Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | PARAMOUNT GROUP, INC. | |
Trading Symbol | PGRE | |
Title of 12(b) Security | Common stock of Paramount Group, Inc.,$0.01 par value per share | |
Security Exchange Name | NYSE | |
Entity Central Index Key | 0001605607 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-36746 | |
Entity Tax Identification Number | 32-0439307 | |
Entity Address, Address Line One | 1633 Broadway | |
Entity Address, Address Line Two | Suite 1801 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 212 | |
Local Phone Number | 237-3100 | |
Entity Incorporation, State or Country Code | MD | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 218,956,406 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Real estate, at cost: | |||
Land | $ 1,966,237 | $ 1,966,237 | |
Buildings and improvements | 6,031,662 | 5,997,078 | |
Rental property, at cost | 7,997,899 | 7,963,315 | |
Accumulated depreciation and amortization | (1,069,433) | (966,697) | |
Real estate, net | 6,928,466 | 6,996,618 | |
Cash and cash equivalents | 494,569 | 434,530 | |
Restricted cash | 27,977 | 30,794 | |
Investments in unconsolidated joint ventures | 405,391 | 412,724 | |
Investments in unconsolidated real estate funds | 12,225 | 12,917 | |
Accounts and other receivables | 11,385 | 17,502 | |
Deferred rent receivable | 338,165 | 330,239 | |
Deferred charges, net of accumulated amortization of $66,029 and $56,612 | 115,658 | 116,278 | |
Intangible assets, net of accumulated amortization of $249,580 and $283,332 | 127,529 | 153,519 | |
Other assets | 84,220 | 48,976 | |
Total assets | [1] | 8,545,585 | 8,554,097 |
Liabilities and Equity | |||
Notes and mortgages payable, net of unamortized deferred financing costs of $23,555 and $18,695 | 3,834,445 | 3,800,739 | |
Revolving credit facility | 0 | 0 | |
Accounts payable and accrued expenses | 117,758 | 101,901 | |
Dividends and distributions payable | 16,897 | 16,796 | |
Intangible liabilities, net of accumulated amortization of $108,249 and $107,981 | 47,855 | 55,996 | |
Other liabilities | 65,413 | 62,931 | |
Total liabilities | [1] | 4,082,368 | 4,038,363 |
Commitments and contingencies | |||
Paramount Group, Inc. equity: | |||
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 218,956,406 and 218,817,337 shares in 2021 and 2020, respectively | 2,189 | 2,188 | |
Additional paid-in-capital | 4,117,939 | 4,120,173 | |
Earnings less than distributions | (524,717) | (456,393) | |
Accumulated other comprehensive loss | (6,730) | (12,791) | |
Paramount Group, Inc. equity | 3,588,681 | 3,653,177 | |
Noncontrolling interests in: | |||
Consolidated joint ventures | 435,142 | 437,161 | |
Consolidated real estate fund | 82,209 | 79,017 | |
Operating Partnership (21,799,022 and 20,756,618 units outstanding) | 357,185 | 346,379 | |
Total equity | 4,463,217 | 4,515,734 | |
Total liabilities and equity | $ 8,545,585 | $ 8,554,097 | |
[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 90.9% as of September 30, 2021. As of September 30, 2021, the Operating Partnership includes $4,070,290 and $2,581,637 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities (“VIEs”). |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Deferred charges, accumulated amortization | $ 66,029 | $ 56,612 | |
Intangible assets, accumulated amortization | 249,580 | 283,332 | |
Notes and mortgages payable, net of unamortized deferred financing costs | 23,555 | 18,695 | |
Intangible liabilities, accumulated amortization | $ 108,249 | $ 107,981 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | |
Common stock, shares issued | 218,956,406 | 218,817,337 | |
Common stock, shares outstanding | 218,956,406 | 218,817,337 | |
Operating partnership, units outstanding | 21,799,022 | 20,756,618 | |
Total assets | [1] | $ 8,545,585 | $ 8,554,097 |
Total liabilities | [1] | 4,082,368 | 4,038,363 |
Variable Interest Entities [Member] | |||
Total assets | 4,070,290 | 4,025,387 | |
Total liabilities | $ 2,581,637 | $ 2,546,914 | |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |||
Percentage of ownership in operating partnership | 90.90% | ||
[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 90.9% as of September 30, 2021. As of September 30, 2021, the Operating Partnership includes $4,070,290 and $2,581,637 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities (“VIEs”). |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Rental revenue | $ 170,851 | $ 165,420 | $ 518,625 | $ 504,834 |
Fee and other income | 8,280 | 11,355 | 23,941 | 27,045 |
Total revenues | 179,131 | 176,775 | 542,566 | 531,879 |
Expenses: | ||||
Operating | 67,131 | 67,865 | 197,821 | 199,192 |
Depreciation and amortization | 57,522 | 58,889 | 175,752 | 176,032 |
General and administrative | 13,257 | 16,805 | 46,039 | 46,955 |
Transaction related costs | 87 | 81 | 503 | 542 |
Total expenses | 137,997 | 143,640 | 420,115 | 422,721 |
Other income (expense): | ||||
Income (loss) from unconsolidated joint ventures | 223 | (4,268) | (20,810) | (14,444) |
Income (loss) from unconsolidated real estate funds | 276 | (56) | 604 | 85 |
Interest and other income, net | 138 | 1,104 | 2,510 | 2,360 |
Interest and debt expense | (36,266) | (35,792) | (105,919) | (108,420) |
Income (loss) from continuing operations, before income taxes | 5,505 | (5,877) | (1,164) | (11,261) |
Income tax expense | (873) | (393) | (2,448) | (1,135) |
Income (loss) from continuing operations, net | 4,632 | (6,270) | (3,612) | (12,396) |
Income from discontinued operations, net | 2,147 | 5,815 | ||
Net income (loss) | 4,632 | (4,123) | (3,612) | (6,581) |
Less net (income) loss attributable to noncontrolling interests in: | ||||
Consolidated joint ventures | (3,768) | (3,566) | (16,924) | (5,485) |
Consolidated real estate fund | (3,123) | 79 | (3,179) | 1,291 |
Operating Partnership | 204 | 652 | 2,139 | 895 |
Net loss attributable to common stockholders | $ (2,055) | $ (6,958) | $ (21,576) | $ (9,880) |
(Loss) Income per Common Share - Basic | ||||
Loss from continuing operations, net | $ (0.01) | $ (0.04) | $ (0.10) | $ (0.07) |
Income from discontinued operations, net | 0.01 | 0.03 | ||
Net loss per common share | $ (0.01) | $ (0.03) | $ (0.10) | $ (0.04) |
Weighted average common shares outstanding | 218,706,356 | 221,461,146 | 218,689,696 | 223,593,376 |
(Loss) Income per Common Share - Diluted | ||||
Loss from continuing operations, net | $ (0.01) | $ (0.04) | $ (0.10) | $ (0.07) |
Income from discontinued operations, net | 0.01 | 0.03 | ||
Net loss per common share | $ (0.01) | $ (0.03) | $ (0.10) | $ (0.04) |
Weighted average common shares outstanding | 218,706,356 | 221,461,146 | 218,689,696 | 223,593,376 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 4,632 | $ (4,123) | $ (3,612) | $ (6,581) |
Other comprehensive income (loss): | ||||
Change in value of interest rate swaps and interest rate caps | 995 | 995 | ||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 928 | 904 | 5,677 | (15,453) |
Comprehensive income (loss) | 6,555 | (3,219) | 3,060 | (22,034) |
Less comprehensive (income) loss attributable to noncontrolling interests in: | ||||
Consolidated joint ventures | (3,768) | (3,566) | (16,924) | (5,485) |
Consolidated real estate fund | (3,123) | 75 | (3,191) | 1,283 |
Operating Partnership | 30 | 575 | 1,541 | 2,319 |
Comprehensive loss attributable to common stockholders | $ (306) | $ (6,135) | $ (15,514) | $ (23,917) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Earnings Less than Distributions [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling InterestConsolidated Joint Ventures | Noncontrolling InterestConsolidated Real Estate Fund [Member] | Noncontrolling InterestOperating Partnership [Member] |
Beginning balance at Dec. 31, 2019 | $ 4,630,962 | $ 2,274 | $ 4,133,184 | $ (349,557) | $ (171) | $ 360,778 | $ 72,396 | $ 412,058 |
Common stock, shares outstanding at Dec. 31, 2019 | 227,432,000 | |||||||
Net income (loss) | (6,581) | (9,880) | 5,485 | (1,291) | (895) | |||
Common shares issued upon redemption of common units | $ 51 | 85,659 | ||||||
Common shares issued upon redemption of common units, shares | 5,150,000 | |||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (318) | $ 1 | (319) | |||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | 53,000 | |||||||
Redemption of minority interest in operating partnerships | (85,710) | |||||||
Repurchases of common shares | (108,520) | $ (121) | (108,399) | |||||
Repurchases of common shares, shares | (12,090,055) | |||||||
Dividends and distributions | (72,807) | (66,482) | (6,325) | |||||
Contributions from noncontrolling interests | 11,555 | 3,500 | 8,055 | |||||
Distributions to noncontrolling interests | (9,530) | (9,530) | ||||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | (15,453) | (14,037) | 8 | (1,424) | ||||
Amortization of equity awards | 14,252 | 984 | 13,268 | |||||
Sale of a 10.0% interest in 1633 Broadway | 109,573 | 33,230 | 76,343 | |||||
Reallocation of noncontrolling interest | (16,171) | 16,171 | ||||||
Ending balance at Sep. 30, 2020 | 4,553,133 | $ 2,205 | 4,128,487 | (426,238) | (14,208) | 436,576 | 79,168 | 347,143 |
Common stock, shares outstanding at Sep. 30, 2020 | 220,545,000 | |||||||
Beginning balance at Dec. 31, 2019 | 4,630,962 | $ 2,274 | 4,133,184 | (349,557) | (171) | 360,778 | 72,396 | 412,058 |
Common stock, shares outstanding at Dec. 31, 2019 | 227,432,000 | |||||||
Repurchases of common shares | (120,000) | |||||||
Repurchases of common shares, shares | (13,813,158) | |||||||
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 | ||||||
Beginning balance at Jun. 30, 2020 | $ 4,587,676 | $ 2,219 | 4,133,542 | (397,220) | (15,031) | 436,183 | 79,243 | 348,740 |
Common stock, shares outstanding at Jun. 30, 2020 | 221,764,000 | |||||||
Net income (loss) | (4,123) | (6,958) | 3,566 | (79) | (652) | |||
Common shares issued upon redemption of common units | 399 | |||||||
Common shares issued upon redemption of common units, shares | 24,000 | |||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (2) | $ (2) | ||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (10,000) | |||||||
Redemption of minority interest in operating partnerships | (399) | |||||||
Repurchases of common shares | (8,520) | $ (12) | (8,508) | |||||
Repurchases of common shares, shares | (1,233,000) | |||||||
Dividends and distributions | (24,173) | (22,060) | (2,113) | |||||
Distributions to noncontrolling interests | (3,173) | (3,173) | ||||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 904 | 823 | 4 | 77 | ||||
Amortization of equity awards | 4,544 | 292 | 4,252 | |||||
Reallocation of noncontrolling interest | 2,762 | (2,762) | ||||||
Ending balance at Sep. 30, 2020 | 4,553,133 | $ 2,205 | 4,128,487 | (426,238) | (14,208) | 436,576 | 79,168 | 347,143 |
Common stock, shares outstanding at Sep. 30, 2020 | 220,545,000 | |||||||
Beginning 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 | ||||||
Net income (loss) | $ (3,612) | (21,576) | 16,924 | 3,179 | (2,139) | |||
Common shares issued upon redemption of common units | 165 | |||||||
Common shares issued upon redemption of common units, shares | 10,000 | |||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (214) | $ 1 | (215) | |||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | 129,000 | |||||||
Redemption of minority interest in operating partnerships | (165) | |||||||
Repurchases of common shares, shares | 0 | |||||||
Dividends and distributions | (50,683) | (45,981) | (4,702) | |||||
Contributions from noncontrolling interests | 121 | 121 | ||||||
Distributions to noncontrolling interests | (19,616) | (19,616) | ||||||
Change in value of interest rate swaps and interest rate caps | 995 | 905 | 90 | |||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 5,677 | 5,156 | 13 | 508 | ||||
Amortization of equity awards | 14,544 | 916 | 13,628 | |||||
Reallocation of noncontrolling interest | (3,586) | 3,586 | ||||||
Other | 271 | 271 | (552) | 552 | ||||
Ending balance at Sep. 30, 2021 | $ 4,463,217 | $ 2,189 | 4,117,939 | (524,717) | (6,730) | 435,142 | 82,209 | 357,185 |
Common stock, shares outstanding at Sep. 30, 2021 | 218,956,406 | 218,956,000 | ||||||
Beginning balance at Jun. 30, 2021 | $ 4,480,123 | $ 2,189 | 4,113,889 | (507,321) | (8,478) | 442,428 | 79,085 | 358,331 |
Common stock, shares outstanding at Jun. 30, 2021 | 218,962,000 | |||||||
Net income (loss) | 4,632 | (2,055) | 3,768 | 3,123 | (204) | |||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (14) | (14) | ||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (6,000) | |||||||
Dividends and distributions | (16,897) | (15,327) | (1,570) | |||||
Distributions to noncontrolling interests | (11,054) | (11,054) | ||||||
Change in value of interest rate swaps and interest rate caps | 995 | 905 | 90 | |||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 928 | 843 | 1 | 84 | ||||
Amortization of equity awards | 4,233 | 305 | 3,928 | |||||
Reallocation of noncontrolling interest | 3,474 | (3,474) | ||||||
Other | 271 | 271 | ||||||
Ending balance at Sep. 30, 2021 | $ 4,463,217 | $ 2,189 | $ 4,117,939 | $ (524,717) | $ (6,730) | $ 435,142 | $ 82,209 | $ 357,185 |
Common stock, shares outstanding at Sep. 30, 2021 | 218,956,406 | 218,956,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends and distributions, Per share and unit | $ 0.07 | $ 0.10 | $ 0.21 | $ 0.30 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (3,612,000) | $ (6,581,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 175,752,000 | 176,722,000 |
