Company Quick10K Filing
Paramount Group
Price13.34 EPS0
Shares233 P/E109
MCap3,108 P/FCF15
Net Debt3,253 EBIT133
TEV6,362 TEV/EBIT48
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-28
10-K 2020-12-31 Filed 2021-02-10
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-15
10-K 2014-12-31 Filed 2015-03-19
8-K 2020-10-28
8-K 2020-07-29
8-K 2020-05-19
8-K 2020-04-29
8-K 2020-02-12
8-K 2019-11-25
8-K 2019-11-06
8-K 2019-07-31
8-K 2019-05-31
8-K 2019-05-16
8-K 2019-05-01
8-K 2019-04-05
8-K 2019-03-04
8-K 2019-02-13
8-K 2018-11-05
8-K 2018-08-01
8-K 2018-06-07
8-K 2018-05-17
8-K 2018-05-03
8-K 2018-05-02
8-K 2018-04-02
8-K 2018-02-15
8-K 2018-01-10
8-K 2018-01-01

PGRE 10Q Quarterly Report

Part I - Financial Information
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 pgre-ex311_8.htm
EX-31.2 pgre-ex312_7.htm
EX-32.1 pgre-ex321_6.htm
EX-32.2 pgre-ex322_9.htm

Paramount Group Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02013201520172020
Assets, Equity
0.20.10.10.0-0.0-0.12016201720182020
Rev, G Profit, Net Income
0.60.40.2-0.1-0.3-0.52013201520172020
Ops, Inv, Fin

pgre-10q_20210331.htm
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,  

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

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

 

For the Quarterly Period Ended: March 31, 2021

 

OR

 

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

For the transition period from                      to                     

 

Commission File Number: 001-36746

 

PARAMOUNT GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Maryland

 

32-0439307

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

 

1633 Broadway, Suite 1801, New York, NY

 

10019

(Address of principal executive offices)

 

(Zip Code)

 

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

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class

Trading Symbol

Name of each exchange on which registered

Common stock of Paramount Group, Inc.,
$0.01 par value per share

PGRE

New York Stock Exchange

 

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

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No

 

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

 

Large Accelerated Filer

 

Accelerated Filer

Non-Accelerated Filer

 

Smaller Reporting Company

 

 

 

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.  

 

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

 

As of April 15, 2021, there were 218,950,596 shares of the registrant’s common stock outstanding.

 

 

 


 

 

 

 

Table of Contents

 

Item

 

 

 

Page Number

Part I.

 

Financial Information

 

 

 

 

 

 

 

Item 1.

 

Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (Unaudited) as of March 31, 2021 and December 31, 2020

 

3

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited) for the three months
   ended March 31, 2021 and 2020

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the three months
   ended March 31, 2021 and 2020

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Equity (Unaudited) for the three months
   ended March 31, 2021 and 2020

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the three months
   ended March 31, 2021 and 2020

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

9

 

 

 

 

 

Item 2.

 

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

 

27

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

47

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

49

 

 

 

 

 

Part II.

 

Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

50

 

 

 

 

 

Item 1A.

 

Risk Factors

 

50

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

50

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

50

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

50

 

 

 

 

 

Item 5.

 

Other Information

 

50

 

 

 

 

 

Item 6.

 

Exhibits

 

51

 

 

 

 

 

Signatures

 

52

 

 

 

2


 

 

PART I – FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

 

 

PARAMOUNT GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

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

March 31, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

Real estate, at cost:

 

 

 

 

 

 

 

Land

$

1,966,237

 

 

$

1,966,237

 

Buildings and improvements

 

6,013,345

 

 

 

5,997,078

 

 

 

7,979,582

 

 

 

7,963,315

 

Accumulated depreciation and amortization

 

(1,012,213

)

 

 

(966,697

)

Real estate, net

 

6,967,369

 

 

 

6,996,618

 

Cash and cash equivalents

 

464,652

 

 

 

434,530

 

Restricted cash

 

23,588

 

 

 

30,794

 

Investments in unconsolidated joint ventures

 

411,790

 

 

 

412,724

 

Investments in unconsolidated real estate funds

 

12,961

 

 

 

12,917

 

Accounts and other receivables

 

12,653

 

 

 

17,502

 

Deferred rent receivable

 

337,523

 

 

 

330,239

 

Deferred charges, net of accumulated amortization of $58,818 and $56,612

 

