UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
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(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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(Address of Principal Executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each Class |
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Trading Symbol |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 29, 2020, Paramount Group, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2020. A copy of that press release as well as the supplemental information referred to in the press release are available on the Company’s website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. This Item 2.02 and the attached Exhibits 99.1 and 99.2 are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
The Company will host a conference call and audio webcast on Thursday, April 30, 2020 at 10:00 a.m. Eastern Time (ET), during which management will discuss the first quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.
The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on April 30, 2020 through May 7, 2020 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13701451.
A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.paramount-group.com. A replay of the webcast will be archived on the Company’s website.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
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Exhibit |
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Description |
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99.1 |
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Press release dated April 29, 2020 and entitled “Paramount Announces First Quarter 2020 Results” |
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99.2 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PARAMOUNT GROUP, INC. |
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By: |
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/s/ Wilbur Paes |
Name: |
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Wilbur Paes |
Title: |
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Executive Vice President, Chief Financial Officer and Treasurer |
Date: April 29, 2020
Exhibit 99.1
Paramount Announces First Quarter 2020 Results
– Completes $100 million of share repurchases through March –
– Withdraws Guidance for Full Year 2020 –
NEW YORK – April 29, 2020 – Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 today and reported results for the first quarter ended March 31, 2020.
First Quarter Highlights:
Results of Operations:
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Reported net income attributable to common stockholders of $3.3 million, or $0.01 per diluted share, for the quarter ended March 31, 2020, compared to $3.7 million, or $0.02 per diluted share, for the quarter ended March 31, 2019. |
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Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of $61.5 million, or $0.27 per diluted share, for the quarter ended March 31, 2020, compared to $57.1 million, or $0.24 per diluted share, for the quarter ended March 31, 2019. |
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Reported a 4.3% increase in Same Store Cash Net Operating Income (“NOI”) and a 1.5% increase in Same Store NOI in the quarter ended March 31, 2020, compared to the same period in the prior year. |
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Leased 206,784 square feet, of which the Company’s share was 126,068 square feet that was leased at a weighted average initial rent of $91.59 per square foot. Of the square footage leased, 104,308 square feet represented second generation space, for which the Company achieved a positive mark-to-market of 31.3% on a cash basis and 38.2% on a GAAP basis. |
Transactions and Capital Markets Activity:
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Entered into an agreement on March 6, 2020 to sell 1899 Pennsylvania Avenue, a 191,000 square foot office building located in Washington, D.C., for $115.0 million. The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2020. |
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Entered into an agreement on March 27, 2020 to sell a 10.0% interest in 1633 Broadway, a 2.5 million square foot trophy office building located in New York City, for $240.0 million (based on a property valuation of $2.4 billion, or $960 per square foot). The transaction, which is subject to customary closing conditions, is expected to close in the second quarter of 2020. |
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Repurchased 10,856,865 common shares at a weighted average price of $9.21 per share, or $100.0 million in the aggregate. |
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Declared a first quarter cash dividend of $0.10 per common share on March 13, 2020, which was paid on April 15, 2020. |
Financial Results
Quarter Ended March 31, 2020
Net income attributable to common stockholders was $3.3 million, or $0.01 per diluted share, for the quarter ended March 31, 2020, compared to $3.7 million, or $0.02 per diluted share, for the quarter ended March 31, 2019. Net income attributable to common stockholders for the quarters ended March 31, 2020 and 2019 includes $1.4 million and $1.9 million, or $0.00 and $0.01 per diluted share, respectively, of income from discontinued operations.
Funds from Operations (“FFO”) attributable to common stockholders was $61.6 million, or $0.27 per diluted share, for the quarter ended March 31, 2020, compared to $55.2 million, or $0.24 per diluted share, for the quarter ended March 31, 2019. FFO attributable to common stockholders for the quarters ended March 31, 2020 and 2019 includes the impact of non-core items, which are listed in the table on page 8. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common stockholders for the quarter ended March 31, 2020 by $0.1 million, or $0.00 per diluted share, and decreased FFO attributable to common stockholders for the quarter ended March 31, 2019 by $1.9 million, or $0.00 per diluted share.
Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 8, was $61.5 million, or $0.27 per diluted share, for the quarter ended March 31, 2020, compared to $57.1 million, or $0.24 per diluted share, for the quarter ended March 31, 2019.
Portfolio Operations
Quarter Ended March 31, 2020
Same Store Cash NOI increased by $3.7 million, or 4.3%, to $90.8 million for the quarter ended March 31, 2020 from $87.1 million for the quarter ended March 31, 2019. Same Store NOI increased by $1.5 million, or 1.5%, to $100.6 million for the quarter ended March 31, 2020 from $99.1 million for the quarter ended March 31, 2019.
During the quarter ended March 31, 2020, the Company leased 206,784 square feet, of which the Company’s share was 126,068 square feet that was leased at a weighted average initial rent of $91.59 per square foot. This leasing activity, offset by lease expirations in the quarter, caused leased occupancy to remain at 95.9% leased at March 31, 2020, in-line with leased occupancy reported at December 31, 2019. Same store leased occupancy (properties owned by us during both reporting periods and not classified as discontinued operations), was 96.0% at March 31, 2020, in-line with same store leased occupancy at December 31, 2019. Of the 206,784 square feet leased in the first quarter, 104,308 square feet represented second generation space (space that had been vacant for less than twelve months) for which the Company achieved a positive mark-to-market of 31.3% on a cash basis and 38.2% on a GAAP basis. The weighted average lease term for leases signed during the first quarter was 4.8 years and weighted average tenant improvements and leasing commissions on these leases were $6.99 per square foot per annum, or 7.6% of initial rent.
2
Guidance
The Company had previously provided its 2020 guidance on February 12, 2020, prior to the coronavirus (COVID-19) global pandemic, which has materially impacted the U.S. and global economy. Given the economic uncertainty and rapidly-evolving circumstances related to the COVID-19 pandemic, the Company is withdrawing its previously issued 2020 guidance and is not providing an updated outlook at this time. The Company will discuss the first quarter results and provide commentary on its business performance during its first quarter conference call.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the negative impact of the coronavirus (COVID-19) global pandemic on the U.S., regional and global economies and our tenants’ financial condition and results of operations, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
3
Non-GAAP Financial Measures
FFO is a supplemental measure of our performance. We present FFO in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. In addition, we present Core FFO as an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.
FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other real estate companies. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.
NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE's share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at property level.
Same Store NOI is used to measure the operating performance of properties in our New York and San Francisco portfolios that were owned by us in a similar manner during both the current period and prior reporting periods, and represents Same Store NOI from consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets. Same Store NOI also excludes lease termination income, impairment of receivables arising from operating leases and certain other items that may vary from period to period. We also present Same Store Cash NOI, which excludes the effect of non-cash items such as the straight-line rent adjustments and the amortization of above and below-market leases.
A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended March 31, 2020, which is available on our website.
4
Investor Conference Call and Webcast
The Company will host a conference call and audio webcast on Thursday, April 30, 2020 at 10:00 a.m. Eastern Time (ET), during which management will discuss the first quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.
The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on April 30, 2020 through May 7, 2020 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13701451.
A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.paramount-group.com. A replay of the webcast will be archived on the Company’s website.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
Contact Information:
Wilbur Paes Executive Vice President, Chief Financial Officer 212-237-3122 ir@paramount-group.com
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Robert Simone Director, Business Development & Investor Relations 212-237-3138 ir@paramount-group.com
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Media:
212-492-2285
pr@paramount-group.com
5
Paramount Group, Inc.
Consolidated Balance Sheets
(Unaudited and in thousands)
Assets: |
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March 31, 2020 |
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December 31, 2019 |
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Real estate, at cost |
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Land |
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$ |
1,966,237 |
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$ |
1,966,237 |
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Buildings and improvements |
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5,948,631 |
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5,923,648 |
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7,914,868 |
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7,889,885 |
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Accumulated depreciation and amortization |
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(832,164 |
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(790,216 |
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Real estate, net |
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7,082,704 |
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7,099,669 |
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Cash and cash equivalents |
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377,689 |
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306,215 |
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Restricted cash |
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20,563 |
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25,272 |
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Investments in unconsolidated joint ventures |
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429,358 |
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449,180 |
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Investments in unconsolidated real estate funds |
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13,116 |
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10,317 |
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Accounts and other receivables, net |
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17,826 |
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19,231 |
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Due from affiliates |
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- |
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36,918 |
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Deferred rent receivable |
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312,249 |
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301,588 |
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Deferred charges, net |
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124,908 |
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126,367 |
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Intangible assets, net |
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191,183 |
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203,169 |
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Assets related to discontinued operations |
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104,028 |
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104,836 |
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Other assets |
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80,632 |
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51,373 |
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Total assets |
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$ |
8,754,256 |
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$ |
8,734,135 |
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Liabilities: |
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Notes and mortgages payable, net |
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$ |
3,788,684 |
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$ |
3,783,851 |
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Revolving credit facility |
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200,000 |
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36,918 |
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Accounts payable and accrued expenses |
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109,563 |
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117,356 |
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Dividends and distributions payable |
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24,342 |
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25,255 |
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Intangible liabilities, net |
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69,752 |
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73,789 |
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Other liabilities |
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54,723 |
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66,004 |
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Total liabilities |
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4,247,064 |
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4,103,173 |
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Equity: |
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Paramount Group, Inc. equity |
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3,722,261 |
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3,785,730 |
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Noncontrolling interests in: |
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Consolidated joint ventures |
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359,120 |
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360,778 |
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Consolidated real estate fund |
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80,476 |
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72,396 |
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Operating Partnership |
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345,335 |
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412,058 |
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Total equity |
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4,507,192 |
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4,630,962 |
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Total liabilities and equity |
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$ |
8,754,256 |
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$ |
8,734,135 |
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6
Paramount Group, Inc.
Consolidated Statements of Income
(Unaudited and in thousands, except share and per share amounts)
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For the Three Months Ended March 31, |
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2020 |
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2019 |
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Revenues: |
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Rental revenue |
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$ |
175,425 |
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$ |
175,341 |
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Fee and other income |
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8,561 |
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9,048 |
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Total revenues |
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183,986 |
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184,389 |
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Expenses: |
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Operating |
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67,014 |
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65,461 |
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Depreciation and amortization |
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58,427 |
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60,712 |
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General and administrative |
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12,249 |
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17,443 |
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Transaction related costs |
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203 |
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736 |
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Total expenses |
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137,893 |
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144,352 |
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Other income (expense): |
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Loss from unconsolidated joint ventures |
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(4,221 |
) |
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(1,027 |
) |
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Income from unconsolidated real estate funds |
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52 |
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46 |
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Interest and other (loss) income, net |
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(996 |
) |
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3,900 |
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Interest and debt expense |
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(36,619 |
) |
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(36,924 |
) |
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Income from continuing operations, before income taxes |
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4,309 |
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6,032 |
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Income tax expense |
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(604 |
) |
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(1,138 |
) |
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Income from continuing operations, net |
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3,705 |
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4,894 |
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Income from discontinued operations, net |
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1,521 |
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2,106 |
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Net income |
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5,226 |
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7,000 |
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Less net (income) loss attributable to noncontrolling interests in: |
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Consolidated joint ventures |
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(1,514 |
) |
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(2,794 |
) |
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Consolidated real estate fund |
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(23 |
) |
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(94 |
) |
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Operating Partnership |
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(341 |
) |
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(403 |
) |
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Net income attributable to common stockholders |
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$ |
3,348 |
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$ |
3,709 |
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Income per Common Share - Basic: |
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Income from continuing operations, net |
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$ |
0.01 |
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$ |
0.01 |
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|||||
Income from discontinued operations, net |
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|
0.00 |
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|
0.01 |
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|||||
Net income per common share |
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$ |
0.01 |
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$ |
0.02 |
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|||||
Weighted average common shares outstanding |
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227,769,213 |
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233,419,299 |
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|||||
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Income per Common Share - Diluted: |
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|
|||||
Income from continuing operations, net |
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$ |
0.01 |
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$ |
0.01 |
|
|||||
Income from discontinued operations, net |
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|
0.00 |
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|
0.01 |
|
|||||
Net income per common share |
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$ |
0.01 |
|
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$ |
0.02 |
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|||||
Weighted average common shares outstanding |
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227,805,176 |
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233,458,438 |
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7
Paramount Group, Inc.
Reconciliation of Net Income to FFO and Core FFO
(Unaudited and in thousands, except share and per share amounts)
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For the Three Months Ended March 31, |
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2020 |
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2019 |
|
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Reconciliation of Net Income to FFO and Core FFO: |
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|||||
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Net income |
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$ |
5,226 |
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|
$ |
7,000 |
|
||||
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Real estate depreciation and amortization (including our share of |
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|
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|
||||
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unconsolidated joint ventures) |
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70,940 |
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|
|
63,688 |
|
|||
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Adjustments related to discontinued operations |
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|
690 |
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|
|
2,377 |
|
||||
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FFO |
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|
76,856 |
|
|
|
73,065 |
|
||||
|
Less FFO attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
|
(8,969 |
) |
|
|
(11,748 |
) |
|||
|
|
Consolidated real estate fund |
|
|
(23 |
) |
|
|
(94 |
) |
|||
|
FFO attributable to Paramount Group Operating Partnership |
|
|
67,864 |
|
|
|
61,223 |
|
||||
|
Less FFO attributable to noncontrolling interests in in Operating Partnership |
|
|
(6,278 |
) |
|
|
(5,998 |
) |
||||
|
FFO attributable to common stockholders |
|
$ |
61,586 |
|
|
$ |
55,225 |
|
||||
|
Per diluted share |
|
$ |
0.27 |
|
|
$ |
0.24 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
76,856 |
|
|
$ |
73,065 |
|
||||
|
Non-core items: |
|
|
|
|
|
|
|
|
||||
|
|
Our share of earnings in excess of distributions received from 712 Fifth Avenue |
|
|
(388 |
) |
|
|
1,270 |
|
|||
|
|
Other, net |
|
|
303 |
|
|
|
823 |
|
|||
|
Core FFO |
|
|
76,771 |
|
|
|
75,158 |
|
||||
|
Less Core FFO attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
|
(8,969 |
) |
|
|
(11,748 |
) |
|||
|
|
Consolidated real estate fund |
|
|
(23 |
) |
|
|
(94 |
) |
|||
|
Core FFO attributable to Paramount Group Operating Partnership |
|
|
67,779 |
|
|
|
63,316 |
|
||||
|
Less Core FFO attributable to noncontrolling interests in Operating Partnership |
|
|
(6,270 |
) |
|
|
(6,203 |
) |
||||
|
Core FFO attributable to common stockholders |
|
$ |
61,509 |
|
|
$ |
57,113 |
|
||||
|
Per diluted share |
|
$ |
0.27 |
|
|
$ |
0.24 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|||||
|
Weighted average shares outstanding |
|
|
227,769,213 |
|
|
|
233,419,299 |
|
||||
|
Effect of dilutive securities |
|
|
35,963 |
|
|
|
39,139 |
|
||||
|
Denominator for FFO and Core FFO per diluted share |
|
|
227,805,176 |
|
|
|
233,458,438 |
|
8
Paramount Group, Inc.
