Paramount Group, Inc
(NYSE:PGRE)

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 ...

Website: http://www.paramount-group.com

Full Time Employees: 317

Sector: Real Estate

Industry: REIT-Office

Real Estate REIT

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-11-24	2015-09-30	2015-06-30	2015-03-31	2014-11-24

revenues:
rental revenue	164,687,000	168,033,000	179,021,000	178,114,000	184,235,000	179,678,000	179,723,000	181,736,000	182,515,000	165,506,000	181,713,000	176,404,000	179,250,000	177,243,000	169,922,000	171,793,000	170,851,000	174,628,000	173,146,000	174,181,000	165,420,000	163,989,000	175,425,000	182,642,000	188,079,000	181,140,000	182,616,000
fee and other income	8,272,000	9,012,000	7,998,000	8,153,000	10,664,000	7,730,000	9,154,000	10,735,000	6,666,000	7,156,000	6,761,000	7,624,000	7,897,000	8,274,000	13,763,000	12,427,000	8,280,000	7,641,000	8,020,000	8,177,000	11,355,000	7,129,000	8,561,000	7,846,000	10,238,000	7,443,000	9,176,000	10,222,000	9,083,000	8,726,000	6,620,000	7,678,000	9,333,000	7,661,000	12,994,000	-35,181,000	10,321,000	6,788,000	20,877,000	-13,489,000	6,851,000	4,948,000	4,495,000
total revenues	172,959,000	177,045,000	187,019,000	186,267,000	194,899,000	187,408,000	188,877,000	192,471,000	189,181,000	172,662,000	188,474,000	184,028,000	187,147,000	185,517,000	183,685,000	184,220,000	179,131,000	182,269,000	181,166,000	182,358,000	176,775,000	171,118,000	183,986,000	190,488,000	198,317,000	188,583,000	191,792,000	190,675,000	192,596,000	191,419,000	184,271,000	180,257,000	179,770,000	177,704,000	181,236,000	-450,404,000	171,318,000	172,303,000	172,918,000	-425,745,000	167,726,000	162,928,000	161,226,000
yoy	-11.26%	-5.53%	-0.98%	-3.22%	3.02%	8.54%	0.21%	4.59%	1.09%	-6.93%	2.61%	-0.10%	4.47%	1.78%	1.39%	1.02%	1.33%	6.52%	-1.53%	-4.27%	-10.86%	-9.26%	-4.07%	-0.10%	2.97%	-1.48%	4.08%	5.78%	7.13%	7.72%	1.67%	-140.02%	4.93%	3.13%	4.81%	5.79%	2.14%	5.75%	7.25%
qoq	-2.31%	-5.33%	0.40%	-4.43%	4.00%	-0.78%	-1.87%	1.74%	9.57%	-8.39%	2.42%	-1.67%	0.88%	1.00%	-0.29%	2.84%	-1.72%	0.61%	-0.65%	3.16%	3.31%	-6.99%	-3.41%	-3.95%	5.16%	-1.67%	0.59%	-1.00%	0.61%	3.88%	2.23%	0.27%	1.16%	-1.95%	-140.24%	-362.91%	-0.57%	-0.36%	-140.62%	-353.83%	2.94%	1.06%
expenses:
operating	79,392,000	74,884,000	78,050,000	77,030,000	80,316,000	74,192,000	71,740,000	77,076,000	75,502,000	71,078,000	70,309,000	70,102,000	72,845,000	67,814,000	66,661,000	67,617,000	67,131,000	64,072,000	66,618,000	68,395,000	67,865,000	64,313,000	67,014,000	67,235,000	71,648,000	67,572,000	68,381,000	67,643,000	69,811,000	67,646,000	68,978,000	68,440,000	68,264,000	63,461,000	65,971,000	-160,953,000	64,025,000	59,994,000	62,945,000	-157,008,000	63,354,000	57,781,000	61,884,000
depreciation and amortization	57,766,000	60,062,000	58,879,000	56,622,000	60,071,000	61,735,000	61,114,000	68,866,000	60,263,000	62,627,000	58,888,000	61,211,000	58,284,000	57,398,000	55,624,000	56,735,000	57,522,000	59,925,000	58,305,000	59,168,000	58,889,000	58,716,000	58,427,000	59,575,000	63,058,000	62,625,000	63,089,000	63,684,000	64,610,000	64,775,000	65,156,000	67,894,000	66,515,000	68,636,000	62,992,000	-173,994,000	66,376,000	67,287,000	74,812,000	-189,177,000	70,654,000	79,421,000	73,583,000
general and administrative	16,340,000	24,311,000	17,461,000	16,395,000	16,672,000	16,632,000	16,634,000	15,679,000	15,460,000	16,224,000	14,623,000	13,986,000	13,150,000	16,706,000	15,645,000	13,093,000	13,257,000	18,418,000	14,364,000	17,962,000	16,805,000	17,901,000	12,249,000	17,099,000	16,319,000	17,695,000	17,443,000	13,285,000	14,452,000	17,195,000	12,631,000	16,953,000	14,470,000	16,573,000	13,581,000	-37,128,000	13,235,000	12,139,000	13,961,000	-26,205,000	6,666,000	9,133,000	12,613,000
transaction related costs	9,981,000	709,000	150,000	80,000	242,000	423,000	178,000	99,000	132,000	63,000	128,000	89,000	105,000	159,000	117,000	413,000	87,000	135,000	281,000	554,000	81,000	258,000	203,000	295,000	786,000	182,000	736,000	608,000	450,000	293,000	120,000	976,000	274,000	502,000	275,000
total expenses	163,479,000	159,966,000	154,540,000	150,127,000	157,301,000	152,982,000	149,666,000	161,720,000	151,357,000	149,992,000	143,948,000	145,388,000	144,384,000	142,077,000	138,047,000	137,858,000	137,997,000	142,550,000	139,568,000	146,079,000	143,640,000	141,188,000	137,893,000	144,204,000	151,811,000	148,074,000	149,649,000	145,220,000	149,323,000	195,909,000	146,885,000	154,263,000	149,523,000	149,172,000	142,819,000	-373,800,000	143,918,000	139,928,000	152,653,000	-382,222,000	141,159,000	154,543,000	148,080,000
other income:
loss from real estate related fund investments	-18,000	-23,000	-26,000			-27,000				-42,644,000
income from unconsolidated real estate related funds	71,000	-224,000	74,000	74,000	109,000	-15,000	105,000	45,000	-721,000	32,000	-178,000
income from unconsolidated joint ventures	661,000	52,000	1,907,000									-37,925,000	-5,797,000	-4,416,000	-5,113,000	-4,086,000	223,000	-15,717,000	-5,316,000	-4,175,000	-4,268,000	-5,955,000	-4,221,000	-1,891,000	-1,332,000	-456,000	-1,027,000	537,000	472,000	2,521,000	-62,000	1,042,000	671,000	16,535,000	1,937,000	-4,353,000	1,792,000	2,003,000	1,496,000	-3,506,000	1,458,000	2,011,000
