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 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 Earnings, Exhibits
8-K 2020-07-29 Earnings, Exhibits
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_7.htm
EX-31.2 pgre-ex312_6.htm
EX-32.1 pgre-ex321_8.htm
EX-32.2 pgre-ex322_9.htm

Paramount Group Earnings 2020-09-30

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_20200930.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: September 30, 2020

 

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 October 15, 2020, there were 220,161,745 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 September 30, 2020 and December 31, 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited) for the three and nine months
   ended September 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months
   ended September 30, 2020 and 2019

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Equity (Unaudited) for the three and nine months
   ended September 30, 2020 and 2019

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the nine months
   ended September 30, 2020 and 2019

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

10

 

 

 

 

 

Item 2.

 

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

 

30

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

62

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

64

 

 

 

 

 

Part II.

 

Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

65

 

 

 

 

 

Item 1A.

 

Risk Factors

 

65

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

68

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

68

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

68

 

 

 

 

 

Item 5.

 

Other Information

 

68

 

 

 

 

 

Item 6.

 

Exhibits

 

69

 

 

 

 

 

Signatures

 

70

 

 

 

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, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

Real estate, at cost:

 

 

 

 

 

 

 

Land

$

1,966,237

 

 

$

1,966,237

 

Buildings and improvements

 

5,969,297

 

 

 

5,923,648

 

 

 

7,935,534

 

 

 

7,889,885

 

Accumulated depreciation and amortization

 

(920,078

)

 

 

(790,216

)

Real estate, net

 

7,015,456

 

 

 

7,099,669

 

Cash and cash equivalents

 

515,942

 

 

 

306,215

 

Restricted cash

 

30,965

 

 

 

25,272

 

Investments in unconsolidated joint ventures

 

417,592

 

 

 

449,180

 

Investments in unconsolidated real estate funds

 

12,867

 

 

 

10,317

 

Accounts and other receivables

 

15,289

 

 

 

19,231

 

Due from affiliates

 

-

 

 

 

36,918

 

Deferred rent receivable

 

326,050

 

 

 

301,588

 

Deferred charges, net of accumulated amortization of $53,175 and $42,096

 

120,211

 

 

 

126,367

 

Intangible assets, net of accumulated amortization of $269,176 and $262,930

 

167,675

 

 

 

203,169

 

Assets related to discontinued operations

 

103,787

 

 

 

104,836

 

Other assets

 

80,660

 

 

 

51,373

 

Total assets (1)

$

8,806,494

 

 

$

8,734,135

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

Notes and mortgages payable, net of unamortized deferred financing costs

   of $20,490 and $25,792

$

3,798,944

 

 

$

3,783,851

 

Revolving credit facility

 

200,000

 

 

 

36,918

 

Accounts payable and accrued expenses

 

109,228

 

 

 

117,356

 

Dividends and distributions payable

 

24,173

 

 

 

25,255

 

Intangible liabilities, net of accumulated amortization of $102,492 and $100,881

 

61,485

 

 

 

73,789

 

Other liabilities

 

59,531

 

 

 

66,004

 

Total liabilities (1)

 

4,253,361

 

 

 

4,103,173

 

Commitments and contingencies

 

 

 

 

 

 

 

Paramount Group, Inc. equity:

 

 

 

 

 

 

 

Common stock $0.01 par value per share; authorized 900,000,000 shares; issued

   and outstanding 220,545,325 and 227,432,030 shares in 2020 and 2019, respectively

 

2,205

 

 

 

2,274

 

Additional paid-in-capital

 

4,128,487

 

 

 

4,133,184

 

Earnings less than distributions

 

(426,238

)

 

 

(349,557

)

Accumulated other comprehensive loss

 

(14,208

)

 

 

(171

)

Paramount Group, Inc. equity

 

3,690,246

 

 

 

3,785,730

 

Noncontrolling interests in:

 

 

 

 

 

 

 

Consolidated joint ventures

 

436,576

 

 

 

360,778

 

Consolidated real estate fund

 

79,168

 

 

 

72,396

 

Operating Partnership (20,756,618 and 24,758,472 units outstanding)

 

347,143

 

 

 

412,058

 

Total equity

 

4,553,133

 

 

 

4,630,962

 

Total liabilities and equity

$

8,806,494

 

 

$

8,734,135

 

 

 

(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 91.4% as of September 30, 2020. The assets and liabilities of the Operating Partnership, as of September 30, 2020, include $4,022,342 and $2,546,278 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)

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

$

165,420

 

 

$

181,115

 

 

$

504,834

 

 

$

530,500

 

Fee and other income

 

11,355

 

 

 

10,138

 

 

 

27,045

 

 

 

26,485

 

Total revenues

 

176,775

 

 

 

191,253

 

 

 

531,879

 

 

 

556,985

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

67,865

 

 

 

68,846

 

 

 

199,192

 

 

 

199,043

 