Reconciliation of Net Income to Same Store NOI and Same Store Cash NOI
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|||||
|
|
|
|
|
|
2020 |
|
|
2019 |
|
||
Reconciliation of Net Income to Same Store NOI and Same Store Cash NOI: |
|
|
|
|
|
|
|
|||||
|
Net income |
$ |
5,226 |
|
|
$ |
7,000 |
|
||||
|
Add (subtract) adjustments to arrive at NOI and Cash NOI: |
|
|
|
|
|
|
|
||||
|
|
Depreciation and amortization |
|
58,427 |
|
|
|
60,712 |
|
|||
|
|
General and administrative |
|
12,249 |
|
|
|
17,443 |
|
|||
|
|
Interest and debt expense |
|
36,619 |
|
|
|
36,924 |
|
|||
|
|
Income tax expense |
|
604 |
|
|
|
1,138 |
|
|||
|
|
NOI from unconsolidated joint ventures |
|
13,392 |
|
|
|
5,411 |
|
|||
|
|
Fee income |
|
(6,330 |
) |
|
|
(5,999 |
) |
|||
|
|
Interest and other loss (income), net |
|
996 |
|
|
|
(3,900 |
) |
|||
|
|
Adjustments related to discontinued operations |
|
690 |
|
|
|
2,377 |
|
|||
|
|
Other, net |
|
4,372 |
|
|
|
1,717 |
|
|||
|
NOI |
|
126,245 |
|
|
|
122,823 |
|
||||
|
Less NOI attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(15,691 |
) |
|
|
(17,909 |
) |
|||
|
|
Consolidated real estate fund |
|
3 |
|
|
|
29 |
|
|||
|
PGRE's share of NOI |
|
110,557 |
|
|
|
104,943 |
|
||||
|
|
Acquisitions |
|
(9,292 |
) |
|
|
- |
|
|||
|
|
Dispositions / Discontinued Operations (1) |
|
(2,211 |
) |
|
|
(4,483 |
) |
|||
|
|
Lease termination income and other, net |
|
1,502 |
|
|
|
(1,342 |
) |
|||
|
PGRE's share of Same Store NOI |
$ |
100,556 |
|
|
$ |
99,118 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI |
$ |
126,245 |
|
|
$ |
122,823 |
|
||||
|
Less: |
|
|
|
|
|
|
|
||||
|
|
Straight-line rent adjustments (including our share of unconsolidated joint ventures) |
|
(11,804 |
) |
|
|
(11,869 |
) |
|||
|
|
Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures) |
|
(2,832 |
) |
|
|
(3,240 |
) |
|||
|
|
Adjustments related to discontinued operations |
|
119 |
|
|
|
111 |
|
|||
|
Cash NOI |
|
111,728 |
|
|
|
107,825 |
|
||||
|
Less Cash NOI attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(13,202 |
) |
|
|
(14,785 |
) |
|||
|
|
Consolidated real estate fund |
|
3 |
|
|
|
29 |
|
|||
|
PGRE's share of Cash NOI |
|
98,529 |
|
|
|
93,069 |
|
||||
|
|
Acquisitions |
|
(6,806 |
) |
|
|
- |
|
|||
|
|
Dispositions / Discontinued Operations (1) |
|
(2,330 |
) |
|
|
(4,594 |
) |
|||
|
|
Lease termination income and other, net |
|
1,421 |
|
|
|
(1,409 |
) |
|||
|
PGRE's share of Same Store Cash NOI |
$ |
90,814 |
|
|
$ |
87,066 |
|
(1) |
Represents NOI and Cash NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019). |
9
Exhibit 99.2
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
FOR THE QUARTER ENDED MARCH 31, 2020
|
|
|
|
FORWARD-LOOKING STATEMENTS |
|
|
|
|
|
|
|
|
|
This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the negative impact of the coronavirus (COVID-19) global pandemic on the U.S., regional and global economies and our tenants' financial condition and results of operations, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. |
- 2 -
|
|
|
|
TABLE OF CONTENTS |
|
|
Page |
||||
|
Company Profile |
4 |
||||
|
|
|
|
|||
|
Research Coverage |
5 |
||||
|
|
|
|
|||
|
Selected Financial Information |
|
||||
|
|
Guidance |
6 |
|||
|
|
Financial Highlights |
7 |
|||
|
|
Consolidated Balance Sheets |
8 |
|||
|
|
Consolidated Statements of Income |
9 |
|||
|
|
Select Income Statement Data |
10 |
|||
|
|
Funds From Operations ("FFO") |
11 |
|||
|
|
Funds Available for Distribution ("FAD") |
12 |
|||
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") |
13 |
|||
|
|
Net Operating Income ("NOI") |
14 - 15 |
|||
|
|
Same Store Results |
16 - 17 |
|||
|
|
Consolidated Joint Ventures and Fund |
18 - 19 |
|||
|
|
Unconsolidated Joint Ventures |
20 - 23 |
|||
|
|
Capital Structure |
24 |
|||
|
|
Debt Analysis |
25 |
|||
|
|
Debt Maturities |
26 |
|||
|
|
|
|
|||
|
Selected Property Data |
|
||||
|
|
Portfolio Summary |
27 |
|||
|
|
Same Store Leased Occupancy |
|
|
|
28 |
|
|
Top Tenants and Industry Diversification |
29 |
|||
|
|
Leasing Activity |
30 |
|||
|
|
Lease Expirations |
31 - 34 |
|||
|
|
Cash Basis Capital Expenditures |
35 |
|||
|
|
|
|
|
|
|
|
|
|
|
|||
|
Definitions |
36 - 37 |
- 3 -
|
|
|
|
COMPANY PROFILE |
Paramount Group, Inc. ("Paramount") or (the "Company") is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants. |
|
EXECUTIVE MANAGEMENT
Albert Behler |
|
Chairman, Chief Executive Officer and President |
|
|
|
Executive Vice President, Chief Financial Officer and Treasurer |
|
|
|
Peter Brindley |
|
Executive Vice President, Leasing |
|
|
David Zobel |
|
Executive Vice President, Head of Acquisitions |
|
|
BOARD OF DIRECTORS
Albert Behler |
|
Director, Chairman of the Board |
Thomas Armbrust |
|
Director |
Martin Bussmann |
|
Director |
Colin Dyer |
|
Director |
Dan Emmett |
|
Director, Chair of Nominating and Corporate Governance Committee; Lead Independent Director |
Lizanne Galbreath |
|
Director, Chair of Compensation Committee |
Karin Klein |
|
Director |
Peter Linneman |
|
Director, Chair of Audit Committee |
Katharina Otto-Bernstein |
|
Director |
Mark Patterson |
|
Director |
COMPANY INFORMATION
Corporate Headquarters |
Investor Relations |
Stock Exchange Listing |
Trading Symbol |
1633 Broadway, Suite 1801 |
IR@paramount-group.com |
New York Stock Exchange |
PGRE |
New York, NY 10019 |
(212) 492-2298 |
|
|
(212) 237-3100 |
|
|
|
- 4 -
|
|
|
|
RESEARCH COVERAGE (1) |
James Feldman |
Thomas Catherwood |
Derek Johnston |
Steve Sakwa |
|||||
Bank of America Merrill Lynch |
BTIG |
Deutsche Bank |
Evercore ISI |
|||||
(646) 855-5808 |
(212) 738-6140 |
(904) 520-4973 |
(212) 446-9462 |
|||||
james.feldman@baml.com |
tcatherwood@btig.com |
derek.johnston@db.com |
steve.sakwa@evercoreisi.com |
|||||
|
|
|
|
|
|
|
|
|
Richard Skidmore |
Daniel Ismail |
Omotayo Okusanya |
Vikram Malhotra |
|||||
Goldman Sachs |
Green Street Advisors |
Mizuho Securities USA Inc. |
Morgan Stanley |
|||||
(801) 741-5459 |
(949) 640-8780 |
(646) 949-9672 |
(212) 761-7064 |
|||||
richard.skidmore@gs.com |
dismail@greenst.com |
omotayo.okusanya@mizuhogroup.com |
vikram.malhotra@morganstanley.com |
|||||
|
|
|
|
|
|
|
|
|
Blaine Heck |
|
|
|
|
|
|
||
Wells Fargo |
|
|
|
|
|
|
||
(443) 263-6529 |
|
|
|
|
|
|
||
blaine.heck@wellsfargo.com |
|
|
|
|
|
|
(1) |
With the exception of Green Street Advisors, an independent research firm, the equity analysts listed above are those analysts that, according to First Call Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by such analysts do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference above, imply its endorsement of or concurrence with any information, conclusions or recommendations made by any such analysts. |
- 5 -
|
|
|
|
GUIDANCE |
The Company had previously provided its 2020 guidance on February 12, 2020, prior to the coronavirus (COVID-19) global pandemic, which has materially impacted the U.S. and global economy. Given the economic uncertainty and rapidly-evolving circumstances related to the COVID-19 pandemic, the Company is withdrawing its previously issued 2020 guidance and is not providing an updated outlook at this time. The Company will discuss the first quarter results and provide commentary on its business performance during its first quarter conference call.
- 6 -
|
|
|
|
FINANCIAL HIGHLIGHTS |
(unaudited and in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||||||
SELECTED FINANCIAL DATA |
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Continuing operations |
$ |
1,968 |
|
|
$ |
1,809 |
|
|
$ |
(13,158 |
) |
|||||||||
|
|
Discontinued operations |
|
1,380 |
|
|
|
1,900 |
|
|
|
(36,987 |
) |
|||||||||
|
Net income (loss) attributable to common shareholders |
$ |
3,348 |
|
|
$ |
3,709 |
|
|
$ |
(50,145 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share - basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Per share from continuing operations |
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|||||||||
|
|
Per share from discontinued operations |
|
0.00 |
|
|
|
0.01 |
|
|
|
(0.16 |
) |
|||||||||
|
Net income (loss) per share - basic and diluted |
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
(0.22 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core FFO attributable to common stockholders (1) |
$ |
61,509 |
|
|
$ |
57,113 |
|
|
$ |
58,272 |
|
||||||||||
|
|
Per share - diluted |
$ |
0.27 |
|
|
$ |
0.24 |
|
|
$ |
0.26 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's share of Cash NOI (1) |
$ |
98,529 |
|
|
$ |
93,069 |
|
|
$ |
95,755 |
|
||||||||||
|
PGRE's share of NOI (1) |
$ |
110,557 |
|
|
$ |
104,943 |
|
|
$ |
107,716 |
|
Same Store Cash NOI (1) |
% Change |
|
|
Same Store NOI (1) |
% Change |
|
|||
|
Three Months Ended March 31, 2020 vs. March 31, 2019 |
|
4.3 |
% |
|
Three Months Ended March 31, 2020 vs. March 31, 2019 |
|
1.5 |
% |
PORTFOLIO STATISTICS (at PGRE Share)
|
|
|
|
|
|
|
|
|
|
As of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
March 31, 2019 |
||||
|
Leased % (1) |
|
95.9 |
% |
|
|
95.9 |
% |
|
|
96.5 |
% |
|
|
96.7 |
% |
|
96.0% |
Same Store Leased % (1) |
% Change |
|
|
Same Store Leased % (1) |
% Change |
|
|||
|
March 31, 2020 vs. December 31, 2019 |
|
0.0 |
% |
|
March 31, 2020 vs. March 31, 2019 |
|
(0.1 |
%) |
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||||
Share Price: |
March 31, 2020 |
|
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
March 31, 2019 |
||||||||||||||||
|
High |
$ |
15.00 |
|
|
$ |
13.99 |
|
|
$ |
14.42 |
|
|
$ |
15.11 |
|
|
$ 15.03 |
|||||||||||
|
Low |
$ |
6.42 |
|
|
$ |
12.65 |
|
|
$ |
12.77 |
|
|
$ |
13.53 |
|
|
$ 12.18 |
|||||||||||
|
Closing (end of period) |
$ |
8.80 |
|
|
$ |
13.92 |
|
|
$ |
13.35 |
|
|
$ |
14.01 |
|
|
$ 14.19 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ 0.10 |
||||||||||||
Annualized dividends per common share |
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ 0.40 |
||||||||||||
Dividend yield (on closing share price) |
|
4.5 |
% |
|
|
2.9 |
% |
|
|
3.0 |
% |
|
|
2.9 |
% |
|
2.8% |
(1) |
See page 36 for our definition of this measure. |
- 7 -
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
(unaudited and in thousands)
|
|
|
|
|
|
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
||
|
|
|
|
|
|
|
||||||||
|
Real estate, at cost: |
|
|
|
|
|
|
|
||||||
|
|
Land |
$ |
1,966,237 |
|
|
$ |
1,966,237 |
|
|||||
|
|
Buildings and improvements |
|
5,948,631 |
|
|
|
5,923,648 |
|
|||||
|
|
|
|
|
|
|
|
|
7,914,868 |
|
|
|
7,889,885 |
|
|
|
Accumulated depreciation and amortization |
|
(832,164 |
) |
|
|
(790,216 |
) |
|||||
|
Real estate, net |
|
7,082,704 |
|
|
|
7,099,669 |
|
||||||
|
Cash and cash equivalents |
|
377,689 |
|
|
|
306,215 |
|
||||||
|
Restricted cash |
|
20,563 |
|
|
|
25,272 |
|
||||||
|
Investments in unconsolidated joint ventures |
|
429,358 |
|
|
|
449,180 |
|
||||||
|
Investments in unconsolidated real estate funds |
|
13,116 |
|
|
|
10,317 |
|
||||||
|
Accounts and other receivables, net |
|
17,826 |
|
|
|
19,231 |
|
||||||
|
Due from affiliates |
|
- |
|
|
|
36,918 |
|
||||||
|
Deferred rent receivable |
|
312,249 |
|
|
|
301,588 |
|
||||||
|
Deferred charges, net |
|
124,908 |
|
|
|
126,367 |
|
||||||
|
Intangible assets, net |
|
191,183 |
|
|
|
203,169 |
|
||||||
|
Assets related to discontinued operations |
|
104,028 |
|
|
|
104,836 |
|
||||||
|
Other assets |
|
80,632 |
|
|
|
51,373 |
|
||||||
Total assets |
$ |
8,754,256 |
|
|
$ |
8,734,135 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|||||||
|
Notes and mortgages payable, net |
$ |
3,788,684 |
|
|
$ |
3,783,851 |
|
||||||
|
Revolving credit facility |
|
200,000 |
|
|
|
36,918 |
|
||||||
|
Accounts payable and accrued expenses |
|
109,563 |
|
|
|
117,356 |
|
||||||
|
Dividends and distributions payable |
|
24,342 |
|
|
|
25,255 |
|
||||||
|
Intangible liabilities, net |
|
69,752 |
|
|
|
73,789 |
|
||||||
|
Other liabilities |
|
54,723 |
|
|
|
66,004 |
|
||||||
Total liabilities |
|
4,247,064 |
|
|
|
4,103,173 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|||||||
|
Paramount Group, Inc. equity |
|
3,722,261 |
|
|
|
3,785,730 |
|
||||||
|
Noncontrolling interests in: |
|
|
|
|
|
|
|
||||||
|
|
Consolidated joint ventures |
|
359,120 |
|
|
|
360,778 |
|
|||||
|
|
Consolidated real estate fund |
|
80,476 |
|
|
|
72,396 |
|
|||||
|
|
Operating Partnership |
|
345,335 |
|
|
|
412,058 |
|
|||||
Total equity |
|
4,507,192 |
|
|
|
4,630,962 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
8,754,256 |
|
|
$ |
8,734,135 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 8 -
|
CONSOLIDATED STATEMENTS OF INCOME |
(unaudited and in thousands, except per share amounts)
|
|
|
|
|
|
Three Months Ended |
|
|
|||||||||
|
|
|
|
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
|
|||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rental revenue (1) |
$ |
175,425 |
|
|
$ |
175,341 |
|
|
$ |
179,008 |
|
|
||||
|
Fee and other income (1) |
|
8,561 |
|
|
|
9,048 |
|
|
|
7,761 |
|
|
||||
Total revenues |
|
183,986 |
|
|
|
184,389 |
|
|
|
186,769 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Operating |
|
67,014 |
|
|
|
65,461 |
|
|
|
65,659 |
|
|
||||
|
Depreciation and amortization |
|
58,427 |
|
|
|
60,712 |
|
|
|
58,419 |
|
|
||||
|
General and administrative (1) |
|
12,249 |
|
|
|
17,443 |
|
|
|
17,099 |
|
|
||||
|
Transaction related costs |
|
203 |
|
|
|
736 |
|
|
|
295 |
|
|
||||
Total expenses |
|
137,893 |
|
|
|
144,352 |
|
|
|
141,472 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Loss from unconsolidated joint ventures |
|
(4,221 |
) |
|
|
(1,027 |
) |
|
|
(1,891 |
) |
|
||||
|
Income (loss) from unconsolidated real estate funds |
|
52 |
|
|
|
46 |
|
|
|
(614 |
) |
|
||||
|
Interest and other (loss) income, net (1) |
|
(996 |
) |
|
|
3,900 |
|
|
|
2,139 |
|
|
||||
|
Interest and debt expense (1) |
|
(36,619 |
) |
|
|
(36,924 |
) |
|
|
(45,217 |
) |
|
||||
|
Loss on early extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(11,989 |
) |
|
||||
Income (loss) from continuing operations, before income taxes |
|
4,309 |
|
|
|
6,032 |
|
|
|
(12,275 |
) |
|
|||||
|
Income tax (expense) benefit |
|
(604 |
) |
|
|
(1,138 |
) |
|
|
511 |
|
|
||||
Income (loss) from continuing operations, net |
|
3,705 |
|
|
|
4,894 |
|
|
|
(11,764 |
) |
|
|||||
Income (loss) from discontinued operations, net |
|
1,521 |
|
|
|
2,106 |
|
|
|
(41,013 |
) |
|
|||||
Net income (loss) |
|
5,226 |
|
|
|
7,000 |
|
|
|
(52,777 |
) |
|
|||||
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|||||||
|
Consolidated joint ventures |
|
(1,514 |
) |
|
|
(2,794 |
) |
|
|
(2,769 |
) |
|
||||
|
Consolidated real estate fund |
|
(23 |
) |
|
|
(94 |
) |
|
|
(57 |
) |
|
||||
|
Operating Partnership |
|
(341 |
) |
|
|
(403 |
) |
|
|
5,458 |
|
|
||||
Net income (loss) attributable to common stockholders |
$ |
3,348 |
|
|
$ |
3,709 |
|
|
$ |
(50,145 |
) |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per diluted share: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income (loss) from continuing operations, net |
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
||||
|
Income (loss) from discontinued operations, net |
|
0.00 |
|
|
|
0.01 |
|
|
|
(0.16 |
) |
|
||||
Net income (loss) per diluted share |
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
(0.22 |
) |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
See page 10 for details. |
- 9 -
(unaudited and in thousands)
|
|
|
|
|
|
Three Months Ended |
|
|||||||||
Rental Revenue: |
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
||||||||
|
Property rentals |
$ |
149,138 |
|
|
$ |
146,192 |
|
|
$ |
150,571 |
|
||||
|
Tenant reimbursements |
|
14,049 |
|
|
|
13,265 |
|
|
|
14,830 |
|
||||
|
Straight-line rent adjustments |
|
10,695 |
|
|
|
11,669 |
|
|
|
10,357 |
|
||||
|
Amortization of above and below-market leases, net |
|
1,543 |
|
|
|
3,296 |
|
|
|
2,483 |
|
||||
|
Lease termination income |
|
- |
|
|
|
919 |
|
|
|
767 |
|
||||
Total rental revenue |
$ |
175,425 |
|
|
$ |
175,341 |
|
|
$ |
179,008 |
|
|
|
|
|
|
|
Three Months Ended |
|
|||||||||
Fee and Other Income: |
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
||||||||
|
Property management |
$ |
2,450 |
|
|
$ |
1,642 |
|
|
$ |
1,919 |
|
||||
|
Asset management |
|
3,521 |
|
|
|
2,318 |
|
|
|
3,169 |
|
||||
|
Acquisition and disposition |
|
- |
|
|
|
1,331 |
|
|
|
- |
|
||||
|
Other |
|
359 |
|
|
|
708 |
|
|
|
285 |
|
||||
|
Total fee income |
|
6,330 |
|
|
|
5,999 |
|
|
|
5,373 |
|
||||
|
Other (primarily parking income and tenant requested |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
services, including overtime heating and cooling) |
|
2,231 |
|
|
|
3,049 |
|
|
|
2,388 |
|
|||
Total fee and other income |
$ |
8,561 |
|
|
$ |
9,048 |
|
|
$ |
7,761 |
|
|
|
|
|
|
|
Three Months Ended |
|
|||||||||
General and Administrative: |
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
||||||||
|
Cash general and administrative |
$ |
8,836 |
|
|
$ |
7,772 |
|
|
$ |
11,253 |
|
||||
|
Non-cash general and administrative - stock-based compensation expense |
|
5,397 |
|
|
|
7,602 |
|
|
|
5,001 |
|
||||
|
Mark-to-market of deferred compensation plan liabilities (offset by an |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
increase in the mark-to-market of plan assets, which is included |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
in "interest and other (loss) income, net") |
|
(1,984 |
) |
|
|
2,069 |
|
|
|
845 |
|
|||
Total general and administrative |
$ |
12,249 |
|
|
$ |
17,443 |
|
|
$ |
17,099 |
|
|
|
|
|
|
|
Three Months Ended |
|
|||||||||
Interest and Other (Loss) Income, net: |
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
||||||||
|
Interest income, net |
$ |
988 |
|
|
$ |
1,377 |
|
|
$ |
1,294 |
|
||||
|
Mark-to-market of deferred compensation plan assets (offset by an |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
increase in the mark-to-market of plan liabilities, which is included |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
in "general and administrative" expenses) |
|
(1,984 |
) |
|
|
2,069 |
|
|
|
845 |
|
|||
|
Preferred equity investment income (1) |
|
- |
|
|
|
454 |
|
|
|
- |
|
||||
Total interest and other (loss) income, net |
$ |
(996 |
) |
|
$ |
3,900 |
|
|
$ |
2,139 |
|
(1) |
Represents 100% of the investment income from PGRESS Equity Holdings, L.P., of which our 24.4% share is $111 for the three months ended March 31, 2019. On March 1, 2019, our |
only remaining preferred equity investment was redeemed.