interest and other income	3,112,000	4,026,000	3,815,000	3,625,000	3,517,000	3,893,000	19,420,000	4,830,000	4,115,000	2,967,000	2,925,000	2,567,000	1,580,000	796,000	231,000	507,000	138,000	1,070,000	1,302,000	2,130,000	1,104,000	2,252,000	-996,000	2,139,000	1,222,000	2,583,000	3,900,000	1,229,000	2,778,000	2,094,000	2,016,000	2,951,000	-17,668,000	2,486,000	3,200,000	-5,208,000	2,299,000	1,030,000	1,700,000	218,000	-1,763,000	512,000	854,000
interest and debt expense	-44,419,000	-42,284,000	-43,200,000	-42,874,000	-43,805,000	-40,004,000	-40,269,000	-40,550,000	-39,102,000	-36,879,000	-36,459,000	-37,060,000	-36,949,000	-35,578,000	-34,277,000	-36,095,000	-36,266,000	-34,914,000	-34,739,000	-35,788,000	-35,792,000	-36,009,000	-36,619,000	-45,217,000	-37,325,000	-37,213,000	-36,924,000	-37,657,000	-37,105,000	-36,809,000	-36,082,000	-36,194,000	-35,733,000	-34,817,000	-39,733,000	69,663,000	-38,278,000	-38,009,000	-37,119,000	83,202,000	-42,821,000	-42,236,000	-41,888,000
income before income taxes	-31,113,000	-21,374,000	-4,951,000	-47,332,000	-3,584,000	-2,498,000	17,078,000	-271,425,000	-24,798,000	-82,256,000	8,602,000	3,235,750	1,897,000
income tax benefit	831,000	965,000																		-283,750	-393,000			-205,750	583,000	-268,000		-542,750	-1,814,000	120,000		-1,060,500	1,010,000	-970,000		204,250	-218,000	1,398,000
net income	-30,282,000	-20,409,000	-5,317,000	-48,062,000	-4,203,000	-2,860,000	16,731,000	-271,727,000	-25,061,000	-82,829,000	8,314,000	-39,581,000	1,224,000	4,038,000	6,122,000	5,671,000	4,632,000	-10,128,000	1,884,000	-12,615,000	-4,123,000	-7,684,000	5,226,000	-52,777,000	11,000,000	5,174,000	7,000,000	8,595,000	44,261,000	-36,578,000	2,715,000	-7,232,000	-25,403,000	138,182,000	1,629,000	67,830,000	4,469,000	7,910,000	-7,487,000	71,644,000	9,357,000	3,148,000	-11,427,000
yoy	620.49%	613.60%	-131.78%	-82.31%	-83.23%	-96.55%	101.24%	586.51%	-2147.47%	-2151.24%	35.81%	-797.95%	-73.58%	-139.87%	224.95%	-144.95%	-212.35%	31.81%	-63.95%	-76.10%	-137.48%	-248.51%	-25.34%	-714.04%	-75.15%	-114.15%	157.83%	-218.85%	-274.24%	-126.47%	66.67%	-110.66%	-668.43%	1646.93%	-121.76%	-5.32%	-52.24%	151.27%	-34.48%
qoq	48.38%	283.84%	-88.94%	1043.52%	46.96%	-117.09%	-106.16%	984.26%	-69.74%	-1096.26%	-121.01%	-3333.74%	-69.69%	-34.04%	7.95%	22.43%	-145.73%	-637.58%	-114.93%	205.97%	-46.34%	-247.03%	-109.90%	-579.79%	112.60%	-26.09%	-18.56%	-80.58%	-221.00%	-1447.26%	-137.54%	-71.53%	-118.38%	8382.63%	-97.60%	1417.79%	-43.50%	-205.65%	-110.45%	665.67%	197.24%	-127.55%
net income margin %	-17.51%	-11.53%	-2.84%	-25.80%	-2.16%	-1.53%	8.86%	-141.18%	-13.25%	-47.97%	4.41%	-21.51%	0.65%	2.18%	3.33%	3.08%	2.59%	-5.56%	1.04%	-6.92%	-2.33%	-4.49%	2.84%	-27.71%	5.55%	2.74%	3.65%	4.51%	22.98%	-19.11%	1.47%	-4.01%	-14.13%	77.76%	0.90%	-15.06%	2.61%	4.59%	-4.33%	-16.83%	5.58%	1.93%	-7.09%
less net loss attributable to noncontrolling interests in:
consolidated joint ventures	-279,000	-971,000	-3,845,000	-4,028,000	-6,959,000	-6,269,000	-5,206,000	-4,585,000	-4,887,000	-5,351,000	-5,641,000	-1,598,000	-4,179,000	-4,779,000	-3,425,000	-4,614,000	-3,768,000	-7,428,000	-5,728,000	-3,772,000	-3,566,000	-405,000	-1,514,000	-2,769,000	-3,051,000	-2,408,000	-2,794,000	-2,662,000	-2,713,000	-1,752,000	-1,055,000	-664,000	14,217,000	-1,897,000	-1,291,000	8,709,000	-4,703,000	-4,107,000	-1,252,000
consolidated real estate related funds	-688,000	-99,000	-1,769,000	9,884,000	581,000	589,000	-762,000	52,383,000	20,934,000	37,301,000	-823,000
operating partnership	2,302,000	1,694,000	905,000	3,560,000	893,000	721,000	-898,000	18,379,000	629,000	3,341,000	-121,000	2,637,000	109,000	29,000	-342,000	-121,000	204,000	1,584,000	351,000	1,404,000	652,000	584,000	-341,000	5,458,000	-758,000	-258,000	-403,000	-563,000	-3,931,000	3,666,000	-116,000	705,000	1,086,000	-13,100,000	-54,000	-14,832,000	28,000	-693,000	1,571,000	-17,165,000	-272,000	1,147,000	2,364,000
net loss attributable to common stockholders	-28,947,000			-38,646,000	-9,688,000											-5,394,000	-2,055,000
loss per common share - basic:
loss per common share	-130			-10	-40																																		-30			-20	-50
weighted-average common shares outstanding	220,512,867,000	219,216,715,000	218,005,447,000	217,240,620,000	217,314,706,000	217,204,870,000	217,105,686,000	216,922,235,000				221,309,938,000				218,701,249,000	218,706,356,000	218,696,284,000	218,666,005,000	222,436,170,000	221,461,146,000	221,573,199,000	227,769,213,000
loss per common share - diluted:
net income attributable to common stockholders		-19,785,000	-10,026,000			-7,819,000	9,865,000	-13,548,500	-8,385,000	-47,538,000	1,729,000	-37,877,000	-1,537,000	-360,000	3,371,000			-15,943,000	-3,578,000	-14,824,000	-6,958,000	-6,270,000	3,348,000	-50,145,000	7,082,000	2,455,000	3,709,000	5,318,000	37,531,000	-34,816,000	1,114,000	-6,793,000	-10,214,000	103,016,000	372,000	60,753,000	-139,000	3,188,000	-6,494,000	70,632,000	1,116,000
