0001564590-15-010605.txt : 20151112 0001564590-15-010605.hdr.sgml : 20151112 20151112162620 ACCESSION NUMBER: 0001564590-15-010605 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151112 DATE AS OF CHANGE: 20151112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Paramount Group, Inc. CENTRAL INDEX KEY: 0001605607 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 320439307 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36746 FILM NUMBER: 151225166 BUSINESS ADDRESS: STREET 1: 1633 BROADWAY, SUITE 1801 CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-237-3100 MAIL ADDRESS: STREET 1: 1633 BROADWAY, SUITE 1801 CITY: NEW YORK STATE: NY ZIP: 10019 10-Q 1 pgre-10q_20150930.htm 10-Q pgre-10q_20150930.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: September 30, 2015

 

OR

 

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      To                     

 

Commission File Number: 001-36746

 

 

 

PARAMOUNT GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland

 

32-0439307

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

1633 Broadway, Suite 1801, New York, NY

 

10019

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 237-3100

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    ¨  No

 

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

o

 

Accelerated Filer

o

Non-Accelerated Filer

x

(Do not check if smaller reporting company)

Smaller Reporting Company

o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES  ¨    NO  x

 

As of November 2, 2015, there were 212,111,937 shares of the registrant’s common stock outstanding.

 

 

 

 

 

 


 

 

 

Table of Contents

 

Item

 

 

 

Page Number

Part I.

 

Financial Information

 

 

Item 1.

 

Consolidated Financial Statements

 

3

 

 

Consolidated Balance Sheets (Unaudited) as of September 30, 2015 and December 31, 2014

 

3

 

 

Consolidated Statements of Income of the Company (Unaudited) for the three and nine months

 

 

 

 

    ended September 30, 2015

 

4

 

 

Combined Consolidated Statements of Income of the Predecessor (Unaudited) for the three

 

 

 

 

    and nine months ended September 30, 2014

 

5

 

 

Consolidated Statements of Comprehensive Income of the Company (Unaudited) for the three and nine

 

 

 

 

    months ended September 30, 2015

 

6

 

 

Combined Consolidated Statements of Changes in Equity (Unaudited) of the Company for the nine months

 

 

 

 

    ended September 30, 2015 and the Predecessor for the nine months ended September 30, 2014

 

7

 

 

Combined Consolidated Statements of Cash Flows (Unaudited) of the Company for the nine months

 

 

 

 

   ended September 30, 2015 and the Predecessor for the nine months ended September 30, 2014

 

8

 

 

Notes to Combined Consolidated Financial Statements (Unaudited)

 

10

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

35

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

54

Item 4.

 

Controls and Procedures

 

55

 

 

 

 

 

Part II.

 

Other Information

 

 

Item 1.

 

Legal Proceedings

 

56

Item 1A.

 

Risk Factors

 

56

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

56

Item 3.

 

Defaults Upon Senior Securities

 

56

Item 4.

 

Mine Safety Disclosures

 

56

Item 5.

 

Other Information

 

56

Item 6.

 

Exhibits

 

56

Signatures

 

57

 

 

 

2

 


 

PART I – FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

 

PARAMOUNT GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

(Amounts in thousands, except share and per share amounts)

 

The Company

 

ASSETS

 

September 30, 2015

 

 

December 31, 2014

 

Rental property, at cost

 

 

 

 

 

 

 

 

Land

 

$

2,042,071

 

 

$

2,042,071

 

Buildings and improvements

 

 

5,567,789

 

 

 

5,488,168

 

 

 

 

7,609,860

 

 

 

7,530,239

 

Accumulated depreciation and amortization

 

 

(202,105

)

 

 

(81,050

)

Rental property, net

 

 

7,407,755

 

 

 

7,449,189

 

Real estate fund investments

 

 

336,393

 

 

 

323,387

 

Investments in unconsolidated joint ventures

 

 

6,537

 

 

 

5,749

 

Cash and cash equivalents

 

 

418,095

 

 

 

438,599

 

Restricted cash

 

 

92,696

 

 

 

55,728

 

Marketable securities

 

 

20,365

 

 

 

20,159

 

Deferred rent receivable

 

 

58,117

 

 

 

8,267

 

Accounts and other receivables, net of allowance of $365 and $333 in 2015

     and 2014, respectively

 

 

12,313

 

 

 

7,692

 

Deferred charges, net of accumulated amortization of $14,311 and $10,859 in 2015

     and 2014, respectively

 

 

54,467

 

 

 

39,165

 

Intangible assets, net of accumulated amortization of $116,935 and $20,509 in 2015

     and 2014, respectively

 

 

546,432

 

 

 

669,385

 

Other assets

 

 

33,636

 

 

 

13,121

 

Total assets

 

$

8,986,806

 

 

$

9,030,441

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Mortgages and notes payable

 