Loss from unconsolidated joint ventures | 20,810,000 | 14,444,000 |
Amortization of stock-based compensation expense | 14,421,000 | 14,141,000 |
Straight-lining of rental revenue | (7,925,000) | (24,170,000) |
Amortization of deferred financing costs | 7,306,000 | 6,957,000 |
Distributions of earnings from unconsolidated joint ventures | 3,950,000 | 1,688,000 |
Amortization of above and below-market leases, net | (2,335,000) | (4,653,000) |
Realized and unrealized gains on marketable securities | (1,271,000) | (129,000) |
Income from unconsolidated real estate funds | (604,000) | (85,000) |
Distributions of earnings from unconsolidated real estate funds | 535,000 | 480,000 |
Other non-cash adjustments | 2,330,000 | 231,000 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables | 6,118,000 | 3,942,000 |
Deferred charges | (12,664,000) | (10,116,000) |
Other assets | (30,014,000) | (36,068,000) |
Accounts payable and accrued expenses | 12,830,000 | 2,827,000 |
Other liabilities | 2,433,000 | (61,000) |
Net cash provided by operating activities | 188,060,000 | 139,569,000 |
Cash Flows from Investing Activities: | ||
Additions to real estate | (74,134,000) | (60,348,000) |
Purchases of marketable securities | (21,562,000) | (12,207,000) |
Sales of marketable securities | 18,305,000 | 19,049,000 |
Contributions of capital to unconsolidated joint ventures | (11,750,000) | |
Distributions of capital from unconsolidated real estate funds | 3,959,000 | |
Contributions of capital to unconsolidated real estate funds | (3,198,000) | (2,945,000) |
Repayment of amounts due from affiliates | 36,918,000 | |
Net cash used in investing activities | (88,380,000) | (19,533,000) |
Cash Flows from Financing Activities: | ||
Proceeds from notes and mortgages payable | 888,566,000 | 9,791,000 |
Repayment of notes and mortgages payable | (850,000,000) | |
Dividends paid to common stockholders | (45,970,000) | (67,165,000) |
Distributions to noncontrolling interests | (19,616,000) | (9,530,000) |
Debt issuance costs | (10,593,000) | |
Distributions paid to common unitholders | (4,612,000) | (6,724,000) |
Repurchase of shares related to stock compensation agreements and related tax withholdings | (214,000) | (318,000) |
Purchase of interest rate caps | (140,000) | |
Contributions from noncontrolling interests | 121,000 | 11,555,000 |
Borrowings under revolving credit facility | 163,082,000 | |
Proceeds from the sale of a 10.0% interest in 1633 Broadway | 111,984,000 | |
Repurchases of common shares | (108,520,000) | |
Repayment of note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund | (8,771,000) | |
Net cash (used in) provided by financing activities | (42,458,000) | 95,384,000 |
Net increase in cash and cash equivalents and restricted cash | 57,222,000 | 215,420,000 |
Cash and cash equivalents and restricted cash at beginning of period | 465,324,000 | 331,487,000 |
Cash and cash equivalents and restricted cash at end of period | 522,546,000 | 546,907,000 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 434,530,000 | 306,215,000 |
Restricted cash at beginning of period | 30,794,000 | 25,272,000 |
Cash and cash equivalents and restricted cash at beginning of period | 465,324,000 | 331,487,000 |
Cash and cash equivalents at end of period | 494,569,000 | 515,942,000 |
Restricted cash at end of period | 27,977,000 | 30,965,000 |
Cash and cash equivalents and restricted cash at end of period | 522,546,000 | 546,907,000 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest | 98,917,000 | 102,379,000 |
Cash payments for income taxes, net of refunds | 970,000 | 1,440,000 |
Non-Cash Transactions: | ||
Dividends and distributions declared but not yet paid | 16,897,000 | 24,173,000 |
Additions to real estate included in accounts payable and accrued expenses | 17,842,000 | 14,644,000 |
Write-off of fully amortized and/or depreciated assets | 43,232,000 | 8,677,000 |
Common shares issued upon redemption of common units | 165,000 | $ 85,710,000 |
Change in value of interest rate swaps and interest rate caps | $ 995,000 |
Organization and Business
Organization and Business | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, 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 90.9% of, the Operating Partnership as of September 30, 2021. In March 2020, the World Health Organization declared coronavirus 2019 (“COVID-19”) a global pandemic. The outbreak of COVID-19 caused severe disruptions in the global economy. These disruptions have adversely impacted businesses and financial markets, including that of New York and San Francisco, the markets in which we operate and where all of our assets are located. As a result, several of our tenants sought deferrals and/or short-term relief of their rental obligations and we provided relief to select tenants. The U.S. Food and Drug Administration has approved the use of one COVID-19 vaccine and has issued emergency use authorizations of two additional vaccines for the prevention of COVID-19. The availability of these vaccines has resulted in a significant portion of the population in New York and San Francisco being vaccinated and enabled New York and San Francisco to lift most COVID-19 restrictions. Notwithstanding the vaccination success, multiple variants of the virus that cause COVID-19 continue to persist globally and in the United States. While we continue to navigate the crisis and monitor the impact of the pandemic on our business, the fluidity of the 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 | 9 Months Ended |
Sep. 30, 2021 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all significant adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2020 was derived from audited financial statements as of that date but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. Significant Accounting Policies There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three and nine months ended September 30, 2021, are not necessarily indicative of the operating results for the full year. Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“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 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 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations Disclosure Text Block | 3 . Discontinued Operations Over 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 for classifying our Washington, D.C. segment as “discontinued operations,” in accordance with ASC Topic 205, Presentation of Financial Statements. The tables below provide the details of the results of operations and the details of the cash flows related to discontinued operations for the periods set forth below. (Amounts in thousands) For the Three Months For the Nine Months Income Statement: (1) Ended September 30, 2020 Ended September 30, 2020 Revenues: Rental revenue $ 3,556 $ 10,634 Other income 85 215 Total revenues 3,641 10,849 Expenses: Operating 1,483 4,333 Depreciation and amortization - 690 Total expenses 1,483 5,023 Income before income taxes 2,158 5,826 Income tax expense (11 ) (11 ) Income from discontinued operations, net $ 2,147 $ 5,815 (Amounts in thousands) For the Nine Months Statement of Cash Flows: (1) Ended September 30, 2020 Cash provided by operating activities $ 3,262 Additional Cash Flow information: Depreciation and amortization $ 690 (1) Represents revenues, expenses, net income and cash flow information of 1899 Pennsylvania Avenue, which was sold on December 24, 2020. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
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 Our Share of Investments: Ownership September 30, 2021 December 31, 2020 712 Fifth Avenue (1) 50.0% $ - $ - Market Center 67.0% 186,301 192,306 55 Second Street (2) 44.1% 89,576 92,298 111 Sutter Street 49.0% 35,956 37,818 60 Wall Street (2) 5.0% 19,216 19,164 One Steuart Lane (2) 35.0% (3) 70,656 67,505 Oder-Center, Germany (2) 9.5% 3,686 3,633 Investments in unconsolidated joint ventures $ 405,391 $ 412,724 For the Three Months Ended For the Nine Months Ended (Amounts in thousands) September 30, September 30, Our Share of Net Income (Loss): 2021 2020 2021 2020 712 Fifth Avenue (1) $ 431 $ 229 $ (10,697 ) $ 458 Market Center (2,228 ) (2,654 ) (9,272 ) (8,578 ) 55 Second Street (2) (702 ) (713 ) (2,171 ) (2,059 ) 111 Sutter Street (685 ) (884 ) (1,874 ) (2,413 ) 60 Wall Street (2) 18 10 52 (81 ) One Steuart Lane (2) 3,363 (4) (223 ) 3,138 (4) (1,773 ) Oder-Center, Germany (2) 26 (33 ) 14 2 Income (loss) from unconsolidated joint ventures $ 223 $ (4,268 ) $ (20,810 ) $ (14,444 ) (1) At December 31, 2020, our basis in the joint venture that owns 712 Fifth Avenue was negative $22,345. Since we have no further obligation to fund additional capital to the joint venture, we no longer recognize our proportionate share of earnings from the joint venture. Instead, we recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. During the nine months ended September 30, 2021, we received $1,053 in distributions from the joint venture and made an $11,750 contribution to the joint venture. Accordingly, we recognized a loss of $10,697, which is included in “loss from unconsolidated joint ventures” on our consolidated statements of income for the nine months ended September 30, 2021. Additionally, the joint venture had net losses of $3,439 for the nine months ended September 30, 2021, of which our 50.0% share was $1,720. Accordingly, our basis in the joint venture, taking into account distributions received, contributions made and our share of losses, was negative $13,368 as of September 30, 2021. (2) As of September 30, 2021, the carrying amount of our investments in 55 Second Street, 60 Wall Street, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $480, $2,628, $970 and $4,797, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into income or loss from the unconsolidated joint ventures to which they relate, over the estimated useful life of the related assets. (3) Represents our consolidated Residential Development Fund’s (“RDF”) economic interest in One Steuart Lane, a for-sale residential condominium development project. (4) Includes RDF’s share of gain on sale of residential condominium units. The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates thereof and for the periods set forth below. (Amounts in thousands) As of Balance Sheets: September 30, 2021 December 31, 2020 Real estate, net $ 2,254,141 $ 2,674,858 Cash and cash equivalents and restricted cash 210,194 120,149 Intangible assets, net 71,193 110,307 For-sale residential condominium units (1) 389,755 - Other assets 62,099 45,761 Total assets $ 2,987,382 $ 2,951,075 Notes and mortgages payable, net $ 1,846,667 $ 1,801,084 Intangible liabilities, net 20,447 26,772 Other liabilities 73,926 87,575 Total liabilities 1,941,040 1,915,431 Equity 1,046,342 1,035,644 Total liabilities and equity $ 2,987,382 $ 2,951,075 For the Three Months Ended For the Nine Months Ended (Amounts in thousands) September 30, September 30, Income Statements: 2021 2020 2021 2020 Revenues: Rental revenue $ 57,998 $ 61,340 $ 171,721 $ 182,923 Other income 92,360 (2) 625 93,698 (2) 2,149 Total revenues 150,358 61,965 265,419 185,072 Expenses: Operating 102,949 (2) 26,381 153,526 (2) 81,963 Depreciation and amortization 26,432 29,700 80,899 88,981 Total expenses 129,381 56,081 234,425 170,944 Other income (expense): Interest and other (loss) income (27 ) (45 ) (83 ) 3 Interest and debt expense (17,503 ) (14,030 ) (45,135 ) (44,244 ) Net income (loss) before income taxes 3,447 (8,191 ) (14,224 ) (30,113 ) Income tax expense (17 ) (1 ) (32 ) (45 ) Net income (loss) $ 3,430 $ (8,192 ) $ (14,256 ) $ (30,158 ) (1) Represents the cost of residential condominium units at One Steuart Lane that are available for sale. (2) Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Funds | 9 Months Ended |
Sep. 30, 2021 | |
