Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 01, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PGRE | ||
Entity Registrant Name | PARAMOUNT GROUP, INC. | ||
Entity Central Index Key | 0001605607 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 218,991,724 | ||
Entity Public Float | $ 1,448,483,000 | ||
Entity File Number | 001-36746 | ||
Entity Tax Identification Number | 32-0439307 | ||
Entity Address, Address Line One | 1633 Broadway | ||
Entity Address, Address Line Two | Suite 1801 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10019 | ||
City Area Code | 212 | ||
Local Phone Number | 237-3100 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock of Paramount Group, Inc.,$0.01 par value per share | ||
Entity Incorporation, State or Country Code | MD | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the Annual Stockholders’ Meeting (which is scheduled to be held on May 13, 2021) to be filed within 120 days after the end of the registrant’s fiscal year are incorporated by reference in Part III of this Annual Report on Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate, at cost | |||
Land | $ 1,966,237 | $ 1,966,237 | |
Buildings and improvements | 5,997,078 | 5,923,648 | |
Rental property, at cost | 7,963,315 | 7,889,885 | |
Accumulated depreciation and amortization | (966,697) | (790,216) | |
Real estate, net | 6,996,618 | 7,099,669 | |
Cash and cash equivalents | 434,530 | 306,215 | |
Restricted cash | 30,794 | 25,272 | |
Investments in unconsolidated joint ventures | 412,724 | 449,180 | |
Investments in unconsolidated real estate funds | 12,917 | 10,317 | |
Accounts and other receivables | 17,502 | 19,231 | |
Due from affiliates | 36,918 | ||
Deferred rent receivable | 330,239 | 301,588 | |
Deferred charges, net of accumulated amortization of $56,612 and $42,096 | 116,278 | 126,367 | |
Intangible assets, net of accumulated amortization of $283,332 and $262,930 | 153,519 | 203,169 | |
Assets related to discontinued operations | 104,836 | ||
Other assets | 48,976 | 51,373 | |
Total assets | [1] | 8,554,097 | 8,734,135 |
Liabilities and Equity | |||
Notes and mortgages payable, net of unamortized deferred financing costs of $18,695 and $25,792 | 3,800,739 | 3,783,851 | |
Revolving credit facility | 0 | 36,918 | |
Accounts payable and accrued expenses | 101,901 | 117,356 | |
Dividends and distributions payable | 16,796 | 25,255 | |
Intangible liabilities, net of accumulated amortization of $107,981 and $100,881 | 55,996 | 73,789 | |
Other liabilities | 62,931 | 66,004 | |
Total liabilities | [1] | 4,038,363 | 4,103,173 |
Commitments and contingencies | |||
Paramount Group, Inc. equity: | |||
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 218,817,337 and 227,432,030 shares in 2020 and 2019, respectively | 2,188 | 2,274 | |
Additional paid-in-capital | 4,120,173 | 4,133,184 | |
Earnings less than distributions | (456,393) | (349,557) | |
Accumulated other comprehensive loss | (12,791) | (171) | |
Paramount Group, Inc. equity | 3,653,177 | 3,785,730 | |
Noncontrolling interests in: | |||
Consolidated joint ventures | 437,161 | 360,778 | |
Consolidated real estate fund | 79,017 | 72,396 | |
Operating Partnership (20,756,618 and 24,758,472 units outstanding) | 346,379 | 412,058 | |
Total equity | 4,515,734 | 4,630,962 | |
Total liabilities and equity | $ 8,554,097 | $ 8,734,135 | |
[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 91.3% as of December 31, 2020. The assets and liabilities of the Operating Partnership, as of December 31, 2020, include $4,025,387 and $2,546,914 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities (“VIEs”) . |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Deferred charges, accumulated amortization | $ 56,612 | $ 42,096 | |
Intangible assets, accumulated amortization | 283,332 | 262,930 | |
Notes and mortgages payable, deferred financing costs | 18,695 | 25,792 | |
Intangible liabilities, accumulated amortization | $ 107,981 | $ 100,881 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | |
Common stock, shares issued | 218,817,337 | 227,432,030 | |
Common stock, shares outstanding | 218,817,337 | 227,432,030 | |
Operating partnership, units outstanding | 20,756,618 | 24,758,472 | |
Total assets | [1] | $ 8,554,097 | $ 8,734,135 |
Total liabilities | [1] | 4,038,363 | 4,103,173 |
Variable Interest Entities [Member] | |||
Total assets | 4,025,387 | 1,959,266 | |
Total liabilities | $ 2,546,914 | $ 1,273,464 | |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |||
Percentage of ownership in operating partnership | 91.30% | ||
[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 91.3% as of December 31, 2020. The assets and liabilities of the Operating Partnership, as of December 31, 2020, include $4,025,387 and $2,546,914 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities (“VIEs”) . |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental revenue | $ 679,015 | $ 709,508 | $ 677,138 |
Fee and other income | 35,222 | 34,246 | 30,533 |
Total revenues | 714,237 | 743,754 | 707,671 |
Expenses: | |||
Operating | 267,587 | 264,702 | 254,697 |
Depreciation and amortization | 235,200 | 240,104 | 240,868 |
General and administrative | 64,917 | 68,556 | 57,563 |
Transaction related costs | 1,096 | 1,999 | 1,471 |
Total expenses | 568,800 | 575,361 | 554,599 |
Other income (expense): | |||
(Loss) income from unconsolidated joint ventures | (18,619) | (4,706) | 3,468 |
Income (loss) from unconsolidated real estate funds | 272 | (343) | (269) |
Interest and other income, net | 4,490 | 9,844 | 7,936 |
Interest and debt expense | (144,208) | (156,679) | (147,653) |
Loss on early extinguishment of debt | (11,989) | ||
(Loss) income from continuing operations, before income taxes | (12,628) | 4,520 | 16,554 |
Income tax expense | (1,493) | (312) | (3,139) |
(Loss) income from continuing operations, net | (14,121) | 4,208 | 13,415 |
(Loss) income from discontinued operations, net | (5,075) | (33,811) | 5,578 |
Net (loss) income | (19,196) | (29,603) | 18,993 |
Less net (income) loss attributable to noncontrolling interests in: | |||
Consolidated joint ventures | (9,257) | (11,022) | (8,182) |
Consolidated real estate fund | 1,450 | (313) | (720) |
Operating Partnership | 2,299 | 4,039 | (944) |
Net (loss) income attributable to common stockholders | $ (24,704) | $ (36,899) | $ 9,147 |
(Loss) income per Common Share - Basic: | |||
(Loss) income from continuing operations, net | $ (0.09) | $ (0.03) | $ 0.02 |
(Loss) income from discontinued operations, net | (0.02) | (0.13) | 0.02 |
Net (loss) income per common share | $ (0.11) | $ (0.16) | $ 0.04 |
Weighted average common shares outstanding | 222,436,170 | 231,538,065 | 239,526,694 |
(Loss) income per Common Share - Diluted: | |||
(Loss) income from continuing operations, net | $ (0.09) | $ (0.03) | $ 0.02 |
(Loss) income from discontinued operations, net | (0.02) | (0.13) | 0.02 |
Net (loss) income per common share | $ (0.11) | $ (0.16) | $ 0.04 |
Weighted average common shares outstanding | 222,436,170 | 231,538,065 | 239,555,636 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net (loss) income | $ (19,196) | $ (29,603) | $ 18,993 |
Other comprehensive (loss) income: | |||
Change in value of interest rate swaps | (28,069) | 7,273 | |
Pro rata share of other comprehensive (loss) income of unconsolidated joint ventures | (13,894) | 206 | (129) |
Comprehensive (loss) income | (33,090) | (57,466) | 26,137 |
Less comprehensive (income) loss attributable to noncontrolling interests in: | |||
Consolidated joint ventures | (9,257) | (11,022) | (8,182) |
Consolidated real estate fund | 1,434 | (360) | (665) |
Operating Partnership | 3,589 | 6,726 | (1,605) |
Comprehensive (loss) income attributable to common stockholders | $ (37,324) | $ (62,122) | $ 15,685 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Previously Reported [Member] | Restatement Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Previously Reported [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Previously Reported [Member] | Earnings Less than Distributions [Member] | Earnings Less than Distributions [Member]Previously Reported [Member] | Earnings Less than Distributions [Member]Restatement Adjustment [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Other Comprehensive (Loss) Income [Member]Previously Reported [Member] | Noncontrolling Interest [Member]Consolidated Joint Ventures [Member] | Noncontrolling Interest [Member]Consolidated Joint Ventures [Member]Previously Reported [Member] | Noncontrolling Interest [Member]Consolidated Real Estate Fund [Member] | Noncontrolling Interest [Member]Consolidated Real Estate Fund [Member]Previously Reported [Member] | Noncontrolling Interest [Member]Consolidated Real Estate Fund [Member]Restatement Adjustment [Member] | Noncontrolling Interest [Member]Operating Partnership [Member] | Noncontrolling Interest [Member]Operating Partnership [Member]Previously Reported [Member] |
Beginning balance at Dec. 31, 2017 | $ 5,029,170 | $ 5,022,084 | $ 2,403 | $ 2,403 | $ 4,297,948 | $ 4,297,948 | $ (133,164) | $ (133,693) | $ 10,083 | $ 10,083 | $ 404,997 | $ 404,997 | $ 21,106 | $ 14,549 | $ 425,797 | $ 425,797 | |||
Beginning balance (Basis adjustment upon adoption of ASU 2017-05) at Dec. 31, 2017 | $ 7,086 | $ 529 | $ 6,557 | ||||||||||||||||
Common stock, shares outstanding at Dec. 31, 2017 | 240,427,000 | 240,427,000 | |||||||||||||||||
Net (loss) income | 18,993 | 9,147 | 8,182 | 720 | 944 | ||||||||||||||
Common shares issued upon redemption of common units | $ 2 | 3,459 | |||||||||||||||||
Common shares issued upon redemption of common units | 203,000 | ||||||||||||||||||
Redemption of minority interest in operating partnerships | (3,461) | ||||||||||||||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (213) | (213) | |||||||||||||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | 61,000 | ||||||||||||||||||
Repurchases of common shares | (105,383) | $ (76) | (105,307) | ||||||||||||||||
Repurchases of common shares, shares | (7,555,000) | ||||||||||||||||||
Dividends and distributions | (105,746) | (95,506) | (10,240) | ||||||||||||||||
Contributions from noncontrolling interests | 45,116 | 45,116 | |||||||||||||||||
Distributions to noncontrolling interests | (18,184) | (18,184) | |||||||||||||||||
Change in value of interest rate swaps | 7,273 | 6,605 | 668 | ||||||||||||||||
Pro rata share of other comprehensive (loss) income of unconsolidated joint ventures | (129) | (67) | (55) | (7) | |||||||||||||||
Amortization of equity awards | 20,937 | 2,943 | 17,994 | ||||||||||||||||
Reallocation of noncontrolling interest | 2,713 | (2,713) | |||||||||||||||||
Other | (170) | (170) | |||||||||||||||||
Ending balance at Dec. 31, 2018 | 4,891,664 | $ 2,329 | 4,201,756 | (219,906) | 16,621 | 394,995 | 66,887 | 428,982 | |||||||||||
Common stock, shares outstanding at Dec. 31, 2018 | 233,136,000 | ||||||||||||||||||
Net (loss) income | (29,603) | (36,899) | 11,022 | 313 | (4,039) | ||||||||||||||
Common shares issued upon redemption of common units | $ 14 | 24,016 | |||||||||||||||||
Common shares issued upon redemption of common units | 1,409,000 | ||||||||||||||||||
Redemption of minority interest in operating partnerships | (24,030) | ||||||||||||||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (324) | $ 3 | (327) | ||||||||||||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | 46,000 | ||||||||||||||||||
Repurchases of common shares | (94,617) | $ (72) | (94,545) | ||||||||||||||||
Repurchases of common shares, shares | (7,159,000) | ||||||||||||||||||
Dividends and distributions | (102,464) | (92,425) | (10,039) | ||||||||||||||||
Contributions from noncontrolling interests | 14,989 | 14,989 | |||||||||||||||||
Distributions to noncontrolling interests | (45,239) | (45,239) | |||||||||||||||||
Change in value of interest rate swaps | (28,069) | (25,367) | (2,702) | ||||||||||||||||
Settlement of interest rate swaps liabilities | 11,258 | 8,431 | 2,827 | ||||||||||||||||
Pro rata share of other comprehensive (loss) income of unconsolidated joint ventures | 206 | 144 | 47 | 15 | |||||||||||||||
Amortization of equity awards | 23,001 | 2,564 | 20,437 | ||||||||||||||||
Acquisition of noncontrolling interest | (9,840) | (9,840) | |||||||||||||||||
Reallocation of noncontrolling interest | (607) | 607 | |||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 4,630,962 | $ 4,630,962 | $ 2,274 | $ 2,274 | 4,133,184 | $ 4,133,184 | (349,557) | $ (349,557) | (171) | $ (171) | 360,778 | $ 360,778 | 72,396 | $ 72,396 | 412,058 | $ 412,058 | |||
Common stock, shares outstanding at Dec. 31, 2019 | 227,432,030 | 227,432,000 | 227,432,000 | ||||||||||||||||
Net (loss) income | $ (19,196) | (24,704) | 9,257 | (1,450) | (2,299) | ||||||||||||||
Common shares issued upon redemption of common units | $ 51 | 85,659 | |||||||||||||||||
Common shares issued upon redemption of common units | 5,150,000 | ||||||||||||||||||
Redemption of minority interest in operating partnerships | (85,710) | ||||||||||||||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (332) | $ 1 | (333) | ||||||||||||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | 48,000 | ||||||||||||||||||
Repurchases of common shares | (120,000) | $ (138) | (119,862) | ||||||||||||||||
Repurchases of common shares, shares | (13,813,158) | ||||||||||||||||||
Dividends and distributions | (89,603) | (81,799) | (7,804) | ||||||||||||||||
Contributions from noncontrolling interests | 11,555 | 3,500 | 8,055 | ||||||||||||||||
Distributions to noncontrolling interests | (12,717) | (12,717) | |||||||||||||||||
Pro rata share of other comprehensive (loss) income of unconsolidated joint ventures | (13,894) | (12,620) | 16 | (1,290) | |||||||||||||||
Amortization of equity awards | 19,386 | 1,318 | 18,068 | ||||||||||||||||
Sale of a 10.0% interest in 1633 Broadway | 109,573 | 33,230 | 76,343 | ||||||||||||||||
Reallocation of noncontrolling interest | (13,356) | 13,356 | |||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 4,515,734 | $ 2,188 | $ 4,120,173 | $ (456,393) | $ (12,791) | $ 437,161 | $ 79,017 | $ 346,379 | |||||||||||
Common stock, shares outstanding at Dec. 31, 2020 | 218,817,337 | 218,817,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends and distributions, Per share and unit | $ 0.37 | $ 0.40 | $ 0.40 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (19,196) | $ (29,603) | $ 18,993 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 235,890 | 248,347 | 258,225 |
Straight-lining of rental revenue | (28,216) | (43,679) | (59,061) |
Amortization of stock-based compensation expense | 19,239 | 22,860 | 19,646 |
Loss (income) from unconsolidated joint ventures | 18,619 | 4,706 | (3,468) |
Loss (gain) on sale of real estate related to discontinued operations | 12,766 | (1,140) | (36,845) |
Amortization of deferred financing costs | 9,277 | 19,323 | 11,023 |
Amortization of above and below-market leases, net | (4,734) | (10,991) | (16,059) |
Distributions of earnings from unconsolidated joint ventures | 3,999 | 4,067 | 6,207 |
Realized and unrealized (gains) losses on marketable securities | (1,918) | (3,027) | 1,604 |
Distributions of earnings from unconsolidated real estate funds | 616 | 1,553 | 330 |
(Income) loss from unconsolidated real estate funds | (272) | 343 | 269 |
Real estate impairment loss related to discontinued operations | 42,000 | 46,000 | |
Receipt of accrued interest on preferred equity investment | 2,339 | ||
Loss on early extinguishment of debt | 731 | ||
Other non-cash adjustments | 413 | (961) | 288 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | 1,729 | 845 | (2,994) |
Deferred charges | (10,761) | (23,029) | (31,861) |
Other assets | (2,193) | 57,318 | (57,216) |
Accounts payable and accrued expenses | (1,299) | (8,949) | 4,200 |
Other liabilities | 3,313 | 2,388 | (2,758) |
Net cash provided by operating activities | 237,272 | 285,441 | 156,523 |
Cash Flows from Investing Activities: | |||
Additions to real estate | (89,463) | (103,916) | (137,915) |
Proceeds from the sale of real estate related to discontinued operations | 89,206 | 150,307 | 349,013 |
Repayment of amounts due from affiliates | 36,918 | 181,000 | |
Sales of marketable securities | 22,188 | 19,282 | 24,794 |
Purchases of marketable securities | (15,809) | (15,232) | (20,019) |
Contributions of capital to unconsolidated real estate funds | (2,945) | (3,937) | (3,779) |
Investments in and contributions of capital to unconsolidated joint ventures | (60) | (368,852) | (29,883) |
Due from affiliates | (217,918) | ||
Redemption of preferred equity investment | 33,750 | ||
Distributions of capital from unconsolidated real estate funds | 2,076 | 79 | |
Escrow deposits and loans receivable for Residential Development Fund | (15,680) | ||
Real estate acquisition deposits | (10,000) | ||
Net cash provided by (used in) investing activities | 40,035 | (323,440) | 156,610 |
Cash Flows from Financing Activities: | |||
Repayment of borrowings under revolving credit facility | (200,000) | (195,000) | |
Borrowings under revolving credit facility | 163,082 | 231,918 | |
Repurchases of common shares | (120,000) | (97,137) | (102,863) |
Proceeds from the sale of a 10.0% interest in 1633 Broadway | 111,984 | ||
Dividends paid to common stockholders | (89,225) | (93,038) | (94,991) |
Distributions paid to common unitholders | (8,837) | (10,073) | (10,064) |
Distributions to noncontrolling interests | (12,717) | (45,239) | (18,184) |
Contributions from noncontrolling interests | 11,555 | 14,989 | 45,116 |
Proceeds from notes and mortgages payable | 9,791 | 1,259,843 | 16,700 |
Repayment of note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund | (8,771) | ||
Repurchase of shares related to stock compensation agreements and related tax withholdings | (332) | (324) | |
Repayments of notes and mortgages payable | (1,050,000) | ||
Debt issuance costs and other | (10,131) | (6,564) | |
Acquisition of noncontrolling interest in consolidated real estate fund | (1,000) | ||
Loss on early extinguishment of debt | (731) | ||
Repayment of loans to affiliates | (27,299) | ||
Net cash (used in) provided by financing activities | (143,470) | 4,077 | (198,149) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 133,837 | (33,922) | 114,984 |
Cash and cash equivalents and restricted cash at beginning of period | 331,487 | 365,409 | 250,425 |
Cash and cash equivalents and restricted cash at end of period | 465,324 | 331,487 | 365,409 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents at beginning of period | 306,215 | 339,653 | 219,381 |
Restricted cash at beginning of period | 25,272 | 25,756 | 31,044 |
Cash and cash equivalents and restricted cash at beginning of period | 331,487 | 365,409 | 250,425 |
Cash and cash equivalents at end of period | 434,530 | 306,215 | 339,653 |
Restricted cash at end of period | 30,794 | 25,272 | 25,756 |
Cash and cash equivalents and restricted cash at end of period | 465,324 | 331,487 | 365,409 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash payments for interest | 135,607 | 139,130 | 136,452 |
Cash payments for income taxes, net of refunds | 1,366 | 2,474 | 4,049 |
Non-Cash Transactions: | |||
Common shares issued upon redemption of common units | 85,710 | 24,030 | 3,461 |
Dividends and distributions declared but not yet paid | 16,796 | 25,255 | 25,902 |
Write-off of fully amortized and/or depreciated assets | 9,141 | 8,727 | 4,158 |
Additions to real estate included in accounts payable and accrued expenses | $ 8,640 | 21,566 | 19,872 |
Change in value of interest rate swaps | 28,069 | (7,273) | |
Note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund | $ 8,771 | ||