|
|
|
|
|
|
Three Months Ended |
|
|
|||||||||
Interest and Debt Expense: |
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
|
||||||||
|
Interest expense |
$ |
34,301 |
|
|
$ |
34,123 |
|
|
$ |
34,344 |
|
|
||||
|
Amortization of deferred financing costs |
|
2,318 |
|
|
|
2,801 |
|
|
|
10,873 |
|
(1) |
||||
Total interest and debt expense |
$ |
36,619 |
|
|
$ |
36,924 |
|
|
$ |
45,217 |
|
|
(1) |
Includes $8,215 of expense from the non-cash write-off of deferred financing costs in connection with the $1.25 billion refinancing of 1633 Broadway in November 2019. |
- 10 -
|
|
|
|
FFO |
(unaudited and in thousands, except share and per share amounts)
|
|
|
|
|
|
Three Months Ended |
|
|||||||||
|
|
|
|
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
|||
Reconciliation of net income (loss) to FFO and Core FFO: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income (loss) |
$ |
5,226 |
|
|
$ |
7,000 |
|
|
$ |
(52,777 |
) |
||||
|
Real estate depreciation and amortization (including our share |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
of unconsolidated joint ventures) |
|
70,940 |
|
|
|
63,688 |
|
|
|
65,368 |
|
|||
|
Adjustments related to discontinued operations |
|
690 |
|
|
|
2,377 |
|
|
|
1,156 |
|
||||
|
Real estate impairment loss related to discontinued operations |
|
- |
|
|
|
- |
|
|
|
42,000 |
|
||||
|
FFO (1) |
|
76,856 |
|
|
|
73,065 |
|
|
|
55,747 |
|
||||
|
Less FFO attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(8,969 |
) |
|
|
(11,748 |
) |
|
|
(11,360 |
) |
|||
|
|
Consolidated real estate fund |
|
(23 |
) |
|
|
(94 |
) |
|
|
(57 |
) |
|||
|
FFO attributable to Paramount Group Operating Partnership |
|
67,864 |
|
|
|
61,223 |
|
|
|
44,330 |
|
||||
|
Less FFO attributable to noncontrolling interests in Operating Partnership |
|
(6,278 |
) |
|
|
(5,998 |
) |
|
|
(4,352 |
) |
||||
|
FFO attributable to common stockholders (1) |
$ |
61,586 |
|
|
$ |
55,225 |
|
|
$ |
39,978 |
|
||||
|
Per diluted share |
$ |
0.27 |
|
|
$ |
0.24 |
|
|
$ |
0.18 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
$ |
76,856 |
|
|
$ |
73,065 |
|
|
$ |
55,747 |
|
||||
|
Non-core items: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Our share of earnings in excess of distributions received and |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
(distributions received from 712 Fifth Avenue in excess of earnings) |
|
(388 |
) |
|
|
1,270 |
|
|
|
(1,001 |
) |
||
|
|
Loss on early extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
11,989 |
|
|||
|
|
Non-cash write-off of deferred financing costs |
|
- |
|
|
|
- |
|
|
|
8,215 |
|
|||
|
|
Other, net |
|
303 |
|
|
|
823 |
|
|
|
1,083 |
|
|||
|
Core FFO (1) |
|
76,771 |
|
|
|
75,158 |
|
|
|
76,033 |
|
||||
|
Less Core FFO attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(8,969 |
) |
|
|
(11,748 |
) |
|
|
(11,360 |
) |
|||
|
|
Consolidated real estate fund |
|
(23 |
) |
|
|
(94 |
) |
|
|
(57 |
) |
|||
|
Core FFO attributable to Paramount Group Operating Partnership |
|
67,779 |
|
|
|
63,316 |
|
|
|
64,616 |
|
||||
|
Less Core FFO attributable to noncontrolling interests in Operating Partnership |
|
(6,270 |
) |
|
|
(6,203 |
) |
|
|
(6,344 |
) |
||||
|
Core FFO attributable to common stockholders (1) |
$ |
61,509 |
|
|
$ |
57,113 |
|
|
$ |
58,272 |
|
||||
|
Per diluted share |
$ |
0.27 |
|
|
$ |
0.24 |
|
|
$ |
0.26 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Weighted average shares outstanding |
|
227,769,213 |
|
|
|
233,419,299 |
|
|
|
227,276,459 |
|
||||
|
Effect of dilutive securities |
|
35,963 |
|
|
|
39,139 |
|
|
|
50,071 |
|
||||
|
Denominator for FFO and Core FFO per diluted share |
|
227,805,176 |
|
|
|
233,458,438 |
|
|
|
227,326,530 |
|
(1) |
See page 36 for our definition of this measure. |
- 11 -
|
|
|
|
FAD |
(unaudited and in thousands)
|
|
|
|
|
|
Three Months Ended |
|
|
|||||||||
|
|
|
|
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
|
|||
Reconciliation of Core FFO to FAD: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Core FFO |
$ |
76,771 |
|
|
$ |
75,158 |
|
|
$ |
76,033 |
|
|
||||
|
Add (subtract) adjustments to arrive at FAD: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Straight-line rent adjustments (including our share |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
of unconsolidated joint ventures) |
|
(11,804 |
) |
|
|
(11,869 |
) |
|
|
(11,218 |
) |
|
||
|
|
Amortization of above and below-market leases, net (including |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
our share of unconsolidated joint ventures) |
|
(2,832 |
) |
|
|
(3,240 |
) |
|
|
(3,141 |
) |
|
||
|
|
Amortization of deferred financing costs (including our share |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
of unconsolidated joint ventures) |
|
2,630 |
|
|
|
2,926 |
|
|
|
2,843 |
|
(3) |
||
|
|
Amortization of stock-based compensation expense |
|
5,397 |
|
|
|
7,602 |
|
|
|
5,001 |
|
|
|||
|
|
Expenditures to maintain assets |
|
(4,709 |
) |
|
|
(3,382 |
) |
|
|
(8,408 |
) |
|
|||
|
|
Second generation tenant improvements and leasing commissions |
|
(23,933 |
) |
|
|
(15,435 |
) |
|
|
(24,697 |
) |
|
|||
|
|
Adjustments related to discontinued operations |
|
119 |
|
|
|
(113 |
) |
|
|
111 |
|
|
|||
|
FAD (1) |
|
41,639 |
|
|
|
51,647 |
|
|
|
36,524 |
|
|
||||
|
Less FAD attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(2,773 |
) |
|
|
(6,533 |
) |
|
|
(6,756 |
) |
|
|||
|
|
Consolidated real estate fund |
|
(23 |
) |
|
|
(94 |
) |
|
|
(57 |
) |
|
|||
|
FAD attributable to Paramount Group Operating Partnership |
|
38,843 |
|
|
|
45,020 |
|
|
|
29,711 |
|
|
||||
|
Less FAD attributable to noncontrolling interests in Operating Partnership |
|
(3,593 |
) |
|
|
(4,410 |
) |
|
|
(2,917 |
) |
|
||||
|
FAD attributable to common stockholders (1) (2) |
$ |
35,250 |
|
|
$ |
40,610 |
|
|
$ |
26,794 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared on common stock |
$ |
22,246 |
|
|
$ |
23,448 |
|
|
$ |
22,743 |
|
|
(1) |
See page 36 for our definition of this measure. |
(2) |
FAD attributable to common stockholders is not necessarily indicative of future FAD amounts due to fluctuations in the timing of payments for tenant improvements and leasing commissions versus rents received from leases for which such costs are incurred. |
(3) |
Excludes $8,215 of expense from the non-cash write-off of deferred financing costs in connection with the $1.25 billion refinancing of 1633 Broadway in November 2019. |
- 12 -
|
|
|
|
EBITDAre |
(unaudited and in thousands)
|
|
|
|
|
|
Three Months Ended |
|
|||||||||
|
|
|
|
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
|||
Reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income (loss) |
$ |
5,226 |
|
|
$ |
7,000 |
|
|
$ |
(52,777 |
) |
||||
|
Add (subtract) adjustments to arrive at EBITDAre and Adjusted EBITDAre: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Depreciation and amortization (including our share |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
of unconsolidated joint ventures) |
|
70,940 |
|
|
|
63,688 |
|
|
|
65,368 |
|
||
|
|
Interest and debt expense (including our share |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
of unconsolidated joint ventures) |
|
42,121 |
|
|
|
39,166 |
|
|
|
49,072 |
|
||
|
|
Income tax expense (benefit) (including our share |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
of unconsolidated joint ventures) |
|
618 |
|
|
|
1,139 |
|
|
|
(509 |
) |
||
|
|
Adjustments related to discontinued operations |
|
690 |
|
|
|
2,377 |
|
|
|
1,156 |
|
|||
|
|
Real estate impairment loss related to discontinued operations |
|
- |
|
|
|
- |
|
|
|
42,000 |
|
|||
|
EBITDAre (1) |
|
119,595 |
|
|
|
113,370 |
|
|
|
104,310 |
|
||||
|
Less EBITDAre attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(15,793 |
) |
|
|
(18,329 |
) |
|
|
(18,199 |
) |
|||
|
|
Consolidated real estate fund |
|
(131 |
) |
|
|
(98 |
) |
|
|
(53 |
) |
|||
|
PGRE's share of EBITDAre (1) |
$ |
103,671 |
|
|
$ |
94,943 |
|
|
$ |
86,058 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAre |
$ |
119,595 |
|
|
$ |
113,370 |
|
|
$ |
104,310 |
|
||||
|
Add (subtract) adjustments to arrive at Adjusted EBITDAre: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Our share of earnings in excess of distributions |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
and (distributions from 712 Fifth Avenue in excess of earnings) |
|
(388 |
) |
|
|
1,270 |
|
|
|
(1,001 |
) |
||
|
|
Loss on early extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
11,989 |
|
|||
|
|
Other, net |
|
29 |
|
|
|
634 |
|
|
|
878 |
|
|||
|
Adjusted EBITDAre (1) |
|
119,236 |
|
|
|
115,274 |
|
|
|
116,176 |
|
||||
|
Less Adjusted EBITDAre attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(15,793 |
) |
|
|
(18,329 |
) |
|
|
(18,195 |
) |
|||
|
PGRE's share of Adjusted EBITDAre (1) |
$ |
103,443 |
|
|
$ |
96,945 |
|
|
$ |
97,981 |
|
(1) |
See page 36 for our definition of this measure. |
- 13 -
|
|
|
|
NOI |
(unaudited and in thousands)
|
|
|
|
|
|
Three Months Ended |
|
|||||||||
|
|
|
|
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
December 31, 2019 |
|
|||
Reconciliation of net income (loss) to NOI and Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income (loss) |
$ |
5,226 |
|
|
$ |
7,000 |
|
|
$ |
(52,777 |
) |
||||
|
Add (subtract) adjustments to arrive at NOI and Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Depreciation and amortization |
|
58,427 |
|
|
|
60,712 |
|
|
|
58,419 |
|
|||
|
|
General and administrative |
|
12,249 |
|
|
|
17,443 |
|
|
|
17,099 |
|
|||
|
|
Interest and debt expense |
|
36,619 |
|
|
|
36,924 |
|
|
|
45,217 |
|
|||
|
|
Loss on early extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
11,989 |
|
|||
|
|
Income tax expense (benefit) |
|
604 |
|
|
|
1,138 |
|
|
|
(511 |
) |
|||
|
|
NOI from unconsolidated joint ventures |
|
13,392 |
|
|
|
5,411 |
|
|
|
7,840 |
|
|||
|
|
Fee income |
|
(6,330 |
) |
|
|
(5,999 |
) |
|
|
(5,373 |
) |
|||
|
|
Interest and other loss (income), net |
|
996 |
|
|
|
(3,900 |
) |
|
|
(2,139 |
) |
|||
|
|
Adjustments related to discontinued operations |
|
690 |
|
|
|
2,377 |
|
|
|
1,156 |
|
|||
|
|
Real estate impairment loss related to discontinued operations |
|
- |
|
|
|
- |
|
|
|
42,000 |
|
|||
|
|
Other, net |
|
4,372 |
|
|
|
1,717 |
|
|
|
2,800 |
|
|||
|
NOI (1) |
|
126,245 |
|
|
|
122,823 |
|
|
|
125,720 |
|
||||
|
Less NOI attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(15,691 |
) |
|
|
(17,909 |
) |
|
|
(18,107 |
) |
|||
|
|
Consolidated real estate fund |
|
3 |
|
|
|
29 |
|
|
|
103 |
|
|||
|
PGRE's share of NOI (1) |
$ |
110,557 |
|
|
$ |
104,943 |
|
|
$ |
107,716 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI |
$ |
126,245 |
|
|
$ |
122,823 |
|
|
$ |
125,720 |
|
||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Straight-line rent adjustments (including our share of |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
unconsolidated joint ventures) |
|
(11,804 |
) |
|
|
(11,869 |
) |
|
|
(11,218 |
) |
||
|
|
Amortization of above and below-market leases, net (including |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
our share of unconsolidated joint ventures) |
|
(2,832 |
) |
|
|
(3,240 |
) |
|
|
(3,141 |
) |
||
|
|
Adjustments related to discontinued operations |
|
119 |
|
|
|
111 |
|
|
|
132 |
|
|||
|
Cash NOI (1) |
|
111,728 |
|
|
|
107,825 |
|
|
|
111,493 |
|
||||
|
Less Cash NOI attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(13,202 |
) |
|
|
(14,785 |
) |
|
|
(15,841 |
) |
|||
|
|
Consolidated real estate fund |
|
3 |
|
|
|
29 |
|
|
|
103 |
|
|||
|
PGRE's share of Cash NOI (1) |
$ |
98,529 |
|
|
$ |
93,069 |
|
|
$ |
95,755 |
|
(1) |
See page 36 for our definition of this measure. |
- 14 -
|
|
|
|
|
|
|
NOI |
(unaudited and in thousands)
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
|
|||||||||||||
|
|
|
|
|
|
Total |
|
|
New York |
|
|
San Francisco |
|
|
Other |
|
|
||||
Reconciliation of net income (loss) to NOI and Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income (loss) |
$ |
5,226 |
|
|
$ |
9,715 |
|
|
$ |
5,905 |
|
|
$ |
(10,394 |
) |
|
||||
|
Add (subtract) adjustments to arrive at NOI and Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Depreciation and amortization |
|
58,427 |
|
|
|
40,019 |
|
|
|
17,327 |
|
|
|
1,081 |
|
|
|||
|
|
General and administrative |
|
12,249 |
|
|
|
- |
|
|
|
- |
|
|
|
12,249 |
|
|
|||
|
|
Interest and debt expense |
|
36,619 |
|
|
|
22,732 |
|
|
|
12,562 |
|
|
|
1,325 |
|
|
|||
|
|
Income tax expense (benefit) |
|
604 |
|
|
|
- |
|
|
|
(7 |
) |
|
|
611 |
|
|
|||
|
|
NOI from unconsolidated joint ventures |
|
13,392 |
|
|
|
2,944 |
|
|
|
10,382 |
|
|
|
66 |
|
|
|||
|
|
Fee income |
|
(6,330 |
) |
|
|
- |
|
|
|
- |
|
|
|
(6,330 |
) |
|
|||
|
|
Interest and other loss (income), net |
|
996 |
|
|
|
- |
|
|
|
(187 |
) |
|
|
1,183 |
|
|
|||
|
|
Adjustments related to discontinued operations |
|
690 |
|
|
|
- |
|
|
|
- |
|
|
|
690 |
|
|
|||
|
|
Other, net |
|
4,372 |
|
|
|
82 |
|
|
|
4,148 |
|
|
|
142 |
|
|
|||
|
NOI (1) |
|
126,245 |
|
|
|
75,492 |
|
|
|
50,130 |
|
|
|
623 |
|
|
||||
|
Less NOI attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(15,691 |
) |
|
|
- |
|
|
|
(15,691 |
) |
|
|
- |
|
|
|||
|
|
Consolidated real estate fund |
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
|
|||
|
PGRE's share of NOI for the three months ended March 31, 2020 |
$ |
110,557 |
|
|
$ |
75,492 |
|
|
$ |