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. While Fund VIII’s investment period has ended, Fund X’s investment period ends in December 2025. As of September 30, 2021, Fund X has $192,000,000 of capital committed, of which $78,968,000 has been invested and $34,424,000 has been reserved for future funding. Our ownership interest in Fund VIII and Fund X was approximately 1.3% and 7.8%, respectively, as of September 30, 2021. As of September 30, 2021 and December 31, 2020, our share of the investments in the above mentioned unconsolidated real estate funds aggregated $12,225,000 and $12,917,000, respectively. We recognized income of $276,000 and loss of $56,000 for the three months ended September 30, 2021 and 2020, respectively, and income of $604,000 and $85,000 for the nine months ended September 30, 2021 and 2020, respectively. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Liabilities | 6. Intangible Assets and Liabilities The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below. As of (Amounts in thousands) September 30, 2021 December 31, 2020 Intangible assets: Gross amount $ 377,109 $ 436,851 Accumulated amortization (249,580 ) (283,332 ) $ 127,529 $ 153,519 Intangible liabilities: Gross amount $ 156,104 $ 163,977 Accumulated amortization (108,249 ) (107,981 ) $ 47,855 $ 55,996 For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Amortization of above and below-market leases, net (component of "rental revenue") $ 722 $ 1,910 $ 2,335 $ 4,688 Amortization of acquired in-place leases (component of "depreciation and amortization") 6,413 9,195 20,183 27,877 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, 2022. (Amounts in thousands) For the Year Ending December 31, Above and Below-Market Leases, Net In-Place Leases 2022 $ 1,345 $ 21,644 2023 5,080 17,705 2024 6,020 14,248 2025 4,674 10,451 2026 2,801 7,896 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 7 . Debt On July 29, 2021, we completed an $860,000,000 refinancing of 1301 Avenue of the Americas, a 1.7 million square foot trophy office building, located in New York, New York. The new five-year The following table summarizes our consolidated outstanding debt. Interest Rate Maturity Fixed/ as of As of (Amounts in thousands) Date Variable Rate September 30, 2021 September 30, 2021 December 31, 2020 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 Aug-2026 Fixed (2) 2.46 % 500,000 500,000 Aug-2026 L + 356 bps (3) 3.65 % 360,000 350,000 2.95 % 860,000 850,000 31 West 52nd Street June-2026 Fixed 3.80 % 500,000 500,000 300 Mission Street (1) Oct-2023 Fixed 3.65 % 273,000 244,434 Total notes and mortgages payable 3.40 % 3,858,000 3,819,434 Less: unamortized deferred financing costs (23,555 ) (18,695 ) Total notes and mortgages payable, net $ 3,834,445 $ 3,800,739 $1.0 Billion Revolving Credit Facility Jan-2022 (4) L + 115 bps n/a $ - $ - (1) Our ownership interests in 1633 Broadway, One Market Plaza and 300 Mission Street are 90.0%, 49.0% and 31.1%, respectively. (2) Represents variable rate loans that have been fixed by interest rate swaps through August 2024. See Note 8, Derivative Instruments and Hedging Activities. (3) Represents variable rate loans, where LIBOR has been capped at 2.00% Derivative Instruments and Hedging Activities . (4) The $1.0 billion revolving credit facility matures on January 10, 2022 and has two six-month extension options. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 8 . Derivative Instruments and Hedging Activities We record all derivatives on our consolidated balance sheets at fair value in accordance with Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging On July 29, 2021, we completed an $860,000,000 refinancing of 1301 Avenue of the Americas. In connection with the refinancing, we entered into interest rate swap agreements on the loan with an aggregate notional amount of $500,000,000 to fix LIBOR at 0.46% through August 2024. We also entered into interest rate cap agreements with an aggregate notional amount of $360,000,000 to cap LIBOR at 2.00% through August 2023. These interest rate swaps and interest rate caps are designated as cash flow hedges and therefore changes in their fair values are recognized in other comprehensive income or loss (outside of earnings). We recognized other comprehensive income of $995,000 for the three and nine months ended September 30, 2021, from the changes in fair value of these derivative financial instruments. See Note 10, Accumulated Other Comprehensive Loss The table below provide additional details on our interest rate swaps that are designated as cash flow hedges. Notional Strike Fair Value as of Property Amount Effective Date Maturity Date Rate September 30, 2021 (Amounts in thousands) 1301 Avenue of the Americas $ 500,000 Jul-2021 Aug-2024 0.46 % $ 1,053 Total interest rate swap assets designated as cash flow hedges (included in "other assets") $ 1,053 We have agreements with various derivative counterparties that contain provisions wherein a default on our indebtedness could be deemed a default on our derivative obligations, which would require us to settle our derivative obligations for cash. As of September 30, 2021, we did not have any obligations relating to our interest rate swaps or interest rate caps that contained such provisions. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Equity | 9 . Equity Stock Repurchase Program On November 5, 2019, we received authorization from our Board of Directors to repurchase up to $200,000,000 of our common stock, from time to time, in the open market or in privately negotiated transactions. 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, of which 12,090,055 shares were repurchased in the nine months ended September 30, 2020 at a weighted average price of $8.98 per share, or $108,520,000 in the aggregate. We did not repurchase any shares in the nine months ended September 30, 2021. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 10 . Accumulated Other Comprehensive Loss The following table sets forth changes in accumulated other comprehensive loss by component for the three and nine months ended September 30, 2021 and 2020, including amounts attributable to noncontrolling interests in the Operating Partnership. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Amount of income related to the cash flow hedges recognized in other comprehensive loss (1) $ 671 $ - $ 671 $ - Amounts reclassified from accumulated other comprehensive loss increasing interest and debt expense (1) 324 - 324 - Amount of (loss) income related to unconsolidated joint ventures recognized in other comprehensive loss (2) (88 ) (62 ) 2,693 (16,734 ) Amounts reclassified from accumulated other comprehensive loss increasing loss from unconsolidated joint ventures (2) 1,016 966 2,984 1,281 (1) Represents amounts related to interest rate swaps with an aggregate notional value of $500,000 and interest rate caps with an aggregate notional value of $360,000, which were designated as cash flow hedges. (2) Primarily represents amounts related to interest rate swap with a notional value of $402,000, which was designated as cash flow hedge. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 1 1 . Noncontrolling Interests Consolidated Joint Ventures Noncontrolling interests in consolidated joint ventures consist of equity interests held by third parties in 1633 Broadway, One Market Plaza and 300 Mission Street. As of September 30, 2021 and December 31, 2020, noncontrolling interests in our consolidated joint ventures aggregated $435,142,000 and $437,161,000, respectively. 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 September 30, 2021 and December 31, 2020, the noncontrolling interest in our consolidated real estate fund aggregated $82,209,000 and $79,017,000, 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 September 30, 2021 and December 31, 2020, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $357,185,000 and $346,379,000, respectively, and a redemption value of $195,973,000 and $187,640,000, respectively, based on the closing share price of our common stock on the New York Stock Exchange. |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIEs") | 1 2 . 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 90.9% of, the Operating Partnership as of September 30, 2021. 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 September 30, 2021 and December 31, 2020, 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 (Amounts in thousands) September 30, 2021 December 31, 2020 Real estate, net $ 3,437,064 $ 3,470,766 Cash and cash equivalents and restricted cash 206,019 134,647 Investments in unconsolidated joint ventures 70,656 67,505 Accounts and other receivables 3,887 6,871 Deferred rent receivable 202,051 192,401 Deferred charges, net 50,621 55,156 Intangible assets, net 65,742 76,545 Other assets 34,250 21,496 Total VIE assets $ 4,070,290 $ 4,025,387 Notes and mortgages payable, net $ 2,487,363 $ 2,457,272 Accounts payable and accrued expenses 59,348 51,590 Intangible liabilities, net 29,084 33,566 Other liabilities 5,842 4,486 Total VIE liabilities $ 2,581,637 $ 2,546,914 Unconsolidated VIEs As of September 30, 2021, 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 (Amounts in thousands) September 30, 2021 December 31, 2020 Investments $ 12,225 $ 12,917 Asset management fees and other receivables 23 561 Maximum risk of loss $ 12,248 $ 13,478 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 1 3 . Fair Value Measurements Financial Assets Measured at Fair Value Interest rate swaps and interest rate caps are valued by a third-party specialist using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each swap and cap. This analysis reflects the contractual terms of the interest rate swaps and interest rate caps and uses observable market-based inputs, including interest rate curves and implied volatilities. Interest rate swaps and interest rate caps are classified as Level 2 in the fair value hierarchy. 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 September 30, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities (included in "other assets") $ 21,706 $ 21,706 $ - $ - Interest rate swap assets (included in "other assets") 1,053 - 1,053 - Interest rate cap assets (included in "other assets") 82 - 82 - Total assets $ 22,841 $ 21,706 $ 1,135 $ - 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 $ - $ - 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 September 30, 2021 As of December 31, 2020 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Notes and mortgages payable $ 3,858,000 $ 3,902,911 $ 3,819,434 $ 3,871,644 Revolving credit facility - - - - Total liabilities $ 3,858,000 $ 3,902,911 $ 3,819,434 $ 3,871,644 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 1 4 . Leases We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases, which generally have terms ranging from five to fifteen years. Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to early terminate, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, The following table sets forth the details of our rental revenue. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Rental revenue: Fixed $ 158,400 $ 153,065 (1) $ 478,670 $ 467,609 (1) Variable 12,451 12,355 39,955 (2) 37,225 Total rental revenue $ 170,851 $ 165,420 $ 518,625 $ 504,834 (1) Includes (2) Includes $5,051 of income in connection with a tenant’s lease termination at 300 Mission Street. The following table is a schedule of future undiscounted cash flows under non-cancellable operating leases in effect as of September 30, 2021, for the three-month period from October 1, 2021 through December 31, 2021, and each of the five succeeding years and thereafter commencing January 1, 2022. (Amounts in thousands) 2021 $ 161,526 2022 634,446 2023 620,383 2024 596,696 2025 541,026 2026 445,087 Thereafter 2,168,408 Total $ 5,167,572 |
Fee and Other Income
Fee and Other Income | 9 Months Ended |
Sep. 30, 2021 | |
Revenues [Abstract] | |
Fee and Other Income | 15. The following table sets forth the details of our fee and other income. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Fee income: Asset management $ 3,280 $ 3,636 $ 10,175 $ 10,728 Property management 2,176 2,270 6,457 6,959 Acquisition, disposition, leasing and other 1,105 3,247 2,800 4,005 Total fee income 6,561 9,153 19,432 21,692 Other income (1) 1,719 2,202 4,509 5,353 Total fee and other income $ 8,280 $ 11,355 $ 23,941 $ 27,045 (1) Primarily comprised of (i) tenant requested services, including overtime heating and cooling and (ii) parking income. |
Interest and Other Income, net
Interest and Other Income, net | 9 Months Ended |
Sep. 30, 2021 | |
Interest And Other Income [Abstract] | |
Interest and Other Income, net | 1 6 . Interest and Other Income, net The following table sets forth the details of interest and other income, net. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Interest income, net $ 221 $ 364 $ 1,008 $ 1,780 Mark-to-market of investments in our deferred compensation plans (1) (83 ) 740 1,502 580 Total interest and other income, net $ 138 $ 1,104 $ 2,510 $ 2,360 (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. |
Interest and Debt Expense
Interest and Debt Expense | 9 Months Ended |
Sep. 30, 2021 | |
Interest And Debt Expense [Abstract] | |
Interest and Debt Expense | 1 7 . Interest and Debt Expense The following table sets forth the details of interest and debt expense. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Interest expense $ 33,600 $ 33,472 $ 98,613 $ 101,463 Amortization of deferred financing costs 2,666 (1) 2,320 7,306 (1) 6,957 Total interest and debt expense $ 36,266 $ 35,792 $ 105,919 $ 108,420 (1) Includes $761 of expense from the non-cash write-off of deferred financing costs in connection with the $860,000 refinancing of 1301 Avenue of the Americas in July 2021. See Note 7, Debt . |
Incentive Compensation