Basis adjustment to investment in unconsolidated joint ventures upon adoption of ASU 2017-05 | $ 7,086 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization And Business | 1. Organization and Business As used in these consolidated financial statements, unless otherwise indicated, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc., a Maryland corporation, and its consolidated subsidiaries, including Paramount Group Operating Partnership LP (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 and San Francisco. As of December 31, 2020, our portfolio consisted of 13 Class A properties aggregating 12.9 million square feet. 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 91.3% of, the Operating Partnership as of December 31, 2020. In March 2020, the World Health Organization declared coronavirus 2019 (“COVID-19”) a global pandemic. The outbreak of COVID-19 has caused, and continues to cause, severe disruptions in the global economy, and has adversely impacted businesses and financial markets, including that of the United States. Specifically, New York and San Francisco, the markets in which we operate and where a majority of our assets are located, have reacted by instituting quarantines, “pause” orders, “shelter-in-place” rules, restrictions on travel, and restriction on the types of business that could operate. These measures have had and continue to have a significant adverse impact on businesses. While our buildings have remained open throughout the pandemic, a majority of our tenants have worked remotely. The health and safety of our employees and tenants have been our highest priority and we have adopted a number of initiatives focused on ensuring a healthy and safe environment for all building occupants, including but not limited to the following: • Adding signage, physical barriers and floor markings in common areas designed to promote social distancing; • Increasing cleaning and disinfecting protocols and the use of EPA registered cleaning products; • Reducing physical touch points in common areas; • Improving indoor air quality by installing the highest rated minimum efficiency reporting value (“MERV”) filters and additional air purifiers in lobby areas; • Installing thermal scanners in lobby areas to screen for temperature checks; and • Developing efficient communication channels to communicate important health and safety information to employees and tenants. Since the outbreak of COVID-19, we have received several requests from tenants seeking “short-term” rent relief and have entered into agreements with select tenants to abate and/or defer a portion of their 2020 rental obligations. We have closely monitored our rent collections and have evaluated and continue to evaluate tenant requests on a case-by-case basis. From April through December 31, 2020, our portfolio-wide rent collections were 97.2%, comprised of 98.5% from office tenants (which account for approximately 96.5% of our annualized rents) and 61.6% from non-office tenants (which account for the remaining 3.5% of our annualized rents). In connection with our evaluation of the probability of rent collections of future lease receivables, we recorded $33,205,000 of non-cash write-offs, primarily for straight-line rent receivables, and $2,051,000 of reserves for uncollectible accounts receivable, during the year ended December 31, 2020. On December 11, 2020 and December 18, 2020, the U.S. Food and Drug Administration issued emergency use authorizations of two vaccines for the prevention of COVID-19. While there are other vaccines currently under development, multiple variants of the virus that cause COVID-19 are also currently present globally. The rapid development and fluidity of this situation precludes us at this time from making any predictions as to the ultimate impact COVID-19 may have on our future financial condition, results of operations and cash flows. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies Real Estate Real estate is carried at cost less accumulated depreciation and amortization. Betterments, major renovations and certain costs directly related to the improvement of real estate 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 revenue, 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. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. 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. Estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. 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. Real estate 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. Real estate 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 real estate and related intangibles classified as assets held for sale. Variable Interest Entities (“VIEs”) and Investments in Unconsolidated Joint Ventures and Funds We consolidate VIEs in which we are considered to be the primary beneficiary. Entities are considered to be the primary beneficiary if they have 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. 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, which consist of investments in unconsolidated joint ventures and funds are initially recorded at cost and subsequently adjusted for (i) our share of net income or loss, (ii) our share of other comprehensive income or loss, and (iii) cash contributions and distributions. To the extent that our cost basis is different than our share of the equity in the equity method investment, the basis difference allocated to depreciable assets is amortized into “income from unconsolidated joint ventures” over the estimated useful life of the related asset. The agreements that govern our equity method investments may designate different percentage allocations among investors for profits and losses; however, our recognition of income or loss generally follows the investment’s distribution priorities, which may change upon the achievement of certain investment return thresholds. We account for cash distributions in excess of our basis in the equity method investments as income when we have neither the requirement, nor the intent to provide financial support to the joint venture. 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 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. Marketable Securities Marketable securities consists of investments in trading securities that are held in our deferred compensation plan for which there is an offsetting liability. These investments are initially recorded at cost and subsequently measured at fair value at the end of each reporting period, with gains or losses resulting from changes in fair value recognized in earnings, which are included as a component of “interest and other income, net” on our consolidated statements of income and the earnings are entirely offset by expenses from the mark-to-market of plan liabilities, which are included as a component of “general and administrative” expenses on our consolidated statements of income. Deferred Charges Deferred charges include deferred leasing costs and deferred financing costs related to our revolving credit facility. Deferred leasing costs consist of fees and direct costs related to successful leasing activities. Such deferred leasing 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 deferred financing costs are amortized over the term of the revolving credit facility and are recognized as a component of “interest and debt expense” on our consolidated statements of income. 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 financing and are recorded as a reduction of our notes and mortgages payable. Such costs are amortized over the terms of the related debt agreements and recognized as a component of “interest and debt expense” on our consolidated statements of income. Upon the early extinguishment of our notes and mortgages payable, any unamortized costs related to such notes and mortgages payable are written off as a component of “loss on early extinguishment of debt” on our consolidated statements of income. Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement and Disclosures We use the following methods and assumptions in estimating fair value for financial instruments that are presented at fair value on our consolidated balance sheets: Marketable Securities Marketable securities are valued by a third-party specialist using quoted prices in active markets. We use the following methods and assumptions in estimating fair value for financial instruments that are not presented at fair value on our consolidated balance sheets, but are disclosed in the notes to our consolidated financial statements: Notes and Mortgages Payable Notes and mortgages payable are valued by a third-party specialist using 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. 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. The notes and mortgages payable are classified as Level 2 in fair value hierarchy. The carrying values of all other financial instruments on our consolidated balance sheets, including cash and cash equivalents, restricted cash, accounts and other receivables and accounts payable and accrued expenses, approximate their fair values due to the short-term nature of these instruments. Revenue Recognition Rental Revenue We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases which have terms generally ranging from five to fifteen years. Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to early terminate, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, We evaluate the collectability of our tenant receivables for payments required under the lease agreements. If we determine that collectability is not probable, the difference between rental revenue recognized and rental payments received is recorded as an adjustment to “rental revenue” in our consolidated statements of income. Fee and Other Income Fee income includes (i) property management fees, (ii) asset management fees, (iii) fees relating to acquisitions, dispositions and leasing services and (iv) other fee income and is recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers Other income includes income from tenant requested services, including overtime heating and cooling and parking income. Gains and Losses on Sale of Real Estate Gains and losses on the sale of real estate are recognized pursuant to ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, Stock-Based Compensation We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation 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 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 (“TRSs”). TRSs 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 TRSs had a combined current income tax expense of approximately $698,000, $242,000 and $622,000 for the years ended December 31, 2020, 2019 and 2018, respectively. In addition, our TRSs had combined deferred income tax expense of $32,000 and $87,000 for the years ended December 31, 2020 and 2018, respectively, and a combined deferred income tax benefit of $28,000 for the year ended December 31, 2019. The following table reconciles net (loss) income attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Net (loss) income attributable to Paramount Group, Inc. $ (24,704 ) $ (36,899 ) $ 9,147 Book to tax differences: Straight-lining of rents and amortization of above and below-market leases, net (10,462 ) (37,244 ) (48,604 ) Depreciation and amortization 62,002 79,750 92,512 Stock-based compensation 17,766 20,812 17,847 Real estate impairment loss - 38,237 41,788 Adjustments resulting from sale of real estate 55,640 12,107 (14,381 ) Other, net (11,095 ) 12,753 (11,635 ) Estimated taxable income $ 89,147 $ 89,516 $ 86,674 The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, 2020 2019 2018 Amount % Amount % Amount % Ordinary income $ 0.210 (1) 52.5 % $ 0.323 (1) 80.7 % $ 0.286 (1) 72.4 % Long-term capital gain 0.190 47.5 % 0.062 15.5 % 0.074 18.7 % Return of capital 0.000 0.0 % 0.015 3.8 % 0.035 8.9 % Total $ 0.400 (2) 100.0 % $ 0.400 (2) 100.0 % $ 0.395 (2) 100.0 % (1) Represents amounts treated as “qualified REIT dividends” for purposes of Internal Revenue Code Section 199A. (2) The fourth quarter dividends for the years ended December 31, 2020, 2019 and 2018 of $0.07, $0.10 and $0.10 per share, respectively, were paid in January of the subsequent years and are allocable to the subsequent years for federal income tax purposes. Segments Our reportable segments are separated based on the regions in which we conduct our business. Prior to January 1, 2020, our reportable segments consisted of New York, San Francisco and Washington, D.C. Upon entering into an agreement to sell 1899 Pennsylvania Avenue, our sole remaining property in the Washington, D.C. segment, we redefined our reportable segments into the two remaining regions in which we conduct our business: New York and San Francisco effective January 1, 2020. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. Use of Estimates The preparation of financial statements in conformity with GAAP 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 materially from those estimates. Reclassification Certain prior year balances have been reclassified to conform to current year presentation. See Note 3, Dispositions and Discontinued Operations. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, an update to ASC Topic 326, Financial Instruments – Credit Losses Leases. In August 2018, the FASB issued ASU 2018-13, an update to ASC Topic 820, Fair Value Measurements the disclosure requirements in ASC Topic 820, by (i) removing certain disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the valuation processes for Level 3 fair value measurements, (ii) modifying existing disclosure requirements related to measurement uncertainty and (iii) adding new disclosure requirements related to changes in unrealized gains or losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2019, with early adoption permitted. We adopted the provisions of ASU 2018-13 on January 1, 2020. This adoption did not have an impact on our consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, an update to ASC Topic 810, Consolidations. In December 2019, the FASB issued ASU 2019-12, an update to ASC Topic 740, Income Taxes. In March 2020, the FASB issued ASU 2020-04, which adds ASC Topic 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 global pandemic. Under existing lease guidance, the entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if a lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Lease Modification Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially the same as or less than the cash flows in the original lease. We have accounted for lease modifications executed as a result of COVID-19 under ASC Topic 842, Leases In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options Derivatives and Hedging - Contracts in Entity's Own Equity Earnings Per Share, In October 2020, the FASB issued ASU 2020-10, Codification Improvements |
Dispositions and Discontinued O
Dispositions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Assets Of Disposal Group Including Discontinued Operation [Abstract] | |
Dispositions and Discontinued Operations | 3. Dispositions and Discontinued Operations Dispositions 1633 Broadway On May 27, 2020, we completed the sale of a 10.0% interest in 1633 Broadway, a 2.5 million square foot trophy office building located in New York City. The transaction valued the property at $2.4 billion, or $960 per square foot and included the assumption of the existing $1.25 billion mortgage loan. Accordingly, we realized net proceeds of $111,984,000 from the sale after transaction costs. Since we retained a controlling financial interest in 1633 Broadway and continue to consolidate the financial position and results of operations into our consolidated financial statements, the sale of the 10.0% interest was accounted for as an equity transaction. Discontinued Operations During the past three years, we sold the remaining assets in our Washington, D.C. portfolio, thereby exiting the Washington, D.C. office market. These dispositions represented a strategic shift in our operations and met the criteria of discontinued operations, under ASC Topic 205, Presentation of Financial Statements 1899 Pennsylvania Avenue On December 24, 2020, we completed the sale of 1899 Pennsylvania Avenue, a 191,000 square foot trophy office building located in Washington, D.C., for $103,000,000. We realized net proceeds of $89,206,000 from the sale after transaction costs and recognized a loss of $12,766,000, which is included as a component of “(loss) income from discontinued operations, net” on our consolidated statement of income for the year ended December 31, 2020. Liberty Place On September 26, 2019, we sold Liberty Place, a 172,000 square foot office building in Washington, D.C., for $154,500,000. In connection therewith, we recognized a gain of $1,140,000, which is included as a component of “(loss) income from discontinued operations, net” on our consolidated statement of income for the year ended December 31, 2019. 425 Eye Street On September 27, 2018, we sold 425 Eye Street, a 373,000 square foot Class A office building in Washington, D.C., for $157,000,000. In connection therewith, we recognized a gain of $1,009,000, which is included as a component of “(loss) income from discontinued operations, net” on our consolidated statement of income for the year ended December 31, 2018. 2099 Pennsylvania Avenue On August 9, 2018, we sold 2099 Pennsylvania Avenue, a 209,000 square foot Class A office building in Washington, D.C., for $219,000,000. In connection therewith, we recognized a gain of $35,836,000, which is included as a component of “(loss) income from discontinued operations, net” on our consolidated statement of income for the year ended December 31, 2018. The tables below set forth the details of the assets and liabilities, results of operations and the details of the cash flows related to discontinued operations as of the dates thereof and for the periods set forth below. (Amounts in thousands) As of Balance Sheet: (1) December 31, 2019 Real estate, net $ 94,251 Deferred rent receivable 4,206 Deferred charges, net 804 Intangible assets, net 5,575 Assets related to discontinued operations $ 104,836 (Amounts in thousands) For the Year Ended December 31, Income Statements: (2) 2020 2019 2018 Revenues: Rental revenue $ 13,967 $ 24,969 $ 50,157 Other income 276 457 1,133 Total revenues 14,243 25,426 51,290 Expenses: Operating 5,853 10,134 19,381 Depreciation and amortization 690 8,243 17,357 Total expenses 6,543 18,377 36,738 Other income (expense): Interest and other income, net - - 181 Real estate impairment loss - (42,000 ) (46,000 ) Income (loss) before gain or loss on sale of real estate 7,700 (34,951 ) (31,267 ) (Loss) gain on sale of real estate (3) (12,766 ) 1,140 36,845 (Loss) income before income taxes (5,066 ) (33,811 ) 5,578 Income tax expense (9 ) - - (Loss) income from discontinued operations, net $ (5,075 ) $ (33,811 ) $ 5,578 For the Year Ended December 31, Statements of Cash Flows: (2) 2020 2019 2018 Cash provided by operating activities $ 5,522 $ 15,949 $ 25,416 Cash provided by investing activities Proceeds from sale of real estate (4) $ 89,206 $ 150,307 $ 349,013 Additions to real estate - (1,514 ) (4,003 ) Total cash provided by investing activities $ 89,206 $ 148,793 $ 345,010 Cash used in financing activities $ (96,896 ) $ (162,294 ) $ (370,626 ) Additional Cash Flow Information: Depreciation and amortization $ 690 $ 8,243 $ 17,357 (1) Represents assets of 1899 Pennsylvania Avenue. (2) Represents revenues, expenses, net income, and cash flow information of 1899 Pennsylvania Avenue in the year ended December 31, 2020, 1899 Pennsylvania Avenue and Liberty Place in the year ended December 31, 2019 and 1899 Pennsylvania Avenue, Liberty Place, 425 Eye Street and 2099 Pennsylvania Avenue in the year ended December 31, 2018. (3) Represents the loss on sale of 1899 Pennsylvania Avenue in 2020, gain on sale of Liberty Place in 2019, and gain on sale of 425 Eye Street and 2099 Pennsylvania Avenue in 2018. (4) Represents the proceeds from the sale of 1899 Pennsylvania Avenue in 2020, Liberty Place in 2019, and 425 Eye Street and 2099 Pennsylvania Avenue in 2018. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | 4 . Investments in Unconsolidated Joint Ventures The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below. (Amounts in thousands) Paramount As of December 31, Our Share of Investments: Ownership 2020 2019 712 Fifth Avenue (1) 50.0% $ - $ - Market Center 67.0% 192,306 219,593 55 Second Street (2) 44.1% 92,298 95,384 111 Sutter Street 49.0% 37,818 41,519 60 Wall Street (2) 5.0% 19,164 19,777 One Steuart Lane (2) 35.0% (3) 67,505 69,536 Oder-Center, Germany (2) 9.5% 3,633 3,371 Investments in unconsolidated joint ventures $ 412,724 $ 449,180 (Amounts in thousands) For the Year Ended December 31, Our Share of Net (Loss) Income: 2020 2019 2018 712 Fifth Avenue (1) $ 687 $ 1,849 $ 3,901 Market Center (4) (11,315 ) (744 ) - 55 Second Street (2)(5) (2,723 ) (826 ) - 111 Sutter Street (6) (3,172 ) (4,394 ) - 60 Wall Street (2) (70 ) (551 ) (518 ) One Steuart Lane (2) (2,043 ) (118 ) (18 ) Oder-Center, Germany (2) 17 78 103 (Loss) income from unconsolidated joint ventures $ (18,619 ) $ (4,706 ) $ 3,468 (1) As of December 31, 2020, our basis in the partnership that owns 712 Fifth Avenue, was negative $22,345 resulting from distributions made to us in excess of our share of earnings recognized. Accordingly, we no longer recognize our proportionate share of earnings from the venture because we have no further obligation to fund additional capital to the venture. Instead, we only recognize earnings to the extent we receive cash distributions from the venture. (2) As of December 31, 2020, the carrying amount of our investments in 55 Second Street, 60 Wall Street, One Steuart Lane and Oder-Center, Germany is greater than our share of equity in these investments by $489, $2,665, $970, $4,819, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into “(loss) income from unconsolidated joint ventures” over the estimated useful life of the related assets. (3) Represents our consolidated Residential Development Fund’s economic interest in One Steuart Lane. (4) Acquired on December 11, 2019. (5) Acquired on August 21, 2019. (6) Acquired on February 7, 2019. The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates and for the periods set forth below. (Amounts in thousands) As of December 31, Balance Sheets: 2020 2019 Real estate, net $ 2,674,858 $ 2,581,738 Cash and cash equivalents and restricted cash 120,149 75,071 Intangible assets, net 110,307 172,041 Other assets 45,761 36,218 Total assets $ 2,951,075 $ 2,865,068 Notes and mortgages payable, net $ 1,801,084 $ 1,648,403 Intangible liabilities, net 26,772 38,377 Other liabilities 87,575 65,759 Total liabilities 1,915,431 1,752,539 Equity 1,035,644 1,112,529 Total liabilities and equity $ 2,951,075 $ 2,865,068 (Amounts in thousands) For the Year Ended December 31, Income Statements: 2020 2019 2018 Revenues: Rental revenue $ 243,713 $ 164,316 $ 140,653 Other income 2,828 2,108 6,827 Total revenues 246,541 166,424 147,480 Expenses: Operating 109,114 68,491 53,417 Depreciation and amortization 117,640 68,318 48,452 Total expenses 226,754 136,809 101,869 Other (expense) income: Interest and other (loss) income, net (36 ) 663 803 Interest and debt expense (58,239 ) (51,113 ) (39,406 ) Net (loss) income before income taxes (38,488 ) (20,835 ) 7,008 Income tax expense (47 ) (16 ) (10 ) Net (loss) income $ (38,535 ) $ (20,851 ) $ 6,998 |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Funds | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Fund [Abstract] | |
