectively, as their effect was anti-dilutive. |
Summary of Quarterly Results 60
Summary of Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following table provides a summary of our company’s quarterly results of operations for the years ended December 31, 2016 and 2015. Net (loss) income attributable to the Income (Loss) Per Common Share (Amounts in thousands, except per share amounts) Revenues common stockholders Basic Diluted 2016 December 31 $ 166,802 $ (6,489 ) $ (0.03 ) $ (0.03 ) September 30 171,318 (139 ) (0.00 ) (0.00 ) June 30 172,303 3,188 0.01 0.01 March 31 172,918 (6,494 ) (0.03 ) (0.03 ) 2015 December 31 $ 170,528 $ 8,905 $ 0.04 $ 0.04 September 30 167,726 1,116 0.01 0.01 June 30 162,928 (4,709 ) (0.02 ) (0.02 ) March 31 161,226 (9,731 ) (0.05 ) (0.05 ) |
Segments Disclosure (Tables)
Segments Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of NOI for Each Reportable Segment Information | The following tables provide NOI for each reportable segment for years ended December 31, 2016 and 2015 and for the period from November 24, 2014 to December 31, 2014. For the Year Ended December 31, 2016 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 666,410 $ 449,794 $ 86,389 $ 127,813 $ 2,414 Property-related operating expenses (250,040 ) (176,445 ) (32,721 ) (30,889 ) (9,985 ) NOI from unconsolidated joint ventures 17,195 16,874 - - 321 NOI (1) $ 433,565 $ 290,223 $ 53,668 $ 96,924 $ (7,250 ) For the Year Ended December 31, 2015 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 652,160 $ 452,842 $ 82,366 $ 114,472 $ 2,480 Property-related operating expenses (244,754 ) (174,273 ) (32,482 ) (29,277 ) (8,722 ) NOI from unconsolidated joint ventures 16,580 16,210 - - 370 NOI (1) $ 423,986 $ 294,779 $ 49,884 $ 85,195 $ (5,872 ) Period from November 24, 2014 to December 31, 2014 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 66,371 $ 47,460 $ 7,225 $ 9,978 $ 1,708 Property-related operating expenses (26,011 ) (18,679 ) (3,307 ) (3,269 ) (756 ) NOI from unconsolidated joint ventures 1,680 1,680 - - - NOI (1) $ 42,040 $ 30,461 $ 3,918 $ 6,709 $ 952 (1) Net Operating Income (“NOI”) is used to measure the operating performance of a property. NOI consists of property-related revenue (which includes rental income, tenant reimbursement income and certain other income) less operating expenses (which includes building 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 years ended December 31, 2016 and 2015 and for the period from November 24, 2014 to December 31, 2014. The Company Period from For the Year Ended December 31, November 24, 2014 (Amounts in thousands) 2016 2015 to December 31, 2014 NOI $ 433,565 $ 423,986 $ 42,040 Add (subtract) adjustments to arrive to net (loss) income: Fee income 16,931 10,248 1,176 Depreciation and amortization expense (269,450 ) (294,624 ) (34,481 ) General and administrative expenses (53,510 ) (42,056 ) (2,207 ) Transaction related costs (2,404 ) (4,483 ) - Formation related costs - - (143,437 ) Transfer taxes due in connection with the sale of shares by a former joint venture partner - (5,872 ) - NOI from unconsolidated joint ventures (17,195 ) (16,580 ) (1,680 ) Income from unconsolidated joint ventures 7,413 6,850 938 Income from real estate fund investments - 37,975 - Loss from unconsolidated real estate funds (498 ) - - Interest and other income (loss), net 6,934 871 (179 ) Interest and debt expense (157,746 ) (168,366 ) (43,743 ) Unrealized gain on interest rate swaps 39,814 75,760 15,084 Gain on consolidation of an unconsolidated joint venture - - 239,716 Net income before income taxes 3,854 23,709 73,227 Income tax expense (1,785 ) (2,566 ) (505 ) Net income 2,069 21,143 72,722 Less: net (income) loss attributable to noncontrolling interests in: Consolidated real estate funds 1,316 (21,173 ) (135 ) Consolidated joint ventures (15,423 ) (5,459 ) (1,353 ) Operating Partnership 2,104 1,070 (13,926 ) Net (loss) income attributable to common stockholders $ (9,934 ) $ (4,419 ) $ 57,308 |
Schedule of Selected Balance Sheet Data for Each Reportable Segments Information | (Amounts in thousands) As of December 31, 2016 Balance Sheet Data: Total New York Washington, D.C. San Francisco Other Total assets $ 8,867,168 $ 5,617,344 $ 1,075,350 $ 1,913,747 $ 260,727 Total liabilities 3,981,221 2,444,101 204,020 980,460 352,640 Total equity 4,885,947 3,173,243 871,330 933,287 (91,913 ) |
Predecessor [Member] | |
Schedule of NOI for Each Reportable Segment Information | The following tables provide selected results for each reportable segment for the period from January 1, 2014 to November 23, 2014. Period from January 1, 2014 to November 23, 2014 Owned Managed Management (Amounts in thousands) Properties Funds Company Eliminations Total Income Statement data: Revenues Rental income $ 27,774 $ 2,434 $ - $ - $ 30,208 Tenant reimbursement income 1,646 - - - 1,646 Distributions from real estate fund investments - 17,083 - - 17,083 Realized and unrealized gains, net - 129,354 - - 129,354 Fee and other income - - 74,686 (25,588 ) 49,098 Total revenues 29,420 148,871 74,686 (25,588 ) 227,389 Total expenses 20,553 27,995 54,032 (25,588 ) 76,992 Operating income 8,867 120,876 20,654 - 150,397 Income from unconsolidated joint ventures 4,241 - 48,683 (48,683 ) 4,241 Unrealized loss on interest rate swaps - (673 ) - - (673 ) Interest and other income, net 2,004 388 87 - 2,479 Interest and debt expense (11,157 ) (17,323 ) (105 ) - (28,585 ) Net income before income taxes 3,955 103,268 69,319 (48,683 ) 127,859 Income tax expense - - (18,461 ) - (18,461 ) Net income 3,955 103,268 50,858 (48,683 ) 109,398 Net income attributable to noncontrolling interests - (87,888 ) - - (87,888 ) Net income attributable to the Predecessor $ 3,955 $ 15,380 $ 50,858 $ (48,683 ) $ 21,510 |
Organization and Business - Add
Organization and Business - Additional Information (Details) ft² in Millions | Nov. 25, 2014shares | Dec. 31, 2016ft²Properties | Nov. 24, 2014$ / shares | Nov. 23, 2014PropertiesFund |
Real Estate Properties [Line Items] | ||||
Number of office properties | Properties | 13 | |||
Area of office properties | ft² | 10.8 | |||
Percentage of ownership in operating partnership | 87.00% | |||
Predecessor [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of office properties | Properties | 12 | |||
Number of real estate funds | Fund | 15 | |||
Predecessor [Member] | Primary Funds [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate funds | Fund | 9 | |||
Predecessor [Member] | Parallel Funds [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate funds | Fund | 6 | |||
Predecessor [Member] | Partially Owned Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of office properties | Properties | 3 | |||
IPO [Member] | ||||
Real Estate Properties [Line Items] | ||||
Common shares issued, initial public offering, shares | shares | 150,650,000 | |||
Common stock, share price | $ / shares | $ 17.50 |
Basis of Presentation and Sig63
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Nov. 23, 2014Segment | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | |
Property Plant And Equipment [Line Items] | |||
Minimum percentage of taxable income distributed to shareholders | 90.00% | ||
Number of reportable segments | Segment | 3 | ||
Notes and mortgages payable | $ | $ 3,364,898 | $ 2,922,610 | |
Predecessor [Member] | |||
Property Plant And Equipment [Line Items] | |||
Number of reportable segments | Segment | 3 | ||
Restatement Adjustment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Notes and mortgages payable | $ | $ 18,914 | ||
Minimum | |||
Property Plant And Equipment [Line Items] | |||
Estimated useful lives of the assets, years | 5 | ||
Maximum | |||
Property Plant And Equipment [Line Items] | |||
Estimated useful lives of the assets, years | 40 | ||
One Market Plaza [Member] | |||
Property Plant And Equipment [Line Items] | |||
Residual ownership interest | 2.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - One Front Street [Member] - San Francisco, California [Member] | Dec. 01, 2016USD ($)ft² | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Acquisition completion date | Dec. 1, 2016 | |
Acquisition amount | $ | $ 521,000,000 | |
Area of class A office building | ft² | 643,745 |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Purchase Price Between Assets Acquired and Liabilities Assumed (Details) $ in Thousands | Dec. 01, 2016USD ($) |
Business Combinations [Abstract] | |
Land | $ 127,688 |
Building and improvements | 376,702 |
In-place lease intangible assets | 29,092 |
Above-market lease intangible assets | 968 |
Below-market lease intangible liabilities | (16,921) |
Net assets acquired | $ 517,529 |
Acquisitions - Summary of All66
Acquisitions - Summary of Allocation of Purchase Price Between Assets Acquired and Liabilities Assumed (Parenthetical) (Details) $ in Thousands | Dec. 01, 2016USD ($) |
Business Combinations [Abstract] | |
Purchase price | $ 521,000 |
Assumed tenant improvement obligation | $ 3,471 |
Dispositions - Summary of Asset
Dispositions - Summary of Assets Classified as Held for Sale (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Long Lived Assets Held For Sale [Line Items] | |
Assets held for sale | $ 346,685 |
Waterview [Member] | |
Long Lived Assets Held For Sale [Line Items] | |
Land | 78,300 |
Building and improvements, net | 251,671 |
Deferred charges | 14,512 |
Deferred rent receivable | 2,202 |
Assets held for sale | $ 346,685 |
Dispositions - Additional Infor
Dispositions - Additional Information (Details) | Jan. 12, 2017USD ($)ft² | Dec. 31, 2016ft² |
Long Lived Assets Held For Sale [Line Items] | ||
Area of office properties | 10,800,000 | |
Subsequent Event [Member] | Waterview [Member] | ||
Long Lived Assets Held For Sale [Line Items] | ||
Area of office properties | 636,768 | |
Sale agreement amount | $ | $ 460,000,000 |
Real Estate Fund Investments -
Real Estate Fund Investments - Summary of Ownership Interest in Property Funds and Property Funds Ownership Interest in Underlying Properties (Details) | Dec. 31, 2016 |
60 Wall Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 100.00% |
One Market Plaza [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 100.00% |
50 Beale Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 100.00% |
0 Bond Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 100.00% |
Fund II [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 10.00% |
Fund II [Member] | 60 Wall Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 46.30% |
Fund III [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 3.10% |
Fund III [Member] | 60 Wall Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 16.00% |
Fund III [Member] | One Market Plaza [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 2.00% |
Fund VII and VII-H [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 7.20% |
Fund VII and VII-H [Member] | 50 Beale Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 42.80% |
Fund VII and VII-H [Member] | 0 Bond Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 100.00% |
Property Funds [Member] | 60 Wall Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 62.30% |
Property Funds [Member] | One Market Plaza [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 2.00% |
Property Funds [Member] | 50 Beale Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 42.80% |
Property Funds [Member] | 0 Bond Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 100.00% |
Other Investors [Member] | 60 Wall Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 37.70% |
Other Investors [Member] | One Market Plaza [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 98.00% |
Other Investors [Member] | 50 Beale Street [Member] | |
Investment Holdings [Line Items] | |
Property funds, percentage | 57.20% |
Real Estate Fund Investments 70
Real Estate Fund Investments - Summary of Ownership Interest in Property Funds and Property Funds Ownership Interest in Underlying Properties (Parenthetical) (Details) | Jan. 24, 2017 | Dec. 31, 2016 |
One Market Plaza [Member] | ||
Investment Holdings [Line Items] | ||
Ownership interest rate of property | 49.00% | |
One Market Plaza [Member] | Other Investors [Member] | ||
Investment Holdings [Line Items] | ||
Ownership interest rate of property | 49.00% | |
Subsequent Event [Member] | 60 Wall Street [Member] | ||
Investment Holdings [Line Items] | ||
Ownership interest rate of property | 5.20% |
Real Estate Fund Investments 71
Real Estate Fund Investments - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Investment Holdings [Line Items] | |
Alternative Investment Fund, Interest Rate | 4.10% |
Alternative Investment Fund [Member] | |
Investment Holdings [Line Items] | |