$

2,853,735

 

 

$

2,852,287

 

Credit facility

 

-

 

 

 

-

 

Due to affiliates

 

 

27,299

 

 

 

27,299

 

Loans payable to noncontrolling interests

 

 

44,822

 

 

 

42,195

 

Accounts payable and accrued expenses

 

 

97,157

 

 

 

93,472

 

Dividends and distributions payable

 

 

25,066

 

 

 

-

 

Deferred income taxes

 

 

2,560

 

 

 

2,861

 

Interest rate swap liabilities

 

 

163,301

 

 

 

194,196

 

Intangible liabilities, net of accumulated amortization of $29,730 and $3,757 in 2015

       and 2014, respectively

 

 

193,042

 

 

 

219,228

 

Other liabilities

 

 

44,958

 

 

 

43,950

 

Total liabilities

 

 

3,451,940

 

 

 

3,475,488

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Paramount Group, Inc. equity:

 

 

 

 

 

 

 

 

Common stock $0.01 par value per share; authorized 900,000,000 shares; issued

      and outstanding 212,111,937 and 212,106,718 shares in 2015 and 2014, respectively

 

 

2,122

 

 

 

2,122

 

Additional paid-in-capital

 

 

3,893,984

 

 

 

3,851,432

 

Earnings (less than) in excess of distributions

 

 

(24,874

)

 

 

57,308

 

Accumulated other comprehensive loss

 

 

(15,389

)

 

 

-

 

Paramount Group, Inc. equity

 

 

3,855,843

 

 

 

3,910,862

 

Noncontrolling interests in:

 

 

 

 

 

 

 

 

Consolidated joint ventures and funds

 

 

781,343

 

 

 

685,888

 

Operating Partnership (51,660,088 and 51,543,993 units outstanding in 2015

      and 2014, respectively)

 

 

897,680

 

 

 

958,203

 

Total equity

 

 

5,534,866

 

 

 

5,554,953

 

Total liabilities and equity

 

$

8,986,806

 

 

$

9,030,441

 

 

See notes to combined consolidated financial statements (unaudited).

3

 


 

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

The Company

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

(Amounts in thousands, except share and per share amounts)

 

September 30, 2015

 

 

September 30, 2015

 

 

REVENUES:

 

 

 

 

 

 

 

 

 

Rental income

 

$

146,470

 

 

$

435,630

 

 

Tenant reimbursement income

 

 

14,405

 

 

 

39,956

 

 

Fee and other income

 

 

6,851

 

 

 

16,294

 

 

Total revenues

 

 

167,726

 

 

 

491,880

 

 

EXPENSES:

 

 

 

 

 

 

 

 

 

Operating

 

 

63,354

 

 

 

183,019

 

 

Depreciation and amortization

 

 

70,654

 

 

 

223,658

 

 

General and administrative

 

 

6,666

 

 

 

28,412

 

 

Acquisition and transaction related costs

 

 

485

 

 

 

9,832

 

 

Total expenses

 

 

141,159

 

 

 

444,921

 

 

Operating income

 

 

26,567

 

 

 

46,959

 

 

Income from real estate fund investments

 

 

10,933

 

 

 

30,226

 

 

Income from unconsolidated joint ventures

 

 

1,458

 

 

 

4,444

 

 

Unrealized gains on interest rate swaps

 

 

15,772

 

 

 

49,497

 

 

Interest and other income (loss), net

 

 

(1,763

)

 

 

(397

)

 

Interest and debt expense

 

 

(42,821

)

 

 

(126,945

)

 

Net income before income taxes

 

 

10,146

 

 

 

3,784

 

 

Income tax expense

 

 

(789

)

 

 

(2,706

)

 

Net income

 

 

9,357

 

 

 

1,078

 

 

Less net (income) loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

 

Consolidated joint ventures and funds

 

 

(7,969

)

 

 

(17,641

)

 

Operating Partnership

 

 

(272

)

 

 

3,239

 

 

Net income (loss) attributable to common stockholders

 

$

1,116

 

 

$

(13,324

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) PER COMMON SHARE - BASIC:

 

 

 

 

 

 

 

 

 

Income (loss) per common share

 

$

0.01

 

 

$

(0.06

)

 

Weighted average shares outstanding

 

 

212,106,718

 

 

 

212,106,718

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) PER COMMON SHARE - DILUTED:

 

 

 

 

 

 

 

 

 

Income (loss) per common share

 

$

0.01

 

 

$

(0.06

)

 

Weighted average shares outstanding

 

 

212,108,079

 

 

 

212,106,718

 

 

 

 

 

 

 

 

 

 

 

 

DIVIDENDS PER COMMON SHARE

 

$

0.095

 

 

$

0.324

 

(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes the $0.039 cash dividend for the 38 day period following the completion of our initial public offering and related formation transactions and ending on December 31, 2014

 

 

 

 

See notes to combined consolidated financial statements (unaudited).