income per common share - basic:
income per common share		-90	-50			-40	50	-62.5	-40	-220	10	2.5	-10		20									-220	30	10	20	20	160	-140		-30	-40	440		290		10		330	10
income per common share - diluted:
income tax expense			-366,000	-730,000	-619,000	-362,000	-347,000	-302,000	-263,000	-573,000	-288,000	-1,706,000	-673,000	-359,000	-527,000	-1,195,000	-873,000	-434,000	-1,141,000			-138,000	-604,000				-1,138,000				-477,000				-4,282,000				-363,000	2,201,000	-789,000	-1,343,000	-574,000
income from real estate related fund investments				-23,000	-22,000		-43,000	-9,258,500	2,060,000		3,550,000
loss from unconsolidated joint ventures				-44,261,000	-981,000	-771,000	-1,346,000	-207,160,000	-28,974,000	-28,402,000	-5,762,000
less net income attributable to noncontrolling interests in:
weighted-average shares outstanding									217,043,022,000	217,003,931,000	216,563,108,000		224,864,791,000	222,971,886,000	218,782,296,000									231,538,065,000	231,197,838,000	234,329,904,000	233,419,299,000	239,526,694,000	240,447,921,000	240,336,485,000	240,311,744,000	236,372,801,000	239,445,810,000	234,990,468,000	230,924,271,000	212,106,718,000	219,394,245,000	217,121,592,000	212,403,593,000	212,106,718,000	212,106,718,000	212,106,718,000	212,106,718,000
income from unconsolidated real estate funds												156,250	300,000	155,000	170,000	178,000	276,000	148,000	180,000	187,000	-56,000	89,000	52,000	-614,000	206,000	19,000	46,000	-1,000	-188,000	-14,000	-66,000	-90,000	-3,930,000	-2,411,000	288,000	-635,000	-1,254,000	-960,000	-326,000
less net (income) loss attributable to noncontrolling interests in:
consolidated real estate fund												669,250	1,309,000	352,000	1,016,000	286,000	-3,123,000	29,000	-85,000	159,000	79,000	1,235,000	-23,000	-57,000	-109,000	-53,000	-94,000	-52,000	-86,000	-152,000	-430,000	-5,048,750	-114,000	-20,169,000	88,000
net income before income taxes														4,397,000	6,649,000									-53,288,000	10,417,000	5,442,000	8,138,000	9,563,000	46,075,000	-36,698,000	3,192,000	-6,297,000	-26,413,000	139,152,000	5,911,000	69,152,000	4,687,000	6,512,000	-7,124,000	69,443,000	10,146,000	4,491,000	-10,853,000
income from continuing operations, before income taxes																6,866,000	5,505,000	-9,694,000	3,025,000	-1,367,000	-5,877,000	-9,693,000	4,309,000
income from continuing operations																5,671,000	4,632,000	-10,128,000	1,884,000	-1,725,000	-6,270,000	-9,831,000	3,705,000
income from discontinued operations																				-10,890,000	2,147,000	2,147,000	1,521,000
income per common share - basic
loss from continuing operations																-25	-10
net loss per common share																-25	-10
income per common share - diluted
net income per common share																		-70	-20	-70	-30	-30	10
real estate impairment loss																														46,000,000
gain on sale of real estate																									1,140,000				36,845,000					133,989,000
rental income																												166,492,000	167,934,000	169,529,000	163,405,000	158,922,000	156,384,000	158,187,000	155,390,000	-387,987,000	149,019,000	155,181,000	141,252,000	-378,165,000	146,470,000	145,917,000	143,243,000
tenant reimbursement income																												13,961,000	15,579,000	13,164,000	14,246,000	13,657,000	14,053,000	11,856,000	12,852,000	-27,236,000	11,978,000	10,334,000	10,789,000	-34,091,000	14,405,000	12,063,000	13,488,000
operating income																												45,455,000	43,273,000	-4,490,000	37,386,000	25,994,000	30,247,000	28,532,000	38,417,000	-76,604,000	27,400,000	32,375,000	20,265,000	-43,523,000	26,567,000	8,385,000	13,146,000
yoy																												74.87%	43.07%	-115.74%	-2.68%	-133.93%	10.39%	-11.87%	89.57%	76.01%	3.14%	286.11%	54.15%
qoq																												5.04%	-1063.76%	-112.01%	43.83%	-14.06%	6.01%	-25.73%	-150.15%	-379.58%	-15.37%	59.76%	-146.56%	-263.82%	216.84%	-36.22%
operating margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	23.84%	22.47%	-2.35%	20.29%	14.42%	16.83%	16.06%	21.20%	17.01%	15.99%	18.79%	11.72%	10.22%	15.84%	5.15%	8.15%
loss on early extinguishment of debt
unrealized gain on interest rate swaps																																			1,802,000	-14,577,000	12,728,000	10,073,000	6,860,000
dividends per common share																														100	100	95	95	95	95	71.25	95	95	95	81	95	95
debt breakage costs																																		-5,162,000
acquisition and transaction related costs																																				431,250	282,000	508,000	935,000	2,458,000	485,000	8,208,000	-1,139,000
income from real estate fund investments																																								-28,814,000	10,933,000	14,072,000	5,221,000
consolidated real estate funds																																				-954,000	67,000	78,000	674,000
includes the 0.039 cash dividend for the 38 day period following the completion of our initial public offering and related formation transactions and ending on december 31, 2014.