Aggregate committed capital, fair value amount | $ 362,282 |
Committed capital invested | $ 4,673 |
Alternative Investment Fund, Paramount Ownership | 1.30% |
Alternative Investment Fund [Member] | Minimum | |
Investment Holdings [Line Items] | |
Alternative Investment Fund, Interest Rate | 6.65% |
Alternative Investment Fund, Initial Maturity | Jan. 31, 2019 |
Alternative Investment Fund [Member] | Maximum | |
Investment Holdings [Line Items] | |
Alternative Investment Fund, Interest Rate | 9.61% |
Alternative Investment Fund, Initial Maturity | Nov. 30, 2026 |
Real Estate Fund Investments 72
Real Estate Fund Investments - Summary of Investment in Property Funds and an Alternative Investment Fund and Income or Loss from Fund Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Our Share of Investments: | |||
Investments in unconsolidated real estate funds | $ 28,173 | ||
(Loss) income from unconsolidated real estate funds | $ 1,412 | (498) | $ 37,975 |
Net investment (loss) income [Member] | |||
Our Share of Investments: | |||
(Loss) income from unconsolidated real estate funds | 2,769 | (324) | 12,274 |
Net unrealized gains (losses) [Member] | |||
Our Share of Investments: | |||
(Loss) income from unconsolidated real estate funds | $ (1,407) | (1,706) | $ 18,401 |
Carried interest [Member] | |||
Our Share of Investments: | |||
(Loss) income from unconsolidated real estate funds | 1,532 | ||
Property Funds [Member] | |||
Our Share of Investments: | |||
Investments in unconsolidated real estate funds | 22,811 | ||
(Loss) income from unconsolidated real estate funds | (638) | ||
Property Funds [Member] | Net investment (loss) income [Member] | |||
Our Share of Investments: | |||
(Loss) income from unconsolidated real estate funds | (460) | ||
Property Funds [Member] | Net unrealized gains (losses) [Member] | |||
Our Share of Investments: | |||
(Loss) income from unconsolidated real estate funds | (1,710) | ||
Property Funds [Member] | Carried interest [Member] | |||
Our Share of Investments: | |||
(Loss) income from unconsolidated real estate funds | 1,532 | ||
Alternative Investment Fund [Member] | |||
Our Share of Investments: | |||
Investments in unconsolidated real estate funds | 5,362 | ||
(Loss) income from unconsolidated real estate funds | 140 | ||
Alternative Investment Fund [Member] | Net investment (loss) income [Member] | |||
Our Share of Investments: | |||
(Loss) income from unconsolidated real estate funds | 136 | ||
Alternative Investment Fund [Member] | Net unrealized gains (losses) [Member] | |||
Our Share of Investments: | |||
(Loss) income from unconsolidated real estate funds | $ 4 |
Real Estate Fund Investments 73
Real Estate Fund Investments - Schedule of Financial Information for Fund Investment (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Property Fund II [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | $ 66,413 |
Real estate funds financial | 60 |
Real estate funds financial | 66,353 |
Real estate funds financial | 66,413 |
Property Fund III [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 41,597 |
Real estate funds financial | 49 |
Real estate funds financial | 41,548 |
Real estate funds financial | 41,597 |
Property Fund VII [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 166,297 |
Real estate funds financial | 1,483 |
Real estate funds financial | 164,814 |
Real estate funds financial | 166,297 |
Real Estate Investments [Member] | Property Fund II [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 64,989 |
Real Estate Investments [Member] | Property Fund III [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 39,376 |
Real Estate Investments [Member] | Property Fund VII [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 165,556 |
Cash And Cash Equivalent [Member] | Property Fund II [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 1,297 |
Cash And Cash Equivalent [Member] | Property Fund III [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 2,221 |
Cash And Cash Equivalent [Member] | Property Fund VII [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 741 |
Other Assets [Member] | Property Fund II [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 127 |
Other Liabilities [Member] | Property Fund II [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 60 |
Other Liabilities [Member] | Property Fund III [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | 49 |
Other Liabilities [Member] | Property Fund VII [Member] | |
Investment Holdings [Line Items] | |
Real estate funds financial | $ 1,483 |
Real Estate Fund Investments 74
Real Estate Fund Investments - Schedule of Income from Fund Investment (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | $ 1,412 | $ (498) | $ 37,975 |
Property Fund II [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | (1,820) | ||
Property Fund III [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 3,754 | ||
Property Fund VII [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 12,356 | ||
Investment Income [Member] | Property Fund II [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 2,780 | ||
Investment Income [Member] | Property Fund III [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 1,739 | ||
Investment Income [Member] | Property Fund VII [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 1,233 | ||
Investment Expenses [Member] | Property Fund II [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 2,694 | ||
Investment Expenses [Member] | Property Fund III [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 184 | ||
Investment Expenses [Member] | Property Fund VII [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 2,000 | ||
Net investment income (loss) [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 2,769 | (324) | 12,274 |
Net investment income (loss) [Member] | Property Fund II [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 86 | ||
Net investment income (loss) [Member] | Property Fund III [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 1,555 | ||
Net investment income (loss) [Member] | Property Fund VII [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | (767) | ||
Net Unrealized (Losses) Gains [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | $ (1,407) | (1,706) | $ 18,401 |
Net Unrealized (Losses) Gains [Member] | Property Fund II [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | (1,906) | ||
Net Unrealized (Losses) Gains [Member] | Property Fund III [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 2,199 | ||
Net Unrealized (Losses) Gains [Member] | Property Fund VII [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | $ 13,123 |
Real Estate Fund Investments 75
Real Estate Fund Investments - Summary of the Fair Value of Property Funds and the Alternative Investment Fund Consolidated with Balance Sheet and Income from Fund Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | |||
Real estate fund investments | $ 416,438 | ||
Cash and other assets and liabilities, net | 7,050 | ||
Total real estate fund investments | 423,488 | ||
Less: noncontrolling interests in consolidated real estate funds | (396,196) | ||
Paramount Group, Inc.'s equity in real estate fund investments | 27,292 | ||
Income (loss) from real estate fund investments | $ 1,412 | $ (498) | 37,975 |
Less: interest expense | (325) | ||
Less: amounts attributable to noncontrolling interests | (485) | (24,896) | |
Income from real estate fund investments attributable to Paramount Group, Inc. | 602 | 13,079 | |
Net investment income (loss) [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 2,769 | (324) | 12,274 |
Net realized gains [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | 50 | 13,884 | |
Previously Recorded Unrealized Gains Losses on Exited Investments [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | (6,584) | ||
Net unrealized gains (losses) [Member] | |||
Investment Holdings [Line Items] | |||
Income (loss) from real estate fund investments | $ (1,407) | $ (1,706) | $ 18,401 |
Real Estate Fund Investments 76
Real Estate Fund Investments - Summary of the Fair Value of Property Funds and the Alternative Investment Fund Consolidated with Balance Sheet and Income from Fund Investments (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | |||
Asset management fee income | $ 7,754 | ||
Noncontrolling Interest [Member] | |||
Investment Holdings [Line Items] | |||
Asset management fee income | $ 521 | $ 5,481 |
Real Estate Fund Investments 77
Real Estate Fund Investments - Schedule of Realized and Unrealized Gains from Real Estate Fund Investment (Details) - Predecessor [Member] $ in Thousands | 11 Months Ended |
Nov. 23, 2014USD ($) | |
Investment Holdings [Line Items] | |
Realized and unrealized gain (loss), net | $ 129,354 |
Net Realized Gains on Real Estate Fund Investments [Member] | |
Investment Holdings [Line Items] | |
Realized and unrealized gain (loss), net | 43,309 |
Previously Recorded Unrealized Gains Losses on Exited Investments [Member] | |
Investment Holdings [Line Items] | |
Realized and unrealized gain (loss), net | (10,405) |
Net Unrealized Gain On Real Estate Fund Investments [Member] | |
Investment Holdings [Line Items] | |
Realized and unrealized gain (loss), net | $ 96,450 |
Real Estate Fund Investments 78
Real Estate Fund Investments - Schedule of Asset Management Fees (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended |
Nov. 23, 2014 | Dec. 31, 2016 | |
Investment Holdings [Line Items] | ||
Net asset management fees | $ 7,754 | |
Predecessor [Member] | ||
Investment Holdings [Line Items] | ||
Gross asset management fees | $ 23,701 | |
Eliminated fees | (1,078) | |
Net asset management fees | $ 22,623 |
Preferred Equity Investments -
Preferred Equity Investments - Additional Information (Details) | Dec. 31, 2016 |
Schedule Of Investments [Abstract] | |
Preferred equity ownership percentage | 24.40% |
Preferred Equity Investments (D
Preferred Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | ||
Preferred equity ownership percentage | 24.40% | |
Preferred equity investments | $ 55,051 | $ 53,941 |
470 Vanderbilt Avenue [Member] | ||
Investment Holdings [Line Items] | ||
Preferred equity ownership percentage | 24.40% | |
Preferred Equity Investments, Dividend Rate | 10.30% | |
Preferred Equity Investments, Initial Maturity | 2019-02 | |
Preferred equity investments | $ 35,613 | 35,305 |
2 Herald Square [Member] | ||
Investment Holdings [Line Items] | ||
Preferred equity ownership percentage | 24.40% | |
Preferred Equity Investments, Dividend Rate | 10.30% | |
Preferred Equity Investments, Initial Maturity | 2017-04 | |
Preferred equity investments | $ 19,438 | $ 18,636 |
Preferred Equity Investments 81
Preferred Equity Investments - Parenthetical (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)ft² | |
Schedule Of Investments [Line Items] | |
Area of office properties | 10,800,000 |
470 Vanderbilt Avenue [Member] | |
Schedule Of Investments [Line Items] | |
Preferred equity investments, partnership amount | $ | $ 33,750 |
Area of office properties | 650,000 |
Preferred Equity Investments, Dividend Rate | 10.30% |
Preferred equity investments, dividend rate percentage paid | 8.00% |
2 Herald Square [Member] | |
Schedule Of Investments [Line Items] | |
Preferred equity investments, partnership amount | $ | $ 17,500 |
Area of office properties | 369,000 |
Preferred Equity Investments, Dividend Rate | 10.30% |
Preferred equity investments, dividend rate percentage paid | 7.00% |
Investments in Unconsolidated82
Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Nov. 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated joint ventures | $ 6,411 | $ 7,102 | ||
Income from unconsolidated joint ventures | $ 938 | $ 7,413 | $ 6,850 | |
Predecessor [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Income from unconsolidated joint ventures | $ 4,241 | |||
712 Fifth Avenue [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 50.00% | 50.00% | ||
Investments in unconsolidated joint ventures | $ 2,912 | $ 3,577 | ||
Income from unconsolidated joint ventures | $ 938 | $ 7,335 | $ 6,734 | |
712 Fifth Avenue [Member] | Predecessor [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 50.00% | |||
Income from unconsolidated joint ventures | $ 4,141 | |||
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 | $ 3,499 | $ 3,525 | ||
Income from unconsolidated joint ventures | $ 78 | $ 116 | ||
1325 Avenue of the Americas [Member] | Predecessor [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Income from unconsolidated joint ventures | $ 100 |
Investments in Unconsolidated83
Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Parenthetical) (Details) | Dec. 31, 2016 |