 

 


4

 


 

PARAMOUNT PREDECESSOR

COMBINED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

The Predecessor

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(Amounts in thousands)

 

September 30, 2014

 

 

September 30, 2014

 

REVENUES:

 

 

 

 

 

 

 

 

Rental income

 

$

8,775

 

 

$

25,087

 

Tenant reimbursement income

 

 

370

 

 

 

1,266

 

Distributions from real estate fund investments

 

 

5,086

 

 

 

16,333

 

Realized and unrealized gains, net

 

 

43,233

 

 

 

123,150

 

Fee and other income

 

 

13,928

 

 

 

25,510

 

Total revenues

 

 

71,392

 

 

 

191,346

 

EXPENSES:

 

 

 

 

 

 

 

 

Operating

 

 

4,431

 

 

 

12,184

 

Depreciation and amortization

 

 

2,982

 

 

 

8,548

 

General and administrative

 

 

5,630

 

 

 

18,078

 

Profit sharing compensation

 

 

3,392

 

 

 

11,624

 

Other

 

 

1,271

 

 

 

5,172

 

Total expenses

 

 

17,706

 

 

 

55,606

 

Operating income

 

 

53,686

 

 

 

135,740

 

Income from unconsolidated joint ventures

 

 

1,777

 

 

 

3,812

 

Unrealized loss on interest rate swaps

 

 

(477

)

 

 

(673

)

Interest and other income, net

 

 

1

 

 

 

1,707

 

Interest and debt expense

 

 

(8,015

)

 

 

(23,802

)

Net income before income taxes

 

 

46,972

 

 

 

116,784

 

Income tax expense

 

 

(820

)

 

 

(7,925

)

Net income

 

 

46,152

 

 

 

108,859

 

Net income attributable to noncontrolling interests

 

 

(33,248

)

 

 

(86,381

)

Net income attributable to the Predecessor

 

$

12,904

 

 

$

22,478

 

 

See notes to combined consolidated financial statements (unaudited).

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 


 

 

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

The Company

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(Amounts in thousands)

 

September 30, 2015

 

 

September 30, 2015

 

Net income

 

$

9,357

 

 

$

1,078

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

Change in value of interest rate swaps

 

 

(18,602

)

 

 

(18,602

)

Pro rata share of other comprehensive income (loss) of unconsolidated

     joint ventures

 

 

78

 

 

 

(535

)

Comprehensive loss

 

 

(9,167

)

 

 

(18,059

)

Less comprehensive (income) loss attributable to noncontrolling interests in:

 

 

 

 

 

 

 

 

Consolidated joint ventures and funds

 

 

(7,969

)

 

 

(17,641

)

Operating Partnership

 

 

3,356

 

 

 

6,987

 

Comprehensive loss attributable to common stockholders

 

$

(13,780

)

 

$

(28,713

)

 

 

 

 

 

 

 

 

 

See notes to combined consolidated financial statements (unaudited).

 

 

 

 

6

 


 

PARAMOUNT GROUP, INC. AND PARAMOUNT PREDECESSOR

COMBINED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests in

 

 

 

 

 

(Amounts in thousands)

 

Shares

 

 

Amount

 

 

Additional

Paid in Capital

 

 

Earnings (Less than) In Excess of Distributions

 

 

Accumulated Other Comprehensive Loss

 

 

Predecessor Shareholders' Equity

 

 

Consolidated Joint

Ventures

and Funds

 

 

Operating

Partnership

 

 

Total

Equity

 

The Predecessor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2013

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

321,769

 

 

$

1,703,675

 

 

$

-

 

 

$

2,025,444

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

22,478

 

 

 

86,381

 

 

 

-

 

 

 

108,859

 

Contributions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,188

 

 

 

213,812

 

 

 

-

 

 

 

223,000

 

Distributions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(53,206

)

 

 

(139,282

)

 

 

-

 

 

 

(192,488

)

Balance as of September 30, 2014

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

300,229

 

 

$

1,864,586

 

 

$

-

 

 

$

2,164,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2014

 

 

212,107

 

 

$

2,122

 

 

$

3,851,432

 

 

$

57,308

 

 

$

-

 

 

$

-

 

 

$

685,888

 

 

$

958,203

 

 

$

5,554,953

 

Net (loss) income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,324

)

 

 

-

 

 

 

-

 

 

 

17,641

 

 

 

(3,239

)

 

 

1,078

 

Common shares and units issued under

     Omnibus share plan

 

 

5

 

 

 

-

 

 

 

(2,131

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,131

 

 

 

-

 

Dividends and distributions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(68,724

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16,738

)

 

 

(85,462

)

Contributions from noncontrolling

     interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

133,111

 

 

 

-

 

 

 

133,111

 