Incentive Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Compensation | 1 8 . Incentive Compensation Stock-Based Compensation Our Amended and Restated 2014 Equity Incentive Plan provides for grants of equity awards to our executive officers, non-employee directors and employees in order to attract and motivate talent for which we compete. In addition, equity awards are an effective management retention tool as they vest over multiple years based on continued employment. Equity awards are granted in the form of (i) restricted stock and (ii) long-term incentive plan (“LTIP”) units, which represent a class of partnership interests in our Operating Partnership and are typically comprised of performance-based LTIP units, time-based LTIP units and time-based appreciation only LTIP (“AOLTIP”) units. We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation 2020 Equity Grants 2020 Performance-Based Awards Program (“2020 Performance Program”) On January 11, 2021, the Compensation Committee of our Board of Directors (the “Compensation Committee”) approved the 2020 Performance Program, a multi-year performance-based long-term incentive compensation program. Under the 2020 Performance Program, participants may earn awards in the form of LTIP units based on our Total Shareholder Return (“TSR”) over a three-year four-year Time-Based Unit Awards Program (“LTIP and AOLTIP Units”) On January 11, 2021, we granted an aggregate of 579,520 LTIP units and 2,171,875 AOLTIP units to our executive officers and employees that will vest over a period of three to four years. LTIP units are similar to common units of our Operating Partnership in that they are redeemable for cash, or at our election, may be converted on a one-for-one basis into shares of our common stock. AOLTIP units are similar to stock options in that it permits the holder to realize the benefit of any increase in the per share value of our common stock above the value at the time the AOLTIP units were granted and can be converted into a number of common units of our Operating Partnership that have an aggregate value equal to such increase. The common units issued upon the conversion of AOLTIP units are redeemable for cash, or at our election, may be converted on a one-for-one basis into shares of our common stock. The fair value of LTIP units and AOLTIP units on the date of grant were $4,598,000 and $4,344,000, respectively, and these awards are being amortized into expense on a straight-line basis over the vesting period. Restricted Stock On January 11, 2021, we granted an aggregate of 166,686 shares of restricted stock to our employees that will vest over a period of four years. The fair value of the shares of restricted stock on the date of grant was $1,439,000, which is being amortized into expense on a straight-line basis over the vesting period. Completion of the 2017 Performance-Based Awards Program (“2017 Performance Program”) On January 11, 2021, the Compensation Committee determined that the performance goals set forth in the 2017 Performance Program were not satisfied during the performance measurement period, which ended on December 31, 2020. Accordingly, all of the 1,382,807 LTIP units that were granted on February 5, 2018, were forfeited, with no awards being earned. These awards had a grant date fair value of $7,009,000 and a remaining unrecognized compensation cost of $208,000 as of September 30, 2021, which will be amortized over a weighted-average period of 0.25 years. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 9 . Earnings Per Share The following table summarizes our net loss and the number of common shares used in the computation of basic and diluted loss per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Continuing Operations: Net loss from continuing operations attributable to common stockholders $ (2,055 ) $ (8,921 ) $ (21,576 ) $ (15,187 ) Earnings allocated to unvested participating securities (17 ) (14 ) (54 ) (40 ) Numerator for loss from continuing operations per common share - basic and diluted (2,072 ) (8,935 ) (21,630 ) (15,227 ) Discontinued Operations: Net income from discontinued operations attributable to common stockholders - 1,963 - 5,307 Earnings allocated to unvested participating securities - (4 ) - (14 ) Numerator for income from discontinued operations per common share - basic and diluted - 1,959 - 5,293 Numerator for loss per common share - basic and diluted $ (2,072 ) $ (6,976 ) $ (21,630 ) $ (9,934 ) Denominator: Denominator for basic loss per common share - weighted average shares 218,706 221,461 218,690 223,593 Effect of dilutive stock-based compensation plans (1) - - - - Denominator for diluted loss per common share - weighted average shares 218,706 221,461 218,690 223,593 (Loss) Income per Common Share - Basic and Diluted: Continuing operations, net $ (0.01 ) $ (0.04 ) $ (0.10 ) $ (0.07 ) Discontinued operations, net - 0.01 - 0.03 Loss per common share - basic and diluted $ (0.01 ) $ (0.03 ) $ (0.10 ) $ (0.04 ) (1) The effect of dilutive securities and 22,941 weighted average share equivalents for the three months ended September 30, 2021 and 2020, respectively, and 23,785 and 23,795 weighted average share equivalents for the nine months ended September 30, 2021 and 2020, respectively, as their effect was anti-dilutive. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | 20 . 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 $270,000 and $260,000 for the three months ended September 30, 2021 and 2020, respectively, and $1,497,000 and $967,000 for the nine months ended September 30, 2021 and 2020, 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 September 30, 2021 and December 31, 2020, amounts owed to us under these agreements aggregated $474,000 and $34,000, respectively, 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 $5,737,000 and $6,841,000 for the three months ended September 30, 2021 and 2020, respectively, and $16,239,000 and $17,550,000 for the nine months ended September 30, 2021 and 2020, respectively, in connection with these agreements, which is included as a component of “fee and other income” on our consolidated statements of income. “accounts and other receivables” on our consolidated balance sheets. Hamburg Trust Consulting HTC 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 $127,000 and $124,000 for the three months ended September 30, 2021 and 2020, respectively, and $372,000 and $389,000 for the nine months ended September 30, 2021 and 2020, respectively, in connection with this agreement, which is included as a component of “transaction related costs” on our consolidated statements of income. As of September 30, 2021 and December 31, 2020, we owed $250,000 and $123,000, 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. We recognized $91,000 in each of the three months ended September 30, 2021 and 2020, and $272,000 in each of the nine months ended September 30, 2021 and 2020 for our share of rental income pursuant to this lease. 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. We recognized expenses of $10,000 for the three and nine months ended September 30, 2021 and $47,000 and $187,000 for the three and nine months ended September 30, 2020, respectively. There were no amounts owed to Kramer Design under this agreement as of September 30, 2021 and 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. We recognized expenses of $29,000 for the nine months ended September 30, 2020 for our share of the fees incurred in connection with these agreements. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 2 1 . 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 September 30, 2021, we believe we are in compliance with all of our covenants. Transfer Tax Assessments During 2017, the New York City Department of Finance issued Notices of Determination (“Notices”) assessing additional transfer taxes (including interest and penalties) in connection with the transfer of interests in certain properties during our 2014 initial public offering. We believe, after consultation with legal counsel, that the likelihood of 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 $51,000,000. Since no amount in this range is a better estimate than any other amount within the range, we have not accrued any liability arising from potential losses relating to these Notices in our consolidated financial statements. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | 2 2 . Segments Our reportable segments are separated by region, based on the two regions in which we conduct our business: New York and San Francisco. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below. For the Three Months Ended September 30, 2021 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 172,570 $ 109,842 $ 63,527 $ (799 ) Property-related operating expenses (67,131 ) (47,545 ) (18,646 ) (940 ) NOI from unconsolidated joint ventures (including One Steuart Lane) 16,214 2,875 8,665 4,674 NOI attributable to One Steuart Lane (4,587 ) - - (4,587 ) NOI (1) $ 117,066 $ 65,172 $ 53,546 $ (1,652 ) For the Three Months Ended September 30, 2020 (Amounts in thousands) Total New York San Francisco Other (2) Property-related revenues $ 171,263 $ 106,287 $ 62,086 $ 2,890 Property-related operating expenses (69,349 ) (49,072 ) (17,825 ) (2,452 ) NOI from unconsolidated joint ventures 12,935 3,116 10,019 (200 ) NOI (1) $ 114,849 $ 60,331 $ 54,280 $ 238 For the Nine Months Ended September 30, 2021 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 523,134 $ 329,870 $ 195,673 $ (2,409 ) Property-related operating expenses (197,821 ) (142,370 ) (52,651 ) (2,800 ) NOI from unconsolidated joint ventures (including One Steuart Lane) 37,097 8,445 24,054 4,598 NOI attributable to One Steuart Lane (4,587 ) - - (4,587 ) NOI (1) $ 357,823 $ 195,945 $ 167,076 $ (5,198 ) For the Nine Months Ended September 30, 2020 (Amounts in thousands) Total New York San Francisco Other (2) Property-related revenues $ 521,036 $ 338,543 $ 173,580 $ 8,913 Property-related operating expenses (203,526 ) (145,314 ) (50,798 ) (7,414 ) NOI from unconsolidated joint ventures 36,703 8,740 29,566 (1,603 ) NOI (1) $ 354,213 $ 201,969 $ 152,348 $ (104 ) (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. ( 2 ) NOI for the three and nine months ended September 30, 2020 includes NOI from discontinued operations. See Note 3, Discontinued Operations The following table provides a reconciliation of NOI to net loss attributable to common stockholders for the periods set forth below. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 NOI $ 117,066 $ 114,849 $ 357,823 $ 354,213 Add (subtract) adjustments to arrive to net income: Fee income 6,561 9,153 19,432 21,692 Depreciation and amortization expense (57,522 ) (58,889 ) (175,752 ) (176,032 ) General and administrative expenses (13,257 ) (16,805 ) (46,039 ) (46,955 ) NOI from unconsolidated joint ventures (including One Steuart Lane) (16,214 ) (12,935 ) (37,097 ) (36,703 ) Income (loss) from unconsolidated joint ventures 223 (4,268 ) (20,810 ) (14,444 ) NOI attributable to One Steuart Lane 4,587 - 4,587 - Interest and other income, net 138 1,104 2,510 2,360 Interest and debt expense (36,266 ) (35,792 ) (105,919 ) (108,420 ) Adjustments related to discontinued operations - (2,157 ) - (6,515 ) Other, net 189 (137 ) 101 (457 ) Income (loss) from continuing operations, before income taxes 5,505 (5,877 ) (1,164 ) (11,261 ) Income tax expense (873 ) (393 ) (2,448 ) (1,135 ) Income (loss) from continuing operations, net 4,632 (6,270 ) (3,612 ) (12,396 ) Income from discontinued operations, net - 2,147 - 5,815 Net income (loss) 4,632 (4,123 ) (3,612 ) (6,581 ) Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures (3,768 ) (3,566 ) (16,924 ) (5,485 ) Consolidated real estate fund (3,123 ) 79 (3,179 ) 1,291 Operating Partnership 204 652 2,139 895 Net loss attributable to common stockholders $ (2,055 ) $ (6,958 ) $ (21,576 ) $ (9,880 ) 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 September 30, 2021 $ 8,545,585 $ 5,375,688 $ 2,712,559 $ 457,338 December 31, 2020 8,554,097 5,388,596 2,698,983 466,518 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all significant adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2020 was derived from audited financial statements as of that date but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. |