34,439 |
|
|
$ |
626 |
|
|
||||
|
PGRE's share of NOI for the three months ended March 31, 2019 |
$ |
104,943 |
|
|
$ |
77,650 |
|
|
$ |
23,629 |
|
|
$ |
3,664 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI |
$ |
126,245 |
|
|
$ |
75,492 |
|
|
$ |
50,130 |
|
|
$ |
623 |
|
|
||||
|
Add (subtract) adjustments to arrive at Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Straight-line rent adjustments (including our share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
of unconsolidated joint ventures) |
|
(11,804 |
) |
|
|
(6,410 |
) |
|
|
(5,475 |
) |
|
|
81 |
|
|
||
|
|
Amortization of above and below-market leases, net (including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
our share of unconsolidated joint ventures) |
|
(2,832 |
) |
|
|
388 |
|
|
|
(3,220 |
) |
|
|
- |
|
|
||
|
|
Adjustments related to discontinued operations |
|
119 |
|
|
|
- |
|
|
|
- |
|
|
|
119 |
|
|
|||
|
Cash NOI (1) |
|
111,728 |
|
|
|
69,470 |
|
|
|
41,435 |
|
|
|
823 |
|
|
||||
|
Less Cash NOI attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Consolidated joint ventures |
|
(13,202 |
) |
|
|
- |
|
|
|
(13,202 |
) |
|
|
- |
|
|
|||
|
|
Consolidated real estate fund |
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
|
|||
|
PGRE's share of Cash NOI for the three months ended March 31, 2020 |
$ |
98,529 |
|
|
$ |
69,470 |
|
|
$ |
28,233 |
|
|
$ |
826 |
|
|
||||
|
PGRE's share of Cash NOI for the three months ended March 31, 2019 |
$ |
93,069 |
|
|
$ |
68,801 |
|
|
$ |
20,426 |
|
|
$ |
3,842 |
|
|
(1) |
See page 36 for our definition of this measure. |
- 15 -
|
|
|
|
SAME STORE RESULTS |
(unaudited and in thousands)
SAME STORE CASH NOI (1) |
Three Months Ended March 31, 2020 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
Total |
|
|
New York |
|
|
San Francisco |
|
|
Other |
|
||||
|
PGRE's share of Cash NOI for the three months ended March 31, 2020 |
$ |
98,529 |
|
|
$ |
69,470 |
|
|
$ |
28,233 |
|
|
$ |
826 |
|
|||||
|
|
Acquisitions (2) |
|
(6,806 |
) |
|
|
- |
|
|
|
(6,806 |
) |
|
|
- |
|
||||
|
|
Dispositions / Discontinued Operations (3) |
|
(2,330 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,330 |
) |
||||
|
|
Lease termination income and other, net |
|
1,421 |
|
|
|
(76 |
) |
|
|
(7 |
) |
|
|
1,504 |
|
||||
|
PGRE's share of Same Store Cash NOI for the three months ended March 31, 2020 |
$ |
90,814 |
|
|
$ |
69,394 |
|
|
$ |
21,420 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019 |
|
|||||||||||||
|
|
|
|
|
|
|
Total |
|
|
New York |
|
|
San Francisco |
|
|
Other |
|
||||
|
PGRE's share of Cash NOI for the three months ended March 31, 2019 |
$ |
93,069 |
|
|
$ |
68,801 |
|
|
$ |
20,426 |
|
|
$ |
3,842 |
|
|||||
|
|
Acquisitions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
||||
|
|
Dispositions / Discontinued Operations (3) |
|
(4,594 |
) |
|
|
- |
|
|
|
- |
|
|
|
(4,594 |
) |
||||
|
|
Lease termination income and other, net |
|
(1,409 |
) |
|
|
(2,161 |
) |
|
|
- |
|
|
|
752 |
|
||||
|
PGRE's share of Same Store Cash NOI for the three months ended March 31, 2019 |
$ |
87,066 |
|
|
$ |
66,640 |
|
|
$ |
20,426 |
|
|
$ |
- |
|
|
Increase in PGRE's share of Same Store Cash NOI |
$ |
3,748 |
|
|
$ |
2,754 |
|
|
$ |
994 |
|
|
$ |
- |
|
|
|
|
% Increase |
|
4.3 |
% |
|
|
4.1 |
% |
|
|
4.9 |
% |
|
|
|
|
|
|
(1) |
See page 36 for our definition of this measure. |
(2) |
Represents our share of Cash NOI attributable to acquired properties (Market Center, 55 Second Street, and 111 Sutter Street in San Francisco) for the months in which they were not owned by us in both reporting periods. |
(3) |
Represents Cash NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019). |
- 16 -
|
|
|
|
SAME STORE RESULTS |
(unaudited and in thousands)
SAME STORE NOI (1) |
Three Months Ended March 31, 2020 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
Total |
|
|
New York |
|
|
San Francisco |
|
|
Other |
|
||||
|
PGRE's share of NOI for the three months ended March 31, 2020 |
$ |
110,557 |
|
|
$ |
75,492 |
|
|
$ |
34,439 |
|
|
$ |
626 |
|
|||||
|
|
Acquisitions (2) |
|
(9,292 |
) |
|
|
- |
|
|
|
(9,292 |
) |
|
|
- |
|
||||
|
|
Dispositions / Discontinued Operations (3) |
|
(2,211 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,211 |
) |
||||
|
|
Lease termination income and other, net |
|
1,502 |
|
|
|
(76 |
) |
|
|
(7 |
) |
|
|
1,585 |
|
||||
|
PGRE's share of Same Store NOI for the three months ended March 31, 2020 |
$ |
100,556 |
|
|
$ |
75,416 |
|
|
$ |
25,140 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019 |
|
|||||||||||||
|
|
|
|
|
|
|
Total |
|
|
New York |
|
|
San Francisco |
|
|
Other |
|
||||
|
PGRE's share of NOI for the three months ended March 31, 2019 |
$ |
104,943 |
|
|
$ |
77,650 |
|
|
$ |
23,629 |
|
|
$ |
3,664 |
|
|||||
|
|
Acquisitions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
||||
|
|
Dispositions / Discontinued Operations (3) |
|
(4,483 |
) |
|
|
- |
|
|
|
- |
|
|
|
(4,483 |
) |
||||
|
|
Lease termination income and other, net |
|
(1,342 |
) |
|
|
(2,161 |
) |
|
|
- |
|
|
|
819 |
|
||||
|
PGRE's share of Same Store NOI for the three months ended March 31, 2019 |
$ |
99,118 |
|
|
$ |
75,489 |
|
|
$ |
23,629 |
|
|
$ |
- |
|
|
Increase (decrease) in PGRE's share of Same Store NOI |
$ |
1,438 |
|
|
$ |
(73 |
) |
|
$ |
1,511 |
|
|
$ |
- |
|
|
|
% Increase (decrease) |
|
1.5 |
% |
|
|
(0.1 |
%) |
|
|
6.4 |
% |
|
|
|
|
|
(1) |
See page 36 for our definition of this measure. |
(2) |
Represents our share of NOI attributable to acquired properties (Market Center, 55 Second Street and 111 Sutter Street in San Francisco) for the months in which they were not owned by us in both reporting periods. |
(3) |
Represents NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019). |
- 17 -
|
|
|
|
CONSOLIDATED JOINT VENTURES AND FUND - BALANCE SHEETS |
(unaudited and in thousands)
|
|
|
|
|
|
As of March 31, 2020 |
|
|
As of December 31, 2019 |
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|||
|
|
|
|
|
|
Consolidated Joint Ventures |
|
|
Fund |
|
|
Consolidated Joint Ventures |
|
|
Fund |
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Consolidated |
|
|
One |
|
|
300 |
|
|
|
|
|
|
Residential |
|
|
Consolidated |
|
|
One |
|
|
300 |
|
|
|
|
|
|
Residential |
|
||||||||
|
|
|
|
|
|
Joint |
|
|
Market |
|
|
Mission |
|
|
|
|
|
|
Development |
|
|
Joint |
|
|
Market |
|
|
Mission |
|
|
|
|
|
|
Development |
|
||||||||
|
|
|
|
|
|
Ventures |
|
|
Plaza |
|
|
Street |
|
|
Other (1) |
|
|
Fund |
|
|
Ventures |
|
|
Plaza |
|
|
Street |
|
|
Other (1) |
|
|
Fund |
|
||||||||||
PGRE Ownership |
|
|
|
|
49.0% |
|
|
31.1% |
|
|
Various |
|
|
7.4% |
|
|
|
|
|
|
49.0% |
|
|
31.1% |
|
|
Various |
|
|
7.4% |
|
|||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real estate, net |
$ |
1,681,036 |
|
|
$ |
1,199,461 |
|
|
$ |
481,575 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,685,391 |
|
|
$ |
1,203,232 |
|
|
$ |
482,159 |
|
|
$ |
- |
|
|
$ |
- |
|
||||
|
Cash and cash equivalents |
|
71,025 |
|
|
|
49,101 |
|
|
|
21,021 |
|
|
|
903 |
|
|
|
2,184 |
|
|
|
64,172 |
|
|
|
46,601 |
|
|
|
16,668 |
|
|
|
903 |
|
|
|
2,258 |
|
||||
|
Restricted cash |
|
1,305 |
|
|
|
1,305 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,398 |
|
|
|
3,398 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
||||
|
Investments in unconsolidated joint ventures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
69,533 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
69,535 |
|
||||
|
Accounts and other receivables, net |
|
3,471 |
|
|
|
1,129 |
|
|
|
2,342 |
|
|
|
- |
|
|
|
166 |
|
|
|
2,015 |
|
|
|
1,085 |
|
|
|
930 |
|
|
|
- |
|
|
|
125 |
|
||||
|
Deferred rent receivable |
|
60,416 |
|
|
|
49,085 |
|
|
|
11,331 |
|
|
|
- |
|
|
|
- |
|
|
|
57,338 |
|
|
|
46,901 |
|
|
|
10,437 |
|
|
|
- |
|
|
|
- |
|
||||
|
Deferred charges, net |
|
25,245 |
|
|
|
14,602 |
|
|
|
10,643 |
|
|
|
- |
|
|
|
- |
|
|
|
24,030 |
|
|
|
13,330 |
|
|
|
10,700 |
|
|
|
- |
|
|
|
- |
|
||||
|
Intangible assets, net |
|
27,553 |
|
|
|
20,299 |
|
|
|
7,254 |
|
|
|
- |
|
|
|
- |
|
|
|
29,872 |
|
|
|
21,943 |
|
|
|
7,929 |
|
|
|
- |
|
|
|
- |
|
||||
|
Other assets |
|
4,347 |
|
|
|
4,279 |
|
|
|
68 |
|
|
|
- |
|
|
|
15,693 |
|
|
|
5,386 |
|
|
|
4,937 |
|
|
|
449 |
|
|
|
- |
|
|
|
15,746 |
|
||||
Total Assets |
$ |
1,874,398 |
|
|
$ |
1,339,261 |
|
|
$ |
534,234 |
|
|
$ |
903 |
|
|
$ |
87,576 |
|
|
$ |
1,871,602 |
|
|
$ |
1,341,427 |
|
|
$ |
529,272 |
|
|
$ |
903 |
|
|
$ |
87,664 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Notes and mortgages payable, net |
$ |
1,208,656 |
|
|
$ |
970,940 |
|
|
$ |
237,716 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,205,324 |
|
|
$ |
970,681 |
|
|
$ |
234,643 |
|
|
$ |
- |
|
|
$ |
- |
|
||||
|
Accounts payable and accrued expenses |
|
39,100 |
|
|
|
26,481 |
|
|
|
12,563 |
|
|
|
56 |
|
|
|
65 |
|
|
|
35,191 |
|
|
|
26,165 |
|
|
|
8,971 |
|
|
|
55 |
|
|
|
61 |
|
||||
|
Intangible liabilities, net |
|
18,110 |
|
|
|
16,770 |
|
|
|
1,340 |
|
|
|
- |
|
|
|
- |
|
|
|
19,841 |
|
|
|
18,405 |
|
|
|
1,436 |
|
|
|
- |
|
|
|
- |
|
||||
|
Other liabilities |
|
4,290 |
|
|
|
4,287 |
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
4,273 |
|
|
|
4,270 |
|
|
|
3 |
|
|
|
- |
|
|
|
8,774 |
|
||||
Total Liabilities |
|
1,270,156 |
|
|
|
1,018,478 |
|
|
|
251,622 |
|
|
|
56 |
|
|
|
65 |
|
|
|
1,264,629 |
|
|
|
1,019,521 |
|
|
|
245,053 |
|
|
|
55 |
|
|
|
8,835 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Paramount Group, Inc. equity |
|
245,122 |
|
|
|
157,251 |
|
|
|
87,146 |
|
|
|
725 |
|
|
|
7,035 |
|
|
|
246,195 |
|
|
|
157,801 |
|
|
|
87,669 |
|
|
|
725 |
|
|
|
6,433 |
|
||||
|
Noncontrolling interests |
|
359,120 |
|
|
|
163,532 |
|
|
|
195,466 |
|
|
|
122 |
|
|
|
80,476 |
|
|
|
360,778 |
|
|
|
164,105 |
|
|
|
196,550 |
|
|
|
123 |
|
|
|
72,396 |
|
||||
Total Equity |
|
604,242 |
|
|
|
320,783 |
|
|
|
282,612 |
|
|
|
847 |
|
|
|
87,511 |
|
|
|
606,973 |
|
|
|
321,906 |
|
|
|
284,219 |
|
|
|
848 |
|
|
|
78,829 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
$ |
1,874,398 |
|
|
$ |
1,339,261 |
|
|
$ |
534,234 |
|
|
$ |
903 |
|
|
$ |
87,576 |
|
|
$ |
1,871,602 |
|
|
$ |
1,341,427 |
|
|
$ |
529,272 |
|
|
$ |
903 |
|
|
$ |
87,664 |
|
(1) |
Represents PGRESS Equity Holdings, L.P. |
- 18 -
|
|
|
|
CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS |
(unaudited and in thousands)
|
|
|
|
Three Months Ended March 31, 2020 |
|
|
Three Months Ended March 31, 2019 |
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|||||
|
|
|
|
Consolidated Joint Ventures |
|
|
Fund |
|
|
Consolidated Joint Ventures |
|
|
Fund |
|
|
|||||||||||||||||||||||||||
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
Consolidated |
|
|
One |
|
|
300 |
|
|
Residential |
|
|
Consolidated |
|
|
One |
|
|
300 |
|
|
|
|
|
|
Residential |
|
|
|||||||||||
|
|
|
|
Joint |
|
|
Market |
|
|
Mission |
|
|
Development |
|
|
Joint |
|
|
Market |
|
|
Mission |
|
|
|
|
|
|
Development |
|
|
|||||||||||
|
|
|
|
Ventures |
|
|
Plaza |
|
|
Street |
|
|
Fund |
|
|
Ventures |
|
|
Plaza |
|
|
Street |
|
|
Other (2) |
|
|
Fund |
|
|
||||||||||||
Total revenues |
$ |
43,052 |
|
|
$ |
35,492 |
|
|
$ |
7,560 |
|
|
$ |
- |
|
|
$ |
45,657 |
|
|
$ |
33,879 |
|
|
$ |
11,778 |
|
|
$ |
- |
|
|
$ |
- |
|
|
||||||
Total operating expenses |
|
12,680 |
|
|
|
9,473 |
|
|
|
3,207 |
|
|
|
2 |
|
|
|
12,439 |
|
|
|
9,013 |
|
|
|
3,426 |
|
|
|
- |
|
|
|
18 |
|
|
||||||
Net operating income (loss) (1) |
|
30,372 |
|
|
|
26,019 |
|
|
|
4,353 |
|
|
|
(2 |
) |
|
|
33,218 |
|
|
|
24,866 |
|
|
|
8,352 |
|
|
|
- |
|
|
|
(18 |
) |
|
||||||
Depreciation and amortization |
|
(13,556 |
) |
|
|
(10,535 |
) |
|
|
(3,021 |
) |
|
|
- |
|
|
|
(15,761 |
) |
|
|
(10,641 |
) |
|
|
(5,120 |
) |
|
|
- |
|
|
|
- |
|
|
||||||
Interest and other income, net |
|
187 |
|
|
|
152 |
|
|
|
35 |
|
|
|
125 |
|
|
|
588 |
|
|
|
81 |
|
|
|
53 |
|
|
|
454 |
|
|
|
89 |
|
|
||||||
Interest and debt expense |
|
(12,562 |
) |
|
|
(10,194 |
) |
|
|
(2,368 |
) |
|
|
(141 |
) |
|
|
(12,166 |
) |
|
|
(10,085 |
) |
|
|
(2,081 |
) |
|
|
- |
|
|
|
- |
|
|
||||||
Loss from unconsolidated joint ventures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(15 |
) |
|
||||||
Net income (loss) before income taxes |
|
4,441 |
|
|
|
5,442 |
|
|
|
(1,001 |
) |
|
|
(19 |
) |
|
|
5,879 |
|
|
|
4,221 |
|
|
|
1,204 |
|
|
|
454 |
|
|
|
56 |
|
|
||||||
Income tax benefit (expense) |
|
10 |
|
|
|
(1 |
) |
|
|
11 |
|
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
- |
|
|
|
(4 |
) |
|
||||||
Net income (loss) |
$ |
4,451 |
|
|
$ |
5,441 |
|
|
$ |
(990 |
) |
|
$ |
(21 |
) |
|
$ |
5,873 |
|
|
$ |
4,218 |
|
|
$ |
1,201 |
|
|
$ |
454 |
|
|
$ |
52 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PGRE's share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ownership |
Total |
|
|
49.0% |
|
|
31.1% |
|
|
7.4% |
|
|
Total |
|
|
49.0% |
|
|
31.1% |
|
|
Various |
|
|
7.4% |
|
|
|||||||||||||||
|
Net income (loss) |
$ |
2,335 |
|
|
$ |
2,666 |
|
|
$ |
(331 |
) |
|
$ |
(44 |
) |
|
$ |
2,534 |
|
|
$ |
2,067 |
|
|
$ |
356 |
|
|
$ |
111 |
|
|
$ |
(42 |
) |
|
|||||
|
Add: Management fee income |
|
602 |
|
|
|
177 |
|
|
|
425 |
|
|
|
- |
|
|
|
545 |
|
|
|
189 |
|
|
|
356 |
|
|
|
- |
|
|
|
- |
|
|
|||||
|
PGRE's share of net income (loss) |
|
2,937 |
|
|
|
2,843 |
|
|
|
94 |
|
|
|
(44 |
) |
|
|
3,079 |
|
|
|
2,256 |
|
|
|
712 |
|
|
|
111 |
|
|
|
(42 |
) |
|
|||||
|
Add: Real estate depreciation and amortization |
|
6,101 |
