Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 01, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PGRE | ||
Entity Registrant Name | PARAMOUNT GROUP, INC. | ||
Entity Central Index Key | 0001605607 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 216,982,588 | ||
Entity Public Float | $ 1,385,860,000 | ||
Entity File Number | 001-36746 | ||
Entity Tax Identification Number | 32-0439307 | ||
Entity Address, Address Line One | 1633 Broadway | ||
Entity Address, Address Line Two | Suite 1801 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10019 | ||
City Area Code | 212 | ||
Local Phone Number | 237-3100 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock of Paramount Group, Inc., $0.01 par value per share | ||
Entity Incorporation, State or Country Code | MD | ||
Auditor Name | DELOITTE & TOUCHE LLP | ||
Auditor Location | New York, New York | ||
Auditor Firm ID | 34 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the Annual Stockholders’ Meeting (which is scheduled to be held on May 18, 2023) to be filed within 120 days after the end of the registrant’s fiscal year are incorporated by reference in Part III of this Annual Report on Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Real estate, at cost | |||
Land | $ 1,966,237,000 | $ 1,966,237,000 | |
Buildings and improvements | 6,177,540,000 | 6,061,824,000 | |
Rental property, at cost | 8,143,777,000 | 8,028,061,000 | |
Accumulated depreciation and amortization | (1,297,553,000) | (1,112,977,000) | |
Real estate, net | 6,846,224,000 | 6,915,084,000 | |
Cash and cash equivalents | 408,905,000 | 524,900,000 | |
Restricted cash | 40,912,000 | 4,766,000 | |
Accounts and other receivables | 23,866,000 | 15,582,000 | |
Real estate related fund investments | 105,369,000 | 0 | |
Investments in unconsolidated real estate related funds | 3,411,000 | 11,421,000 | |
Investments in unconsolidated joint ventures | 393,503,000 | 408,096,000 | |
Deferred rent receivable | 346,338,000 | 332,735,000 | |
Deferred charges, net of accumulated amortization of $68,686 and $70,666 | 120,685,000 | 122,177,000 | |
Intangible assets, net of accumulated amortization of $246,723 and $252,142 | 90,381,000 | 119,413,000 | |
Other assets | 73,660,000 | 40,388,000 | |
Total assets | [1] | 8,453,254,000 | 8,494,562,000 |
Liabilities and Equity | |||
Notes and mortgages payable, net of unamortized deferred financing costs of $17,682 and $22,380 | 3,840,318,000 | 3,835,620,000 | |
Revolving credit facility | 0 | 0 | |
Accounts payable and accrued expenses | 123,176,000 | 116,192,000 | |
Dividends and distributions payable | 18,026,000 | 16,895,000 | |
Intangible liabilities, net of accumulated amortization of $102,533 and $105,790 | 36,193,000 | 45,328,000 | |
Other liabilities | 24,775,000 | 25,495,000 | |
Total liabilities | [1] | 4,042,488,000 | 4,039,530,000 |
Commitments and contingencies | |||
Paramount Group, Inc. equity: | |||
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 216,559,406 and 218,991,795 shares in 2022 and 2021, respectively | 2,165,000 | 2,190,000 | |
Additional paid-in-capital | 4,186,161,000 | 4,122,680,000 | |
Earnings less than distributions | (644,331,000) | (538,845,000) | |
Accumulated other comprehensive income | 48,296,000 | 2,138,000 | |
Paramount Group, Inc. equity | 3,592,291,000 | 3,588,163,000 | |
Noncontrolling interests in: | |||
Consolidated joint ventures | 402,118,000 | 428,833,000 | |
Consolidated real estate related funds | 173,375,000 | 81,925,000 | |
Operating Partnership (14,586,411 and 21,704,404 units outstanding) | 242,982,000 | 356,111,000 | |
Total equity | 4,410,766,000 | 4,455,032,000 | |
Total liabilities and equity | $ 8,453,254,000 | $ 8,494,562,000 | |
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.7 % as of December 31, 2022. As of December 31, 2022, the assets and liabilities of the Operating Partnership include $ 4,013,461 and $ 2,579,381 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities (“VIEs”) . |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Deferred charges, accumulated amortization | $ 68,686 | $ 70,666 | |
Intangible assets, accumulated amortization | 246,723 | 252,142 | |
Notes and mortgages payable, deferred financing costs | 17,682 | 22,380 | |
Intangible liabilities, accumulated amortization | $ 102,533 | $ 105,790 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | |
Common stock, shares issued | 216,559,406 | 218,991,795 | |
Common stock, shares outstanding | 216,559,406 | 218,991,795 | |
Operating partnership, units outstanding | 14,586,411 | 21,740,404 | |
Total assets | [1] | $ 8,453,254 | $ 8,494,562 |
Total liabilities | [1] | 4,042,488 | 4,039,530 |
Variable Interest Entities [Member] | |||
Total assets | 4,013,461 | 4,025,856 | |
Total liabilities | $ 2,579,381 | $ 2,576,710 | |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |||
Percentage of ownership in operating partnership | 93.70% | ||
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.7 % as of December 31, 2022. As of December 31, 2022, the assets and liabilities of the Operating Partnership include $ 4,013,461 and $ 2,579,381 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities (“VIEs”) . |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Rental revenue | $ 702,819,000 | $ 690,418,000 | $ 679,015,000 |
Fee and other income | 37,558,000 | 36,368,000 | 35,222,000 |
Total revenues | 740,377,000 | 726,786,000 | 714,237,000 |
Expenses: | |||
Operating | 277,422,000 | 265,438,000 | 267,587,000 |
Depreciation and amortization | 232,517,000 | 232,487,000 | 235,200,000 |
General and administrative | 59,487,000 | 59,132,000 | 64,917,000 |
Transaction related costs | 470,000 | 916,000 | 1,096,000 |
Total expenses | 569,896,000 | 557,973,000 | 568,800,000 |
Other income (expense): | |||
Loss from real estate related fund investments | (2,233,000) | 0 | 0 |
(Loss) income from unconsolidated real estate funds | (1,239,000) | 782,000 | 272,000 |
Loss from unconsolidated joint ventures | (53,251,000) | (24,896,000) | (18,619,000) |
Interest and other income, net | 5,174,000 | 3,017,000 | 4,490,000 |
Interest and debt expense | (143,864,000) | (142,014,000) | (144,208,000) |
(Loss) income from continuing operations, before income taxes | (24,932,000) | 5,702,000 | (12,628,000) |
Income tax expense | (3,265,000) | (3,643,000) | (1,493,000) |
(Loss) income from continuing operations, net | (28,197,000) | 2,059,000 | (14,121,000) |
Loss from discontinued operations, net | 0 | 0 | (5,075,000) |
Net (loss) income | (28,197,000) | 2,059,000 | (19,196,000) |
Less net (income) loss attributable to noncontrolling interests in: | |||
Consolidated joint ventures | (13,981,000) | (21,538,000) | (9,257,000) |
Consolidated real estate related funds | 3,342,000 | (2,893,000) | 1,450,000 |
Operating Partnership | 2,433,000 | 2,018,000 | 2,299,000 |
Net loss attributable to common stockholders | $ (36,403,000) | $ (20,354,000) | $ (24,704,000) |
Loss per Common Share - Basic: | |||
Loss from continuing operations, net | $ (0.16) | $ (0.09) | $ (0.09) |
Loss from discontinued operations, net | 0 | 0 | (0.02) |
Net loss per common share | $ (0.16) | $ (0.09) | $ (0.11) |
Weighted average common shares outstanding | 221,309,938 | 218,701,249 | 222,436,170 |
Loss per Common Share - Diluted: | |||
Loss from continuing operations, net | $ (0.16) | $ (0.09) | $ (0.09) |
Loss from discontinued operations, net | 0 | 0 | (0.02) |
Net loss per common share | $ (0.16) | $ (0.09) | $ (0.11) |
Weighted average common shares outstanding | 221,309,938 | 218,701,249 | 222,436,170 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (28,197) | $ 2,059 | $ (19,196) |
Other comprehensive income (loss): | |||
Change in value of interest rate swaps and interest rate caps | 31,839 | 6,857 | |
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 18,485 | 9,565 | (13,894) |
Comprehensive income (loss) | 22,127 | 18,481 | (33,090) |
Less comprehensive (income) loss attributable to noncontrolling interests in: | |||
Consolidated joint ventures | (13,981) | (21,538) | (9,257) |
Consolidated real estate related funds | 3,342 | (2,908) | 1,434 |
Operating Partnership | (1,733) | 540 | 3,589 |
Comprehensive income (loss) attributable to common stockholders | $ 9,755 | $ (5,425) | $ (37,324) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Earnings Less than Distributions [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interest [Member] Consolidated Joint Ventures [Member] | Noncontrolling Interest [Member] Consolidated Real Estate Related Funds [Member] | Noncontrolling Interest [Member] Operating Partnership [Member] |
Beginning balance at Dec. 31, 2019 | $ 4,630,962,000 | $ 2,274,000 | $ 4,133,184,000 | $ (349,557,000) | $ (171,000) | $ 360,778,000 | $ 72,396,000 | $ 412,058,000 |
Common stock, shares outstanding at Dec. 31, 2019 | 227,432,000 | |||||||
Net (loss) income | (19,196,000) | (24,704,000) | 9,257,000 | (1,450,000) | (2,299,000) | |||
Common shares issued upon redemption of common units | $ 51,000 | 85,659,000 | ||||||
Common shares issued upon redemption of common units, shares | 5,150,000 | |||||||
Redemption of minority interest in operating partnerships | (85,710,000) | |||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (332,000) | $ 1,000 | (333,000) | |||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | 48,000 | |||||||
Repurchases of common shares | (120,000,000) | $ (138,000) | (119,862,000) | |||||
Repurchases of common shares, shares | (13,813,158) | |||||||
Dividends and distributions | (89,603,000) | (81,799,000) | (7,804,000) | |||||
Contributions from noncontrolling interests | 11,555,000 | 3,500,000 | 8,055,000 | |||||
Distributions to noncontrolling interests | (12,717,000) | (12,717,000) | ||||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | (13,894,000) | (12,620,000) | 16,000 | (1,290,000) | ||||
Amortization of equity awards | 19,386,000 | 1,318,000 | 18,068,000 | |||||
Sale of a 10.0% interest in 1633 Broadway | 109,573,000 | 33,230,000 | 76,343,000 | |||||
Reallocation of noncontrolling interest | (13,356,000) | 13,356,000 | ||||||
Ending balance at Dec. 31, 2020 | 4,515,734,000 | $ 2,188,000 | 4,120,173,000 | (456,393,000) | (12,791,000) | 437,161,000 | 79,017,000 | 346,379,000 |
Common stock, shares outstanding at Dec. 31, 2020 | 218,817,000 | |||||||
Net (loss) income | 2,059,000 | (20,354,000) | 21,538,000 | 2,893,000 | (2,018,000) | |||
Common shares issued upon redemption of common units | $ 1,000 | 960,000 | (961,000) | |||||
Common shares issued upon redemption of common units, shares | 59,000 | |||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (235,000) | $ 1,000 | (236,000) | |||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | 116,000 | |||||||
Dividends and distributions | (67,578,000) | (61,310,000) | (6,268,000) | |||||
Contributions from noncontrolling interests | 121,000 | 121,000 | ||||||
Distributions to noncontrolling interests | (30,539,000) | (30,539,000) | ||||||
Change in value of interest rate swaps | 6,857,000 | 6,237,000 | 620,000 | |||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 9,565,000 | 8,692,000 | 15,000 | 858,000 | ||||
Amortization of equity awards | 18,777,000 | 1,221,000 | 17,556,000 | |||||
Reallocation of noncontrolling interest | 55,000 | (55,000) | ||||||
Other | 271,000 | 271,000 | (552,000) | 552,000 | ||||
Ending balance at Dec. 31, 2021 | $ 4,455,032,000 | $ 2,190,000 | 4,122,680,000 | (538,845,000) | 2,138,000 | 428,833,000 | 81,925,000 | 356,111,000 |
Common stock, shares outstanding at Dec. 31, 2021 | 218,991,795 | 218,992,000 | ||||||
Net (loss) income | $ (28,197,000) | (36,403,000) | 13,981,000 | (3,342,000) | (2,433,000) | |||
Common shares issued upon redemption of common units | $ 79,000 | 128,664,000 | (128,743,000) | |||||
Common shares issued upon redemption of common units, shares | 7,844,000 | |||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | (284,000) | (284,000) | ||||||
Common shares issued under Omnibus share plan, net of shares withheld for taxes | 94,000 | |||||||
Repurchases of common shares | (65,000,000) | $ (104,000) | (64,896,000) | |||||
Repurchases of common shares, shares | (10,370,610) | |||||||
Dividends and distributions | (74,155,000) | (68,560,000) | (5,595,000) | |||||
Contributions from noncontrolling interests | 3,257,000 | 3,257,000 | ||||||
Distributions to noncontrolling interests | (40,699,000) | (40,699,000) | ||||||
Change in value of interest rate swaps | 31,839,000 | 29,194,000 | 2,645,000 | |||||
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | 18,485,000 | 16,964,000 | 1,521,000 | |||||
Amortization of equity awards | 19,189,000 | 1,302,000 | 17,887,000 | |||||
Consolidation of real estate related fund investments that were previously unconsolidated | 91,535,000 | 91,535,000 | ||||||
Reallocation of noncontrolling interest | (1,589,000) | 1,589,000 | ||||||
Other | (236,000) | (239,000) | 3,000 | |||||
Ending balance at Dec. 31, 2022 | $ 4,410,766,000 | $ 2,165,000 | $ 4,186,161,000 | $ (644,331,000) | $ 48,296,000 | $ 402,118,000 | $ 173,375,000 | $ 242,982,000 |
Common stock, shares outstanding at Dec. 31, 2022 | 216,559,406 | 216,559,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends and distributions, Per share and unit | $ 0.31 | $ 0.28 | $ 0.37 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash Flows from Operating Activities: | ||||
Net (loss) income | $ (28,197,000) | $ 2,059,000 | $ (19,196,000) | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation and amortization | 232,517,000 | 232,487,000 | 235,890,000 | |
Straight-lining of rental revenue | (13,602,000) | (2,495,000) | (28,216,000) | |
Amortization of stock-based compensation expense | 19,003,000 | 18,612,000 | 19,239,000 | |
Amortization of deferred financing costs | 6,156,000 | 9,127,000 | [1] | 9,277,000 |
Loss from unconsolidated joint ventures | 53,251,000 | 24,896,000 | 18,619,000 | |
Distributions of earnings from unconsolidated joint ventures | 1,324,000 | 7,278,000 | 3,999,000 | |
Loss recognized upon consolidation of real estate related fund investments that were previously unconsolidated | 2,627,000 | |||
Loss (Income) from unconsolidated real estate related funds | 1,239,000 | (782,000) | (272,000) | |
Distributions of earnings from unconsolidated real estate related funds | 1,318,000 | 676,000 | 616,000 | |
Amortization of above and below-market leases, net | (1,748,000) | (3,070,000) | (4,734,000) | |
Realized and unrealized gains on marketable securities | (1,535,000) | (1,918,000) | ||
Loss on sale of real estate related to discontinued operations | 12,766,000 | |||
Other non-cash adjustments | 1,188,000 | 3,146,000 | 413,000 | |
Changes in operating assets and liabilities: | ||||
Accounts and other receivables | (8,284,000) | 1,920,000 | 1,729,000 | |
Deferred charges | (15,083,000) | (18,438,000) | (10,761,000) | |
Other assets | (7,545,000) | (8,283,000) | (2,193,000) | |
Accounts payable and accrued expenses | 3,658,000 | 16,246,000 | (1,299,000) | |
Other liabilities | (1,185,000) | (37,538,000) | 3,313,000 | |
Net cash provided by operating activities | 246,637,000 | 244,306,000 | 237,272,000 | |
Cash Flows from Investing Activities: | ||||
Additions to real estate | (125,805,000) | (112,001,000) | (89,463,000) | |
Due from affiliates | (59,000,000) | |||
Repayment of amounts due from affiliates | 59,000,000 | 36,918,000 | ||
Investment in real estate related funds | (7,454,000) | |||
Contributions of capital to unconsolidated real estate related funds | (5,018,000) | (3,324,000) | (2,945,000) | |
Distributions of capital from unconsolidated real estate related funds | 1,506,000 | 4,926,000 | ||
Investments in and contributions of capital to unconsolidated joint ventures | (15,812,000) | (11,750,000) | (60,000) | |
Sales of marketable securities | 40,228,000 | 22,188,000 | ||
Purchases of marketable securities | (21,562,000) | (15,809,000) | ||
Proceeds from the sale of real estate related to discontinued operations | 89,206,000 | |||
Net cash (used in) provided by investing activities | (152,583,000) | (103,483,000) | 40,035,000 | |
Cash Flows from Financing Activities: | ||||
Dividends paid to common stockholders | (67,062,000) | (61,297,000) | (89,225,000) | |
Distributions paid to common unitholders | (5,962,000) | (6,182,000) | (8,837,000) | |
Repurchases of common shares | (63,153,000) | (120,000,000) | ||
Distributions to noncontrolling interests | (40,699,000) | (30,539,000) | (12,717,000) | |
Contributions from noncontrolling interests | 121,000 | 11,555,000 | ||
Contributions from noncontrolling interests in consolidated real estate related funds | 3,257,000 | |||
Repurchase of shares related to stock compensation agreements and related tax withholdings | (284,000) | (235,000) | (332,000) | |
Proceeds from notes and mortgages payable | 888,566,000 | 9,791,000 | ||
Repayment of notes and mortgages payable | (850,000,000) | |||
Debt issuance costs | (16,775,000) | |||
Purchase of interest rate caps | (140,000) | |||
Repayment of borrowings under revolving credit facility | (200,000,000) | |||
Borrowings under revolving credit facility | 163,082,000 | |||
Proceeds from the sale of a 10.0% interest in 1633 Broadway | 111,984,000 | |||
Repayment of note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate related fund | (8,771,000) | |||
Net cash (used in) provided by financing activities | (173,903,000) | (76,481,000) | (143,470,000) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | (79,849,000) | 64,342,000 | 133,837,000 | |
Cash and cash equivalents and restricted cash at beginning of period | 529,666,000 | 465,324,000 | 331,487,000 | |
Cash and cash equivalents and restricted cash at end of period | 449,817,000 | 529,666,000 | 465,324,000 | |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||||
Cash and cash equivalents at beginning of period | 524,900,000 | 434,530,000 | 306,215,000 | |
Restricted cash at beginning of period | 4,766,000 | 30,794,000 | 25,272,000 | |
Cash and cash equivalents and restricted cash at beginning of period | 529,666,000 | 465,324,000 | 331,487,000 | |
Cash and cash equivalents at end of period | 408,905,000 | 524,900,000 | 434,530,000 | |
Restricted cash at end of period | 40,912,000 | 4,766,000 | 30,794,000 | |
Cash and cash equivalents and restricted cash at end of period | 449,817,000 | 529,666,000 | 465,324,000 | |
Supplemental Disclosure of Cash Flow Information: | ||||
Cash payments for interest | 139,332,000 | 132,476,000 | 135,607,000 | |
Cash payments for income taxes, net of refunds | 2,711,000 | 1,762,000 | 1,366,000 | |
Non-Cash Transactions: | ||||
Common shares issued upon redemption of common units | 128,743,000 | 961,000 | 85,710,000 | |
Increase (decrease) due to consolidation of real estate related fund investments that were previously unconsolidated: | ||||
Real estate related fund investments | 100,500,000 | |||
Investments in unconsolidated real estate related funds | (8,965,000) | |||
Noncontrolling interests in consolidated real estate related funds | 91,535,000 | |||
Change in value of interest rate swaps and interest rate caps | 31,839,000 | 6,857,000 | ||
Dividends and distributions declared but not yet paid | 18,026,000 | 16,895,000 | 16,796,000 | |
Write-off of fully amortized and/or depreciated assets | 11,386,000 | 46,594,000 | 9,141,000 | |
Additions to real estate included in accounts payable and accrued expenses | 14,595,000 | 12,177,000 | $ 8,640,000 | |
Transfer of deposit to investment in unconsolidated joint ventures | 6,230,000 | $ 6,230,000 | ||
Repurchases of common shares included in accounts payable and accrued expenses | $ 1,847,000 | |||
[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. |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Business | 1. O rganization and Business As used in these consolidated financial statements, unless otherwise indicated, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc., a Maryland corporation, and its consolidated subsidiaries, including Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). We are a fully-integrated real estate investment trust (“REIT”) focused on owning, operating, managing, acquiring and redeveloping high-quality, Class A office properties in select central business district submarkets of New York City and San Francisco. We conduct our business through, and substantially all of our interests in properties and investments are held by, the Operating Partnership. We are the sole general partner of, and owned approximately 93.7 % of, the Operating Partnership as of December 31, 2022. As of December 31, 2022, we owned and/or managed a portfolio of 18 properties aggregating 13.8 million square feet comprised of: • Eight wholly and partially owned Class A properties aggregating 8.7 million square feet in New York, comprised of 8.2 million square feet of office space and 0.5 million square feet of retail, theater and amenity space; • Six wholly and partially owned Class A properties aggregating 4.3 million square feet in San Francisco, comprised of 4.1 million square feet of office space and 0.2 million square feet of retail space; and • Four managed properties aggregating 0.8 million square feet in New York and Washington, D.C. Additionally, we have an investment management business, where we serve as the general partner of several real estate related funds for institutional investors and high net-worth individuals. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies Real Estate Real estate is carried at cost less accumulated depreciation and amortization. Betterments, major renovations and certain costs directly related to the improvement of real estate are capitalized. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over estimated useful lives of the assets, which range from 5 to 40 years . Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above-market leases and acquired in-place leases) and acquired liabilities (such as acquired below-market leases) and allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases and acquired in-place leases) and acquired intangible liabilities (including below-market leases) at their estimated fair value. We amortize acquired above-market and below-market leases as a decrease or increase to rental revenue, respectively, over the lives of the respective leases. Amortization of acquired in-place leases is included as a component of “depreciation and amortization”. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Real estate and related intangibles are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate and the related intangibles held for sale are carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate and related intangibles classified as assets held for sale. Variable Interest Entities (“VIEs”) and Investments in Unconsolidated Joint Ventures and Funds We consolidate VIEs in which we are considered to be the primary beneficiary. Entities are considered to be the primary beneficiary if they have both of the following characteristics: (i) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance, and (ii) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Our judgment with respect to our level of influence or control of an entity involves the consideration of various factors including the form of our ownership interest, our representation in the entity’s governance, the size of our investment, estimates of future cash flows, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace us as manager and/or liquidate the joint venture, if applicable. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments, which consist of investments in unconsolidated joint ventures and funds are initially recorded at cost and subsequently adjusted for (i) our share of net income or loss, (ii) our share of other comprehensive income or loss, and (iii) cash contributions and distributions. To the extent that our cost basis is different than our share of the equity in the equity method investment, the basis difference allocated to depreciable assets is amortized into “loss from unconsolidated joint ventures” over the estimated useful life of the related asset. The agreements that govern our equity method investments may designate different percentage allocations among investors for profits and losses; however, our recognition of income or loss generally follows the investment’s distribution priorities, which may change upon the achievement of certain investment return thresholds. We account for cash distributions in excess of our basis in the equity method investments as income when we have neither the requirement, nor the intent to provide financial support to the joint venture. Investments accounted for under the equity method are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. During the year ended December 31, 2022, we recognized $ 31,685,000 for our share of a real estate impairment loss of an unconsolidated joint venture (see Note 6, Investments in Unconsolidated Joint Ventures). Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term highly liquid investments with original maturities of three months or less. The majority of our cash and cash equivalents are held at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit. To date, we have not experienced any losses on our invested cash. Restricted Cash Restricted cash consists primarily of security deposits held on behalf of our tenants, cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. Deferred Charges Deferred charges include deferred leasing costs related to successful leasing activities and deferred financing costs related to our revolving credit facility. Deferred leasing costs consist of fees and direct costs related to successful leasing activities. Such deferred costs are amortized on a straight-line basis over the lives of the related leases and recognized in our consolidated statements of income as a component of “depreciation and amortization”. Deferred financing costs consist of fees and direct costs incurred in obtaining our revolving credit facility. Such deferred financing costs are amortized over the term of the revolving credit facility and are recognized as a component of “interest and debt expense” on our consolidated statements of income. Deferred Financing Costs Related to Notes and Mortgages Payable Deferred financing costs related to notes and mortgages payable consists of fees and direct costs incurred in obtaining such financing and are recorded as a reduction of our notes and mortgages payable. Such costs are amortized over the terms of the related debt agreements and recognized as a component of “interest and debt expense” on our consolidated statements of income. 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 . The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We use derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risk associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and interest rate caps. Interest rate swaps and interest rate caps that are designated as hedges are so designated at the inception of the contract. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. The changes in the fair value of interest rate swaps and interest rate caps that are designated as hedges are recognized in “other comprehensive income (loss)” (outside of earnings) and subsequently reclassified to earnings over the term that the hedged transaction affects earnings. Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement and Disclosures , defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets or settlement of these liabilities. We use the following methods and assumptions in estimating fair value for financial instruments that are presented at fair value on our consolidated balance sheets: Interest Rate Swaps and Interest Rate Caps Interest rate swaps and interest rate caps are valued by a third-party specialist using widely accepted valuation techniques. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed and variable cash payments or receipts. The variable cash payments or receipts are based on future interest rates derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate caps. The variable interest rates used in the calculation of expected cash receipts are based on future interest rates derived from observable market interest rate curves and volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs. We have determined that the significance of the impact of the credit valuation adjustments made to our derivative contracts was not significant to the overall valuation. As a result, all of our derivatives held as December 31, 2022, are classified as Level 2 in the fair value hierarchy. Real Estate Related Fund Investments Our real estate related fund investments include mezzanine loan investments made by Paramount Group Real Estate Fund X, LP ("Fund X"). Fund X qualifies as an investment company pursuant to ASC Topic 946, Financial Services - Investment Companies. Accordingly, the underlying investments are generally carried at fair value, except investments that have a fair value above par value and where the borrower has the option to prepay the loan are carried at par value. The fair values of the investments are determined by a third-party specialist using the market standard yield methodology of discounting remaining contractual debt service payments at a market interest rate. These investments are classified as Level 3 in the fair value hierarchy. We use the following methods and assumptions in estimating fair value for financial instruments that are not presented at fair value on our consolidated balance sheets, but are disclosed in the notes to our consolidated financial statements: Notes and Mortgages Payable Notes and mortgages payable are valued by a third-party specialist using the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash payments we would be required to make under the instrument. The notes and mortgages payable are classified as Level 2 in the fair value hierarchy. The carrying values of all other financial instruments on our consolidated balance sheets, including cash and cash equivalents, restricted cash, accounts and other receivables and accounts payable and accrued expenses, approximate their fair values due to the short-term nature of these instruments. Revenue Recognition Rental Revenue We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from five to fifteen years . Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to early terminate, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, and includes (i) fixed payments of cash rents, which represents revenue each tenant pays in accordance with the terms of its respective lease and that is recognized on a straight-line basis over the non-cancellable term of the lease, and includes the effects of rent steps and rent abatements under the leases, (ii) variable payments of tenant reimbursements, which are recoveries of all or a portion of the operating expenses and real estate taxes of the property and is recognized in the same period as the expenses are incurred, (iii) amortization of acquired above and below-market leases, net and (iv) lease termination income. We evaluate the collectability of our tenant receivables for payments required under the lease agreements. If we determine that collectability is not probable, the difference between rental revenue recognized and rental payments received is recorded as an adjustment to “rental revenue” in our consolidated statements of income. Fee and Other Income Fee income includes (i) asset management fees, (ii) property management fees, (iii) fees relating to acquisitions, dispositions and leasing services and (iv) other fee income, and is recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers . Fee income is generated from the various services we provide to our customers and is disaggregated based on the types of services we provide pursuant to ASC Topic 606. Fee income is recognized as and when we satisfy our performance obligations pursuant to contractual agreements. Property management and asset management services are provided continuously over time and revenue is recognized over that time. Fee income relating to acquisitions, dispositions and leasing services is recognized upon completion of the acquisition, disposition or leasing services as required in the contractual agreements. The amount of fee income to be recognized is stated in the contract as a fixed price or as a stated percentage of revenues, contributed capital or transaction price. Other income includes income from tenant requested services, including cleaning, overtime heating and cooling and parking income. Gains and Losses on Sale of Real Estate Gains and losses on the sale of real estate are recognized pursuant to ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, when (i) we do not have a controlling financial interest in the buyer and (ii) the buyer has obtained control of the real estate asset. Any gain or loss on sale is measured based on the difference between the amount of consideration received and the carrying amount of the real estate assets, less costs to sell. For partial sale of real estate resulting in transfer of control, we measure any noncontrolling interest retained at fair value and recognize a gain or loss on the difference between fair value and the carrying amount of the real estate assets retained. Stock-Based Compensation We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation . The fair value of the award on the date of grant (adjusted for estimated forfeitures) is ratably amortized into expense over the vesting period of the respective grants. The determination of fair value of these awards involves the use of significant estimates and assumptions, including expected volatility of our stock, expected dividend yield, expected term, and assumptions of whether these awards achieve the requisite performance criteria. Income Taxes We operate and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. In order to maintain our qualification as a REIT, we are required under the Internal Revenue Code of 1986, as amended, to distribute at least 90 % of our taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If, with respect to any taxable year, we fail to maintain our qualification as a REIT, and we are not entitled to relief under the relevant statutory provisions, we would be subject to income tax at regular corporate tax rates. Even if we qualify as a REIT, we may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income tax may be due on our undistributed taxable income. We treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries (“TRSs”). TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. Our TRSs had a combined current income tax expense of approximately $ 1,942,000 , $ 2,024,000 , and $ 698,000 for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, our TRSs had combined deferred income tax expense of $ 101,000 , $ 703,000 and $ 32,000 for the years ended December 31, 2022, 2021 and 2020, respectively. The following table reconciles net loss attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Net loss attributable to Paramount Group, Inc. $ ( 36,403 ) $ ( 20,354 ) $ ( 24,704 ) Book to tax differences: Straight-lining of rents and amortization of above and ( 5,780 ) 3,082 ( 10,462 ) Depreciation and amortization 54,892 62,218 62,002 Stock-based compensation 17,607 16,933 17,766 Deferred compensation plan - ( 28,793 ) (1) - Our share of a real estate impairment loss of an 31,685 - - Sale of real estate - - 55,640 Other, net 20,352 27,476 ( 11,095 ) Estimated taxable income $ 82,353 $ 60,562 $ 89,147 (1) In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants. The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, 2022 2021 2020 Amount % Amount % Amount % Ordinary income $ 0.373 (1) 100.0 % $ 0.253 (1) 90.4 % $ 0.210 (1) 52.5 % Long-term capital gain - 0.0 % 0.023 8.2 % 0.190 47.5 % Return of capital - 0.0 % 0.004 1.4 % 0.000 0.0 % Total $ 0.373 (2) 100.0 % $ 0.280 (3) 100.0 % $ 0.400 (3) 100.0 % (1) Represents amounts treated as “qualified REIT dividends” for purposes of Internal Revenue Code Section 199A. (2) Dividends declared in the fourth quarter of the year ended December 31, 2022 of $ 0.0775 per share, that was paid in January 2023, was a split-year dividend with $ 0.070425 per share attributable to the year ended December 31, 2022 for federal income tax purposes and the remaining $ 0.007075 per share attributable to the year ended December 31, 2023. (3) Dividends declared in each of the fourth quarters of the years ended December 31, 2021 and 2020 of $ 0.07 per share, that were paid in January of the subsequent years, were attributable to the years in which they were paid, for federal income tax purposes. 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. See Note 23, Segments. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, which adds ASC Topic 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional expedients and exceptions to ease financial reporting burdens related to applying current GAAP to modifications of contracts, hedging relationships and other transactions in connection with the transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 was effective beginning March 12, 2020 to December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to clarify that certain optional expedients and exceptions apply to modifications of derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and for calculating price alignment interest. ASU 2021-01 was effective beginning January 7, 2021 to December 31, 2022. In December 2022, the FASB issued ASU 2022-06 to extend the effectiveness date of ASU 2020-04 and ASU 2021-01 from December 31, 2022 to December 31, 2024. We will apply ASU 2020-04 and ASU 2021-01 prospectively as and when we enter into transactions to which these updates apply. In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options , and ASC Topic 815, Subtopic - 4, Derivatives and Hedging - Contracts in Entity's Own Equity . ASU 2020-06 simplifies the guidance for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity by reducing the number of accounting models for convertible instruments and amends guidance in ASC Topic 260, Earnings Per Share, relating to the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2021, with early adoption permitted for fiscal years that begin after December 15, 2020. We adopted the provisions of ASU 2020-06 on January 1, 2022 . This adoption did no t have an impact on our consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations Beginning in 2018 and through 2020, we sold all of the 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. Accordingly, effective March 31, 2020, we reclassified the results of operations of our Washington, D.C. segment as discontinued operations. On December 24, 2020, we completed the sale of 1899 Pennsylvania Avenue, a 191,000 square foot trophy office building located in Washington, D.C., for $ 103,000,000 . We realized net proceeds of $ 89,206,000 from the sale after transaction costs and recognized a loss of $ 12,766,000 , which is included as a component of “loss from discontinued operations, net” on our consolidated statement of income for the year ended December 31, 2020. 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 Year Ended Income Statements: (1) December 31, 2020 Revenues: Rental revenue $ 13,967 Other income 276 Total revenues 14,243 Expenses: Operating 5,853 Depreciation and amortization 690 Total expenses 6,543 Income before gain or loss on sale of real estate 7,700 Loss on sale of real estate ( 12,766 ) Loss before income taxes ( 5,066 ) Income tax expense ( 9 ) Loss from discontinued operations, net $ ( 5,075 ) For the Year Ended Statements of Cash Flows: (1) December 31, 2020 Cash provided by operating activities $ 5,522 Cash provided by investing activities (2) $ 89,206 Cash used in financing activities $ ( 96,896 ) Additional Cash Flow Information: Depreciation and amortization $ 690 (1) Represents revenues, expenses, net income, and cash flow information of 1899 Pennsylvania Avenue. (2) Represents net proceeds from the sale of 1899 Pennsylvania Avenue. |
Real Estate Related Fund Invest
Real Estate Related Fund Investments | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated Real Estate Fund [Abstract] | |
Real Estate Related Fund Investments | 4. Real Estate Related Fund Investments We are the general partner and investment manager of Fund X which invests in mezzanine loans. Prior to December 12, 2022, we owned an 8.2 % interest in Fund X and accounted for our investment under the equity method of accounting (see Note 5, Investments in Unconsolidated Real Estate Related Funds ). On December 12, 2022, we made an additional $ 7,454,000 investment in Fund X which increased our ownership interest to 13.0 %. Fund X is a VIE and we are deemed to be the primary beneficiary; accordingly, we began consolidating Fund X into our consolidated financial statements from December 12, 2022. The following table set forth a summary of the assets and liabilities of Fund X as of December 12, 2022. (Amounts in thousands) As of December 12, 2022 Real estate related fund investments $ 104,726 Cash and other assets and liabilities, net 512 Total real estate related fund investments 105,238 Less: noncontrolling interests in consolidated real estate related fund ( 91,535 ) Paramount Group, Inc.'s equity in real estate related fund investments $ 13,703 The following table sets forth the details of loss from real estate related fund investments for the period from December 12, 2022 to December 31, 2022. Period from December 12, 2022 to (Amounts in thousands) December 31, 2022 Net investment income $ 394 Loss recognized upon consolidation of real estate related ( 2,627 ) Loss from real estate related fund investments ( 2,233 ) Less: noncontrolling interests in consolidated real estate related fund ( 420 ) Loss from real estate related fund investments attributable $ ( 2,653 ) |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Related Funds | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Fund [Abstract] | |
Investments in Unconsolidated Real Estate Related Funds | 5. Investments in Unconsolidated Real Estate Related Funds We are the general partner and investment manager of Paramount Group Real Estate Fund VIII, LP (“Fund VIII”) which invests in real estate and related investments. We account for our investment in Fund VIII under the equity method of accounting. As of December 31, 2022, our ownership interest in Fund VIII was approximately 1.3 %. Prior to December 12, 2022, we owned an 8.2 % interest in Fund X and accounted for our investment in Fund X under the equity method of accounting. On December 12, 2022, we made an additional $ 7,454,000 investment in Fund X which increased our ownership interest to 13.0 %. Fund X is a VIE and we are deemed to be the primary beneficiary; accordingly, we began consolidating Fund X into our consolidated financial statements from December 12, 2022 (see Note 4, Real Estate Related Fund Investments ). As of December 31, 2022, our share of the investments in unconsolidated real estate related funds, which represented our investment in Fund VIII, was $ 3,411,000 and, as of December 31, 2021, our share of investments in unconsolidated real estate related funds, which represented our investment in Fund VIII and Fund X, was $ 11,421,000 . We recognized a loss of $ 1,239,000 for the year ended December 31, 2022 and income of $ 782,000 and $ 272,000 for the years ended December 31, 2021 and 2020, respectively. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | 6. Investments in Unconsolidated Joint Ventures On February 24, 2022, a joint venture, in which we own a 9.2 % interest, acquired a 26,000 square foot retail condominium at 1600 Broadway in Manhattan for $ 191,500,000 . In connection with the acquisition, the joint venture obtained a 10 -year, $ 98,000,000 interest-only loan that has a fixed rate of 3.45 %. The property, which is located in the heart of Times Square, is 100% leased to Mars, Inc. for a 15 -year term and serves as the New York flagship location for M&M's World. We account for our investment in 1600 Broadway under the equity method of accounting from the date of acquisition. The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below. (Amounts in thousands) Paramount As of December 31, Our Share of Investments: Ownership 2022 2021 712 Fifth Avenue (1) 50.0 % $ - $ - Market Center 67.0 % 192,948 185,344 55 Second Street (2) 44.1 % 85,340 88,284 111 Sutter Street 49.0 % - (3) 35,182 1600 Broadway (2)(4) 9.2 % 9,113 - 60 Wall Street (2) 5.0 % 25,034 19,230 One Steuart Lane (2) 35.0 % (5) 77,961 76,428 Oder-Center, Germany (2) 9.5 % 3,107 3,628 Investments in unconsolidated joint ventures $ 393,503 $ 408,096 (Amounts in thousands) For the Year Ended December 31, Our Share of Net (Loss) Income: 2022 2021 2020 712 Fifth Avenue (1) $ - $ ( 10,265 ) $ 687 Market Center ( 10,405 ) ( 11,848 ) ( 11,315 ) 55 Second Street (2) ( 2,943 ) ( 2,912 ) ( 2,723 ) 111 Sutter Street ( 35,190 ) (3) ( 2,658 ) ( 3,172 ) 1600 Broadway (2)(4) ( 9 ) - - 60 Wall Street (2) ( 89 ) 66 ( 70 ) One Steuart Lane (2) ( 4,696 ) 2,678 ( 2,043 ) Oder-Center, Germany (2) 81 43 17 Loss from unconsolidated joint ventures $ ( 53,251 ) $ ( 24,896 ) $ ( 18,619 ) (1) At December 31, 2021, our basis in the joint venture that owns 712 Fifth Avenue was negative $ 14,329 . 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 year ended December 31, 2022, the joint venture had net income of $ 1,804 of which our 50.0% share was $ 902 . Accordingly, our basis in the joint venture, taking into account our share of income, was negative $ 13,427 as of December 31, 2022. (2) As of December 31, 2022, the carrying amount of our investments in 55 Second Street, 1600 Broadway, 60 Wall Street, One Steuart Lane and Oder-Center, Germany was greater than our share of equity in these investments by $ 466 , $ 323 , $ 2,574 , $ 645 , $ 3,847 , respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. (3) In the fourth quarter of 2022, the joint venture that owns 111 Sutter Street recognized a $ 64,663 real estate impairment loss, of which our 49.0% share was $ 31,685 . This impairment loss, together with our share of operating losses recognized during the fourth quarter, caused our basis in the joint venture to become negative $ 107 as of December 31, 2022. Since we have no further obligation to fund additional capital to the joint venture, we are no longer required to recognize our proportionate share of earnings from the joint venture until such time that our basis in the joint venture becomes positive. In the meantime, we will recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. (4) Acquired on February 24, 2022. (5) Represents our consolidated Residential Development Fund’s (“RDF”) economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4 % ownership interest in RDF) is 2.6 %. The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates thereof and for the periods set forth below. (Amounts in thousands) As of December 31, Balance Sheets: 2022 2021 Real estate, net $ 2,377,084 $ 2,246,152 Cash and cash equivalents and restricted cash 252,540 216,910 Intangible assets, net 69,599 58,590 For-sale residential condominium units (1) 322,232 359,638 Other assets 87,054 46,646 Total assets $ 3,108,509 $ 2,927,936 Notes and mortgages payable, net $ 1,834,916 $ 1,791,404 Intangible liabilities, net 10,972 18,397 Other liabilities 50,783 61,097 Total liabilities 1,896,671 1,870,898 Equity 1,211,838 1,057,038 Total liabilities and equity $ 3,108,509 $ 2,927,936 (Amounts in thousands) For the Year Ended December 31, Income Statements: 2022 2021 2020 Revenues: Rental revenue $ 194,031 $ 229,420 $ 243,713 Other income 65,850 (2) 139,705 (2) 2,828 Total revenues 259,881 369,125 246,541 Expenses: Operating 152,313 (2) 220,396 (2) 109,114 Depreciation and amortization 85,949 107,079 117,640 Total expenses 238,262 327,475 226,754 Other income (expense): Interest and other (loss) income, net 991 ( 111 ) ( 36 ) Interest and debt expense ( 62,173 ) ( 63,493 ) ( 58,239 ) Real estate impairment loss ( 64,663 ) (3) - - Loss before income taxes ( 104,226 ) ( 21,954 ) ( 38,488 ) Income tax expense ( 60 ) ( 32 ) ( 47 ) Net loss $ ( 104,286 ) $ ( 21,986 ) $ ( 38,535 ) (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. (3) Represents a real estate impairment loss on 111 Sutter Street, of which our share is $ 31,685 . |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Liabilities | 7. Intangible Assets and Liabilities The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below. As of December 31, (Amounts in thousands) 2022 2021 Intangible assets: Gross amount $ 337,104 $ 371,555 Accumulated amortization ( 246,723 ) ( 252,142 ) $ 90,381 $ 119,413 Intangible liabilities: Gross amount $ 138,726 $ 151,118 Accumulated amortization ( 102,533 ) ( 105,790 ) $ 36,193 $ 45,328 For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Amortization of above and below-market leases, net $ 1,748 $ 3,070 $ 4,775 Amortization of acquired in-place leases $ 21,645 $ 26,507 $ 36,628 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, 2023. (Amounts in thousands) Above and Below- In-Place Leases 2023 $ 5,002 $ 17,705 2024 5,942 14,248 2025 4,596 10,451 2026 2,723 7,896 2027 2,410 7,252 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt The following table summarizes our consolidated outstanding debt. Maturity Fixed/ Interest Rate As of December 31, (Amounts in thousands) Date Variable Rate December 31, 2022 2022 2021 Notes and mortgages payable: 1633 Broadway (1) Dec-2029 Fixed 2.99 % $ 1,250,000 $ 1,250,000 One Market Plaza (1) Feb-2024 (2) Fixed 4.03 % 975,000 975,000 1301 Avenue of the Americas Aug-2026 Fixed (3) 2.46 % 500,000 500,000 Aug-2026 L + 356 bps (4) 5.56 % 360,000 360,000 3.76 % 860,000 860,000 31 West 52nd Street Jun-2026 Fixed 3.80 % 500,000 500,000 300 Mission Street (1) Oct-2023 (2) Fixed 3.65 % 273,000 273,000 Total notes and mortgages payable 3.58 % 3,858,000 3,858,000 Less: unamortized deferred financing costs ( 17,682 ) ( 22,380 ) Total notes and mortgages payable, net $ 3,840,318 $ 3,835,620 $750 Million Revolving Mar-2026 SOFR + 115 bps n/a $ - $ - (1) Our ownership interests in 1633 Broadway, One Market Plaza and 300 Mission Street are 90.0 %, 49.0 % and 31.1 %, respectively. (2) We are currently exploring various alternatives to refinance these loans and believe it is probable that we will be successful in refinancing them prior to their maturity. (3) Represents variable rate loans that have been fixed by interest rate swaps through August 2024. See Note 9, Derivative Instruments and Hedging Activities. (4) Represents variable rate loans, where LIBOR has been capped at 2.00 % through August 2023. See Note 9, Derivative Instruments and Hedging Activities. The following table summarizes the principal repayments required for the next five years and thereafter in connection with our consolidated notes and mortgages payable and revolving credit facility as of December 31, 2022. Notes and Revolving (Amounts in thousands) Total Mortgages Payable Credit Facility 2023 $ 273,000 $ 273,000 $ - 2024 975,000 975,000 - 2025 - - - 2026 1,360,000 1,360,000 - 2027 - - - Thereafter 1,250,000 1,250,000 - |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 9. Derivative Instruments and Hedging Activities We have entered into interest rate swap agreements with an aggregate notional amount of $ 500,000,000 to fix LIBOR at 0.46 % through August 2024. We also entered into interest rate cap agreements with an aggregate notional amount of $ 360,000,000 to cap LIBOR at 2.00 % through August 2023. 