Investments in Unconsolidated Real Estate Funds | 5. Investments in Unconsolidated Real Estate Funds We are the general partner and investment manager of Paramount Group Real Estate Fund VIII, LP (“Fund VIII”) and Paramount Group Real Estate Fund X, LP and its parallel fund, Paramount Group Real Estate Fund X-ECI, LP, (collectively “Fund X”), our Alternative Investment Funds, which invest in mortgage and mezzanine loans and preferred equity investments. Fund VIII’s investment period ended in April 2020. As of December 31, 2020, Fund X has invested $78,791,000 of the $192,000,000 of capital committed. Our ownership interest in Fund VIII and Fund X was approximately 1.3% and 7.8%, respectively. We are also the general partner and investment manager of Paramount Group Real Estate Fund VII, LP (“Fund VII”) and its parallel fund, Paramount Group Real Estate Fund VII-H, LP (“Fund VII-H”), our Property Funds. On January 25, 2019, Fund VII and Fund VII-H sold their only remaining asset, 0 Bond Street, a 65,000 square foot creative office building in the NoHo submarket of Manhattan. The following tables summarize our investments in these unconsolidated real estate funds as of the dates thereof and the income or loss recognized for the periods set forth below. As of December 31, (Amounts in thousands) 2020 2019 Our Share of Investments: Alternative Investment Funds $ 12,878 $ 10,284 Property Funds 39 33 Investments in unconsolidated real estate funds $ 12,917 $ 10,317 For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Our Share of Net Income (Loss): Net investment income $ 626 $ 539 $ 291 Net realized loss (2 ) (54 ) - Net unrealized loss (352 ) (828 ) (560 ) Income (loss) from unconsolidated real estate funds $ 272 $ (343 ) $ (269 ) |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Liabilities | 6 . Intangible Assets and Liabilities The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below. As of December 31, (Amounts in thousands) 2020 2019 Intangible assets: Gross amount $ 436,851 $ 466,099 Accumulated amortization (283,332 ) (262,930 ) $ 153,519 $ 203,169 Intangible liabilities: Gross amount $ 163,977 $ 174,670 Accumulated amortization (107,981 ) (100,881 ) $ 55,996 $ 73,789 For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Amortization of above and below-market leases, net (component of "rental revenue") $ 4,775 $ 11,097 $ 14,652 Amortization of acquired in-place leases (component of "depreciation and amortization") $ 36,628 $ 46,917 $ 54,208 The following table sets forth annual amortization of acquired above and below-market leases, net and amortization of acquired in-place leases for each of the five succeeding years commencing from January 1, 2021. (Amounts in thousands) For the Year Ending December 31, Above and Below-Market Leases, Net In-Place Leases 2021 $ 3,567 $ 26,375 2022 1,629 21,878 2023 5,056 17,811 2024 5,994 14,342 2025 4,633 10,435 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 7 . Debt The following table summarizes our consolidated outstanding debt. Maturity Fixed/ Interest Rate as of As of December 31, (Amounts in thousands) Date Variable Rate December 31, 2020 2020 2019 Notes and mortgages payable: 1633 Broadway (1) Dec-2029 Fixed 2.99 % $ 1,250,000 $ 1,250,000 One Market Plaza (1) Feb-2024 Fixed 4.03 % 975,000 975,000 1301 Avenue of the Americas Nov-2021 Fixed 3.05 % 500,000 500,000 Nov-2021 L + 180 bps 1.99 % 350,000 350,000 2.61 % 850,000 850,000 31 West 52nd Street May-2026 Fixed 3.80 % 500,000 500,000 300 Mission Street (1) Oct-2023 Fixed 3.65 % 244,434 234,643 Total notes and mortgages payable 3.32 % 3,819,434 3,809,643 Less: unamortized deferred financing costs (18,695 ) (25,792 ) Total notes and mortgages payable, net $ 3,800,739 $ 3,783,851 $1.0 Billion Revolving Credit Facility Jan-2022 (2) L + 115 bps n/a $ - $ 36,918 (1) Our ownership interest in 1633 Broadway, One Market Plaza and 300 Mission Street is 90.0%, 49.0% and 31.1%, respectively (2) The $1.0 billion revolving credit facility matures on January 10, 2022 and has two six-month extension options. The following table summarizes our principal repayments required for the next five years and thereafter Notes and Revolving (Amounts in thousands) Total Mortgages Payable Credit Facility 2021 $ 850,000 $ 850,000 $ - 2022 - - - 2023 244,434 244,434 - 2024 975,000 975,000 - 2025 - - - Thereafter 1,750,000 1,750,000 - |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Equity | 8 . Equity Stock Repurchase Program On November 5, 2019, we received authorization from our Board of Directors to repurchase up to an additional $200,000,000 of our common stock, from time to time, in the open market or in privately negotiated transactions. During 2020, we repurchased 13,813,158 common shares at a weighted average price of $8.69 per share, or $120,000,000 in the aggregate. We have $80,000,000 available for future repurchases under the existing program. The amount and timing of future repurchases, if any, will depend on a number of factors, including, the price and availability of our shares, trading volume, general market conditions and available funding. The stock repurchase program may be suspended or discontinued at any time. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 9 . Accumulated Other Comprehensive Loss The following table sets forth changes in accumulated other comprehensive loss by component for the years ended December 31, 2020, 2019 and 2018, including amounts attributable to noncontrolling interests in the Operating Partnership. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Amount of (loss) income related to unconsolidated joint ventures recognized in other comprehensive (loss) income (1) $ (16,141 ) $ 206 $ (129 ) Amounts reclassified from accumulated other comprehensive loss increasing loss from unconsolidated joint ventures (1) 2,247 - - Amount of (loss) income related to the cash flow hedges recognized in other comprehensive (loss) income (2) - (23,147 ) 9,203 Amount reclassified from accumulated other comprehensive loss decreasing interest and debt expense (2) - (4,922 ) (1,930 ) Amount reclassified to loss on early extinguishment of debt (3) - 11,258 - (1) Represents amounts related to interest rate swap with a notional value of $402,000, which was designated as cash flow hedge. (2) Represents amounts related to interest rate swaps with an aggregate notional amount of $1.0 billion and forward starting interest rate swaps with an aggregate notional amount of $400,000 that were designated as cash flow hedges. These hedges were terminated in November 2019 in connection with the refinancing of the related asset. (3) Represents costs incurred in connection with the settlement of interest rate swap liabilities upon the refinancing of 1633 Broadway in November 2019. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 1 0 . Noncontrolling Interests Consolidated Joint Ventures Noncontrolling interests in consolidated joint ventures as of December 31, 2020 was $437,161,000, and represents the equity interests held by third parties in 1633 Broadway, One Market Plaza and 300 Mission Street. As of December 31, 2019, noncontrolling interests in consolidated joint ventures was $360,778,000, and represented equity interests held by third parties in One Market Plaza and 300 Mission Street. Consolidated Real Estate Fund Noncontrolling interests in our consolidated real estate fund consists of equity interests held by third parties in our Residential Development Fund. As of December 31, 2020 and 2019, the noncontrolling interest in our consolidated real estate fund aggregated $79,017,000 and $72,396,000, respectively. Operating Partnership Noncontrolling interests in the Operating Partnership represent common units of the Operating Partnership that are held by third parties, including management, and units issued to management under equity incentive plans. Common units of the Operating Partnership may be tendered for redemption to the Operating Partnership for cash. We, at our option, may assume that obligation and pay the holder either cash or common shares on a one-for-one basis. Since the number of common shares outstanding is equal to the number of common units owned by us, the redemption value of each common unit is equal to the market value of each common share and distributions paid to each common unitholder is equivalent to dividends paid to common stockholders. As of December 31, 2020 and 2019, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $346,379,000 and $412,058,000, respectively, and a redemption value of $187,640,000 and $344,638,000, respectively. |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIEs") | 1 1 . Variable Interest Entities (“VIEs”) In the normal course of business, we are the general partner of various types of investment vehicles, which may be considered VIEs. We may, from time to time, own equity or debt securities through vehicles, each of which are considered variable interests. Our involvement in financing the operations of the VIEs is generally limited to our investments in the entity. We consolidate these entities when we are deemed to be the primary beneficiary. Consolidated VIEs We are the sole general partner of, and owned approximately 91.3% of, the Operating Partnership as of December 31, 2020. 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, 2020 and 2019, the Operating Partnership held interests in consolidated VIEs owning properties and a real estate fund that were determined to be VIEs. The assets of these consolidated VIEs may only be used to settle the obligations of the entities and such obligations are secured only by the assets of the entities and are non-recourse to the Operating Partnership or us. The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. As of December 31, (Amounts in thousands) 2020 2019 Real estate, net $ 3,470,766 $ 1,685,391 Cash and cash equivalents and restricted cash 134,647 69,828 Investments in unconsolidated joint ventures 67,505 69,535 Accounts and other receivables 6,871 2,140 Deferred rent receivable 192,401 57,338 Deferred charges, net 55,156 24,030 Intangible assets, net 76,545 29,872 Other assets 21,496 21,132 Total VIE assets $ 4,025,387 $ 1,959,266 Notes and mortgages payable, net $ 2,457,272 $ 1,205,324 Accounts payable and accrued expenses 51,590 35,252 Intangible liabilities, net 33,566 19,841 Other liabilities 4,486 13,047 Total VIE liabilities $ 2,546,914 $ 1,273,464 Unconsolidated VIEs As of December 31, 2020, the Operating Partnership held variable interests in entities that own our unconsolidated real estate funds that were deemed to be VIEs. The following table summarizes our investments in these unconsolidated real estate funds and the maximum risk of loss from these investments. As of December 31, (Amounts in thousands) 2020 2019 Investments $ 12,917 $ 10,317 Asset management fees and other receivables 561 37,563 (1) Maximum risk of loss $ 13,478 $ 47,880 (1) Includes a $36,918 note receivable from Fund X that was repaid on March 27, 2020. See Note 20, Related Parties . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 1 2 . Fair Value Measurements Financial Assets Measured at Fair Value The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheets as of the dates set forth below, based on their levels in the fair value hierarchy. As of December 31, 2020 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities (included in "other assets") $ 17,178 $ 17,178 $ - $ - Total assets $ 17,178 $ 17,178 $ - $ - As of December 31, 2019 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities (included in "other assets") $ 21,639 $ 21,639 $ - $ - Total assets $ 21,639 $ 21,639 $ - $ - Financial Liabilities Not Measured at Fair Value Financial liabilities not measured at fair value on our consolidated balance sheets consist of notes and mortgages payable and the revolving credit facility. The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below. As of December 31, 2020 As of December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Notes and mortgages payable $ 3,819,434 $ 3,871,644 $ 3,809,643 $ 3,848,266 Revolving credit facility - - 36,918 36,919 Total liabilities $ 3,819,434 $ 3,871,644 $ 3,846,561 $ 3,885,185 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 1 3 . Leases The following table sets forth the details of our rental revenue. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Rental revenue: Fixed $ 627,352 (1) $ 647,345 $ 626,745 Variable 51,663 62,163 50,393 Total rental revenue $ 679,015 $ 709,508 $ 677,138 (1) Includes (i) $33,205 of non-cash write-offs, primarily for straight-line rent receivables and (ii) $2,051 of reserves for uncollectible accounts receivable in the year ended December 31, 2020. The following table is a schedule of future undiscounted cash flows under non-cancelable operating leases in effect as of December 31, 2020, for each of the five succeeding years commencing January 1, 2021. (Amounts in thousands) 2021 $ 638,723 2022 631,503 2023 606,371 2024 579,138 2025 519,018 Thereafter 2,367,495 Total $ 5,342,248 |
Fee and Other Income
Fee and Other Income | 12 Months Ended |
Dec. 31, 2020 | |
Revenues [Abstract] | |
Fee and Other Income | 1 4 . Fee and Other Income The following table sets forth the details of our fee and other income. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Fee income: Asset management $ 14,266 $ 10,442 $ 7,912 Property management 9,242 6,852 6,163 Acquisition, disposition and leasing 2,629 3,435 3,160 Other 1,933 2,015 1,394 Total fee income 28,070 22,744 18,629 Other income (1) 7,152 11,502 11,904 Total fee and other income $ 35,222 $ 34,246 $ 30,533 (1) Primarily comprised of (i) tenant requested services, including overtime heating and cooling and (ii) parking income. The following table sets forth the amounts receivable from our customers under our various fee agreements and are included as a component of “accounts and other receivables” on our consolidated balance sheets. Acquisition, Property Asset Disposition (Amounts in thousands) Total Management Management and Leasing Other Accounts and other receivables: Balance as of December 31, 2019 $ 2,413 $ 752 $ 1,653 $ - $ 8 Balance as of December 31, 2020 5,179 793 1,949 2,259 178 Increase $ 2,766 $ 41 $ 296 $ 2,259 $ 170 |
Interest and Other Income, net
Interest and Other Income, net | 12 Months Ended |
Dec. 31, 2020 | |
Interest And Other Income [Abstract] | |
Interest and Other Income, net | 1 5 . Interest and Other Income, net The following table sets forth the details of interest and other income, net. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Interest income, net $ 2,054 $ 5,484 $ 5,203 Mark-to-market of investments in our deferred compensation plans (1) 2,436 3,906 (922 ) Preferred equity investment income (2) - 454 3,655 Total interest and other income, net $ 4,490 $ 9,844 $ 7,936 (1) 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 as a component of “general and administrative” expenses on our consolidated statements of income. (2) The preferred equity investment was redeemed on March 1, 2019. |
Interest and Debt Expense
Interest and Debt Expense | 12 Months Ended |
Dec. 31, 2020 | |
Interest And Debt Expense [Abstract] | |
Interest and Debt Expense | 1 6 . Interest and Debt Expense The following table sets forth the details of interest and debt expense. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Interest expense $ 134,931 $ 137,356 $ 136,630 Amortization of deferred financing costs 9,277 19,323 (1) 11,023 Total interest and debt expense $ 144,208 $ 156,679 $ 147,653 (1) Includes $8,215 of expense from the non-cash write-off of deferred financing costs in connection with the $1.25 billion refinancing of 1633 Broadway in November 2019 |
Incentive Compensation
Incentive Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Compensation | 1 7 . Incentive Compensation Stock-Based Compensation Our 2014 Equity Incentive Plan (the “Plan”), provides for grants of 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 of our Operating Partnership (“LTIP units”) that do not require the payment of an exercise price. “Not full value awards” are awards such as Appreciation Only LTIP units of our Operating Partnership (“AOLTIPs”), stock options or stock appreciation rights that require the payment of an exercise price. As of December 31, 2020, we have 7,001,002 shares available for future grants under the Plan, if all awards granted are full value awards, as defined in the Plan. The following table summarizes the components of stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 LTIP units $ 10,463 $ 11,860 $ 9,059 Performance-based units 7,499 8,477 7,645 Restricted stock 1,217 1,228 988 Stock options 60 1,295 1,954 Total stock-based compensation expense $ 19,239 $ 22,860 $ 19,646 LTIP Units We grant our executive officers, non-employee directors and other employees LTIP units which vest over a period of three to five years and are subject to a taxable book-up event, as defined. The LTIP units granted in the years ended December 31, 2020, 2019 and 2018 had grant date fair values of $10,940,000, $13,091,000 and $10,145,000, respectively, which are being amortized into expense on a straight-line basis over the vesting period. As of December 31, 2020, there was $12,970,000 of total unrecognized compensation cost related to unvested LTIP units, which is expected to be recognized over a weighted-average period of 2.6 years. The following table summarizes our LTIP unit activity for the year ended December 31, 2020. Units Weighted-Average Grant-Date Unvested as of December 31, 2019 1,571,464 $ 13.30 Granted 931,855 11.74 Vested (778,510 ) 13.51 Cancelled or expired - - Unvested as of December 31, 2020 1,724,809 $ 12.36 Performance-Based Award Programs (“Performance Programs”) We grant our executive officers and other employees LTIP units under multi-year performance-based long-term equity compensation programs. The purpose of these Performance Programs 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 Performance Programs, participants may earn LTIP units based on our Total Shareholder Return (“TSR”) over a three-year The LTIP units granted under the Performance Programs in the years ended December 31, 2020, 2019 and 2018 had grant date fair values of $7,488,000, $8,106,000 and $7,009,000, respectively, and are being amortized into expense over the four-year Units Weighted-Average Grant-Date Unvested as of December 31, 2019 3,595,834 $ 6.54 Granted 1,068,693 7.01 Earned and Vested (216,005 ) 9.71 Cancelled or expired (667,730 ) 9.71 Unvested as of December 31, 2020 3,780,792 $ 5.93 2016 Performance-Based Awards Program (“2016 Performance Program”) The three-year th 2019 Performance-Based Awards Program (“2019 Performance Program”) On January 17, 2020, the Compensation Committee approved the 2019 Performance Program, a multi-year performance-based long-term incentive compensation program. Under the 2019 Performance Program, participants may earn awards in the form of LTIP units based on our TSR over a three-year 50.0% four-year Restricted Stock We grant shares of restricted stock to a non-employee director and certain other employees which vest over four years. The shares of restricted stock granted in the years ended December 31, 2020, 2019 and 2018 had grant date fair values of $1,209,000, $1,238,000 and $1,335,000, respectively, which are being amortized into expense on a straight-line basis over the vesting period. As of December 31, 2020, there was $1,696,000 of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted-average period of 2.3 years. The table below summarizes our restricted stock activity for the year ended December 31, 2020. Shares Weighted-Average Grant-Date Unvested as of December 31, 2019 168,470 $ 14.27 Granted 92,424 13.08 Vested (75,895 ) 14.71 Cancelled or expired (16,291 ) 14.09 Unvested as of December 31, 2020 168,708 $ 13.44 Stock Options We did not grant any stock options in the years ended December 31, 2020, 2019 and 2018. Stock options granted in prior years to certain of our executive officers and other employees vest over periods ranging from three to five years and expire 10 years from the date of grant. In the year ended December 31, 2020, we have recognized the remaining $60,000 of compensation cost related to unvested stock options. The following table summarizes our stock option activity for the year ended December 31, 2020. Shares Weighted-Average Exercise Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2019 2,084,943 $ 17.07 Granted - - Exercised - - Cancelled or expired (52,450 ) 17.50 Outstanding as of December 31, 2020 2,032,493 $ 17.06 4.7 $ - Options vested and expected to vest as of December 31, 2020 2,032,493 $ 17.06 4.7 $ - Options exercisable as of December 31, 2020 2,032,493 $ 17.06 4.7 $ - |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 8 . Earnings Per Share The following table summarizes our net (loss) income and the number of common shares used in the computation of basic and diluted (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. For the Year Ended December 31, (Amounts in thousands, except per share amounts) 2020 2019 2018 Numerator: Continuing Operations: Net (loss) income from continuing operations attributable to common stockholders $ (20,063 ) $ (6,418 ) $ 4,079 Earnings allocated to unvested participating securities (44 ) (27 ) (18 ) Numerator for net (loss) income from continuing operations per common share - basic and diluted (20,107 ) (6,445 ) 4,061 Discontinued Operations: Net (loss) income from discontinued operations attributable to common stockholders (4,641 ) (30,481 ) 5,068 Earnings allocated to unvested participating securities (22 ) (44 ) (61 ) Numerator for net (loss) income from discontinued operations per common share - basic and diluted (4,663 ) (30,525 ) 5,007 Numerator for net (loss) income per common share - basic and diluted $ (24,770 ) $ (36,970 ) $ 9,068 Denominator: Denominator for basic (loss) income per common share - weighted average shares 222,436 231,538 239,527 Effect of dilutive stock-based compensation plans (1) - - 29 Denominator for diluted (loss) income per common share - weighted average shares 222,436 231,538 239,556 (Loss) income per Common Share - Basic and Diluted: Continuing operations, net $ (0.09 ) $ (0.03 ) $ 0.02 Discontinued operations, net (0.02 ) (0.13 ) 0.02 Net (loss) income per common share - basic and diluted $ (0.11 ) $ (0.16 ) $ 0.04 (1) The effect of dilutive securities for the years ended December 31, 2020, 2019 and 2018 excludes 23,540, 27,191 and 27,510 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, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results (unaudited) | 19 . Summary of Quarterly Results (unaudited) The following table summarizes our quarterly results of operations for the years ended December 31, 2020 and 2019. The computation of basic and diluted per common share amounts for each quarter is based on the weighted average shares outstanding for that period and accordingly the sum of the quarters may not necessarily be equal to the full year basic and diluted net income per common share. Net (Loss) Income (Amounts in thousands, Attributable to the (Loss) Income per Common Share except per share amounts) Revenues Common Stockholders Basic Diluted 2020 December 31 $ 182,358 $ (14,824 ) $ (0.07 ) $ (0.07 ) September 30 176,775 (6,958 ) (0.03 ) (0.03 ) June 30 171,118 (6,270 ) (0.03 ) (0.03 ) March 31 183,986 3,348 0.01 0.01 2019 December 31 $ 186,769 $ (50,145 ) $ (0.22 ) $ (0.22 ) September 30 191,253 7,082 0.03 0.03 June 30 181,343 2,455 0.01 0.01 March 31 184,389 3,709 0.02 0.02 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | 2 0 . Related Parties Management Agreements We provide property management, leasing and other related services to certain properties owned by members of the Otto Family. We recognized fee income of $1,227,000, $842,000 and $838,000 for the years ended December 31, 2020, 2019 and 2018, respectively, in connection with these agreements, which is included as a component of “fee and other income” on our consolidated statements of income. As of December 31, 2020, amounts owed to us under these agreements aggregated $34,000, which are included as a component of “accounts and other receivables” on our consolidated balance sheets. We also provide property management, asset management, leasing and other related services to our unconsolidated joint ventures and real estate funds. We recognized fee income of $22,986,000, $17,466,000 and $15,231,000, for the years ended December 31, 2020, 2019 and 2018, respectively, in connection with these agreements. As of December 31, 2020 and 2019, amounts owed to us under these agreements aggregated $5,011,000 and $2,734,000, respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets. 