|
|
|
5,162 |
|
|
|
939 |
|
|
|
- |
|
|
|
6,807 |
|
|
|
5,214 |
|
|
|
1,593 |
|
|
|
- |
|
|
|
- |
|
|
|||||
|
FFO/Core FFO (1) |
$ |
9,038 |
|
|
$ |
8,005 |
|
|
$ |
1,033 |
|
|
$ |
(44 |
) |
|
$ |
9,886 |
|
|
$ |
7,470 |
|
|
$ |
2,305 |
|
|
$ |
111 |
|
|
$ |
(42 |
) |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Noncontrolling interests' share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ownership |
Total |
|
|
51.0% |
|
|
68.9% |
|
|
92.6% |
|
|
Total |
|
|
51.0% |
|
|
68.9% |
|
|
Various |
|
|
92.6% |
|
|
|||||||||||||||
|
Net income (loss) |
$ |
2,116 |
|
|
$ |
2,775 |
|
|
$ |
(659 |
) |
|
$ |
23 |
|
|
$ |
3,339 |
|
|
$ |
2,151 |
|
|
$ |
845 |
|
|
$ |
343 |
|
|
$ |
94 |
|
|
|||||
|
Less: Management fee expense |
|
(602 |
) |
|
|
(177 |
) |
|
|
(425 |
) |
|
|
- |
|
|
|
(545 |
) |
|
|
(189 |
) |
|
|
(356 |
) |
|
|
- |
|
|
|
- |
|
|
|||||
|
Net income (loss) attributable to noncontrolling interests |
|
1,514 |
|
|
|
2,598 |
|
|
|
(1,084 |
) |
|
|
23 |
|
|
|
2,794 |
|
|
|
1,962 |
|
|
|
489 |
|
|
|
343 |
|
|
|
94 |
|
|
|||||
|
Add: Real estate depreciation and amortization |
|
7,455 |
|
|
|
5,373 |
|
|
|
2,082 |
|
|
|
- |
|
|
|
8,954 |
|
|
|
5,427 |
|
|
|
3,527 |
|
|
|
- |
|
|
|
- |
|
|
|||||
|
FFO/Core FFO (1) |
$ |
8,969 |
|
|
$ |
7,971 |
|
|
$ |
998 |
|
|
$ |
23 |
|
|
$ |
11,748 |
|
|
$ |
7,389 |
|
|
$ |
4,016 |
|
|
$ |
343 |
|
|
$ |
94 |
|
|
(1) |
See page 36 for our definition of these measures. |
(2) |
Represents PGRESS Equity Holdings, L.P. |
- 19 -
|
|
|
|
|
|
|
UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS |
(unaudited and in thousands)
|
|
|
|
|
|
As of March 31, 2020 |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
712 Fifth |
|
|
Market |
|
|
55 Second |
|
|
111 Sutter |
|
|
|
|
|
||||
|
|
|
|
|
|
Total |
|
|
Avenue |
|
|
Center |
|
|
Street |
|
|
Street |
|
|
Other (1) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE Ownership |
|
|
|
|
50.0% |
|
|
67.0% |
|
|
44.1% |
|
|
49.0% |
|
|
Various |
|
||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real estate, net |
$ |
2,311,751 |
|
|
$ |
207,571 |
|
|
$ |
669,507 |
|
|
$ |
384,078 |
|
|
$ |
217,148 |
|
|
$ |
833,447 |
|
||||
|
Cash and cash equivalents |
|
74,750 |
|
|
|
27,265 |
|
|
|
17,648 |
|
|
|
9,023 |
|
|
|
2,425 |
|
|
|
18,389 |
|
||||
|
Restricted cash |
|
5,571 |
|
|
|
2,224 |
|
|
|
- |
|
|
|
- |
|
|
|
3,347 |
|
|
|
- |
|
||||
|
Accounts and other receivables, net |
|
2,133 |
|
|
|
705 |
|
|
|
506 |
|
|
|
419 |
|
|
|
473 |
|
|
|
30 |
|
||||
|
Deferred rent receivable |
|
20,104 |
|
|
|
14,443 |
|
|
|
1,715 |
|
|
|
1,177 |
|
|
|
1,759 |
|
|
|
1,010 |
|
||||
|
Deferred charges, net |
|
10,406 |
|
|
|
7,645 |
|
|
|
677 |
|
|
|
561 |
|
|
|
1,523 |
|
|
|
- |
|
||||
|
Intangible assets, net |
|
155,881 |
|
|
|
- |
|
|
|
55,372 |
|
|
|
29,171 |
|
|
|
9,635 |
|
|
|
61,703 |
|
||||
|
Other assets |
|
6,138 |
|
|
|
3,994 |
|
|
|
713 |
|
|
|
39 |
|
|
|
62 |
|
|
|
1,330 |
|
||||
Total Assets |
$ |
2,586,734 |
|
|
$ |
263,847 |
|
|
$ |
746,138 |
|
|
$ |
424,468 |
|
|
$ |
236,372 |
|
|
$ |
915,909 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Notes and mortgages payable, net |
$ |
1,615,821 |
|
|
$ |
297,056 |
|
|
$ |
397,627 |
|
|
$ |
186,473 |
|
|
$ |
144,152 |
|
|
$ |
590,513 |
|
||||
|
Accounts payable and accrued expenses |
|
37,104 |
|
|
|
6,589 |
|
|
|
12,542 |
|
|
|
5,645 |
|
|
|
4,935 |
|
|
|
7,393 |
|
||||
|
Intangible liabilities, net |
|
35,672 |
|
|
|
- |
|
|
|
12,943 |
|
|
|
18,595 |
|
|
|
4,134 |
|
|
|
- |
|
||||
|
Other liabilities |
|
23,830 |
|
|
|
272 |
|
|
|
21,503 |
|
|
|
4 |
|
|
|
220 |
|
|
|
1,831 |
|
||||
Total Liabilities |
|
1,712,427 |
|
|
|
303,917 |
|
|
|
444,615 |
|
|
|
210,717 |
|
|
|
153,441 |
|
|
|
599,737 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
874,307 |
|
|
|
(40,070 |
) |
|
|
301,523 |
|
|
|
213,751 |
|
|
|
82,931 |
|
|
|
316,172 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
$ |
2,586,734 |
|
|
$ |
263,847 |
|
|
$ |
746,138 |
|
|
$ |
424,468 |
|
|
$ |
236,372 |
|
|
$ |
915,909 |
|
(1) |
Represents 60 Wall and Oder-Center, Germany. |
- 20 -
(unaudited and in thousands)
|
|
|
|
|
|
As of December 31, 2019 |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
712 Fifth |
|
|
Market |
|
|
55 Second |
|
|
111 Sutter |
|
|
|
|
|
||||
|
|
|
|
|
|
Total |
|
|
Avenue |
|
|
Center |
|
|
Street |
|
|
Street |
|
|
Other (1) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE Ownership |
|
|
|
|
50.0% |
|
|
67.0% |
|
|
44.1% |
|
|
49.0% |
|
|
Various |
|
||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real estate, net |
$ |
2,318,866 |
|
|
$ |
206,913 |
|
|
$ |
671,276 |
|
|
$ |
385,614 |
|
|
$ |
216,936 |
|
|
$ |
838,127 |
|
||||
|
Cash and cash equivalents |
|
68,962 |
|
|
|
31,216 |
|
|
|
9,934 |
|
|
|
7,254 |
|
|
|
1,866 |
|
|
|
18,692 |
|
||||
|
Restricted cash |
|
5,755 |
|
|
|
2,224 |
|
|
|
- |
|
|
|
- |
|
|
|
3,531 |
|
|
|
- |
|
||||
|
Accounts and other receivables, net |
|
3,036 |
|
|
|
1,611 |
|
|
|
684 |
|
|
|
280 |
|
|
|
461 |
|
|
|
- |
|
||||
|
Deferred rent receivable |
|
18,296 |
|
|
|
14,711 |
|
|
|
416 |
|
|
|
917 |
|
|
|
1,127 |
|
|
|
1,125 |
|
||||
|
Deferred charges, net |
|
10,074 |
|
|
|
7,703 |
|
|
|
250 |
|
|
|
561 |
|
|
|
1,560 |
|
|
|
- |
|
||||
|
Intangible assets, net |
|
172,041 |
|
|
|
- |
|
|
|
61,061 |
|
|
|
30,996 |
|
|
|
11,090 |
|
|
|
68,894 |
|
||||
|
Other assets |
|
2,601 |
|
|
|
158 |
|
|
|
1,632 |
|
|
|
189 |
|
|
|
81 |
|
|
|
541 |
|
||||
Total Assets |
$ |
2,599,631 |
|
|
$ |
264,536 |
|
|
$ |
745,253 |
|
|
$ |
425,811 |
|
|
$ |
236,652 |
|
|
$ |
927,379 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Notes and mortgages payable, net |
$ |
1,613,451 |
|
|
$ |
296,953 |
|
|
$ |
397,398 |
|
|
$ |
186,433 |
|
|
$ |
142,783 |
|
|
$ |
589,884 |
|
||||
|
Accounts payable and accrued expenses |
|
29,659 |
|
|
|
6,607 |
|
|
|
5,875 |
|
|
|
4,778 |
|
|
|
4,482 |
|
|
|
7,917 |
|
||||
|
Intangible liabilities, net |
|
38,377 |
|
|
|
- |
|
|
|
14,228 |
|
|
|
19,668 |
|
|
|
4,481 |
|
|
|
- |
|
||||
|
Other liabilities |
|
1,505 |
|
|
|
271 |
|
|
|
- |
|
|
|
4 |
|
|
|
174 |
|
|
|
1,056 |
|
||||
Total Liabilities |
|
1,682,992 |
|
|
|
303,831 |
|
|
|
417,501 |
|
|
|
210,883 |
|
|
|
151,920 |
|
|
|
598,857 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
916,639 |
|
|
|
(39,295 |
) |
|
|
327,752 |
|
|
|
214,928 |
|
|
|
84,732 |
|
|
|
328,522 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
$ |
2,599,631 |
|
|
$ |
264,536 |
|
|
$ |
745,253 |
|
|
$ |
425,811 |
|
|
$ |
236,652 |
|
|
$ |
927,379 |
|
(1) |
Represents 60 Wall and Oder-Center, Germany. |
- 21 -
|
|
|
|
UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS |
(unaudited and in thousands)
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
712 Fifth |
|
|
Market |
|
|
55 Second |
|
|
111 Sutter |
|
|
|
|
|
||||
|
|
|
|
|
Total |
|
|
Avenue |
|
|
Center |
|
|
Street |
|
|
Street |
|
|
Other (1) |
|
||||||
Total revenues |
$ |
63,194 |
|
|
$ |
10,908 |
|
|
$ |
16,348 |
|
|
$ |
8,529 |
|
|
$ |
5,292 |
|
|
$ |
22,117 |
|
||||
Total operating expenses |
|
25,940 |
|
|
|
6,411 |
|
|
|
6,675 |
|
|
|
3,391 |
|
|
|
1,906 |
|
|
|
7,557 |
|
||||
Net operating income (2) |
|
37,254 |
|
|
|
4,497 |
|
|
|
9,673 |
|
|
|
5,138 |
|
|
|
3,386 |
|
|
|
14,560 |
|
||||
Depreciation and amortization |
|
(30,182 |
) |
|
|
(2,665 |
) |
|
|
(10,572 |
) |
|
|
(4,762 |
) |
|
|
(3,055 |
) |
|
|
(9,128 |
) |
||||
Interest and other income (loss), net |
|
77 |
|
|
|
66 |
|
|
|
(8 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
22 |
|
||||
Interest and debt expense |
|
(15,908 |
) |
|
|
(2,673 |
) |
|
|
(3,349 |
) |
|
|
(1,857 |
) |
|
|
(1,567 |
) |
|
|
(6,462 |
) |
||||
Net loss before income taxes |
|
(8,759 |
) |
|
|
(775 |
) |
|
|
(4,256 |
) |
|
|
(1,481 |
) |
|
|
(1,239 |
) |
|
|
(1,008 |
) |
||||
Income tax expense |
|
(37 |
) |
|
|
- |
|
|
|
(4 |
) |
|
|
(15 |
) |
|
|
(6 |
) |
|
|
(12 |
) |
||||
Net loss |
$ |
(8,796 |
) |
|
$ |
(775 |
) |
|
$ |
(4,260 |
) |
|
$ |
(1,496 |
) |
|
$ |
(1,245 |
) |
|
$ |
(1,020 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ownership |
Total |
|
|
50.0% |
|
|
67.0% |
|
|
44.1% |
|
|
49.0% |
|
|
Various |
|
||||||||||
|
Net loss |
$ |
(4,570 |
) |
|
$ |
(388 |
) |
|
$ |
(2,854 |
) |
|
$ |
(684 |
) |
|
$ |
(610 |
) |
|
$ |
(34 |
) |
|||
|
Less: Step-up basis adjustment |
|
(38 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(38 |
) |
|||
|
Add: Our share of earnings in excess of distributions received from 712 Fifth Avenue |
|
388 |
|
|
|
388 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|||
|
PGRE's share of net loss |
|
(4,220 |
) |
|
|
- |
|
|
|
(2,854 |
) |
|
|
(684 |
) |
|
|
(610 |
) |
|
|
(72 |
) |
|||
|
Add: Real estate depreciation and amortization |
|
12,513 |
|
|
|
1,333 |
|
|
|
7,083 |
|
|
|
2,100 |
|
|
|
1,497 |
|
|
|
500 |
|
|||
|
FFO (2) |
|
8,293 |
|
|
|
1,333 |
|
|
|
4,229 |
|
|
|
1,416 |
|
|
|
887 |
|
|
|
428 |
|
|||
|
Less: Our share of Earnings in excess of distributions received from 712 Fifth Avenue |
|
(388 |
) |
|
|
(388 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|||
|
Core FFO (2) |
$ |
7,905 |
|
|
$ |
945 |
|
|
$ |
4,229 |
|
|
$ |
1,416 |
|
|
$ |
887 |
|
|
$ |
428 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Venture Partners' share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ownership |
Total |
|
|
50.0% |
|
|
33.0% |
|
|
55.9% |
|
|
51.0% |
|
|
Various |
|
||||||||||
|
Net loss |
$ |
(4,226 |
) |
|
$ |
(387 |
) |
|
$ |
(1,406 |
) |
|
$ |
(812 |
) |
|
$ |
(635 |
) |
|
$ |
(986 |
) |
|||
|
Add: Real estate depreciation and amortization |
|
17,707 |
|
|
|
1,332 |
|
|
|
3,489 |
|
|
|
2,662 |
|
|
|
1,558 |
|
|
|
8,666 |
|
|||
|
FFO/Core FFO (2) |
$ |
13,481 |
|
|
$ |
945 |
|
|
$ |
2,083 |
|
|
$ |
1,850 |
|
|
$ |
923 |
|
|
$ |
7,680 |
|
(1) |
Represents 60 Wall and Oder-Center, Germany. |
(2) |
See page 36 for our definition of these measures. |
- 22 -
(unaudited and in thousands)
|
|
|
|
|
Three Months Ended March 31, 2019 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
712 Fifth |
|
|
111 Sutter |
|
|
|
|
|
||
|
|
|
|
|
Total |
|
|
Avenue |
|
|
Street |
|
|
Other (1) |
|
||||
Total revenues |
$ |
38,322 |
|
|
$ |
14,194 |
|
|
$ |
2,497 |
|
|
$ |
21,631 |
|
||||
Total operating expenses |
|
14,353 |
|
|
|
6,271 |
|
|
|
1,068 |
|
|
|
7,014 |
|
||||
Net operating income (2) |
|
23,969 |
|
|
|
7,923 |
|
|
|
1,429 |
|
|
|
14,617 |
|
||||
Depreciation and amortization |
|
(14,125 |
) |
|
|
(2,830 |
) |
|
|
(2,163 |
) |
|
|
(9,132 |
) |
||||
Interest and other income (loss), net |
|
98 |
|
|
|
93 |
|
|
|
9 |
|
|
|
(4 |
) |
||||
Interest and debt expense |
|
(11,527 |
) |
|
|
(2,646 |
) |
|
|
(1,054 |
) |
|
|
(7,827 |
) |
||||
Net (loss) income before income taxes |
|
(1,585 |
) |
|
|
2,540 |
|
|
|
(1,779 |
) |
|
|
(2,346 |
) |
||||
Income tax expense |
|
(8 |
) |
|
|
- |
|
|
|
- |
|
|
|
(8 |
) |
||||
Net (loss) income |
$ |
(1,593 |
) |
|
$ |
2,540 |
|
|
$ |
(1,779 |
) |
|
$ |
(2,354 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ownership |
Total |
|
|
50.0% |
|
|
49.0% |
|
|
Various |
|
||||||||
|
Net income (loss) |
$ |
297 |
|
|
$ |
1,270 |
|
|
$ |
(872 |
) |
|
$ |
(101 |
) |
|||
|
Less: Step-up basis adjustment |
|
(39 |
) |
|
|
- |
|
|
|
- |
|
|
|
(39 |
) |
|||
|
Less: Our share of earnings in excess of distributions received from 712 Fifth Avenue |
|
(1,270 |
) |
|
|
(1,270 |
) |
|
|
- |
|
|
|
- |
|
|||
|
PGRE's share of net loss |
|
(1,012 |
) |
|
|
- |
|
|
|
(872 |
) |
|
|
(140 |
) |
|||
|
Add: Real estate depreciation and amortization |
|
2,976 |
|
|
|
1,415 |
|
|
|
1,060 |
|
|
|
501 |
|
|||
|
FFO (2) |
|
1,964 |
|
|
|
1,415 |
|
|
|
188 |
|
|
|
361 |
|
|||
|
Add: Our share of earnings in excess of distributions received from 712 Fifth Avenue |
|
1,270 |
|
|
|
1,270 |
|
|
|
- |
|
|
|
- |
|
|||
|
Core FFO (2) |
$ |
3,234 |
|
|
$ |
2,685 |
|
|
$ |
188 |
|
|
$ |
361 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Venture Partners' share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ownership |
Total |
|
|
50.0% |
|
|
51.0% |
|
|
Various |
|
||||||||
|
Net (loss) income |
$ |
(1,890 |
) |
|
$ |
1,270 |
|
|
$ |
(907 |
) |
|
$ |
(2,253 |
) |
|||
|
Add: Real estate depreciation and amortization |
|
11,176 |
|
|
|
1,415 |
|
|
|
1,103 |
|
|
|
8,658 |
|
|||
|
FFO/Core FFO (2) |
$ |
9,286 |
|
|
$ |
2,685 |
|
|
$ |
196 |
|
|
$ |
6,405 |
|
(1) |
Represents 60 Wall and Oder-Center, Germany. |
(2) |
See page 36 for our definition of these measures. |
- 23 -
|
|
|
|
CAPITAL STRUCTURE |
(unaudited and in thousands, except share, unit and per share amounts)
|
|
|
|
|
|
|
|
|
As of March 31, 2020 |
|
|
Debt: |
|
|
|
||||||||
|
Consolidated debt: |
|
|
|
|||||||
|
|
Notes and mortgages payable (1) |
$ |
3,812,716 |
|
||||||
|
|
$1.0 billion Revolving Credit Facility |
|
200,000 |
|
||||||
|
|
|
|
|
|
|
|
|
|
4,012,716 |
|
|
Less: |
|
|
|
|||||||
|
|
Noncontrolling interests' share of consolidated debt (2) |
|
(661,036 |
) |
||||||
|
Add: |
|
|
|
|||||||
|
|
PGRE's share of unconsolidated joint venture debt (3) |
|
604,112 |
|
||||||
|
PGRE's Share of Total Debt (4) |
|
3,955,792 |
|
|
|
|
|
|
Shares / Units |
|
|
Share Price as of |
|
|
|
|
|
||
Equity: |
Outstanding |
|
|
March 31, 2020 |
|
|
|
|
|
||||||
|
Common stock |
|
221,750,408 |
|
|
$ |
8.80 |
|
|
|
1,951,404 |
|
|||
|
Operating Partnership units |
|
20,583,820 |
|
|
|
8.80 |
|
|
|
181,138 |
|
|||
|
Total equity |
|
242,334,228 |
|
|
|
8.80 |
|
|
|
