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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: September 30, 2024

 

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, 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, an 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 October 15, 2024, there were 217,518,587 shares of the registrant’s common stock outstanding.

 

 

 


 

 

 

Table of Contents

Item

 

Page Number

Part I.

Financial Information

 

 

 

 

 

 

Item 1.

Consolidated Financial Statements

3

 

 

 

 

 

 

Consolidated Balance Sheets (Unaudited) as of September 30, 2024 and December 31, 2023

3

 

 

 

 

 

 

 

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

ended September 30, 2024 and 2023

4

 

 

 

 

 

 

 

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

ended September 30, 2024 and 2023

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Equity (Unaudited) for the three and nine months

ended September 30, 2024 and 2023

6

 

 

 

 

 

 

 

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

ended September 30, 2024 and 2023

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

10

 

 

 

 

 

Item 2.

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

28

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

56

 

 

 

 

 

Item 4.

Controls and Procedures

58

 

Part II.

Other Information

 

 

 

 

 

 

Item 1.

Legal Proceedings

59

 

 

 

 

 

Item 1A.

Risk Factors

59

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

59

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

59

 

 

 

 

 

Item 4.

Mine Safety Disclosures

59

 

 

 

 

 

Item 5.

Other Information

59

 

 

 

 

 

Item 6.

Exhibits

60

 

 

 

 

 

Signatures

61

 

 

 

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)

September 30, 2024

 

 

December 31, 2023

 

Assets

 

 

 

 

 

Real estate, at cost

 

 

 

 

 

Land

$

1,966,237

 

 

$

1,966,237

 

Buildings and improvements

 

6,290,976

 

 

 

6,250,379

 

 

 

8,257,213

 

 

 

8,216,616

 

Accumulated depreciation and amortization

 

(1,596,069

)

 

 

(1,471,819

)

Real estate, net

 

6,661,144

 

 

 

6,744,797

 

Cash and cash equivalents

 

318,725

 

 

 

428,208

 

Restricted cash

 

173,510

 

 

 

81,391

 

Accounts and other receivables

 

18,662

 

 

 

18,053

 

Real estate related fund investments

 

-

 

 

 

775

 

Investments in unconsolidated real estate related funds

 

4,607

 

 

 

4,549

 

Investments in unconsolidated joint ventures

 

128,919

 

 

 

132,239

 

Deferred rent receivable

 

355,555

 

 

 

351,209

 

Deferred charges, net of accumulated amortization of $88,932 and $82,265

 

103,858

 

 

 

108,751

 

Intangible assets, net of accumulated amortization of $151,820 and $194,536

 

54,125

 

 

 

68,005

 

Other assets

 

71,847

 

 

 

68,238

 

Total assets (1)

$

7,890,952

 

 

$

8,006,215

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

Notes and mortgages payable, net of unamortized deferred financing costs
   of $
17,683 and $13,566

$

3,674,367

 

 

$

3,803,484

 

Revolving credit facility

 

-

 

 

 

-

 

Accounts payable and accrued expenses

 

114,808

 

 

 

114,463

 

Dividends and distributions payable

 

-

 

 

 

8,360

 

Intangible liabilities, net of accumulated amortization of $103,154 and $108,817

 

22,465

 

 

 

28,003

 

Other liabilities

 

27,906

 

 

 

37,017

 

Total liabilities (1)

 

3,839,546

 

 

 

3,991,327

 

Commitments and contingencies

 

 

 

 

 

Paramount Group, Inc. equity:

 

 

 

 

 

Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and
   outstanding
217,518,587 and 217,366,089 shares in 2024 and 2023, respectively

 

2,175

 

 

 

2,173

 

Additional paid-in-capital

 

4,140,427

 

 

 

4,133,801

 

Earnings less than distributions

 

(966,973

)

 

 

(943,935

)

Accumulated other comprehensive (loss) income

 

(1,762

)

 

 

11,246

 

Paramount Group, Inc. equity

 

3,173,867

 

 

 

3,203,285

 

Noncontrolling interests in:

 

 

 

 

 

Consolidated joint ventures

 

492,135

 

 

 

413,925

 

Consolidated real estate related funds

 

92,759

 

 

 

110,589

 

Operating Partnership (20,038,028 and 19,468,095 units outstanding)

 

292,645

 

 

 

287,089

 

Total equity

 

4,051,406

 

 

 

4,014,888

 

Total liabilities and equity

$

7,890,952

 

 

$

8,006,215

 

 

(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 91.6% as of September 30, 2024. As of September 30, 2024, the assets and liabilities of the Operating Partnership include $3,847,438 and $2,397,092 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, 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

 

 

For the Nine Months Ended

 

 

September 30,

 

 

September 30,

 

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

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

$

184,235

 

 

$

182,515

 