unrealized gains on interest rate swaps																																								12,374,250	15,772,000	21,747,000	11,978,000
consolidated joint ventures and funds																																								16,153,000	-7,969,000	-9,004,000	-668,000
includes the 0.039 cash dividend for the 38 day period following the completion of our initial public offering and related formation transactions and ending on december 31, 2014
net income attributable to common shareholders																																										-4,709,000
excludes the 0.039 cash dividend for the 38 day period following the completion of our initial public offering and related formation transactions and ending on december 31, 2014.
income from partially owned entities																																											975,000
net income attributable to paramount group, inc.																																											-9,731,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31

assets
real estate, at cost
land	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	1,966,237,000	2,002,425,000	2,018,805,000	2,065,206,000	2,065,206,000	2,065,206,000	2,065,206,000	2,186,006,000	2,209,506,000	2,209,506,000	2,209,506,000	2,068,409,000	2,091,535,000	2,091,535,000	2,042,071,000	2,042,071,000	2,042,071,000	2,042,071,000	2,042,071,000	2,042,071,000	2,042,071,000	2,042,071,000
buildings and improvements	6,384,243,000	6,351,241,000	6,348,260,000	6,325,097,000	6,290,976,000	6,276,347,000	6,278,863,000	6,250,379,000	6,217,633,000	6,199,074,000	6,185,311,000	6,177,540,000	6,152,652,000	6,103,782,000	6,080,289,000	6,061,824,000	6,031,662,000	6,011,239,000	6,013,345,000	5,997,078,000	5,969,297,000	5,957,831,000	5,948,631,000	5,981,711,000	5,984,703,000	6,084,684,000	6,064,321,000	6,036,445,000	5,998,805,000	6,132,725,000	6,150,115,000	6,119,969,000	6,097,220,000	5,726,499,000	5,765,748,000	5,757,558,000	5,691,354,000	5,668,268,000	5,630,764,000	5,610,046,000	5,567,789,000	5,534,885,000	5,503,475,000	5,488,168,000
real estate, at cost - sum	8,350,480,000	8,317,478,000	8,314,497,000	8,291,334,000	8,257,213,000	8,242,584,000	8,245,100,000	8,216,616,000
accumulated depreciation and amortization	-1,737,783,000	-1,692,997,000	-1,675,242,000	-1,639,529,000	-1,596,069,000	-1,550,341,000	-1,524,078,000	-1,471,819,000	-1,427,705,000	-1,377,917,000	-1,337,552,000	-1,297,553,000	-1,248,059,000	-1,199,035,000	-1,152,264,000	-1,112,977,000	-1,069,433,000	-1,026,542,000	-1,012,213,000	-966,697,000	-920,078,000	-873,732,000	-832,164,000	-790,216,000	-764,151,000	-735,124,000	-689,860,000	-644,639,000	-598,756,000	-566,164,000	-534,934,000	-487,945,000	-443,555,000	-397,972,000	-359,583,000	-318,161,000	-363,104,000	-323,224,000	-283,379,000	-243,089,000	-202,105,000	-162,377,000	-121,165,000	-81,050,000
real estate	6,612,697,000	6,624,481,000	6,639,255,000	6,651,805,000	6,661,144,000	6,692,243,000	6,721,022,000	6,744,797,000	6,756,165,000	6,787,394,000	6,813,996,000	6,846,224,000	6,870,830,000	6,870,984,000	6,894,262,000	6,915,084,000	6,928,466,000	6,950,934,000	6,967,369,000	6,996,618,000	7,015,456,000	7,050,336,000	7,082,704,000	7,193,920,000	7,239,357,000	7,414,766,000	7,439,667,000	7,457,012,000	7,465,255,000	7,752,567,000	7,824,687,000	7,841,530,000	7,863,171,000	7,396,936,000
cash and cash equivalents	330,207,000	439,905,000	426,952,000	375,056,000	318,725,000	307,461,000	276,235,000	428,208,000	399,631,000	434,751,000	451,796,000	408,905,000	469,398,000	506,933,000	461,995,000	524,900,000	494,569,000	475,289,000	464,652,000	434,530,000	515,942,000	522,502,000	377,689,000	306,215,000	298,066,000	283,485,000	342,308,000	339,653,000	538,725,000	233,530,000	212,547,000	219,381,000	185,028,000	254,763,000	125,734,000	162,965,000	83,281,000	224,489,000	178,721,000	143,884,000	418,095,000	438,088,000	380,889,000	438,599,000
restricted cash	324,150,000	219,660,000	187,055,000	180,391,000	173,510,000	164,639,000	171,776,000	81,391,000	70,892,000	72,680,000	59,179,000	40,912,000	40,456,000	24,934,000	6,331,000	4,766,000	27,977,000	32,552,000	23,588,000	30,794,000	30,965,000	33,957,000	20,563,000	25,272,000	25,372,000	22,894,000	18,163,000	25,756,000	30,902,000	32,755,000	33,032,000	31,044,000	32,320,000	42,384,000	75,198,000	29,374,000	30,304,000	29,043,000	42,253,000	41,823,000	92,696,000	45,737,000	53,864,000	55,728,000
accounts and other receivables	26,582,000	23,824,000	20,496,000	18,229,000	18,662,000	13,917,000	16,048,000	18,053,000	14,340,000	13,692,000	19,409,000	23,866,000	19,865,000	17,788,000	11,678,000	15,582,000	11,385,000	13,366,000	12,653,000	17,502,000	15,289,000	18,738,000	17,826,000
investments in unconsolidated real estate related funds	4,416,000	4,397,000	4,678,000	4,649,000	4,607,000	4,536,000	4,603,000	4,549,000	4,537,000	5,270,000	3,180,000	3,411,000
investments in unconsolidated joint ventures	81,509,000	84,501,000	81,142,000	85,952,000	128,919,000	130,087,000	132,788,000	132,239,000	368,024,000	398,677,000	385,034,000	393,503,000	428,785,000	429,418,000	423,219,000	408,096,000	405,391,000	407,564,000	411,790,000	412,724,000	417,592,000	421,183,000	429,358,000	449,180,000	231,983,000	137,734,000	136,426,000	78,863,000	75,255,000	67,823,000	67,355,000	44,762,000	46,014,000	45,644,000	35,959,000	6,411,000	6,550,000	5,800,000	7,121,000	7,102,000	6,537,000	6,128,000