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 $ 31,839,000 and $ 6,857,000 for the years ended December 31, 2022 and 2021, respectively, from the changes in fair value of these derivative financial instruments. See Note 11, Accumulated Other Comprehensive Income . During the next twelve months, we estimate that $ 27,817,000 of the amounts to be recognized in accumulated other comprehensive income or loss will be reclassified as a decrease to interest expense. The table below provide additional details on our interest rate swaps and interest rate caps that are designated as cash flow hedges. Notional Effective Maturity Benchmark Strike Fair Value as of Property Amount Date Date Rate Rate December 31, 2022 December 31, 2021 (Amounts in thousands) 1301 Avenue of the Americas $ 500,000 Jul-2021 Aug-2024 LIBOR 0.46 % $ 32,681 $ 6,691 Total interest rate swap assets designated as cash flow hedges (included in "other assets") $ 32,681 $ 6,691 Notional Effective Maturity Benchmark Strike Fair Value as of Property Amount Date Date Rate Rate December 31, 2022 December 31, 2021 (Amounts in thousands) 1301 Avenue of the Americas $ 360,000 Jul-2021 Aug-2023 LIBOR 2.00 % $ 6,123 $ 306 Total interest rate cap assets designated as cash flow hedges (included in "other assets") $ 6,123 $ 306 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 December 31, 2022, we did not have any obligations relating to our interest rate swaps or interest rate caps that contained such provisions. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Equity | 10. 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 2022, we repurchased 10,370,610 common shares at a weighted average price of $ 6.27 per share, or $ 65,000,000 in the aggregate. 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. Accordingly, we have $ 15,000,000 available for future repurchases under the existing program. The amount and timing of future repurchases, if any, will depend on a number of factors, including, the price and availability of our shares, trading volume, general market conditions and available funding. The stock repurchase program may be suspended or discontinued at any time. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | 11. Accumulated Other Comprehensive Income The following table sets forth changes in accumulated other comprehensive income by component for the years ended December 31, 2022, 2021 and 2020, including amounts attributable to noncontrolling interests in the Operating Partnership. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Amount of income related to the cash flow hedges (1) $ 39,865 $ 6,069 $ - Amount reclassified from accumulated other comprehensive (1) ( 8,026 ) 788 - Amount of income (loss) related to unconsolidated joint ventures (2) 18,859 5,562 ( 16,141 ) Amounts reclassified from accumulated other comprehensive (2) ( 374 ) 4,003 2,247 (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 | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 12. 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 December 31, 2022 and 2021, noncontrolling interests in our consolidated joint ventures aggregated $ 402,118,000 and $ 428,833,000 , respectively. Consolidated Real Estate Related Funds Noncontrolling interests in our consolidated real estate related funds as of December 31, 2022 was $ 173,375,000 and consists of equity interests held by third parties in our Residential Development Fund and Fund X, which we began consolidating into our consolidated financial statements effective December 12, 2022 (See Note 4, Real Estate Related Fund Investments ). As of December 31, 2021, noncontrolling interest in our consolidated real estate related fund was $ 81,925,000 and represented equity interests held by third parties in our Residential Development Fund. Operating Partnership Noncontrolling interests in the Operating Partnership represent common units of the Operating Partnership that are held by third parties, including management, and units issued to management under equity incentive plans. Common units of the Operating Partnership may be tendered for redemption to the Operating Partnership for cash. We, at our option, may assume that obligation and pay the holder either cash or common shares on a one-for-one basis. Since the number of common shares outstanding is equal to the number of common units owned by us, the redemption value of each common unit is equal to the market value of each common share and distributions paid to each common unitholder is equivalent to dividends paid to common stockholders. As of December 31, 2022 and 2021, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $ 242,982,000 and $ 356,111,000 , respectively, and a redemption value of $ 86,644,000 and $ 181,315,000 , respectively, based on the closing share price of our common stock on the New York Stock Exchange at the end of each year. |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIEs") | 13. Variable Interest Entities (“VIEs”) In the normal course of business, we are the general partner of various types of investment vehicles, which may be considered VIEs. We may, from time to time, own equity or debt securities through vehicles, each of which are considered variable interests. Our involvement in financing the operations of the VIEs is generally limited to our investments in the entity. We consolidate these entities when we are deemed to be the primary beneficiary. Consolidated VIEs We are the sole general partner of, and owned approximately 93.7 % of, the Operating Partnership as of December 31, 2022. The Operating Partnership is considered a VIE and is consolidated in our consolidated financial statements. Since we conduct our business through and substantially all of our interests are held by the Operating Partnership, the assets and liabilities on our consolidated financial statements represent the assets and liabilities of the Operating Partnership. As of December 31, 2022 and 2021, the Operating Partnership held interests in consolidated VIEs owning properties and real estate related funds that were determined to be VIEs. The assets of these consolidated VIEs may only be used to settle the obligations of the entities and such obligations are secured only by the assets of the entities and are non-recourse to the Operating Partnership or us. The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. As of December 31, (Amounts in thousands) 2022 2021 Real estate, net $ 3,364,482 $ 3,415,735 Cash and cash equivalents and restricted cash 144,446 198,154 Real estate related fund investments 105,369 - Investments in unconsolidated joint ventures 77,961 76,428 Accounts and other receivables 13,647 6,801 Deferred rent receivable 197,658 197,794 Deferred charges, net 49,485 53,013 Intangible assets, net 50,553 62,380 Other assets 9,860 15,551 Total VIE assets $ 4,013,461 $ 4,025,856 Notes and mortgages payable, net 2,489,902 2,487,871 Accounts payable and accrued expenses 61,492 54,738 Intangible liabilities, net 21,936 27,674 Other liabilities 6,051 6,427 Total VIE liabilities $ 2,579,381 $ 2,576,710 Unconsolidated VIEs As of December 31, 2022, the Operating Partnership held variable interests in entities that own our unconsolidated real estate related funds that were deemed to be VIEs. The following table summarizes our investments in these unconsolidated real estate related funds and the maximum risk of loss from these investments. As of December 31, (Amounts in thousands) 2022 2021 Investments $ 3,411 $ 11,421 Asset management fees and other receivables 21 9 Maximum risk of loss $ 3,432 $ 11,430 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements Financial Assets Measured at Fair Value The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheets as of the dates set forth below, based on their levels in the fair value hierarchy. As of December 31, 2022 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate related fund investments $ 105,369 $ - $ - $ 105,369 Interest rate swap assets (included in "other assets") 32,681 - 32,681 - Interest rate cap assets (included in "other assets") 6,123 - 6,123 - Total assets $ 144,173 $ - $ 38,804 $ 105,369 As of December 31, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Interest rate swap assets (included in "other assets") $ 6,691 $ - $ 6,691 $ - Interest rate cap assets (included in "other assets") 306 - 306 - Total assets $ 6,997 $ - $ 6,997 $ - Real Estate Related Fund Investments As of December 31, 2022, real estate related fund investments were comprised of mezzanine loans made by Fund X. These investments are generally measured at fair value on our consolidated balance sheet and are classified as Level 3. The primary unobservable inputs used in determining the fair value of mezzanine loans are credit spreads paid over the base rate, which ranged between 9.25 % and 10.00 % as of December 31, 2022. A significant increase or decrease in the credit spreads would result in a significantly lower or higher fair value, respectively. The table below summarizes the changes in the fair value of real estate related fund investments that are classified as Level 3, for the period from December 12, 2022 to December 31, 2022. Period from December 12, 2022 to (Amounts in thousands) December 31, 2022 Beginning balance $ - Consolidation of Fund X 104,726 Net unrealized gains 643 Ending balance $ 105,369 Financial Liabilities Not Measured at Fair Value Financial liabilities not measured at fair value on our consolidated balance sheets consist of notes and mortgages payable and the revolving credit facility. The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below. As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Notes and mortgages payable $ 3,858,000 $ 3,566,096 $ 3,858,000 $ 3,893,252 Revolving credit facility - - - - Total liabilities $ 3,858,000 $ 3,566,096 $ 3,858,000 $ 3,893,252 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 15. Leases The following table sets forth the details of our rental revenue. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Rental revenue: Fixed $ 645,950 $ 635,513 $ 627,352 (1) Variable 56,869 54,905 (2) 51,663 Total rental revenue $ 702,819 $ 690,418 $ 679,015 (1) Includes (i) $ 33,205 of non-cash write-offs, primarily for straight-line rent receivables and (ii) $ 2,051 of reserves for uncollectible accounts receivable. (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-cancelable operating leases in effect as of December 31, 2022, for each of the five succeeding years and thereafter commencing January 1, 2023. (Amounts in thousands) 2023 $ 635,053 2024 645,282 2025 599,915 2026 504,660 2027 440,334 Thereafter 2,259,744 Total $ 5,084,988 |
Fee and Other Income
Fee and Other Income | 12 Months Ended |
Dec. 31, 2022 | |
Revenues [Abstract] | |
Fee and Other Income | 16. Fee and Other Income The following table sets forth the details of our fee and other income. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Fee income: Asset management $ 12,270 $ 13,284 $ 14,266 Property management 7,981 8,589 9,242 Acquisition, disposition, leasing and other 8,170 6,600 4,562 Total fee income 28,421 28,473 28,070 Other income (1) 9,137 7,895 7,152 Total fee and other income $ 37,558 $ 36,368 $ 35,222 (1) Primarily comprised of (i) tenant requested services, including cleaning, overtime heating and cooling and (ii) parking income. The following table sets forth the amounts receivable from our customers under our various fee agreements and are included as a component of “accounts and other receivables” on our consolidated balance sheets. Acquisition, Asset Property Disposition, Leasing (Amounts in thousands) Total Management Management and Other Accounts and other receivables: Balance as of December 31, 2021 $ 3,206 $ 2,072 $ 686 $ 448 Balance as of December 31, 2022 2,611 2,138 338 135 (Decrease) increase $ ( 595 ) $ 66 $ ( 348 ) $ ( 313 ) |
Interest and Other Income, net
Interest and Other Income, net | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Other Income [Abstract] | |
Interest and Other Income, net | 17. Interest and Other Income, net The following table sets forth the details of interest and other income, net. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Interest income, net $ 5,174 $ 1,183 $ 2,054 Mark-to-market of investments in our deferred (1) - 1,834 2,436 Total interest and other income, net $ 5,174 $ 3,017 $ 4,490 (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. In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants. |
Interest and Debt Expense
Interest and Debt Expense | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Debt Expense [Abstract] | |
Interest and Debt Expense | 18. Interest and Debt Expense The following table sets forth the details of interest and debt expense. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Interest expense $ 137,708 $ 132,887 $ 134,931 Amortization of deferred financing costs 6,156 9,127 (1) 9,277 Total interest and debt expense $ 143,864 $ 142,014 $ 144,208 (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. |
Incentive Compensation
Incentive Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Incentive Compensation | 19. Incentive Compensation Stock-Based Compensation Our Amended and Restated 2014 Equity Incentive Plan (the “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. Under the Plan, awards may be granted up to a maximum of 20,892,857 shares, if all awards granted are “full value awards,” as defined, and up to 41,785,714 shares, if all of the awards granted are “not full value awards,” as defined. “Full value awards” are awards that do not require the payment of an exercise price such as restricted stock, time-based LTIP units and performance-based LTIP units. “Not full value awards” are awards that require the payment of an exercise price such as AOLTIP units. As of December 31, 2022, we have 6,135,630 shares available for future grants under the Plan, if all awards granted are full value awards, as defined in the Plan. The following table summarizes the components of stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Time-based units: LTIP units $ 8,033 $ 8,554 $ 10,463 AOLTIP units 3,659 1,885 - Performance-based LTIP units 6,106 7,023 7,499 Restricted stock 1,205 1,150 1,217 Stock options - - 60 Total stock-based compensation expense $ 19,003 $ 18,612 $ 19,239 Time-Based Unit Awards Program (LTIP and AOLTIP Units) LTIP Units We grant our executive officers, non-employee directors and employees LTIP units which vest over a period of three to five years and are subject to a taxable book-up event, as defined. 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. The LTIP units granted in the years ended December 31, 2022, 2021 and 2020 had grant date fair values of $ 6,136,000 , $ 8,665,000 and $ 10,940,000 , respectively, which are being amortized into expense on a straight-line basis over the vesting period. As of December 31, 2022, there was $ 10,525,000 of total unrecognized compensation cost related to unvested LTIP units, which is expected to be recognized over a weighted-average period of 2.3 years. The following table summarizes our LTIP unit activity for the year ended December 31, 2022. Units Weighted-Average Grant-Date Fair Value (per unit) Unvested as of December 31, 2021 2,040,736 $ 10.40 Granted 732,015 8.38 Vested ( 713,269 ) 10.68 Cancelled or expired ( 61,237 ) 10.54 Unvested as of December 31, 2022 1,998,245 $ 9.56 AOLTIP Units We grant our executive officers AOLTIP units which vest over a period of three to four years . 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 AOLTIP units granted in the years ended December 31, 2022 and 2021, had a grant date fair value of $ 5,831,000 and $ 4,344,000 , respectively, which are being amortized into expense on a straight-line basis over the vesting period. The fair value of the AOLTIP unit is estimated using an option-pricing model with the following weighted average assumptions for grants in the year ended December 31, 2022 and 2021. For the Year Ended December 31, 2022 2021 Expected volatility 34.9 % 34.0 % Expected life 4.8 years 4.8 years Risk free interest rate 1.0 % 0.6 % Expected dividend yield 3.0 % 3.0 % As of December 31, 2022, there was $ 3,775,000 of total unrecognized compensation cost related to unvested AOLTIP units, which is expected to be recognized over a weighted-average period of 2.7 years. The following table summarizes our AOLTIP unit activity for the year ended December 31, 2022. Shares Weighted-Average Price Weighted-Average Aggregate Outstanding as of December 31, 2021 2,171,875 $ 8.63 Granted 2,703,499 8.93 Exercised ( 95,312 ) 8.63 Cancelled or expired ( 192,188 ) 8.63 Outstanding as of December 31, 2022 4,587,874 $ 8.80 5.6 $ - AOLTIP units vested and expected to vest as of 4,409,076 $ 8.80 5.6 $ - AOLTIP units exercisable as of December 31, 2022 2,033,593 $ 8.63 5.6 $ - Performance-Based Award Programs (“Performance Programs”) We grant our executive officers and employees LTIP units under multi-year performance-based long-term equity compensation programs. The purpose of these Performance Programs is to further align the interests of our stockholders with that of management by encouraging our senior officers to create stockholder value in a “pay for performance” structure. Under the Performance Programs, participants may earn LTIP units based on our performance over a three-year performance measurement period. If the designated performance objectives are achieved, awards earned under the Performance Programs are subject to vesting over a period of four years and are also subject to a taxable book-up event, as defined. The LTIP units granted under the Performance Programs in the years ended December 31, 2022, 2021 and 2020 had grant date fair values of $ 7,188,000 , $ 7,303,000 and $ 7,488,000 , respectively, and are being amortized into expense over the four-year vesting period using a graded vesting attribution method. As of December 31, 2022, there was $ 8,178,000 of total unrecognized compensation cost related to unvested LTIP units granted under the Performance Programs, which is expected to be recognized over a weighted average period of 2.1 years. The following table summarizes our LTIP unit activity granted under the Performance Programs for the year ended December 31, 2022. Units Weighted-Average Grant-Date Fair Value (per unit) Unvested as of December 31, 2021 4,099,887 $ 5.57 Granted 1,778,524 8.08 Earned and Vested - - Cancelled or expired ( 1,570,609 ) 5.89 Unvested as of December 31, 2022 4,307,802 $ 6.49 Completion of the 2019 Performance-Based Awards Program (“2019 Performance Program”) On December 31, 2021, the performance measurement period for the 2019 Performance Program ended. On January 13, 2022, the Compensation Committee of our Board of Directors (the “Compensation Committee”) determined that the performance goals set forth in the 2019 Performance Program were not met. Accordingly, all of the LTIP units that were granted on January 14, 2019, were forfeited, with no awards being earned. These awards had a grant date fair value of $ 8,106,000 that was amortized into expense over the four-year vesting period through December 31, 2022 using a graded vesting distribution method. 2022 Performance-Based Awards Program (“2022 Performance Program”) On January 13, 2022, the Compensation Committee approved the 2022 Performance Program, a multi-year performance-based long-term incentive compensation program. Under the 2022 Performance Program, participants may earn awards in the form of LTIP units based on our achievement of rigorous Net Operating Income (“NOI”) goals over a three-year performance measurement period beginning on January 1, 2022 and continuing through December 31, 2024 . The amount of LTIP units otherwise earned based on the achievement of the NOI goals would then be increased or decreased based on our Total Shareholder Return (“TSR”) versus that of our New York City office REIT peers (comprised of Vornado Realty Trust, SL Green Realty Corp. and Empire State Realty Trust) but the modifier will not result in a total payout exceeding 100 % of the units granted. Additionally, if our TSR is negative over the three-year performance measurement period, then the number of LTIP units that are earned under the 2022 Performance Program will be reduced by 30.0 % of the number of such awards that otherwise would have been earned. Furthermore, awards earned under the 2022 Performance Program are subject to vesting based on continued employment with us through December 31, 2025, with 50.0 % of each award vesting upon the conclusion of the performance measurement period, and the remaining 50.0 % vesting on December 31, 2025. Lastly, our Named Executive Officers are required to hold earned awards for an additional year following vesting. Awards granted under the 2022 Performance Program had a fair value of $ 7,188,000 on the date of the grant, which is being amortized into expense over the four-year vesting period using a graded vesting attribution method. Restricted Stock We grant shares of restricted stock to certain non-employee directors and our employees which vest over one to four years . The shares of restricted stock granted in the years ended December 31, 2022, 2021 and 2020 had grant date fair values of $ 1,359,000 , $ 1,584,000 and $ 1,209,000 , respectively, which are being amortized into expense on a straight-line basis over the vesting period. As of December 31, 2022, there was $ 1,936,000 of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted-average period of 2.3 years. The table below summarizes our restricted stock activity for the year ended December 31, 2022. Shares Weighted-Average Grant-Date Fair Value (per share) Unvested as of December 31, 2021 230,546 $ 10.44 Granted 147,957 9.19 Vested ( 86,354 ) 11.12 Cancelled or expired ( 23,041 ) 9.68 Unvested as of December 31, 2022 269,108 $ 9.59 Stock Options We did no t grant any stock options in the years ended December 31, 2022, 2021 and 2020. Stock options granted in prior years to certain of our executive officers and other employees vested over periods ranging from three to five years and expire 10 years from the date of grant. The following table summarizes our stock option activity for the year ended December 31, 2022. Shares Weighted-Average Price Weighted-Average Aggregate Outstanding as of December 31, 2021 2,010,993 $ 17.06 Granted - - Exercised - - Cancelled or expired ( 18,000 ) 17.50 Outstanding as of December 31, 2022 1,992,993 $ 17.06 2.7 $ - Options vested and expected to vest as of December 31, 2022 1,992,993 $ 17.06 2.7 $ - Options exercisable as of December 31, 2022 1,992,993 $ 17.06 2.7 $ - |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 20. 