 

$

543,636

 

 

$

529,734

 

Fee and other income

 

10,664

 

 

 

6,666

 

 

 

27,548

 

 

 

20,583

 

Total revenues

 

194,899

 

 

 

189,181

 

 

 

571,184

 

 

 

550,317

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating

 

80,316

 

 

 

75,502

 

 

 

226,248

 

 

 

216,889

 

Depreciation and amortization

 

60,071

 

 

 

60,263

 

 

 

182,920

 

 

 

181,778

 

General and administrative

 

16,672

 

 

 

15,460

 

 

 

49,938

 

 

 

46,307

 

Transaction related costs

 

242

 

 

 

132

 

 

 

843

 

 

 

323

 

Total expenses

 

157,301

 

 

 

151,357

 

 

 

459,949

 

 

 

445,297

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from real estate related fund investments

 

(22

)

 

 

2,060

 

 

 

(92

)

 

 

(37,034

)

Income (loss) from unconsolidated real estate related funds

 

109

 

 

 

(721

)

 

 

199

 

 

 

(867

)

Loss from unconsolidated joint ventures

 

(981

)

 

 

(28,974

)

 

 

(3,098

)

 

 

(63,138

)

Interest and other income, net

 

3,517

 

 

 

4,115

 

 

 

26,830

 

 

 

10,007

 

Interest and debt expense

 

(43,805

)

 

 

(39,102

)

 

 

(124,078

)

 

 

(112,440

)

(Loss) income before income taxes

 

(3,584

)

 

 

(24,798

)

 

 

10,996

 

 

 

(98,452

)

Income tax expense

 

(619

)

 

 

(263

)

 

 

(1,328

)

 

 

(1,124

)

Net (loss) income

 

(4,203

)

 

 

(25,061

)

 

 

9,668

 

 

 

(99,576

)

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

 

 

 

 

 

 

 

 

 

 

Consolidated joint ventures

 

(6,959

)

 

 

(4,887

)

 

 

(18,434

)

 

 

(15,879

)

Consolidated real estate related funds

 

581

 

 

 

20,934

 

 

 

408

 

 

 

57,412

 

Operating Partnership

 

893

 

 

 

629

 

 

 

716

 

 

 

3,849

 

Net loss attributable to common stockholders

$

(9,688

)

 

$

(8,385

)

 

$

(7,642

)

 

$

(54,194

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per Common Share - Basic:

 

 

 

 

 

 

 

 

 

 

 

Loss per common share

$

(0.04

)

 

$

(0.04

)

 

$

(0.04

)

 

$

(0.25

)

Weighted average common shares outstanding

 

217,314,706

 

 

 

217,043,022

 

 

 

217,208,809

 

 

 

216,871,778

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per Common Share - Diluted:

 

 

 

 

 

 

 

 

 

 

 

Loss per common share

$

(0.04

)

 

$

(0.04

)

 

$

(0.04

)

 

$

(0.25

)

Weighted average common shares outstanding

 

217,314,706

 

 

 

217,043,022

 

 

 

217,208,809

 

 

 

216,871,778

 

 

See notes to consolidated financial statements (unaudited).

 

4


 

 

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(Amounts in thousands)

2024

 

 

2023

 

 

2024

 

 

2023

 

Net (loss) income

$

(4,203

)

 

$

(25,061

)

 

$

9,668

 

 

$

(99,576

)

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

Change in value of interest rate swaps and interest rate caps

 

(3,586

)

 

 

(6,105

)

 

 

(14,241

)

 

 

(17,630

)

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

 

(34

)

 

 

(1,534

)

 

 

38

 

 

 

(2,703

)

Comprehensive loss

 

(7,823

)

 

 

(32,700

)

 

 

(4,535

)

 

 

(119,909

)

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

 

 

 

 

 

 

 

 

 

 

 

Consolidated joint ventures

 

(6,959

)

 

 

(4,887

)

 

 

(18,434

)

 

 

(15,879

)

Consolidated real estate related funds

 

581

 

 

 

20,934

 

 

 

408

 

 

 

57,412

 

Operating Partnership

 

1,198

 

 

 

1,162

 

 

 

1,911

 

 

 

5,211

 

Comprehensive loss attributable to common stockholders

$

(13,003

)

 

$

(15,491

)

 

$

(20,650

)

 

$

(73,165

)

 

 

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) Income

 

 

Ventures

 

 

Related Funds

 

 

Partnership

 

 

Equity

 

Balance as of June 30, 2024

 

 

217,455

 

 

$

2,173

 

 

$

4,135,472

 

 

$

(957,285

)

 

$

1,553

 

 

$

485,983

 

 

$

93,340

 

 

$

294,427

 

 

$

4,055,663

 

Net (loss) income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,688

)