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 feeder vehicles for Fund X. Pursuant to this agreement, we have agreed to pay HTC for the costs incurred to sell investments in these funds or their feeder vehicles, including certain incremental costs incurred by HTC as a result of the engagement, plus, a mark-up of 10%. HTC is 100% owned by Albert Behler, our Chairman, Chief Executive Officer and President. We incurred expenses of $512,000, $796,000 and $240,000 for the years ended December 31, 2020, 2019 and 2018, respectively, in connection with this agreement, which are included as a component of “transaction related costs” on our consolidated statements of income. As of December 31, 2020 and 2019, we owed $123,000 and $38,000, respectively, to HTC under this agreement, which are included as a component of “accounts payable and accrued expenses” on our consolidated balance sheets. Mannheim Trust A subsidiary of Mannheim Trust leases office space at 712 Fifth Avenue, our 50.0% owned unconsolidated joint venture, pursuant to a lease agreement which expires in April 2023. Dr. Martin Bussmann (a member of our Board of Directors) is also a trustee and a director of Mannheim Trust. During the years ended December 31, 2020, 2019 and 2018, we recognized $362,000, $360,000 and $366,000, respectively, for our share of rental income pursuant to this lease. Due from Affiliates At December 31, 2019, we had a $36,918,000 note receivable from Fund X that bore interest at LIBOR plus 220 basis points and was included as “due from affiliates” on our consolidated balance sheet. On March 27, 2020, the $36,918,000 note receivable was repaid, together with $349,000 of accrued interest. Other We have entered into an agreement with Kramer Design Services (“Kramer Design”) to, among other things, develop company-wide standard branding guidelines. Kramer Design is owned by the spouse of Albert Behler, our Chairman, Chief Executive Officer and President. During the year ended December 31, 2020, we recognized $187,000 of expenses in connection with this agreement. There were no amounts owed to Kramer Design under this agreement as of December 31, 2020. Kramer Design has also entered into agreements with 712 Fifth Avenue, our 50.0% owned unconsolidated joint venture, to, among other things, create and design marketing materials with respect to the vacant retail space at 712 Fifth Avenue. For the year ended December 31, 2020 and 2019, we recognized expense of $29,000 and $325,000, respectively, for our share of the fees incurred in connection with these agreements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 21. 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, 2020, 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 joint venture partner in 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 then 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 with the actual purchase occurring no earlier than 12 months after written notice is provided. If the put right is exercised and the 712 Fifth Avenue joint venture acquires the 50.0% tenancy-in-common interest in the property by our joint venture partner, we will own a 25.0% interest in 718 Fifth Avenue based on current ownership interests. Transfer Tax Assessments During 2017, the New York City Department of Finance issued Notices of Determination (“Notices”) assessing additional transfer taxes (including interest and penalties) in connection with the transfer of interests in certain properties during our 2014 initial public offering. We believe, after consultation with legal counsel, that the likelihood of a loss is reasonably possible, and while it is not possible to predict the outcome of these Notices, we estimate the range of loss could be between $0 and $47,700,000. Since no amount in this range is a better estimate than any other amount within the range, we have not accrued any liability arising from potential losses relating to these Notices in our consolidated financial statements. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segments | 2 2 . Segments Our reportable segments are separated based on the regions in which we conduct our business. Prior to January 1, 2020, our reportable segments consisted of New York, San Francisco and Washington, D.C. Upon entering into an agreement to sell 1899 Pennsylvania Avenue, our sole remaining property in the Washington, D.C. segment, we redefined our reportable segments into the two remaining regions in which we conduct our business: New York and San Francisco effective January 1, 2020. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. In connection therewith, we have reclassified the Washington, D.C. segment financial data into Other segment and reclassified prior period segment financial data to conform to current period presentation. The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below. For the Year Ended December 31, 2020 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 700,410 $ 454,071 $ 234,893 $ 11,446 Property-related operating expenses (273,440 ) (194,648 ) (68,924 ) (9,868 ) NOI from unconsolidated joint ventures 48,631 11,540 38,892 (1,801 ) NOI (1) $ 475,601 $ 270,963 $ 204,861 $ (223 ) For the Year Ended December 31, 2019 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 746,436 $ 482,648 $ 238,808 $ 24,980 Property-related operating expenses (274,836 ) (191,211 ) (69,815 ) (13,810 ) NOI from unconsolidated joint ventures 22,409 13,151 9,065 193 NOI (1) $ 494,009 $ 304,588 $ 178,058 $ 11,363 For the Year Ended December 31, 2018 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 740,332 $ 468,013 $ 222,071 $ 50,248 Property-related operating expenses (274,078 ) (188,008 ) (60,043 ) (26,027 ) NOI from unconsolidated joint ventures 20,730 20,395 - 335 NOI (1) $ 486,984 $ 300,400 $ 162,028 $ 24,556 (1) NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies. The following table provides a reconciliation of NOI to net (loss) income attributable to common stockholders for the periods set forth below. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 NOI $ 475,601 $ 494,009 $ 486,984 Add (subtract) adjustments to arrive to net (loss) income: Fee income 28,070 22,744 18,629 Depreciation and amortization expense (235,200 ) (240,104 ) (240,868 ) General and administrative expenses (64,917 ) (68,556 ) (57,563 ) NOI from unconsolidated joint ventures (48,631 ) (22,409 ) (20,730 ) (Loss) income from unconsolidated joint ventures (18,619 ) (4,706 ) 3,468 Interest and other income, net 4,490 9,844 7,936 Interest and debt expense (144,208 ) (156,679 ) (147,653 ) Loss on early extinguishment of debt - (11,989 ) - Adjustments related to discontinued operations (including impairments and gain or loss on sale of real estate) (8,390 ) (15,292 ) (31,909 ) Other, net (824 ) (2,342 ) (1,740 ) (Loss) income from continuing operations, before income taxes (12,628 ) 4,520 16,554 Income tax expense (1,493 ) (312 ) (3,139 ) (Loss) income from continuing operations, net (14,121 ) 4,208 13,415 (Loss) income from discontinued operations, net (5,075 ) (33,811 ) 5,578 Net (loss) income (19,196 ) (29,603 ) 18,993 Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures (9,257 ) (11,022 ) (8,182 ) Consolidated real estate fund 1,450 (313 ) (720 ) Operating Partnership 2,299 4,039 (944 ) Net (loss) income attributable to common stockholders $ (24,704 ) $ (36,899 ) $ 9,147 The following table provides the total assets for each of our reportable segments as of the dates set forth below. (Amounts in thousands) Total Assets as of: Total New York San Francisco Other December 31, 2020 $ 8,554,097 $ 5,388,596 $ 2,698,983 $ 466,518 December 31, 2019 8,734,135 5,439,929 2,708,463 585,743 December 31, 2018 8,755,978 5,583,022 2,388,094 784,862 |
Schedule-II - Valuation and Qua
Schedule-II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
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 For the Year Ended December 31, 2020 Allowance for doubtful accounts $ - $ - $ - $ - Allowance for preferred equity investments - - - - Total valuation allowance $ - $ - $ - $ - For the Year Ended December 31, 2019 Allowance for doubtful accounts $ - (1) $ - $ - $ - Allowance for preferred equity investments - - - - Total valuation allowance $ - $ - $ - $ - For the Year Ended December 31, 2018 Allowance for doubtful accounts $ 277 $ 324 $ (8 ) $ 593 (1) Allowance for preferred equity investments 19,588 - (19,588 ) - Total valuation allowance $ 19,865 $ 324 $ (19,596 ) $ 593 (1) Represents allowance for tenant receivables arising from operating leases. The allowance was written-off on January 1, 2019 upon the adoption of ASU 2016-02, an update to ASC Topic 842, Leases , which requires companies to account for impairment of receivables as reduction to “rental income” if the collectability of these receivables is not probable. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
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 Description Encumbrances Land Building and improvements Land Building and improvements Land Building and improvements Total (1) and amortization Date of construction Date acquired statement is computed 1633 Broadway $ 1,250,000 $ 502,846 $ 1,398,341 $ - $ 151,358 $ 502,846 $ 1,549,699 $ 2,052,545 $ (258,683 ) 1971 11/2014 5 to 40 Years 1301 Avenue of the Americas 850,000 406,039 1,051,697 - 101,642 406,039 1,153,339 1,559,378 (199,657 ) 1963 11/2014 5 to 40 Years 31 West 52nd Street 500,000 221,318 604,994 - 62,997 221,318 667,991 889,309 (107,164 ) 1987 11/2014 5 to 40 Years 1325 Avenue of the Americas - 174,688 370,553 - 61,785 174,688 432,338 607,026 (68,822 ) 1989 11/2014 5 to 40 Years 900 Third Avenue - 103,741 296,031 - 28,335 103,741 324,366 428,107 (56,831 ) 1983 11/2014 5 to 40 Years Total New York 2,600,000 1,408,632 3,721,616 - 406,117 1,408,632 4,127,733 5,536,365 (691,157 ) One Market Plaza 975,000 288,743 988,014 - 95,035 288,743 1,083,049 1,371,792 (187,570 ) 1976 11/2014 5 to 40 Years 300 Mission Street 244,434 141,097 343,819 - 40,887 141,097 384,706 525,803 (36,360 ) 1968 07/2017 5 to 40 Years One Front Street - 127,765 376,919 - 15,046 127,765 391,965 519,730 (47,411 ) 1979 12/2016 5 to 40 Years Total San Francisco 1,219,434 557,605 1,708,752 - 150,968 557,605 1,859,720 2,417,325 (271,341 ) Other - - - - 9,625 - 9,625 9,625 (4,199 ) 11/2014 5 to 40 Years Total $ 3,819,434 $ 1,966,237 $ 5,430,368 $ - $ 566,710 $ 1,966,237 $ 5,997,078 $ 7,963,315 $ (966,697 ) (1) The basis of the Company’s assets for tax purposes is approximately $2.4 billion lower than the amount reported for financial statement purposes. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Real Estate: Beginning balance $ 7,889,885 $ 7,793,784 $ 7,653,276 Acquisitions - - - Additions during the year: Land - - - Buildings and improvements 82,571 104,408 144,666 Assets sold and written-off (9,141 ) (8,307 ) (4,158 ) Ending balance $ 7,963,315 $ 7,889,885 $ 7,793,784 Accumulated Depreciation: Beginning balance $ 790,216 $ 617,974 $ 445,328 Additions charged to expense 185,622 180,549 176,804 Accumulated depreciation related to assets sold and written-off (9,141 ) (8,307 ) (4,158 ) Ending balance $ 966,697 $ 790,216 $ 617,974 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. |
Real Estate | Real Estate Real estate is carried at cost less accumulated depreciation and amortization. Betterments, major renovations and certain costs directly related to the improvement of real estate 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 revenue, 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. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. 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. Estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. 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. Real estate 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. Real estate 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 real estate and related intangibles classified as assets held for sale. |
Variable Interest Entities and Investments in Unconsolidated Joint Ventures and Funds | Variable Interest Entities (“VIEs”) and Investments in Unconsolidated Joint Ventures and Funds We consolidate VIEs in which we are considered to be the primary beneficiary. Entities are considered to be the primary beneficiary if they have 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. 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, which consist of investments in unconsolidated joint ventures and funds are initially recorded at cost and subsequently adjusted for (i) our share of net income or loss, (ii) our share of other comprehensive income or loss, and (iii) cash contributions and distributions. To the extent that our cost basis is different than our share of the equity in the equity method investment, the basis difference allocated to depreciable assets is amortized into “income from unconsolidated joint ventures” over the estimated useful life of the related asset. The agreements that govern our equity method investments may designate different percentage allocations among investors for profits and losses; however, our recognition of income or loss generally follows the investment’s distribution priorities, which may change upon the achievement of certain investment return thresholds. We account for cash distributions in excess of our basis in the equity method investments as income when we have neither the requirement, nor the intent to provide financial support to the joint venture. 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 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. |
Marketable Securities | Marketable Securities Marketable securities consists of investments in trading securities that are held in our deferred compensation plan for which there is an offsetting liability. These investments are initially recorded at cost and subsequently measured at fair value at the end of each reporting period, with gains or losses resulting from changes in fair value recognized in earnings, which are included as a component of “interest and other income, net” on our consolidated statements of income and the earnings are entirely offset by expenses from the mark-to-market of plan liabilities, which are included as a component of “general and administrative” expenses on our consolidated statements of income. |
Deferred Charges | Deferred Charges Deferred charges include deferred leasing costs and deferred financing costs related to our revolving credit facility. Deferred leasing costs consist of fees and direct costs related to successful leasing activities. Such deferred leasing 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 deferred financing costs are amortized over the term of the revolving credit facility and are recognized as a component of “interest and debt expense” on our consolidated statements of income. |
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 financing and are recorded as a reduction of our notes and mortgages payable. Such costs are amortized over the terms of the related debt agreements and recognized as a component of “interest and debt expense” on our consolidated statements of income. Upon the early extinguishment of our notes and mortgages payable, any unamortized costs related to such notes and mortgages payable are written off as a component of “loss on early extinguishment of debt” on our consolidated statements of income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement and Disclosures We use the following methods and assumptions in estimating fair value for financial instruments that are presented at fair value on our consolidated balance sheets: Marketable Securities Marketable securities are valued by a third-party specialist using quoted prices in active markets. We use the following methods and assumptions in estimating fair value for financial instruments that are not presented at fair value on our consolidated balance sheets, but are disclosed in the notes to our consolidated financial statements: Notes and Mortgages Payable Notes and mortgages payable are valued by a third-party specialist using 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. 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. The notes and mortgages payable are classified as Level 2 in fair value hierarchy. The carrying values of all other financial instruments on our consolidated balance sheets, including cash and cash equivalents, restricted cash, accounts and other receivables and accounts payable and accrued expenses, approximate their fair values due to the short-term nature of these instruments. |
Revenue Recognition | Revenue Recognition Rental Revenue We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases which have terms generally ranging from five to fifteen years. Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to early terminate, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, We evaluate the collectability of our tenant receivables for payments required under the lease agreements. If we determine that collectability is not probable, the difference between rental revenue recognized and rental payments received is recorded as an adjustment to “rental revenue” in our consolidated statements of income. Fee and Other Income Fee income includes (i) property management fees, (ii) asset management fees, (iii) fees relating to acquisitions, dispositions and leasing services and (iv) other fee income and is recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers Other income includes income from tenant requested services, including overtime heating and cooling and parking income. |
Gains and Losses on Sale of Real Estate | Gains and Losses on Sale of Real Estate Gains and losses on the sale of real estate are recognized pursuant to ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation |
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 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 (“TRSs”). TRSs 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 TRSs had a combined current income tax expense of approximately $698,000, $242,000 and $622,000 for the years ended December 31, 2020, 2019 and 2018, respectively. In addition, our TRSs had combined deferred income tax expense of $32,000 and $87,000 for the years ended December 31, 2020 and 2018, respectively, and a combined deferred income tax benefit of $28,000 for the year ended December 31, 2019. The following table reconciles net (loss) income attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Net (loss) income attributable to Paramount Group, Inc. $ (24,704 ) $ (36,899 ) $ 9,147 Book to tax differences: Straight-lining of rents and amortization of above and below-market leases, net (10,462 ) (37,244 ) (48,604 ) Depreciation and amortization 62,002 79,750 92,512 Stock-based compensation 17,766 20,812 17,847 Real estate impairment loss - 38,237 41,788 Adjustments resulting from sale of real estate 55,640 12,107 (14,381 ) Other, net (11,095 ) 12,753 (11,635 ) Estimated taxable income $ 89,147 $ 89,516 $ 86,674 The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, 2020 2019 2018 Amount % Amount % Amount % Ordinary income $ 0.210 (1) 52.5 % $ 0.323 (1) 80.7 % $ 0.286 (1) 72.4 % Long-term capital gain 0.190 47.5 % 0.062 15.5 % 0.074 18.7 % Return of capital 0.000 0.0 % 0.015 3.8 % 0.035 8.9 % Total $ 0.400 (2) 100.0 % $ 0.400 (2) 100.0 % $ 0.395 (2) 100.0 % (1) Represents amounts treated as “qualified REIT dividends” for purposes of Internal Revenue Code Section 199A. (2) The fourth quarter dividends for the years ended December 31, 2020, 2019 and 2018 of $0.07, $0.10 and $0.10 per share, respectively, were paid in January of the subsequent years and are allocable to the subsequent years for federal income tax purposes. |
Segments | Segments Our reportable segments are separated based on the regions in which we conduct our business. Prior to January 1, 2020, our reportable segments consisted of New York, San Francisco and Washington, D.C. Upon entering into an agreement to sell 1899 Pennsylvania Avenue, our sole remaining property in the Washington, D.C. segment, we redefined our reportable segments into the two remaining regions in which we conduct our business: New York and San Francisco effective January 1, 2020. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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 materially from those estimates. |