deferred rent receivable	352,906,000	351,331,000	355,581,000	356,425,000	355,555,000	353,769,000	353,826,000	351,209,000	347,641,000	346,583,000	354,326,000	346,338,000	340,540,000	336,736,000	330,944,000	332,735,000	338,165,000	339,874,000	337,523,000	330,239,000	326,050,000	321,480,000	312,249,000	305,794,000	295,520,000	289,565,000	279,036,000	267,456,000	254,002,000	252,140,000	234,758,000	220,826,000	209,226,000	196,799,000	184,571,000	163,695,000	150,539,000	122,334,000	97,660,000	77,792,000	58,117,000	40,308,000	24,261,000	8,267,000
deferred charges, net of accumulated amortization of 90,418 and 91,818	126,587,000
intangible assets, net of accumulated amortization of 114,133 and 147,133	41,093,000
other assets	74,348,000	49,977,000	79,030,000	47,820,000	71,847,000	71,788,000	83,411,000	68,238,000	72,265,000	49,497,000	80,282,000	73,660,000	90,813,000	56,920,000	76,599,000	40,388,000	84,220,000	53,543,000	85,521,000	48,976,000	80,660,000	45,340,000	80,632,000	51,373,000	107,334,000	137,597,000	104,193,000	109,805,000	90,143,000	57,821,000	75,925,000	20,076,000	40,752,000	26,205,000	39,895,000	22,829,000	96,671,000	11,596,000	32,691,000	6,658,000	33,636,000	9,529,000	31,948,000	13,121,000
total assets	7,974,495,000	7,958,713,000	7,947,478,000	7,871,503,000	7,890,952,000	7,901,864,000	7,929,725,000	8,006,215,000	8,288,559,000	8,367,979,000	8,480,089,000	8,453,254,000	8,496,480,000	8,482,229,000	8,498,582,000	8,494,562,000	8,545,585,000	8,533,140,000	8,571,948,000	8,554,097,000	8,806,494,000	8,833,182,000	8,754,256,000	8,734,135,000	8,579,750,000	8,853,875,000	8,721,637,000	8,755,978,000	8,941,237,000	8,915,913,000	8,973,868,000	8,917,661,000	8,924,008,000	8,517,503,000	8,885,514,000	8,867,168,000	8,340,048,000	8,408,209,000	8,404,057,000	8,794,143,000	8,986,806,000	8,954,892,000	8,952,978,000	9,030,441,000
liabilities and equity
notes and mortgages payable, net of unamortized deferred financing costs of 20,546 and 15,420	3,711,504,000
accounts payable and accrued expenses	138,689,000	115,688,000	114,074,000	119,881,000	114,808,000	110,789,000	115,038,000	114,463,000	109,471,000	113,449,000	118,932,000	123,176,000	152,371,000	108,464,000	111,171,000	116,192,000	117,758,000	103,895,000	117,260,000	101,901,000	109,228,000	105,924,000	109,563,000	117,356,000	119,362,000	124,460,000	125,599,000	124,334,000	133,995,000	123,720,000	128,625,000	117,630,000	97,679,000	83,334,000	88,250,000	103,896,000	85,947,000	147,048,000	154,680,000	102,730,000	97,157,000	96,595,000	78,282,000	93,472,000
intangible liabilities, net of accumulated amortization of 78,074 and 93,748	16,541,000
other liabilities	31,473,000	41,966,000	34,279,000	44,625,000	27,906,000	30,802,000	31,774,000	37,017,000	28,452,000	23,700,000	30,537,000	24,775,000	24,171,000	24,537,000	25,621,000	25,495,000	65,413,000	65,074,000	63,898,000	62,931,000	59,531,000	59,091,000	54,723,000	66,004,000	76,768,000	64,309,000	56,565,000	51,170,000	56,968,000	54,507,000	54,344,000	54,109,000	54,029,000	50,053,000	75,188,000	53,046,000	46,275,000	45,997,000	45,955,000	45,101,000	44,958,000	45,922,000	45,742,000	43,950,000
total liabilities	3,898,207,000	3,856,315,000	3,846,547,000	3,862,006,000	3,839,546,000	3,846,201,000	3,851,064,000	3,991,327,000	3,978,594,000	4,019,966,000	4,043,009,000	4,042,488,000	4,073,287,000	4,030,875,000	4,035,559,000	4,039,530,000	4,082,368,000	4,053,017,000	4,066,013,000	4,038,363,000	4,253,361,000	4,245,506,000	4,247,064,000	4,103,173,000	3,877,007,000	4,040,486,000	3,867,001,000	3,864,314,000	3,911,825,000	3,910,165,000	3,919,798,000	3,895,577,000	3,881,852,000	3,631,592,000	4,040,156,000	3,981,221,000	3,477,758,000	3,535,266,000	3,502,746,000	3,483,593,000	3,451,940,000	3,457,071,000	3,443,630,000	3,475,488,000
commitments and contingencies
paramount group, inc. equity:
common stock 0.01 par value per share...	2,219,000	2,203,000	2,192,000	2,175,000	2,175,000	2,173,000	2,173,000	2,173,000	2,172,000	2,172,000	2,171,000	2,165,000	2,224,000	2,255,000	2,190,000	2,190,000	2,189,000	2,189,000	2,189,000	2,188,000	2,205,000	2,219,000	2,219,000	2,274,000	2,279,000	2,341,000	2,345,000	2,329,000	2,402,000	2,403,000	2,403,000	2,403,000	2,400,000	2,382,000	2,313,000	2,300,000	2,196,000	2,195,000	2,130,000		2,122,000	2,122,000
additional paid-in-capital	4,086,243,000	4,061,826,000	4,100,336,000	4,144,301,000	4,140,427,000	4,135,472,000	4,131,652,000	4,133,801,000	4,128,492,000	4,183,662,000	4,181,983,000	4,186,161,000	4,210,442,000	4,228,674,000	4,120,077,000	4,122,680,000	4,117,939,000	4,113,889,000	4,111,144,000	4,120,173,000	4,128,487,000	4,133,542,000	4,102,287,000	4,133,184,000	4,134,389,000	4,214,193,000	4,218,060,000	4,201,756,000	4,301,329,000	4,297,823,000	4,293,209,000	4,297,948,000	4,286,265,000	4,254,386,000	4,139,423,000	4,116,987,000	3,930,549,000	3,927,872,000	3,818,344,000	3,802,858,000	3,893,984,000	3,893,756,000	3,808,193,000	3,851,432,000
earnings less than distributions	-1,064,525,000	-1,035,578,000	-1,015,793,000	-1,005,627,000	-966,973,000	-957,285,000	-941,855,000	-943,935,000	-730,777,000	-714,785,000	-659,641,000	-644,331,000	-589,623,000	-570,577,000	-552,732,000	-538,845,000	-524,717,000	-507,321,000	-476,051,000	-456,393,000	-426,238,000	-397,220,000	-368,767,000	-349,557,000	-276,659,000	-260,939,000	-239,949,000	-219,906,000	-201,868,000	-215,353,000	-156,485,000	-133,693,000	-104,059,000	-71,037,000	-151,417,000	-129,654,000	-101,327,000	-80,496,000	-62,835,000
accumulated other comprehensive income		-9,000	416,000	428,000	-1,762,000	1,553,000	7,080,000	11,246,000	29,325,000	36,431,000	38,058,000	48,296,000	51,320,000	36,840,000	28,466,000	2,138,000								-171,000	-9,219,000	-5,525,000	8,421,000	16,621,000	31,530,000	28,647,000	23,312,000	10,083,000	1,014,000	143,000	3,696,000	372,000