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 Year Ended December 31, (Amounts in thousands, except per share amounts) 2022 2021 2020 Numerator: Continuing Operations: Net loss from continuing operations $ ( 36,403 ) $ ( 20,354 ) $ ( 20,063 ) Earnings allocated to unvested participating securities ( 85 ) ( 70 ) ( 44 ) Numerator for net loss from continuing operations ( 36,488 ) ( 20,424 ) ( 20,107 ) Discontinued Operations: Net loss from discontinued operations attributable - - ( 4,641 ) Earnings allocated to unvested participating securities - - ( 22 ) Numerator for net loss from discontinued - - ( 4,663 ) Numerator for net loss per common share - basic and diluted $ ( 36,488 ) $ ( 20,424 ) $ ( 24,770 ) Denominator: Denominator for basic loss per common share - 221,310 218,701 222,436 Effect of dilutive stock-based compensation plans (1) - - - Denominator for diluted loss per common share - 221,310 218,701 222,436 Loss per Common Share - Basic and Diluted: Continuing operations, net $ ( 0.16 ) $ ( 0.09 ) $ ( 0.09 ) Discontinued operations, net - - ( 0.02 ) Net loss per common share - basic and diluted $ ( 0.16 ) $ ( 0.09 ) $ ( 0.11 ) (1) The effect of dilutive securities for the years ended December 31, 2022, 2021 and 2020 excludes 20,064 , 23,775 and 23,540 weighted average share equivalents, respectively, as their effect was anti-dilutive. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | 21. Related Parties Management Agreements We provide property management, leasing and other related services to certain properties owned by members of the Otto Family. We recognized fee income of $ 1,322,000 , $ 1,726,000 and $ 1,227,000 for the years ended December 31, 2022, 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 December 31, 2022 and December 31, 2021, amounts owed to us under these agreements aggregated $ 52,000 and $ 484,000 , respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets. We also provide asset management, property management, leasing and other related services to our unconsolidated joint ventures and real estate related funds. We recognized fee income of $ 24,315,000 , $ 23,240,000 and $ 22,986,000 , for the years ended December 31, 2022, 2021 and 2020, respectively, in connection with these agreements. As of December 31, 2022 and 2021, amounts owed to us under these agreements aggregated $ 3,032,000 and $ 2,883,000 , respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets. HT Consulting GmbH We have an agreement with HT Consulting GmbH ("HTC"), formerly known as Hamburg Trust Consulting HTC GmbH, a licensed broker in Germany, to supervise selling efforts for our joint ventures and real estate related funds (or investments in feeder vehicles for these funds) to investors in Germany, including distribution of securitized notes of feeder vehicles for Fund X. Pursuant to this agreement, we have agreed to pay HTC for the costs incurred plus a mark-up of 10 %. HTC is 100 % owned by Albert Behler, our Chairman, Chief Executive Officer and President. We incurred expenses of $ 713,000 , $ 645,000 and $ 512,000 for the years ended December 31, 2022, 2021 and 2020, respectively, in connection with this agreement. As of December 31, 2022 and 2021, we owed $ 119,000 and $ 523,000 , respectively, to HTC under this agreement, which are included as a component of “accounts payable and accrued expenses” on our consolidated balance sheets. ParkProperty Capital, LP ParkProperty Capital, LP (“ParkProperty”), an entity partially owned by Katharina Otto-Bernstein (a member of our Board of Directors), leased 3,330 square feet at 1633 Broadway ("1633 Lease"). In December 2022, upon expiration of the 1633 Lease, ParkProperty entered into a five-year lease for 4,233 square feet at 1325 Avenue of the Americas. We recognized rental revenue of $ 220,000 , $ 212,000 and $ 210,000 in the years ended December 31, 2022, 2021 and 2020, respectively pursuant to these leases. Mannheim Trust A subsidiary of Mannheim Trust leases 5,593 square feet at 712 Fifth Avenue, our 50.0 % owned unconsolidated joint venture, pursuant to a lease agreement which expires in April 2023. In December 2022, the subsidiary entered into a new lease for 3,127 square feet at 712 Fifth Avenue. The new lease will become effective in May 2023, upon expiration of the existing lease and will expire in June 2025. Dr. Martin Bussmann (a member of our Board of Directors) was also a trustee and a director of Mannheim Trust through December 2022. We recognized $ 364,000 for the year ended December 31, 2022, and $ 362,000 in each of the years ended December 31, 2021 and 2020, for our share of rental income pursuant to this lease. Due from Affiliates During the year ended December 31, 2022, Fund X borrowed $ 59,000,000 from us at an interest rate of Secured Overnight Financing Rate ("SOFR") plus 220 basis points, which was repaid, together with $ 418,000 of accrued interest. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 22. 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 agreements in place include certain restrictions and covenants which may limit, among other things, certain investments, the incurrence of additional indebtedness and liens and the disposition or other transfer of assets and interests in the borrower and other credit parties, and require compliance with certain debt yield, debt service coverage and loan to value ratios. In addition, our revolving credit facility contains representations, warranties, covenants, other agreements and events of default customary for agreements of this type with comparable companies. As of December 31, 2022, we believe we are in compliance with all of our covenants. 718 Fifth Avenue - Put Right Prior to the Formation Transactions, an affiliate of our predecessor owned a 25.0 % interest in 718 Fifth Avenue, a five-story building containing 19,050 square feet of prime retail space that is located on the southwest corner of 56th Street and Fifth Avenue in New York (based on its 50.0 % interest in a joint venture that held a 50.0 % tenancy-in-common interest in the property). Prior to the completion of the Formation Transactions, this interest was sold to its partner in the 718 Fifth Avenue joint venture, who is also our joint venture partner in 712 Fifth Avenue, New York, New York. In connection with this sale, we granted our joint venture partner a put right, pursuant to which the 712 Fifth Avenue joint venture would be required to purchase the entire direct or indirect interests then held by our joint venture partner or its affiliates in 718 Fifth Avenue at a purchase price equal to the fair market value of such interests. The put right may be exercised at any time with the actual purchase occurring no earlier than 12 months after written notice is provided. If the put right is exercised and the 712 Fifth Avenue joint venture acquires the 50.0% tenancy-in-common interest in the property by our joint venture partner, we will own a 25.0 % interest in 718 Fifth Avenue based on current ownership interests. Transfer Tax Assessments During 2017, the New York City Department of Finance issued Notices of Determination (“Notices”) assessing additional transfer taxes (including interest and penalties) in connection with the transfer of interests in certain properties during our 2014 initial public offering. We believe, after consultation with legal counsel, that the likelihood of a loss is reasonably possible, and while it is not possible to predict the outcome of these Notices, we estimate the range of loss could be between $ 0 and $ 57,000,000 . 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 | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segments | 23. Segments Our reportable segments are separated by region, based on 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 Year Ended December 31, 2022 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 711,956 $ 468,409 $ 245,560 $ ( 2,013 ) Property-related operating expenses ( 277,422 ) ( 199,085 ) ( 74,396 ) ( 3,941 ) NOI from unconsolidated joint ventures 45,141 13,257 31,596 288 NOI (1) $ 479,675 $ 282,581 $ 202,760 $ ( 5,666 ) For the Year Ended December 31, 2021 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 698,313 $ 443,384 $ 258,188 $ ( 3,259 ) Property-related operating expenses ( 265,438 ) ( 191,793 ) ( 69,976 ) ( 3,669 ) NOI from unconsolidated joint ventures 43,597 11,303 32,221 73 NOI (1) $ 476,472 $ 262,894 $ 220,433 $ ( 6,855 ) For the Year Ended December 31, 2020 (Amounts in thousands) Total New York San Francisco Other (2) Property-related revenues $ 700,410 $ 454,071 $ 234,893 $ 11,446 Property-related operating expenses ( 273,440 ) ( 194,648 ) ( 68,924 ) ( 9,868 ) NOI from unconsolidated joint ventures 48,631 11,540 38,892 ( 1,801 ) NOI (1) $ 475,601 $ 270,963 $ 204,861 $ ( 223 ) (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 year ended December 31, 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 Year Ended December 31, (Amounts in thousands) 2022 2021 2020 NOI $ 479,675 $ 476,472 $ 475,601 Add (subtract) adjustments to arrive to net (loss) income: Fee income 28,421 28,473 28,070 Depreciation and amortization expense ( 232,517 ) ( 232,487 ) ( 235,200 ) General and administrative expenses ( 59,487 ) ( 59,132 ) ( 64,917 ) Loss from real estate related fund investments ( 2,233 ) - - NOI from unconsolidated joint ventures (excluding One Steuart Lane) ( 45,141 ) ( 43,597 ) ( 48,631 ) Loss from unconsolidated joint ventures ( 53,251 ) ( 24,896 ) ( 18,619 ) Interest and other income, net 5,174 3,017 4,490 Interest and debt expense ( 143,864 ) ( 142,014 ) ( 144,208 ) Adjustments related to discontinued operations (including loss on sale of real estate) - - ( 8,390 ) Other, net ( 1,709 ) ( 134 ) ( 824 ) (Loss) income from continuing operations, before income taxes ( 24,932 ) 5,702 ( 12,628 ) Income tax expense ( 3,265 ) ( 3,643 ) ( 1,493 ) (Loss) income from continuing operations, net ( 28,197 ) 2,059 ( 14,121 ) Loss from discontinued operations, net - - ( 5,075 ) Net (loss) income ( 28,197 ) 2,059 ( 19,196 ) Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures ( 13,981 ) ( 21,538 ) ( 9,257 ) Consolidated real estate related funds 3,342 ( 2,893 ) 1,450 Operating Partnership 2,433 2,018 2,299 Net loss attributable to common stockholders $ ( 36,403 ) $ ( 20,354 ) $ ( 24,704 ) The following table provides the total assets for each of our reportable segments as of the dates set forth below. (Amounts in thousands) Total Assets as of: Total New York San Francisco Other December 31, 2022 $ 8,453,254 $ 5,311,636 $ 2,631,265 $ 510,353 December 31, 2021 8,494,562 5,336,210 2,696,131 462,221 December 31, 2020 8,554,097 5,388,596 2,698,983 466,518 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | PARAMOUNT GROUP, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I (Amounts in thousands) Life on which Costs capitalized depreciation subsequent Gross amount at which Accumulated in latest Initial cost to company to acquisition carried at close of period depreciation income Description Encumbrances Land Building and Land Building and Land Building and Total (1) and Date of Date statement 1633 Broadway $ 1,250,000 $ 502,846 $ 1,398,341 $ - $ 167,371 $ 502,846 $ 1,565,712 $ 2,068,558 $ ( 350,871 ) 1971 11/2014 5 to 40 Years 1301 Avenue of the Americas 860,000 406,039 1,051,697 - 154,336 406,039 1,206,033 1,612,072 ( 258,950 ) 1963 11/2014 5 to 40 Years 31 West 52nd Street 500,000 221,318 604,994 - 84,367 221,318 689,361 910,679 ( 143,565 ) 1987 11/2014 5 to 40 Years 1325 Avenue of the Americas - 174,688 370,553 - 69,350 174,688 439,903 614,591 ( 96,460 ) 1989 11/2014 5 to 40 Years 900 Third Avenue - 103,741 296,031 - 29,567 103,741 325,598 429,339 ( 70,885 ) 1983 11/2014 5 to 40 Years Total New York 2,610,000 1,408,632 3,721,616 - 504,991 1,408,632 4,226,607 5,635,239 ( 920,731 ) One Market Plaza 975,000 288,743 988,014 - 124,972 288,743 1,112,986 1,401,729 ( 237,041 ) 1976 11/2014 5 to 40 Years 300 Mission Street 273,000 141,097 343,819 - 53,647 141,097 397,466 538,563 ( 61,180 ) 1968 07/2017 5 to 40 Years One Front Street - 127,765 376,919 - 25,671 127,765 402,590 530,355 ( 70,508 ) 1979 12/2016 5 to 40 Years Total San Francisco 1,248,000 557,605 1,708,752 - 204,290 557,605 1,913,042 2,470,647 ( 368,729 ) Other - - - - 37,891 - 37,891 37,891 ( 8,093 ) 11/2014 5 to 40 Years Total $ 3,858,000 $ 1,966,237 $ 5,430,368 $ - $ 747,172 $ 1,966,237 $ 6,177,540 $ 8,143,777 $ ( 1,297,553 ) (1) The basis of the Company’s assets for tax purposes is approximately $ 2.4 billion lower than the amount reported for financial statement purposes. PARAMOUNT GROUP, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Real Estate: Beginning balance $ 8,028,061 $ 7,963,315 $ 7,889,885 Acquisitions - - - Additions during the year: Land - - - Buildings and improvements 127,102 111,340 82,571 Assets sold and written-off ( 11,386 ) ( 46,594 ) ( 9,141 ) Ending balance $ 8,143,777 $ 8,028,061 $ 7,963,315 Accumulated Depreciation: Beginning balance $ 1,112,977 $ 966,697 $ 790,216 Additions charged to expense 195,962 192,874 185,622 Accumulated depreciation related ( 11,386 ) ( 46,594 ) ( 9,141 ) Ending balance $ 1,297,553 $ 1,112,977 $ 966,697 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. |
Real Estate | Real Estate Real estate is carried at cost less accumulated depreciation and amortization. Betterments, major renovations and certain costs directly related to the improvement of real estate are capitalized. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over estimated useful lives of the assets, which range from 5 to 40 years . Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above-market leases and acquired in-place leases) and acquired liabilities (such as acquired below-market leases) and allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases and acquired in-place leases) and acquired intangible liabilities (including below-market leases) at their estimated fair value. We amortize acquired above-market and below-market leases as a decrease or increase to rental revenue, respectively, over the lives of the respective leases. Amortization of acquired in-place leases is included as a component of “depreciation and amortization”. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Real estate and related intangibles are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate and the related intangibles held for sale are carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate and related intangibles classified as assets held for sale. |
Variable Interest Entities and Investments in Unconsolidated Joint Ventures and Funds | Variable Interest Entities (“VIEs”) and Investments in Unconsolidated Joint Ventures and Funds We consolidate VIEs in which we are considered to be the primary beneficiary. Entities are considered to be the primary beneficiary if they have both of the following characteristics: (i) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance, and (ii) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Our judgment with respect to our level of influence or control of an entity involves the consideration of various factors including the form of our ownership interest, our representation in the entity’s governance, the size of our investment, estimates of future cash flows, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace us as manager and/or liquidate the joint venture, if applicable. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments, which consist of investments in unconsolidated joint ventures and funds are initially recorded at cost and subsequently adjusted for (i) our share of net income or loss, (ii) our share of other comprehensive income or loss, and (iii) cash contributions and distributions. To the extent that our cost basis is different than our share of the equity in the equity method investment, the basis difference allocated to depreciable assets is amortized into “loss from unconsolidated joint ventures” over the estimated useful life of the related asset. The agreements that govern our equity method investments may designate different percentage allocations among investors for profits and losses; however, our recognition of income or loss generally follows the investment’s distribution priorities, which may change upon the achievement of certain investment return thresholds. We account for cash distributions in excess of our basis in the equity method investments as income when we have neither the requirement, nor the intent to provide financial support to the joint venture. Investments accounted for under the equity method are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. During the year ended December 31, 2022, we recognized $ 31,685,000 for our share of a real estate impairment loss of an unconsolidated joint venture (see Note 6, Investments in Unconsolidated Joint Ventures). Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term highly liquid investments with original maturities of three months or less. The majority of our cash and cash equivalents are held at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit. To date, we have not experienced any losses on our invested cash. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of security deposits held on behalf of our tenants, cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. |
Deferred Charges | Deferred Charges Deferred charges include deferred leasing costs related to successful leasing activities and deferred financing costs related to our revolving credit facility. Deferred leasing costs consist of fees and direct costs related to successful leasing activities. Such deferred costs are amortized on a straight-line basis over the lives of the related leases and recognized in our consolidated statements of income as a component of “depreciation and amortization”. Deferred financing costs consist of fees and direct costs incurred in obtaining our revolving credit facility. Such deferred financing costs are amortized over the term of the revolving credit facility and are recognized as a component of “interest and debt expense” on our consolidated statements of income. |
Deferred Financing Costs Related to Notes and Mortgages Payable | Deferred Financing Costs Related to Notes and Mortgages Payable Deferred financing costs related to notes and mortgages payable consists of fees and direct costs incurred in obtaining such financing and are recorded as a reduction of our notes and mortgages payable. Such costs are amortized over the terms of the related debt agreements and recognized as a component of “interest and debt expense” on our consolidated statements of income. |
Derivative Instruments and Hedging Activities | 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 . The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We use derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risk associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and interest rate caps. Interest rate swaps and interest rate caps that are designated as hedges are so designated at the inception of the contract. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. The changes in the fair value of interest rate swaps and interest rate caps that are designated as hedges are recognized in “other comprehensive income (loss)” (outside of earnings) and subsequently reclassified to earnings over the term that the hedged transaction affects earnings. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement and Disclosures , defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets or settlement of these liabilities. We use the following methods and assumptions in estimating fair value for financial instruments that are presented at fair value on our consolidated balance sheets: Interest Rate Swaps and Interest Rate Caps Interest rate swaps and interest rate caps are valued by a third-party specialist using widely accepted valuation techniques. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed and variable cash payments or receipts. The variable cash payments or receipts are based on future interest rates derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate caps. The variable interest rates used in the calculation of expected cash receipts are based on future interest rates derived from observable market interest rate curves and volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs. We have determined that the significance of the impact of the credit valuation adjustments made to our derivative contracts was not significant to the overall valuation. As a result, all of our derivatives held as December 31, 2022, are classified as Level 2 in the fair value hierarchy. Real Estate Related Fund Investments Our real estate related fund investments include mezzanine loan investments made by Paramount Group Real Estate Fund X, LP ("Fund X"). Fund X qualifies as an investment company pursuant to ASC Topic 946, Financial Services - Investment Companies. Accordingly, the underlying investments are generally carried at fair value, except investments that have a fair value above par value and where the borrower has the option to prepay the loan are carried at par value. The fair values of the investments are determined by a third-party specialist using the market standard yield methodology of discounting remaining contractual debt service payments at a market interest rate. These investments are classified as Level 3 in the fair value hierarchy. We use the following methods and assumptions in estimating fair value for financial instruments that are not presented at fair value on our consolidated balance sheets, but are disclosed in the notes to our consolidated financial statements: Notes and Mortgages Payable Notes and mortgages payable are valued by a third-party specialist using the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash payments we would be required to make under the instrument. The notes and mortgages payable are classified as Level 2 in the fair value hierarchy. The carrying values of all other financial instruments on our consolidated balance sheets, including cash and cash equivalents, restricted cash, accounts and other receivables and accounts payable and accrued expenses, approximate their fair values due to the short-term nature of these instruments. |
Revenue Recognition | Revenue Recognition Rental Revenue We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from five to fifteen years . Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to early terminate, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, and includes (i) fixed payments of cash rents, which represents revenue each tenant pays in accordance with the terms of its respective lease and that is recognized on a straight-line basis over the non-cancellable term of the lease, and includes the effects of rent steps and rent abatements under the leases, (ii) variable payments of tenant reimbursements, which are recoveries of all or a portion of the operating expenses and real estate taxes of the property and is recognized in the same period as the expenses are incurred, (iii) amortization of acquired above and below-market leases, net and (iv) lease termination income. We evaluate the collectability of our tenant receivables for payments required under the lease agreements. If we determine that collectability is not probable, the difference between rental revenue recognized and rental payments received is recorded as an adjustment to “rental revenue” in our consolidated statements of income. Fee and Other Income Fee income includes (i) asset management fees, (ii) property management fees, (iii) fees relating to acquisitions, dispositions and leasing services and (iv) other fee income, and is recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers . Fee income is generated from the various services we provide to our customers and is disaggregated based on the types of services we provide pursuant to ASC Topic 606. Fee income is recognized as and when we satisfy our performance obligations pursuant to contractual agreements. Property management and asset management services are provided continuously over time and revenue is recognized over that time. Fee income relating to acquisitions, dispositions and leasing services is recognized upon completion of the acquisition, disposition or leasing services as required in the contractual agreements. The amount of fee income to be recognized is stated in the contract as a fixed price or as a stated percentage of revenues, contributed capital or transaction price. Other income includes income from tenant requested services, including cleaning, overtime heating and cooling and parking income. |