2,132,542 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Capitalization |
$ |
6,088,334 |
|
(1) |
Represents contractual amount due pursuant to the respective debt agreements. |
(2) |
Represents noncontrolling interests’ share of One Market Plaza and 300 Mission Street. |
(3) |
Represents our share of Market Center, 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 60 Wall Street and Oder-Center, Germany. |
(4) |
See page 36 for our definition of this measure. |
- 24 -
|
|
|
|
|
|
|
DEBT ANALYSIS |
(unaudited and in thousands)
|
|
|
|
|
Total Debt |
|
|
|
|
Fixed Rate Debt |
|
|
|
|
Variable Rate Debt |
|
|||||||||||||||
Consolidated Debt: |
Amount |
|
|
Rate |
|
|
|
|
Amount |
|
|
Rate |
|
|
|
|
Amount |
|
|
Rate |
|
||||||||||
|
1633 Broadway |
$ |
1,250,000 |
|
|
|
2.99 |
% |
|
|
|
$ |
1,250,000 |
|
|
|
2.99 |
% |
|
|
|
$ |
- |
|
|
|
- |
|
|||
|
1301 Avenue of the Americas |
|
850,000 |
|
|
|
3.20 |
% |
|
|
|
|
500,000 |
|
|
|
3.05 |
% |
|
|
|
|
350,000 |
|
|
|
3.43 |
% |
|||
|
31 West 52nd Street |
|
500,000 |
|
|
|
3.80 |
% |
|
|
|
|
500,000 |
|
|
|
3.80 |
% |
|
|
|
|
- |
|
|
|
- |
|
|||
|
One Market Plaza |
|
975,000 |
|
|
|
4.03 |
% |
|
|
|
|
975,000 |
|
|
|
4.03 |
% |
|
|
|
|
- |
|
|
|
- |
|
|||
|
300 Mission Street |
|
237,716 |
|
|
|
3.65 |
% |
|
|
|
|
237,716 |
|
|
|
3.65 |
% |
|
|
|
|
- |
|
|
|
- |
|
|||
|
Revolving Credit Facility |
|
200,000 |
|
|
|
1.96 |
% |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
200,000 |
|
|
|
1.96 |
% |
|||
Total consolidated debt |
|
4,012,716 |
|
|
|
3.38 |
% |
|
|
|
|
3,462,716 |
|
|
|
3.45 |
% |
|
|
|
|
550,000 |
|
|
|
2.89 |
% |
||||
Noncontrolling interests' share |
|
(661,036 |
) |
|
|
3.94 |
% |
|
|
|
|
(661,036 |
) |
|
|
3.94 |
% |
|
|
|
|
- |
|
|
|
- |
|
||||
PGRE's share of consolidated debt |
$ |
3,351,680 |
|
|
|
3.27 |
% |
|
|
|
$ |
2,801,680 |
|
|
|
3.34 |
% |
|
|
|
$ |
550,000 |
|
|
|
2.89 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated Joint Venture Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
712 Fifth Avenue |
$ |
300,000 |
|
|
|
3.39 |
% |
|
|
|
$ |
300,000 |
|
|
|
3.39 |
% |
|
|
|
$ |
- |
|
|
|
- |
|
|||
|
Market Center |
|
402,000 |
|
|
|
3.07 |
% |
|
|
|
|
402,000 |
|
|
|
3.07 |
% |
|
|
|
|
- |
|
|
|
- |
|
|||
|
55 Second Street |
|
187,500 |
|
|
|
3.88 |
% |
|
|
|
|
187,500 |
|
|
|
3.88 |
% |
|
|
|
|
- |
|
|
|
- |
|
|||
|
111 Sutter Street |
|
145,988 |
|
|
|
3.74 |
% |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
145,988 |
|
|
|
3.74 |
% |
|||
|
60 Wall Street |
|
575,000 |
|
|
|
3.16 |
% |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
575,000 |
|
|
|
3.16 |
% |
|||
|
Oder-Center, Germany |
|
18,538 |
|
|
|
4.62 |
% |
|
|
|
|
18,538 |
|
|
|
4.62 |
% |
|
|
|
|
- |
|
|
|
- |
|
|||
Total unconsolidated debt |
|
1,629,026 |
|
|
|
3.33 |
% |
|
|
|
|
908,038 |
|
|
|
3.37 |
% |
|
|
|
|
720,988 |
|
|
|
3.27 |
% |
||||
Joint venture partners' share |
|
(1,024,914 |
) |
|
|
3.32 |
% |
|
|
|
|
(404,268 |
) |
|
|
3.46 |
% |
|
|
|
|
(620,646 |
) |
|
|
3.23 |
% |
||||
PGRE's share of unconsolidated debt |
$ |
604,112 |
|
|
|
3.35 |
% |
|
|
|
$ |
503,770 |
|
|
|
3.30 |
% |
|
|
|
$ |
100,342 |
|
|
|
3.57 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's share of Total Debt (1) |
$ |
3,955,792 |
|
|
|
3.28 |
% |
|
|
|
$ |
3,305,450 |
|
|
|
3.33 |
% |
|
|
|
$ |
650,342 |
|
|
|
3.00 |
% |
Revolving Credit Facility Covenants: (2) |
Required |
|
Actual |
|
|
|
Debt Composition (at PGRE's share): |
Amount |
|
|
% |
|
|
|||||||||||||
|
Total Debt / Total Assets |
Less than 60% |
|
44.0 |
% |
|
|
Fixed rate debt: |
|
|
|
|
|
|
|
|
||||||||||
|
Secured Debt / Total Assets |
Less than 50% |
|
43.7 |
% |
|
|
|
Consolidated fixed rate debt |
$ |
2,801,680 |
|
|
|
|
|
|
|||||||||
|
Fixed Charge Coverage |
Greater than 1.5x |
3.6x |
|
|
|
|
Unconsolidated fixed rate debt |
|
503,770 |
|
|
|
|
|
|
||||||||||
|
Unsecured Debt / Unencumbered Assets |
Less than 60% |
|
0.0 |
% |
|
|
|
PGRE's share of fixed rate debt |
|
3,305,450 |
|
|
|
83.6 |
% |
|
|||||||||
|
Unencumbered Interest Coverage |
Greater than 1.75x |
31.8x |
|
|
|
Variable rate debt: |
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated variable rate debt |
|
550,000 |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated variable rate debt |
|
100,342 |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's share of variable rate debt |
|
650,342 |
|
|
|
16.4 |
% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's share of Total Debt (1) |
$ |
3,955,792 |
|
|
|
100.0 |
% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________________________
(1) |
See page 36 for our definition of this measure. |
(2) |
This section presents ratios as of March 31, 2020 in accordance with the terms of our revolving credit facility, which has been filed with the SEC. We are not presenting these ratios and the related calculations for any other purpose or for any other period, and are not intending for these measures to otherwise provide information to investors about our financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the revolving credit facility. |
- 25 -
|
|
|
|
DEBT MATURITIES |
(unaudited and in thousands)
Consolidated Debt: |
2020 |
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
|
2024 |
|
|
Thereafter |
|
|
Total |
|
|||||||||||
|
1301 Avenue of the Americas |
$ |
- |
|
|
$ |
850,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
850,000 |
|
|||
|
300 Mission Street |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
237,716 |
|
|
|
- |
|
|
|
- |
|
|
|
237,716 |
|
|||
|
One Market Plaza |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
975,000 |
|
|
|
- |
|
|
|
975,000 |
|
|||
|
1633 Broadway |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,250,000 |
|
|
|
1,250,000 |
|
|||
|
31 West 52nd Street |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
500,000 |
|
|
|
500,000 |
|
|||
|
Revolving Credit Facility |
|
- |
|
|
|
- |
|
|
|
200,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
200,000 |
|
|||
Total consolidated debt |
|
- |
|
|
|
850,000 |
|
|
|
200,000 |
|
|
|
237,716 |
|
|
|
975,000 |
|
|
|
1,750,000 |
|
|
|
4,012,716 |
|
||||
Noncontrolling interests' share |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(163,786 |
) |
|
|
(497,250 |
) |
|
|
- |
|
|
|
(661,036 |
) |
||||
PGRE's share of consolidated debt |
$ |
- |
|
|
$ |
850,000 |
|
|
$ |
200,000 |
|
|
$ |
73,930 |
|
|
$ |
477,750 |
|
|
$ |
1,750,000 |
|
|
$ |
3,351,680 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated Joint Venture Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
60 Wall Street |
$ |
- |
|
|
$ |
- |
|
|
$ |
575,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
575,000 |
|
|||
|
Oder-Center, Germany |
|
- |
|
|
|
- |
|
|
|
18,538 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18,538 |
|
|||
|
111 Sutter Street |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
145,988 |
|
|
|
- |
|
|
|
- |
|
|
|
145,988 |
|
|||
|
Market Center |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
402,000 |
|
|
|
402,000 |
|
|||
|
712 Fifth Avenue |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
300,000 |
|
|
|
300,000 |
|
|||
|
55 Second Street |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
187,500 |
|
|
|
187,500 |
|
|||
Total unconsolidated debt |
|
- |
|
|
|
- |
|
|
|
593,538 |
|
|
|
145,988 |
|
|
|
- |
|
|
|
889,500 |
|
|
|
1,629,026 |
|
||||
Joint venture partners' share |
|
- |
|
|
|
- |
|
|
|
(562,969 |
) |
|
|
(74,454 |
) |
|
|
- |
|
|
|
(387,491 |
) |
|
|
(1,024,914 |
) |
||||
PGRE's share of unconsolidated debt |
$ |
- |
|
|
$ |
- |
|
|
$ |
30,569 |
|
|
$ |
71,534 |
|
|
$ |
- |
|
|
$ |
502,009 |
|
|
$ |
604,112 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's Share of Total Debt (1) |
$ |
- |
|
|
$ |
850,000 |
|
|
$ |
230,569 |
|
|
$ |
145,464 |
|
|
$ |
477,750 |
|
|
$ |
2,252,009 |
|
|
$ |
3,955,792 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average rate |
|
- |
% |
|
|
3.20 |
% |
|
|
2.13 |
% |
|
|
3.69 |
% |
|
|
4.03 |
% |
|
|
3.24 |
% |
|
|
3.28 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of debt maturing |
|
- |
% |
|
|
21.5 |
% |
|
|
5.8 |
% |
|
|
3.7 |
% |
|
|
12.1 |
% |
|
|
56.9 |
% |
|
|
100.0 |
% |
(1) |
See page 36 for our definition of this measure. |
- 26 -
|
|
|
|
PORTFOLIO SUMMARY |
(unaudited and in thousands, except square feet and per square foot amounts)
|
|
|
|
|
Paramount |
|
|
Number of |
|
|
Square |
|
|
% |
|
|
% |
|
|
Annualized Rent (1) |
|
|
||||||||||
Property |
|
Submarket |
|
Ownership |
|
|
Buildings |
|
|
Feet |
|
|
Leased (1) |
|
|
Occupied (1) |
|
|
Amount |
|
|
Per Square Foot (2) |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1633 Broadway (3) |
West Side |
|
100.0 |
% |
|
|
1 |
|
|
|
2,499,105 |
|
|
|
98.4 |
% |
|
|
98.4 |
% |
|
$ |
183,724 |
|
|
$ |
76.48 |
|
|
|||
1301 Avenue of the Americas |
Sixth Avenue / Rock Center |
|
100.0 |
% |
|
|
1 |
|
|
|
1,765,688 |
|
|
|
99.0 |
% |
|
|
98.1 |
% |
|
|
137,719 |
|
|
|
79.81 |
|
|
|||
1325 Avenue of the Americas |
Sixth Avenue / Rock Center |
|
100.0 |
% |
|
|
1 |
|
|
|
810,993 |
|
|
|
91.8 |
% |
|
|
90.4 |
% |
|
|
48,627 |
|
|
|
67.71 |
|
|
|||
31 West 52nd Street |
Sixth Avenue / Rock Center |
|
100.0 |
% |
|
|
1 |
|
|
|
763,140 |
|
|
|
98.3 |
% |
|
|
97.5 |
% |
|
|
70,803 |
|
|
|
92.53 |
|
|
|||
900 Third Avenue |
East Side |
|
100.0 |
% |
|
|
1 |
|
|
|
591,401 |
|
|
|
82.4 |
% |
|
|
76.4 |
% |
|
|
31,841 |
|
|
|
70.54 |
|
|
|||
712 Fifth Avenue |
Madison / Fifth Avenue |
|
50.0 |
% |
|
|
1 |
|
|
|
543,411 |
|
|
|
75.2 |
% |
|
|
71.1 |
% |
|
|
44,255 |
|
|
|
114.55 |
|
|
|||
60 Wall Street |
Downtown |
|
5.0 |
% |
|
|
1 |
|
|
|
1,625,483 |
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
73,600 |
|
|
|
45.28 |
|
(4) |
|||
Subtotal / Weighted average |
|
|
|
|
|
|
|
7 |
|
|
|
8,599,221 |
|
|
|
95.6 |
% |
|
|
94.6 |
% |
|
|
590,569 |
|
|
|
73.08 |
|
|
||
PGRE's share |
|
|
|
|
|
|
|
7 |
|
|
|
6,783,469 |
|
|
|
95.5 |
% |
|
|
94.3 |
% |
|
|
498,529 |
|
|
|
78.77 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
One Market Plaza |
South Financial District |
|
49.0 |
% |
|
|
2 |
|
|
|
1,586,598 |
|
|
|
98.2 |
% |
|
|
98.0 |
% |
|
|
138,425 |
|
|
|
87.85 |
|
|
|||
Market Center |
South Financial District |
|
67.0 |
% |
|
|
2 |
|
|
|
745,446 |
|
|
|
95.6 |
% |
|
|
93.3 |
% |
|
|
57,484 |
|
|
|
82.27 |
|
|
|||
300 Mission Street |
South Financial District |
|
31.1 |
% |
|
|
1 |
|
|
|
660,702 |
|
|
|
99.1 |
% |
|
|
58.9 |
% |
|
|
28,046 |
|
|
|
72.14 |
|
|
|||
One Front Street |
North Financial District |
|
100.0 |
% |
|
|
1 |
|
|
|
643,307 |
|
|
|
100.0 |
% |
|
|
98.8 |
% |
|
|
51,000 |
|
|
|
79.53 |
|
|
|||
55 Second Street |
South Financial District |
|
44.1 |
% |
|
|
1 |
|
|
|
379,621 |
|
|
|
95.7 |
% |
|
|
95.7 |
% |
|
|
27,550 |
|
|
|
76.05 |
|
|
|||
111 Sutter Street |
North Financial District |
|
49.0 |
% |
|
|
1 |
|
|
|
276,431 |
|
|
|
86.3 |
% |
|
|
86.2 |
% |
|
|
18,687 |
|
|
|
79.17 |
|
|
|||
Subtotal / Weighted average |
|
|
|
|
|
|
|
8 |
|
|
|
4,292,105 |
|
|
|
97.2 |
% |
|
|
90.3 |
% |
|
|
321,192 |
|
|
|
82.29 |
|
|
||
PGRE's share |
|
|
|
|
|
|
|
8 |
|
|
|
2,428,531 |
|
|
|
97.4 |
% |
|
|
93.1 |
% |
|
|
187,371 |
|
|
|
82.25 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal / Weighted average |
|
|
|
|
|
|
|
15 |
|
|
|
12,891,326 |
|
|
|
96.1 |
% |
|
|
93.2 |
% |
|
|
911,761 |
|
|
$ |
76.10 |
|
|
||
PGRE's share |
|
|
|
|
|
|
|
15 |
|
|
|
9,212,000 |
|
|
|
96.0 |
% |
|
|
94.0 |
% |
|
|
685,900 |
|
|
$ |
79.70 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1899 Pennsylvania Avenue (5) |
CBD |
|
100.0 |
% |
|
|
1 |
|
|
|
190,955 |
|
|
|
90.4 |
% |
|
|
90.4 |
% |
|
|
15,050 |
|
|
|
86.61 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total / Weighted average |
|
|
|
|
|
|
|
16 |
|
|
|
13,082,281 |
|
|
|
96.1 |
% |
|
|
93.1 |
% |
|
|
926,811 |
|
|
$ |
76.25 |
|
|
||
PGRE's share |
|
|
|
|
|
|
|
16 |
|
|
|
9,402,955 |
|
|
|
95.9 |
% |
|
|
93.9 |
% |
|
|
700,950 |
|
|
$ |
79.84 |
|
|
(1) |
See page 36 for our definition of this measure. |
(2) |
Represents office and retail space only. |
(3) |
On March 27, 2020, we entered into an agreement to sell a 10.0% interest in 1633 Broadway for $240.0 million (based on a property valuation of $2.4 billion, or $960 per square foot). The transaction, which is subject to customary closing conditions, is expected to close in the second quarter of 2020. |
(4) |
Represents “triple-net” rent. |
(5) |
On March 6, 2020, we entered into an agreement to sell 1899 Pennsylvania Avenue, a 191,000 square foot office building located in Washington, D.C. The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2020. |
- 27 -
|
|
|
|
SAME STORE LEASED OCCUPANCY |
(unaudited)
|
|
|
|
|
|
|
As of March 31, 2020 |
|
|
As of December 31, 2019 |
|
|
Change in |
|
|||||||||||
|
|
|
Paramount |
|
|
|
|
|
|
Same Store |
|
|
|
|
|
|
Same Store |
|
|
Same Store |
|
||||
Property |
|
Ownership |
|
|
Leased % (1) |
|
|
Leased % (1) |
|
|
Leased % (1) |
|
|
Leased % (1) |
|
|
Leased % |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1633 Broadway |
|
100.0 |
% |
|
|
98.4 |
% |
|
|
98.4 |
% |
|
|
98.4 |
% |
|
|
98.4 |
% |
|
|
- |
% |
||
1301 Avenue of the Americas |
|
100.0 |
% |
|
|
99.0 |
% |
|
|
99.0 |
% |
|
|
99.4 |
% |
|
|
99.4 |
% |
|
|
(0.4 |
%) |
||
1325 Avenue of the Americas |
|
100.0 |
% |
|
|
91.8 |
% |
|
|
91.8 |
% |
|
|
91.1 |
% |
|
|
91.1 |
% |
|
|
0.7 |
% |
||
31 West 52nd Street |
|
100.0 |
% |
|
|
98.3 |
