XML 64 R2.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Real estate, at cost:    
Land $ 2,018,805 $ 2,065,206
Buildings and improvements 5,984,703 6,036,445
Rental property, at cost 8,003,508 8,101,651
Accumulated depreciation and amortization (764,151) (644,639)
Real estate, net 7,239,357 7,457,012
Cash and cash equivalents 298,066 339,653
Restricted cash 25,372 25,756
Investments in unconsolidated joint ventures 231,983 78,863
Investments in unconsolidated real estate funds 11,582 10,352
Preferred equity investments   36,042
Accounts and other receivables, net of allowance of $593 in 2018 20,400 20,076
Deferred rent receivable 295,520 267,456
Deferred charges, net of accumulated amortization of $39,576 and $30,129 127,427 117,858
Intangible assets, net of accumulated amortization of $264,802 and $245,444 222,709 270,445
Other assets 107,334 132,465
Total assets [1] 8,579,750 8,755,978
Liabilities and Equity    
Notes and mortgages payable, net of deferred financing costs of $26,266 and $32,883 3,576,734 3,566,917
Revolving credit facility 0 0
Accounts payable and accrued expenses 119,362 124,334
Dividends and distributions payable 25,307 25,902
Intangible liabilities, net of accumulated amortization of $98,829 and $89,200 78,836 95,991
Other liabilities 76,768 51,170
Total liabilities [1] 3,877,007 3,864,314
Commitments and contingencies
Paramount Group, Inc. equity:    
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 227,865,810 and 233,135,704 shares in 2019 and 2018, respectively 2,279 2,329
Additional paid-in-capital 4,134,389 4,201,756
Earnings less than distributions (276,659) (219,906)
Accumulated other comprehensive (loss) income (9,219) 16,621
Paramount Group, Inc. equity 3,850,790 4,000,800
Noncontrolling interests in:    
Consolidated joint ventures 363,211 394,995
Consolidated real estate fund 72,241 66,887
Operating Partnership (24,762,564 and 25,127,003 units outstanding) 416,501 428,982
Total equity 4,702,743 4,891,664
Total liabilities and equity $ 8,579,750 $ 8,755,978
[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 90.2% as of September 30, 2019. The assets and liabilities of the Operating Partnership, as of September 30, 2019, include $1,966,042 and $1,275,702 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 14, Variable Interest Entities (“VIEs”).