Gains and Losses on Sale of Real Estate | Gains and Losses on Sale of Real Estate Gains and losses on the sale of real estate are recognized pursuant to ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, when (i) we do not have a controlling financial interest in the buyer and (ii) the buyer has obtained control of the real estate asset. Any gain or loss on sale is measured based on the difference between the amount of consideration received and the carrying amount of the real estate assets, less costs to sell. For partial sale of real estate resulting in transfer of control, we measure any noncontrolling interest retained at fair value and recognize a gain or loss on the difference between fair value and the carrying amount of the real estate assets retained. |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation . The fair value of the award on the date of grant (adjusted for estimated forfeitures) is ratably amortized into expense over the vesting period of the respective grants. The determination of fair value of these awards involves the use of significant estimates and assumptions, including expected volatility of our stock, expected dividend yield, expected term, and assumptions of whether these awards achieve the requisite performance criteria. |
Income Taxes | Income Taxes We operate and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. In order to maintain our qualification as a REIT, we are required under the Internal Revenue Code of 1986, as amended, to distribute at least 90 % of our taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If, with respect to any taxable year, we fail to maintain our qualification as a REIT, and we are not entitled to relief under the relevant statutory provisions, we would be subject to income tax at regular corporate tax rates. Even if we qualify as a REIT, we may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income tax may be due on our undistributed taxable income. We treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries (“TRSs”). TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. Our TRSs had a combined current income tax expense of approximately $ 1,942,000 , $ 2,024,000 , and $ 698,000 for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, our TRSs had combined deferred income tax expense of $ 101,000 , $ 703,000 and $ 32,000 for the years ended December 31, 2022, 2021 and 2020, respectively. The following table reconciles net loss attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Net loss attributable to Paramount Group, Inc. $ ( 36,403 ) $ ( 20,354 ) $ ( 24,704 ) Book to tax differences: Straight-lining of rents and amortization of above and ( 5,780 ) 3,082 ( 10,462 ) Depreciation and amortization 54,892 62,218 62,002 Stock-based compensation 17,607 16,933 17,766 Deferred compensation plan - ( 28,793 ) (1) - Our share of a real estate impairment loss of an 31,685 - - Sale of real estate - - 55,640 Other, net 20,352 27,476 ( 11,095 ) Estimated taxable income $ 82,353 $ 60,562 $ 89,147 (1) In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants. The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, 2022 2021 2020 Amount % Amount % Amount % Ordinary income $ 0.373 (1) 100.0 % $ 0.253 (1) 90.4 % $ 0.210 (1) 52.5 % Long-term capital gain - 0.0 % 0.023 8.2 % 0.190 47.5 % Return of capital - 0.0 % 0.004 1.4 % 0.000 0.0 % Total $ 0.373 (2) 100.0 % $ 0.280 (3) 100.0 % $ 0.400 (3) 100.0 % (1) Represents amounts treated as “qualified REIT dividends” for purposes of Internal Revenue Code Section 199A. (2) Dividends declared in the fourth quarter of the year ended December 31, 2022 of $ 0.0775 per share, that was paid in January 2023, was a split-year dividend with $ 0.070425 per share attributable to the year ended December 31, 2022 for federal income tax purposes and the remaining $ 0.007075 per share attributable to the year ended December 31, 2023. (3) Dividends declared in each of the fourth quarters of the years ended December 31, 2021 and 2020 of $ 0.07 per share, that were paid in January of the subsequent years, were attributable to the years in which they were paid, for federal income tax purposes. |
Segments | 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. See Note 23, Segments. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, which adds ASC Topic 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional expedients and exceptions to ease financial reporting burdens related to applying current GAAP to modifications of contracts, hedging relationships and other transactions in connection with the transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 was effective beginning March 12, 2020 to December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to clarify that certain optional expedients and exceptions apply to modifications of derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and for calculating price alignment interest. ASU 2021-01 was effective beginning January 7, 2021 to December 31, 2022. In December 2022, the FASB issued ASU 2022-06 to extend the effectiveness date of ASU 2020-04 and ASU 2021-01 from December 31, 2022 to December 31, 2024. We will apply ASU 2020-04 and ASU 2021-01 prospectively as and when we enter into transactions to which these updates apply. In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options , and ASC Topic 815, Subtopic - 4, Derivatives and Hedging - Contracts in Entity's Own Equity . ASU 2020-06 simplifies the guidance for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity by reducing the number of accounting models for convertible instruments and amends guidance in ASC Topic 260, Earnings Per Share, relating to the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2021, with early adoption permitted for fiscal years that begin after December 15, 2020. We adopted the provisions of ASU 2020-06 on January 1, 2022 . This adoption did no t have an impact on our consolidated financial statements. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation Net Loss Attributable to Estimated Taxable Income | The following table reconciles net loss attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Net loss attributable to Paramount Group, Inc. $ ( 36,403 ) $ ( 20,354 ) $ ( 24,704 ) Book to tax differences: Straight-lining of rents and amortization of above and ( 5,780 ) 3,082 ( 10,462 ) Depreciation and amortization 54,892 62,218 62,002 Stock-based compensation 17,607 16,933 17,766 Deferred compensation plan - ( 28,793 ) (1) - Our share of a real estate impairment loss of an 31,685 - - Sale of real estate - - 55,640 Other, net 20,352 27,476 ( 11,095 ) Estimated taxable income $ 82,353 $ 60,562 $ 89,147 (1) In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants. |
Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes | The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, 2022 2021 2020 Amount % Amount % Amount % Ordinary income $ 0.373 (1) 100.0 % $ 0.253 (1) 90.4 % $ 0.210 (1) 52.5 % Long-term capital gain - 0.0 % 0.023 8.2 % 0.190 47.5 % Return of capital - 0.0 % 0.004 1.4 % 0.000 0.0 % Total $ 0.373 (2) 100.0 % $ 0.280 (3) 100.0 % $ 0.400 (3) 100.0 % (1) Represents amounts treated as “qualified REIT dividends” for purposes of Internal Revenue Code Section 199A. (2) Dividends declared in the fourth quarter of the year ended December 31, 2022 of $ 0.0775 per share, that was paid in January 2023, was a split-year dividend with $ 0.070425 per share attributable to the year ended December 31, 2022 for federal income tax purposes and the remaining $ 0.007075 per share attributable to the year ended December 31, 2023. (3) Dividends declared in each of the fourth quarters of the years ended December 31, 2021 and 2020 of $ 0.07 per share, that were paid in January of the subsequent years, were attributable to the years in which they were paid, for federal income tax purposes. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Year Ended Income Statements: (1) December 31, 2020 Revenues: Rental revenue $ 13,967 Other income 276 Total revenues 14,243 Expenses: Operating 5,853 Depreciation and amortization 690 Total expenses 6,543 Income before gain or loss on sale of real estate 7,700 Loss on sale of real estate ( 12,766 ) Loss before income taxes ( 5,066 ) Income tax expense ( 9 ) Loss from discontinued operations, net $ ( 5,075 ) For the Year Ended Statements of Cash Flows: (1) December 31, 2020 Cash provided by operating activities $ 5,522 Cash provided by investing activities (2) $ 89,206 Cash used in financing activities $ ( 96,896 ) Additional Cash Flow Information: Depreciation and amortization $ 690 (1) Represents revenues, expenses, net income, and cash flow information of 1899 Pennsylvania Avenue. (2) Represents net proceeds from the sale of 1899 Pennsylvania Avenue. |
Real Estate Related Fund Inve_2
Real Estate Related Fund Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Fund [Abstract] | |
Summary of Assets and Liabilities of Fund X | The following table set forth a summary of the assets and liabilities of Fund X as of December 12, 2022. (Amounts in thousands) As of December 12, 2022 Real estate related fund investments $ 104,726 Cash and other assets and liabilities, net 512 Total real estate related fund investments 105,238 Less: noncontrolling interests in consolidated real estate related fund ( 91,535 ) Paramount Group, Inc.'s equity in real estate related fund investments $ 13,703 |
Summary of Loss from Real Estate Related Fund Investments | The following table sets forth the details of loss from real estate related fund investments for the period from December 12, 2022 to December 31, 2022. Period from December 12, 2022 to (Amounts in thousands) December 31, 2022 Net investment income $ 394 Loss recognized upon consolidation of real estate related ( 2,627 ) Loss from real estate related fund investments ( 2,233 ) Less: noncontrolling interests in consolidated real estate related fund ( 420 ) Loss from real estate related fund investments attributable $ ( 2,653 ) |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, Our Share of Investments: Ownership 2022 2021 712 Fifth Avenue (1) 50.0 % $ - $ - Market Center 67.0 % 192,948 185,344 55 Second Street (2) 44.1 % 85,340 88,284 111 Sutter Street 49.0 % - (3) 35,182 1600 Broadway (2)(4) 9.2 % 9,113 - 60 Wall Street (2) 5.0 % 25,034 19,230 One Steuart Lane (2) 35.0 % (5) 77,961 76,428 Oder-Center, Germany (2) 9.5 % 3,107 3,628 Investments in unconsolidated joint ventures $ 393,503 $ 408,096 (Amounts in thousands) For the Year Ended December 31, Our Share of Net (Loss) Income: 2022 2021 2020 712 Fifth Avenue (1) $ - $ ( 10,265 ) $ 687 Market Center ( 10,405 ) ( 11,848 ) ( 11,315 ) 55 Second Street (2) ( 2,943 ) ( 2,912 ) ( 2,723 ) 111 Sutter Street ( 35,190 ) (3) ( 2,658 ) ( 3,172 ) 1600 Broadway (2)(4) ( 9 ) - - 60 Wall Street (2) ( 89 ) 66 ( 70 ) One Steuart Lane (2) ( 4,696 ) 2,678 ( 2,043 ) Oder-Center, Germany (2) 81 43 17 Loss from unconsolidated joint ventures $ ( 53,251 ) $ ( 24,896 ) $ ( 18,619 ) (1) At December 31, 2021, our basis in the joint venture that owns 712 Fifth Avenue was negative $ 14,329 . 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 year ended December 31, 2022, the joint venture had net income of $ 1,804 of which our 50.0% share was $ 902 . Accordingly, our basis in the joint venture, taking into account our share of income, was negative $ 13,427 as of December 31, 2022. (2) As of December 31, 2022, the carrying amount of our investments in 55 Second Street, 1600 Broadway, 60 Wall Street, One Steuart Lane and Oder-Center, Germany was greater than our share of equity in these investments by $ 466 , $ 323 , $ 2,574 , $ 645 , $ 3,847 , respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. (3) In the fourth quarter of 2022, the joint venture that owns 111 Sutter Street recognized a $ 64,663 real estate impairment loss, of which our 49.0% share was $ 31,685 . This impairment loss, together with our share of operating losses recognized during the fourth quarter, caused our basis in the joint venture to become negative $ 107 as of December 31, 2022. Since we have no further obligation to fund additional capital to the joint venture, we are no longer required to recognize our proportionate share of earnings from the joint venture until such time that our basis in the joint venture becomes positive. In the meantime, we will recognize income only to the extent we receive cash distributions from the joint venture and recognize losses to the extent we make cash contributions to the joint venture. (4) Acquired on February 24, 2022. (5) Represents our consolidated Residential Development Fund’s (“RDF”) economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4 % ownership interest in RDF) is 2.6 %. |
Unconsolidated Joint Ventures [Member] | |
Summary of Financial Information of Unconsolidated Joint Ventures | The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates thereof and for the periods set forth below. (Amounts in thousands) As of December 31, Balance Sheets: 2022 2021 Real estate, net $ 2,377,084 $ 2,246,152 Cash and cash equivalents and restricted cash 252,540 216,910 Intangible assets, net 69,599 58,590 For-sale residential condominium units (1) 322,232 359,638 Other assets 87,054 46,646 Total assets $ 3,108,509 $ 2,927,936 Notes and mortgages payable, net $ 1,834,916 $ 1,791,404 Intangible liabilities, net 10,972 18,397 Other liabilities 50,783 61,097 Total liabilities 1,896,671 1,870,898 Equity 1,211,838 1,057,038 Total liabilities and equity $ 3,108,509 $ 2,927,936 (Amounts in thousands) For the Year Ended December 31, Income Statements: 2022 2021 2020 Revenues: Rental revenue $ 194,031 $ 229,420 $ 243,713 Other income 65,850 (2) 139,705 (2) 2,828 Total revenues 259,881 369,125 246,541 Expenses: Operating 152,313 (2) 220,396 (2) 109,114 Depreciation and amortization 85,949 107,079 117,640 Total expenses 238,262 327,475 226,754 Other income (expense): Interest and other (loss) income, net 991 ( 111 ) ( 36 ) Interest and debt expense ( 62,173 ) ( 63,493 ) ( 58,239 ) Real estate impairment loss ( 64,663 ) (3) - - Loss before income taxes ( 104,226 ) ( 21,954 ) ( 38,488 ) Income tax expense ( 60 ) ( 32 ) ( 47 ) Net loss $ ( 104,286 ) $ ( 21,986 ) $ ( 38,535 ) (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. (3) Represents a real estate impairment loss on 111 Sutter Street, of which our share is $ 31,685 . |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets and Liabilities | The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below. As of December 31, (Amounts in thousands) 2022 2021 Intangible assets: Gross amount $ 337,104 $ 371,555 Accumulated amortization ( 246,723 ) ( 252,142 ) $ 90,381 $ 119,413 Intangible liabilities: Gross amount $ 138,726 $ 151,118 Accumulated amortization ( 102,533 ) ( 105,790 ) $ 36,193 $ 45,328 For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Amortization of above and below-market leases, net $ 1,748 $ 3,070 $ 4,775 Amortization of acquired in-place leases $ 21,645 $ 26,507 $ 36,628 |
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, 2023. (Amounts in thousands) Above and Below- In-Place Leases 2023 $ 5,002 $ 17,705 2024 5,942 14,248 2025 4,596 10,451 2026 2,723 7,896 2027 2,410 7,252 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following table summarizes our consolidated outstanding debt. Maturity Fixed/ Interest Rate As of December 31, (Amounts in thousands) Date Variable Rate December 31, 2022 2022 2021 Notes and mortgages payable: 1633 Broadway (1) Dec-2029 Fixed 2.99 % $ 1,250,000 $ 1,250,000 One Market Plaza (1) Feb-2024 (2) Fixed 4.03 % 975,000 975,000 1301 Avenue of the Americas Aug-2026 Fixed (3) 2.46 % 500,000 500,000 Aug-2026 L + 356 bps (4) 5.56 % 360,000 360,000 3.76 % 860,000 860,000 31 West 52nd Street Jun-2026 Fixed 3.80 % 500,000 500,000 300 Mission Street (1) Oct-2023 (2) Fixed 3.65 % 273,000 273,000 Total notes and mortgages payable 3.58 % 3,858,000 3,858,000 Less: unamortized deferred financing costs ( 17,682 ) ( 22,380 ) Total notes and mortgages payable, net $ 3,840,318 $ 3,835,620 $750 Million Revolving Mar-2026 SOFR + 115 bps n/a $ - $ - (1) Our ownership interests in 1633 Broadway, One Market Plaza and 300 Mission Street are 90.0 %, 49.0 % and 31.1 %, respectively. (2) We are currently exploring various alternatives to refinance these loans and believe it is probable that we will be successful in refinancing them prior to their maturity. (3) Represents variable rate loans that have been fixed by interest rate swaps through August 2024. See Note 9, Derivative Instruments and Hedging Activities. (4) Represents variable rate loans, where LIBOR has been capped at 2.00 % through August 2023. See Note 9, Derivative Instruments and Hedging Activities. |
Summary of Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility | The following table summarizes the principal repayments required for the next five years and thereafter in connection with our consolidated notes and mortgages payable and revolving credit facility as of December 31, 2022. Notes and Revolving (Amounts in thousands) Total Mortgages Payable Credit Facility 2023 $ 273,000 $ 273,000 $ - 2024 975,000 975,000 - 2025 - - - 2026 1,360,000 1,360,000 - 2027 - - - Thereafter 1,250,000 1,250,000 - |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Schedule of Interest Rate Swaps and Interest Rate Caps | The table below provide additional details on our interest rate swaps and interest rate caps that are designated as cash flow hedges. Notional Effective Maturity Benchmark Strike Fair Value as of Property Amount Date Date Rate Rate December 31, 2022 December 31, 2021 (Amounts in thousands) 1301 Avenue of the Americas $ 500,000 Jul-2021 Aug-2024 LIBOR 0.46 % $ 32,681 $ 6,691 Total interest rate swap assets designated as cash flow hedges (included in "other assets") $ 32,681 $ 6,691 |
Interest Rate Cap [Member] | |
Derivative [Line Items] | |
Schedule of Interest Rate Swaps and Interest Rate Caps | Notional Effective Maturity Benchmark Strike Fair Value as of Property Amount Date Date Rate Rate December 31, 2022 December 31, 2021 (Amounts in thousands) 1301 Avenue of the Americas $ 360,000 Jul-2021 Aug-2023 LIBOR 2.00 % $ 6,123 $ 306 Total interest rate cap assets designated as cash flow hedges (included in "other assets") $ 6,123 $ 306 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income by Component | The following table sets forth changes in accumulated other comprehensive income by component for the years ended December 31, 2022, 2021 and 2020, including amounts attributable to noncontrolling interests in the Operating Partnership. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Amount of income related to the cash flow hedges (1) $ 39,865 $ 6,069 $ - Amount reclassified from accumulated other comprehensive (1) ( 8,026 ) 788 - Amount of income (loss) related to unconsolidated joint ventures (2) 18,859 5,562 ( 16,141 ) Amounts reclassified from accumulated other comprehensive (2) ( 374 ) 4,003 2,247 (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) | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated VIEs [Member] | |
Summary of Assets and Liabilities of Consolidated Variable Interest Entities | The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. As of December 31, (Amounts in thousands) 2022 2021 Real estate, net $ 3,364,482 $ 3,415,735 Cash and cash equivalents and restricted cash 144,446 198,154 Real estate related fund investments 105,369 - Investments in unconsolidated joint ventures 77,961 76,428 Accounts and other receivables 13,647 6,801 Deferred rent receivable 197,658 197,794 Deferred charges, net 49,485 53,013 Intangible assets, net 50,553 62,380 Other assets 9,860 15,551 Total VIE assets $ 4,013,461 $ 4,025,856 Notes and mortgages payable, net 2,489,902 2,487,871 Accounts payable and accrued expenses 61,492 54,738 Intangible liabilities, net 21,936 27,674 Other liabilities 6,051 6,427 Total VIE liabilities $ 2,579,381 $ 2,576,710 |
Unconsolidated VIEs [Member] | |
Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments | The following table summarizes our investments in these unconsolidated real estate related funds and the maximum risk of loss from these investments. As of December 31, (Amounts in thousands) 2022 2021 Investments $ 3,411 $ 11,421 Asset management fees and other receivables 21 9 Maximum risk of loss $ 3,432 $ 11,430 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets Measured at Fair Value | The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheets as of the dates set forth below, based on their levels in the fair value hierarchy. As of December 31, 2022 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate related fund investments $ 105,369 $ - $ - $ 105,369 Interest rate swap assets (included in "other assets") 32,681 - 32,681 - Interest rate cap assets (included in "other assets") 6,123 - 6,123 - Total assets $ 144,173 $ - $ 38,804 $ 105,369 As of December 31, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Interest rate swap assets (included in "other assets") $ 6,691 $ - $ 6,691 $ - Interest rate cap assets (included in "other assets") 306 - 306 - Total assets $ 6,997 $ - $ 6,997 $ - |
Summary of Changes in Fair Value of Real Estate Related Fund Investments in Level 3 | The table below summarizes the changes in the fair value of real estate related fund investments that are classified as Level 3, for the period from December 12, 2022 to December 31, 2022. Period from December 12, 2022 to (Amounts in thousands) December 31, 2022 Beginning balance $ - Consolidation of Fund X 104,726 Net unrealized gains 643 Ending balance $ 105,369 |
Summary of Carrying Amounts and Fair Value of Financial Instruments | The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below. As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Notes and mortgages payable $ 3,858,000 $ 3,566,096 $ 3,858,000 $ 3,893,252 Revolving credit facility - - - - Total liabilities $ 3,858,000 $ 3,566,096 $ 3,858,000 $ 3,893,252 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Rental Revenues | The following table sets forth the details of our rental revenue. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Rental revenue: Fixed $ 645,950 $ 635,513 $ 627,352 (1) Variable 56,869 54,905 (2) 51,663 Total rental revenue $ 702,819 $ 690,418 $ 679,015 (1) Includes (i) $ 33,205 of non-cash write-offs, primarily for straight-line rent receivables and (ii) $ 2,051 of reserves for uncollectible accounts receivable. (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-Cancelable Operating Leases | The following table is a schedule of future undiscounted cash flows under non-cancelable operating leases in effect as of December 31, 2022, for each of the five succeeding years and thereafter commencing January 1, 2023. (Amounts in thousands) 2023 $ 635,053 2024 645,282 2025 599,915 2026 504,660 2027 440,334 Thereafter 2,259,744 Total $ 5,084,988 |
Fee and Other Income (Tables)
Fee and Other Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disaggregation of Revenue [Abstract] | |
Summary of Fee and Other Income | The following table sets forth the details of our fee and other income. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Fee income: Asset management $ 12,270 $ 13,284 $ 14,266 Property management 7,981 8,589 9,242 Acquisition, disposition, leasing and other 8,170 6,600 4,562 Total fee income 28,421 28,473 28,070 Other income (1) 9,137 7,895 7,152 Total fee and other income $ 37,558 $ 36,368 $ 35,222 (1) Primarily comprised of (i) tenant requested services, including cleaning, overtime heating and cooling and (ii) parking income. |
Summary of Amount Receivable from Customers under Various Fee Agreement | The following table sets forth the amounts receivable from our customers under our various fee agreements and are included as a component of “accounts and other receivables” on our consolidated balance sheets. Acquisition, Asset Property Disposition, Leasing (Amounts in thousands) Total Management Management and Other Accounts and other receivables: Balance as of December 31, 2021 $ 3,206 $ 2,072 $ 686 $ 448 Balance as of December 31, 2022 2,611 2,138 338 135 (Decrease) increase $ ( 595 ) $ 66 $ ( 348 ) $ ( 313 ) |
Interest and Other Income, net
Interest and Other Income, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Other Income [Abstract] | |