paramount group, inc. equity	3,023,937,000	3,028,442,000	3,087,151,000	3,141,277,000	3,173,867,000	3,181,913,000	3,199,050,000	3,203,285,000	3,429,212,000	3,507,480,000	3,562,571,000	3,592,291,000	3,674,363,000	3,697,192,000	3,598,001,000	3,588,163,000	3,588,681,000	3,600,279,000	3,628,473,000	3,653,177,000	3,690,246,000	3,723,510,000	3,722,261,000	3,785,730,000	3,850,790,000	3,950,070,000	3,988,877,000	4,000,800,000	4,133,393,000	4,113,520,000	4,162,439,000	4,176,741,000	4,185,620,000	4,185,874,000	3,994,015,000	3,990,005,000	3,796,326,000	3,808,073,000	3,725,824,000	3,761,017,000	3,855,843,000	3,889,542,000	3,829,373,000	3,910,862,000
noncontrolling interests in:
consolidated joint ventures	744,813,000	743,127,000	664,249,000	495,340,000	492,135,000	485,983,000	480,542,000	413,925,000	410,944,000	407,647,000	403,902,000	402,118,000	407,402,000	412,189,000	417,577,000	428,833,000	435,142,000	442,428,000	438,937,000	437,161,000	436,576,000	436,183,000	359,120,000	360,778,000	363,211,000	365,278,000	367,012,000	394,995,000	399,934,000	403,686,000	404,137,000	404,997,000	408,035,000	229,133,000	228,039,000	253,788,000	244,234,000	240,483,000	238,101,000
consolidated real estate related funds	85,431,000	84,743,000	84,644,000	82,875,000	92,759,000	93,340,000	103,886,000	110,589,000	162,973,000	183,988,000	220,206,000	173,375,000
operating partnership	222,107,000	246,086,000	264,887,000	290,005,000	292,645,000	294,427,000	295,183,000	287,089,000	306,836,000	248,898,000	250,401,000	242,982,000	262,180,000	261,416,000	366,536,000	356,111,000	357,185,000	358,331,000	359,411,000	346,379,000	347,143,000	348,740,000	345,335,000	412,058,000	416,501,000	416,092,000	417,313,000	428,982,000	429,986,000	430,726,000	436,038,000	425,797,000	433,554,000	456,071,000	556,099,000	577,361,000	758,940,000	761,530,000	874,451,000	1,070,000	897,680,000	904,683,000	994,799,000	958,203,000
total equity	4,076,288,000	4,102,398,000	4,100,931,000	4,009,497,000	4,051,406,000	4,055,663,000	4,078,661,000	4,014,888,000	4,309,965,000	4,348,013,000	4,437,080,000	4,410,766,000	4,423,193,000	4,451,354,000	4,463,023,000	4,455,032,000	4,463,217,000	4,480,123,000	4,505,935,000	4,515,734,000	4,553,133,000	4,587,676,000	4,507,192,000	4,630,962,000	4,702,743,000	4,813,389,000	4,854,636,000	4,891,664,000	5,029,412,000	5,005,748,000	5,054,070,000	5,022,084,000	5,042,156,000	4,885,911,000	4,845,358,000	4,885,947,000	4,862,290,000	4,872,943,000	4,901,311,000	5,310,550,000	5,534,866,000	5,497,821,000	5,509,348,000	5,554,953,000
total liabilities and equity	7,974,495,000	7,958,713,000	7,947,478,000	7,871,503,000	7,890,952,000	7,901,864,000	7,929,725,000	8,006,215,000	8,288,559,000	8,367,979,000	8,480,089,000	8,453,254,000	8,496,480,000	8,482,229,000	8,498,582,000	8,494,562,000	8,545,585,000	8,533,140,000	8,571,948,000	8,554,097,000	8,806,494,000	8,833,182,000	8,754,256,000	8,734,135,000	8,579,750,000	8,853,875,000	8,721,637,000	8,755,978,000	8,941,237,000	8,915,913,000	8,973,868,000	8,917,661,000	8,924,008,000	8,517,503,000	8,885,514,000	8,867,168,000	8,340,048,000	8,408,209,000	8,404,057,000	8,794,143,000	8,986,806,000	8,954,892,000	8,952,978,000	9,030,441,000
deferred charges, net of accumulated amortization of 88,517 and 91,818		116,913,000
intangible assets, net of accumulated amortization of 124,614 and 147,133		43,724,000
notes and mortgages payable, net of unamortized deferred financing costs of 11,193 and 15,420		3,680,857,000
intangible liabilities, net of accumulated amortization of 78,839 and 93,748		17,804,000
deferred charges, net of accumulated amortization of 95,811 and 91,818			106,306,000
intangible assets, net of accumulated amortization of 150,642 and 147,133			46,983,000
notes and mortgages payable, net of unamortized deferred financing costs of 13,157 and 15,420			3,678,893,000
revolving credit facility																					200,000,000	200,000,000	200,000,000	36,918,000		170,000,000									200,000,000	230,000,000	50,000,000	20,000,000	40,000,000	20,000,000
intangible liabilities, net of accumulated amortization of 95,317 and 93,748			19,301,000
real estate related fund investments								775,000	68,225,000	66,606,000	108,176,000	105,369,000
deferred charges, net of accumulated amortization of 91,818 and 82,265				100,684,000
intangible assets, net of accumulated amortization of 147,133 and 194,536				50,492,000
notes and mortgages payable, net of unamortized deferred financing costs of 15,420 and 13,566				3,676,630,000
dividends and distributions payable						8,382,000	8,376,000	8,360,000	8,357,000	8,188,000	18,110,000	18,026,000	18,564,000	18,787,000	18,777,000	16,895,000	16,897,000	16,897,000	16,889,000	16,796,000	24,173,000	24,292,000	24,342,000	25,255,000	25,307,000	25,953,000	25,949,000	25,902,000	26,596,000	26,621,000	26,627,000	25,211,000	25,211,000	25,211,000	25,207,000	25,151,000	25,151,000	25,151,000	25,147,000	25,067,000	25,066,000	25,066,000
intangible liabilities, net of accumulated amortization of 93,748 and 108,817				20,870,000
deferred charges, net of accumulated amortization of 88,932 and 82,265					103,858,000
intangible assets, net of accumulated amortization of 151,820 and 194,536					54,125,000
notes and mortgages payable, net of unamortized deferred financing costs of 17,683 and 13,566					3,674,367,000
intangible liabilities, net of accumulated amortization of 103,154 and 108,817					22,465,000
deferred charges, net of accumulated amortization of 85,450 and 82,265						105,812,000
intangible assets, net of accumulated amortization of 165,208 and 194,536						57,612,000