Reclassification | Reclassification Certain prior year balances have been reclassified to conform to current year presentation. See Note 3, Dispositions and Discontinued Operations. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, an update to ASC Topic 326, Financial Instruments – Credit Losses Leases. In August 2018, the FASB issued ASU 2018-13, an update to ASC Topic 820, Fair Value Measurements the disclosure requirements in ASC Topic 820, by (i) removing certain disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the valuation processes for Level 3 fair value measurements, (ii) modifying existing disclosure requirements related to measurement uncertainty and (iii) adding new disclosure requirements related to changes in unrealized gains or losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2019, with early adoption permitted. We adopted the provisions of ASU 2018-13 on January 1, 2020. This adoption did not have an impact on our consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, an update to ASC Topic 810, Consolidations. In December 2019, the FASB issued ASU 2019-12, an update to ASC Topic 740, Income Taxes. In March 2020, the FASB issued ASU 2020-04, which adds ASC Topic 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 global pandemic. Under existing lease guidance, the entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if a lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Lease Modification Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially the same as or less than the cash flows in the original lease. We have accounted for lease modifications executed as a result of COVID-19 under ASC Topic 842, Leases In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options Derivatives and Hedging - Contracts in Entity's Own Equity Earnings Per Share, In October 2020, the FASB issued ASU 2020-10, Codification Improvements |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation Net Income (Loss) Attributable to Estimated Taxable Income | The following table reconciles net (loss) income attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Net (loss) income attributable to Paramount Group, Inc. $ (24,704 ) $ (36,899 ) $ 9,147 Book to tax differences: Straight-lining of rents and amortization of above and below-market leases, net (10,462 ) (37,244 ) (48,604 ) Depreciation and amortization 62,002 79,750 92,512 Stock-based compensation 17,766 20,812 17,847 Real estate impairment loss - 38,237 41,788 Adjustments resulting from sale of real estate 55,640 12,107 (14,381 ) Other, net (11,095 ) 12,753 (11,635 ) Estimated taxable income $ 89,147 $ 89,516 $ 86,674 |
Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes | The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, 2020 2019 2018 Amount % Amount % Amount % Ordinary income $ 0.210 (1) 52.5 % $ 0.323 (1) 80.7 % $ 0.286 (1) 72.4 % Long-term capital gain 0.190 47.5 % 0.062 15.5 % 0.074 18.7 % Return of capital 0.000 0.0 % 0.015 3.8 % 0.035 8.9 % Total $ 0.400 (2) 100.0 % $ 0.400 (2) 100.0 % $ 0.395 (2) 100.0 % (1) Represents amounts treated as “qualified REIT dividends” for purposes of Internal Revenue Code Section 199A. (2) The fourth quarter dividends for the years ended December 31, 2020, 2019 and 2018 of $0.07, $0.10 and $0.10 per share, respectively, were paid in January of the subsequent years and are allocable to the subsequent years for federal income tax purposes. |
Dispositions and Discontinued_2
Dispositions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities, Results of Operations and Cash Flow from Discontinued Operations | The tables below set forth the details of the assets and liabilities, results of operations and the details of the cash flows related to discontinued operations as of the dates thereof and for the periods set forth below. (Amounts in thousands) As of Balance Sheet: (1) December 31, 2019 Real estate, net $ 94,251 Deferred rent receivable 4,206 Deferred charges, net 804 Intangible assets, net 5,575 Assets related to discontinued operations $ 104,836 (Amounts in thousands) For the Year Ended December 31, Income Statements: (2) 2020 2019 2018 Revenues: Rental revenue $ 13,967 $ 24,969 $ 50,157 Other income 276 457 1,133 Total revenues 14,243 25,426 51,290 Expenses: Operating 5,853 10,134 19,381 Depreciation and amortization 690 8,243 17,357 Total expenses 6,543 18,377 36,738 Other income (expense): Interest and other income, net - - 181 Real estate impairment loss - (42,000 ) (46,000 ) Income (loss) before gain or loss on sale of real estate 7,700 (34,951 ) (31,267 ) (Loss) gain on sale of real estate (3) (12,766 ) 1,140 36,845 (Loss) income before income taxes (5,066 ) (33,811 ) 5,578 Income tax expense (9 ) - - (Loss) income from discontinued operations, net $ (5,075 ) $ (33,811 ) $ 5,578 For the Year Ended December 31, Statements of Cash Flows: (2) 2020 2019 2018 Cash provided by operating activities $ 5,522 $ 15,949 $ 25,416 Cash provided by investing activities Proceeds from sale of real estate (4) $ 89,206 $ 150,307 $ 349,013 Additions to real estate - (1,514 ) (4,003 ) Total cash provided by investing activities $ 89,206 $ 148,793 $ 345,010 Cash used in financing activities $ (96,896 ) $ (162,294 ) $ (370,626 ) Additional Cash Flow Information: Depreciation and amortization $ 690 $ 8,243 $ 17,357 (1) Represents assets of 1899 Pennsylvania Avenue. (2) Represents revenues, expenses, net income, and cash flow information of 1899 Pennsylvania Avenue in the year ended December 31, 2020, 1899 Pennsylvania Avenue and Liberty Place in the year ended December 31, 2019 and 1899 Pennsylvania Avenue, Liberty Place, 425 Eye Street and 2099 Pennsylvania Avenue in the year ended December 31, 2018. (3) Represents the loss on sale of 1899 Pennsylvania Avenue in 2020, gain on sale of Liberty Place in 2019, and gain on sale of 425 Eye Street and 2099 Pennsylvania Avenue in 2018. (4) Represents the proceeds from the sale of 1899 Pennsylvania Avenue in 2020, Liberty Place in 2019, and 425 Eye Street and 2099 Pennsylvania Avenue in 2018. |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments and Income from Investments In Unconsolidated Joint Ventures | The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below. (Amounts in thousands) Paramount As of December 31, Our Share of Investments: Ownership 2020 2019 712 Fifth Avenue (1) 50.0% $ - $ - Market Center 67.0% 192,306 219,593 55 Second Street (2) 44.1% 92,298 95,384 111 Sutter Street 49.0% 37,818 41,519 60 Wall Street (2) 5.0% 19,164 19,777 One Steuart Lane (2) 35.0% (3) 67,505 69,536 Oder-Center, Germany (2) 9.5% 3,633 3,371 Investments in unconsolidated joint ventures $ 412,724 $ 449,180 (Amounts in thousands) For the Year Ended December 31, Our Share of Net (Loss) Income: 2020 2019 2018 712 Fifth Avenue (1) $ 687 $ 1,849 $ 3,901 Market Center (4) (11,315 ) (744 ) - 55 Second Street (2)(5) (2,723 ) (826 ) - 111 Sutter Street (6) (3,172 ) (4,394 ) - 60 Wall Street (2) (70 ) (551 ) (518 ) One Steuart Lane (2) (2,043 ) (118 ) (18 ) Oder-Center, Germany (2) 17 78 103 (Loss) income from unconsolidated joint ventures $ (18,619 ) $ (4,706 ) $ 3,468 (1) As of December 31, 2020, our basis in the partnership that owns 712 Fifth Avenue, was negative $22,345 resulting from distributions made to us in excess of our share of earnings recognized. Accordingly, we no longer recognize our proportionate share of earnings from the venture because we have no further obligation to fund additional capital to the venture. Instead, we only recognize earnings to the extent we receive cash distributions from the venture. (2) As of December 31, 2020, the carrying amount of our investments in 55 Second Street, 60 Wall Street, One Steuart Lane and Oder-Center, Germany is greater than our share of equity in these investments by $489, $2,665, $970, $4,819, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into “(loss) income from unconsolidated joint ventures” over the estimated useful life of the related assets. (3) Represents our consolidated Residential Development Fund’s economic interest in One Steuart Lane. (4) Acquired on December 11, 2019. (5) Acquired on August 21, 2019. (6) Acquired on February 7, 2019. |
Unconsolidated Joint Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Financial Information of Unconsolidated Joint Ventures | The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates and for the periods set forth below. (Amounts in thousands) As of December 31, Balance Sheets: 2020 2019 Real estate, net $ 2,674,858 $ 2,581,738 Cash and cash equivalents and restricted cash 120,149 75,071 Intangible assets, net 110,307 172,041 Other assets 45,761 36,218 Total assets $ 2,951,075 $ 2,865,068 Notes and mortgages payable, net $ 1,801,084 $ 1,648,403 Intangible liabilities, net 26,772 38,377 Other liabilities 87,575 65,759 Total liabilities 1,915,431 1,752,539 Equity 1,035,644 1,112,529 Total liabilities and equity $ 2,951,075 $ 2,865,068 (Amounts in thousands) For the Year Ended December 31, Income Statements: 2020 2019 2018 Revenues: Rental revenue $ 243,713 $ 164,316 $ 140,653 Other income 2,828 2,108 6,827 Total revenues 246,541 166,424 147,480 Expenses: Operating 109,114 68,491 53,417 Depreciation and amortization 117,640 68,318 48,452 Total expenses 226,754 136,809 101,869 Other (expense) income: Interest and other (loss) income, net (36 ) 663 803 Interest and debt expense (58,239 ) (51,113 ) (39,406 ) Net (loss) income before income taxes (38,488 ) (20,835 ) 7,008 Income tax expense (47 ) (16 ) (10 ) Net (loss) income $ (38,535 ) $ (20,851 ) $ 6,998 |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate Funds (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Fund [Abstract] | |
Summary of Investment in Unconsolidated Real Estate Funds and Income or Loss from Fund Investments | The following tables summarize our investments in these unconsolidated real estate funds as of the dates thereof and the income or loss recognized for the periods set forth below. As of December 31, (Amounts in thousands) 2020 2019 Our Share of Investments: Alternative Investment Funds $ 12,878 $ 10,284 Property Funds 39 33 Investments in unconsolidated real estate funds $ 12,917 $ 10,317 For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Our Share of Net Income (Loss): Net investment income $ 626 $ 539 $ 291 Net realized loss (2 ) (54 ) - Net unrealized loss (352 ) (828 ) (560 ) Income (loss) from unconsolidated real estate funds $ 272 $ (343 ) $ (269 ) |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets and Liabilities | The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below. As of December 31, (Amounts in thousands) 2020 2019 Intangible assets: Gross amount $ 436,851 $ 466,099 Accumulated amortization (283,332 ) (262,930 ) $ 153,519 $ 203,169 Intangible liabilities: Gross amount $ 163,977 $ 174,670 Accumulated amortization (107,981 ) (100,881 ) $ 55,996 $ 73,789 For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Amortization of above and below-market leases, net (component of "rental revenue") $ 4,775 $ 11,097 $ 14,652 Amortization of acquired in-place leases (component of "depreciation and amortization") $ 36,628 $ 46,917 $ 54,208 |
Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases | The following table sets forth annual amortization of acquired above and below-market leases, net and amortization of acquired in-place leases for each of the five succeeding years commencing from January 1, 2021. (Amounts in thousands) For the Year Ending December 31, Above and Below-Market Leases, Net In-Place Leases 2021 $ 3,567 $ 26,375 2022 1,629 21,878 2023 5,056 17,811 2024 5,994 14,342 2025 4,633 10,435 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following table summarizes our consolidated outstanding debt. Maturity Fixed/ Interest Rate as of As of December 31, (Amounts in thousands) Date Variable Rate December 31, 2020 2020 2019 Notes and mortgages payable: 1633 Broadway (1) Dec-2029 Fixed 2.99 % $ 1,250,000 $ 1,250,000 One Market Plaza (1) Feb-2024 Fixed 4.03 % 975,000 975,000 1301 Avenue of the Americas Nov-2021 Fixed 3.05 % 500,000 500,000 Nov-2021 L + 180 bps 1.99 % 350,000 350,000 2.61 % 850,000 850,000 31 West 52nd Street May-2026 Fixed 3.80 % 500,000 500,000 300 Mission Street (1) Oct-2023 Fixed 3.65 % 244,434 234,643 Total notes and mortgages payable 3.32 % 3,819,434 3,809,643 Less: unamortized deferred financing costs (18,695 ) (25,792 ) Total notes and mortgages payable, net $ 3,800,739 $ 3,783,851 $1.0 Billion Revolving Credit Facility Jan-2022 (2) L + 115 bps n/a $ - $ 36,918 (1) Our ownership interest in 1633 Broadway, One Market Plaza and 300 Mission Street is 90.0%, 49.0% and 31.1%, respectively (2) The $1.0 billion revolving credit facility matures on January 10, 2022 and has two six-month extension options. |
Summary of Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility | The following table summarizes our principal repayments required for the next five years and thereafter Notes and Revolving (Amounts in thousands) Total Mortgages Payable Credit Facility 2021 $ 850,000 $ 850,000 $ - 2022 - - - 2023 244,434 244,434 - 2024 975,000 975,000 - 2025 - - - Thereafter 1,750,000 1,750,000 - |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Loss by Component | The following table sets forth changes in accumulated other comprehensive loss by component for the years ended December 31, 2020, 2019 and 2018, including amounts attributable to noncontrolling interests in the Operating Partnership. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Amount of (loss) income related to unconsolidated joint ventures recognized in other comprehensive (loss) income (1) $ (16,141 ) $ 206 $ (129 ) Amounts reclassified from accumulated other comprehensive loss increasing loss from unconsolidated joint ventures (1) 2,247 - - Amount of (loss) income related to the cash flow hedges recognized in other comprehensive (loss) income (2) - (23,147 ) 9,203 Amount reclassified from accumulated other comprehensive loss decreasing interest and debt expense (2) - (4,922 ) (1,930 ) Amount reclassified to loss on early extinguishment of debt (3) - 11,258 - (1) Represents amounts related to interest rate swap with a notional value of $402,000, which was designated as cash flow hedge. (2) Represents amounts related to interest rate swaps with an aggregate notional amount of $1.0 billion and forward starting interest rate swaps with an aggregate notional amount of $400,000 that were designated as cash flow hedges. These hedges were terminated in November 2019 in connection with the refinancing of the related asset. (3) Represents costs incurred in connection with the settlement of interest rate swap liabilities upon the refinancing of 1633 Broadway in November 2019. |
Variable Interest Entities ("_2
Variable Interest Entities ("VIEs") (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Consolidated VIEs [Member] | |
Summary of Assets and Liabilities of Consolidated Variable Interest Entities | The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership As of December 31, (Amounts in thousands) 2020 2019 Real estate, net $ 3,470,766 $ 1,685,391 Cash and cash equivalents and restricted cash 134,647 69,828 Investments in unconsolidated joint ventures 67,505 69,535 Accounts and other receivables 6,871 2,140 Deferred rent receivable 192,401 57,338 Deferred charges, net 55,156 24,030 Intangible assets, net 76,545 29,872 Other assets 21,496 21,132 Total VIE assets $ 4,025,387 $ 1,959,266 Notes and mortgages payable, net $ 2,457,272 $ 1,205,324 Accounts payable and accrued expenses 51,590 35,252 Intangible liabilities, net 33,566 19,841 Other liabilities 4,486 13,047 Total VIE liabilities $ 2,546,914 $ 1,273,464 |
Unconsolidated VIEs [Member] | |
Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments | The following table summarizes our investments in these unconsolidated real estate funds and the maximum risk of loss from these investments. As of December 31, (Amounts in thousands) 2020 2019 Investments $ 12,917 $ 10,317 Asset management fees and other receivables 561 37,563 (1) Maximum risk of loss $ 13,478 $ 47,880 (1) Includes a $36,918 note receivable from Fund X that was repaid on March 27, 2020. See Note 20, Related Parties . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets Measured at Fair Value | The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheets as of the dates set forth below, based on their levels in the fair value hierarchy. As of December 31, 2020 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities (included in "other assets") $ 17,178 $ 17,178 $ - $ - Total assets $ 17,178 $ 17,178 $ - $ - As of December 31, 2019 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities (included in "other assets") $ 21,639 $ 21,639 $ - $ - Total assets $ 21,639 $ 21,639 $ - $ - |
Summary of Carrying Amounts and Fair Value of Financial Instruments | The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below. As of December 31, 2020 As of December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Notes and mortgages payable $ 3,819,434 $ 3,871,644 $ 3,809,643 $ 3,848,266 Revolving credit facility - - 36,918 36,919 Total liabilities $ 3,819,434 $ 3,871,644 $ 3,846,561 $ 3,885,185 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Rental Revenues | The following table sets forth the details of our rental revenue. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Rental revenue: Fixed $ 627,352 (1) $ 647,345 $ 626,745 Variable 51,663 62,163 50,393 Total rental revenue $ 679,015 $ 709,508 $ 677,138 (1) Includes (i) $33,205 of non-cash write-offs, primarily for straight-line rent receivables and (ii) $2,051 of reserves for uncollectible accounts receivable in the year ended December 31, 2020. |
Schedule of Future Undiscounted Cash Flows Under Non-Cancelable Operating Leases | The following table is a schedule of future undiscounted cash flows under non-cancelable operating leases in effect as of December 31, 2020, for each of the five succeeding years commencing January 1, 2021. (Amounts in thousands) 2021 $ 638,723 2022 631,503 2023 606,371 2024 579,138 2025 519,018 Thereafter 2,367,495 Total $ 5,342,248 |
Fee and Other Income (Tables)
Fee and Other Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Fee and Other Income | The following table sets forth the details of our fee and other income. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Fee income: Asset management $ 14,266 $ 10,442 $ 7,912 Property management 9,242 6,852 6,163 Acquisition, disposition and leasing 2,629 3,435 3,160 Other 1,933 2,015 1,394 Total fee income 28,070 22,744 18,629 Other income (1) 7,152 11,502 11,904 Total fee and other income $ 35,222 $ 34,246 $ 30,533 (1) Primarily comprised of (i) tenant requested services, including overtime heating and cooling and (ii) parking income. |
Summary of Amount Receivable from Customers under Various Fee Agreement | The following table sets forth the amounts receivable from our customers under our various fee agreements and are included as a component of “accounts and other receivables” on our consolidated balance sheets. Acquisition, Property Asset Disposition (Amounts in thousands) Total Management Management and Leasing Other Accounts and other receivables: Balance as of December 31, 2019 $ 2,413 $ 752 $ 1,653 $ - $ 8 Balance as of December 31, 2020 5,179 793 1,949 2,259 178 Increase $ 2,766 $ 41 $ 296 $ 2,259 $ 170 |
Interest and Other Income, net
Interest and Other Income, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interest And Other Income [Abstract] | |
Schedule of Interest and Other Income, net | The following table sets forth the details of interest and other income, net. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Interest income, net $ 2,054 $ 5,484 $ 5,203 Mark-to-market of investments in our deferred compensation plans (1) 2,436 3,906 (922 ) Preferred equity investment income (2) - 454 3,655 Total interest and other income, net $ 4,490 $ 9,844 $ 7,936 (1) 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 as a component of “general and administrative” expenses on our consolidated statements of income. (2) The preferred equity investment was redeemed on March 1, 2019. |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interest And Debt Expense [Abstract] | |
Details of Interest and Debt Expense | The following table sets forth the details of interest and debt expense. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Interest expense $ 134,931 $ 137,356 $ 136,630 Amortization of deferred financing costs 9,277 19,323 (1) 11,023 Total interest and debt expense $ 144,208 $ 156,679 $ 147,653 (1) Includes $8,215 of expense from the non-cash write-off of deferred financing costs in connection with the $1.25 billion refinancing of 1633 Broadway in November 2019 |
Incentive Compensation (Tables)
Incentive Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Components of Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 LTIP units $ 10,463 $ 11,860 $ 9,059 Performance-based units 7,499 8,477 7,645 Restricted stock 1,217 1,228 988 Stock options 60 1,295 1,954 Total stock-based compensation expense $ 19,239 $ 22,860 $ 19,646 |
Performance Programs [Member] | |
Summary of LTIP Unit and Restricted Stock Activity | The following table summarizes our LTIP unit activity granted under the Performance Programs for the year ended December 31, 2020. Units Weighted-Average Grant-Date Unvested as of December 31, 2019 3,595,834 $ 6.54 Granted 1,068,693 7.01 Earned and Vested (216,005 ) 9.71 Cancelled or expired (667,730 ) 9.71 Unvested as of December 31, 2020 3,780,792 $ 5.93 |
Restricted Stock [Member] | |
