XML 62 R55.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]      
Total assets [1] $ 7,929,725   $ 8,006,215
Total liabilities [1] 3,851,064   3,991,327
Equity 3,199,050   3,203,285
Total liabilities and equity 7,929,725   8,006,215
Rental revenue 179,723 $ 181,713  
Other income 2,906 2,204  
Total revenues 188,877 188,474  
Operating 71,740 70,309  
Depreciation and amortization 61,114 58,888  
Total expenses 149,666 143,948  
Interest and other income 19,420 2,925  
Interest and debt expense (40,269) (36,459)  
Loss before income taxes 17,078 8,602  
Income tax expense (347) (288)  
Net income attributable to common stockholders 9,865 1,729  
Unconsolidated Joint Ventures [Member]      
Schedule Of Equity Method Investments [Line Items]      
Real estate, net 1,556,686   1,528,595
Cash and cash equivalents and restricted cash 200,573   167,355
Intangible assets, net 49,194   52,164
For-sale residential condominium units [2] 237,864   246,824
Other assets 80,682   84,179
Total assets 2,124,999   2,079,117
Notes and mortgages payable, net 1,744,978   1,744,706
Intangible liabilities, net 3,911   5,026
Other liabilities 122,868   98,462
Total liabilities 1,871,757   1,848,194
Equity 253,242   230,923
Total liabilities and equity 2,124,999   $ 2,079,117
Rental revenue 35,936 40,221  
Other income [3] 14,998 1,757  
Total revenues 50,934 41,978  
Operating [3] 32,439 24,701  
Depreciation and amortization 13,162 17,765  
Total expenses 45,601 42,466  
Interest and other income 626 709  
Interest and debt expense (17,589) (15,446)  
Loss before income taxes (11,630) (15,225)  
Income tax expense (16) (11)  
Net income attributable to common stockholders $ (11,646) $ (15,236)  
[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 91.6% as of March 31, 2024. As of March 31, 2024, the assets and liabilities of the Operating Partnership include $3,844,572 and $2,390,281 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.