1325 Avenue of the Americas [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Property ownership, percentage | 100.00% |
Investments in Unconsolidated84
Investments in Unconsolidated Joint Ventures - Additional Information (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
712 Fifth Avenue [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 50.00% | 50.00% |
Oder-Center, Germany [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 9.50% | 9.50% |
Investments in Unconsolidated85
Investments in Unconsolidated Joint Ventures - Summary of Financial Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Nov. 23, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
712 Fifth Avenue [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Rental property, net | $ 207,632 | $ 214,139 | ||||
Other assets | 40,701 | 41,337 | ||||
Total assets | 248,333 | 255,476 | ||||
Notes and mortgages payable, net | 245,990 | 245,582 | ||||
Other liabilities | 8,783 | 15,000 | ||||
Total liabilities | 254,773 | 260,582 | ||||
Equity | (6,440) | (5,106) | ||||
Total liabilities and equity | 248,333 | 255,476 | ||||
Rental income | $ 5,118 | 50,228 | 49,382 | |||
Tenant reimbursement income | 607 | 4,495 | 4,758 | |||
Fee and other income | 231 | 1,850 | 1,235 | |||
Total revenues | 5,956 | 56,573 | 55,375 | |||
Operating | 2,586 | 22,826 | 22,956 | |||
Depreciation and amortization | 1,209 | 12,127 | 11,764 | |||
General and administrative | 32 | |||||
Total expenses | 3,827 | 34,953 | 34,720 | |||
Operating income | 2,129 | 21,620 | 20,655 | |||
Interest and other income | 1 | 68 | 15 | |||
Interest and debt expense | (1,538) | (11,128) | (11,425) | |||
Unrealized gain on interest rate swaps | 1,285 | 4,109 | 4,223 | |||
Net income | $ 1,877 | $ 14,669 | $ 13,468 | |||
712 Fifth Avenue [Member] | Predecessor [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Rental income | $ 41,710 | |||||
Tenant reimbursement income | 4,282 | |||||
Fee and other income | 1,269 | |||||
Total revenues | 47,261 | |||||
Operating | 20,826 | |||||
Depreciation and amortization | 10,127 | |||||
General and administrative | 182 | |||||
Total expenses | 31,135 | |||||
Operating income | 16,126 | |||||
Interest and other income | 5 | |||||
Interest and debt expense | (13,098) | |||||
Unrealized gain on interest rate swaps | 5,249 | |||||
Net income | $ 8,282 | |||||
Oder-Center, Germany [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Rental property, net | $ 6,271 | $ 6,626 | ||||
Other assets | 1,150 | 1,228 | ||||
Total assets | 7,421 | 7,854 | ||||
Notes and mortgages payable, net | 23,073 | 24,143 | ||||
Other liabilities | 323 | 245 | ||||
Total liabilities | 23,396 | 24,388 | ||||
Equity | (15,975) | (16,534) | ||||
Total liabilities and equity | 7,421 | 7,854 | ||||
Rental income | 4,192 | 4,458 | ||||
Fee and other income | 32 | 60 | ||||
Total revenues | 4,224 | 4,518 | ||||
Operating | 844 | 625 | ||||
Depreciation and amortization | 382 | 401 | ||||
Total expenses | 1,226 | 1,026 | ||||
Operating income | 2,998 | 3,492 | ||||
Interest and debt expense | (1,084) | (1,186) | ||||
Income tax expense | (10) | (21) | ||||
Net income | $ 1,904 | $ 2,285 |
Investments in Unconsolidated86
Investments in Unconsolidated Joint Ventures - Summary of Financial Information (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
712 Fifth Avenue [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Difference between carrying amount of investment and equity | $ 6,130 | |
Oder-Center, Germany [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Difference between carrying amount of investment and equity | $ 5,017 |
Intangible Assets and Intangibl
Intangible Assets and Intangible Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible assets: | ||
Gross amount | $ 579,066 | $ 655,194 |
Accumulated amortization | (166,841) | (143,987) |
Intangible assets, Net | 412,225 | 511,207 |
Intangible liabilities: | ||
Gross amount | 208,367 | 221,672 |
Accumulated amortization | (55,349) | (41,931) |
Intangible Liabilities, Net | $ 153,018 | $ 179,741 |
Intangible Assets and Liabili88
Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases, Acquired-in-Place, Market Adjustment [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Rental income increase (decrease) | $ 467 | $ 9,536 | $ 9,917 |
Income of tenant's below market lease asset | 10,315 | 3,915 | |
Write-off above market lease asset | 12,183 | ||
Leases, Acquired-in-Place [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of acquired in-place leases | $ 17,260 | $ 94,935 | $ 128,603 |
Intangible Assets and Intangi89
Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,017 | $ 15,450 |
2,018 | 14,056 |
2,019 | 12,124 |
2,020 | 9,672 |
2,021 | $ 4,505 |
Intangible Assets and Intangi90
Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired In-Place Leases (Details) - Leases, Acquired-in-Place [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2,017 | $ 64,157 |
2,018 | 54,774 |
2,019 | 48,184 |
2,020 | 41,073 |
2,021 | $ 28,268 |
Debt - Additional Information (
Debt - Additional Information (Details) | Oct. 07, 2016USD ($)ft² | Oct. 06, 2016USD ($)ft² | May 03, 2016USD ($)ft² | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Area of office properties | ft² | 10,800,000 | |||||
Notes and mortgages payable, interest rate | 4.10% | |||||
Notes and mortgages payable | $ 3,408,179,000 | $ 2,941,524,000 | ||||
Payment of swap breakage costs | $ 21,972,000 | |||||
Repayment / defeasance of mortgage loan | $ 1,704,330,000 | $ 689,269,000 | 927,633,000 | |||
31 West 52nd Street [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage refinancing extended amount | $ 500,000,000 | |||||
Debt instrument term of notes | 10 years | |||||
Notes and mortgages payable, interest rate | 3.80% | |||||
Proceeds after repayment of existing loan | $ 64,538,000 | |||||
Notes and mortgages payable | $ 500,000,000 | 413,490,000 | ||||
31 West 52nd Street [Member] | Office Building One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Area of office properties | ft² | 786,647 | |||||
31 West 52nd Street [Member] | Existing Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes and mortgages payable | $ 413,490,000 | |||||
31 West 52nd Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes and mortgages payable, interest rate | 3.80% | 3.80% | ||||
Notes and mortgages payable | $ 500,000,000 | 237,600,000 | ||||
Maturity date of debt | 2026-05 | |||||
1301 Avenue of Americas [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Area of office properties | ft² | 1,800,000 | |||||
Debt instrument term of notes | 5 years | |||||
Notes and mortgages payable, interest rate | 2.77% | 2.79% | ||||
Proceeds after repayment of existing loan | $ 827,187,000 | |||||
Notes and mortgages payable | $ 850,000,000 | |||||
Mortgage financing amount | 850,000,000 | |||||
Maturity date of debt | 2021-10 | |||||
1301 Avenue of Americas [Member] | Tranche A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage financing amount | 500,000,000 | |||||
1301 Avenue of Americas [Member] | Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage financing amount | $ 350,000,000 | |||||
1301 Avenue of Americas [Member] | London Interbank Offered Rate (LIBOR) | Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes and mortgages payable, interest rate | 2.36% | |||||
Debt instrument basis spread on variable rate, description | $350,000,000 tranche at a floating rate of LIBOR plus 180 basis points (2.36% at closing). | |||||
Debt instrument basis spread on variable rate | 1.80% | |||||
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes and mortgages payable, interest rate | 3.05% | |||||
Notes and mortgages payable | $ 500,000,000 | |||||
Maturity date of debt | 2021-11 | |||||
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | Tranche A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes and mortgages payable, interest rate | 3.05% | |||||
900 Third Avenue [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes and mortgages payable | 274,337,000 | |||||
Payment of swap breakage costs | $ 7,614,000 | |||||
Repayment / defeasance of mortgage loan | $ 274,337,000 | |||||
900 Third Avenue [Member] | Office Building One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Area of office properties | ft² | 596,270 | |||||
900 Third Avenue [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes and mortgages payable | 162,000,000 | |||||
Waterview [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment / defeasance of mortgage loan | $ 210,000,000 | |||||
Defeasance costs incurred with relation to repayment | $ 4,608,000 | |||||
Waterview [Member] | Office Building One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Area of office properties | ft² | 647,243 | |||||
Waterview [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes and mortgages payable | $ 210,000,000 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Oct. 06, 2016 | May 03, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Notes and mortgages payable, Interest Rate | 4.10% | |||
Notes and mortgages payable | $ 3,408,179,000 | $ 2,941,524,000 | ||
Credit Facility | 230,000,000 | 20,000,000 | ||
Less: deferred financing costs | (43,281,000) | (18,914,000) | ||
Total notes and mortgages payable, net | $ 3,364,898,000 | 2,922,610,000 | ||
Credit Facility With Variable Rate [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2018-11 | |||
Interest Rate | 2.02% | |||
Credit Facility | $ 230,000,000 | 20,000,000 | ||
Credit Facility With Variable Rate [Member] | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed/Variable Rate | 1.25% | |||
1633 Broadway [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes and mortgages payable, Interest Rate | 3.52% | |||
Notes and mortgages payable | $ 1,013,544,000 | 1,013,544,000 | ||
1633 Broadway [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2022-12 | |||
Notes and mortgages payable, Interest Rate | 3.54% | |||
Notes and mortgages payable | $ 1,000,000,000 | 1,000,000,000 | ||
1633 Broadway [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2022-12 | |||
Notes and mortgages payable, Interest Rate | 2.37% | |||
Notes and mortgages payable | $ 13,544,000 | 13,544,000 | ||
1633 Broadway [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Fixed/Variable Rate | 1.75% | |||
1301 Avenue of Americas [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2021-10 | |||
Notes and mortgages payable, Interest Rate | 2.79% | 2.77% | ||
Notes and mortgages payable | $ 850,000,000 | |||
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2021-11 | |||
Notes and mortgages payable, Interest Rate | 3.05% | |||
Notes and mortgages payable | $ 500,000,000 | |||
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2021-11 | |||
Notes and mortgages payable, Interest Rate | 2.43% | |||
Notes and mortgages payable | $ 350,000,000 | |||
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Fixed/Variable Rate | 1.80% | |||
900 Third Avenue [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes and mortgages payable | 274,337,000 | |||
900 Third Avenue [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes and mortgages payable | 162,000,000 | |||
900 Third Avenue [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes and mortgages payable | 112,337,000 | |||
31 West 52nd Street [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes and mortgages payable, Interest Rate | 3.80% | |||
Notes and mortgages payable | $ 500,000,000 | 413,490,000 | ||
31 West 52nd Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2026-05 | |||
Notes and mortgages payable, Interest Rate | 3.80% | 3.80% | ||
Notes and mortgages payable | $ 500,000,000 | 237,600,000 | ||
31 West 52nd Street [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes and mortgages payable | 175,890,000 | |||
One Market Plaza [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes and mortgages payable, Interest Rate | 6.12% | |||
Notes and mortgages payable | $ 872,960,000 | 857,037,000 | ||
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2019-12 | |||
Notes and mortgages payable, Interest Rate | 6.13% | |||
Notes and mortgages payable | $ 860,546,000 | 857,037,000 | ||
One Market Plaza [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2019-12 | |||
Notes and mortgages payable, Interest Rate | 4.94% | |||
Notes and mortgages payable | $ 12,414,000 | |||
One Market Plaza [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Fixed/Variable Rate | 4.20% | |||
Waterview [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes and mortgages payable | 210,000,000 | |||
1899 Pennsylvania Avenue [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2020-11 | |||
Notes and mortgages payable, Interest Rate | 4.88% | |||