Distributions to noncontrolling

     interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(54,975

)

 

 

-

 

 

 

(54,975

)

Change in value of interest

     rate swaps

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,959

)

 

 

-

 

 

 

-

 

 

 

(3,643

)

 

 

(18,602

)

Pro rata share of other comprehensive

    loss of unconsolidated joint ventures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(430

)

 

 

-

 

 

 

-

 

 

 

(105

)

 

 

(535

)

Adjustments to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

43,981

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(43,981

)

 

 

-

 

Amortization of equity awards

 

 

-

 

 

 

-

 

 

 

1,172

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,052

 

 

 

6,224

 

Other

 

 

-

 

 

 

-

 

 

 

(470

)

 

 

(134

)

 

 

-

 

 

 

-

 

 

 

(322

)

 

 

-

 

 

 

(926

)

Balance as of September 30, 2015

 

 

212,112

 

 

$

2,122

 

 

$

3,893,984

 

 

$

(24,874

)

 

$

(15,389

)

 

$

-

 

 

$

781,343

 

 

$

897,680

 

 

$

5,534,866

 

 

See notes to combined consolidated financial statements (unaudited).

 

 

 

7

 


 

PARAMOUNT GROUP, INC. AND PARAMOUNT PREDECESSOR

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

The Company

 

 

The Predecessor

 

 

 

Nine Months Ended September 30,

 

(Amounts in thousands)

 

2015

 

 

2014

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

1,078

 

 

$

108,859

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

223,658

 

 

 

8,548

 

Unrealized (gains) losses on interest rate swaps

 

 

(49,497

)

 

 

673

 

Straight-lining of rental income

 

 

(49,859

)

 

 

135

 

Realized and unrealized gains, net, on real estate fund investments

 

 

(15,363

)

 

 

(123,150

)

Income from unconsolidated joint ventures

 

 

(4,444

)

 

 

(3,812

)

Distributions of income from unconsolidated joint ventures

 

 

3,102

 

 

 

2,039

 

Amortization of above and below-market leases, net

 

 

(3,239

)

 

 

-

 

Amortization of deferred financing costs

 

 

1,754

 

 

 

325

 

Realized and unrealized losses (gains) on marketable securities

 

 

1,087

 

 

 

(1,082

)

Non-cash stock based compensation expense

 

 

6,224

 

 

 

-

 

Other non-cash adjustments

 

 

5,100

 

 

 

5,371

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Restricted cash

 

 

(11,290

)

 

 

(2,214

)

Real estate fund investments

 

 

2,357

 

 

 

(34,515

)

Accounts and other receivables

 

 

(4,621

)

 

 

(12,377

)

Deferred charges

 

 

(18,754

)

 

 

600

 

Other assets

 

 

(21,441

)

 

 

(980

)

Accounts payable and accrued expenses

 

 

(8,343

)

 

 

(2,523

)

Profit sharing payable

 

 

-

 

 

 

(2,689

)

Deferred income taxes

 

 

(301

)

 

 

15,904

 

Other liabilities

 

 

1,008

 

 

 

6

 

Net cash provided by (used in) operating activities

 

 

58,216

 

 

 

(40,882

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Acquisitions of, and additions to, rental properties

 

 

(68,484

)

 

 

(65,637

)

Changes in restricted cash

 

 

(26,971

)

 

 

(12

)

Distributions of capital from unconsolidated joint ventures

 

 

19

 

 

 

1,329

 

Net cash used in investing activities

 

 

(95,436

)

 

 

(64,320

)

 

See notes to combined consolidated financial statements (unaudited).


8

 


 

PARAMOUNT GROUP, INC. AND PARAMOUNT PREDECESSOR

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(UNAUDITED)

 

 

 

The Company

 

 

The Predecessor

 

 

 

Nine Months Ended September 30,

 

(Amounts in thousands)

 

2015

 

 

2014

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

 

 

133,111

 

 

 

213,812

 

Dividends paid to common stockholders and unitholders

 

 

(60,396

)

 

 

-

 

Distributions to noncontrolling interests

 

 

(54,975

)

 

 

(139,282

)

Repayment of mortgage notes and loans payable

 

 

(1,024

)

 

 

(1,877

)

Contributions from Predecessor shareholders

 

 

-

 

 

 

9,188

 

Distributions to Predecessor shareholders

 

 

-

 

 

 

(53,206

)

Proceeds from loans payable to noncontrolling interests

 

 

-

 

 

 

39,075

 

Offering costs

 

 

-

 

 

 

(15,063

)

Net cash provided by financing activities

 

 

16,716

 

 

 

52,647

 

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(20,504

)

 

 

(52,555

)

Cash and cash equivalents at beginning of period

 

 

438,599

 

 

 

307,161

 

Cash and cash equivalents at end of period

 

$

418,095

 

 

$

254,606

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash payments for interest