notes and mortgages payable, net of unamortized deferred financing costs of 19,947 and 13,566						3,672,103,000
intangible liabilities, net of accumulated amortization of 103,246 and 108,817						24,125,000
deferred charges, net of accumulated amortization of 86,845 and 82,265							107,407,000
intangible assets, net of accumulated amortization of 197,756 and 194,536							62,609,000
notes and mortgages payable, net of unamortized deferred financing costs of 22,200 and 13,566							3,669,850,000
intangible liabilities, net of accumulated amortization of 108,708 and 108,817							26,026,000
deferred charges, net of accumulated amortization of 82,265 and 68,686								108,751,000
intangible assets, net of accumulated amortization of 194,536 and 246,723								68,005,000
notes and mortgages payable, net of unamortized deferred financing costs of 13,566 and 17,682								3,803,484,000
intangible liabilities, net of accumulated amortization of 108,817 and 102,533								28,003,000
deferred charges, net of accumulated amortization of 79,679 and 68,686									112,448,000
intangible assets, net of accumulated amortization of 193,626 and 246,723									74,391,000
notes and mortgages payable, net of unamortized deferred financing costs of 14,717 and 17,682									3,802,333,000
intangible liabilities, net of accumulated amortization of 106,839 and 102,533									29,981,000
deferred charges, net of accumulated amortization of 75,732 and 68,686										113,271,000
intangible assets, net of accumulated amortization of 189,123 and 246,723										79,558,000
notes and mortgages payable, net of unamortized deferred financing costs of 15,331 and 17,682										3,842,669,000
intangible liabilities, net of accumulated amortization of 106,393 and 102,533										31,960,000
deferred charges, net of accumulated amortization of 72,965 and 68,686											120,359,000
intangible assets, net of accumulated amortization of 185,725 and 246,723											84,352,000
notes and mortgages payable, net of unamortized deferred financing costs of 16,508 and 17,682											3,841,492,000
intangible liabilities, net of accumulated amortization of 104,415 and 102,533											33,938,000
deferred charges, net of accumulated amortization of 68,686 and 70,666												120,685,000
intangible assets, net of accumulated amortization of 246,723 and 252,142												90,381,000
notes and mortgages payable, net of unamortized deferred financing costs of 17,682 and 22,380												3,840,318,000
intangible liabilities, net of accumulated amortization of 102,533 and 105,790												36,193,000
real estate, at cost:
investments in unconsolidated real estate funds													14,558,000	14,156,000	11,573,000	11,421,000	12,225,000	12,979,000	12,961,000	12,917,000	12,867,000	13,041,000	13,116,000	10,317,000	11,582,000	8,263,000	8,163,000	10,352,000	9,007,000	9,292,000	7,276,000	7,253,000	8,146,000	22,001,000	23,913,000	28,173,000	25,521,000	25,798,000	26,880,000
deferred charges, net of accumulated amortization of 65,144 and 70,666													123,864,000
intangible assets, net of accumulated amortization of 239,733 and 252,142													97,371,000
notes and mortgages payable, net of unamortized deferred financing costs of 18,856 and 22,380													3,839,144,000
intangible liabilities, net of accumulated amortization of 99,689 and 105,790													39,037,000
consolidated real estate fund													79,248,000	80,557,000	80,909,000	81,925,000	82,209,000	79,085,000	79,114,000	79,017,000	79,168,000	79,243,000	80,476,000	72,396,000	72,241,000	81,949,000	81,434,000	66,887,000	66,099,000	57,816,000	51,456,000	14,549,000	14,947,000	14,833,000	67,205,000
deferred charges, net of accumulated amortization of 61,033 and 70,666														119,431,000
intangible assets, net of accumulated amortization of 234,001 and 252,142														104,929,000
notes and mortgages payable, net of unamortized deferred financing costs of 20,032 and 22,380														3,837,968,000
intangible liabilities, net of accumulated amortization of 97,607 and 105,790														41,119,000
due from affiliates															49,316,000									36,918,000		170,000,000
deferred charges, net of accumulated amortization of 57,324 and 70,666															120,557,000
intangible assets, net of accumulated amortization of 226,822 and 252,142															112,108,000
notes and mortgages payable, net of unamortized deferred financing costs of 21,206 and 22,380															3,836,794,000
intangible liabilities, net of accumulated amortization of 95,530 and 105,790															43,196,000
deferred charges, net of accumulated amortization of 70,666 and 56,612																122,177,000
intangible assets, net of accumulated amortization of 252,142 and 283,332																119,413,000
notes and mortgages payable, net of unamortized deferred financing costs of 22,380 and 18,695																3,835,620,000
intangible liabilities, net of accumulated amortization of 105,790 and 107,981																45,328,000
deferred charges, net of accumulated amortization of 66,029 and 56,612																	115,658,000
intangible assets, net of accumulated amortization of 249,580 and 283,332																	127,529,000
notes and mortgages payable, net of unamortized deferred financing costs of 23,555 and 18,695																	3,834,445,000
intangible liabilities, net of accumulated amortization of 108,249 and 107,981																	47,855,000