Notes and mortgages payable | $ 87,675,000 | 89,116,000 | ||
Liberty Place [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt | 2018-06 | |||
Notes and mortgages payable, Interest Rate | 4.50% | |||
Notes and mortgages payable | $ 84,000,000 | $ 84,000,000 |
Debt - Summary of Outstanding93
Debt - Summary of Outstanding Debt (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Letter of credit | $ 200,000,000 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Revolving Credit Facility | 1,000,000,000 |
1633 Broadway [Member] | Two Hundred And Fifty Million Line Of Credit [Member] | |
Debt Instrument [Line Items] | |
Additional Borrowing Capacity Subject To Performance Hurdles | $ 250,000,000 |
One Market Plaza [Member] | |
Debt Instrument [Line Items] | |
Ownership interest rate of property | 49.00% |
One Market Plaza [Member] | Twenty Million Line Of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Borrowing Capacity | $ 20,136,000 |
Line Of Credit Facility Interest Rate Description | The LIBOR spread includes a liquidity premium of 120 basis points |
One Market Plaza [Member] | Twenty Million Line Of Credit [Member] | London Interbank Offered Rate (LIBOR) | |
Debt Instrument [Line Items] | |
Additional liquidity premium on variable rate | 1.20% |
Debt - Principal Repayments Req
Debt - Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 1,513 |
2,018 | 315,588 |
2,019 | 874,628 |
2,020 | 82,906 |
2,021 | 850,000 |
Thereafter | 1,513,544 |
Notes and Mortgages Payable [Member] | |
Debt Instrument [Line Items] | |
2,017 | 1,513 |
2,018 | 85,588 |
2,019 | 874,628 |
2,020 | 82,906 |
2,021 | 850,000 |
Thereafter | 1,513,544 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
2,018 | $ 230,000 |
Debt - Principal Repayments R95
Debt - Principal Repayments Required For Mortgages and Notes and Credit Facility (Parenthetical) (Details) - USD ($) $ in Thousands | Jan. 19, 2017 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Repayment / defeasance of mortgage loan | $ 1,704,330 | $ 689,269 | $ 927,633 | |
Subsequent Event [Member] | One Market Plaza [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage refinancing extended amount | $ 975,000 | |||
Subsequent Event [Member] | One Market Plaza [Member] | Existing Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment / defeasance of mortgage loan | $ 872,960 |
Derivative Instruments and He96
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Fair value of derivative obligations to be settled | $ 22,225,000 | ||
Change in value of interest rate swaps | 8,161,000 | $ (9,241,000) | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Aggregate notional amount | 840,000,000 | ||
Unrealized gains on interest rate swaps | $ 15,084,000 | 39,814,000 | 75,760,000 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Change in value of interest rate swaps | 8,161,000 | $ (9,241,000) | |
Estimated accumulated other comprehensive income (loss) reclassified to interest expense in the next twelve months | 8,227,000 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | 1633 Broadway [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Aggregate notional amount | 1,000,000,000 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap March Two Thousand Sixteen [Member] | 1633 Broadway [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Aggregate notional amount | $ 400,000,000 |
Derivative Instruments and He97
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swaps (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Interest rate swap liabilities | $ 22,446,000 | $ 93,936,000 |
Interest rate swap assets | 139,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount, Liabilities | 840,000,000 | |
Interest rate swap liabilities | 21,227,000 | 84,695,000 |
Not Designated as Hedging Instrument [Member] | One Market Plaza [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount, Liabilities | $ 840,000,000 | |
Maturity Date, Liabilities | 2017-08 | |
Strike Rate, Liabilities | 5.02% | |
Interest rate swap liabilities | $ 21,227,000 | 55,404,000 |
Not Designated as Hedging Instrument [Member] | One Market Plaza [Member] | Minimum | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Effective Dates, Liabilities | 2007-08 | |
Not Designated as Hedging Instrument [Member] | One Market Plaza [Member] | Maximum | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Effective Dates, Liabilities | 2012-08 | |
Not Designated as Hedging Instrument [Member] | 31 West 52nd Street [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Interest rate swap liabilities | 17,661,000 | |
Not Designated as Hedging Instrument [Member] | 900 Third Avenue [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Interest rate swap liabilities | 11,630,000 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Interest rate swap assets | $ 139,000 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Interest rate swap liabilities | 1,219,000 | 9,241,000 |
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount, Liabilities | 1,000,000,000 | |
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Interest Rate Swap November Two Thousand Fifteen [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount, Liabilities | $ 400,000,000 | |
Effective Dates, Liabilities | 2020-12 | |
Maturity Date, Liabilities | 2021-12 | |
Strike Rate, Liabilities | 2.35% | |
Interest rate swap liabilities | 37,000 | |
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Interest Rate Swap September Two Thousand Fifteen [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount, Liabilities | $ 1,000,000,000 | |
Effective Dates, Liabilities | 2015-12 | |
Strike Rate, Liabilities | 1.79% | |
Interest rate swap liabilities | $ 1,219,000 | $ 9,204,000 |
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Interest Rate Swap December Two Thousand Sixteen [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount, Assets | $ 400,000,000 | |
Effective Dates, Assets | 2020-12 | |
Maturity Date, Assets | 2021-12 | |
Strike Rate, Assets | 2.35% | |
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Interest Rate Swap March Two Thousand Sixteen [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount, Liabilities | $ 400,000,000 | |
Interest rate swap assets | $ 139,000 | |
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Minimum | Interest Rate Swap September Two Thousand Fifteen [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Maturity Date, Liabilities | 2020-12 | |
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Maximum | Interest Rate Swap September Two Thousand Fifteen [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Maturity Date, Liabilities | 2022-12 |
Accumulated Other Comprehensi98
Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of loss related to the effective portion of cash flow hedges recognized in other comprehensive income (loss) | [1] | $ (2,774,000) | $ (8,501,000) |
Amounts reclassified from accumulated other comprehensive income (loss) into interest expense | [1] | 10,977,000 | 1,070,000 |
Unconsolidated Joint Ventures [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income (loss) into interest expense | 0 | 0 | |
Amount income (loss) related to unconsolidated joint ventures recognized in other comprehensive income (loss) | [1],[2] | $ 12,000 | $ (412,000) |
[1] | Net of amount attributable to the noncontrolling interests in the Operating Partnership. | ||
[2] | Balance held in accumulated other comprehensive income (loss) relates to foreign currency translation adjustments. No amounts were reclassified from accumulated other comprehensive income (loss) during any of the periods set forth above. |
Accumulated Other Comprehensi99
Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | [1] | $ 10,977,000 | $ 1,070,000 |
Unconsolidated Joint Ventures [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | $ 0 | $ 0 | |
[1] | Net of amount attributable to the noncontrolling interests in the Operating Partnership. |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | ||
Noncontrolling interest in consolidated real estate funds aggregated | $ 64,793 | $ 414,637 |
Consolidated joint ventures | 253,788 | 236,849 |
Operating partnerships | 577,361 | 898,047 |
Redemption value | $ 551,834 | $ 935,048 |
Common units conversion basis | one-for-one |
Variable Interest Entities (101
Variable Interest Entities ("VIEs") - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Percentage of ownership in operating partnership | 87.00% |
Variable Interest Entities (102
Variable Interest Entities ("VIEs") - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||
Rental property, net | $ 7,530,932,000 | $ 7,409,028,000 | |
Cash and restricted cash | 29,374,000 | 41,823,000 | |
Preferred equity investments | 55,051,000 | 53,941,000 | |
Deferred rent receivable | 163,695,000 | 77,792,000 | |
Accounts and other receivables | 15,251,000 | 10,844,000 | |
Deferred charges, net | 71,184,000 | 74,991,000 | |
Intangible assets, net | 412,225,000 | 511,207,000 | |
Other assets | 22,829,000 | 6,658,000 | |
Total assets | [1] | 8,867,168,000 | 8,775,229,000 |
Notes and mortgages payable, net | 3,408,179,000 | 2,941,524,000 | |
Loans payable to noncontrolling interests | 45,662,000 | ||
Accounts payable and other accrued expenses | 103,896,000 | 102,730,000 | |
Intangible liabilities, net | 153,018,000 | 179,741,000 | |
Interest rate swap liabilities | 22,446,000 | 93,936,000 | |
Other liabilities | 53,046,000 | 45,101,000 | |
Total liabilities | [1] | 3,981,221,000 | 3,464,679,000 |
Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Rental property, net | 1,336,810,000 | 63,511,000 | |
Investments, at fair value | 8,025,000 | ||
Cash and restricted cash | 17,054,000 | 497,000 | |
Preferred equity investments | 55,051,000 | ||
Deferred rent receivable | 32,103,000 | ||
Accounts and other receivables | 695,000 | ||
Deferred charges, net | 5,966,000 | ||
Intangible assets, net | 52,139,000 | ||
Other assets | 14,474,000 | ||
Total assets | 1,514,292,000 | 72,033,000 | |
Notes and mortgages payable, net | 872,960,000 | ||
Loans payable to noncontrolling interests | 45,662,000 | ||
Accounts payable and other accrued expenses | 21,077,000 | ||
Intangible liabilities, net | 48,654,000 | ||
Interest rate swap liabilities | 21,227,000 | ||
Other liabilities | 6,555,000 | 195,000 | |
Total liabilities | $ 970,473,000 | $ 45,857,000 | |
[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 87.0%. As of December 31, 2016, the assets and liabilities of the Operating Partnership include $1,514,292 and $970,473, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities. |
Variable Interest Entities (103
Variable Interest Entities ("VIEs") - Summary of Investments in Unconsolidated Real Estate Funds (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Variable Interest Entity [Line Items] | |
Investments in unconsolidated real estate funds | $ 28,173 |
Investment [Member] | |
Variable Interest Entity [Line Items] | |
Investments in unconsolidated real estate funds | 28,173 |
Asset Management Fees and Other Receivables [Member] | |
Variable Interest Entity [Line Items] | |
Investments in unconsolidated real estate funds | 1,680 |
Maximum Risk of Loss [Member] | |
Variable Interest Entity [Line Items] | |
Investments in unconsolidated real estate funds | $ 29,853 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 22,393 | $ 21,521 |
Interest rate swap assets (included in "other assets") | 139 | |
Total assets | 22,532 | 437,959 |
Interest rate swap liabilities | 22,446 | 93,936 |
Total liabilities | 22,446 | 93,936 |
Investments in Property Funds | 248,824 | |
Investments in Alternative Investment Funds | 167,614 | |
Total real estate fund investments | 416,438 | |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 22,393 | 21,521 |
Total assets | 22,393 | 21,521 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap assets (included in "other assets") | 139 | |
Total assets | 139 | |
Interest rate swap liabilities | 22,446 | 93,936 |
Total liabilities | $ 22,446 | 93,936 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 416,438 | |
Investments in Property Funds | 248,824 | |
Investments in Alternative Investment Funds | 167,614 | |
Total real estate fund investments | $ 416,438 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Property Funds [Member] | 12 Months Ended |
Dec. 31, 2015Investments | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Number of investments held by fund | 4 |
Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair value measurement anticipated investment holding period | 1 year |
Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair value measurement anticipated investment holding period | 10 years |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Significant Unobservable Quantitative Inputs Utilized in Determining Fair Value of Investments (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Property Funds [Member] | Minimum | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Discount rates | 7.00% |
Terminal capitalization rates | 5.00% |
Property Funds [Member] | Maximum | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Discount rates | 7.50% |
Terminal capitalization rates | 6.00% |
Property Funds [Member] | Weighted Average (based on fair value of investments) [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Discount rates | 7.18% |
Terminal capitalization rates | 5.47% |
Alternative Investment Fund [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Credit spread | 2.34% |
Alternative Investment Fund [Member] | Minimum | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Preferred return | 7.32% |
Alternative Investment Fund [Member] | Maximum | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Preferred return | 14.02% |
Alternative Investment Fund [Member] | Weighted Average (based on fair value of investments) [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Preferred return | 9.51% |
Credit spread | 2.34% |
Fair Value Measurements - Su107
Fair Value Measurements - Summary of Changes in Fair Value of Real Estate Fund Investments in Level 3 (Details) - Real Estate Fund [Member] - Level 3 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 323,387 |
Purchases / Additions | 170,218 |
Sales / Transfer of assets | (98,368) |
Net realized gains | 7,455 |
Previously recorded unrealized gains on exited investments | (6,584) |
Net unrealized gains | 20,330 |
Ending balance | $ 416,438 |
Fair Value Measurements - Su108
Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Total assets | [1] | $ 8,867,168,000 | $ 8,775,229,000 |
Notes and mortgages payable | 3,408,179,000 | 2,941,524,000 | |
Revolving credit facility | 230,000,000 | 20,000,000 | |
Total liabilities | [1] | 3,981,221,000 | 3,464,679,000 |
Carrying Amount [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash equivalents | 107,100,000 | 118,561,000 | |
Total assets | 107,100,000 | 118,561,000 | |
Notes and mortgages payable | 3,408,179,000 | 2,941,524,000 | |
Revolving credit facility | 230,000,000 | 20,000,000 | |
Total liabilities | 3,638,179,000 | 2,961,524,000 | |
Fair Value [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Total assets | 107,100,000 | 118,561,000 | |
Notes and mortgages payable | 3,371,262,000 | 2,907,242,000 | |
Revolving credit facility | 230,018,000 | 20,723,000 | |
Total liabilities | 3,601,280,000 | 2,927,965,000 | |
Cash equivalents | $ 107,100,000 | $ 118,561,000 | |
[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 87.0%. As of December 31, 2016, the assets and liabilities of the Operating Partnership include $1,514,292 and $970,473, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities. |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rents under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 552,573 |
2,018 | 564,545 |
2,019 | 551,392 |
2,020 | 522,219 |
2,021 | 457,868 |
Thereafter | 2,758,892 |
Total | $ 5,407,489 |
Fee and Other Income - Schedule
Fee and Other Income - Schedule of Fee and Other Income (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Nov. 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fee income | ||||
Property management fees | $ 587 | $ 5,948 | $ 5,763 | |
Asset management fee income | 7,754 | |||
Acquisition, leasing and disposition fees | 510 | 2,226 | 3,916 | |
Other fees | 79 | 1,003 | 569 | |
Total fee income | 1,176 | 16,931 | 10,248 | |
Lease termination income | 465 | 17,010 | 871 | |
Other income | 1,164 | 14,296 | 13,874 | |
Total fee and other income | $ 2,805 | $ 48,237 | $ 24,993 | |
Predecessor [Member] | ||||
Fee income | ||||
Property management fees | $ 15,599 | |||
Asset management fee income | 22,623 | |||
Acquisition, leasing and disposition fees | 27,038 | |||
Other fees | 6,461 | |||
Total fee income | 49,098 | |||
Total fee and other income | $ 49,098 |
Fee and Other Income - Sched111
Fee and Other Income - Schedule of Fee and Other Income (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fee And Other Income [Line Items] | |||
Lease termination income | $ 465 | $ 17,010 | $ 871 |
1633 Broadway [Member] | |||
Fee And Other Income [Line Items] | |||
Lease termination income | $ 10,861 |
Interest and Other Income (L112
Interest and Other Income (Loss), net - Schedule Of Interest And Other Income (Loss), net (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Nov. 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||
Preferred equity investment income | $ 5,716 | |||
Interest and other income | $ 142 | 774 | $ 674 | |
Mark-to-market of investments in our deferred compensation plans | (321) | 444 | 197 | |
Total interest and other income (loss), net | $ (179) | $ 6,934 | $ 871 | |
Predecessor [Member] | ||||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||
Interest and other income | $ 773 | |||
Mark-to-market of investments in our deferred compensation plans | 1,706 | |||
Total interest and other income (loss), net | $ 2,479 |
Interest and Other Income (L113
Interest and Other Income (Loss), net - Schedule Of Interest And Other Income (Loss), net (Parenthetical) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |
Preferred equity investment income | $ 5,716 |
Preferred equity ownership percentage | 24.40% |
PGRESS Equity Holdings L.P. [Member] | |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |
Preferred equity investment income | $ 1,393 |
Preferred equity ownership percentage | 24.40% |
Interest and Debt Expense - Det
Interest and Debt Expense - Details of Interest and Debt Expense (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Nov. 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest And Debt Expense [Line Items] | ||||
Interest and debt expense | $ 43,503 | $ 150,942 | $ 165,801 | |
Amortization of deferred financing costs | 240 | 6,804 | 2,565 | |
Total interest and debt expense | $ 43,743 | $ 157,746 | $ 168,366 | |
Predecessor [Member] | ||||
Interest And Debt Expense [Line Items] | ||||
Interest and debt expense | $ 28,196 | |||
Amortization of deferred financing costs | 389 | |||
Total interest and debt expense | $ 28,585 |
Interest and Debt Expense - 115
Interest and Debt Expense - Details of Interest and Debt Expense (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2016 | |
Interest And Debt Expense [Abstract] | ||
Defeasance and debt breakage costs | $ 25,717 | $ 4,608 |
Formation Related Costs - Sched
Formation Related Costs - Schedule of Formation Related Costs (Details) $ in Thousands | 1 Months Ended |
Dec. 31, 2014USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Total formation related costs | $ 143,437 |
IPO [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total formation related costs | 143,437 |
IPO [Member] | Founders Grant [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total formation related costs | 71,000 |
IPO [Member] | Transfer Taxes [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total formation related costs | 51,306 |
IPO [Member] | Accounting, Legal and Other Professional Fees [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total formation related costs | $ 21,131 |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Fair value of stock options granted | $ 3.39 | $ 3.40 | $ 4.44 | ||
Employee Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock Options Expiration Period | 10 years | ||||
Unrecognized compensation cost | $ 3,347,000 | ||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 2 years 9 months 18 days | ||||
Employee Stock Option | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
Employee Stock Option | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 3 years 1 month 6 days | ||||
Fair value granted | $ 100,000 | $ 1,600,000 | $ 100,000 | ||
Unrecognized compensation cost | $ 1,146,000 | ||||
Equity Incentive Plan [Member] | Full Value Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares available for grant | 12,228,883 | ||||
Equity Incentive Plan [Member] | Full Value Awards [Member] | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares available for grant | 17,142,857 | ||||
Equity Incentive Plan [Member] | Not Full Value Awards [Member] | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares available for grant | 34,285,714 | ||||
LTIP Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 15,390,000 | ||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 3 years | ||||
Fair value granted | $ 14,700,000 | $ 10,106,000 | 2,081,000 | ||
LTIP Units | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
LTIP Units | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
2016 Performance Program [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Performance measurement period, term | 3 years | ||||
Performance measurement period, start date | Mar. 18, 2016 | ||||
Performance measurement period, end date | Mar. 17, 2019 | ||||
Percentage of award earned based on performance of absolute return to stockholders | 25.00% | ||||
Percentage of award earned based on performance of relative return to stockholders | 75.00% | ||||
Fair value of awards granted | $ 10,914,000 | ||||
2016 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 | 50.00% | ||||
2016 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 | 50.00% | ||||
2016 Performance Program [Member] | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total return to stockholders for participants to start earning awards on absolute basis | 21.00% | ||||
Percentage by which to exceed the performance of the SNL Office REIT Index for participants to start to earn awards on relative basis | 2.50% | ||||
Total return to stockholders for participants to fully earn awards on absolute basis | 36.00% | ||||
Percentage by which to exceed performance of the SNL office REIT index for participants to fully earn awards on relative basis | 4.00% | ||||
1993 Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Assets of deferred compensation plan | $ 30,743,000 | $ 28,947,000 |
Incentive Compensation - Summar
Incentive Compensation - Summary of Components of Stock-Based Compensations Expense (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 391 | $ 11,278 | $ 7,000 |
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 79 | 1,590 | 1,241 |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 16 | 391 | 142 |
LTIP Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 296 | 5,617 | 4,507 |
2016 Performance Program [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 3,680 | $ 1,110 |
Incentive Compensation - Sum119
Incentive Compensation - Summary of Components of Stock-Based Compensations Expense (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
LTIP Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Acceleration of vesting stock awards | $ 1,443 | $ 1,567 |
Employee Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Acceleration of vesting stock awards | $ 412 | $ 294 |
Incentive Compensation - Sum120
Incentive Compensation - Summary of Fair Value of the Option (Details) - Employee Stock Option | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 23.00% | 29.00% | 27.00% |
Expected life | 6 years 6 months | 5 years 10 months 24 days | 6 years 6 months |
Risk free interest rate | 2.10% | 1.50% | 1.80% |
Expected dividend yield | 2.30% | 2.30% | 2.00% |
Incentive Compensation - Sum121
Incentive Compensation - Summary of Stock Option Activity (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted-Average Exercise Price, Outstanding at December 31, 2015 | $ / shares | $ 17.69 |
Weighted-Average Exercise Price, Granted | $ / shares | 14.94 |
Weighted-Average Exercise Price, Cancelled or expired | $ / shares | 17.50 |
Weighted-Average Exercise Price, Outstanding at December 31, 2016 | $ / shares | 17.34 |
Weighted-Average Exercise Price, Options vested and expected to vest at December 31, 2016 | $ / shares | 17.04 |
Weighted-Average Exercise Price, Options exercisable at December 31, 2016 | $ / shares | $ 17.76 |
Weighted-Average Remaining Contractual Term (in years), Outstanding at December 31, 2016 | 8 years 1 month 6 days |
Weighted-Average Remaining Contractual Term (in years), Options vested and expected to vest at December 31, 2016 | 8 years 2 months 12 days |
Weighted-Average Remaining Contractual Term (in years), Options exercisable at December 31, 2016 | 7 years 10 months 24 days |
Aggregate Intrinsic Value, Outstanding at December 31, 2016 | $ | $ 250,920 |
Aggregate Intrinsic Value, Options vested and expected to vest at December 31, 2016 | $ | $ 240,171 |