 

 

-

 

 

 

6,959

 

 

 

(581

)

 

 

(893

)

 

 

(4,203

)

Common shares issued upon redemption of
   common units

 

 

66

 

 

 

2

 

 

 

954

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(956

)

 

 

-

 

Common shares issued under Omnibus
   share plan, net of shares withheld for taxes

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Distributions to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(807

)

 

 

-

 

 

 

-

 

 

 

(807

)

Change in value of interest rate swaps and
   interest rate caps

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,285

)

 

 

-

 

 

 

-

 

 

 

(301

)

 

 

(3,586

)

Pro rata share of other comprehensive loss
   of unconsolidated joint ventures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(30

)

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

(34

)

Amortization of equity awards

 

 

-

 

 

 

-

 

 

 

239

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,134

 

 

 

4,373

 

Reallocation of noncontrolling interest

 

 

-

 

 

 

-

 

 

 

3,762

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,762

)

 

 

-

 

Balance as of September 30, 2024

 

 

217,519

 

 

$

2,175

 

 

$

4,140,427

 

 

$

(966,973

)

 

$

(1,762

)

 

$

492,135

 

 

$

92,759

 

 

$

292,645

 

 

$

4,051,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2023

 

 

217,306

 

 

$

2,172

 

 

$

4,183,662

 

 

$

(714,785

)

 

$

36,431

 

 

$

407,647

 

 

$

183,988

 

 

$

248,898

 

 

$

4,348,013

 

Net (loss) income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,385

)

 

 

-

 

 

 

4,887

 

 

 

(20,934

)

 

 

(629

)

 

 

(25,061

)

Common shares issued upon redemption of
   common units

 

 

50

 

 

 

-

 

 

 

793

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(793

)

 

 

-

 

Common shares issued under Omnibus
   share plan, net of shares withheld for taxes

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Dividends and distributions ($0.035 per share
   and unit)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,607

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(750

)

 

 

(8,357

)

Contributions from noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,458

 

 

 

-

 

 

 

1,458

 

Distributions to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,590

)

 

 

(1,539

)

 

 

-

 

 

 

(3,129

)

Change in value of interest rate swaps and
   interest rate caps

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,679

)

 

 

-

 

 

 

-

 

 

 

(426

)

 

 

(6,105

)

Pro rata share of other comprehensive loss
   of unconsolidated joint ventures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,427

)

 

 

-

 

 

 

-

 

 

 

(107

)

 

 

(1,534

)

Amortization of equity awards

 

 

-

 

 

 

-

 

 

 

299

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,381

 

 

 

4,680

 

Reallocation of noncontrolling interest

 

 

-

 

 

 

-

 

 

 

(56,262

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

56,262

 

 

 

-

 

Balance as of September 30, 2023

 

 

217,354

 

 

$

2,172

 

 

$

4,128,492

 

 

$

(730,777

)

 

$

29,325

 

 

$

410,944

 

 

$

162,973

 

 

$

306,836

 

 

$

4,309,965

 

 

 

See notes to consolidated financial statements (unaudited).

6


 

 

 

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) Income

 

 

Ventures

 

 

Related Funds

 

 

Partnership

 

 

Equity

 

Balance as of December 31, 2023

 

 

217,366

 

 

$

2,173

 

 

$

4,133,801

 

 

$

(943,935

)

 

$

11,246

 

 

$

413,925

 

 

$

110,589

 

 

$

287,089

 

 

$

4,014,888

 

Net (loss) income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,642

)

 

 

-

 

 

 

18,434

 

 

 

(408

)

 

 

(716

)

 

 

9,668

 

Common shares issued upon redemption of
   common units

 

 

142

 

 

 

2

 

 

 

2,071

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,073

)

 

 

-

 

Common shares issued under Omnibus
   share plan, net of shares withheld for taxes

 

 

11

 

 

 

-

 

 

 

-

 

 

 

(178

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(178

)

Dividends and distributions ($0.07 per share
   and unit)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,218

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,540

)

 

 

(16,758

)

Contributions from noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

62,220

 

 

 

889

 

 

 

-

 

 

 

63,109

 

Distributions to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,444

)

 

 

(18,311

)

 

 

-

 

 

 

(20,755

)

Change in value of interest rate swaps and
   interest rate caps

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,044

)

 

 

-

 

 

 

-

 

 

 

(1,197

)

 

 

(14,241

)

Pro rata share of other comprehensive income
   of unconsolidated joint ventures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36

 

 

 

-

 

 

 

-

 

 

 

2

 

 

 

38

 

Amortization of equity awards

 

 

-

 

 

 

-

 

 

 

748

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14,887

 

 

 

15,635

 

Reallocation of noncontrolling interest

 

 

-

 

 

 

-

 

 

 

3,807