Significant Accounting Policies | Significant Accounting Policies There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Use of Estimates | Use of Estimates We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three and nine months ended September 30, 2021, are not necessarily indicative of the operating results for the full year. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“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 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Operations and Cash Flow from Discontinued Operations | The tables below provide the details of the results of operations and the details of the cash flows related to discontinued operations for the periods set forth below. (Amounts in thousands) For the Three Months For the Nine Months Income Statement: (1) Ended September 30, 2020 Ended September 30, 2020 Revenues: Rental revenue $ 3,556 $ 10,634 Other income 85 215 Total revenues 3,641 10,849 Expenses: Operating 1,483 4,333 Depreciation and amortization - 690 Total expenses 1,483 5,023 Income before income taxes 2,158 5,826 Income tax expense (11 ) (11 ) Income from discontinued operations, net $ 2,147 $ 5,815 (Amounts in thousands) For the Nine Months Statement of Cash Flows: (1) Ended September 30, 2020 Cash provided by operating activities $ 3,262 Additional Cash Flow information: Depreciation and amortization $ 690 (1) Represents revenues, expenses, net income and cash flow information of 1899 Pennsylvania Avenue, which was sold on December 24, 2020. |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Financial Information of Unconsolidated Joint Ventures | The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below. (Amounts in thousands) Paramount As of Our Share of Investments: Ownership September 30, 2021 December 31, 2020 712 Fifth Avenue (1) 50.0% $ - $ - Market Center 67.0% 186,301 192,306 55 Second Street (2) 44.1% 89,576 92,298 111 Sutter Street 49.0% 35,956 37,818 60 Wall Street (2) 5.0% 19,216 19,164 One Steuart Lane (2) 35.0% (3) 70,656 67,505 Oder-Center, Germany (2) 9.5% 3,686 3,633 Investments in unconsolidated joint ventures $ 405,391 $ 412,724 For the Three Months Ended For the Nine Months Ended (Amounts in thousands) September 30, September 30, Our Share of Net Income (Loss): 2021 2020 2021 2020 712 Fifth Avenue (1) $ 431 $ 229 $ (10,697 ) $ 458 Market Center (2,228 ) (2,654 ) (9,272 ) (8,578 ) 55 Second Street (2) (702 ) (713 ) (2,171 ) (2,059 ) 111 Sutter Street (685 ) (884 ) (1,874 ) (2,413 ) 60 Wall Street (2) 18 10 52 (81 ) One Steuart Lane (2) 3,363 (4) (223 ) 3,138 (4) (1,773 ) Oder-Center, Germany (2) 26 (33 ) 14 2 Income (loss) from unconsolidated joint ventures $ 223 $ (4,268 ) $ (20,810 ) $ (14,444 ) (1) At December 31, 2020, our basis in the joint venture that owns 712 Fifth Avenue was negative $22,345. Since we have no further obligation to fund additional capital to the joint venture, we no longer recognize our proportionate share of earnings from the joint venture. Instead, we recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. During the nine months ended September 30, 2021, we received $1,053 in distributions from the joint venture and made an $11,750 contribution to the joint venture. Accordingly, we recognized a loss of $10,697, which is included in “loss from unconsolidated joint ventures” on our consolidated statements of income for the nine months ended September 30, 2021. Additionally, the joint venture had net losses of $3,439 for the nine months ended September 30, 2021, of which our 50.0% share was $1,720. Accordingly, our basis in the joint venture, taking into account distributions received, contributions made and our share of losses, was negative $13,368 as of September 30, 2021. (2) As of September 30, 2021, the carrying amount of our investments in 55 Second Street, 60 Wall Street, One Steuart Lane and Oder-Center is greater than our share of equity in these investments by $480, $2,628, $970 and $4,797, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. Basis differences allocated to depreciable assets are being amortized into income or loss from the unconsolidated joint ventures to which they relate, over the estimated useful life of the related assets. (3) Represents our consolidated Residential Development Fund’s (“RDF”) economic interest in One Steuart Lane, a for-sale residential condominium development project. (4) Includes RDF’s share of gain on sale of residential condominium units. |
Unconsolidated Joint Ventures [Member] | |
Summary of Financial Information of Unconsolidated Joint Ventures | The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates thereof and for the periods set forth below. (Amounts in thousands) As of Balance Sheets: September 30, 2021 December 31, 2020 Real estate, net $ 2,254,141 $ 2,674,858 Cash and cash equivalents and restricted cash 210,194 120,149 Intangible assets, net 71,193 110,307 For-sale residential condominium units (1) 389,755 - Other assets 62,099 45,761 Total assets $ 2,987,382 $ 2,951,075 Notes and mortgages payable, net $ 1,846,667 $ 1,801,084 Intangible liabilities, net 20,447 26,772 Other liabilities 73,926 87,575 Total liabilities 1,941,040 1,915,431 Equity 1,046,342 1,035,644 Total liabilities and equity $ 2,987,382 $ 2,951,075 For the Three Months Ended For the Nine Months Ended (Amounts in thousands) September 30, September 30, Income Statements: 2021 2020 2021 2020 Revenues: Rental revenue $ 57,998 $ 61,340 $ 171,721 $ 182,923 Other income 92,360 (2) 625 93,698 (2) 2,149 Total revenues 150,358 61,965 265,419 185,072 Expenses: Operating 102,949 (2) 26,381 153,526 (2) 81,963 Depreciation and amortization 26,432 29,700 80,899 88,981 Total expenses 129,381 56,081 234,425 170,944 Other income (expense): Interest and other (loss) income (27 ) (45 ) (83 ) 3 Interest and debt expense (17,503 ) (14,030 ) (45,135 ) (44,244 ) Net income (loss) before income taxes 3,447 (8,191 ) (14,224 ) (30,113 ) Income tax expense (17 ) (1 ) (32 ) (45 ) Net income (loss) $ 3,430 $ (8,192 ) $ (14,256 ) $ (30,158 ) (1) Represents the cost of residential condominium units at One Steuart Lane that are available for sale. (2) Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane. |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets and Liabilities | The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below. As of (Amounts in thousands) September 30, 2021 December 31, 2020 Intangible assets: Gross amount $ 377,109 $ 436,851 Accumulated amortization (249,580 ) (283,332 ) $ 127,529 $ 153,519 Intangible liabilities: Gross amount $ 156,104 $ 163,977 Accumulated amortization (108,249 ) (107,981 ) $ 47,855 $ 55,996 For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Amortization of above and below-market leases, net (component of "rental revenue") $ 722 $ 1,910 $ 2,335 $ 4,688 Amortization of acquired in-place leases (component of "depreciation and amortization") 6,413 9,195 20,183 27,877 |
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, 2022. (Amounts in thousands) For the Year Ending December 31, Above and Below-Market Leases, Net In-Place Leases 2022 $ 1,345 $ 21,644 2023 5,080 17,705 2024 6,020 14,248 2025 4,674 10,451 2026 2,801 7,896 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following table summarizes our consolidated outstanding debt. Interest Rate Maturity Fixed/ as of As of (Amounts in thousands) Date Variable Rate September 30, 2021 September 30, 2021 December 31, 2020 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 Aug-2026 Fixed (2) 2.46 % 500,000 500,000 Aug-2026 L + 356 bps (3) 3.65 % 360,000 350,000 2.95 % 860,000 850,000 31 West 52nd Street June-2026 Fixed 3.80 % 500,000 500,000 300 Mission Street (1) Oct-2023 Fixed 3.65 % 273,000 244,434 Total notes and mortgages payable 3.40 % 3,858,000 3,819,434 Less: unamortized deferred financing costs (23,555 ) (18,695 ) Total notes and mortgages payable, net $ 3,834,445 $ 3,800,739 $1.0 Billion Revolving Credit Facility Jan-2022 (4) L + 115 bps n/a $ - $ - (1) Our ownership interests in 1633 Broadway, One Market Plaza and 300 Mission Street are 90.0%, 49.0% and 31.1%, respectively. (2) Represents variable rate loans that have been fixed by interest rate swaps through August 2024. See Note 8, Derivative Instruments and Hedging Activities. (3) Represents variable rate loans, where LIBOR has been capped at 2.00% Derivative Instruments and Hedging Activities . (4) The $1.0 billion revolving credit facility matures on January 10, 2022 and has two six-month extension options. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swaps | The table below provide additional details on our interest rate swaps that are designated as cash flow hedges. Notional Strike Fair Value as of Property Amount Effective Date Maturity Date Rate September 30, 2021 (Amounts in thousands) 1301 Avenue of the Americas $ 500,000 Jul-2021 Aug-2024 0.46 % $ 1,053 Total interest rate swap assets designated as cash flow hedges (included in "other assets") $ 1,053 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 three and nine months ended September 30, 2021 and 2020, including amounts attributable to noncontrolling interests in the Operating Partnership. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Amount of income related to the cash flow hedges recognized in other comprehensive loss (1) $ 671 $ - $ 671 $ - Amounts reclassified from accumulated other comprehensive loss increasing interest and debt expense (1) 324 - 324 - Amount of (loss) income related to unconsolidated joint ventures recognized in other comprehensive loss (2) (88 ) (62 ) 2,693 (16,734 ) Amounts reclassified from accumulated other comprehensive loss increasing loss from unconsolidated joint ventures (2) 1,016 966 2,984 1,281 (1) Represents amounts related to interest rate swaps with an aggregate notional value of $500,000 and interest rate caps with an aggregate notional value of $360,000, which were designated as cash flow hedges. (2) Primarily represents amounts related to interest rate swap with a notional value of $402,000, which was designated as cash flow hedge. |
Variable Interest Entities ("_2
Variable Interest Entities ("VIEs") (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Consolidated VIEs [Member] | |
Summary of Assets and Liabilities of Consolidated Variable Interest Entities | The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership As of (Amounts in thousands) September 30, 2021 December 31, 2020 Real estate, net $ 3,437,064 $ 3,470,766 Cash and cash equivalents and restricted cash 206,019 134,647 Investments in unconsolidated joint ventures 70,656 67,505 Accounts and other receivables 3,887 6,871 Deferred rent receivable 202,051 192,401 Deferred charges, net 50,621 55,156 Intangible assets, net 65,742 76,545 Other assets 34,250 21,496 Total VIE assets $ 4,070,290 $ 4,025,387 Notes and mortgages payable, net $ 2,487,363 $ 2,457,272 Accounts payable and accrued expenses 59,348 51,590 Intangible liabilities, net 29,084 33,566 Other liabilities 5,842 4,486 Total VIE liabilities $ 2,581,637 $ 2,546,914 |
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 (Amounts in thousands) September 30, 2021 December 31, 2020 Investments $ 12,225 $ 12,917 Asset management fees and other receivables 23 561 Maximum risk of loss $ 12,248 $ 13,478 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities (included in "other assets") $ 21,706 $ 21,706 $ - $ - Interest rate swap assets (included in "other assets") 1,053 - 1,053 - Interest rate cap assets (included in "other assets") 82 - 82 - Total assets $ 22,841 $ 21,706 $ 1,135 $ - 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 $ - $ - |
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 September 30, 2021 As of December 31, 2020 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Notes and mortgages payable $ 3,858,000 $ 3,902,911 $ 3,819,434 $ 3,871,644 Revolving credit facility - - - - Total liabilities $ 3,858,000 $ 3,902,911 $ 3,819,434 $ 3,871,644 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Rental Revenues | The following table sets forth the details of our rental revenue. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Rental revenue: Fixed $ 158,400 $ 153,065 (1) $ 478,670 $ 467,609 (1) Variable 12,451 12,355 39,955 (2) 37,225 Total rental revenue $ 170,851 $ 165,420 $ 518,625 $ 504,834 (1) Includes (2) Includes $5,051 of income in connection with a tenant’s lease termination at 300 Mission Street. |
Schedule of Future Undiscounted Cash Flows Under Non-Cancellable Operating Leases | The following table is a schedule of future undiscounted cash flows under non-cancellable operating leases in effect as of September 30, 2021, for the three-month period from October 1, 2021 through December 31, 2021, and each of the five succeeding years and thereafter commencing January 1, 2022. (Amounts in thousands) 2021 $ 161,526 2022 634,446 2023 620,383 2024 596,696 2025 541,026 2026 445,087 Thereafter 2,168,408 Total $ 5,167,572 |
Fee and Other Income (Tables)
Fee and Other Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Fee and Other Income | The following table sets forth the details of our fee and other income. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Fee income: Asset management $ 3,280 $ 3,636 $ 10,175 $ 10,728 Property management 2,176 2,270 6,457 6,959 Acquisition, disposition, leasing and other 1,105 3,247 2,800 4,005 Total fee income 6,561 9,153 19,432 21,692 Other income (1) 1,719 2,202 4,509 5,353 Total fee and other income $ 8,280 $ 11,355 $ 23,941 $ 27,045 (1) Primarily comprised of (i) tenant requested services, including overtime heating and cooling and (ii) parking income. |
Interest and Other Income, net
Interest and Other Income, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Interest income, net $ 221 $ 364 $ 1,008 $ 1,780 Mark-to-market of investments in our deferred compensation plans (1) (83 ) 740 1,502 580 Total interest and other income, net $ 138 $ 1,104 $ 2,510 $ 2,360 (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. |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Interest And Debt Expense [Abstract] | |