Summary of LTIP Unit and Restricted Stock Activity | The table below summarizes our restricted stock activity for the year ended December 31, 2020. Shares Weighted-Average Grant-Date Unvested as of December 31, 2019 168,470 $ 14.27 Granted 92,424 13.08 Vested (75,895 ) 14.71 Cancelled or expired (16,291 ) 14.09 Unvested as of December 31, 2020 168,708 $ 13.44 |
Employee Stock Option [Member] | |
Summary of Stock Option Activity | The following table summarizes our stock option activity for the year ended December 31, 2020. Shares Weighted-Average Exercise Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2019 2,084,943 $ 17.07 Granted - - Exercised - - Cancelled or expired (52,450 ) 17.50 Outstanding as of December 31, 2020 2,032,493 $ 17.06 4.7 $ - Options vested and expected to vest as of December 31, 2020 2,032,493 $ 17.06 4.7 $ - Options exercisable as of December 31, 2020 2,032,493 $ 17.06 4.7 $ - |
LTIP Units [Member] | |
Summary of LTIP Unit and Restricted Stock Activity | The following table summarizes our LTIP unit activity for the year ended December 31, 2020. Units Weighted-Average Grant-Date Unvested as of December 31, 2019 1,571,464 $ 13.30 Granted 931,855 11.74 Vested (778,510 ) 13.51 Cancelled or expired - - Unvested as of December 31, 2020 1,724,809 $ 12.36 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Earnings Per Share | The following table summarizes our net (loss) income and the number of common shares used in the computation of basic and diluted (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. For the Year Ended December 31, (Amounts in thousands, except per share amounts) 2020 2019 2018 Numerator: Continuing Operations: Net (loss) income from continuing operations attributable to common stockholders $ (20,063 ) $ (6,418 ) $ 4,079 Earnings allocated to unvested participating securities (44 ) (27 ) (18 ) Numerator for net (loss) income from continuing operations per common share - basic and diluted (20,107 ) (6,445 ) 4,061 Discontinued Operations: Net (loss) income from discontinued operations attributable to common stockholders (4,641 ) (30,481 ) 5,068 Earnings allocated to unvested participating securities (22 ) (44 ) (61 ) Numerator for net (loss) income from discontinued operations per common share - basic and diluted (4,663 ) (30,525 ) 5,007 Numerator for net (loss) income per common share - basic and diluted $ (24,770 ) $ (36,970 ) $ 9,068 Denominator: Denominator for basic (loss) income per common share - weighted average shares 222,436 231,538 239,527 Effect of dilutive stock-based compensation plans (1) - - 29 Denominator for diluted (loss) income per common share - weighted average shares 222,436 231,538 239,556 (Loss) income per Common Share - Basic and Diluted: Continuing operations, net $ (0.09 ) $ (0.03 ) $ 0.02 Discontinued operations, net (0.02 ) (0.13 ) 0.02 Net (loss) income per common share - basic and diluted $ (0.11 ) $ (0.16 ) $ 0.04 The effect of dilutive securities for the years ended December 31, 2020, 2019 and 2018 excludes 23,540, 27,191 and 27,510 weighted average share equivalents, respectively, as their effect was anti-dilutive. |
Summary of Quarterly Results _2
Summary of Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following table summarizes our quarterly results of operations for the years ended December 31, 2020 and 2019. The computation of basic and diluted per common share amounts for each quarter is based on the weighted average shares outstanding for that period and accordingly the sum of the quarters may not necessarily be equal to the full year basic and diluted net income per common share. Net (Loss) Income (Amounts in thousands, Attributable to the (Loss) Income per Common Share except per share amounts) Revenues Common Stockholders Basic Diluted 2020 December 31 $ 182,358 $ (14,824 ) $ (0.07 ) $ (0.07 ) September 30 176,775 (6,958 ) (0.03 ) (0.03 ) June 30 171,118 (6,270 ) (0.03 ) (0.03 ) March 31 183,986 3,348 0.01 0.01 2019 December 31 $ 186,769 $ (50,145 ) $ (0.22 ) $ (0.22 ) September 30 191,253 7,082 0.03 0.03 June 30 181,343 2,455 0.01 0.01 March 31 184,389 3,709 0.02 0.02 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of NOI for Each Reportable Segment Information | The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below. For the Year Ended December 31, 2020 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 700,410 $ 454,071 $ 234,893 $ 11,446 Property-related operating expenses (273,440 ) (194,648 ) (68,924 ) (9,868 ) NOI from unconsolidated joint ventures 48,631 11,540 38,892 (1,801 ) NOI (1) $ 475,601 $ 270,963 $ 204,861 $ (223 ) For the Year Ended December 31, 2019 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 746,436 $ 482,648 $ 238,808 $ 24,980 Property-related operating expenses (274,836 ) (191,211 ) (69,815 ) (13,810 ) NOI from unconsolidated joint ventures 22,409 13,151 9,065 193 NOI (1) $ 494,009 $ 304,588 $ 178,058 $ 11,363 For the Year Ended December 31, 2018 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 740,332 $ 468,013 $ 222,071 $ 50,248 Property-related operating expenses (274,078 ) (188,008 ) (60,043 ) (26,027 ) NOI from unconsolidated joint ventures 20,730 20,395 - 335 NOI (1) $ 486,984 $ 300,400 $ 162,028 $ 24,556 (1) NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies. |
Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders | The following table provides a reconciliation of NOI to net (loss) income attributable to common stockholders for the periods set forth below. For the Year Ended December 31, (Amounts in thousands) 2020 2019 2018 NOI $ 475,601 $ 494,009 $ 486,984 Add (subtract) adjustments to arrive to net (loss) income: Fee income 28,070 22,744 18,629 Depreciation and amortization expense (235,200 ) (240,104 ) (240,868 ) General and administrative expenses (64,917 ) (68,556 ) (57,563 ) NOI from unconsolidated joint ventures (48,631 ) (22,409 ) (20,730 ) (Loss) income from unconsolidated joint ventures (18,619 ) (4,706 ) 3,468 Interest and other income, net 4,490 9,844 7,936 Interest and debt expense (144,208 ) (156,679 ) (147,653 ) Loss on early extinguishment of debt - (11,989 ) - Adjustments related to discontinued operations (including impairments and gain or loss on sale of real estate) (8,390 ) (15,292 ) (31,909 ) Other, net (824 ) (2,342 ) (1,740 ) (Loss) income from continuing operations, before income taxes (12,628 ) 4,520 16,554 Income tax expense (1,493 ) (312 ) (3,139 ) (Loss) income from continuing operations, net (14,121 ) 4,208 13,415 (Loss) income from discontinued operations, net (5,075 ) (33,811 ) 5,578 Net (loss) income (19,196 ) (29,603 ) 18,993 Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures (9,257 ) (11,022 ) (8,182 ) Consolidated real estate fund 1,450 (313 ) (720 ) Operating Partnership 2,299 4,039 (944 ) Net (loss) income attributable to common stockholders $ (24,704 ) $ (36,899 ) $ 9,147 |
Schedule of Total Assets for Each Reportable Segments Information | The following table provides the total assets for each of our reportable segments as of the dates set forth below. (Amounts in thousands) Total Assets as of: Total New York San Francisco Other December 31, 2020 $ 8,554,097 $ 5,388,596 $ 2,698,983 $ 466,518 December 31, 2019 8,734,135 5,439,929 2,708,463 585,743 December 31, 2018 8,755,978 5,583,022 2,388,094 784,862 |
Organization and Business - Add
Organization and Business - Additional Information (Details) ft² in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020ft²Properties | Dec. 31, 2020USD ($)ft²Properties | |
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | Properties | 13 | 13 |
Area of office and retail properties | ft² | 12.9 | 12.9 |
Rent collections expressed as a percentage of billing | 97.20% | |
Non-cash write-offs, primarily for straight-line rent receivables | $ 33,205,000 | |
Uncollectible accounts receivable | $ 2,051,000 | |
Office Tenants [Member] | ||
Real Estate Properties [Line Items] | ||
Annualized rent | 96.50% | |
Rent collections expressed as a percentage of billing | 98.50% | |
Non Office Tenants [Member] | ||
Real Estate Properties [Line Items] | ||
Annualized rent | 3.50% | |
Rent collections expressed as a percentage of billing | 61.60% | |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | ||
Real Estate Properties [Line Items] | ||
Percentage of ownership in operating partnership | 91.30% |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Minimum percentage of taxable income distributed to shareholders | 90.00% | ||
Income tax expense | $ 1,493,000 | $ 312,000 | $ 3,139,000 |
Number of reportable segments | Segment | 2 | ||
Taxable REIT Subsidiaries [Member] | |||
Income tax expense | $ 698,000 | 242,000 | 622,000 |
Deferred income tax expense (benefit) | $ 32,000 | $ (28,000) | $ 87,000 |
Minimum [Member] | |||
Estimated useful lives of the assets, years | 5 | ||
Maximum [Member] | |||
Estimated useful lives of the assets, years | 40 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Summary of Reconciliation Net Income (Loss) Attributable to Estimated Taxable Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Net (loss) income attributable to Paramount Group, Inc. | $ (14,824) | $ (6,958) | $ (6,270) | $ 3,348 | $ (50,145) | $ 7,082 | $ 2,455 | $ 3,709 | $ (24,704) | $ (36,899) | $ 9,147 |
Book to tax differences: | |||||||||||
Straight-lining of rents and amortization of above and below-market leases, net | (10,462) | (37,244) | (48,604) | ||||||||
Depreciation and amortization | 62,002 | 79,750 | 92,512 | ||||||||
Stock-based compensation | 17,766 | 20,812 | 17,847 | ||||||||
Real estate impairment loss | 38,237 | 41,788 | |||||||||
Adjustments resulting from sale of real estate | 55,640 | 12,107 | (14,381) | ||||||||
Other, net | (11,095) | 12,753 | (11,635) | ||||||||
Estimated taxable income | $ 89,147 | $ 89,516 | $ 86,674 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||||
Cash dividend | $ 0.10 | $ 0.10 | $ 0.400 | $ 0.400 | $ 0.395 |
Ordinary income | 52.50% | 80.70% | 72.40% | ||
Long-term capital gain | 47.50% | 15.50% | 18.70% | ||
Return of capital | 0.00% | 3.80% | 8.90% | ||
Total | 100.00% | 100.00% | 100.00% | ||
Ordinary Income [Member] | |||||
Income Taxes [Line Items] | |||||
Cash dividend | $ 0.210 | $ 0.323 | $ 0.286 | ||
Long-Term Capital Gain [Member] | |||||
Income Taxes [Line Items] | |||||
Cash dividend | 0.190 | 0.062 | 0.074 | ||
Return of Capital [Member] | |||||
Income Taxes [Line Items] | |||||
Cash dividend | $ 0 | $ 0.015 | $ 0.035 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes (Parenthetical) (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | ||||||
Cash dividend | $ 0.10 | $ 0.10 | $ 0.400 | $ 0.400 | $ 0.395 | |
Subsequent Event [Member] | ||||||
Income Taxes [Line Items] | ||||||
Cash dividend | $ 0.07 |
Dispositions and Discontinued_3
Dispositions and Discontinued Operations - Additional Information (Details) | Dec. 24, 2020USD ($)ft² | Sep. 26, 2019USD ($)ft² | Sep. 27, 2018USD ($)ft² | Aug. 09, 2018USD ($)ft² | Dec. 31, 2020USD ($)ft² | May 27, 2020USD ($)ft²$ / ft² | Dec. 31, 2019USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Area of office and retail properties | ft² | 12,900,000 | |||||||
Notes and mortgages payable | $ 3,819,434,000 | $ 3,809,643,000 | ||||||
1633 Broadway [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Sale percentage of office and retail properties | 10.00% | |||||||
Area of office and retail properties | ft² | 2,500,000 | |||||||
Valuation of office and retail properties | $ 2,400,000,000 | |||||||
Cost per square foot | $ / ft² | 960 | |||||||
Notes and mortgages payable | $ 1,250,000,000 | |||||||
Sale agreement amount | $ 111,984,000 | |||||||
Minority interest in joint ventures decrease, percentage | 10.00% | |||||||
1899 Pennsylvania Avenue [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Sale, net proceeds | $ 14,243,000 | |||||||
Gain (loss) on sale of property | [1] | $ (12,766,000) | ||||||
1899 Pennsylvania Avenue [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Area of office and retail properties | ft² | 191,000 | |||||||
Sale agreement amount | $ 103,000,000 | |||||||
Sale, net proceeds | 89,206,000 | |||||||
Gain (loss) on sale of property | $ (12,766,000) | |||||||
Liberty Place [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Area of office and retail properties | ft² | 172,000 | |||||||
Sale agreement amount | $ 154,500,000 | |||||||
Gain (loss) on sale of property | $ 1,140,000 | |||||||
425 Eye Street [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Area of office and retail properties | ft² | 373,000 | |||||||
Sale agreement amount | $ 157,000,000 | |||||||
Gain (loss) on sale of property | $ 1,009,000 | |||||||
2099 Pennsylvania Avenue [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Area of office and retail properties | ft² | 209,000 | |||||||
Sale agreement amount | $ 219,000,000 | |||||||
Gain (loss) on sale of property | $ 35,836,000 | |||||||
[1] | Represents the loss on sale of 1899 Pennsylvania Avenue in 2020, gain on sale of Liberty Place in 2019, and gain on sale of 425 Eye Street and 2099 Pennsylvania Avenue in 2018. |
Dispositions and Discontinued_4
Dispositions and Discontinued Operations - Schedule of Assets and Liabilities and Results of Operations Related to Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Balance Sheet: | ||||
Assets related to discontinued operations | $ 104,836 | |||
Other income (expense): | ||||
Real estate impairment loss | (42,000) | $ (46,000) | ||
(Loss) income from discontinued operations, net | $ (5,075) | (33,811) | 5,578 | |
1899 Pennsylvania Avenue [Member] | ||||
Revenues: | ||||
Rental revenue | 13,967 | |||
Other income | 276 | |||
Total revenues | 14,243 | |||
Expenses: | ||||
Operating | 5,853 | |||
Depreciation and amortization | 690 | 8,243 | ||
Total expenses | 6,543 | |||
Other income (expense): | ||||
Income (loss) before gain or loss on sale of real estate | 7,700 | |||
(Loss) gain on sale of real estate | [1] | (12,766) | ||
(Loss) income before income taxes | (5,066) | |||
Income tax expense | (9) | |||
(Loss) income from discontinued operations, net | $ (5,075) | |||
1899 Pennsylvania Avenue [Member] | Discontinued Operations Held for Sale [Member] | ||||
Balance Sheet: | ||||
Real estate, net | 94,251 | |||
Deferred rent receivable | 4,206 | |||
Deferred charges, net | 804 | |||
Intangible assets, net | 5,575 | |||
Assets related to discontinued operations | 104,836 | |||
1899 Pennsylvania Avenue and Liberty Place [Member] | ||||
Revenues: | ||||
Rental revenue | 24,969 | |||
Other income | 457 | |||
Total revenues | 25,426 | |||
Expenses: | ||||
Operating | 10,134 | |||
Depreciation and amortization | 8,243 | |||
Total expenses | 18,377 | |||
Other income (expense): | ||||
Real estate impairment loss | (42,000) | |||
Income (loss) before gain or loss on sale of real estate | (34,951) | |||
(Loss) gain on sale of real estate | [1] | 1,140 | ||
(Loss) income before income taxes | (33,811) | |||
(Loss) income from discontinued operations, net | $ (33,811) | |||
1899 Pennsylvania Avenue, Liberty Place, 425 Eye Street and 2099 Pennsylvania Avenue [Member] | ||||
Revenues: | ||||
Rental revenue | 50,157 | |||
Other income | 1,133 | |||
Total revenues | 51,290 | |||
Expenses: | ||||
Operating | 19,381 | |||
Depreciation and amortization | 17,357 | |||
Total expenses | 36,738 | |||
Other income (expense): | ||||
Interest and other income, net | 181 | |||
Real estate impairment loss | (46,000) | |||
Income (loss) before gain or loss on sale of real estate | (31,267) | |||
(Loss) gain on sale of real estate | [1] | 36,845 | ||
(Loss) income before income taxes | 5,578 | |||
(Loss) income from discontinued operations, net | $ 5,578 | |||
[1] | Represents the loss on sale of 1899 Pennsylvania Avenue in 2020, gain on sale of Liberty Place in 2019, and gain on sale of 425 Eye Street and 2099 Pennsylvania Avenue in 2018. |
Dispositions and Discontinued_5
Dispositions and Discontinued Operations - Schedule of Cash Flows from Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
1899 Pennsylvania Avenue [Member] | ||||
Statements of Cash Flows: | ||||
Cash provided by operating activities | $ 5,522 | $ 15,949 | ||
Cash provided by investing activities | 89,206 | 148,793 | ||
Proceeds from sale of real estate | [1] | 89,206 | 150,307 | |
Additions to real estate | (1,514) | |||
Total cash provided by investing activities | 89,206 | 148,793 | ||
Cash used in financing activities | (96,896) | (162,294) | ||
Additional Cash Flow Information: | ||||
Depreciation and amortization | $ 690 | $ 8,243 | ||
1899 Pennsylvania Avenue, Liberty Place, 425 Eye Street and 2099 Pennsylvania Avenue [Member] | ||||
Statements of Cash Flows: | ||||
Cash provided by operating activities | $ 25,416 | |||
Cash provided by investing activities | 345,010 | |||
Proceeds from sale of real estate | [1] | 349,013 | ||
Additions to real estate | (4,003) | |||
Total cash provided by investing activities | 345,010 | |||
Cash used in financing activities | (370,626) | |||
Additional Cash Flow Information: | ||||
Depreciation and amortization | $ 17,357 | |||
[1] | Represents the proceeds from the sale of 1899 Pennsylvania Avenue in 2020, Liberty Place in 2019, and 425 Eye Street and 2099 Pennsylvania Avenue in 2018. |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||
Investments in unconsolidated joint ventures | $ 412,724 | $ 449,180 | |
(Loss) income from unconsolidated joint ventures | $ (18,619) | (4,706) | $ 3,468 |
712 Fifth Avenue [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method paramount ownership percentage | 50.00% | ||
(Loss) income from unconsolidated joint ventures | $ 687 | 1,849 | 3,901 |
Market Center [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method paramount ownership percentage | 67.00% | ||
Investments in unconsolidated joint ventures | $ 192,306 | 219,593 | |
(Loss) income from unconsolidated joint ventures | $ (11,315) | (744) | |
55 Second Street [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method paramount ownership percentage | 44.10% | ||
Investments in unconsolidated joint ventures | $ 92,298 | 95,384 | |
(Loss) income from unconsolidated joint ventures | $ (2,723) | (826) | |
111 Sutter Street [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method paramount ownership percentage | 49.00% | ||
Investments in unconsolidated joint ventures | $ 37,818 | 41,519 | |
(Loss) income from unconsolidated joint ventures | $ (3,172) | (4,394) | |
60 Wall Street [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method paramount ownership percentage | 5.00% | ||
Investments in unconsolidated joint ventures | $ 19,164 | 19,777 | |
(Loss) income from unconsolidated joint ventures | $ (70) | (551) | (518) |
One Steuart Lane [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method paramount ownership percentage | 35.00% | ||
Investments in unconsolidated joint ventures | $ 67,505 | 69,536 | |
(Loss) income from unconsolidated joint ventures | $ (2,043) | (118) | (18) |
Oder-Center, Germany [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method paramount ownership percentage | 9.50% | ||
Investments in unconsolidated joint ventures | $ 3,633 | 3,371 | |
(Loss) income from unconsolidated joint ventures | $ 17 | $ 78 | $ 103 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Parenthetical) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
712 Fifth Avenue [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Distributions made in excess of share of earnings recognized negative basis | $ 22,345 |
55 Second Street [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Difference between carrying amount of investment and equity | 489 |
60 Wall Street [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Difference between carrying amount of investment and equity | 2,665 |
One Steuart Lane [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Difference between carrying amount of investment and equity | 970 |
Oder-Center, Germany [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Difference between carrying amount of investment and equity | $ 4,819 |
Investments in Unconsolidated_6
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||
Total assets | $ 8,554,097 | [1] | $ 8,734,135 | [1] | $ 8,554,097 | [1] | $ 8,734,135 | [1] | $ 8,755,978 | |||||||
Total liabilities | [1] | 4,038,363 | 4,103,173 | 4,038,363 | 4,103,173 | |||||||||||
Equity | 3,653,177 | 3,785,730 | 3,653,177 | 3,785,730 | ||||||||||||
Total liabilities and equity | 8,554,097 | 8,734,135 | 8,554,097 | 8,734,135 | ||||||||||||
Rental revenue | 679,015 | 709,508 | 677,138 | |||||||||||||
Total revenues | 182,358 | $ 176,775 | $ 171,118 | $ 183,986 | 186,769 | $ 191,253 | $ 181,343 | $ 184,389 | 714,237 | 743,754 | 707,671 | |||||
Operating | 267,587 | 264,702 | 254,697 | |||||||||||||
Depreciation and amortization | 235,200 | 240,104 | 240,868 | |||||||||||||
Total expenses | 568,800 | 575,361 | 554,599 | |||||||||||||
Interest and other income, net | 4,490 | 9,844 | 7,936 | |||||||||||||
Interest and debt expense | (144,208) | (156,679) | (147,653) | |||||||||||||
Net (loss) income before income taxes | (12,628) | 4,520 | 16,554 | |||||||||||||
Income tax expense | (1,493) | (312) | (3,139) | |||||||||||||
Net (loss) income attributable to common stockholders | (14,824) | $ (6,958) | $ (6,270) | $ 3,348 | (50,145) | $ 7,082 | $ 2,455 | $ 3,709 | (24,704) | (36,899) | 9,147 | |||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||
Real estate, net | 2,674,858 | 2,581,738 | 2,674,858 | 2,581,738 | ||||||||||||
Cash and cash equivalents and restricted cash | 120,149 | 75,071 | 120,149 | 75,071 | ||||||||||||
Intangible assets, net | 110,307 | 172,041 | 110,307 | 172,041 | ||||||||||||
Other assets | 45,761 | 36,218 | 45,761 | 36,218 | ||||||||||||
Total assets | 2,951,075 | 2,865,068 | 2,951,075 | 2,865,068 | ||||||||||||
Notes and mortgages payable, net | 1,801,084 | 1,648,403 | 1,801,084 | 1,648,403 | ||||||||||||
Intangible liabilities, net | 26,772 | 38,377 | 26,772 | 38,377 | ||||||||||||
Other liabilities | 87,575 | 65,759 | 87,575 | 65,759 | ||||||||||||
Total liabilities | 1,915,431 | 1,752,539 | 1,915,431 | 1,752,539 | ||||||||||||
Equity | 1,035,644 | 1,112,529 | 1,035,644 | 1,112,529 | ||||||||||||