Employee Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding at December 31, 2015 | shares | 1,624,450 |
Shares, Granted | shares | 238,971 |
Shares, Cancelled or expired | shares | (19,300) |
Shares, Outstanding at December 31, 2016 | shares | 1,844,121 |
Shares, Options vested and expected to vest at December 31, 2016 | shares | 1,012,693 |
Shares, Options exercisable at December 31, 2016 | shares | 742,000 |
Incentive Compensation - Sum122
Incentive Compensation - Summary of LTIP Unit Activity (Details) - LTIP Units | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Unvested as of December 31, 2015 | shares | 714,959 |
Units, Granted | shares | 673,237 |
Units, Vested | shares | (281,626) |
Units, Cancelled or expired | shares | (13,715) |
Units, Unvested as of December 31, 2016 | shares | 1,092,855 |
Weighted-Average Grant-Date Fair Value, Unvested as of December 31, 2015 | $ / shares | $ 16.84 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 15.01 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 17 |
Weighted-Average Grant-Date Fair Value, Cancelled or expired | $ / shares | 16.63 |
Weighted-Average Grant-Date Fair Value, Unvested as of December 31, 2016 | $ / shares | $ 15.68 |
Incentive Compensation - Sum123
Incentive Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Unvested as of December 31, 2015 | shares | 5,219 |
Units, Granted | shares | 100,673 |
Units, Vested | shares | (5,219) |
Units, Cancelled or expired | shares | (5,850) |
Units, Unvested as of December 31, 2016 | shares | 94,823 |
Weighted-Average Grant-Date Fair Value, Unvested as of December 31, 2015 | $ / shares | $ 19.16 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 15.90 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 19.16 |
Weighted-Average Grant-Date Fair Value, Cancelled or expired | $ / shares | 15.90 |
Weighted-Average Grant-Date Fair Value, Unvested as of December 31, 2016 | $ / shares | $ 15.90 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Jan. 13, 2017 | Jan. 15, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Line Items] | |||||
Minimum percentage of taxable income distributed to shareholders | 90.00% | ||||
Income tax expense | $ 505,000 | $ 1,785,000 | $ 2,566,000 | ||
Cash dividend | $ 0.095 | $ 0.039 | |||
Return on capital | 71.80% | 89.20% | |||
Ordinary dividend rate | 28.20% | 10.80% | |||
Return Of Capital | |||||
Income Taxes [Line Items] | |||||
Cash dividend | $ 0.273 | $ 0.289 | |||
Ordinary Dividend | |||||
Income Taxes [Line Items] | |||||
Cash dividend | $ 0.107 | $ 0.035 | |||
Subsequent Event [Member] | |||||
Income Taxes [Line Items] | |||||
Cash dividend | $ 0.095 | ||||
Taxable REIT Subsidiaries [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax expense | $ 189,000 | $ 780,000 | $ 2,545,000 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Net Income Attributable to Estimated Taxable Income (Loss) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Net (loss) income attributable to Paramount Group, Inc. | $ 57,308 | $ (6,489) | $ (139) | $ 3,188 | $ (6,494) | $ 8,905 | $ 1,116 | $ (4,709) | $ (9,731) | $ (9,934) | $ (4,419) |
Book to tax differences: | |||||||||||
Straight-line and prepaid rents | 6,927 | (29,024) | (36,131) | ||||||||
Depreciation and amortization | 11,691 | 95,489 | 104,399 | ||||||||
Stock-based compensation | 57,740 | 9,673 | 5,794 | ||||||||
Gain on consolidation of unconsolidated joint venture | (192,891) | ||||||||||
Swap breakage costs | (11,316) | (25,367) | (27,147) | ||||||||
Unrealized gain on interest rate swaps | (6,832) | (4,651) | (29,586) | ||||||||
Earnings of unconsolidated joint ventures, including real estate investments | (5,347) | (3,513) | (12,909) | ||||||||
Other, net | 20,832 | (9,561) | 7,356 | ||||||||
Estimated taxable income (loss) (unaudited) | $ (61,888) | $ 23,112 | $ 7,357 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Position (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Nov. 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||
Income before income taxes | $ 73,227 | $ 3,854 | $ 23,709 | |
Income tax expense | $ 505 | $ 1,785 | $ 2,566 | |
Predecessor [Member] | ||||
Income Taxes [Line Items] | ||||
Income before income taxes | $ 127,859 | |||
Income tax expense | $ 18,461 | |||
Effective income tax rate | 14.40% |
Income Taxes - Summary of Tax R
Income Taxes - Summary of Tax Rate Reconciliation (Details) - Predecessor [Member] | 11 Months Ended |
Nov. 23, 2014 | |
Income Taxes [Line Items] | |
Statutory U.S. federal income tax rate | 35.00% |
Income passed through to common unitholders and noncontrolling interests | (24.10%) |
State and local income taxes | 5.50% |
Other | (2.00%) |
Effective income tax rate | 14.40% |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net (loss) income attributable to common stockholders | $ 57,308 | $ (6,489) | $ (139) | $ 3,188 | $ (6,494) | $ 8,905 | $ 1,116 | $ (4,709) | $ (9,731) | $ (9,934) | $ (4,419) |
Earnings allocated to unvested participating securities | (37) | ||||||||||
Numerator for (loss) income per common share - basic and diluted | $ 57,308 | $ (9,971) | $ (4,419) | ||||||||
Denominator: | |||||||||||
Denominator for basic (loss) income per common share - weighted average shares | 212,106,718 | 218,053,062 | 212,106,718 | ||||||||
Effect of dilutive employee stock options and restricted share awards | 1,000 | ||||||||||
Denominator for diluted (loss) income per common share - weighted average shares | 212,107,908 | 218,053,062 | 212,106,718 | ||||||||
(Loss) income per common share - basic and diluted | $ 0.27 | $ (0.05) | $ (0.02) |
Earnings Per Share - Summary129
Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Effect of dilutive securities excluded from computation of earning per share | 53,043 | 48,113 | 53,281 |
Summary of Quarterly Results130
Summary of Quarterly Results (unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 66,135 | $ 166,802 | $ 171,318 | $ 172,303 | $ 172,918 | $ 170,528 | $ 167,726 | $ 162,928 | $ 161,226 | $ 683,341 | $ 662,408 |
Net (loss) income attributable to the common stockholders | $ 57,308 | $ (6,489) | $ (139) | $ 3,188 | $ (6,494) | $ 8,905 | $ 1,116 | $ (4,709) | $ (9,731) | $ (9,934) | $ (4,419) |
Income (Loss) Per Common Share Basic | $ 0.27 | $ (0.03) | $ 0 | $ 0.01 | $ (0.03) | $ 0.04 | $ 0.01 | $ (0.02) | $ (0.05) | $ (0.05) | $ (0.02) |
Income (Loss) Per Common Share Diluted | $ 0.27 | $ (0.03) | $ 0 | $ 0.01 | $ (0.03) | $ 0.04 | $ 0.01 | $ (0.02) | $ (0.05) | $ (0.05) | $ (0.02) |
Related Party - Additional Info
Related Party - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 27,299,000 | $ 27,299,000 | |
Interest Expense, Related Party | $ 15,000 | 139,000 | 136,000 |
Fee and other income | 2,805,000 | 48,237,000 | 24,993,000 |
Accounts and other receivables | 15,251,000 | 10,844,000 | |
Transaction related costs | $ 2,404,000 | $ 10,355,000 | |
Area of related party lease | ft² | 10,800,000 | ||
712 Fifth Avenue [Member] | |||
Related Party Transaction [Line Items] | |||
Equity method ownership percentage | 50.00% | 50.00% | |
Management Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Fee and other income | 45,000 | $ 795,000 | $ 776,000 |
Accounts and other receivables | 83,000 | ||
CNBB-RDF Holdings, LP [Member] | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | 24,500,000 | ||
CNBB-RDF Holdings Otto Family [Member] | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | 2,799,000 | ||
Unconsolidated Joint Ventures and Real Estate Funds [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts and other receivables | 1,966,000 | ||
Property management, asset management, leasing and other related services fee income | 212,000 | $ 9,920,000 | 2,308,000 |
Hamburg Trust Consulting GMBH (“HTC”) [Member] | |||
Related Party Transaction [Line Items] | |||
Mark-up cost percentage | 10.00% | ||
Transaction related costs | $ 840,000 | $ 625,000 | $ 349,000 |
Hamburg Trust Consulting GMBH (“HTC”) [Member] | Chairman, Chief Executive Officer and President [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 100.00% | ||
Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member] | |||
Related Party Transaction [Line Items] | |||
Area of related party lease | ft² | 6,790 | ||
Equity method ownership percentage | 50.00% | ||
Lease rental income | $ 416,000 | ||
Notes Payable to Related Parties [Member] | CNBB-RDF Holdings, LP [Member] | |||
Related Party Transaction [Line Items] | |||
Maturity Date | 2017-10 | ||
Note payable, fixed bearing interest rate | 0.50% | ||
Notes Payable to Related Parties [Member] | CNBB-RDF Holdings Otto Family [Member] | |||
Related Party Transaction [Line Items] | |||
Maturity Date | 2017-10 | ||
Note payable, fixed bearing interest rate | 0.50% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($)ft² | Jan. 24, 2017ft² | Dec. 31, 2015 | Nov. 23, 2014ft² | |
Other Commitments [Line Items] | ||||
Prime retail space of building | 10,800,000 | |||
60 Wall Street [Member] | ||||
Other Commitments [Line Items] | ||||
Right to acquire joint venture interests in property, amount | $ | $ 1,040 | |||
60 Wall Street [Member] | Subsequent Event [Member] | ||||
Other Commitments [Line Items] | ||||
Prime retail space of building | 1,600,000 | |||
Property ownership, percentage | 5.20% | |||
718 Fifth Avenue [Member] | ||||
Other Commitments [Line Items] | ||||
Put right notice period | 12 months | |||
712 Fifth Avenue [Member] | ||||
Other Commitments [Line Items] | ||||
Equity method ownership percentage | 50.00% | 50.00% | ||
Predecessor [Member] | 718 Fifth Avenue [Member] | ||||
Other Commitments [Line Items] | ||||
Percentage of tenancy-in-common interest in property | 50.00% | |||
Predecessor [Member] | 712 Fifth Avenue [Member] | ||||
Other Commitments [Line Items] | ||||
Equity method ownership percentage | 50.00% | |||
Fund II and Fund III [Member] | 60 Wall Street [Member] | ||||
Other Commitments [Line Items] | ||||
Remaining ownership percentage | 37.70% | |||
Owned by Affiliate [Member] | Predecessor [Member] | 718 Fifth Avenue [Member] | Third Party Affiliate [Member] | ||||
Other Commitments [Line Items] | ||||
Equity method ownership percentage | 25.00% | |||
Owned by Affiliate [Member] | Parent Company [Member] | Put Right Exercised [Member] | 718 Fifth Avenue [Member] | ||||
Other Commitments [Line Items] | ||||
Pre IPO ownership percentage | 25.00% | |||
Owned by Affiliate [Member] | Fund II and Fund III [Member] | 60 Wall Street [Member] | ||||
Other Commitments [Line Items] | ||||
Percentage of ownership in joint venture | 62.30% | |||
Owned by Affiliate [Member] | Retail Type Space [Member] | 60 Wall Street [Member] | ||||
Other Commitments [Line Items] | ||||
Prime retail space of building | 1,600,000 | |||
Owned by Affiliate [Member] | Retail Type Space [Member] | Predecessor [Member] | 718 Fifth Avenue [Member] | ||||
Other Commitments [Line Items] | ||||
Prime retail space of building | 19,050 |
Segments Disclosure - Additiona
Segments Disclosure - Additional Information (Details) - Segment | 11 Months Ended | 12 Months Ended |
Nov. 23, 2014 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 3 | |
Predecessor [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 3 |
Segments Disclosure - Schedule
Segments Disclosure - Schedule of NOI for Each Reportable Segment Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Property-related revenues | $ 66,371 | $ 666,410 | $ 652,160 |
Property-related operating expenses | (26,011) | (250,040) | (244,754) |
NOI from unconsolidated joint ventures | 1,680 | 17,195 | 16,580 |
NOI | 42,040 | 433,565 | 423,986 |
New York [Member] | |||
Segment Reporting Information [Line Items] | |||
Property-related revenues | 47,460 | 449,794 | 452,842 |
Property-related operating expenses | (18,679) | (176,445) | (174,273) |
NOI from unconsolidated joint ventures | 1,680 | 16,874 | 16,210 |
NOI | 30,461 | 290,223 | 294,779 |
Washington, D.C. [Member] | |||
Segment Reporting Information [Line Items] | |||
Property-related revenues | 7,225 | 86,389 | 82,366 |
Property-related operating expenses | (3,307) | (32,721) | (32,482) |
NOI | 3,918 | 53,668 | 49,884 |
San Francisco [Member] | |||
Segment Reporting Information [Line Items] | |||
Property-related revenues | 9,978 | 127,813 | 114,472 |
Property-related operating expenses | (3,269) | (30,889) | (29,277) |
NOI | 6,709 | 96,924 | 85,195 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Property-related revenues | 1,708 | 2,414 | 2,480 |
Property-related operating expenses | (756) | (9,985) | (8,722) |
NOI from unconsolidated joint ventures | 321 | 370 | |
NOI | $ 952 | $ (7,250) | $ (5,872) |
Segments Disclosure - Schedu135