Schedule of Interest and Other Income, net | The following table sets forth the details of interest and other income, net. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Interest income, net $ 5,174 $ 1,183 $ 2,054 Mark-to-market of investments in our deferred (1) - 1,834 2,436 Total interest and other income, net $ 5,174 $ 3,017 $ 4,490 (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. In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants. |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Debt Expense [Abstract] | |
Details of Interest and Debt Expense | The following table sets forth the details of interest and debt expense. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Interest expense $ 137,708 $ 132,887 $ 134,931 Amortization of deferred financing costs 6,156 9,127 (1) 9,277 Total interest and debt expense $ 143,864 $ 142,014 $ 144,208 (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. |
Incentive Compensation (Tables)
Incentive Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Components of Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020. For the Year Ended December 31, (Amounts in thousands) 2022 2021 2020 Time-based units: LTIP units $ 8,033 $ 8,554 $ 10,463 AOLTIP units 3,659 1,885 - Performance-based LTIP units 6,106 7,023 7,499 Restricted stock 1,205 1,150 1,217 Stock options - - 60 Total stock-based compensation expense $ 19,003 $ 18,612 $ 19,239 |
Summary of Fair Value of AOLTIP Unit Estimated Using Option-Pricing Model | The fair value of the AOLTIP unit is estimated using an option-pricing model with the following weighted average assumptions for grants in the year ended December 31, 2022 and 2021. For the Year Ended December 31, 2022 2021 Expected volatility 34.9 % 34.0 % Expected life 4.8 years 4.8 years Risk free interest rate 1.0 % 0.6 % Expected dividend yield 3.0 % 3.0 % |
Performance Programs [Member] | |
Summary of LTIP Unit and Restricted Stock Activity | The following table summarizes our LTIP unit activity granted under the Performance Programs for the year ended December 31, 2022. Units Weighted-Average Grant-Date Fair Value (per unit) Unvested as of December 31, 2021 4,099,887 $ 5.57 Granted 1,778,524 8.08 Earned and Vested - - Cancelled or expired ( 1,570,609 ) 5.89 Unvested as of December 31, 2022 4,307,802 $ 6.49 |
Restricted Stock [Member] | |
Summary of LTIP Unit and Restricted Stock Activity | The table below summarizes our restricted stock activity for the year ended December 31, 2022. Shares Weighted-Average Grant-Date Fair Value (per share) Unvested as of December 31, 2021 230,546 $ 10.44 Granted 147,957 9.19 Vested ( 86,354 ) 11.12 Cancelled or expired ( 23,041 ) 9.68 Unvested as of December 31, 2022 269,108 $ 9.59 |
Employee Stock Option [Member] | |
Summary of Stock Option Activity | The following table summarizes our stock option activity for the year ended December 31, 2022. Shares Weighted-Average Price Weighted-Average Aggregate Outstanding as of December 31, 2021 2,010,993 $ 17.06 Granted - - Exercised - - Cancelled or expired ( 18,000 ) 17.50 Outstanding as of December 31, 2022 1,992,993 $ 17.06 2.7 $ - Options vested and expected to vest as of December 31, 2022 1,992,993 $ 17.06 2.7 $ - Options exercisable as of December 31, 2022 1,992,993 $ 17.06 2.7 $ - |
Long Term Incentive Plan [Member] | |
Summary of LTIP Unit and Restricted Stock Activity | The following table summarizes our LTIP unit activity for the year ended December 31, 2022. Units Weighted-Average Grant-Date Fair Value (per unit) Unvested as of December 31, 2021 2,040,736 $ 10.40 Granted 732,015 8.38 Vested ( 713,269 ) 10.68 Cancelled or expired ( 61,237 ) 10.54 Unvested as of December 31, 2022 1,998,245 $ 9.56 |
Appreciation Only Long Term Incentive Plan | |
Summary of Stock Option Activity | The following table summarizes our AOLTIP unit activity for the year ended December 31, 2022. Shares Weighted-Average Price Weighted-Average Aggregate Outstanding as of December 31, 2021 2,171,875 $ 8.63 Granted 2,703,499 8.93 Exercised ( 95,312 ) 8.63 Cancelled or expired ( 192,188 ) 8.63 Outstanding as of December 31, 2022 4,587,874 $ 8.80 5.6 $ - AOLTIP units vested and expected to vest as of 4,409,076 $ 8.80 5.6 $ - AOLTIP units exercisable as of December 31, 2022 2,033,593 $ 8.63 5.6 $ - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Year Ended December 31, (Amounts in thousands, except per share amounts) 2022 2021 2020 Numerator: Continuing Operations: Net loss from continuing operations $ ( 36,403 ) $ ( 20,354 ) $ ( 20,063 ) Earnings allocated to unvested participating securities ( 85 ) ( 70 ) ( 44 ) Numerator for net loss from continuing operations ( 36,488 ) ( 20,424 ) ( 20,107 ) Discontinued Operations: Net loss from discontinued operations attributable - - ( 4,641 ) Earnings allocated to unvested participating securities - - ( 22 ) Numerator for net loss from discontinued - - ( 4,663 ) Numerator for net loss per common share - basic and diluted $ ( 36,488 ) $ ( 20,424 ) $ ( 24,770 ) Denominator: Denominator for basic loss per common share - 221,310 218,701 222,436 Effect of dilutive stock-based compensation plans (1) - - - Denominator for diluted loss per common share - 221,310 218,701 222,436 Loss per Common Share - Basic and Diluted: Continuing operations, net $ ( 0.16 ) $ ( 0.09 ) $ ( 0.09 ) Discontinued operations, net - - ( 0.02 ) Net loss per common share - basic and diluted $ ( 0.16 ) $ ( 0.09 ) $ ( 0.11 ) (1) The effect of dilutive securities for the years ended December 31, 2022, 2021 and 2020 excludes 20,064 , 23,775 and 23,540 weighted average share equivalents, respectively, as their effect was anti-dilutive. |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of NOI for Each Reportable Segment Information | The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below. For the Year Ended December 31, 2022 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 711,956 $ 468,409 $ 245,560 $ ( 2,013 ) Property-related operating expenses ( 277,422 ) ( 199,085 ) ( 74,396 ) ( 3,941 ) NOI from unconsolidated joint ventures 45,141 13,257 31,596 288 NOI (1) $ 479,675 $ 282,581 $ 202,760 $ ( 5,666 ) For the Year Ended December 31, 2021 (Amounts in thousands) Total New York San Francisco Other Property-related revenues $ 698,313 $ 443,384 $ 258,188 $ ( 3,259 ) Property-related operating expenses ( 265,438 ) ( 191,793 ) ( 69,976 ) ( 3,669 ) NOI from unconsolidated joint ventures 43,597 11,303 32,221 73 NOI (1) $ 476,472 $ 262,894 $ 220,433 $ ( 6,855 ) For the Year Ended December 31, 2020 (Amounts in thousands) Total New York San Francisco Other (2) Property-related revenues $ 700,410 $ 454,071 $ 234,893 $ 11,446 Property-related operating expenses ( 273,440 ) ( 194,648 ) ( 68,924 ) ( 9,868 ) NOI from unconsolidated joint ventures 48,631 11,540 38,892 ( 1,801 ) NOI (1) $ 475,601 $ 270,963 $ 204,861 $ ( 223 ) (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 year ended December 31, 2020 includes NOI from discontinued operations. See Note 3, Discontinued Operations. |
Schedule of Reconciliation of NOI to Net Loss Income 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 Year Ended December 31, (Amounts in thousands) 2022 2021 2020 NOI $ 479,675 $ 476,472 $ 475,601 Add (subtract) adjustments to arrive to net (loss) income: Fee income 28,421 28,473 28,070 Depreciation and amortization expense ( 232,517 ) ( 232,487 ) ( 235,200 ) General and administrative expenses ( 59,487 ) ( 59,132 ) ( 64,917 ) Loss from real estate related fund investments ( 2,233 ) - - NOI from unconsolidated joint ventures (excluding One Steuart Lane) ( 45,141 ) ( 43,597 ) ( 48,631 ) Loss from unconsolidated joint ventures ( 53,251 ) ( 24,896 ) ( 18,619 ) Interest and other income, net 5,174 3,017 4,490 Interest and debt expense ( 143,864 ) ( 142,014 ) ( 144,208 ) Adjustments related to discontinued operations (including loss on sale of real estate) - - ( 8,390 ) Other, net ( 1,709 ) ( 134 ) ( 824 ) (Loss) income from continuing operations, before income taxes ( 24,932 ) 5,702 ( 12,628 ) Income tax expense ( 3,265 ) ( 3,643 ) ( 1,493 ) (Loss) income from continuing operations, net ( 28,197 ) 2,059 ( 14,121 ) Loss from discontinued operations, net - - ( 5,075 ) Net (loss) income ( 28,197 ) 2,059 ( 19,196 ) Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures ( 13,981 ) ( 21,538 ) ( 9,257 ) Consolidated real estate related funds 3,342 ( 2,893 ) 1,450 Operating Partnership 2,433 2,018 2,299 Net loss attributable to common stockholders $ ( 36,403 ) $ ( 20,354 ) $ ( 24,704 ) |
Schedule of Total Assets for Each Reportable Segments Information | The following table provides the total assets for each of our reportable segments as of the dates set forth below. (Amounts in thousands) Total Assets as of: Total New York San Francisco Other December 31, 2022 $ 8,453,254 $ 5,311,636 $ 2,631,265 $ 510,353 December 31, 2021 8,494,562 5,336,210 2,696,131 462,221 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 | 12 Months Ended |
Dec. 31, 2022 ft² Properties | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | Properties | 18 |
Area of office and retail properties | 13.8 |
New York [Member] | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | Properties | 8 |
Area of office and retail properties | 8.7 |
New York [Member] | Office Space [Member] | |
Real Estate Properties [Line Items] | |
Area of office and retail properties | 8.2 |
New York [Member] | Retail, Theater and Amenity Space [Member] | |
Real Estate Properties [Line Items] | |
Area of office and retail properties | 0.5 |
San Francisco [Member] | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | Properties | 6 |
Area of office and retail properties | 4.3 |
San Francisco [Member] | Office Space [Member] | |
Real Estate Properties [Line Items] | |
Area of office and retail properties | 4.1 |
San Francisco [Member] | Retail Space [Member] | |
Real Estate Properties [Line Items] | |
Area of office and retail properties | 0.2 |
New York And Washington, D.C [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties managed | Properties | 4 |
Area of office and retail properties | 0.8 |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |
Real Estate Properties [Line Items] | |
Percentage of ownership in operating partnership | 93.70% |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Minimum percentage of taxable income distributed to shareholders | 90% | ||
Income tax expense | $ 3,265,000 | $ 3,643,000 | $ 1,493,000 |
Number of reportable segments | Segment | 2 | ||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate202006Member | ||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2022 | ||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | ||
111 Sutter Street [Member] | |||
Proportionate share of real estate impairment loss | $ 31,685,000 | ||
Taxable REIT Subsidiaries [Member] | |||
Income tax expense | 1,942,000 | 2,024,000 | 698,000 |
Deferred income tax expense (benefit) | $ 101,000 | $ 703,000 | $ 32,000 |
Minimum [Member] | |||
Estimated useful lives of the assets, years | 5 | ||
Lease term | 5 years | ||
Maximum [Member] | |||
Estimated useful lives of the assets, years | 40 years | ||
Lease term | 15 years |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Summary of Reconciliation Net Income (Loss) Attributable to Estimated Taxable Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Net loss attributable to Paramount Group, Inc. | $ (36,403) | $ (20,354) | $ (24,704) |
Book to tax differences: | |||
Straight-lining of rents and amortization of above and below-market leases, net | (5,780) | 3,082 | (10,462) |
Depreciation and amortization | 54,892 | 62,218 | 62,002 |
Stock-based compensation | 17,607 | 16,933 | 17,766 |
Deferred compensation plan | (28,793) | ||
Our share of a real estate impairment loss of an unconsolidated joint venture | 31,685 | ||
Sale of real estate | 55,640 | ||
Other, net | 20,352 | 27,476 | (11,095) |
Estimated taxable income | $ 82,353 | $ 60,562 | $ 89,147 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Cash dividend | $ 0.373 | $ 0.280 | $ 0.400 |
Ordinary income | 100% | 90.40% | 52.50% |
Long-term capital gain | 0% | 8.20% | 47.50% |
Return of capital | 0% | 1.40% | 0% |
Total | 100% | 100% | 100% |
Ordinary Income [Member] | |||
Income Taxes [Line Items] | |||
Cash dividend | $ 0.373 | $ 0.253 | $ 0.210 |
Long-Term Capital Gain [Member] | |||
Income Taxes [Line Items] | |||
Cash dividend | 0.023 | 0.190 | |
Return of Capital [Member] | |||
Income Taxes [Line Items] | |||
Cash dividend | $ 0.004 | $ 0 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes (Parenthetical) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Line Items] | |||||
Cash dividend | $ 0.0775 | $ 0.07 | $ 0.07 | ||
Split year dividend per share | $ 0.070425 | ||||
Scenario Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Split year dividend per share | $ 0.007075 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) | 12 Months Ended | |||
Dec. 24, 2020 USD ($) ft² | Dec. 31, 2020 USD ($) | Dec. 31, 2022 ft² | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Area of leased properties | ft² | 13,800,000 | |||
1899 Pennsylvania Avenue [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Sale, net proceeds | [1] | $ 14,243,000 | ||
Gain (loss) on sale of property | [1] | $ (12,766,000) | ||
1899 Pennsylvania Avenue [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Area of leased properties | ft² | 191,000 | |||
Sale agreement amount | $ 103,000,000 | |||
Sale, net proceeds | 89,206,000 | |||
Gain (loss) on sale of property | $ (12,766,000) | |||
[1] Represents revenues, expenses, net income, and cash flow information of 1899 Pennsylvania Avenue. |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Results of Operations Related to Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Other income (expense): | ||||
Loss from discontinued operations, net | $ 0 | $ 0 | $ (5,075) | |
1899 Pennsylvania Avenue [Member] | ||||
Revenues: | ||||
Rental revenue | [1] | 13,967 | ||
Other income | [1] | 276 | ||
Total revenues | [1] | 14,243 | ||
Expenses: | ||||
Operating | [1] | 5,853 | ||
Depreciation and amortization | [1] | 690 | ||
Total expenses | [1] | 6,543 | ||
Other income (expense): | ||||
Income before gain or loss on sale of real estate | [1] | 7,700 | ||
Loss on sale of real estate | [1] | (12,766) | ||
Loss before income taxes | [1] | (5,066) | ||
Income tax expense | [1] | (9) | ||
Loss from discontinued operations, net | [1] | $ (5,075) | ||
[1] Represents revenues, expenses, net income, and cash flow information of 1899 Pennsylvania Avenue. |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Cash Flows from Discontinued Operations (Details) - 1899 Pennsylvania Avenue [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 USD ($) | [1] | |
Statements of Cash Flows: | ||
Cash provided by operating activities | $ 5,522 | |
Cash provided by investing activities | 89,206 | [2] |
Cash used in financing activities | (96,896) | |
Additional Cash Flow Information: | ||
Depreciation and amortization | $ 690 | |
[1] Represents revenues, expenses, net income, and cash flow information of 1899 Pennsylvania Avenue. Represents net proceeds from the sale of 1899 Pennsylvania Avenue. |
Real Estate Related Fund Inve_3
Real Estate Related Fund Investments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 12, 2022 | Dec. 31, 2022 | Dec. 11, 2022 | |
Real Estate Related Fund [Line Items] | |||
Investment in real estate related funds | $ 7,454,000 | ||
Fund X [Member] | |||
Real Estate Related Fund [Line Items] | |||
Alternative Investment Fund Ownership Interest Percentage | 8.20% | ||
Investment in real estate related funds | $ 7,454,000 | ||
Alternative Investment Fund Ownership Interest Percentage | 13% |
Real Estate Related Fund Inve_4
Real Estate Related Fund Investments - Summary of Assets and Liabilities of Fund X (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 12, 2022 | Dec. 31, 2021 |
Real Estate Related Fund [Line Items] | |||
Real estate related fund investments | $ 105,369 | $ 0 | |
Fund X [Member] | |||
Real Estate Related Fund [Line Items] | |||
Real estate related fund investments | $ 104,726 | ||
Cash and other assets and liabilities, net | 512 | ||
Total real estate related fund investments | 105,238 | ||
Less: noncontrolling interests in consolidated real estate related fund | (91,535) | ||
Paramount Group, Inc.'s equity in real estate related fund investments | $ 13,703 |
Real Estate Related Fund Inve_5
Real Estate Related Fund Investments - Summary of Loss From Real Estate Related Fund Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Related Fund [Line Items] | ||||
Loss from real estate related fund investments | $ (2,233) | $ 0 | $ 0 | |
Net loss attributable to common stockholders | $ (36,403) | $ (20,354) | $ (24,704) | |
Fund X [Member] | ||||
Real Estate Related Fund [Line Items] | ||||
Net investment income | $ 394 | |||
Loss recognized upon consolidation of real estate related fund investments that were previously unconsolidated | (2,627) | |||
Loss from real estate related fund investments | (2,233) | |||
Less: noncontrolling interests in consolidated real estate related fund | (420) | |||
Net loss attributable to common stockholders | $ (2,653) |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Additional Information (Details) | Dec. 31, 2022 ft² | Feb. 24, 2022 USD ($) ft² |
Schedule of Equity Method Investments [Line Items] | ||
Area of office and retail properties | ft² | 13,800,000 | |
1600 Broadway [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method paramount ownership percentage | 9.20% | 9.20% |
Area of office and retail properties | ft² | 26,000 | |
Sale agreement amount | $ | $ 191,500,000 | |
Interest-only loan, fixed amount | $ | $ 98,000,000 | |
Interest-only loan, fixed rate | 3.45% | |
Interest-only loan, Term | 10 years | |
Mars, Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Lease term | 15 years |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 24, 2022 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated joint ventures | $ 393,503 | $ 408,096 | ||
Loss from unconsolidated joint ventures | $ (53,251) | (24,896) | $ (18,619) | |
712 Fifth Avenue [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 50% | |||
Loss from unconsolidated joint ventures | (10,265) | 687 | ||
Market Center [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 67% | |||
Investments in unconsolidated joint ventures | $ 192,948 | 185,344 | ||
Loss from unconsolidated joint ventures | $ (10,405) | (11,848) | (11,315) | |
55 Second Street [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 44.10% | |||
Investments in unconsolidated joint ventures | $ 85,340 | 88,284 | ||
Loss from unconsolidated joint ventures | $ (2,943) | (2,912) | (2,723) | |
111 Sutter Street [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 49% | |||
Investments in unconsolidated joint ventures | 35,182 | |||
Loss from unconsolidated joint ventures | $ (35,190) | (2,658) | (3,172) | |
1600 Broadway [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 9.20% | 9.20% | ||
Investments in unconsolidated joint ventures | $ 9,113 | |||
Loss from unconsolidated joint ventures | $ (9) | |||
60 Wall Street [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 5% | |||
Investments in unconsolidated joint ventures | $ 25,034 | 19,230 | ||
Loss from unconsolidated joint ventures | $ (89) | 66 | (70) | |
One Steuart Lane [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 35% | |||
Investments in unconsolidated joint ventures | $ 77,961 | 76,428 | ||
Loss from unconsolidated joint ventures | $ (4,696) | 2,678 | (2,043) | |
Oder-Center, Germany [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 9.50% | |||
Investments in unconsolidated joint ventures | $ 3,107 | 3,628 | ||
Loss from unconsolidated joint ventures | $ 81 | $ 43 | $ 17 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Parenthetical) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Distributions of earnings from unconsolidated joint ventures | $ 1,324,000 | $ 7,278,000 | $ 3,999,000 | |
Contribution to the joint venture | 15,812,000 | 11,750,000 | $ 60,000 | |
712 Fifth Avenue [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Distributions made in excess of share of earnings recognized negative basis | 13,427,000 | $ 14,329,000 | ||
Income (Loss) of investment accounted under equity method accounting | 1,804,000 | |||
Proportionate share of income (loss) of equity method investment not recognized | $ 902,000 | |||
Equity method paramount ownership percentage | 50% | 50% | ||
55 Second Street [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Difference between carrying amount of investment and equity | $ 466,000 | $ 466,000 | ||
Equity method paramount ownership percentage | 44.10% | 44.10% | ||
111 Sutter Street [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Distributions made in excess of share of earnings recognized negative basis | $ 107,000 | |||
Real estate impairment loss | $ (64,663,000) | |||
Proportionate share of real estate impairment loss | $ 31,685,000 | |||
Equity method paramount ownership percentage | 49% | 49% | ||
1600 Broadway [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Difference between carrying amount of investment and equity | $ 323,000 | $ 323,000 | ||
60 Wall Street [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Difference between carrying amount of investment and equity | $ 2,574,000 | $ 2,574,000 | ||
Equity method paramount ownership percentage | 5% | 5% | ||
One Steuart Lane [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Difference between carrying amount of investment and equity | $ 645,000 | $ 645,000 | ||
Equity method paramount ownership percentage | 35% | 35% | ||
Equity method economic interest percentage | 2.60% | |||
One Steuart Lane [Member] | Residential Development Fund's [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method paramount ownership percentage | 7.40% | 7.40% | ||
Oder-Center, Germany [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Difference between carrying amount of investment and equity | $ 3,847,000 | $ 3,847,000 | ||
Equity method paramount ownership percentage | 9.50% | 9.50% |
Investments in Unconsolidated_6
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Total assets | $ 8,453,254 | [1] | $ 8,494,562 | [1] | $ 8,554,097 | |
Total liabilities | [1] | 4,042,488 | 4,039,530 | |||
Equity | 3,592,291 | 3,588,163 | ||||
Total liabilities and equity | 8,453,254 | 8,494,562 | ||||
Rental revenue | 702,819 | 690,418 | 679,015 | |||
Other income | 9,137 | 7,895 | 7,152 | |||
Total revenues | 740,377 | 726,786 | 714,237 | |||
Operating | 277,422 | 265,438 | 267,587 | |||
Depreciation and amortization | 232,517 | 232,487 | 235,200 | |||
Total expenses | 569,896 | 557,973 | 568,800 | |||
Interest and other income, net | 5,174 | 3,017 | 4,490 | |||
Interest and debt expense | (143,864) | (142,014) | (144,208) | |||
Loss before income taxes | (24,932) | 5,702 | (12,628) | |||
Income tax expense | (3,265) | (3,643) | (1,493) | |||
Net loss attributable to common stockholders | (36,403) | (20,354) | (24,704) | |||
Unconsolidated Joint Ventures [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Real estate, net | 2,377,084 | 2,246,152 | ||||
Cash and cash equivalents and restricted cash | 252,540 | 216,910 | ||||
Intangible assets, net | 69,599 | 58,590 | ||||
For-sale residential condominium units | [2] | 322,232 | 359,638 | |||
Other assets | 87,054 | 46,646 | ||||
Total assets | 3,108,509 | 2,927,936 | ||||
Notes and mortgages payable, net | 1,834,916 | 1,791,404 | ||||
Intangible liabilities, net | 10,972 | 18,397 | ||||
Other liabilities | 50,783 | 61,097 | ||||
Total liabilities | 1,896,671 | 1,870,898 | ||||
Equity | 1,211,838 | 1,057,038 | ||||
Total liabilities and equity | 3,108,509 | 2,927,936 | ||||
Rental revenue | 194,031 | 229,420 | 243,713 | |||
Other income | 65,850 | [3] | 139,705 | [3] | 2,828 | |
Total revenues | 259,881 | 369,125 | 246,541 | |||
Operating | 152,313 | [3] | 220,396 | [3] | 109,114 | |
Depreciation and amortization | 85,949 | 107,079 | 117,640 | |||
Total expenses | 238,262 | 327,475 | 226,754 | |||
Interest and other income, net | 991 | (111) | (36) | |||
Interest and debt expense | (62,173) | (63,493) | (58,239) | |||
Real estate impairment loss | [4] | (64,663) | ||||
Loss before income taxes | (104,226) | (21,954) | (38,488) | |||
Income tax expense | (60) | (32) | (47) | |||
Net loss attributable to common stockholders | $ (104,286) | $ (21,986) | $ (38,535) | |||