111,730

 

 

 

116,278

 

Intangible assets, net of accumulated amortization of $251,569 and $283,332

 

144,161

 

 

 

153,519

 

Other assets

 

85,521

 

 

 

48,976

 

Total assets (1)

$

8,571,948

 

 

$

8,554,097

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

Notes and mortgages payable, net of unamortized deferred financing costs

   of $16,902 and $18,695

$

3,814,962

 

 

$

3,800,739

 

Revolving credit facility

 

-

 

 

 

-

 

Accounts payable and accrued expenses

 

117,260

 

 

 

101,901

 

Dividends and distributions payable

 

16,889

 

 

 

16,796

 

Intangible liabilities, net of accumulated amortization of $109,233 and $107,981

 

53,004

 

 

 

55,996

 

Other liabilities

 

63,898

 

 

 

62,931

 

Total liabilities (1)

 

4,066,013

 

 

 

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 218,950,596 and 218,817,337 shares in 2021 and 2020, respectively

 

2,189

 

 

 

2,188

 

Additional paid-in-capital

 

4,111,144

 

 

 

4,120,173

 

Earnings less than distributions

 

(476,051

)

 

 

(456,393

)

Accumulated other comprehensive loss

 

(8,809

)

 

 

(12,791

)

Paramount Group, Inc. equity

 

3,628,473

 

 

 

3,653,177

 

Noncontrolling interests in:

 

 

 

 

 

 

 

Consolidated joint ventures

 

438,937

 

 

 

437,161

 

Consolidated real estate fund

 

79,114

 

 

 

79,017

 

Operating Partnership (21,694,009 and 20,756,618 units outstanding)

 

359,411

 

 

 

346,379

 

Total equity

 

4,505,935

 

 

 

4,515,734

 

Total liabilities and equity

$

8,571,948

 

 

$

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 91.0% as of March 31, 2021. As of March 31, 2021, the Operating Partnership includes $4,058,855 and $2,574,276 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities (“VIEs”).

 

See notes to consolidated financial statements (unaudited).

3


 

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

For the Three Months Ended March 31,

 

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

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

Rental revenue

$

173,146

 

 

$

175,425

 

Fee and other income

 

8,020

 

 

 

8,561

 

Total revenues

 

181,166

 

 

 

183,986

 

Expenses:

 

 

 

 

 

 

 

Operating

 

66,618

 

 

 

67,014

 

Depreciation and amortization

 

58,305

 

 

 

58,427

 

General and administrative

 

14,364

 

 

 

12,249

 

Transaction related costs

 

281

 

 

 

203

 

Total expenses

 

139,568

 

 

 

137,893

 

Other income (expense):

 

 

 

 

 

 

 

Loss from unconsolidated joint ventures

 

(5,316

)

 

 

(4,221

)

Income from unconsolidated real estate funds

 

180

 

 

 

52

 

Interest and other income (loss), net

 

1,302

 

 

 

(996

)

Interest and debt expense

 

(34,739

)

 

 

(36,619

)

Income from continuing operations, before income taxes

 

3,025

 

 

 

4,309

 

Income tax expense

 

(1,141

)

 

 

(604

)

Income from continuing operations, net

 

1,884

 

 

 

3,705

 

Income from discontinued operations, net

 

-

 

 

 

1,521

 

Net income

 

1,884

 

 

 

5,226

 

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

 

 

 

 

 

 

 

Consolidated joint ventures

 

(5,728

)

 

 

(1,514

)

Consolidated real estate fund

 

(85

)

 

 

(23

)

Operating Partnership

 

351

 

 

 

(341

)

Net (loss) income attributable to common stockholders

$

(3,578

)

 

$

3,348

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income per Common Share - Basic

 

 

 

 

 

 

 

(Loss) income from continuing operations, net

$

(0.02

)

 

$

0.01

 

Income from discontinued operations, net

 

-

 

 

 

0.00

 

Net (loss) income per common share

$

(0.02

)

 

$

0.01

 

Weighted average common shares outstanding

 

218,666,005

 

 

 

227,769,213

 

 

 

 

 

 

 

 

 

(Loss) Income per Common Share - Diluted

 

 

 

 

 

 

 

(Loss) income from continuing operations, net

$

(0.02

)

 

$

0.01

 

Income from discontinued operations, net

 

-

 

 

 

0.00

 

Net (loss) income per common share

$

(0.02

)

 

$

0.01

 

Weighted average common shares outstanding

 

218,666,005

 

 

 

227,805,176

 

 

 

See notes to consolidated financial statements (unaudited).