Total liabilities and equity | $ 2,951,075 | $ 2,865,068 | 2,951,075 | 2,865,068 | ||||||||||||
Rental revenue | 243,713 | 164,316 | 140,653 | |||||||||||||
Other income | 2,828 | 2,108 | 6,827 | |||||||||||||
Total revenues | 246,541 | 166,424 | 147,480 | |||||||||||||
Operating | 109,114 | 68,491 | 53,417 | |||||||||||||
Depreciation and amortization | 117,640 | 68,318 | 48,452 | |||||||||||||
Total expenses | 226,754 | 136,809 | 101,869 | |||||||||||||
Interest and other income, net | (36) | 663 | 803 | |||||||||||||
Interest and debt expense | (58,239) | (51,113) | (39,406) | |||||||||||||
Net (loss) income before income taxes | (38,488) | (20,835) | 7,008 | |||||||||||||
Income tax expense | (47) | (16) | (10) | |||||||||||||
Net (loss) income attributable to common stockholders | $ (38,535) | $ (20,851) | $ 6,998 | |||||||||||||
[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 91.3% as of December 31, 2020. The assets and liabilities of the Operating Partnership, as of December 31, 2020, include $4,025,387 and $2,546,914 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities (“VIEs”) . |
Investments in Unconsolidated_7
Investments in Unconsolidated Real Estate Funds - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)ft² | Jan. 25, 2019ft² | |
Investment Holdings [Line Items] | ||
Area of office and retail properties | ft² | 12,900,000 | |
Fund X [Member] | ||
Investment Holdings [Line Items] | ||
Capital commitments | $ | $ 192,000,000 | |
Capital commitments invested | $ | $ 78,791,000 | |
Alternative Investment Fund, Interest Rate | 7.80% | |
Fund VIII [Member] | ||
Investment Holdings [Line Items] | ||
Alternative Investment Fund, Interest Rate | 1.30% | |
Fund VII and VII-H [Member] | Office Building [Member] | ||
Investment Holdings [Line Items] | ||
Area of office and retail properties | ft² | 65,000 |
Investments in Unconsolidated_8
Investments in Unconsolidated Real Estate Funds - Summary of Investment in Unconsolidated Real Estate Funds and Income or Loss from Fund Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Our Share of Investments: | |||
Investments in unconsolidated real estate funds | $ 12,917 | $ 10,317 | |
Net realized loss | (2) | (54) | |
Net unrealized loss | (352) | (828) | $ (560) |
Income (loss) from unconsolidated real estate funds | 272 | (343) | (269) |
Net investment income [Member] | |||
Our Share of Investments: | |||
Investments in unconsolidated real estate funds | 626 | 539 | $ 291 |
Alternative Investment Fund [Member] | |||
Our Share of Investments: | |||
Investments in unconsolidated real estate funds | 12,878 | 10,284 | |
Property Funds [Member] | |||
Our Share of Investments: | |||
Investments in unconsolidated real estate funds | $ 39 | $ 33 |
Intangible Assets and Intangibl
Intangible Assets and Intangible Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets: | |||
Gross amount | $ 436,851 | $ 466,099 | |
Accumulated amortization | (283,332) | (262,930) | |
Intangible assets, Net | 153,519 | 203,169 | |
Intangible liabilities: | |||
Gross amount | 163,977 | 174,670 | |
Accumulated amortization | (107,981) | (100,881) | |
Intangible Liabilities, Net | 55,996 | 73,789 | |
Leases, Acquired-in-Place, Market Adjustment [Member] | |||
Intangible liabilities: | |||
Amortization of above and below-market leases, net (component of "rental revenue") | 4,775 | 11,097 | $ 14,652 |
Leases, Acquired-in-Place [Member] | |||
Intangible liabilities: | |||
Amortization of acquired in-place leases (component of "depreciation and amortization") | $ 36,628 | $ 46,917 | $ 54,208 |
Intangible Assets and Intangi_2
Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2021 | $ (3,567) |
2022 | (1,629) |
2023 | (5,056) |
2024 | (5,994) |
2025 | (4,633) |
Leases, Acquired-in-Place [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2021 | 26,375 |
2022 | 21,878 |
2023 | 17,811 |
2024 | 14,342 |
2025 | $ 10,435 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Notes and mortgages payable, Interest Rate | 3.32% | |
Notes and mortgages payable | $ 3,819,434 | $ 3,809,643 |
Credit Facility | 0 | 36,918 |
Less: unamortized deferred financing costs | (18,695) | (25,792) |
Total notes and mortgages payable, net | $ 3,800,739 | 3,783,851 |
Credit Facility With Variable Rate [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2022-01 | |
Credit Facility | 36,918 | |
Credit Facility With Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Fixed/Variable Rate | 1.15% | |
1301 Avenue of Americas [Member] | ||
Debt Instrument [Line Items] | ||
Notes and mortgages payable, Interest Rate | 2.61% | |
Notes and mortgages payable | $ 850,000 | 850,000 |
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 | 500,000 |
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 | 1.99% | |
Notes and mortgages payable | $ 350,000 | 350,000 |
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Fixed/Variable Rate | 1.18% | |
1633 Broadway [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2029-12 | |
Notes and mortgages payable, Interest Rate | 2.99% | |
Notes and mortgages payable | $ 1,250,000 | 1,250,000 |
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2024-02 | |
Notes and mortgages payable, Interest Rate | 4.03% | |
Notes and mortgages payable | $ 975,000 | 975,000 |
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% | |
Notes and mortgages payable | $ 500,000 | 500,000 |
300 Mission Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2023-10 | |
Notes and mortgages payable, Interest Rate | 3.65% | |
Notes and mortgages payable | $ 244,434 | $ 234,643 |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Debt (Parenthetical) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Credit Facility With Variable Rate [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Long-term Lines of Credit | $ 1 | $ 1 |
1633 Broadway [Member] | ||
Debt Instrument [Line Items] | ||
Ownership interest rate of property | 90.00% | 90.00% |
One Market Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Ownership interest rate of property | 49.00% | 49.00% |
300 Mission Street [Member] | ||
Debt Instrument [Line Items] | ||
Ownership interest rate of property | 31.10% | 31.10% |
Debt - Summary of Principal Rep
Debt - Summary of Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 850,000 |
2023 | 244,434 |
2024 | 975,000 |
Thereafter | 1,750,000 |
Notes and Mortgages Payable [Member] | |
Debt Instrument [Line Items] | |
2021 | 850,000 |
2023 | 244,434 |
2024 | 975,000 |
Thereafter | $ 1,750,000 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 05, 2019 | |
Class Of Stock [Line Items] | ||||
Common stock shares authorized amount | $ 200,000,000 | |||
Stock repurchased, value | $ 120,000,000 | $ 94,617,000 | $ 105,383,000 | |
Stock repurchased, price per share | $ 8.69 | |||
Stock repurchase amount available for future repurchase | $ 80,000,000 | |||
Common Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock repurchased | 13,813,158 | 7,159,000 | 7,555,000 | |
Stock repurchased, value | $ 138,000 | $ 72,000 | $ 76,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Amount of (loss) income related to unconsolidated joint ventures recognized in other comprehensive (loss) income | [1] | $ (16,141) | $ 206 | $ (129) |
Amounts reclassified from accumulated other comprehensive loss increasing loss from unconsolidated joint ventures | [1] | $ 2,247 | ||
Amount of loss related to the cash flow hedges recognized in other comprehensive loss | [2] | (23,147) | 9,203 | |
Amount reclassified from accumulated other comprehensive loss decreasing interest and debt expense | [2] | (4,922) | $ (1,930) | |
Amount reclassified to loss on early extinguishment of debt | [3] | $ 11,258 | ||
[1] | (1) Represents amounts related to interest rate swap with a notional value of $402,000, which was designated as cash flow hedge. | |||
[2] | (2) Represents amounts related to interest rate swaps with an aggregate notional amount of $1.0 billion and forward starting interest rate swaps with an aggregate notional amount of $400,000 that were designated as cash flow hedges. These hedges were terminated in November 2019 in connection with the refinancing of the related asset. | |||
[3] | Represents costs incurred in connection with the settlement of interest rate swap liabilities upon the refinancing of 1633 Broadway in November 2019. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Parenthetical) (Details) - Designated as Hedging Instrument [Member] | Dec. 31, 2020USD ($) |
Interest Rate Swap [Member] | Unconsolidated Joint Ventures [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Aggregate notional amount | $ 402,000,000 |
Interest Rate Swap [Member] | Cash Flow Hedge [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Aggregate notional amount | 1,000,000,000 |
Forward Interest Rate Swap [Member] | Cash Flow Hedge [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Aggregate notional amount | $ 400,000,000 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | ||
Consolidated joint ventures | $ 437,161 | $ 360,778 |
Noncontrolling interests in consolidated real estate fund aggregated | 79,017 | 72,396 |
Operating partnerships | 346,379 | 412,058 |
Redemption value | $ 187,640 | $ 344,638 |
Common units conversion basis | one-for-one |
Variable Interest Entities ("_3
Variable Interest Entities ("VIEs") - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |
Variable Interest Entity [Line Items] | |
Percentage of ownership in operating partnership | 91.30% |
Variable Interest Entities ("_4
Variable Interest Entities ("VIEs") - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Variable Interest Entity [Line Items] | |||||||
Real estate, net | $ 6,996,618 | $ 7,099,669 | |||||
Cash and cash equivalents and restricted cash | 465,324 | 331,487 | $ 365,409 | $ 250,425 | |||
Deferred rent receivable | 330,239 | 301,588 | |||||
Deferred charges, net | 116,278 | 126,367 | |||||
Intangible assets, net | 153,519 | 203,169 | |||||
Other assets | 48,976 | 51,373 | |||||
Total assets | 8,554,097 | [1] | 8,734,135 | [1] | $ 8,755,978 | ||
Notes and mortgages payable, net | 3,800,739 | 3,783,851 | |||||
Accounts payable and accrued expenses | 101,901 | 117,356 | |||||
Intangible liabilities, net | 55,996 | 73,789 | |||||
Other liabilities | 62,931 | 66,004 | |||||
Total liabilities | [1] | 4,038,363 | 4,103,173 | ||||
Variable Interest Entities [Member] | |||||||
Variable Interest Entity [Line Items] | |||||||
Real estate, net | 3,470,766 | 1,685,391 | |||||
Cash and cash equivalents and restricted cash | 134,647 | 69,828 | |||||
Investments in unconsolidated joint ventures | 67,505 | 69,535 | |||||
Accounts and other receivables | 6,871 | 2,140 | |||||
Deferred rent receivable | 192,401 | 57,338 | |||||
Deferred charges, net | 55,156 | 24,030 | |||||
Intangible assets, net | 76,545 | 29,872 | |||||
Other assets | 21,496 | 21,132 | |||||
Total assets | 4,025,387 | 1,959,266 | |||||
Notes and mortgages payable, net | 2,457,272 | 1,205,324 | |||||
Accounts payable and accrued expenses | 51,590 | 35,252 | |||||
Intangible liabilities, net | 33,566 | 19,841 | |||||
Other liabilities | 4,486 | 13,047 | |||||
Total liabilities | $ 2,546,914 | $ 1,273,464 | |||||
[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 91.3% as of December 31, 2020. The assets and liabilities of the Operating Partnership, as of December 31, 2020, include $4,025,387 and $2,546,914 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities (“VIEs”) . |
Variable Interest Entities ("_5
Variable Interest Entities ("VIEs") - Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments (Details) - Unconsolidated Real Estate Funds [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Value of Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | $ 12,917 | $ 10,317 |
Asset Management Fees and Other Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | 561 | 37,563 |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | $ 13,478 | $ 47,880 |
Variable Interest Entities ("_6
Variable Interest Entities ("VIEs") - Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 27, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Due from affiliates | $ 36,918 | |
Fund X [Member] | ||
Variable Interest Entity [Line Items] | ||
Due from affiliates | $ 36,918 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities (included in "other assets") | $ 17,178 | $ 21,639 |
Total assets | 17,178 | 21,639 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities (included in "other assets") | 17,178 | 21,639 |
Total assets | $ 17,178 | $ 21,639 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes and mortgages payable | $ 3,819,434 | $ 3,809,643 |
Revolving credit facility | 36,918 | |
Total liabilities | 3,819,434 | 3,846,561 |
Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes and mortgages payable | 3,871,644 | 3,848,266 |
Revolving credit facility | 36,919 | |
Total liabilities | $ 3,871,644 | $ 3,885,185 |
Leases - Schedule of Rental Rev
Leases - Schedule of Rental Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |||
Fixed rental revenues | $ 627,352 | $ 647,345 | $ 626,745 |
Variable rental revenues | 51,663 | 62,163 | 50,393 |
Total rental revenue | $ 679,015 | $ 709,508 | $ 677,138 |
Leases - Schedule of Rental R_2
Leases - Schedule of Rental Revenues (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disaggregation Of Revenue [Abstract] | |
Non-cash write-offs, primarily for straight-line rent receivables | $ 33,205,000 |
Uncollectible accounts receivable | $ 2,051,000 |
Leases - Schedule of Future Und
Leases - Schedule of Future Undiscounted Cash Flows Under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 638,723 |
2022 | 631,503 |
2023 | 606,371 |
2024 | 579,138 |
2025 | 519,018 |
Thereafter | 2,367,495 |
Total | $ 5,342,248 |
Fee and Other Income - Summary
Fee and Other Income - Summary of Fee and Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fee income: | |||
Total fee income | $ 28,070 | $ 22,744 | $ 18,629 |
Other income | 7,152 | 11,502 | 11,904 |
Total fee and other income | 35,222 | 34,246 | 30,533 |
Property Management Fees [Member] | |||
Fee income: | |||
Total fee income | 9,242 | 6,852 | 6,163 |
Asset Management Fees [Member] | |||
Fee income: | |||
Total fee income | 14,266 | 10,442 | 7,912 |
Acquisition, Disposition and Leasing Fee [Member] | |||
Fee income: | |||
Total fee income | 2,629 | 3,435 | 3,160 |
Other Fee Income [Member] | |||
Fee income: | |||
Total fee income | $ 1,933 | $ 2,015 | $ 1,394 |
Fee and Other Income - Summar_2
Fee and Other Income - Summary of Amount Receivable from Customers under Various Fee Agreement (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2019 | $ 19,231 |
Balance as of December 31, 2020 | 17,502 |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2019 | 2,413 |
Balance as of December 31, 2020 | 5,179 |
Increase | 2,766 |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Property Management Fees [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2019 | 752 |
Balance as of December 31, 2020 | 793 |
Increase | 41 |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Asset Management Fees [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2019 | 1,653 |
Balance as of December 31, 2020 | 1,949 |
Increase | 296 |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Acquisition, Disposition and Leasing Fee [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2020 | 2,259 |
Increase | 2,259 |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Other Fee Income [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2019 | 8 |
Balance as of December 31, 2020 | 178 |
Increase | $ 170 |
Interest and Other Income, ne_2
Interest and Other Income, net - Schedule Of Interest And Other Income (Loss), net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest And Other Income [Abstract] | |||
Interest income, net | $ 2,054 | $ 5,484 | $ 5,203 |
Mark-to-market of investments in our deferred compensation plans | 2,436 | 3,906 | (922) |
Preferred equity investment income | 454 | 3,655 | |
Total interest and other income, net | $ 4,490 | $ 9,844 | $ 7,936 |
Interest and Debt Expense - Det
Interest and Debt Expense - Details of Interest and Debt Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest And Debt Expense [Abstract] | |||
Interest expense | $ 134,931 | $ 137,356 | $ 136,630 |
Amortization of deferred financing costs | 9,277 | 19,323 | 11,023 |
Total interest and debt expense | $ 144,208 | $ 156,679 | $ 147,653 |
Interest and Debt Expense - D_2
Interest and Debt Expense - Details of Interest and Debt Expense (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest And Debt Expense [Line Items] | |||
Proceeds from debt refinancing | $ 9,791 | $ 1,259,843 | $ 16,700 |
1633 Broadway [Member] | |||
Interest And Debt Expense [Line Items] | |||
Expense from non-cash write-off of deferred financing costs | 8,215 | ||
Proceeds from debt refinancing | $ 1,250,000 |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Details) - USD ($) | Jan. 17, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2014 |
Performance Programs [Member] | |||||
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 | 2 years 1 month 6 days | ||||
Performance measurement period, term | 3 years | ||||
Fair value of awards granted | $ 7,488,000 | $ 8,106,000 | $ 7,009,000 | ||
Unrecognized compensation cost | $ 8,999,000 | ||||
Units, Granted | 1,068,693 | ||||
Vested units | 216,005 | ||||
Remaining units nonvested | 3,780,792 | 3,595,834 | |||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Fair value granted | $ 1,209,000 | $ 1,238,000 | $ 1,335,000 | ||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 2 years 3 months 18 days | ||||
Unrecognized compensation cost | $ 1,696,000 | ||||
Units, Granted | 92,424 | ||||
Vested units | 75,895 | ||||
Remaining units nonvested | 168,708 | 168,470 | |||
Employee Stock Option [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 60,000 | ||||
Stock options, granted | 0 | 0 | |||
Stock Options Expiration Period | 10 years | ||||
Employee Stock Option [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
Employee Stock Option [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Equity Incentive Plan [Member] | Full Value Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares available for grant | 7,001,002 | ||||
Equity Incentive Plan [Member] | Full Value Awards [Member] | Maximum [Member] | |||||
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 [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares available for grant | 34,285,714 | ||||
LTIP Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Fair value granted | $ 10,940,000 | $ 13,091,000 | $ 10,145,000 | ||
Unrecognized compensation cost | $ 12,970,000 | ||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 2 years 7 months 6 days | ||||
Units, Granted | 931,855 | ||||
Vested units | 778,510 | ||||
Remaining units nonvested | 1,724,809 | 1,571,464 | |||
LTIP Units [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
LTIP Units [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
2016 Performance Program [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Fair value granted | $ 10,520,000 | ||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 4 years | ||||
Performance measurement period, term | 3 years | ||||
Performance goals met in percentile based on relative index | 30th percentile | ||||
Units, Granted | 1,085,244 | ||||
Earned Units | 216,005 | ||||
Percentage of earned units | 19.90% | ||||
Vested units | 107,996 | ||||
Remaining units nonvested | 108,009 | ||||
2019 Performance Program [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Performance measurement period, term | 3 years | ||||
Fair value of awards granted | $ 7,488,000 | ||||
Performance measurement period, start date | Jan. 1, 2020 | ||||
Performance measurement period, end date | Dec. 31, 2022 | ||||
Reduction in percentage on number of LTIP units earned if negative TSR | 30.00% | ||||
2019 Performance Program [Member] | Share-Based Compensation Award Tranche One [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of earned units | 50.00% | ||||
Percentage of the awards that vest | 50.00% | ||||
2019 Performance Program [Member] | Share-Based Compensation Award Tranche Two [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of earned units | 50.00% | ||||
Percentage of the awards that vest | 50.00% |
Incentive Compensation - Summar
Incentive Compensation - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 19,239 | $ 22,860 | $ 19,646 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 60 | 1,295 | 1,954 |
Performance-Based Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 7,499 | 8,477 | 7,645 |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,217 | 1,228 | 988 |
LTIP Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 10,463 | $ 11,860 | $ 9,059 |
Incentive Compensation - Summ_2
Incentive Compensation - Summary of LTIP Unit Activity (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Performance Based Award Programs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Unvested as of December 31, 2019 | shares | 3,595,834 |
Units, Granted | shares | 1,068,693 |
Units, Vested | shares | (216,005) |
Units, Cancelled or expired | shares | (667,730) |
Units, Unvested as of December 31, 2020 | shares | 3,780,792 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2017 | $ / shares | $ 6.54 |
Weighted-Average Grant-Date Fair Value (per unit/share), Granted | $ / shares | 7.01 |
Weighted-Average Grant-Date Fair Value (per unit/share), Vested | $ / shares | 9.71 |
Weighted-Average Grant-Date Fair Value (per unit/share), Cancelled or expired | $ / shares | 9.71 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2018 | $ / shares | $ 5.93 |
LTIP Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Unvested as of December 31, 2019 | shares | 1,571,464 |
Units, Granted | shares | 931,855 |
Units, Vested | shares | (778,510) |
Units, Unvested as of December 31, 2020 | shares | 1,724,809 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2017 | $ / shares | $ 13.30 |