% |
|
|
98.3 |
% |
|
|
97.5 |
% |
|
|
97.5 |
% |
|
|
0.8 |
% |
||
900 Third Avenue |
|
100.0 |
% |
|
|
82.4 |
% |
|
|
82.4 |
% |
|
|
83.4 |
% |
|
|
83.4 |
% |
|
|
(1.0 |
%) |
||
712 Fifth Avenue |
|
50.0 |
% |
|
|
75.2 |
% |
|
|
75.2 |
% |
|
|
74.2 |
% |
|
|
74.2 |
% |
|
|
1.0 |
% |
||
60 Wall Street |
|
5.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
- |
% |
||
Weighted average |
|
|
|
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
- |
% |
||
PGRE's share |
|
|
|
|
|
95.5 |
% |
|
|
95.5 |
% |
|
|
95.5 |
% |
|
|
95.5 |
% |
|
|
- |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
One Market Plaza |
|
49.0 |
% |
|
|
98.2 |
% |
|
|
98.2 |
% |
|
|
98.4 |
% |
|
|
98.4 |
% |
|
|
(0.2 |
%) |
||
Market Center |
|
67.0 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
- |
% |
||
300 Mission Street |
|
31.1 |
% |
|
|
99.1 |
% |
|
|
99.1 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
(0.9 |
%) |
||
One Front Street |
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
- |
% |
||
55 Second Street |
|
44.1 |
% |
|
|
95.7 |
% |
|
|
95.7 |
% |
|
|
95.7 |
% |
|
|
95.7 |
% |
|
|
- |
% |
||
111 Sutter Street |
|
49.0 |
% |
|
|
86.3 |
% |
|
|
86.3 |
% |
|
|
86.3 |
% |
|
|
86.3 |
% |
|
|
- |
% |
||
Weighted average |
|
|
|
|
|
97.2 |
% |
|
|
97.2 |
% |
|
|
97.4 |
% |
|
|
97.4 |
% |
|
|
(0.2 |
%) |
||
PGRE's share |
|
|
|
|
|
97.4 |
% |
|
|
97.4 |
% |
|
|
97.5 |
% |
|
|
97.5 |
% |
|
|
(0.1 |
%) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average |
|
|
|
|
|
96.1 |
% |
|
|
96.1 |
% |
|
|
96.2 |
% |
|
|
96.2 |
% |
|
|
(0.1 |
%) |
||
PGRE's share |
|
|
|
|
|
96.0 |
% |
|
|
96.0 |
% |
|
|
96.0 |
% |
|
|
96.0 |
% |
|
|
- |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1899 Pennsylvania Avenue |
|
100.0 |
% |
|
|
90.4 |
% |
|
|
- |
% |
|
|
90.4 |
% |
|
|
- |
% |
|
|
- |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average |
|
|
|
|
|
96.1 |
% |
|
|
96.1 |
% |
|
|
96.1 |
% |
|
|
96.2 |
% |
|
|
(0.1 |
%) |
||
PGRE's share |
|
|
|
|
|
95.9 |
% |
|
|
96.0 |
% |
|
|
95.9 |
% |
|
|
96.0 |
% |
|
|
- |
% |
(1) |
See page 36 for our definition of this measure. |
- 28 -
|
|
|
|
|
|
|
TOP TENANTS AND INDUSTRY DIVERSIFICATION |
(unaudited and in thousands, except square feet and per square foot amounts)
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's Share of |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
Total |
|
|
Total |
|
|
|
|
|
|
Annualized Rent (1) |
|
|
% of |
|
||||||||
|
|
|
|
|
|
Lease |
|
Square Feet |
|
|
Square Feet |
|
|
% of Total |
|
|
|
|
|
|
Per Square |
|
|
Annualized |
|
|||||
Top 10 Tenants: |
Property |
|
Expiration |
|
Occupied |
|
|
Occupied |
|
|
Square Feet |
|
|
Amount |
|
|
Foot |
|
|
Rent |
|
|||||||||
As of March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Barclays Capital, Inc. |
1301 Avenue of the Americas |
|
Dec-2020 |
|
|
497,418 |
|
|
|
497,418 |
|
|
|
5.3 |
% |
|
$ |
33,163 |
|
|
$ |
66.67 |
|
|
|
4.7 |
% |
||
|
Allianz Global Investors, LP |
1633 Broadway |
|
Jan-2031 |
|
|
320,911 |
|
|
|
320,911 |
|
|
|
3.4 |
% |
|
|
29,315 |
|
|
|
91.35 |
|
|
|
4.2 |
% |
||
|
Clifford Chance LLP |
31 West 52nd Street |
|
Jun-2024 |
|
|
328,992 |
|
|
|
328,992 |
|
|
|
3.5 |
% |
|
|
29,173 |
|
|
|
88.67 |
|
|
|
4.2 |
% |
||
|
Credit Agricole Corporate & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Investment Bank |
1301 Avenue of the Americas |
|
Feb-2023 |
|
|
312,679 |
|
|
|
312,679 |
|
|
|
3.3 |
% |
|
|
27,285 |
|
|
|
87.26 |
|
|
|
3.9 |
% |
|
|
Norton Rose Fulbright |
1301 Avenue of the Americas |
|
Sep-2034 |
(2) |
|
320,325 |
|
(2) |
|
320,325 |
|
(2) |
|
3.4 |
% |
|
|
27,004 |
|
|
|
84.30 |
|
|
|
3.9 |
% |
||
|
First Republic Bank |
One Front Street |
|
Jun-2025 |
(3) |
|
338,602 |
|
(3) |
|
338,602 |
|
(3) |
|
3.6 |
% |
|
|
26,386 |
|
|
|
77.93 |
|
|
|
3.8 |
% |
||
|
Morgan Stanley & Company |
1633 Broadway |
|
Mar-2032 |
|
|
260,829 |
|
|
|
260,829 |
|
|
|
2.8 |
% |
|
|
19,974 |
|
|
|
76.58 |
|
|
|
2.8 |
% |
||
|
WMG Acquisition Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
(Warner Music Group) |
1633 Broadway |
|
Jul-2029 |
|
|
296,344 |
|
|
|
296,344 |
|
|
|
3.2 |
% |
|
|
19,492 |
|
|
|
65.77 |
|
|
|
2.8 |
% |
|
|
Showtime Networks, Inc. |
1633 Broadway |
|
Jan-2026 |
|
|
261,196 |
|
|
|
261,196 |
|
|
|
2.8 |
% |
|
|
16,773 |
|
|
|
64.22 |
|
|
|
2.4 |
% |
||
|
Kasowitz Benson Torres & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Friedman, LLP |
1633 Broadway |
|
Mar-2037 |
|
|
203,394 |
|
|
|
203,394 |
|
|
|
2.2 |
% |
|
|
15,024 |
|
|
|
73.87 |
|
|
|
2.1 |
% |
|
|
|
|
|
|
PGRE's Share of |
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
Square Feet |
|
|
% of Occupied |
|
|
Annualized |
|
|
% of |
|
|
|
|
|
|
|
||||
Industry Diversification: |
Occupied |
|
|
Square Feet |
|
|
Rent (1) |
|
|
Annualized Rent |
|
|
|
|
|
|
|
|||||||||
As of March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Legal Services |
|
1,905,207 |
|
|
|
21.6 |
% |
|
$ |
157,140 |
|
|
|
22.4 |
% |
|
|
|
|
|
|
||||
|
Financial Services - Commercial and Investment Banking |
|
1,865,373 |
|
|
|
21.1 |
% |
|
|
141,446 |
|
|
|
20.2 |
% |
|
|
|
|
|
|
||||
|
Technology and Media |
|
1,798,051 |
|
|
|
20.4 |
% |
|
|
134,335 |
|
|
|
19.2 |
% |
|
|
|
|
|
|
||||
|
Financial Services, all others |
|
1,295,255 |
|
|
|
14.7 |
% |
|
|
115,092 |
|
|
|
16.4 |
% |
|
|
|
|
|
|
||||
|
Insurance |
|
480,324 |
|
|
|
5.4 |
% |
|
|
42,352 |
|
|
|
6.0 |
% |
|
|
|
|
|
|
||||
|
Travel & Leisure |
|
203,575 |
|
|
|
2.3 |
% |
|
|
14,338 |
|
|
|
2.0 |
% |
|
|
|
|
|
|
||||
|
Retail |
|
133,412 |
|
|
|
1.5 |
% |
|
|
14,049 |
|
|
|
2.0 |
% |
|
|
|
|
|
|
||||
|
Real Estate |
|
171,247 |
|
|
|
1.9 |
% |
|
|
13,909 |
|
|
|
2.0 |
% |
|
|
|
|
|
|
||||
|
Consumer Products |
|
128,715 |
|
|
|
1.5 |
% |
|
|
9,073 |
|
|
|
1.3 |
% |
|
|
|
|
|
|
||||
|
Other |
|
847,643 |
|
|
|
9.6 |
% |
|
|
59,216 |
|
|
|
8.5 |
% |
|
|
|
|
|
|
(1) |
See page 36 for our definition of this measure. |
(2) |
116,462 of the square feet leased expires on March 31, 2032. |
(3) |
76,999 and 10,952 of the square feet leased expire on December 31, 2029 and December 31, 2030, respectively. |
- 29 -
|
|
|
|
LEASING ACTIVITY (1) |
(unaudited)
|
|
|
|
|
Total |
|
|
New York |
|
|
San Francisco |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total square feet leased |
|
|
206,784 |
|
|
|
48,872 |
|
|
|
157,912 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGRE's share of total square feet leased: |
|
|
126,068 |
|
|
|
44,604 |
|
|
|
81,464 |
|
|
|
|||
Initial rent (2) |
|
$ |
91.59 |
|
|
$ |
73.24 |
|
|
$ |
101.64 |
|
|
|
|||
Weighted average lease term (in years) |
|
|
4.8 |
|
|
|
4.0 |
|
|
|
5.2 |
|
|
|
|||
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Per square foot |
|
$ |
33.36 |
|
|
$ |
32.23 |
|
|
$ |
33.98 |
|
|
|
|||
Per square foot per annum |
|
$ |
6.99 |
|
|
$ |
7.97 |
|
|
$ |
6.56 |
|
|
|
|||
Percentage of initial rent |
|
|
7.6 |
% |
|
|
10.9 |
% |
|
|
6.5 |
% |
|
|
|||
Rent concessions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Average free rent period (in months) |
|
|
2.0 |
|
|
|
1.1 |
|
|
|
2.5 |
|
|
|
|||
Average free rent period per annum (in months) |
|
|
0.4 |
|
|
|
0.3 |
|
|
|
0.5 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second generation space: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Square feet |
|
|
104,308 |
|
|
|
36,322 |
|
|
|
67,986 |
|
|
|
|||
Cash basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Initial rent (2) |
|
$ |
90.17 |
|
|
$ |
65.16 |
|
|
$ |
103.53 |
|
|
|
|||
Prior escalated rent (2) |
|
$ |
68.65 |
|
|
$ |
62.72 |
|
|
$ |
71.82 |
|
|
|
|||
Percentage increase |
|
|
31.3 |
% |
|
|
3.9 |
% |
|
|
44.2 |
% |
|
|
|||
GAAP basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Straight-line rent (2) |
|
$ |
91.14 |
|
|
$ |
65.16 |
|
|
$ |
105.02 |
|
|
|
|||
Prior straight-line rent (2) |
|
$ |
65.95 |
|
|
$ |
59.93 |
|
|
$ |
69.17 |
|
|
|
|||
Percentage increase |
|
|
38.2 |
% |
|
|
8.7 |
% |
|
|
51.8 |
% |
|
|
(1) |
The leasing statistics, except for square feet leased, represent office space only. |
(2) |
See page 36 for our definition of this measure. |
- 30 -
|
|
|
|
|
|
|
LEASE EXPIRATIONS – TOTAL PORTFOLIO |
(unaudited and in thousands, except square feet and per square foot amounts)
|
|
|
Total |
|
|
PGRE's Share of |
|
||||||||||||||
Year of |
|
Square Feet |
|
|
Square Feet |
|
|
Annualized Rent (1) |
|
|
% of |
|
|||||||||
Lease Expiration (2) |
|
of Expiring Leases |
|
|
of Expiring Leases |
|
|
Amount |
|
|
Per Square Foot (3) |
|
|
Annualized Rent |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Month to Month |
|
|
26,433 |
|
|
|
18,075 |
|
|
$ |
2,224 |
|
|
$ |
82.85 |
|
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q 2020 |
|
|
17,219 |
|
|
|
11,887 |
|
|
|
893 |
|
|
|
73.86 |
|
|
|
0.2 |
% |
|
3Q 2020 |
|
|
86,442 |
|
|
|
62,022 |
|
|
|
4,562 |
|
|
|
73.56 |
|
|
|
0.6 |
% |
|
4Q 2020 |
|
|
61,214 |
|
|
|
37,927 |
|
|
|
3,087 |
|
|
|
82.16 |
|
|
|
0.4 |
% |
|
Total 2020 |
|
|
164,875 |
|
|
|
111,836 |
|
|
|
8,542 |
|
|
|
76.47 |
|
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q 2021 |
|
|
783,010 |
|
|
|
689,865 |
|
|
|
49,543 |
|
|
|
72.17 |
|
|
|
6.9 |
% |
|
Remaining 2021 |
|
|
361,586 |
|
|
|
318,996 |
|
|
|
23,217 |
|
|
|
78.39 |
|
|
|
3.2 |
% |
|
Total 2021 |
|
|
1,144,596 |
|
|
|
1,008,861 |
|
|
|
72,760 |
|
|
|
74.00 |
|
|
|
10.1 |
% |
|
2022 |
|
|
2,228,622 |
|
|
|
444,736 |
|
|
|
30,902 |
|
|
|
80.72 |
|
|
|
4.3 |
% |
|
2023 |
|
|
1,051,235 |
|
|
|
896,247 |
|
|
|
73,038 |
|
|
|
83.90 |
|
|
|
10.1 |
% |
|
2024 |
|
|
809,461 |
|
|
|
726,757 |
|
|
|
60,685 |
|
|
|
83.57 |
|
|
|
8.4 |
% |
|
2025 |
|
|
1,403,249 |
|
|
|
887,269 |
|
|
|
71,616 |
|
|
|
80.73 |
|
|
|
9.9 |
% |
|
2026 |
|
|
1,316,582 |
|
|
|
962,155 |
|
|
|
74,431 |
|
|
|
74.99 |
|
|
|
10.3 |
% |
|
2027 |
|
|
268,222 |
|
|
|
176,245 |
|
|
|
15,104 |
|
|
|
85.68 |
|
|
|
2.1 |
% |
|
2028 |
|
|
255,681 |
|
|
|
218,153 |
|
|
|
17,643 |
|
|
|
81.38 |
|
|
|
2.4 |
% |
|
2029 |
|
|
550,781 |
|
|
|
531,137 |
|
|
|
40,166 |
|
|
|
76.05 |
|
|
|
5.6 |
% |
|
Thereafter |
|
|
3,347,914 |
|
|
|
3,031,835 |
|
|
|
253,569 |
|
|
|
83.19 |
|
|
|
35.3 |
% |
(1) |
See page 36 for our definition of this measure. |
(2) |
Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter. |
(3) |
Represents office and retail space only. |
- 31 -
|
|
|
|
LEASE EXPIRATIONS – NEW YORK |
(unaudited and in thousands, except square feet and per square foot amounts)
|
|
|
Total |
|
|
PGRE's Share of |
|
||||||||||||||
Year of |
|
Square Feet |
|
|
Square Feet |
|
|
Annualized Rent (1) |
|
|
% of |
|
|||||||||
Lease Expiration (2) |
|
of Expiring Leases |
|
|
of Expiring Leases |
|
|
Amount |
|
|
Per Square Foot (3) |
|
|
Annualized Rent |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Month to Month |
|
|
4,652 |
|
|
|
4,652 |
|
|
$ |
524 |
|
|
$ |
67.90 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q 2020 |
|
|
3,627 |
|
|
|
3,584 |
|
|
|
252 |
|
|
|
68.00 |
|
|
|
0.1 |
% |
|
3Q 2020 |
|
|
76,287 |
|
|
|
55,218 |
|
|
|
3,988 |
|
|
|
72.35 |
|
|
|
0.8 |
% |
|
4Q 2020 |
|
|
13,150 |
|
|
|
8,283 |
|
|
|
644 |
|
|
|
80.24 |
|
|
|
0.1 |
% |
|
Total 2020 |
|
|
93,064 |
|
|
|
67,085 |
|
|
|
4,884 |
|
|
|
73.00 |
|
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q 2021 |
|
|
604,008 |
|
|
|
593,949 |
|
|
|
41,420 |
|
|
|
70.20 |
|
|
|
8.2 |
% |
|
Remaining 2021 |
|
|
261,928 |
|
|
|
254,258 |
|
|
|
18,253 |
|
|
|
78.77 |
|
|
|
3.6 |
% |
|
Total 2021 |
|
|
865,936 |
|
|
|
848,207 |
|
|
|
59,673 |
|
|
|
72.53 |
|
|
|
11.8 |
% |
|
2022 |
|
|
1,799,051 |
|
|
|
239,563 |
|
|
|
13,208 |
|
|
|
72.25 |
|
|
|
2.6 |
% |
|
2023 |
|
|
552,946 |
|
|
|
528,899 |
|
|
|
41,124 |
|
|
|
81.77 |
|
|
|
8.1 |
% |
|
2024 |
|
|
608,942 |
|
|
|
597,225 |
|
|
|
49,499 |
|
|
|
82.99 |
|
|
|
9.8 |
% |
|
2025 |
|
|
296,470 |
|
|
|
251,421 |
|
|
|
21,869 |
|
|
|
86.98 |
|
|
|
4.3 |
% |
|
2026 |
|
|
655,139 |
|
|
|
632,151 |
|
|
|
48,534 |
|
|
|
73.04 |
|
|
|
9.6 |
% |
|
2027 |
|
|
85,378 |
|
|
|
85,378 |
|
|
|
7,337 |
|
|
|
85.93 |
|
|
|
1.5 |
% |
|
2028 |
|
|
147,554 |
|
|
|
136,133 |
|
|
|
11,120 |
|
|
|
82.29 |
|
|
|
2.2 |
% |
|
2029 |
|
|
517,960 |
|
|
|
514,366 |
|
|
|
38,890 |
|
|
|
76.04 |
|
|
|
7.7 |
% |
|
Thereafter |
|
|
2,596,881 |
|
|
|
2,570,405 |
|
|
|
208,806 |
|
|
|
80.70 |
|
|
|
41.3 |
% |
(1) |
See page 36 for our definition of this measure. |
(2) |
Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter. |
(3) |
Represents office and retail space only. |
- 32 -
|
|
|
|
LEASE EXPIRATIONS – SAN FRANCISCO |
(unaudited and in thousands, except square feet and per square foot amounts)
|
|
|
Total |
|
|
PGRE's Share of |
|
||||||||||||||
Year of |
|
Square Feet |
|
|
Square Feet |
|
|
Annualized Rent (1) |
|
|
% of |
|
|||||||||
Lease Expiration (2) |
|
of Expiring Leases |
|
|
of Expiring Leases |
|
|
Amount |
|
|
Per Square Foot (3) |
|
|
Annualized Rent |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Month to Month |
|
|
20,706 |
|
|
|
12,348 |
|
|
$ |
1,700 |
|
|
$ |
88.97 |
|
|
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q 2020 |
|
|
13,592 |
|
|
|
8,303 |
|
|
|
641 |
|
|
|
76.46 |
|
|
|
0.3 |
% |
|
3Q 2020 |
|
|
10,155 |
|
|
|
6,804 |
|
|
|
574 |
|
|
|
83.38 |
|
|
|
0.3 |
% |
|
4Q 2020 |
|
|
48,064 |
|
|
|
29,644 |
|
|
|
2,443 |
|
|
|
82.63 |
|
|
|
1.2 |
% |
|
Total 2020 |
|
|
71,811 |
|
|
|
44,751 |
|
|
|
3,658 |
|
|
|
81.64 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q 2021 |
|