Depreciation and amortization

 

58,889

 

 

 

60,696

 

 

 

176,032

 

 

 

181,685

 

General and administrative

 

16,805

 

 

 

16,319

 

 

 

46,955

 

 

 

51,457

 

Transaction related costs

 

81

 

 

 

786

 

 

 

542

 

 

 

1,704

 

Total expenses

 

143,640

 

 

 

146,647

 

 

 

422,721

 

 

 

433,889

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from unconsolidated joint ventures

 

(4,268

)

 

 

(1,332

)

 

 

(14,444

)

 

 

(2,815

)

(Loss) income from unconsolidated real estate funds

 

(56

)

 

 

206

 

 

 

85

 

 

 

271

 

Interest and other income, net

 

1,104

 

 

 

1,222

 

 

 

2,360

 

 

 

7,705

 

Interest and debt expense

 

(35,792

)

 

 

(37,325

)

 

 

(108,420

)

 

 

(111,462

)

(Loss) income from continuing operations, before income taxes

 

(5,877

)

 

 

7,377

 

 

 

(11,261

)

 

 

16,795

 

Income tax (expense) benefit

 

(393

)

 

 

583

 

 

 

(1,135

)

 

 

(823

)

(Loss) income from continuing operations, net

 

(6,270

)

 

 

7,960

 

 

 

(12,396

)

 

 

15,972

 

Income from discontinued operations, net

 

2,147

 

 

 

3,040

 

 

 

5,815

 

 

 

7,202

 

Net (loss) income

 

(4,123

)

 

 

11,000

 

 

 

(6,581

)

 

 

23,174

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated joint ventures

 

(3,566

)

 

 

(3,051

)

 

 

(5,485

)

 

 

(8,253

)

Consolidated real estate fund

 

79

 

 

 

(109

)

 

 

1,291

 

 

 

(256

)

Operating Partnership

 

652

 

 

 

(758

)

 

 

895

 

 

 

(1,419

)

Net (loss) income attributable to common stockholders

$

(6,958

)

 

$

7,082

 

 

$

(9,880

)

 

$

13,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income per Common Share - Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations, net

$

(0.04

)

 

$

0.02

 

 

$

(0.07

)

 

$

0.03

 

Income from discontinued operations, net

 

0.01

 

 

 

0.01

 

 

 

0.03

 

 

 

0.03

 

Net (loss) income per common share

$

(0.03

)

 

$

0.03

 

 

$

(0.04

)

 

$

0.06

 

Weighted average common shares outstanding

 

221,461,146

 

 

 

231,197,838

 

 

 

223,593,376

 

 

 

232,974,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income per Common Share - Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations, net

$

(0.04

)

 

$

0.02

 

 

$

(0.07

)

 

$

0.03

 

Income from discontinued operations, net

 

0.01

 

 

 

0.01

 

 

 

0.03

 

 

 

0.03

 

Net (loss) income per common share

$

(0.03

)

 

$

0.03

 

 

$

(0.04

)

 

$

0.06

 

Weighted average common shares outstanding

 

221,461,146

 

 

 

231,229,939

 

 

 

223,593,376

 

 

 

233,004,917

 

 

 

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)

2020

 

 

2019

 

 

2020

 

 

2019

 

Net (loss) income

$

(4,123

)

 

$

11,000

 

 

$

(6,581

)

 

$

23,174

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in value of interest rate swaps

 

-

 

 

 

(4,131

)

 

 

-

 

 

 

(28,502

)

Pro rata share of other comprehensive income (loss) of

   unconsolidated joint ventures

 

904

 

 

 

41

 

 

 

(15,453

)

 

 

(143

)

Comprehensive (loss) income

 

(3,219

)

 

 

6,910

 

 

 

(22,034

)

 

 

(5,471

)

Less comprehensive (income) loss attributable to noncontrolling

   interests in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated joint ventures

 

(3,566

)

 

 

(3,051

)

 

 

(5,485

)

 

 

(8,253

)

Consolidated real estate fund

 

75

 

 

 

(106

)

 

 

1,283

 

 

 

(205

)

Operating Partnership

 

575

 

 

 

(362

)

 

 

2,319

 

 

 

1,335

 

Comprehensive (loss) income attributable to

   common stockholders

$

(6,135

)

 

$

3,391

 

 

$

(23,917

)

 

$

(12,594

)

 

 

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

 

 

Fund

 

 

Partnership

 

 

Equity

 

Balance as of June 30, 2020

 

 

221,764

 

 

$

2,219

 

 

$

4,133,542

 

 

$

(397,220

)

 

$

(15,031

)

 

$

436,183

 

 

$

79,243

 

 

$

348,740

 

 

$

4,587,676

 

Net (loss) income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,958

)

 

 

-

 

 

 

3,566

 

 

 

(79

)

 

 

(652

)

 

 

(4,123

)

Common shares issued upon redemption of

   common units

 

 

24