Details of Interest and Debt Expense | The following table sets forth the details of interest and debt expense. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 Interest expense $ 33,600 $ 33,472 $ 98,613 $ 101,463 Amortization of deferred financing costs 2,666 (1) 2,320 7,306 (1) 6,957 Total interest and debt expense $ 36,266 $ 35,792 $ 105,919 $ 108,420 (1) Includes $761 of expense from the non-cash write-off of deferred financing costs in connection with the $860,000 refinancing of 1301 Avenue of the Americas in July 2021. See Note 7, Debt . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Earnings Per Share | The following table summarizes our net loss and the number of common shares used in the computation of basic and diluted loss per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Continuing Operations: Net loss from continuing operations attributable to common stockholders $ (2,055 ) $ (8,921 ) $ (21,576 ) $ (15,187 ) Earnings allocated to unvested participating securities (17 ) (14 ) (54 ) (40 ) Numerator for loss from continuing operations per common share - basic and diluted (2,072 ) (8,935 ) (21,630 ) (15,227 ) Discontinued Operations: Net income from discontinued operations attributable to common stockholders - 1,963 - 5,307 Earnings allocated to unvested participating securities - (4 ) - (14 ) Numerator for income from discontinued operations per common share - basic and diluted - 1,959 - 5,293 Numerator for loss per common share - basic and diluted $ (2,072 ) $ (6,976 ) $ (21,630 ) $ (9,934 ) Denominator: Denominator for basic loss per common share - weighted average shares 218,706 221,461 218,690 223,593 Effect of dilutive stock-based compensation plans (1) - - - - Denominator for diluted loss per common share - weighted average shares 218,706 221,461 218,690 223,593 (Loss) Income per Common Share - Basic and Diluted: Continuing operations, net $ (0.01 ) $ (0.04 ) $ (0.10 ) $ (0.07 ) Discontinued operations, net - 0.01 - 0.03 Loss per common share - basic and diluted $ (0.01 ) $ (0.03 ) $ (0.10 ) $ (0.04 ) (1) The effect of dilutive securities and 22,941 weighted average share equivalents for the three months ended September 30, 2021 and 2020, respectively, and 23,785 and 23,795 weighted average share equivalents for the nine months ended September 30, 2021 and 2020, respectively, as their effect was anti-dilutive. |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of NOI for Each Reportable Segment Information | The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below. For the Three Months Ended September 30, 2021 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 172,570 $ 109,842 $ 63,527 $ (799 ) Property-related operating expenses (67,131 ) (47,545 ) (18,646 ) (940 ) NOI from unconsolidated joint ventures (including One Steuart Lane) 16,214 2,875 8,665 4,674 NOI attributable to One Steuart Lane (4,587 ) - - (4,587 ) NOI (1) $ 117,066 $ 65,172 $ 53,546 $ (1,652 ) For the Three Months Ended September 30, 2020 (Amounts in thousands) Total New York San Francisco Other (2) Property-related revenues $ 171,263 $ 106,287 $ 62,086 $ 2,890 Property-related operating expenses (69,349 ) (49,072 ) (17,825 ) (2,452 ) NOI from unconsolidated joint ventures 12,935 3,116 10,019 (200 ) NOI (1) $ 114,849 $ 60,331 $ 54,280 $ 238 For the Nine Months Ended September 30, 2021 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 523,134 $ 329,870 $ 195,673 $ (2,409 ) Property-related operating expenses (197,821 ) (142,370 ) (52,651 ) (2,800 ) NOI from unconsolidated joint ventures (including One Steuart Lane) 37,097 8,445 24,054 4,598 NOI attributable to One Steuart Lane (4,587 ) - - (4,587 ) NOI (1) $ 357,823 $ 195,945 $ 167,076 $ (5,198 ) For the Nine Months Ended September 30, 2020 (Amounts in thousands) Total New York San Francisco Other (2) Property-related revenues $ 521,036 $ 338,543 $ 173,580 $ 8,913 Property-related operating expenses (203,526 ) (145,314 ) (50,798 ) (7,414 ) NOI from unconsolidated joint ventures 36,703 8,740 29,566 (1,603 ) NOI (1) $ 354,213 $ 201,969 $ 152,348 $ (104 ) (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. ( 2 ) NOI for the three and nine months ended September 30, 2020 includes NOI from discontinued operations. See Note 3, Discontinued Operations |
Schedule of Reconciliation of NOI to Net Loss Attributable to Common Stockholders | The following table provides a reconciliation of NOI to net loss attributable to common stockholders for the periods set forth below. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Amounts in thousands) 2021 2020 2021 2020 NOI $ 117,066 $ 114,849 $ 357,823 $ 354,213 Add (subtract) adjustments to arrive to net income: Fee income 6,561 9,153 19,432 21,692 Depreciation and amortization expense (57,522 ) (58,889 ) (175,752 ) (176,032 ) General and administrative expenses (13,257 ) (16,805 ) (46,039 ) (46,955 ) NOI from unconsolidated joint ventures (including One Steuart Lane) (16,214 ) (12,935 ) (37,097 ) (36,703 ) Income (loss) from unconsolidated joint ventures 223 (4,268 ) (20,810 ) (14,444 ) NOI attributable to One Steuart Lane 4,587 - 4,587 - Interest and other income, net 138 1,104 2,510 2,360 Interest and debt expense (36,266 ) (35,792 ) (105,919 ) (108,420 ) Adjustments related to discontinued operations - (2,157 ) - (6,515 ) Other, net 189 (137 ) 101 (457 ) Income (loss) from continuing operations, before income taxes 5,505 (5,877 ) (1,164 ) (11,261 ) Income tax expense (873 ) (393 ) (2,448 ) (1,135 ) Income (loss) from continuing operations, net 4,632 (6,270 ) (3,612 ) (12,396 ) Income from discontinued operations, net - 2,147 - 5,815 Net income (loss) 4,632 (4,123 ) (3,612 ) (6,581 ) Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures (3,768 ) (3,566 ) (16,924 ) (5,485 ) Consolidated real estate fund (3,123 ) 79 (3,179 ) 1,291 Operating Partnership 204 652 2,139 895 Net loss attributable to common stockholders $ (2,055 ) $ (6,958 ) $ (21,576 ) $ (9,880 ) |
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 September 30, 2021 $ 8,545,585 $ 5,375,688 $ 2,712,559 $ 457,338 December 31, 2020 8,554,097 5,388,596 2,698,983 466,518 |
Organization and Business - Add
Organization and Business - Additional Information (Details) ft² in Millions | 9 Months Ended |
Sep. 30, 2021ft²Properties | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | Properties | 13 |
Area of office and retail properties | ft² | 12.9 |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |
Real Estate Properties [Line Items] | |
Percentage of ownership in operating partnership | 90.90% |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Results of Operations Related to Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | ||
Expenses: | |||
Income from discontinued operations, net | $ 2,147 | $ 5,815 | |
1899 Pennsylvania Avenue [Member] | |||
Revenues: | |||
Rental revenue | [1] | 3,556 | 10,634 |
Other income | [1] | 85 | 215 |
Total revenues | [1] | 3,641 | 10,849 |
Expenses: | |||
Operating | [1] | 1,483 | 4,333 |
Depreciation and amortization | [1] | 690 | |
Total expenses | [1] | 1,483 | 5,023 |
Income before income taxes | [1] | 2,158 | 5,826 |
Income tax expense | [1] | (11) | (11) |
Income from discontinued operations, net | [1] | $ 2,147 | $ 5,815 |
[1] | Represents revenues, expenses, net income and cash flow information of 1899 Pennsylvania Avenue, which was sold on December 24, 2020. |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Cash Flows from Discontinued Operations (Details) - 1899 Pennsylvania Avenue [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($) | [1] | |
Statement of Cash Flows: | ||
Cash provided by operating activities | $ 3,262 | |
Additional Cash Flow information: | ||
Depreciation and amortization | $ 690 | |
[1] | Represents revenues, expenses, net income and cash flow information of 1899 Pennsylvania Avenue, which was sold on December 24, 2020. |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated joint ventures | $ 405,391 | $ 405,391 | $ 412,724 | ||
Income (loss) from unconsolidated joint ventures | $ 223 | $ (4,268) | $ (20,810) | $ (14,444) | |
712 Fifth Avenue [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method paramount ownership percentage | 50.00% | 50.00% | |||
Income (loss) from unconsolidated joint ventures | $ 431 | 229 | $ (10,697) | 458 | |
Market Center [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method paramount ownership percentage | 67.00% | 67.00% | |||
Investments in unconsolidated joint ventures | $ 186,301 | $ 186,301 | 192,306 | ||
Income (loss) from unconsolidated joint ventures | $ (2,228) | (2,654) | $ (9,272) | (8,578) | |
55 Second Street [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method paramount ownership percentage | 44.10% | 44.10% | |||
Investments in unconsolidated joint ventures | $ 89,576 | $ 89,576 | 92,298 | ||
Income (loss) from unconsolidated joint ventures | $ (702) | (713) | $ (2,171) | (2,059) | |
111 Sutter Street [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method paramount ownership percentage | 49.00% | 49.00% | |||
Investments in unconsolidated joint ventures | $ 35,956 | $ 35,956 | 37,818 | ||
Income (loss) from unconsolidated joint ventures | $ (685) | (884) | $ (1,874) | (2,413) | |
60 Wall Street [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method paramount ownership percentage | 5.00% | 5.00% | |||
Investments in unconsolidated joint ventures | $ 19,216 | $ 19,216 | 19,164 | ||
Income (loss) from unconsolidated joint ventures | $ 18 | 10 | $ 52 | (81) | |
One Steuart Lane [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method paramount ownership percentage | 35.00% | 35.00% | |||
Investments in unconsolidated joint ventures | $ 70,656 | $ 70,656 | 67,505 | ||
Income (loss) from unconsolidated joint ventures | $ 3,363 | (223) | $ 3,138 | (1,773) | |
Oder-Center, Germany [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method paramount ownership percentage | 9.50% | 9.50% | |||
Investments in unconsolidated joint ventures | $ 3,686 | $ 3,686 | $ 3,633 | ||
Income (loss) from unconsolidated joint ventures | $ 26 | $ (33) | $ 14 | $ 2 |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions of earnings from unconsolidated joint ventures | $ 3,950 | $ 1,688 | |||
Contribution to the joint venture | 11,750 | ||||
Loss from unconsolidated joint ventures | $ (223) | $ 4,268 | 20,810 | 14,444 | |
712 Fifth Avenue [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions made in excess of share of earnings recognized negative basis | 13,368 | $ 22,345 | |||
Distributions of earnings from unconsolidated joint ventures | 1,053 | ||||
Contribution to the joint venture | 11,750 | ||||
Loss from unconsolidated joint ventures | (431) | (229) | 10,697 | (458) | |
Income (Loss) of investment accounted under equity method accounting | (3,439) | ||||
Proportionate share of income (loss) of equity method investment not recognized | (1,720) | ||||
55 Second Street [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss from unconsolidated joint ventures | 702 | 713 | 2,171 | 2,059 | |
Difference between carrying amount of investment and equity | 480 | 480 | |||
60 Wall Street [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss from unconsolidated joint ventures | (18) | (10) | (52) | 81 | |
Difference between carrying amount of investment and equity | 2,628 | 2,628 | |||
One Steuart Lane [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss from unconsolidated joint ventures | (3,363) | 223 | (3,138) | 1,773 | |
Difference between carrying amount of investment and equity | 970 | 970 | |||
Oder-Center, Germany [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss from unconsolidated joint ventures | (26) | $ 33 | (14) | $ (2) | |
Difference between carrying amount of investment and equity | $ 4,797 | $ 4,797 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | ||||||
Total assets | [1] | $ 8,545,585 | $ 8,545,585 | $ 8,554,097 | ||
Total liabilities | [1] | 4,082,368 | 4,082,368 | 4,038,363 | ||
Equity | 3,588,681 | 3,588,681 | 3,653,177 | |||
Total liabilities and equity | 8,545,585 | 8,545,585 | 8,554,097 | |||
Rental revenue | 170,851 | $ 165,420 | 518,625 | $ 504,834 | ||
Other income | 1,719 | 2,202 | 4,509 | 5,353 | ||
Total revenues | 179,131 | 176,775 | 542,566 | 531,879 | ||
Operating | 67,131 | 67,865 | 197,821 | 199,192 | ||
Depreciation and amortization | 57,522 | 58,889 | 175,752 | 176,032 | ||
Total expenses | 137,997 | 143,640 | 420,115 | 422,721 | ||
Interest and other (loss) income | 138 | 1,104 | 2,510 | 2,360 | ||
Interest and debt expense | (36,266) | (35,792) | (105,919) | (108,420) | ||
Net income (loss) before income taxes | 5,505 | (5,877) | (1,164) | (11,261) | ||
Income tax expense | (873) | (393) | (2,448) | (1,135) | ||
Net loss attributable to common stockholders | (2,055) | (6,958) | (21,576) | (9,880) | ||
Unconsolidated Joint Ventures [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Real estate, net | 2,254,141 | 2,254,141 | 2,674,858 | |||
Cash and cash equivalents and restricted cash | 210,194 | 210,194 | 120,149 | |||
Intangible assets, net | 71,193 | 71,193 | 110,307 | |||
For-sale residential condominium units (1) | 389,755 | 389,755 | ||||
Other assets | 62,099 | 62,099 | 45,761 | |||
Total assets | 2,987,382 | 2,987,382 | 2,951,075 | |||
Notes and mortgages payable, net | 1,846,667 | 1,846,667 | 1,801,084 | |||
Intangible liabilities, net | 20,447 | 20,447 | 26,772 | |||
Other liabilities | 73,926 | 73,926 | 87,575 | |||
Total liabilities | 1,941,040 | 1,941,040 | 1,915,431 | |||
Equity | 1,046,342 | 1,046,342 | 1,035,644 | |||
Total liabilities and equity | 2,987,382 | 2,987,382 | $ 2,951,075 | |||
Rental revenue | 57,998 | 61,340 | 171,721 | 182,923 | ||
Other income | 92,360 | 625 | 93,698 | 2,149 | ||
Total revenues | 150,358 | 61,965 | 265,419 | 185,072 | ||
Operating | 102,949 | 26,381 | 153,526 | 81,963 | ||
Depreciation and amortization | 26,432 | 29,700 | 80,899 | 88,981 | ||
Total expenses | 129,381 | 56,081 | 234,425 | 170,944 | ||
Interest and other (loss) income | (27) | (45) | (83) | 3 | ||
Interest and debt expense | (17,503) | (14,030) | (45,135) | (44,244) | ||
Net income (loss) before income taxes | 3,447 | (8,191) | (14,224) | (30,113) | ||
Income tax expense | (17) | (1) | (32) | (45) | ||
Net loss attributable to common stockholders | $ 3,430 | $ (8,192) | $ (14,256) | $ (30,158) | ||
[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 90.9% as of September 30, 2021. As of September 30, 2021, the Operating Partnership includes $4,070,290 and $2,581,637 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities (“VIEs”). |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Funds - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Investment Holdings [Line Items] | |||||