|
174,685 |
|
|
|
91,599 |
|
|
|
7,757 |
|
|
|
84.32 |
|
|
|
3.9 |
% |
|
Remaining 2021 |
|
|
99,658 |
|
|
|
64,738 |
|
|
|
4,964 |
|
|
|
77.09 |
|
|
|
2.5 |
% |
|
Total 2021 |
|
|
274,343 |
|
|
|
156,337 |
|
|
|
12,721 |
|
|
|
81.34 |
|
|
|
6.4 |
% |
|
2022 |
|
|
425,840 |
|
|
|
201,442 |
|
|
|
17,485 |
|
|
|
86.66 |
|
|
|
8.7 |
% |
|
2023 |
|
|
363,511 |
|
|
|
232,570 |
|
|
|
19,652 |
|
|
|
84.70 |
|
|
|
9.8 |
% |
|
2024 |
|
|
200,519 |
|
|
|
129,532 |
|
|
|
11,186 |
|
|
|
86.23 |
|
|
|
5.6 |
% |
|
2025 |
|
|
1,106,779 |
|
|
|
635,848 |
|
|
|
49,747 |
|
|
|
78.25 |
|
|
|
24.9 |
% |
|
2026 |
|
|
633,197 |
|
|
|
301,758 |
|
|
|
23,703 |
|
|
|
78.76 |
|
|
|
11.8 |
% |
|
2027 |
|
|
182,844 |
|
|
|
90,867 |
|
|
|
7,767 |
|
|
|
85.44 |
|
|
|
3.9 |
% |
|
2028 |
|
|
108,127 |
|
|
|
82,020 |
|
|
|
6,523 |
|
|
|
79.86 |
|
|
|
3.3 |
% |
|
2029 |
|
|
32,821 |
|
|
|
16,771 |
|
|
|
1,276 |
|
|
|
76.10 |
|
|
|
0.6 |
% |
|
Thereafter |
|
|
750,510 |
|
|
|
460,907 |
|
|
|
44,743 |
|
|
|
97.08 |
|
|
|
22.4 |
% |
(1) |
See page 36 for our definition of this measure. |
(2) |
Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter. |
(3) |
Represents office and retail space only. |
- 33 -
|
LEASE EXPIRATIONS – Other (1) |
(unaudited and in thousands, except square feet and per square foot amounts)
|
|
|
Total |
|
|
PGRE's Share of |
|
||||||||||||||
Year of |
|
Square Feet |
|
|
Square Feet |
|
|
Annualized Rent (2) |
|
|
% of |
|
|||||||||
Lease Expiration (3) |
|
of Expiring Leases |
|
|
of Expiring Leases |
|
|
Amount |
|
|
Per Square Foot (4) |
|
|
Annualized Rent |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Month to Month |
|
|
1,075 |
|
|
|
1,075 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
- |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q 2020 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
3Q 2020 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
4Q 2020 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
Total 2020 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q 2021 |
|
|
4,317 |
|
|
|
4,317 |
|
|
|
366 |
|
|
|
84.74 |
|
|
|
2.4 |
% |
|
Remaining 2021 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
Total 2021 |
|
|
4,317 |
|
|
|
4,317 |
|
|
|
366 |
|
|
|
84.74 |
|
|
|
2.4 |
% |
|
2022 |
|
|
3,731 |
|
|
|
3,731 |
|
|
|
209 |
|
|
|
55.96 |
|
|
|
1.4 |
% |
|
2023 |
|
|
134,778 |
|
|
|
134,778 |
|
|
|
12,262 |
|
|
|
89.62 |
|
|
|
81.5 |
% |
|
2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
2025 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
2026 |
|
|
28,246 |
|
|
|
28,246 |
|
|
|
2,194 |
|
|
|
77.66 |
|
|
|
14.6 |
% |
|
2027 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
2028 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
2029 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
% |
|
Thereafter |
|
|
523 |
|
|
|
523 |
|
|
|
20 |
|
|
|
30.00 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Represents lease expirations of 1899 Pennsylvania Avenue, which is classified as discontinued operations. |
(2) |
See page 36 for our definition of this measure. |
(3) |
Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter. |
(4) |
Represents office and retail space only. |
- 34 -
|
|
|
|
|
|
|
CASH BASIS CAPITAL EXPENDITURES |
(unaudited and in thousands)
|
|
|
Three Months Ended March 31, 2020 |
|
|||||||||||||
|
|
Total |
|
|
New York |
|
|
San Francisco |
|
|
Other |
|
|||||
Capital Expenditures: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures to maintain assets |
|
$ |
4,709 |
|
|
$ |
3,738 |
|
|
$ |
936 |
|
|
$ |
35 |
|
|
Second generation tenant improvements |
|
|
19,726 |
|
|
|
16,243 |
|
|
|
3,483 |
|
|
|
- |
|
|
Second generation leasing commissions |
|
|
4,207 |
|
|
|
1,220 |
|
|
|
2,987 |
|
|
|
- |
|
|
First generation leasing costs and capital expenditures |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total Capital Expenditures |
|
$ |
28,642 |
|
|
$ |
21,201 |
|
|
$ |
7,406 |
|
|
$ |
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopment Expenditures: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Market Plaza |
|
$ |
2,044 |
|
|
$ |
- |
|
|
$ |
2,044 |
|
|
$ |
- |
|
|
Other |
|
|
2,958 |
|
|
|
2,171 |
|
|
|
787 |
|
|
|
- |
|
|
Total Redevelopment Expenditures |
|
$ |
5,002 |
|
|
$ |
2,171 |
|
|
$ |
2,831 |
|
|
$ |
- |
|
|
|
|
Three Months Ended March 31, 2019 |
|
|||||||||||||
|
|
Total |
|
|
New York |
|
|
San Francisco |
|
|
Other |
|
|||||
Capital Expenditures: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures to maintain assets |
|
$ |
3,535 |
|
|
$ |
2,312 |
|
|
$ |
1,022 |
|
|
$ |
201 |
|
|
Second generation tenant improvements |
|
|
14,196 |
|
|
|
11,568 |
|
|
|
2,557 |
|
|
|
71 |
|
|
Second generation leasing commissions |
|
|
1,310 |
|
|
|
1,026 |
|
|
|
284 |
|
|
|
- |
|
|
First generation leasing costs and capital expenditures |
|
|
847 |
|
|
|
- |
|
|
|
847 |
|
|
|
- |
|
|
Total Capital Expenditures |
|
$ |
19,888 |
|
|
$ |
14,906 |
|
|
$ |
4,710 |
|
|
$ |
272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopment Expenditures: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 West 52nd Street (Lobby Renovation) |
|
$ |
3,148 |
|
|
$ |
3,148 |
|
|
$ |
- |
|
|
$ |
- |
|
|
One Market Plaza |
|
|
1,689 |
|
|
|
- |
|
|
|
1,689 |
|
|
|
- |
|
|
Other |
|
|
4,186 |
|
|
|
2,420 |
|
|
|
1,766 |
|
|
|
- |
|
|
Total Redevelopment Expenditures |
|
$ |
9,023 |
|
|
$ |
5,568 |
|
|
$ |
3,455 |
|
|
$ |
- |
|
(1) |
See page 36 for our definition of this measure. |
- 35 -
|
|
|
|
|
|
|
DEFINITIONS |
We use and present various non-GAAP measures in this Supplemental Operating and Financial Data report. The following section contains definitions of these measures, describes our use of them and provides information regarding why we believe they are meaningful. Other real estate companies may use different methodologies for calculating these measures, and accordingly, our presentation of these measures may not be comparable to other real estate companies. These non-GAAP measures should not be considered a substitute for, and should only be considered together with and as a supplement to, financial information presented in accordance with GAAP.
Funds from Operations (“FFO”) is a supplemental measure of our performance. FFO is presented in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO is not intended to be a measure of cash flow or liquidity. FFO attributable to common stockholders represents the Company’s share of FFO that is attributable to common stockholders and is calculated by reducing from FFO, the noncontrolling interests’ share of FFO in consolidated joint ventures, real estate funds and Operating Partnership.
Core Funds from Operations (“Core FFO”) is an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. Core FFO is not intended to be a measure of cash flow or liquidity. Core FFO attributable to common stockholders represents the Company’s share of Core FFO that is attributable to common stockholders and is calculated by reducing from Core FFO, the noncontrolling interests’ share of Core FFO in consolidated joint ventures, real estate funds and Operating Partnership.
Funds Available for Distribution (“FAD”) is a supplemental measure of our operating performance and is calculated as Core FFO adjusted for (i) capital expenditures to maintain assets, (ii) tenant improvements and leasing commissions incurred for second generation leases, (iii) straight-line rent adjustments, (iv) amortization of above and below-market leases, (v) amortization of stock-based compensation expense and (vi) amortization of deferred financing costs. FAD is commonly used in the real estate industry along with cash flow from operating activities as a measure of the ability to generate cash from operations and the ability to fund cash needs and make distributions to our stockholders. FAD provides information regarding our operating performance that would not otherwise be available and is useful to investors and analysts in assessing our operating performance. Additionally, although FAD is not intended to be a liquidity measure, as it does not make adjustments for the changes in working capital, we believe that FAD may provide investors and analysts with useful supplemental information regarding our ability to generate cash from operations and our ability to make distributions to our stockholders. Furthermore, we believe that FAD is frequently used by investors and analysts in evaluating our performance as a REIT. FAD attributable to common stockholders represents the Company’s share of FAD that is attributable to common stockholders and is calculated by reducing from FAD, the noncontrolling interests’ share of FAD in consolidated joint ventures, real estate funds and Operating Partnership.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) is a supplemental measure of our operating performance. EBITDAre is presented in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expenses, net gains from sales of depreciated real estate assets and impairment losses on depreciable real estate, including our share of such adjustments of unconsolidated joint ventures. EBITDAre provides information regarding our operating performance that would not otherwise be available and may be useful to an investor in assessing our ability to incur and service debt. EBITDAre should not be considered as an indication of our financial performance or a measure of our cash flow or liquidity. We also present PGRE’s share of EBITDAre which represents our share of EBITDAre generated by our consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets.
- 36 -
|
|
|
|
DEFINITIONS - CONTINUED |
Adjusted EBITDAre is a supplemental measure that is calculated by adjusting EBITDAre to eliminate the impact of the performance of our real estate funds, unrealized gains or losses on interest rate swaps, transaction related costs, gains or losses on early extinguishment of debt and certain other items that may vary from period to period. Adjusted EBITDAre enhances the comparability of EBITDAre across periods. In future periods, we may also exclude other items from Adjusted EBITDAre that we believe may help investors compare our results. We also present PGRE’s share of Adjusted EBITDAre, which represents our share of Adjusted EBITDAre generated by our consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets.
Net Operating Income (“NOI”) is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at property level.
Same Store NOI is used to measure the operating performance of properties in our New York and San Francisco portfolios that were owned by us in a similar manner during both the current period and prior reporting periods, and represents Same Store NOI from consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets. Same Store NOI also excludes lease termination income, impairment of receivables arising from operating leases and certain other items that may vary from period to period. We also present Same Store Cash NOI, which excludes the effect of non-cash items such as the straight-line rent adjustments and the amortization of above and below-market leases.
PGRE’s Share of Total Debt represents our share of debt of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We believe that PGRE’s share of total debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes the noncontrolling interests’ share of debt from consolidated joint ventures that is attributable to our partners.
Annualized Rent represents the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied by 12.
Leased % represents percentage of square feet that is leased, including signed leases not yet commenced.
Same Store Leased % represents percentage of square feet that is leased, including signed leases not yet commenced, for properties that were owned by us in a similar manner during both the current period and prior reporting periods and not classified as discontinued operations.
Occupied % represents the percentage of space for which we have commenced rental revenue in accordance with GAAP.
Initial Rent represents the weighted average cash basis starting rent per square foot and does not include free rent or periodic step-ups in rent.
Prior Escalated Rent represents the weighted average cash basis rent (including reimbursements) per square foot at expiration.
Second Generation Space represents space leased that has been vacant for less than twelve months.
Capital Expenditures consist of expenditures to maintain assets, tenant improvement allowances and leasing commissions. Expenditures to Maintain Assets include capital expenditures to maintain current revenues. Second Generation Tenant Improvements and Leasing Commissions represent tenant improvements and leasing commissions incurred in leasing second generation space. First Generation Leasing Costs and Other Capital Expenditures include capital expenditures completed in the year of acquisition and the following two years that were planned at the time of acquisition, as well as tenant improvements and leasing commissions on space leased that has been vacant for more than twelve months. Development Expenditures consist of hard and soft costs related to the development of a property in getting it ready for its intended use.
- 37 -
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end
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end
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