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.7 % as of December 31, 2022. As of December 31, 2022, the assets and liabilities of the Operating Partnership include $ 4,013,461 and $ 2,579,381 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities (“VIEs”) . Represents the cost of residential condominium units at One Steuart Lane that are available for sale Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane. Represents a real estate impairment loss on 111 Sutter Street, of which our share is $ 31,685 . |
Investments in Unconsolidated_7
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Parenthetical) (Details) - 111 Sutter Street [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Proportionate share of real estate impairment loss | $ 31,685,000 |
Unconsolidated Joint Ventures [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Proportionate share of real estate impairment loss | $ 31,685,000 |
Investments in Unconsolidated_8
Investments in Unconsolidated Real Estate Related Funds - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 12, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 11, 2022 | |
Investment Holdings [Line Items] | |||||
Investment in real estate related funds | $ 7,454,000 | ||||
Investments in unconsolidated real estate related funds | 3,411,000 | $ 11,421,000 | |||
Income (loss) from unconsolidated real estate funds | $ (1,239,000) | $ 782,000 | $ 272,000 | ||
Fund VIII [Member] | |||||
Investment Holdings [Line Items] | |||||
Alternative Investment Fund Ownership Interest Percentage | 1.30% | ||||
Investments in unconsolidated real estate related funds | $ 3,411,000 | ||||
Fund X [Member] | |||||
Investment Holdings [Line Items] | |||||
Alternative Investment Fund Ownership Interest Percentage | 8.20% | ||||
Alternative Investment Fund Ownership Interest Percentage | 13% | ||||
Investment in real estate related funds | $ 7,454,000 |
Intangible Assets and Intangibl
Intangible Assets and Intangible Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible assets: | |||
Gross amount | $ 337,104 | $ 371,555 | |
Accumulated amortization | (246,723) | (252,142) | |
Intangible assets, Net | 90,381 | 119,413 | |
Intangible liabilities: | |||
Gross amount | 138,726 | 151,118 | |
Accumulated amortization | (102,533) | (105,790) | |
Intangible Liabilities, Net | 36,193 | 45,328 | |
Leases, Acquired-in-Place, Market Adjustment [Member] | |||
Intangible liabilities: | |||
Amortization of above and below-market leases, net (component of "rental revenue") | 1,748 | 3,070 | $ 4,775 |
Leases, Acquired-in-Place [Member] | |||
Intangible liabilities: | |||
Amortization of acquired in-place leases (component of "depreciation and amortization") | $ 21,645 | $ 26,507 | $ 36,628 |
Intangible Assets and Intangi_2
Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2023 | $ 5,002 |
2024 | 5,942 |
2025 | 4,596 |
2026 | 2,723 |
2027 | 2,410 |
Leases, Acquired-in-Place [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2023 | 17,705 |
2024 | 14,248 |
2025 | 10,451 |
2026 | 7,896 |
2027 | $ 7,252 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Notes and mortgages payable, Interest Rate | 3.58% | |
Notes and mortgages payable | $ 3,858,000 | $ 3,858,000 |
Credit Facility | 0 | 0 |
Less: unamortized deferred financing costs | (17,682) | (22,380) |
Total notes and mortgages payable, net | $ 3,840,318 | 3,835,620 |
Credit Facility With Variable Rate [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2026-03 | |
Credit Facility With Variable Rate [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Fixed/Variable Rate | 1.15% | |
1633 Broadway [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2029-12 | |
Notes and mortgages payable, Interest Rate | 2.99% | |
Notes and mortgages payable | $ 1,250,000 | 1,250,000 |
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2024-02 | |
Notes and mortgages payable, Interest Rate | 4.03% | |
Notes and mortgages payable | $ 975,000 | 975,000 |
1301 Avenue of the Americas [Member] | ||
Debt Instrument [Line Items] | ||
Notes and mortgages payable, Interest Rate | 3.76% | |
Notes and mortgages payable | $ 860,000 | 860,000 |
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2026-08 | |
Notes and mortgages payable, Interest Rate | 2.46% | |
Notes and mortgages payable | $ 500,000 | 500,000 |
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2026-08 | |
Notes and mortgages payable, Interest Rate | 5.56% | |
Notes and mortgages payable | $ 360,000 | 360,000 |
1301 Avenue of the Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Fixed/Variable Rate | 3.56% | |
31 West 52nd Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2026-06 | |
Notes and mortgages payable, Interest Rate | 3.80% | |
Notes and mortgages payable | $ 500,000 | 500,000 |
300 Mission Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of debt | 2023-10 | |
Notes and mortgages payable, Interest Rate | 3.65% | |
Notes and mortgages payable | $ 273,000 | $ 273,000 |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Debt (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
1633 Broadway [Member] | ||
Debt Instrument [Line Items] | ||
Ownership percentage of Property | 90% | 90% |
One Market Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Ownership percentage of Property | 49% | 49% |
300 Mission Street [Member] | ||
Debt Instrument [Line Items] | ||
Ownership percentage of Property | 31.10% | 31.10% |
1301 Avenue of the Americas [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgages and Notes Payable with Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Capped interest rate | 2% | 2% |
Debt - Summary of Principal Rep
Debt - Summary of Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 273,000 |
2024 | 975,000 |
2026 | 1,360,000 |
Thereafter | 1,250,000 |
Notes and Mortgages Payable [Member] | |
Debt Instrument [Line Items] | |
2023 | 273,000 |
2024 | 975,000 |
2026 | 1,360,000 |
Thereafter | $ 1,250,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Changes in fair value of these interest rate swaps and interest rate caps | $ 39,865,000 | $ 6,069,000 |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Changes in fair value of these interest rate swaps and interest rate caps | 31,839,000 | $ 6,857,000 |
Amount to be recognized in accumulated other comprehensive income (loss) reclassified to interest expense for next twelve months | (27,817,000) | |
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] | 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% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Swaps and Interest Rate Caps (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Total interest rate swap and interest rate caps assets designated as cash flow hedges (included in "other assets") | $ 32,681 | $ 6,691 |
Interest Rate Swap [Member] | 1301 Avenue of the Americas [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 500,000 | |
Effective Date | Jul. 31, 2021 | |
Maturity Date | Aug. 31, 2024 | |
Strike Rate | 0.46% | |
Total interest rate swap and interest rate caps assets designated as cash flow hedges (included in "other assets") | $ 32,681 | 6,691 |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Total interest rate swap and interest rate caps assets designated as cash flow hedges (included in "other assets") | 6,123 | 306 |
Interest Rate Cap [Member] | 1301 Avenue of the Americas [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 360,000 | |
Effective Date | Jul. 31, 2021 | |
Maturity Date | Aug. 31, 2023 | |
Strike Rate | 2% | |
Total interest rate swap and interest rate caps assets designated as cash flow hedges (included in "other assets") | $ 6,123 | $ 306 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2020 | Nov. 05, 2019 | |
Class Of Stock [Line Items] | |||
Common stock shares authorized amount | $ 200,000,000 | ||
Stock repurchased, price per share | $ 6.27 | $ 8.69 | |
Stock repurchased, value | $ 65,000,000 | $ 120,000,000 | |
Stock repurchase amount available for future repurchase | $ 15,000,000 | ||
Common Stock [Member] | |||
Class Of Stock [Line Items] | |||
Stock repurchased | 10,370,610 | 13,813,158 | |
Stock repurchased, value | $ 104,000 | $ 138,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Amount of income (loss) related to the cash flow hedges recognized in other comprehensive income (loss) | $ 39,865 | $ 6,069 | |
Amount reclassified from accumulated other comprehensive income (loss) increasing (decreasing) interest and debt expense | (8,026) | 788 | |
Amount of income (loss) related to unconsolidated joint ventures recognized in other comprehensive income (loss) | 18,859 | 5,562 | $ 16,141 |
Amounts reclassified from accumulated other comprehensive income (loss) increasing loss from unconsolidated joint ventures | $ (374) | $ 4,003 | $ 2,247 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Parenthetical) (Details) - Designated As Hedging Instrument [Member] - Cash Flow Hedging [Member] | Dec. 31, 2022 USD ($) |
Interest Rate Swap [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Derivative liability, aggregate notional amount | $ 500,000,000 |
Interest Rate Swap [Member] | Unconsolidated Joint Ventures [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Derivative liability, aggregate notional amount | 402,000,000 |
Interest Rate Cap [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Derivative liability, aggregate notional amount | $ 360,000,000 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | ||
Consolidated joint ventures | $ 402,118,000 | $ 428,833,000 |
Noncontrolling interests in consolidated real estate fund aggregated | 173,375,000 | 81,925,000 |
Operating partnerships | 242,982,000 | 356,111,000 |
Redemption value | $ 86,644,000 | $ 181,315,000 |
Common units conversion basis | one-for-one |
Variable Interest Entities ("_3
Variable Interest Entities ("VIEs") - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |
Variable Interest Entity [Line Items] | |
Percentage of ownership in operating partnership | 93.70% |
Variable Interest Entities ("_4
Variable Interest Entities ("VIEs") - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Variable Interest Entity [Line Items] | |||||||
Real estate, net | $ 6,846,224 | $ 6,915,084 | |||||
Cash and cash equivalents and restricted cash | 449,817 | 529,666 | $ 465,324 | $ 331,487 | |||
Real estate related fund investments | 105,369 | 0 | |||||
Deferred rent receivable | 346,338 | 332,735 | |||||
Deferred charges, net | 120,685 | 122,177 | |||||
Intangible assets, net | 90,381 | 119,413 | |||||
Other assets | 73,660 | 40,388 | |||||
Total assets | 8,453,254 | [1] | 8,494,562 | [1] | $ 8,554,097 | ||
Notes and mortgages payable, net | 3,840,318 | 3,835,620 | |||||
Accounts payable and accrued expenses | 123,176 | 116,192 | |||||
Intangible liabilities, net | 36,193 | 45,328 | |||||
Other liabilities | 24,775 | 25,495 | |||||
Total liabilities | [1] | 4,042,488 | 4,039,530 | ||||
Variable Interest Entities [Member] | |||||||
Variable Interest Entity [Line Items] | |||||||
Real estate, net | 3,364,482 | 3,415,735 | |||||
Cash and cash equivalents and restricted cash | 144,446 | 198,154 | |||||
Real estate related fund investments | 105,369 | ||||||
Investments in unconsolidated joint ventures | 77,961 | 76,428 | |||||
Accounts and other receivables | 13,647 | 6,801 | |||||
Deferred rent receivable | 197,658 | 197,794 | |||||
Deferred charges, net | 49,485 | 53,013 | |||||
Intangible assets, net | 50,553 | 62,380 | |||||
Other assets | 9,860 | 15,551 | |||||
Total assets | 4,013,461 | 4,025,856 | |||||
Notes and mortgages payable, net | 2,489,902 | 2,487,871 | |||||
Accounts payable and accrued expenses | 61,492 | 54,738 | |||||
Intangible liabilities, net | 21,936 | 27,674 | |||||
Other liabilities | 6,051 | 6,427 | |||||
Total liabilities | $ 2,579,381 | $ 2,576,710 | |||||
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.7 % as of December 31, 2022. As of December 31, 2022, the assets and liabilities of the Operating Partnership include $ 4,013,461 and $ 2,579,381 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities (“VIEs”) . |
Variable Interest Entities ("_5
Variable Interest Entities ("VIEs") - Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments (Details) - Unconsolidated Real Estate Funds [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Value of Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | $ 3,411 | $ 11,421 |
Asset Management Fees and Other Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | 21 | 9 |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated real estate funds | $ 3,432 | $ 11,430 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Real estate related fund investments | $ 105,369 | $ 0 |
Total assets | 144,173 | 6,997 |
Interest Rate Swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate assets (included in "other assets") | 32,681 | 6,691 |
Interest Rate Cap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate assets (included in "other assets") | 6,123 | 306 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 38,804 | 6,997 |
Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate assets (included in "other assets") | 32,681 | 6,691 |
Level 2 [Member] | Interest Rate Cap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate assets (included in "other assets") | 6,123 | $ 306 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Real estate related fund investments | 105,369 | |
Total assets | $ 105,369 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) - Credit Spread [Member] - Level 3 [Member] | Dec. 31, 2022 |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Real Estate Fund Investment, Unobservable Input | 10 |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Real Estate Fund Investment, Unobservable Input | 9.25 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Real Estate Related Fund Investments in Level 3 (Details) $ in Thousands | 1 Months Ended |
Dec. 31, 2022 USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Line Items | |
Ending balance | $ 105,369 |
Level 3 [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Line Items | |
Ending balance | 105,369 |
Real Estate Related Fund Investments [Member] | Level 3 [Member] | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Line Items | |
Beginning balance | 0 |
Consolidation of Fund X | 104,726 |
Net unrealized gains | 643 |
Ending balance | $ 105,369 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes and mortgages payable | $ 3,858,000 | $ 3,858,000 |
Total liabilities | 3,858,000 | 3,858,000 |
Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes and mortgages payable | 3,566,096 | 3,893,252 |
Total liabilities | $ 3,566,096 | $ 3,893,252 |
Leases - Schedule of Rental Rev
Leases - Schedule of Rental Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disaggregation of Revenue [Abstract] | |||||
Fixed rental revenues | $ 645,950 | $ 635,513 | $ 627,352 | [1] | |
Variable rental revenues | 56,869 | 54,905 | [2] | 51,663 | |
Total rental revenue | $ 702,819 | $ 690,418 | $ 679,015 | ||
[1] Includes (i) $ 33,205 of non-cash write-offs, primarily for straight-line rent receivables and (ii) $ 2,051 of reserves for uncollectible accounts receivable. Includes $ 5,051 of income in connection with a tenant’s lease termination at 300 Mission Street. |
Leases - Schedule of Rental R_2
Leases - Schedule of Rental Revenues (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disaggregation Of Revenue [Line Items] | ||||
Non-cash write-offs, primarily for straight-line rent receivables | $ 33,205 | |||
Uncollectible accounts receivable | 2,051 | |||
Variable rental revenues | $ 56,869 | $ 54,905 | [1] | $ 51,663 |
Tenant Lease Termination [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Variable rental revenues | $ 5,051 | |||
[1] Includes $ 5,051 of income in connection with a tenant’s lease termination at 300 Mission Street. |
Leases - Schedule of Future Und
Leases - Schedule of Future Undiscounted Cash Flows Under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 635,053 |
2024 | 645,282 |
2025 | 599,915 |
2026 | 504,660 |
2027 | 440,334 |
Thereafter | 2,259,744 |
Total | $ 5,084,988 |
Fee and Other Income - Summary
Fee and Other Income - Summary of Fee and Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fee income: | |||
Fee income | $ 28,421 | $ 28,473 | $ 28,070 |
Other income | 9,137 | 7,895 | 7,152 |
Total fee and other income | 37,558 | 36,368 | 35,222 |
Asset Management Fees [Member] | |||
Fee income: | |||
Fee income | 12,270 | 13,284 | 14,266 |
Property Management Fees [Member] | |||
Fee income: | |||
Fee income | 7,981 | 8,589 | 9,242 |
Acquisition, Disposition, Leasing And Other [Member] | |||
Fee income: | |||
Fee income | $ 8,170 | $ 6,600 | $ 4,562 |
Fee and Other Income - Summar_2
Fee and Other Income - Summary of Amount Receivable from Customers under Various Fee Agreement (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2021 | $ 15,582 |
Balance as of December 31, 2022 | 23,866 |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2021 | 3,206 |
Balance as of December 31, 2022 | 2,611 |
(Decrease) increase | (595) |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Asset Management Fees [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2021 | 2,072 |
Balance as of December 31, 2022 | 2,138 |
(Decrease) increase | 66 |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Property Management Fees [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2021 | 686 |
Balance as of December 31, 2022 | 338 |
(Decrease) increase | (348) |
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Acquisition, Disposition, Leasing And Other [Member] | |
Disaggregation Of Revenue [Line Items] | |
Balance as of December 31, 2021 | 448 |
Balance as of December 31, 2022 | 135 |
(Decrease) increase | $ (313) |
Interest and Other Income, ne_2
Interest and Other Income, net - Schedule of Interest and Other Income, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest and Other Income [Abstract] | ||||
Interest income, net | $ 5,174 | $ 1,183 | $ 2,054 | |
Mark-to-market of investments in our deferred compensation plans | [1] | 1,834 | 2,436 | |
Total interest and other income, net | $ 5,174 | $ 3,017 | $ 4,490 | |
[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. In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants. |
Interest and Debt Expense - Det
Interest and Debt Expense - Details of Interest and Debt Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest and Debt Expense [Abstract] | ||||
Interest expense | $ 137,708 | $ 132,887 | $ 134,931 | |
Amortization of deferred financing costs | 6,156 | 9,127 | [1] | 9,277 |
Total interest and debt expense | $ 143,864 | $ 142,014 | $ 144,208 | |
[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. |
Interest and Debt Expense - D_2
Interest and Debt Expense - Details of Interest and Debt Expense (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Extinguishment of Debt [Line Items] | ||
Proceeds from notes and mortgages payable | $ 888,566 | $ 9,791 |
1301 Avenue of the Americas [Member] | ||
Extinguishment of Debt [Line Items] | ||
Expense from non-cash write-off of deferred financing costs | 761 | |
Proceeds from notes and mortgages payable | $ 860,000 |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | |||||
Jan. 13, 2022 | Jan. 14, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2014 | |
Performance Programs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Fair value of awards granted | $ 7,188,000 | $ 7,303,000 | $ 7,488,000 | |||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 2 years 1 month 6 days | |||||
Performance measurement period, term | 3 years | |||||
Unrecognized compensation cost | $ 8,178,000 | |||||
Restricted Stock [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Fair value of awards granted | $ 1,359,000 | $ 1,584,000 | $ 1,209,000 | |||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 2 years 3 months 18 days | |||||
Unrecognized compensation cost | $ 1,936,000 | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Employee Stock Option [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock options, granted | 0 | 0 | 0 | |||
Stock Options Expiration Period | 10 years | |||||
Employee Stock Option [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 5 years | |||||
Employee Stock Option [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Equity Incentive Plan [Member] | Full Value Awards [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares available for grant | 6,135,630 | |||||
Equity Incentive Plan [Member] | Full Value Awards [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares available for grant | 20,892,857 | |||||
Equity Incentive Plan [Member] | Not Full Value Awards [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares available for grant | 41,785,714 | |||||
Long Term Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Fair value of awards granted | $ 6,136,000 | $ 8,665,000 | $ 10,940,000 | |||
Unrecognized compensation cost | $ 10,525,000 | |||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 2 years 3 months 18 days | |||||
Long Term Incentive Plan [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 5 years | |||||
Long Term Incentive Plan [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Appreciation Only Long Term Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Fair value of awards granted | $ 5,831,000 | $ 4,344,000 | ||||
Unrecognized compensation cost | $ 3,775,000 | |||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 2 years 8 months 12 days | |||||
Stock options, granted | 2,703,499 | |||||
Appreciation Only Long Term Incentive Plan | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Appreciation Only Long Term Incentive Plan | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
2019 Performance Program [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation cost expected to be recognized over a weighted-average period | 4 years | |||||
Fair value granted | $ 8,106,000 | |||||
2022 Performance Program [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Fair value of awards granted | $ 7,188,000 | |||||
Performance measurement period, term | 3 years | |||||
Performance measurement period, start date | Jan. 01, 2022 | |||||
Performance measurement period, end date | Dec. 31, 2024 | |||||
Percentage of payout exceeding units granted | 100% | |||||
Reduction in percentage on number of LTIP units earned if negative TSR | 30% | |||||
2022 Performance Program [Member] | Share-Based Compensation Award Tranche One [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of the awards that vest | 50% | |||||
2022 Performance Program [Member] | Share-Based Compensation Award Tranche Two [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of the awards that vest | 50% |
Incentive Compensation - Summar
Incentive Compensation - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 19,003 | $ 18,612 | $ 19,239 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 60 | ||
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,205 | 1,150 | 1,217 |
AOLTIP Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 3,659 | 1,885 | |
Long Term Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 8,033 | 8,554 | 10,463 |
Long Term Incentive Plan [Member] | Performance-Based Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 6,106 | $ 7,023 | $ 7,499 |
Incentive Compensation - Summ_2
Incentive Compensation - Summary of LTIP Unit Activity (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Performance Based Award Programs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Unvested as of December 31, 2021 | shares | 4,099,887 |
Units, Granted | shares | 1,778,524 |
Units, Cancelled or expired | shares | (1,570,609) |
Units, Unvested as of December 31, 2022 | shares | 4,307,802 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2021 | $ / shares | $ 5.57 |
Weighted-Average Grant-Date Fair Value (per unit/share), Granted | $ / shares | 8.08 |
Weighted-Average Grant-Date Fair Value (per unit/share), Cancelled or expired | $ / shares | 5.89 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2022 | $ / shares | $ 6.49 |
Long Term Incentive Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Unvested as of December 31, 2021 | shares | 2,040,736 |
Units, Granted | shares | 732,015 |
Units, Vested | shares | (713,269) |
Units, Cancelled or expired | shares | (61,237) |
Units, Unvested as of December 31, 2022 | shares | 1,998,245 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2021 | $ / shares | $ 10.40 |
Weighted-Average Grant-Date Fair Value (per unit/share), Granted | $ / shares | 8.38 |
Weighted-Average Grant-Date Fair Value (per unit/share), Vested | $ / shares | 10.68 |
Weighted-Average Grant-Date Fair Value (per unit/share), Cancelled or expired | $ / shares | 10.54 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2022 | $ / shares | $ 9.56 |
Incentive Compensation - Summ_3