Weighted-Average Grant-Date Fair Value (per unit/share), Granted | $ / shares | 11.74 |
Weighted-Average Grant-Date Fair Value (per unit/share), Vested | $ / shares | 13.51 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2018 | $ / shares | $ 12.36 |
Incentive Compensation - Summ_3
Incentive Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Unvested as of December 31, 2019 | shares | 168,470 |
Units, Granted | shares | 92,424 |
Units, Vested | shares | (75,895) |
Units, Cancelled or expired | shares | (16,291) |
Units, Unvested as of December 31, 2020 | shares | 168,708 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2017 | $ / shares | $ 14.27 |
Weighted-Average Grant-Date Fair Value (per unit/share), Granted | $ / shares | 13.08 |
Weighted-Average Grant-Date Fair Value (per unit/share), Vested | $ / shares | 14.71 |
Weighted-Average Grant-Date Fair Value (per unit/share), Cancelled or expired | $ / shares | 14.09 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2018 | $ / shares | $ 13.44 |
Incentive Compensation - Summ_4
Incentive Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted-Average Exercise Price, Outstanding at December 31, 2018 | $ 17.07 | |
Weighted-Average Exercise Price, Cancelled or expired | 17.50 | |
Weighted-Average Exercise Price, Outstanding at December 31, 2019 | 17.06 | |
Weighted-Average Exercise Price, Options vested and expected to vest at December 31, 2019 | 17.06 | |
Weighted-Average Exercise Price, Options exercisable at December 31, 2019 | $ 17.06 | |
Weighted-Average Remaining Contractual Term (in years), Outstanding at December 31, 2019 | 4 years 8 months 12 days | |
Weighted-Average Remaining Contractual Term (in years), Options vested and expected to vest at December 31, 2019 | 4 years 8 months 12 days | |
Weighted-Average Remaining Contractual Term (in years), Options exercisable at December 31, 2019 | 4 years 8 months 12 days | |
Employee Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Outstanding at December 31, 2018 | 2,084,943 | |
Shares, Granted | 0 | 0 |
Shares, Cancelled or expired | (52,450) | |
Shares, Outstanding at December 31, 2019 | 2,032,493 | |
Shares, Options vested and expected to vest at December 31, 2019 | 2,032,493 | |
Shares, Options exercisable at December 31, 2019 | 2,032,493 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net (loss) income from continuing operations attributable to common stockholders | $ (20,063) | $ (6,418) | $ 4,079 |
Earnings allocated to unvested participating securities | (44) | (27) | (18) |
Numerator for net (loss) income from continuing operations per common share - basic and diluted | (20,107) | (6,445) | 4,061 |
Net (loss) income from discontinued operations attributable to common stockholders | (4,641) | (30,481) | 5,068 |
Earnings allocated to unvested participating securities | (22) | (44) | (61) |
Numerator for net (loss) income from discontinued operations per common share - basic and diluted | (4,663) | (30,525) | 5,007 |
Numerator for net (loss) income per common share - basic and diluted | $ (24,770) | $ (36,970) | $ 9,068 |
Denominator: | |||
Weighted average common shares outstanding | 222,436,170 | 231,538,065 | 239,526,694 |
Effect of dilutive stock-based compensation plans | 29,000 | ||
Denominator for diluted (loss) income per common share - weighted average shares | 222,436,170 | 231,538,065 | 239,555,636 |
(Loss) income per Common Share - Basic and Diluted: | |||
Continuing operations, net | $ (0.09) | $ (0.03) | $ 0.02 |
Discontinued operations, net | (0.02) | (0.13) | 0.02 |
Net (loss) income per common share - basic and diluted | $ (0.11) | $ (0.16) | $ 0.04 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Effect of dilutive securities excluded from computation of earning per share | 23,540 | 27,191 | 27,510 |
Summary of Quarterly Results _3
Summary of Quarterly Results (unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 182,358 | $ 176,775 | $ 171,118 | $ 183,986 | $ 186,769 | $ 191,253 | $ 181,343 | $ 184,389 | $ 714,237 | $ 743,754 | $ 707,671 |
Net (loss) income attributable to the common stockholders | $ (14,824) | $ (6,958) | $ (6,270) | $ 3,348 | $ (50,145) | $ 7,082 | $ 2,455 | $ 3,709 | $ (24,704) | $ (36,899) | $ 9,147 |
(Loss) income Per Common Share Basic | $ (0.07) | $ (0.03) | $ (0.03) | $ 0.01 | $ (0.22) | $ 0.03 | $ 0.01 | $ 0.02 | $ (0.11) | $ (0.16) | $ 0.04 |
(Loss) income Per Common Share Diluted | $ (0.07) | $ (0.03) | $ (0.03) | $ 0.01 | $ (0.22) | $ 0.03 | $ 0.01 | $ 0.02 | $ (0.11) | $ (0.16) | $ 0.04 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) | Mar. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Fee and other income | $ 35,222,000 | $ 34,246,000 | $ 30,533,000 | |
Accounts and other receivables, net | 17,502,000 | 19,231,000 | ||
Property management, asset management, leasing and other related services fee income | 28,070,000 | 22,744,000 | 18,629,000 | |
Transaction related costs | 1,096,000 | 1,999,000 | 1,471,000 | |
Accounts payable and accrued expenses | 101,901,000 | 117,356,000 | ||
Due from Affiliates | 217,918,000 | |||
Repayment of amounts due from affiliates | $ 36,918,000 | 181,000,000 | ||
Fund X [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from Affiliates | 36,918,000 | |||
Note receivables basis spread on variable rate | 2.20% | |||
Repayment of amounts due from affiliates | $ 36,918,000 | |||
Repayment of accrued interest | $ 349,000 | |||
712 Fifth Avenue [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method paramount ownership percentage | 50.00% | |||
CNBB-RDF Holdings Otto Family [Member] | Management Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fee and other income | $ 1,227,000 | 842,000 | 838,000 | |
Accounts and other receivables, net | 34,000 | |||
Unconsolidated Joint Ventures and Real Estate Funds [Member] | Management Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts and other receivables, net | 5,011,000 | 2,734,000 | ||
Property management, asset management, leasing and other related services fee income | $ 22,986,000 | 17,466,000 | 15,231,000 | |
Hamburg Trust Consulting GMBH ("HTC") [Member] | ||||
Related Party Transaction [Line Items] | ||||
Mark-up cost percentage | 10.00% | |||
Transaction related costs | $ 512,000 | 796,000 | 240,000 | |
Accounts payable and accrued expenses | $ 123,000 | 38,000 | ||
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] | ||||
Equity method paramount ownership percentage | 50.00% | |||
Lease rental income | $ 362,000 | 360,000 | $ 366,000 | |
Kramer Design Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts payable and accrued expenses | 0 | |||
Development expenses | $ 187,000 | |||
Kramer Design Services [Member] | 712 Fifth Avenue [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method paramount ownership percentage | 50.00% | |||
Expense recognized | $ 29,000 | $ 325,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2020ft² | Feb. 16, 2018USD ($) | Nov. 23, 2014ft² | |
Other Commitments [Line Items] | |||
Area of office and retail properties | ft² | 12,900,000 | ||
Minimum [Member] | New York State Division Of Taxation And Finance [Member] | |||
Other Commitments [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ | $ 0 | ||
Maximum [Member] | New York State Division Of Taxation And Finance [Member] | |||
Other Commitments [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ | $ 47,700,000 | ||
718 Fifth Avenue [Member] | |||
Other Commitments [Line Items] | |||
Percentage of tenancy-in-common interest in property | 50.00% | ||
Put right notice period | 12 months | ||
712 Fifth Avenue [Member] | |||
Other Commitments [Line Items] | |||
Percentage of ownership interest in new joint venture | 50.00% | ||
Owned by Affiliate [Member] | 718 Fifth Avenue [Member] | Third Party Affiliate [Member] | |||
Other Commitments [Line Items] | |||
Percentage of ownership interest in new joint venture | 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] | Retail Type Space [Member] | 718 Fifth Avenue [Member] | |||
Other Commitments [Line Items] | |||
Area of office and retail properties | ft² | 19,050 |
Segments - Additional Informati
Segments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segments - Schedule of NOI for
Segments - Schedule of NOI for Each Reportable Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Property-related revenues | $ 700,410 | $ 746,436 | $ 740,332 |
Property-related operating expenses | (273,440) | (274,836) | (274,078) |
NOI from unconsolidated joint ventures | 48,631 | 22,409 | 20,730 |
NOI | 475,601 | 494,009 | 486,984 |
New York [Member] | |||
Segment Reporting Information [Line Items] | |||
Property-related revenues | 454,071 | 482,648 | 468,013 |
Property-related operating expenses | (194,648) | (191,211) | (188,008) |
NOI from unconsolidated joint ventures | 11,540 | 13,151 | 20,395 |
NOI | 270,963 | 304,588 | 300,400 |
San Francisco [Member] | |||
Segment Reporting Information [Line Items] | |||
Property-related revenues | 234,893 | 238,808 | 222,071 |
Property-related operating expenses | (68,924) | (69,815) | (60,043) |
NOI from unconsolidated joint ventures | 38,892 | 9,065 | |
NOI | 204,861 | 178,058 | 162,028 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Property-related revenues | 11,446 | 24,980 | 50,248 |
Property-related operating expenses | (9,868) | (13,810) | (26,027) |
NOI from unconsolidated joint ventures | (1,801) | 193 | 335 |
NOI | $ (223) | $ 11,363 | $ 24,556 |
Segments - Schedule of Reconcil
Segments - Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||||||||||
NOI | $ 475,601 | $ 494,009 | $ 486,984 | ||||||||
Fee income | 28,070 | 22,744 | 18,629 | ||||||||
Depreciation and amortization expense | (235,200) | (240,104) | (240,868) | ||||||||
General and administrative expenses | (64,917) | (68,556) | (57,563) | ||||||||
NOI from unconsolidated joint ventures | (48,631) | (22,409) | (20,730) | ||||||||
(Loss) income from unconsolidated joint ventures | (18,619) | (4,706) | 3,468 | ||||||||
Interest and other income, net | 4,490 | 9,844 | 7,936 | ||||||||
Interest and debt expense | (144,208) | (156,679) | (147,653) | ||||||||
Loss on early extinguishment of debt | (11,989) | ||||||||||
Adjustments related to discontinued operations (including impairments and gain or loss on sale of real estate) | (8,390) | (15,292) | (31,909) | ||||||||
Other, net | (824) | (2,342) | (1,740) | ||||||||
Net (loss) income before income taxes | (12,628) | 4,520 | 16,554 | ||||||||
Income tax expense | (1,493) | (312) | (3,139) | ||||||||
(Loss) income from continuing operations, net | (14,121) | 4,208 | 13,415 | ||||||||
(Loss) income from discontinued operations, net | (5,075) | (33,811) | 5,578 | ||||||||
Net (loss) income | (19,196) | (29,603) | 18,993 | ||||||||
Consolidated joint ventures | (9,257) | (11,022) | (8,182) | ||||||||
Consolidated real estate fund | 1,450 | (313) | (720) | ||||||||
Operating Partnership | 2,299 | 4,039 | (944) | ||||||||
Net (loss) income attributable to common stockholders | $ (14,824) | $ (6,958) | $ (6,270) | $ 3,348 | $ (50,145) | $ 7,082 | $ 2,455 | $ 3,709 | $ (24,704) | $ (36,899) | $ 9,147 |
Segments - Schedule of Total As
Segments - Schedule of Total Assets for Each Reportable Segments Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 8,554,097 | [1] | $ 8,734,135 | [1] | $ 8,755,978 |
New York [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 5,388,596 | 5,439,929 | 5,583,022 | ||
San Francisco [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 2,698,983 | 2,708,463 | 2,388,094 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 466,518 | $ 585,743 | $ 784,862 | ||
[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 91.3% as of December 31, 2020. The assets and liabilities of the Operating Partnership, as of December 31, 2020, include $4,025,387 and $2,546,914 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities (“VIEs”) . |
Schedule-II - Valuation and Q_2
Schedule-II - Valuation and Qualifying Accounts (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $ 19,865 | |
Additions Charged Against Operations | 324 | |
Uncollectible accounts Written-off | (19,596) | |
Balance at End of Year | 593 | |
Allowance for Doubtful Accounts [Member] | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 277 | |
Additions Charged Against Operations | 324 | |
Uncollectible accounts Written-off | (8) | |
Balance at End of Year | 593 | [1] |
Allowance For Preferred Equity Investments | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 19,588 | |
Uncollectible accounts Written-off | $ (19,588) | |
[1] | Represents allowance for tenant receivables arising from operating leases. The allowance was written-off on January 1, 2019 upon the adoption of ASU 2016-02, an update to ASC Topic 842, Leases , which requires companies to account for impairment of receivables as reduction to “rental income” if the collectability of these receivables is not probable. |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,819,434 | |||
Initial cost to company, Land | 1,966,237 | |||
Initial cost to company, Building and Improvements | 5,430,368 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 566,710 | |||
Gross amount at which carried at close of period, Land | 1,966,237 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 5,997,078 | |||
Gross amount at which carried at close of period, Total | $ 7,889,885 | $ 7,793,784 | $ 7,653,276 | 7,963,315 |
Accumulated depreciation and amortization | (790,216) | (617,974) | (445,328) | (966,697) |
Costs capitalized subsequent to acquisition, Building and Improvements, other | 9,625 | |||
Gross amount at which carried at close of period, Buildings and Improvements, other | 9,625 | |||
Gross amount at which carried at close of period, other | 9,625 | |||
Accumulated depreciation and amortization, other | $ (4,199) | |||
Date acquired, other | Nov. 24, 2014 | |||
Real Estate: | ||||
Beginning balance | $ 7,889,885 | 7,793,784 | 7,653,276 | |
Buildings and improvements | 82,571 | 104,408 | 144,666 | |
Assets sold and written-off | (9,141) | (8,307) | (4,158) | |
Ending balance | 7,963,315 | 7,889,885 | 7,793,784 | |
Accumulated Depreciation: | ||||
Beginning balance | 790,216 | 617,974 | 445,328 | |
Additions charged to expense | 185,622 | 180,549 | 176,804 | |
Accumulated depreciation related to assets sold and written-off | (9,141) | (8,307) | (4,158) | |
Ending balance | $ 966,697 | $ 790,216 | $ 617,974 | |
Minimum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed, other | 5 years | |||
Maximum [Member] | ||||
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 | 1,250,000 | |||
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 | 151,358 | |||
Gross amount at which carried at close of period, Land | 502,846 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 1,549,699 | |||
Gross amount at which carried at close of period, Total | $ 2,052,545 | 2,052,545 | ||
Accumulated depreciation and amortization | $ (258,683) | (258,683) | ||
Date of construction | Dec. 31, 1971 | |||
Date acquired | Nov. 24, 2014 | |||
Real Estate: | ||||
Ending balance | $ 2,052,545 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 258,683 | |||
1633 Broadway [Member] | Minimum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
1633 Broadway [Member] | Maximum [Member] | ||||
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 | 101,642 | |||
Gross amount at which carried at close of period, Land | 406,039 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 1,153,339 | |||
Gross amount at which carried at close of period, Total | $ 1,559,378 | 1,559,378 | ||
Accumulated depreciation and amortization | $ (199,657) | (199,657) | ||
Date of construction | Dec. 31, 1963 | |||
Date acquired | Nov. 24, 2014 | |||
Real Estate: | ||||
Ending balance | $ 1,559,378 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 199,657 | |||
1301 Avenue of Americas [Member] | Minimum [Member] | ||||
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 [Member] | ||||
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 | 62,997 | |||
Gross amount at which carried at close of period, Land | 221,318 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 667,991 | |||
Gross amount at which carried at close of period, Total | $ 889,309 | 889,309 | ||
Accumulated depreciation and amortization | $ (107,164) | (107,164) | ||
Date of construction | Dec. 31, 1987 | |||
Date acquired | Nov. 24, 2014 | |||
Real Estate: | ||||
Ending balance | $ 889,309 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 107,164 | |||
31 West 52nd Street [Member] | Minimum [Member] | ||||
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 [Member] | ||||
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 | 61,785 | |||
Gross amount at which carried at close of period, Land | 174,688 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 432,338 | |||
Gross amount at which carried at close of period, Total | $ 607,026 | 607,026 | ||
Accumulated depreciation and amortization | $ (68,822) | (68,822) | ||
Date of construction | Dec. 31, 1989 | |||
Date acquired | Nov. 24, 2014 | |||
Real Estate: | ||||
Ending balance | $ 607,026 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 68,822 | |||
1325 Avenue of the Americas [Member] | Minimum [Member] | ||||
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 [Member] | ||||
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 | 28,335 | |||
Gross amount at which carried at close of period, Land | 103,741 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 324,366 | |||
Gross amount at which carried at close of period, Total | $ 428,107 | 428,107 | ||
Accumulated depreciation and amortization | $ (56,831) | (56,831) | ||
Date of construction | Dec. 31, 1983 | |||
Date acquired | Nov. 24, 2014 | |||
Real Estate: | ||||
Ending balance | $ 428,107 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 56,831 | |||
900 Third Avenue [Member] | Minimum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
900 Third Avenue [Member] | Maximum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Total New York [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,600,000 | |||
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 | 406,117 | |||
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 | 4,127,733 | |||
Gross amount at which carried at close of period, Total | $ 5,536,365 | 5,536,365 | ||
Accumulated depreciation and amortization | (691,157) | (691,157) | ||
Real Estate: | ||||
Ending balance | 5,536,365 | |||
Accumulated Depreciation: | ||||
Ending balance | 691,157 | |||
One Market Plaza [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 975,000 | |||
Initial cost to company, Land | 288,743 | |||
Initial cost to company, Building and Improvements | 988,014 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 95,035 | |||
Gross amount at which carried at close of period, Land | 288,743 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 1,083,049 | |||
Gross amount at which carried at close of period, Total | 1,371,792 | 1,371,792 | ||
Accumulated depreciation and amortization | $ (187,570) | (187,570) | ||
Date of construction | Dec. 31, 1976 | |||
Date acquired | Nov. 24, 2014 | |||
Real Estate: | ||||
Ending balance | $ 1,371,792 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 187,570 | |||
One Market Plaza [Member] | Minimum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
One Market Plaza [Member] | Maximum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
300 Mission Street [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 244,434 | |||
Initial cost to company, Land | 141,097 | |||
Initial cost to company, Building and Improvements | 343,819 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 40,887 | |||
Gross amount at which carried at close of period, Land | 141,097 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 384,706 | |||
Gross amount at which carried at close of period, Total | $ 525,803 | 525,803 | ||
Accumulated depreciation and amortization | $ (36,360) | (36,360) | ||
Date of construction | Dec. 31, 1968 | |||
Date acquired | Dec. 31, 2017 | |||
Real Estate: | ||||
Ending balance | $ 525,803 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 36,360 | |||
300 Mission Street [Member] | Minimum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
300 Mission Street [Member] | Maximum [Member] | ||||
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 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 15,046 | |||
Gross amount at which carried at close of period, Land | 127,765 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 391,965 | |||
Gross amount at which carried at close of period, Total | $ 519,730 | 519,730 | ||
Accumulated depreciation and amortization | $ (47,411) | (47,411) | ||
Date of construction | Dec. 31, 1979 | |||
Date acquired | Dec. 31, 2016 | |||
Real Estate: | ||||
Ending balance | $ 519,730 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 47,411 | |||
One Front Street [Member] | Minimum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
One Front Street [Member] | Maximum [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Total San Francisco [Member] | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,219,434 | |||
Initial cost to company, Land | 557,605 | |||
Initial cost to company, Building and Improvements | 1,708,752 | |||
Costs capitalized subsequent to acquisition, Building and Improvements | 150,968 | |||
Gross amount at which carried at close of period, Land | 557,605 | |||
Gross amount at which carried at close of period, Buildings and Improvements | 1,859,720 | |||
Gross amount at which carried at close of period, Total | $ 2,417,325 | 2,417,325 | ||
Accumulated depreciation and amortization | (271,341) | $ (271,341) | ||
Real Estate: | ||||
Ending balance | 2,417,325 | |||
Accumulated Depreciation: | ||||
Ending balance | $ 271,341 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions | Dec. 31, 2020USD ($) |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Assets and liabilities for tax purposes | $ 2.4 |