Investments in unconsolidated real estate funds | $ 12,225,000 | $ 12,225,000 | $ 12,917,000 | ||
Income (loss) from unconsolidated real estate funds | 276,000 | $ (56,000) | 604,000 | $ 85,000 | |
Fund X [Member] | |||||
Investment Holdings [Line Items] | |||||
Capital commitments | 192,000,000 | ||||
Capital commitments invested | 78,968,000 | 78,968,000 | |||
Capital commitments reserved for future funding | $ 34,424,000 | $ 34,424,000 | |||
Alternative Investment Fund, Interest Rate | 7.80% | 7.80% | |||
Fund VIII [Member] | |||||
Investment Holdings [Line Items] | |||||
Alternative Investment Fund, Interest Rate | 1.30% | 1.30% |
Intangible Assets and Intangibl
Intangible Assets and Intangible Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Intangible assets: | |||||
Gross amount | $ 377,109 | $ 377,109 | $ 436,851 | ||
Accumulated amortization | (249,580) | (249,580) | (283,332) | ||
Intangible assets, Net | 127,529 | 127,529 | 153,519 | ||
Intangible liabilities: | |||||
Gross amount | 156,104 | 156,104 | 163,977 | ||
Accumulated amortization | (108,249) | (108,249) | (107,981) | ||
Intangible Liabilities, Net | 47,855 | 47,855 | $ 55,996 | ||
Leases, Acquired-in-Place, Market Adjustment [Member] | |||||
Intangible liabilities: | |||||
Amortization of above and below-market leases, net (component of "rental revenue") | 722 | $ 1,910 | 2,335 | $ 4,688 | |
Leases, Acquired-in-Place [Member] | |||||
Intangible liabilities: | |||||
Amortization of acquired in-place leases (component of "depreciation and amortization") | $ 6,413 | $ 9,195 | $ 20,183 | $ 27,877 |
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 | Sep. 30, 2021USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2022 | $ (1,345) |
2023 | (5,080) |
2024 | (6,020) |
2025 | (4,674) |
2026 | (2,801) |
Leases, Acquired-in-Place [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2022 | 21,644 |
2023 | 17,705 |
2024 | 14,248 |
2025 | 10,451 |
2026 | $ 7,896 |
Debt - Additional Information (
Debt - Additional Information (Details) ft² in Millions | Jul. 29, 2021USD ($)ft² | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | ||
Repayment of loan | $ 850,000,000 | $ 850,000,000 |
1301 Avenue of the Americas [Member] | ||
Debt Instrument [Line Items] | ||
Debt Refinanced | $ 860,000,000 | |
Initial weighted average interest rate | 2.95% | |
Area of office building | ft² | 1.7 | |
Interest-only loan, Term | 5 years | |
1301 Avenue of the Americas [Member] | Fixed Rate Tranche [Member] | ||
Debt Instrument [Line Items] | ||
Debt Refinanced | $ 500,000,000 | |
1301 Avenue of the Americas [Member] | Variable Rate Tranche [Member] | ||
Debt Instrument [Line Items] | ||
Debt Refinanced | $ 360,000,000 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Notes and mortgages payable, Interest Rate | 3.40% | |
Notes and mortgages payable | $ 3,858,000 | $ 3,819,434 |
Credit Facility | 0 | 0 |
Less: unamortized deferred financing costs | (23,555) | (18,695) |
Total notes and mortgages payable, net | $ 3,834,445 | 3,800,739 |
Credit Facility With Variable Rate [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2022-01 | |
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% | |
1633 Broadway [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2029-12 | |
Notes and mortgages payable, Interest Rate | 2.99% | |
Notes and mortgages payable | $ 1,250,000 | 1,250,000 |
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2024-02 | |
Notes and mortgages payable, Interest Rate | 4.03% | |
Notes and mortgages payable | $ 975,000 | 975,000 |
1301 Avenue of the Americas [Member] | ||
Debt Instrument [Line Items] | ||
Notes and mortgages payable, Interest Rate | 2.95% | |
Notes and mortgages payable | $ 860,000 | 850,000 |
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2026-08 | |
Notes and mortgages payable, Interest Rate | 2.46% | |
Notes and mortgages payable | $ 500,000 | 500,000 |
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2026-08 | |
Notes and mortgages payable, Interest Rate | 3.65% | |
Notes and mortgages payable | $ 360,000 | 350,000 |
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Fixed/Variable Rate | 3.56% | |
31 West 52nd Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2026-06 | |
Notes and mortgages payable, Interest Rate | 3.80% | |
Notes and mortgages payable | $ 500,000 | 500,000 |
300 Mission Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2023-10 | |
Notes and mortgages payable, Interest Rate | 3.65% | |
Notes and mortgages payable | $ 273,000 | $ 244,434 |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Debt (Parenthetical) (Details) - USD ($) $ in Billions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Revolving Credit Facility [Member] | Credit Facility With Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1 | $ 1 |
1633 Broadway [Member] | ||
Debt Instrument [Line Items] | ||
Ownership percentage of Property | 90.00% | 90.00% |
One Market Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Ownership percentage of Property | 49.00% | 49.00% |
300 Mission Street [Member] | ||
Debt Instrument [Line Items] | ||
Ownership percentage of Property | 31.10% | 31.10% |
1301 Avenue of the Americas [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Capped interest rate | 2.00% | 2.00% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Jul. 29, 2021 | |
1301 Avenue of the Americas [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 500,000,000 | $ 500,000,000 | |
LIBOR rate | 0.46% | 0.46% | |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Changes in fair value of these interest rate swaps and interest rate caps | $ 995,000 | $ 995,000 | |
Amount to be recognized in accumulated other comprehensive income (loss) reclassified to interest expense for next twelve months | 1,687,000 | ||
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | Maximum [Member] | 1301 Avenue of the Americas [Member] | |||
Derivative [Line Items] | |||
Derivative liability, aggregate notional amount | $ 860,000,000 | ||
Designated As Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative liability, aggregate notional amount | 500,000,000 | 500,000,000 | |
Designated As Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | London Inter bank Offered Rate Libor Swap Rate [Member] | 1301 Avenue of the Americas [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 500,000,000 | ||
LIBOR rate | 0.46% | ||
Designated As Hedging Instrument [Member] | Interest Rate Cap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative liability, aggregate notional amount | $ 360,000,000 | $ 360,000,000 | |
Designated As Hedging Instrument [Member] | Interest Rate Cap [Member] | Cash Flow Hedging [Member] | London Inter bank Offered Rate Libor Swap Rate [Member] | 1301 Avenue of the Americas [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 360,000,000 | ||
Aggregate notional percentage | 2.00% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Swaps (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative [Line Items] | |
Total interest rate swap assets designated as cash flow hedges (included in "other assets") | $ 1,053 |
1301 Avenue of the Americas [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 500,000 |
Effective Date | Jul. 31, 2021 |
Maturity Date | Aug. 31, 2024 |
LIBOR rate | 0.46% |
Total interest rate swap assets designated as cash flow hedges (included in "other assets") | $ 1,053 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Nov. 05, 2019 | |
Class Of Stock [Line Items] | |||||
Common stock shares authorized amount | $ 200,000,000 | ||||
Stock repurchased, price per share | $ 8.98 | $ 8.69 | |||
Stock repurchased, value | $ 8,520,000 | $ 108,520,000 | $ 120,000,000 | ||
Stock repurchase amount available for future repurchase | $ 80,000,000 | ||||
Common Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Stock repurchased | 1,233,000 | 0 | 12,090,055 | 13,813,158 | |
Stock repurchased, value | $ 12,000 | $ 121,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Amount of income related to the cash flow hedges recognized in other comprehensive loss | $ 671 | $ 671 | ||
Amounts reclassified from accumulated other comprehensive loss increasing interest and debt expense | 324 | 324 | ||
Amount of (loss) income related to unconsolidated joint ventures recognized in other comprehensive loss | (88) | $ (62) | 2,693 | $ (16,734) |
Amounts reclassified from accumulated other comprehensive loss increasing loss from unconsolidated joint ventures | $ 1,016 | $ 966 | $ 2,984 | $ 1,281 |
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] | Sep. 30, 2021USD ($) |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Aggregate notional amount | $ 500,000,000 |
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Aggregate notional amount | 360,000,000 |
Unconsolidated Joint Ventures [Member] | Interest Rate Swap [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Aggregate notional amount | $ 402,000,000 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | ||
Consolidated joint ventures | $ 435,142 | $ 437,161 |
Noncontrolling interests in consolidated real estate fund aggregated | 82,209 | 79,017 |
Operating partnerships | 357,185 | 346,379 |
Redemption value | $ 195,973 | $ 187,640 |
Common units conversion basis | one-for-one |
Variable Interest Entities ("_3
Variable Interest Entities ("VIEs") - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |
Variable Interest Entity [Line Items] | |
Percentage of ownership in operating partnership | 90.90% |
Variable Interest Entities ("_4
Variable Interest Entities ("VIEs") - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||||
Real estate, net | $ 6,928,466 | $ 6,996,618 | |||
Cash and cash equivalents and restricted cash | 522,546 | 465,324 | $ 546,907 | $ 331,487 | |
Deferred rent receivable | 338,165 | 330,239 | |||
Deferred charges, net | 115,658 | 116,278 | |||
Intangible assets, net | 127,529 | 153,519 | |||
Other assets | 84,220 | 48,976 | |||
Total assets | [1] | 8,545,585 | 8,554,097 | ||
Notes and mortgages payable, net | 3,834,445 | 3,800,739 | |||
Accounts payable and accrued expenses | 117,758 | 101,901 | |||
Intangible liabilities, net | 47,855 | 55,996 | |||
Other liabilities | 65,413 | 62,931 | |||
Total liabilities | [1] | 4,082,368 | 4,038,363 | ||
Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Real estate, net | 3,437,064 | 3,470,766 | |||
Cash and cash equivalents and restricted cash | 206,019 | 134,647 | |||
Investments in unconsolidated joint ventures | 70,656 | 67,505 | |||
Accounts and other receivables | 3,887 | 6,871 | |||
Deferred rent receivable | 202,051 | 192,401 | |||
Deferred charges, net | 50,621 | 55,156 | |||
Intangible assets, net | 65,742 | 76,545 | |||
Other assets | 34,250 | 21,496 | |||
Total assets | 4,070,290 | 4,025,387 | |||
Notes and mortgages payable, net | 2,487,363 | 2,457,272 | |||
Accounts payable and accrued expenses | 59,348 | 51,590 | |||
Intangible liabilities, net | 29,084 | 33,566 | |||
Other liabilities | 5,842 | 4,486 | |||
Total liabilities | $ 2,581,637 | $ 2,546,914 | |||
[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 90.9% as of September 30, 2021. As of September 30, 2021, the Operating Partnership includes $4,070,290 and $2,581,637 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities (“VIEs”). |
Variable Interest Entities ("_5
Variable Interest Entities ("VIEs") - Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments (Details) - Unconsolidated Real Estate Funds [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Value of Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | $ 12,225 | $ 12,917 |
Asset Management Fees and Other Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | 23 | 561 |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | $ 12,248 | $ 13,478 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities (included in "other assets") | $ 21,706 | $ 17,178 |
Total assets | 22,841 | 17,178 |
Interest Rate Swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap assets (included in "other assets") | 1,053 | |
Interest Rate Cap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap assets (included in "other assets") | 82 | |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities (included in "other assets") | 21,706 | 17,178 |
Total assets | 21,706 | $ 17,178 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 1,135 | |
Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap assets (included in "other assets") | 1,053 | |
Level 2 [Member] | Interest Rate Cap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap assets (included in "other assets") | $ 82 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes and mortgages payable | $ 3,858,000 | $ 3,819,434 |
Total liabilities | 3,858,000 | 3,819,434 |
Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes and mortgages payable | 3,902,911 | 3,871,644 |
Total liabilities | $ 3,902,911 | $ 3,871,644 |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 30, 2021 |
Minimum [Member] | |
Lessor Lease Description [Line Items] | |
Lease term | 5 years |
Maximum [Member] | |
Lessor Lease Description [Line Items] | |
Lease term | 15 years |
Leases - Schedule of Rental Rev
Leases - Schedule of Rental Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Abstract] | ||||
Fixed rental revenues | $ 158,400 | $ 153,065 | $ 478,670 | $ 467,609 |
