XML 62 R52.htm IDEA: XBRL DOCUMENT v3.23.3
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]          
Total assets [1] $ 8,288,559   $ 8,288,559   $ 8,453,254
Total liabilities [1] 3,978,594   3,978,594   4,042,488
Equity 3,429,212   3,429,212   3,592,291
Total liabilities and equity 8,288,559   8,288,559   8,453,254
Rental revenue 182,515 $ 179,250 529,734 $ 526,415  
Other income 2,093 2,765 6,477 6,840  
Total revenues 189,181 187,147 550,317 556,349  
Operating 75,502 72,845 216,889 207,320  
Depreciation and amortization 60,263 58,284 181,778 171,306  
Total expenses 151,357 144,384 445,297 424,508  
Interest and other income 4,115 1,580 10,007 2,607  
Interest and debt expense (39,102) (36,949) (112,440) (106,804)  
Loss before income taxes (24,798) 1,897 (98,452) 12,943  
Income tax expense (263) (673) (1,124) (1,559)  
Net (loss) income attributable to common stockholders (8,385) (1,537) (54,194) 1,474  
Unconsolidated Joint Ventures [Member]          
Schedule Of Equity Method Investments [Line Items]          
Real estate, net 1,974,734   1,974,734   2,377,084
Cash and cash equivalents and restricted cash 208,778   208,778   252,540
Intangible assets, net 55,295   55,295   69,599
For-sale residential condominium units [2] 250,000   250,000   322,232
Other assets 84,647   84,647   87,054
Total assets 2,573,454   2,573,454   3,108,509
Notes and mortgages payable, net 1,740,516   1,740,516   1,834,916
Intangible liabilities, net 6,184   6,184   10,972
Other liabilities 81,698   81,698   50,783
Total liabilities 1,828,398   1,828,398   1,896,671
Equity 745,056   745,056   1,211,838
Total liabilities and equity 2,573,454   2,573,454   $ 3,108,509
Rental revenue 38,629 41,145 119,235 153,181  
Other income [3] 874 15,250 6,492 65,276  
Total revenues 39,503 56,395 125,727 218,457  
Operating [3] 23,941 34,234 73,632 129,035  
Depreciation and amortization 16,863 17,734 52,341 68,140  
Total expenses 40,804 51,968 125,973 197,175  
Interest and other income 734 471 2,226 487  
Interest and debt expense (19,895) (13,967) (53,256) (47,900)  
Impairment loss [4] (68,407)   (524,300)    
Loss before income taxes (88,869) (9,069) (575,576) (26,131)  
Income tax expense (2) (11) (32) (54)  
Net (loss) income attributable to common stockholders $ (88,871) $ (9,080) $ (575,608) $ (26,185)  
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 91.8% as of September 30, 2023. As of September 30, 2023, the assets and liabilities of the Operating Partnership include $3,933,437 and $2,525,808 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities (VIEs).
[2] Represents residential condominium units at One Steuart Lane that are available for sale.
[3] Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.
[4] Includes an impairment loss related to condominium units at One Steuart Lane in the three and nine months ended September 30, 2023 and a real estate impairment loss related to 60 Wall Street in the nine months ended September 30, 2023. See notes 4 and 6 on page 13.