 

4


 

 

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

For the Three Months Ended March 31,

 

(Amounts in thousands)

2021

 

 

2020

 

Net income

$

1,884

 

 

$

5,226

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Pro rata share of other comprehensive income (loss) of

   unconsolidated joint ventures

 

4,384

 

 

 

(14,661

)

Comprehensive income (loss)

 

6,268

 

 

 

(9,435

)

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

 

 

 

 

 

 

 

Consolidated joint ventures

 

(5,728

)

 

 

(1,514

)

Consolidated real estate fund

 

(97

)

 

 

(25

)

Operating Partnership

 

(41

)

 

 

1,015

 

Comprehensive income (loss) attributable to common stockholders

$

402

 

 

$

(9,959

)

 

 

See notes to consolidated financial statements (unaudited).

 

 

5


 

 

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Noncontrolling Interests in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Earnings

 

 

Other

 

 

Consolidated

 

 

Consolidated

 

 

 

 

 

 

 

 

 

(Amounts in thousands, except per share

 

Common Shares

 

 

Paid-in-

 

 

Less than

 

 

Comprehensive

 

 

Joint

 

 

Real Estate

 

 

Operating

 

 

Total

 

   and unit amounts)

 

Shares

 

 

Amount

 

 

Capital

 

 

Distributions

 

 

Loss

 

 

Ventures

 

 

Fund

 

 

Partnership

 

 

Equity

 

Balance as of December 31, 2020

 

 

218,817

 

 

$

2,188

 

 

$

4,120,173

 

 

$

(456,393

)

 

$

(12,791

)

 

$

437,161

 

 

$

79,017

 

 

$

346,379

 

 

$

4,515,734

 

Net (loss) income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,578

)

 

 

-

 

 

 

5,728

 

 

 

85

 

 

 

(351

)

 

 

1,884

 

Common shares issued under Omnibus

   share plan, net of shares withheld for taxes

 

 

133

 

 

 

1

 

 

 

-

 

 

 

(201

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(200

)

Dividends and distributions ($0.07 per share

   and unit)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,327

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,562

)

 

 

(16,889

)

Contributions from noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

121

 

 

 

-

 

 

 

-

 

 

 

121

 

Distributions to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,625

)

 

 

-

 

 

 

-

 

 

 

(4,625

)

Pro rata share of other comprehensive income of

   unconsolidated joint ventures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,982

 

 

 

-

 

 

 

12

 

 

 

390

 

 

 

4,384

 

Amortization of equity awards

 

 

-

 

 

 

-

 

 

 

307

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,219

 

 

 

5,526

 

Reallocation of noncontrolling interest

 

 

-

 

 

 

-

 

 

 

(9,336

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,336

 

 

 

-

 

Other

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(552

)

 

 

-

 

 

 

552

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance as of March 31, 2021

 

 

218,950

 

 

$

2,189

 

 

$

4,111,144

 

 

$

(476,051

)

 

$

(8,809

)

 

$

438,937

 

 

$

79,114

 

 

$

359,411

 

 

$

4,505,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

 

227,432

 

 

$

2,274

 

 

$

4,133,184

 

 

$

(349,557

)

 

$

(171

)

 

$

360,778

 

 

$

72,396

 

 

$

412,058

 

 

$

4,630,962

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,348

 

 

 

-

 

 

 

1,514

 

 

 

23

 

 

 

341

 

 

 

5,226

 

Common shares issued upon redemption of

   common units

 

 

5,126

 

 

 

51

 

 

 

85,260

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(85,311

)

 

 

-

 

Common shares issued under Omnibus

   share plan, net of shares withheld for taxes

 

 

49

 

 

 

3

 

 

 

-

 

 

 

(312

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(309

)

Repurchases of common shares

 

 

(10,857

)

 

 

(109

)

 

 

(99,891

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(100,000

)

Dividends and distributions ($0.10 per share

   and unit)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(22,246

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,096

)

 

 

(24,342

)

Contributions from noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,055

 

 

 

-

 

 

 

8,055

 

Distributions to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,172

)

 

 

-

 

 

 

-

 

 

 

(3,172

)

Pro rata share of other comprehensive (loss) income