Incentive Compensation - Summary of Fair Value of AOLTIP Unit Estimated Using Option-Pricing Model (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Expected volatility | 34.90% | 34% |
Expected life | 4 years 9 months 18 days | 4 years 9 months 18 days |
Risk free interest rate | 1% | 0.60% |
Expected dividend yield | 3% | 3% |
Incentive Compensation - Summ_4
Incentive Compensation - Summary of AOLTIP Unit Activity (Details) - Appreciation Only Long Term Incentive Plan | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding as of December 31, 2021 | shares | 2,171,875 |
Shares, Granted | shares | 2,703,499 |
Shares, Exercised | shares | (95,312) |
Shares, Cancelled or expired | shares | (192,188) |
Shares, Outstanding at December 31, 2022 | shares | 4,587,874 |
Shares, Options vested and expected to vest at December 31, 2022 | shares | 4,409,076 |
Shares, Options exercisable at December 31, 2022 | shares | 2,033,593 |
Weighted-Average Exercise Price (per unit/share), Outstanding at December 31, 2021 | $ / shares | $ 8.63 |
Weighted-Average Exercise Price (per unit/share), Granted | $ / shares | 8.93 |
Weighted-Average Exercise Price (per unit/share), Exercised | $ / shares | 8.63 |
Weighted-Average Exercise Price (per unit/share), Cancelled or expired | $ / shares | 8.63 |
Weighted-Average Exercise Price (per unit/share), Outstanding at December 31, 2022 | $ / shares | 8.80 |
Weighted-Average Exercise Price (per unit/share), Options vested and expected to vest at December 31, 2022 | $ / shares | 8.80 |
Weighted-Average Exercise Price (per unit/share), Options exercisable at December 31, 2022 | $ / shares | $ 8.63 |
Weighted-Average Remaining Contractual Term (in years), Outstanding at December 31, 2022 | 5 years 7 months 6 days |
Weighted-Average Remaining Contractual Term (in years), Options vested and expected to vest at December 31, 2022 | 5 years 7 months 6 days |
Weighted-Average Remaining Contractual Term (in years), Options exercisable at December 31, 2022 | 5 years 7 months 6 days |
Incentive Compensation - Summ_5
Incentive Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Unvested as of December 31, 2021 | shares | 230,546 |
Units, Granted | shares | 147,957 |
Units, Vested | shares | (86,354) |
Units, Cancelled or expired | shares | (23,041) |
Units, Unvested as of December 31, 2022 | shares | 269,108 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2021 | $ / shares | $ 10.44 |
Weighted-Average Grant-Date Fair Value (per unit/share), Granted | $ / shares | 9.19 |
Weighted-Average Grant-Date Fair Value (per unit/share), Vested | $ / shares | 11.12 |
Weighted-Average Grant-Date Fair Value (per unit/share), Cancelled or expired | $ / shares | 9.68 |
Weighted-Average Grant-Date Fair Value (per unit/share), Unvested as of December 31, 2022 | $ / shares | $ 9.59 |
Incentive Compensation - Summ_6
Incentive Compensation - Summary of Stock Option Activity (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Outstanding as of December 31, 2021 | 2,010,993 | ||
Shares, Granted | 0 | 0 | 0 |
Shares, Cancelled or expired | (18,000) | ||
Shares, Outstanding at December 31, 2022 | 1,992,993 | 2,010,993 | |
Shares, Options vested and expected to vest at December 31, 2022 | 1,992,993 | ||
Shares, Options exercisable at December 31, 2022 | 1,992,993 | ||
Weighted-Average Exercise Price (per unit/share), Outstanding at December 31, 2021 | $ 17.06 | ||
Weighted-Average Exercise Price (per unit/share), Cancelled or expired | 17.50 | ||
Weighted-Average Exercise Price (per unit/share), Outstanding at December 31, 2022 | 17.06 | $ 17.06 | |
Weighted-Average Exercise Price (per unit/share), Options vested and expected to vest at December 31, 2022 | 17.06 | ||
Weighted-Average Exercise Price (per unit/share), Options exercisable at December 31, 2022 | $ 17.06 | ||
Weighted-Average Remaining Contractual Term (in years), Outstanding at December 31, 2022 | 2 years 8 months 12 days | ||
Weighted-Average Remaining Contractual Term (in years), Options vested and expected to vest at December 31, 2022 | 2 years 8 months 12 days | ||
Weighted-Average Remaining Contractual Term (in years), Options exercisable at December 31, 2022 | 2 years 8 months 12 days |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net loss from continuing operations attributable to common stockholders | $ (36,403) | $ (20,354) | $ (20,063) |
Earnings allocated to unvested participating securities | (85) | (70) | (44) |
Numerator for net loss from continuing operations per common share - basic and diluted | (36,488) | (20,424) | (20,107) |
Net loss from discontinued operations attributable to common stockholders | (4,641) | ||
Earnings allocated to unvested participating securities | (22) | ||
Numerator for net loss from discontinued operations per common share - basic and diluted | (4,663) | ||
Numerator for net loss per common share - basic and diluted | $ (36,488) | $ (20,424) | $ (24,770) |
Denominator: | |||
Denominator for basic loss per common share - weighted average shares | 221,309,938 | 218,701,249 | 222,436,170 |
Denominator for diluted loss per common share - weighted average shares | 221,309,938 | 218,701,249 | 222,436,170 |
Earnings Per Share, Basic [Abstract] | |||
Continuing operations, net - basic | $ (0.16) | $ (0.09) | $ (0.09) |
Discontinued operations, net - basic | (0.02) | ||
Net loss per common share - basic | (0.16) | (0.09) | (0.11) |
Earnings Per Share, Diluted [Abstract] | |||
Continuing operations, net - diluted | (0.16) | (0.09) | (0.09) |
Discontinued operations, net - diluted | (0.02) | ||
Net loss per common share - diluted | $ (0.16) | $ (0.09) | $ (0.11) |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Effect of dilutive securities excluded from computation of earning per share | 20,064 | 23,775 | 23,540 |
Related Parties - Additional In
Related Parties - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Related Party Transaction [Line Items] | |||
Fee and other income | $ 37,558,000 | $ 36,368,000 | $ 35,222,000 |
Accounts and other receivables, net | 23,866,000 | 15,582,000 | |
Property management, asset management, leasing and other related services fee income | 28,421,000 | 28,473,000 | 28,070,000 |
Transaction related costs | 470,000 | 916,000 | 1,096,000 |
Accounts payable and accrued expenses | $ 123,176,000 | 116,192,000 | |
Area of leased properties | ft² | 13,800,000 | ||
Rental revenue | $ 702,819,000 | 690,418,000 | 679,015,000 |
Due from affiliates | $ (59,000,000) | ||
712 Fifth Avenue [Member] | |||
Related Party Transaction [Line Items] | |||
Equity method paramount ownership percentage | 50% | ||
Fund X [Member] | |||
Related Party Transaction [Line Items] | |||
Due from affiliates | $ (59,000,000) | ||
Repayment of accrued interest | $ 418,000 | ||
Fund X [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Related Party Transaction [Line Items] | |||
Fixed/Variable Rate | 2.20% | ||
CNBB-RDF Holdings Otto Family [Member] | Management Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Fee and other income | $ 1,322,000 | 1,726,000 | 1,227,000 |
Accounts and other receivables, net | 52,000 | 484,000 | |
Unconsolidated Joint Ventures and Real Estate Funds [Member] | Management Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts and other receivables, net | 3,032,000 | 2,883,000 | |
Property management, asset management, leasing and other related services fee income | $ 24,315,000 | 23,240,000 | 22,986,000 |
Hamburg Trust Consulting GMBH ("HTC") [Member] | |||
Related Party Transaction [Line Items] | |||
Mark-up cost percentage | 10% | ||
Transaction related costs | $ 713,000 | 645,000 | 512,000 |
Accounts payable and accrued expenses | $ 119,000 | 523,000 | |
Hamburg Trust Consulting GMBH ("HTC") [Member] | Chairman, Chief Executive Officer and President [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 100% | ||
Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member] | |||
Related Party Transaction [Line Items] | |||
Lease rental income | $ 364,000 | 362,000 | 362,000 |
Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member] | Lease expiring in April 2023 [Member] | |||
Related Party Transaction [Line Items] | |||
Area of leased properties | ft² | 5,593 | ||
Equity method paramount ownership percentage | 50% | ||
Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member] | Lease expiring in June 2025 [Member] | |||
Related Party Transaction [Line Items] | |||
Area of leased properties | ft² | 3,127 | ||
ParkProperty Capital, LP [Member] | Board of Director [Member] | |||
Related Party Transaction [Line Items] | |||
Rental revenue | $ 220,000 | $ 212,000 | $ 210,000 |
ParkProperty Capital, LP [Member] | Board of Director [Member] | 1633 Broadway [Member] | |||
Related Party Transaction [Line Items] | |||
Area of leased properties | ft² | 3,330 | ||
ParkProperty Capital, LP [Member] | Board of Director [Member] | 1325 Avenue of the Americas [Member] | |||
Related Party Transaction [Line Items] | |||
Area of leased properties | ft² | 4,233 | ||
Lease term | 5 years |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 ft² | Feb. 16, 2018 USD ($) | Nov. 23, 2014 ft² | |
Other Commitments [Line Items] | |||
Area of leased properties | ft² | 13,800,000 | ||
Minimum [Member] | New York State Division Of Taxation And Finance [Member] | |||
Other Commitments [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ | $ 0 | ||
Maximum [Member] | New York State Division Of Taxation And Finance [Member] | |||
Other Commitments [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ | $ 57,000,000 | ||
718 Fifth Avenue [Member] | |||
Other Commitments [Line Items] | |||
Percentage of tenancy-in-common interest in property | 50% | ||
Put right notice period | 12 months | ||
712 Fifth Avenue [Member] | |||
Other Commitments [Line Items] | |||
Percentage of ownership interest in new joint venture | 50% | ||
Owned by Affiliate [Member] | 718 Fifth Avenue [Member] | Third Party Affiliate [Member] | |||
Other Commitments [Line Items] | |||
Percentage of ownership interest in new joint venture | 25% | ||
Owned by Affiliate [Member] | Parent Company [Member] | Put Right Exercised [Member] | 718 Fifth Avenue [Member] | |||
Other Commitments [Line Items] | |||
Pre IPO ownership percentage | 25% | ||
Owned by Affiliate [Member] | Retail Type Space [Member] | 718 Fifth Avenue [Member] | |||
Other Commitments [Line Items] | |||
Area of leased properties | ft² | 19,050 |
Segments - Additional Informati
Segments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segments - Schedule of NOI for
Segments - Schedule of NOI for Each Reportable Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Segment Reporting Information [Line Items] | ||||||
Property-related revenues | $ 711,956 | $ 698,313 | $ 700,410 | |||
Property-related operating expenses | (277,422) | (265,438) | (273,440) | |||
NOI from unconsolidated joint ventures (excluding One Steuart Lane) | 45,141 | 43,597 | 48,631 | |||
NOI | [1] | 479,675 | 476,472 | 475,601 | ||
New York [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Property-related revenues | 468,409 | 443,384 | 454,071 | |||
Property-related operating expenses | (199,085) | (191,793) | (194,648) | |||
NOI from unconsolidated joint ventures (excluding One Steuart Lane) | 13,257 | 11,303 | 11,540 | |||
NOI | [1] | 282,581 | 262,894 | 270,963 | ||
San Francisco [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Property-related revenues | 245,560 | 258,188 | 234,893 | |||
Property-related operating expenses | (74,396) | (69,976) | (68,924) | |||
NOI from unconsolidated joint ventures (excluding One Steuart Lane) | 31,596 | 32,221 | 38,892 | |||
NOI | [1] | 202,760 | 220,433 | 204,861 | ||
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Property-related revenues | 2,013 | (3,259) | 11,446 | [2] | ||
Property-related operating expenses | (3,941) | (3,669) | (9,868) | [2] | ||
NOI from unconsolidated joint ventures (excluding One Steuart Lane) | 288 | 73 | (1,801) | [2] | ||
NOI | [1] | $ 5,666 | [2] | $ (6,855) | $ (223) | [2] |
[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. NOI for the year ended December 31, 2020 includes NOI from discontinued operations. See Note 3, Discontinued Operations. |
Segments - Schedule of Reconcil
Segments - Schedule of Reconciliation of NOI to Net Loss Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting [Abstract] | ||||
NOI | [1] | $ 479,675 | $ 476,472 | $ 475,601 |
Fee income | 28,421 | 28,473 | 28,070 | |
Depreciation and amortization expense | (232,517) | (232,487) | (235,200) | |
General and administrative expenses | (59,487) | (59,132) | (64,917) | |
Loss from real estate related fund investments | (2,233) | 0 | 0 | |
NOI from unconsolidated joint ventures (excluding One Steuart Lane) | (45,141) | (43,597) | (48,631) | |
Loss from unconsolidated joint ventures | (53,251) | (24,896) | (18,619) | |
Interest and other income, net | 5,174 | 3,017 | 4,490 | |
Interest and debt expense | (143,864) | (142,014) | (144,208) | |
Adjustments related to discontinued operations (including loss on sale of real estate) | (8,390) | |||
Other, net | (1,709) | (134) | (824) | |
(Loss) income from continuing operations, before income taxes | (24,932) | 5,702 | (12,628) | |
Income tax expense | (3,265) | (3,643) | (1,493) | |
(Loss) income from continuing operations, net | (28,197) | 2,059 | (14,121) | |
Loss from discontinued operations, net | 0 | 0 | (5,075) | |
Net (loss) income | (28,197) | 2,059 | (19,196) | |
Consolidated joint ventures | (13,981) | (21,538) | (9,257) | |
Consolidated real estate related funds | 3,342 | (2,893) | 1,450 | |
Operating Partnership | 2,433 | 2,018 | 2,299 | |
Net loss attributable to common stockholders | $ (36,403) | $ (20,354) | $ (24,704) | |
[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 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 8,453,254 | [1] | $ 8,494,562 | [1] | $ 8,554,097 |
New York [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 5,311,636 | 5,336,210 | 5,388,596 | ||
San Francisco [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 2,631,265 | 2,696,131 | 2,698,983 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 510,353 | $ 462,221 | $ 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 93.7 % as of December 31, 2022. As of December 31, 2022, the assets and liabilities of the Operating Partnership include $ 4,013,461 and $ 2,579,381 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities (“VIEs”) . |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 3,858,000 | ||
Initial cost to company, Land | 1,966,237 | ||
Initial cost to company, Building and Improvements | 5,430,368 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 747,172 | ||
Gross amount at which carried at close of period, Land | 1,966,237 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 6,177,540 | ||
Gross amount at which carried at close of period, Total | 8,143,777 | $ 8,028,061 | $ 7,963,315 |
Accumulated depreciation and amortization | (1,297,553) | (1,112,977) | (966,697) |
Costs capitalized subsequent to acquisition, Building and Improvements, other | 37,891 | ||
Gross amount at which carried at close of period, Buildings and Improvements, other | 37,891 | ||
Gross amount at which carried at close of period, other | 37,891 | ||
Accumulated depreciation and amortization, other | $ (8,093) | ||
Date acquired, other | Nov. 30, 2014 | ||
Real Estate: | |||
Beginning balance | $ 8,028,061 | 7,963,315 | 7,889,885 |
Buildings and improvements | 127,102 | 111,340 | 82,571 |
Assets sold and written-off | (11,386) | (46,594) | (9,141) |
Ending balance | 8,143,777 | 8,028,061 | 7,963,315 |
Accumulated Depreciation: | |||
Beginning balance | 1,112,977 | 966,697 | 790,216 |
Additions charged to expense | 195,962 | 192,874 | 185,622 |
Accumulated depreciation related to assets sold and written-off | (11,386) | (46,594) | (9,141) |
Ending balance | $ 1,297,553 | $ 1,112,977 | $ 966,697 |
Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed, other | 5 years | ||
Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed, other | 40 years | ||
1633 Broadway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 1,250,000 | ||
Initial cost to company, Land | 502,846 | ||
Initial cost to company, Building and Improvements | 1,398,341 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 167,371 | ||
Gross amount at which carried at close of period, Land | 502,846 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,565,712 | ||
Gross amount at which carried at close of period, Total | 2,068,558 | ||
Accumulated depreciation and amortization | $ (350,871) | ||
Date of construction | Dec. 31, 1971 | ||
Date acquired | Nov. 30, 2014 | ||
Real Estate: | |||
Ending balance | $ 2,068,558 | ||
Accumulated Depreciation: | |||
Ending balance | $ 350,871 | ||
1633 Broadway [Member] | Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 5 years | ||
1633 Broadway [Member] | Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 40 years | ||
1301 Avenue of the Americas [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 860,000 | ||
Initial cost to company, Land | 406,039 | ||
Initial cost to company, Building and Improvements | 1,051,697 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 154,336 | ||
Gross amount at which carried at close of period, Land | 406,039 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,206,033 | ||
Gross amount at which carried at close of period, Total | 1,612,072 | ||
Accumulated depreciation and amortization | $ (258,950) | ||
Date of construction | Dec. 31, 1963 | ||
Date acquired | Nov. 30, 2014 | ||
Real Estate: | |||
Ending balance | $ 1,612,072 | ||
Accumulated Depreciation: | |||
Ending balance | $ 258,950 | ||
1301 Avenue of the Americas [Member] | Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 5 years | ||
1301 Avenue of the Americas [Member] | Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 40 years | ||
31 West 52nd Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 500,000 | ||
Initial cost to company, Land | 221,318 | ||
Initial cost to company, Building and Improvements | 604,994 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 84,367 | ||
Gross amount at which carried at close of period, Land | 221,318 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 689,361 | ||
Gross amount at which carried at close of period, Total | 910,679 | ||
Accumulated depreciation and amortization | $ (143,565) | ||
Date of construction | Dec. 31, 1987 | ||
Date acquired | Nov. 30, 2014 | ||
Real Estate: | |||
Ending balance | $ 910,679 | ||
Accumulated Depreciation: | |||
Ending balance | $ 143,565 | ||
31 West 52nd Street [Member] | Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 5 years | ||
31 West 52nd Street [Member] | Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 40 years | ||
1325 Avenue of the Americas [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Initial cost to company, Land | $ 174,688 | ||
Initial cost to company, Building and Improvements | 370,553 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 69,350 | ||
Gross amount at which carried at close of period, Land | 174,688 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 439,903 | ||
Gross amount at which carried at close of period, Total | 614,591 | ||
Accumulated depreciation and amortization | $ (96,460) | ||
Date of construction | Dec. 31, 1989 | ||
Date acquired | Nov. 30, 2014 | ||
Real Estate: | |||
Ending balance | $ 614,591 | ||
Accumulated Depreciation: | |||
Ending balance | $ 96,460 | ||
1325 Avenue of the Americas [Member] | Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 5 years | ||
1325 Avenue of the Americas [Member] | Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 40 years | ||
900 Third Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Initial cost to company, Land | $ 103,741 | ||
Initial cost to company, Building and Improvements | 296,031 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 29,567 | ||
Gross amount at which carried at close of period, Land | 103,741 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 325,598 | ||
Gross amount at which carried at close of period, Total | 429,339 | ||
Accumulated depreciation and amortization | $ (70,885) | ||
Date of construction | Dec. 31, 1983 | ||
Date acquired | Nov. 30, 2014 | ||
Real Estate: | |||
Ending balance | $ 429,339 | ||
Accumulated Depreciation: | |||
Ending balance | $ 70,885 | ||
900 Third Avenue [Member] | Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 5 years | ||
900 Third Avenue [Member] | Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 40 years | ||
New York [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 2,610,000 | ||
Initial cost to company, Land | 1,408,632 | ||
Initial cost to company, Building and Improvements | 3,721,616 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 504,991 | ||
Gross amount at which carried at close of period, Land | 1,408,632 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,226,607 | ||
Gross amount at which carried at close of period, Total | 5,635,239 | ||
Accumulated depreciation and amortization | (920,731) | ||
Real Estate: | |||
Ending balance | 5,635,239 | ||
Accumulated Depreciation: | |||
Ending balance | 920,731 | ||
One Market Plaza [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Encumbrances | 975,000 | ||
Initial cost to company, Land | 288,743 | ||
Initial cost to company, Building and Improvements | 988,014 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 124,972 | ||
Gross amount at which carried at close of period, Land | 288,743 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,112,986 | ||
Gross amount at which carried at close of period, Total | 1,401,729 | ||
Accumulated depreciation and amortization | $ (237,041) | ||
Date of construction | Dec. 31, 1976 | ||
Date acquired | Nov. 30, 2014 | ||
Real Estate: | |||
Ending balance | $ 1,401,729 | ||
Accumulated Depreciation: | |||
Ending balance | $ 237,041 | ||
One Market Plaza [Member] | Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 5 years | ||
One Market Plaza [Member] | Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 40 years | ||
300 Mission Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 273,000 | ||
Initial cost to company, Land | 141,097 | ||
Initial cost to company, Building and Improvements | 343,819 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 53,647 | ||
Gross amount at which carried at close of period, Land | 141,097 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 397,466 | ||
Gross amount at which carried at close of period, Total | 538,563 | ||
Accumulated depreciation and amortization | $ (61,180) | ||
Date of construction | Dec. 31, 1968 | ||
Date acquired | Jul. 31, 2017 | ||
Real Estate: | |||
Ending balance | $ 538,563 | ||
Accumulated Depreciation: | |||
Ending balance | $ 61,180 | ||
300 Mission Street [Member] | Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 5 years | ||
300 Mission Street [Member] | Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 40 years | ||
One Front Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Initial cost to company, Land | $ 127,765 | ||
Initial cost to company, Building and Improvements | 376,919 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 25,671 | ||
Gross amount at which carried at close of period, Land | 127,765 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 402,590 | ||
Gross amount at which carried at close of period, Total | 530,355 | ||
Accumulated depreciation and amortization | $ (70,508) | ||
Date of construction | Dec. 31, 1979 | ||
Date acquired | Dec. 31, 2016 | ||
Real Estate: | |||
Ending balance | $ 530,355 | ||
Accumulated Depreciation: | |||
Ending balance | $ 70,508 | ||
One Front Street [Member] | Minimum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 5 years | ||
One Front Street [Member] | Maximum [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Life on which depreciation in latest income statement is computed | 40 years | ||
San Francisco [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 1,248,000 | ||
Initial cost to company, Land | 557,605 | ||
Initial cost to company, Building and Improvements | 1,708,752 | ||
Costs capitalized subsequent to acquisition, Building and Improvements | 204,290 | ||
Gross amount at which carried at close of period, Land | 557,605 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,913,042 | ||
Gross amount at which carried at close of period, Total | 2,470,647 | ||
Accumulated depreciation and amortization | (368,729) | ||
Real Estate: | |||
Ending balance | 2,470,647 | ||
Accumulated Depreciation: | |||
Ending balance | $ 368,729 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Assets and liabilities for tax purposes | $ 2.4 |