XML 59 R49.htm IDEA: XBRL DOCUMENT v3.22.2
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]          
Total assets [1] $ 8,482,229   $ 8,482,229   $ 8,494,562
Total liabilities [1] 4,030,875   4,030,875   4,039,530
Equity 3,697,192   3,697,192   3,588,163
Total liabilities and equity 8,482,229   8,482,229   8,494,562
Rental revenue 177,243 $ 174,628 347,165 $ 347,774  
Other income 2,300 1,440 4,075 2,790  
Total revenues 185,517 182,269 369,202 363,435  
Operating 67,814 64,072 134,475 130,690  
Depreciation and amortization 57,398 59,925 113,022 118,230  
Total expenses 142,077 142,550 280,124 282,118  
Interest and other income (loss) 796 1,070 1,027 2,372  
Interest and debt expense (35,578) (34,914) (69,855) (69,653)  
Net loss before income taxes 4,397 (9,694) 11,046 (6,669)  
Income tax (expense) benefit 359 434 886 1,575  
Net (loss) income attributable to common stockholders (360) (15,943) 3,011 (19,521)  
Unconsolidated Joint Ventures [Member]          
Schedule Of Equity Method Investments [Line Items]          
Real estate, net 2,384,038   2,384,038   2,246,152
Cash and cash equivalents and restricted cash 264,334   264,334   216,910
Equity Method Investment Summarized Financial Information Intangible Assets Net 80,237   80,237   58,590
For-sale residential condominium units 327,538   327,538   359,638
Other assets 68,817   68,817   46,646
Total assets 3,124,964   3,124,964   2,927,936
Equity Method Investment Summarized Financial Information Mortgage And Notes Payable 1,845,996   1,845,996   1,791,404
Equity Method Investment Summarized Financial Information Intangible Liabilities Net 14,489   14,489   18,397
Other liabilities 61,123   61,123   61,097
Total liabilities 1,921,608   1,921,608   1,870,898
Equity 1,203,356   1,203,356   1,057,038
Total liabilities and equity 3,124,964   3,124,964   $ 2,927,936
Rental revenue 54,516 57,195 112,036 113,723  
Other income 31,444 581 50,026 1,338  
Total revenues 85,960 57,776 162,062 115,061  
Operating 52,293 25,467 94,801 50,577  
Depreciation and amortization 23,508 27,014 50,406 54,467  
Total expenses 75,801 52,481 145,207 105,044  
Interest and other income (loss) 58 (23) 16 (56)  
Interest and debt expense (16,335) (13,892) (33,933) (27,632)  
Net loss before income taxes (6,118) (8,620) (17,062) (17,671)  
Income tax (expense) benefit (14) 1 (43) (15)  
Net (loss) income attributable to common stockholders $ (6,132) $ (8,619) $ (17,105) $ (17,686)  
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.4% as of June 30, 2022. As of June 30, 2022, the assets and liabilities of the Operating Partnership include $3,954,957 and $2,569,935 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities (“VIEs”).