Segments Disclosure - Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
NOI | $ 42,040 | $ 433,565 | $ 423,986 | ||||||||
Fee income | 1,176 | 16,931 | 10,248 | ||||||||
Depreciation and amortization expense | (34,481) | (269,450) | (294,624) | ||||||||
General and administrative expenses | (2,207) | (53,510) | (42,056) | ||||||||
Transaction related costs and transfer taxes due in connection with the sale of shares by a former joint venture partner | (2,404) | (10,355) | |||||||||
NOI from unconsolidated joint ventures | (1,680) | (17,195) | (16,580) | ||||||||
Income from unconsolidated joint ventures | 938 | 7,413 | 6,850 | ||||||||
Income from real estate fund investments | 1,412 | 37,975 | |||||||||
Loss from unconsolidated real estate funds | (498) | ||||||||||
Interest and other income (loss), net | (179) | 6,934 | 871 | ||||||||
Interest and debt expense | (43,743) | (157,746) | (168,366) | ||||||||
Unrealized gain on interest rate swaps | 15,084 | 39,814 | 75,760 | ||||||||
Gain on consolidation of an unconsolidated joint venture | 239,716 | ||||||||||
Net income before income taxes | 73,227 | 3,854 | 23,709 | ||||||||
Income tax expense | (505) | (1,785) | (2,566) | ||||||||
Net income | 72,722 | 2,069 | 21,143 | ||||||||
Consolidated real estate funds | (135) | 1,316 | (21,173) | ||||||||
Consolidated joint ventures | (1,353) | (15,423) | (5,459) | ||||||||
Operating Partnership | (13,926) | 2,104 | 1,070 | ||||||||
Net (loss) income attributable to common stockholders | 57,308 | $ (6,489) | $ (139) | $ 3,188 | $ (6,494) | $ 8,905 | $ 1,116 | $ (4,709) | $ (9,731) | (9,934) | (4,419) |
Deal Cost [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Transaction related costs and transfer taxes due in connection with the sale of shares by a former joint venture partner | $ (2,404) | (4,483) | |||||||||
Formation Related Costs [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Transaction related costs and transfer taxes due in connection with the sale of shares by a former joint venture partner | $ (143,437) | ||||||||||
Transfer Taxes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Transaction related costs and transfer taxes due in connection with the sale of shares by a former joint venture partner | $ (5,872) |
Segments Disclosure - Schedu136
Segments Disclosure - Schedule of Selected Balance Sheet Data for Each Reportable Segments Information (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total assets | [1] | $ 8,867,168 | $ 8,775,229 | |
Total liabilities | [1] | 3,981,221 | 3,464,679 | |
Total equity | 4,885,947 | $ 5,310,550 | $ 5,554,953 | |
New York [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 5,617,344 | |||
Total liabilities | 2,444,101 | |||
Total equity | 3,173,243 | |||
Washington, D.C. [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,075,350 | |||
Total liabilities | 204,020 | |||
Total equity | 871,330 | |||
San Francisco [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,913,747 | |||
Total liabilities | 980,460 | |||
Total equity | 933,287 | |||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 260,727 | |||
Total liabilities | 352,640 | |||
Total equity | $ (91,913) | |||
[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 87.0%. As of December 31, 2016, the assets and liabilities of the Operating Partnership include $1,514,292 and $970,473, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities. |
Segments Disclosure - Schedu137
Segments Disclosure - Schedule of Each Reportable Segment Information of Predecessor (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Nov. 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | ||||||||||||
Rental income | $ 57,465 | $ 590,161 | $ 586,530 | |||||||||
Tenant reimbursement income | 5,865 | 44,943 | 50,885 | |||||||||
Fee and other income | 2,805 | 48,237 | 24,993 | |||||||||
Total revenues | 66,135 | $ 166,802 | $ 171,318 | $ 172,303 | $ 172,918 | $ 170,528 | $ 167,726 | $ 162,928 | $ 161,226 | 683,341 | 662,408 | |
Total expenses | 62,699 | 575,404 | 591,789 | |||||||||
Operating income | 3,436 | 107,937 | 70,619 | |||||||||
Income from unconsolidated joint ventures | 938 | 7,413 | 6,850 | |||||||||
Unrealized gain (loss) on interest rate swaps | 15,084 | 39,814 | 75,760 | |||||||||
Interest and other income, net | (179) | 6,934 | 871 | |||||||||
Interest and debt expense | (43,743) | (157,746) | (168,366) | |||||||||
Net income before income taxes | 73,227 | 3,854 | 23,709 | |||||||||
Income tax expense | (505) | (1,785) | (2,566) | |||||||||
Net income | 72,722 | 2,069 | 21,143 | |||||||||
Net (loss) income attributable to common stockholders | $ 57,308 | $ (6,489) | $ (139) | $ 3,188 | $ (6,494) | $ 8,905 | $ 1,116 | $ (4,709) | $ (9,731) | $ (9,934) | $ (4,419) | |
Predecessor [Member] | ||||||||||||
Revenues | ||||||||||||
Rental income | $ 30,208 | |||||||||||
Tenant reimbursement income | 1,646 | |||||||||||
Distributions from real estate fund investments | 17,083 | |||||||||||
Realized and unrealized gains, net | 129,354 | |||||||||||
Fee and other income | 49,098 | |||||||||||
Total revenues | 227,389 | |||||||||||
Total expenses | 76,992 | |||||||||||
Operating income | 150,397 | |||||||||||
Income from unconsolidated joint ventures | 4,241 | |||||||||||
Unrealized gain (loss) on interest rate swaps | (673) | |||||||||||
Interest and other income, net | 2,479 | |||||||||||
Interest and debt expense | (28,585) | |||||||||||
Net income before income taxes | 127,859 | |||||||||||
Income tax expense | (18,461) | |||||||||||
Net income | 109,398 | |||||||||||
Net income attributable to noncontrolling interests | (87,888) | |||||||||||
Net (loss) income attributable to common stockholders | 21,510 | |||||||||||
Predecessor [Member] | Operating Segments [Member] | Owned Properties [Member] | ||||||||||||
Revenues | ||||||||||||
Rental income | 27,774 | |||||||||||
Tenant reimbursement income | 1,646 | |||||||||||
Total revenues | 29,420 | |||||||||||
Total expenses | 20,553 | |||||||||||
Operating income | 8,867 | |||||||||||
Income from unconsolidated joint ventures | 4,241 | |||||||||||
Interest and other income, net | 2,004 | |||||||||||
Interest and debt expense | (11,157) | |||||||||||
Net income before income taxes | 3,955 | |||||||||||
Net income | 3,955 | |||||||||||
Net (loss) income attributable to common stockholders | 3,955 | |||||||||||
Predecessor [Member] | Operating Segments [Member] | Managed Funds [Member] | ||||||||||||
Revenues | ||||||||||||
Rental income | 2,434 | |||||||||||
Distributions from real estate fund investments | 17,083 | |||||||||||
Realized and unrealized gains, net | 129,354 | |||||||||||
Total revenues | 148,871 | |||||||||||
Total expenses | 27,995 | |||||||||||
Operating income | 120,876 | |||||||||||
Unrealized gain (loss) on interest rate swaps | (673) | |||||||||||
Interest and other income, net | 388 | |||||||||||
Interest and debt expense | (17,323) | |||||||||||
Net income before income taxes | 103,268 | |||||||||||
Net income | 103,268 | |||||||||||
Net income attributable to noncontrolling interests | (87,888) | |||||||||||
Net (loss) income attributable to common stockholders | 15,380 | |||||||||||
Predecessor [Member] | Operating Segments [Member] | Management Company [Member] | ||||||||||||
Revenues | ||||||||||||
Fee and other income | 74,686 | |||||||||||
Total revenues | 74,686 | |||||||||||
Total expenses | 54,032 | |||||||||||
Operating income | 20,654 | |||||||||||
Income from unconsolidated joint ventures | 48,683 | |||||||||||
Interest and other income, net | 87 | |||||||||||
Interest and debt expense | (105) | |||||||||||
Net income before income taxes | 69,319 | |||||||||||
Income tax expense | (18,461) | |||||||||||
Net income | 50,858 | |||||||||||
Net (loss) income attributable to common stockholders | 50,858 | |||||||||||
Predecessor [Member] | Eliminations [Member] | ||||||||||||
Revenues | ||||||||||||
Fee and other income | (25,588) | |||||||||||
Total revenues | (25,588) | |||||||||||
Total expenses | (25,588) | |||||||||||
Income from unconsolidated joint ventures | (48,683) | |||||||||||
Net income before income taxes | (48,683) | |||||||||||
Net income | (48,683) | |||||||||||
Net (loss) income attributable to common stockholders | $ (48,683) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Jan. 24, 2017USD ($)ft² | Jan. 19, 2017USD ($)ft² | Jan. 12, 2017USD ($)ft² | Dec. 31, 2016ft² |
Subsequent Event [Line Items] | ||||
Area of office properties | ft² | 10,800,000 | |||
Notes and mortgages payable, interest rate | 4.10% | |||
One Market Plaza [Member] | ||||
Subsequent Event [Line Items] | ||||
Notes and mortgages payable, interest rate | 6.12% | |||
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate of 4.03% [Member] | ||||
Subsequent Event [Line Items] | ||||
Maturity date of debt | 2024-01 | |||
Subsequent Event [Member] | Waterview [Member] | ||||
Subsequent Event [Line Items] | ||||
Area of office properties | ft² | 636,768 | |||
Sale agreement amount | $ 460,000,000 | |||
Gain on sale | $ 110,000,000 | |||
Subsequent Event [Member] | One Market Plaza [Member] | ||||
Subsequent Event [Line Items] | ||||
Area of office properties | ft² | 1,600,000 | |||
Mortgage refinancing extended amount | $ 975,000,000 | |||
Debt instrument term of notes | 7 years | |||
Subsequent Event [Member] | One Market Plaza [Member] | Existing Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds after repayment of existing loan | $ 23,470,000 | |||
Property ownership, percentage | 49.00% | |||
Subsequent Event [Member] | One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate of 4.03% [Member] | ||||
Subsequent Event [Line Items] | ||||
Notes and mortgages payable, interest rate | 4.03% | |||
Subsequent Event [Member] | 60 Wall Street [Member] | ||||
Subsequent Event [Line Items] | ||||
Area of office properties | ft² | 1,600,000 | |||
Property ownership, percentage | 5.20% | |||
Acquisition amount | $ 1,040,000,000 | |||
Mortgage financing amount | $ 575,000,000 |
Schedule-II - Valuation and 139
Schedule-II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of year | $ 257 | $ 365 | $ 333 |
Additions Charged Against Operations | 76 | 315 | 87 |
Uncollectible accounts Written-off | (478) | (55) | |
Balance at End of Year | $ 333 | $ 202 | $ 365 |
Schedule III - Real Estate a140
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,408,179 | |||
Initial cost to company, Land | 2,091,535 | |||
Initial cost to company, Building and Improvements | 5,521,449 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 231,280 | |||
Gross amount at which carried at close of period, Land | 2,091,535 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 5,757,558 | |||
Gross amount at which carried at close of period, Total | $ 7,849,093 | $ 7,652,117 | $ 7,530,239 | 7,849,093 |
Accumulated depreciation and amortization | (318,161) | (243,089) | (81,050) | (318,161) |
Gross amount at which carried at close of period, Buildings and Improvements, other | (1,343) | |||
Gross amount at which carried at close of period, other | (1,343) | |||
Accumulated depreciation and amortization, other | $ (275) | |||
Date acquired, other | Nov. 24, 2014 | |||
Rental Property: | ||||
Beginning balance | $ 7,652,117 | 7,530,239 | 414,998 | |
Acquisitions | 504,684 | 64,650 | ||
Acquisition of properties in connection with the Formation Transactions | 7,043,650 | |||
Buildings and improvements | 116,038 | 123,277 | 9,676 | |
Assets held for sale | (412,315) | |||
Assets sold and written-off | (11,431) | (1,399) | (2,735) | |
Ending balance | 7,849,093 | 7,652,117 | 7,530,239 | |
Accumulated Depreciation: | ||||
Beginning balance | 243,089 | 81,050 | 57,689 | |
Additions charged to expense | 168,847 | 163,438 | 26,096 | |
Assets held for sale | (82,344) | |||
Accumulated depreciation related to assets sold and written-off | (11,431) | (1,399) | (2,735) | |
Ending balance | $ 318,161 | $ 243,089 | $ 81,050 | |
Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed, other | 5 years | |||
Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed, other | 40 years | |||
1633 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,013,544 | |||
Initial cost to company, Land | 502,846 | |||
Initial cost to company, Building and Improvements | 1,398,341 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 63,900 | |||
Gross amount at which carried at close of period, Land | 502,846 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 1,462,241 | |||
Gross amount at which carried at close of period, Total | $ 1,965,087 | 1,965,087 | ||
Accumulated depreciation and amortization | $ (81,875) | (81,875) | ||
