XML 13 R2.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Real estate, at cost:    
Land $ 1,966,237 $ 1,966,237
Buildings and improvements 6,031,662 5,997,078
Rental property, at cost 7,997,899 7,963,315
Accumulated depreciation and amortization (1,069,433) (966,697)
Real estate, net 6,928,466 6,996,618
Cash and cash equivalents 494,569 434,530
Restricted cash 27,977 30,794
Investments in unconsolidated joint ventures 405,391 412,724
Investments in unconsolidated real estate funds 12,225 12,917
Accounts and other receivables 11,385 17,502
Deferred rent receivable 338,165 330,239
Deferred charges, net of accumulated amortization of $66,029 and $56,612 115,658 116,278
Intangible assets, net of accumulated amortization of $249,580 and $283,332 127,529 153,519
Other assets 84,220 48,976
Total assets [1] 8,545,585 8,554,097
Liabilities and Equity    
Notes and mortgages payable, net of unamortized deferred financing costs of $23,555 and $18,695 3,834,445 3,800,739
Revolving credit facility 0 0
Accounts payable and accrued expenses 117,758 101,901
Dividends and distributions payable 16,897 16,796
Intangible liabilities, net of accumulated amortization of $108,249 and $107,981 47,855 55,996
Other liabilities 65,413 62,931
Total liabilities [1] 4,082,368 4,038,363
Commitments and contingencies
Paramount Group, Inc. equity:    
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 218,956,406 and 218,817,337 shares in 2021 and 2020, respectively 2,189 2,188
Additional paid-in-capital 4,117,939 4,120,173
Earnings less than distributions (524,717) (456,393)
Accumulated other comprehensive loss (6,730) (12,791)
Paramount Group, Inc. equity 3,588,681 3,653,177
Noncontrolling interests in:    
Consolidated joint ventures 435,142 437,161
Consolidated real estate fund 82,209 79,017
Operating Partnership (21,799,022 and 20,756,618 units outstanding) 357,185 346,379
Total equity 4,463,217 4,515,734
Total liabilities and equity $ 8,545,585 $ 8,554,097
[1] Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 90.9% as of September 30, 2021. As of September 30, 2021, the Operating Partnership includes $4,070,290 and $2,581,637 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities (“VIEs”).