Variable rental revenues | 12,451 | 12,355 | 39,955 | 37,225 |
Total rental revenue | $ 170,851 | $ 165,420 | $ 518,625 | $ 504,834 |
Leases - Schedule of Rental R_2
Leases - Schedule of Rental Revenues (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Non-cash write-offs, primarily for straight-line rent receivables | $ 14,863 | $ 26,172 | ||
Uncollectible accounts receivable | 2,051 | |||
Variable rental revenues | $ 12,451 | $ 12,355 | $ 39,955 | $ 37,225 |
Tenant Lease Termination [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Variable rental revenues | $ 5,051 |
Leases - Schedule of Future Und
Leases - Schedule of Future Undiscounted Cash Flows Under Non-Cancellable Operating Leases (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 161,526 |
2022 | 634,446 |
2023 | 620,383 |
2024 | 596,696 |
2025 | 541,026 |
2026 | 445,087 |
Thereafter | 2,168,408 |
Total | $ 5,167,572 |
Fee and Other Income - Summary
Fee and Other Income - Summary of Fee and Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fee income: | ||||
Total fee income | $ 6,561 | $ 9,153 | $ 19,432 | $ 21,692 |
Other income | 1,719 | 2,202 | 4,509 | 5,353 |
Total fee and other income | 8,280 | 11,355 | 23,941 | 27,045 |
Property Management Fees [Member] | ||||
Fee income: | ||||
Total fee income | 2,176 | 2,270 | 6,457 | 6,959 |
Asset Management Fees [Member] | ||||
Fee income: | ||||
Total fee income | 3,280 | 3,636 | 10,175 | 10,728 |
Acquisition Disposition Leasing And Other [Member] | ||||
Fee income: | ||||
Total fee income | $ 1,105 | $ 3,247 | $ 2,800 | $ 4,005 |
Interest and Other Income, ne_2
Interest and Other Income, net - Schedule of Interest and Other Income, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest And Other Income [Abstract] | ||||
Interest income, net | $ 221 | $ 364 | $ 1,008 | $ 1,780 |
Mark-to-market of investments in our deferred compensation plans | (83) | 740 | 1,502 | 580 |
Total interest and other income, net | $ 138 | $ 1,104 | $ 2,510 | $ 2,360 |
Interest and Debt Expense - Det
Interest and Debt Expense - Details of Interest and Debt Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest And Debt Expense [Abstract] | ||||
Interest expense | $ 33,600 | $ 33,472 | $ 98,613 | $ 101,463 |
Amortization of deferred financing costs | 2,666 | 2,320 | 7,306 | 6,957 |
Total interest and debt expense | $ 36,266 | $ 35,792 | $ 105,919 | $ 108,420 |
Interest and Debt Expense - D_2
Interest and Debt Expense - Details of Interest and Debt Expense (Parenthetical) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest And Debt Expense [Line Items] | |||
Proceeds from notes and mortgages payable | $ 888,566,000 | $ 9,791,000 | |
1301 Avenue of the Americas [Member] | |||
Interest And Debt Expense [Line Items] | |||
Expense from non-cash write-off of deferred financing costs | $ 761,000 | 761,000 | |
Proceeds from notes and mortgages payable | $ 860,000 | $ 860,000 |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Details) - USD ($) | Jan. 11, 2021 | Feb. 05, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 4,192,000 | $ 4,503,000 | $ 14,421,000 | $ 14,141,000 | ||
Restricted Stock [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Fair value of awards granted | $ 1,439,000 | |||||
Vesting period | 4 years | |||||
Shares available for grant | 166,686 | |||||
2020 Performance Program [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance measurement period, term | 3 years | |||||
Performance measurement period, start date | Jan. 1, 2021 | |||||
Performance measurement period, end date | Dec. 31, 2023 | |||||
Reduction in percentage on number of LTIP units earned if negative TSR | 30.00% | |||||
Fair value of awards granted | $ 7,303,000 | |||||
Vesting period | 4 years | |||||
2020 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% | |||||
2020 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% | |||||
Long Term Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Fair value of awards granted | $ 4,598,000 | |||||
Shares available for grant | 579,520 | |||||
Long Term Incentive Plan [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Long Term Incentive Plan [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Appreciation Only Long Term Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Fair value of awards granted | $ 4,344,000 | |||||
Shares available for grant | 2,171,875 | |||||
2017 Performance Program [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares available for grant | 1,382,807 | |||||
Fair value granted | $ 7,009,000 | |||||
Unrecognized compensation cost | $ 208,000 | $ 208,000 | ||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 3 months |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net loss from continuing operations attributable to common stockholders | $ (2,055) | $ (8,921) | $ (21,576) | $ (15,187) |
Earnings allocated to unvested participating securities | (17) | (14) | (54) | (40) |
Numerator for loss from continuing operations per common share - basic and diluted | (2,072) | (8,935) | (21,630) | (15,227) |
Net income from discontinued operations attributable to common stockholders | 1,963 | 5,307 | ||
Earnings allocated to unvested participating securities | (4) | (14) | ||
Numerator for income from discontinued operations per common share - basic and diluted | 1,959 | 5,293 | ||
Numerator for loss per common share - basic and diluted | $ (2,072) | $ (6,976) | $ (21,630) | $ (9,934) |
Denominator: | ||||
Denominator for basic loss per common share - weighted average shares | 218,706,356 | 221,461,146 | 218,689,696 | 223,593,376 |
Weighted average common shares outstanding | 218,706,356 | 221,461,146 | 218,689,696 | 223,593,376 |
(Loss) Income per Common Share - Basic and Diluted: | ||||
Continuing operations, net | $ (0.01) | $ (0.04) | $ (0.10) | $ (0.07) |
Discontinued operations, net | 0.01 | 0.03 | ||
Loss per common share - basic and diluted | $ (0.01) | $ (0.03) | $ (0.10) | $ (0.04) |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Effect of dilutive securities excluded from computation of earning per share | 23,862 | 22,941 | 23,785 | 23,795 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Fee and other income | $ 8,280,000 | $ 11,355,000 | $ 23,941,000 | $ 27,045,000 | |
Accounts and other receivables, net | 11,385,000 | 11,385,000 | $ 17,502,000 | ||
Property management, asset management, leasing and other related services fee income | 6,561,000 | 9,153,000 | 19,432,000 | 21,692,000 | |
Transaction related costs | 87,000 | 81,000 | 503,000 | 542,000 | |
Accounts payable and accrued expenses | $ 117,758,000 | $ 117,758,000 | 101,901,000 | ||
712 Fifth Avenue [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method paramount ownership percentage | 50.00% | 50.00% | |||
CNBB-RDF Holdings Otto Family [Member] | Management Agreements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fee and other income | $ 270,000 | 260,000 | $ 1,497,000 | 967,000 | |
Accounts and other receivables, net | 474,000 | 474,000 | 34,000 | ||
Unconsolidated Joint Ventures and Real Estate Funds [Member] | Management Agreements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts and other receivables, net | 4,097,000 | 4,097,000 | 5,011,000 | ||
Property management, asset management, leasing and other related services fee income | $ 5,737,000 | 6,841,000 | $ 16,239,000 | 17,550,000 | |
Hamburg Trust Consulting GMBH ("HTC") [Member] | |||||
Related Party Transaction [Line Items] | |||||
Mark-up cost percentage | 10.00% | 10.00% | |||
Transaction related costs | $ 127,000 | 124,000 | $ 372,000 | 389,000 | |
Accounts payable and accrued expenses | $ 250,000 | $ 250,000 | 123,000 | ||
Hamburg Trust Consulting GMBH ("HTC") [Member] | Chairman, Chief Executive Officer and President [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership | 100.00% | 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% | 50.00% | |||
Lease rental income | $ 91,000 | 91,000 | $ 272,000 | 272,000 | |
Kramer Design Services [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable and accrued expenses | 0 | 0 | $ 0 | ||
Development expenses | $ 10,000 | $ 47,000 | $ 10,000 | 187,000 | |
Kramer Design Services [Member] | 712 Fifth Avenue [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method paramount ownership percentage | 50.00% | 50.00% | |||
Expense recognized | $ 29,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - New York State Division Of Taxation And Finance [Member] | Feb. 16, 2018USD ($) |
Minimum [Member] | |
Other Commitments [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 0 |
Maximum [Member] | |
Other Commitments [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 51,000,000 |
Segments - Additional Informati
Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segments - Schedule of NOI for
Segments - Schedule of NOI for Each Reportable Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Segment Reporting Information [Line Items] | |||||||
Property-related revenues | $ 172,570 | $ 171,263 | $ 523,134 | $ 521,036 | |||
Property-related operating expenses | (67,131) | (69,349) | (197,821) | (203,526) | |||
NOI from unconsolidated joint ventures | 16,214 | 12,935 | 37,097 | 36,703 | |||
NOI | [1] | 117,066 | 114,849 | 357,823 | 354,213 | ||
One Steuart Lane [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
NOI from unconsolidated joint ventures | (4,587) | (4,587) | |||||
New York [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property-related revenues | 109,842 | 106,287 | 329,870 | 338,543 | |||
Property-related operating expenses | (47,545) | (49,072) | (142,370) | (145,314) | |||
NOI from unconsolidated joint ventures | 2,875 | 3,116 | 8,445 | 8,740 | |||
NOI | [1] | 65,172 | 60,331 | 195,945 | 201,969 | ||
San Francisco [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property-related revenues | 63,527 | 62,086 | 195,673 | 173,580 | |||
Property-related operating expenses | (18,646) | (17,825) | (52,651) | (50,798) | |||
NOI from unconsolidated joint ventures | 8,665 | 10,019 | 24,054 | 29,566 | |||
NOI | [1] | 53,546 | 54,280 | 167,076 | 152,348 | ||
Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property-related revenues | (799) | 2,890 | [2] | (2,409) | 8,913 | [2] | |
Property-related operating expenses | (940) | (2,452) | [2] | (2,800) | (7,414) | [2] | |
NOI from unconsolidated joint ventures | 4,674 | (200) | [2] | 4,598 | (1,603) | [2] | |
NOI | [1] | (1,652) | $ 238 | [2] | (5,198) | $ (104) | [2] |
Other [Member] | One Steuart Lane [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
NOI from unconsolidated joint ventures | $ (4,587) | $ (4,587) | |||||
[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. | ||||||
[2] | NOI for the three and nine months ended September 30, 2020 includes NOI from discontinued operations. See Note 3, Discontinued Operations |
Segments - Schedule of Reconcil
Segments - Schedule of Reconciliation of NOI to Net Loss Attributable to Common Stockholders (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Segment Reporting Information [Line Items] | |||||
NOI | [1] | $ 117,066 | $ 114,849 | $ 357,823 | $ 354,213 |
Fee income | 6,561 | 9,153 | 19,432 | 21,692 | |
Depreciation and amortization expense | (57,522) | (58,889) | (175,752) | (176,032) | |
General and administrative expenses | (13,257) | (16,805) | (46,039) | (46,955) | |
NOI from unconsolidated joint ventures | (16,214) | (12,935) | (37,097) | (36,703) | |
Income (loss) from unconsolidated joint ventures | 223 | (4,268) | (20,810) | (14,444) | |
Interest and other income, net | 138 | 1,104 | 2,510 | 2,360 | |
Interest and debt expense | (36,266) | (35,792) | (105,919) | (108,420) | |
Adjustments related to discontinued operations | (2,157) | (6,515) | |||
Other, net | 189 | (137) | 101 | (457) | |
Income (loss) from continuing operations, before income taxes | 5,505 | (5,877) | (1,164) | (11,261) | |
Income tax expense | (873) | (393) | (2,448) | (1,135) | |
Income (loss) from continuing operations, net | 4,632 | (6,270) | (3,612) | (12,396) | |
Income from discontinued operations, net | 2,147 | 5,815 | |||
Net income (loss) | 4,632 | (4,123) | (3,612) | (6,581) | |
Consolidated joint ventures | (3,768) | (3,566) | (16,924) | (5,485) | |
Consolidated real estate fund | (3,123) | 79 | (3,179) | 1,291 | |
Operating Partnership | 204 | 652 | 2,139 | 895 | |
Net loss attributable to common stockholders | (2,055) | (6,958) | (21,576) | (9,880) | |
One Steuart Lane [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from unconsolidated joint ventures | 3,363 | $ (223) | 3,138 | $ (1,773) | |
NOI attributable to unconsolidated joint ventures | $ 4,587 | $ 4,587 | |||
[1] | NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies. |
Segments - Schedule of Total As
Segments - Schedule of Total Assets for Each Reportable Segments Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 8,545,585 | $ 8,554,097 |
New York [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 5,375,688 | 5,388,596 | |
San Francisco [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,712,559 | 2,698,983 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 457,338 | $ 466,518 | |
[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 90.9% as of September 30, 2021. As of September 30, 2021, the Operating Partnership includes $4,070,290 and $2,581,637 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities (“VIEs”). |