Date of construction | Dec. 31, 1971 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 1,965,087 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 81,875 | |||
1633 Broadway [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
1633 Broadway [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
1301 Avenue of Americas [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 850,000 | |||
Initial cost to company, Land | 406,039 | |||
Initial cost to company, Building and Improvements | 1,051,697 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 54,765 | |||
Gross amount at which carried at close of period, Land | 406,039 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 1,106,462 | |||
Gross amount at which carried at close of period, Total | $ 1,512,501 | 1,512,501 | ||
Accumulated depreciation and amortization | $ (61,175) | (61,175) | ||
Date of construction | Dec. 31, 1963 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 1,512,501 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 61,175 | |||
1301 Avenue of Americas [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
1301 Avenue of Americas [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
31 West 52nd Street [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 500,000 | |||
Initial cost to company, Land | 221,318 | |||
Initial cost to company, Building and Improvements | 604,994 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 2,376 | |||
Gross amount at which carried at close of period, Land | 221,318 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 607,370 | |||
Gross amount at which carried at close of period, Total | $ 828,688 | 828,688 | ||
Accumulated depreciation and amortization | $ (35,534) | (35,534) | ||
Date of construction | Dec. 31, 1987 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 828,688 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 35,534 | |||
31 West 52nd Street [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
31 West 52nd Street [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
1325 Avenue of the Americas [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial cost to company, Land | 174,688 | |||
Initial cost to company, Building and Improvements | 370,553 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 17,359 | |||
Gross amount at which carried at close of period, Land | 174,688 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 387,912 | |||
Gross amount at which carried at close of period, Total | $ 562,600 | 562,600 | ||
Accumulated depreciation and amortization | $ (24,343) | (24,343) | ||
Date of construction | Dec. 31, 1989 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 562,600 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 24,343 | |||
1325 Avenue of the Americas [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
1325 Avenue of the Americas [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
900 Third Avenue [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial cost to company, Land | 103,741 | |||
Initial cost to company, Building and Improvements | 296,031 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 6,835 | |||
Gross amount at which carried at close of period, Land | 103,741 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 302,866 | |||
Gross amount at which carried at close of period, Total | $ 406,607 | 406,607 | ||
Accumulated depreciation and amortization | $ (20,881) | (20,881) | ||
Date of construction | Dec. 31, 1983 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 406,607 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 20,881 | |||
900 Third Avenue [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
900 Third Avenue [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Total New York | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,363,544 | |||
Initial cost to company, Land | 1,408,632 | |||
Initial cost to company, Building and Improvements | 3,721,616 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 145,235 | |||
Gross amount at which carried at close of period, Land | 1,408,632 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 3,866,851 | |||
Gross amount at which carried at close of period, Total | $ 5,275,483 | 5,275,483 | ||
Accumulated depreciation and amortization | (223,808) | (223,808) | ||
Rental Property: | ||||
Ending balance | 5,275,483 | |||
Accumulated Depreciation: | ||||
Ending balance | 223,808 | |||
425 Eye Street [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial cost to company, Land | 93,669 | |||
Initial cost to company, Building and Improvements | 98,088 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 4,866 | |||
Gross amount at which carried at close of period, Land | 93,669 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 102,954 | |||
Gross amount at which carried at close of period, Total | 196,623 | 196,623 | ||
Accumulated depreciation and amortization | $ (7,832) | (7,832) | ||
Date of construction | Dec. 31, 1973 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 196,623 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 7,832 | |||
425 Eye Street [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
425 Eye Street [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Liberty Place [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 84,000 | |||
Initial cost to company, Land | 46,401 | |||
Initial cost to company, Building and Improvements | 96,422 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 11,653 | |||
Gross amount at which carried at close of period, Land | 46,401 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 108,075 | |||
Gross amount at which carried at close of period, Total | $ 154,476 | 154,476 | ||
Accumulated depreciation and amortization | $ (6,827) | (6,827) | ||
Date of construction | Dec. 31, 1993 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 154,476 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 6,827 | |||
Liberty Place [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Liberty Place [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
1899 Pennsylvania Avenue [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 87,675 | |||
Initial cost to company, Land | 52,568 | |||
Initial cost to company, Building and Improvements | 94,874 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 4,164 | |||
Gross amount at which carried at close of period, Land | 52,568 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 99,038 | |||
Gross amount at which carried at close of period, Total | $ 151,606 | 151,606 | ||
Accumulated depreciation and amortization | $ (6,094) | (6,094) | ||
Date of construction | Dec. 31, 1915 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 151,606 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 6,094 | |||
1899 Pennsylvania Avenue [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
1899 Pennsylvania Avenue [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
2099 Pennsylvania Avenue [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial cost to company, Land | 50,631 | |||
Initial cost to company, Building and Improvements | 103,992 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 10,926 | |||
Gross amount at which carried at close of period, Land | 50,631 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 114,918 | |||
Gross amount at which carried at close of period, Total | $ 165,549 | 165,549 | ||
Accumulated depreciation and amortization | $ (6,990) | (6,990) | ||
Date of construction | Dec. 31, 2001 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 165,549 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 6,990 | |||
2099 Pennsylvania Avenue [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
2099 Pennsylvania Avenue [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Waterview [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial cost to company, Land | 78,300 | |||
Initial cost to company, Building and Improvements | 297,669 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 36,346 | |||
Gross amount at which carried at close of period, Land | 78,300 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 334,015 | |||
Gross amount at which carried at close of period, Total | $ 412,315 | 412,315 | ||
Accumulated depreciation and amortization | $ (82,344) | (82,344) | ||
Date of construction | Dec. 31, 2007 | |||
Date acquired | May 31, 2007 | |||
Rental Property: | ||||
Ending balance | $ 412,315 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 82,344 | |||
Waterview [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Waterview [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Total Washington, D.C. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 171,675 | |||
Initial cost to company, Land | 243,269 | |||
Initial cost to company, Building and Improvements | 393,376 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 31,609 | |||
Gross amount at which carried at close of period, Land | 243,269 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 424,985 | |||
Gross amount at which carried at close of period, Total | $ 668,254 | 668,254 | ||
Accumulated depreciation and amortization | (27,743) | (27,743) | ||
Rental Property: | ||||
Ending balance | 668,254 | |||
Accumulated Depreciation: | ||||
Ending balance | 27,743 | |||
One Market Plaza [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 872,960 | |||
Initial cost to company, Land | 288,743 | |||
Initial cost to company, Building and Improvements | 988,014 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 49,939 | |||
Gross amount at which carried at close of period, Land | 288,743 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 1,037,953 | |||
Gross amount at which carried at close of period, Total | 1,326,696 | 1,326,696 | ||
Accumulated depreciation and amortization | $ (62,309) | (62,309) | ||
Date of construction | Dec. 31, 1976 | |||
Date acquired | Nov. 24, 2014 | |||
Rental Property: | ||||
Ending balance | $ 1,326,696 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 62,309 | |||
One Market Plaza [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
One Market Plaza [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
One Front Street [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial cost to company, Land | 127,765 | |||
Initial cost to company, Building and Improvements | 376,919 | |||
Gross amount at which carried at close of period, Land | 127,765 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 376,919 | |||
Gross amount at which carried at close of period, Total | $ 504,684 | 504,684 | ||
Accumulated depreciation and amortization | $ (1,130) | (1,130) | ||
Date of construction | Dec. 31, 1979 | |||
Date acquired | Dec. 31, 2016 | |||
Rental Property: | ||||
Ending balance | $ 504,684 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 1,130 | |||
One Front Street [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
One Front Street [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Total San Francisco | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 872,960 | |||
Initial cost to company, Land | 416,508 | |||
Initial cost to company, Building and Improvements | 1,364,933 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 49,939 | |||
Gross amount at which carried at close of period, Land | 416,508 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 1,414,872 | |||
Gross amount at which carried at close of period, Total | $ 1,831,380 | 1,831,380 | ||
Accumulated depreciation and amortization | (63,439) | (63,439) | ||
Rental Property: | ||||
Ending balance | 1,831,380 | |||
Accumulated Depreciation: | ||||
Ending balance | 63,439 | |||
Residential Development Fund ("75 Howard") [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial cost to company, Land | 23,126 | |||
Initial cost to company, Building and Improvements | 41,524 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 4,497 | |||
Gross amount at which carried at close of period, Land | 23,126 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 52,193 | |||
Gross amount at which carried at close of period, Total | 75,319 | 75,319 | ||
Accumulated depreciation and amortization | $ (2,896) | $ (2,896) | ||
Date acquired | Mar. 31, 2014 | |||
Rental Property: | ||||
Ending balance | $ 75,319 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 2,896 | |||
Residential Development Fund ("75 Howard") [Member] | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Residential Development Fund ("75 Howard") [Member] | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years |
Schedule III - Real Estate a141
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions | Dec. 31, 2016USD ($) |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Assets and liabilities for tax purposes | $ 3.1 |