accumulated other comprehensive loss																	-6,730,000	-8,478,000	-8,809,000	-12,791,000	-14,208,000	-15,031,000	-13,478,000														-35,092,000	-41,498,000	-31,815,000	-7,843,000	-15,389,000	-493,000
deferred charges, net of accumulated amortization of 62,761 and 56,612																		111,275,000
intangible assets, net of accumulated amortization of 245,405 and 283,332																		135,764,000
notes and mortgages payable, net of unamortized deferred financing costs of 15,105 and 18,695																		3,816,759,000
intangible liabilities, net of accumulated amortization of 106,086 and 107,981																		50,392,000
deferred charges, net of accumulated amortization of 58,818 and 56,612																			111,730,000
intangible assets, net of accumulated amortization of 251,569 and 283,332																			144,161,000
notes and mortgages payable, net of unamortized deferred financing costs of 16,902 and 18,695																			3,814,962,000
intangible liabilities, net of accumulated amortization of 109,233 and 107,981																			53,004,000
deferred charges, net of accumulated amortization of 56,612 and 42,096																				116,278,000
intangible assets, net of accumulated amortization of 283,332 and 262,930																				153,519,000
assets related to discontinued operations																					103,787,000	103,915,000	104,028,000
notes and mortgages payable, net of unamortized deferred financing costs of 18,695 and 25,792																				3,800,739,000
intangible liabilities, net of accumulated amortization of 107,981 and 100,881																				55,996,000
deferred charges, net of accumulated amortization of 53,175 and 42,096																					120,211,000
intangible assets, net of accumulated amortization of 269,176 and 262,930																					167,675,000
notes and mortgages payable, net of unamortized deferred financing costs of 20,490 and 25,792																					3,798,944,000
intangible liabilities, net of accumulated amortization of 102,492 and 100,881																					61,485,000
deferred charges, net of accumulated amortization of 49,314 and 42,096																						123,446,000
intangible assets, net of accumulated amortization of 259,158 and 262,930																						179,244,000
notes and mortgages payable, net of unamortized deferred financing costs of 22,286 and 25,792																						3,790,430,000
intangible liabilities, net of accumulated amortization of 98,208 and 100,881																						65,769,000
deferred charges, net of accumulated amortization of 45,645 and 42,096																							124,908,000
intangible assets, net of accumulated amortization of 260,351 and 262,930																							191,183,000
notes and mortgages payable, net of deferred financing costs of 24,032 and 25,792																							3,788,684,000
intangible liabilities, net of accumulated amortization of 95,831 and 100,881																							69,752,000
preferred equity investments																																		55,300,000	55,294,000	55,051,000	54,807,000	54,595,000	54,304,000	53,941,000
accounts and other receivables, net of allowance of 593 in 2018																								19,231,000	20,400,000	19,695,000	20,136,000
deferred charges, net of accumulated amortization of 42,670 and 30,129																								127,171,000
intangible assets, net of accumulated amortization of 270,913 and 245,444																								208,744,000
notes and mortgages payable, net of deferred financing costs of 25,792 and 32,883																								3,783,851,000
intangible liabilities, net of accumulated amortization of 100,881 and 89,200																								73,789,000
deferred charges, net of accumulated amortization of 39,576 and 30,129																									127,427,000
intangible assets, net of accumulated amortization of 264,802 and 245,444																									222,709,000
notes and mortgages payable, net of deferred financing costs of 26,266 and 32,883																									3,576,734,000
intangible liabilities, net of accumulated amortization of 98,829 and 89,200																									78,836,000
deferred charges, net of accumulated amortization of 36,476 and 30,129																										130,550,000
intangible assets, net of accumulated amortization of 264,007 and 245,444																										239,326,000
notes and mortgages payable, net of deferred financing costs of 28,567 and 32,883																										3,571,233,000
intangible liabilities, net of accumulated amortization of 94,899 and 89,200																										84,531,000
deferred charges, net of accumulated amortization of 32,682 and 30,129																											119,191,000
intangible assets, net of accumulated amortization of 252,273 and 245,444																											254,354,000
notes and mortgages payable, net of deferred financing costs of 30,867 and 32,883																											3,568,933,000
intangible liabilities, net of accumulated amortization of 91,053 and 89,200																											89,955,000
preferred equity investments, net of allowance of 0 and 19,588																												36,042,000	35,983,000	35,925,000
marketable securities																												22,660,000	26,668,000	25,913,000	24,984,000	29,039,000	27,867,000	21,564,000	25,617,000	22,393,000	22,011,000	21,477,000	21,398,000	21,521,000	20,365,000	21,524,000	21,386,000	20,159,000
accounts and other receivables, net of allowance of 593 and 277																												20,076,000
deferred charges, net of accumulated amortization of 30,129 and 19,412																												117,858,000
intangible assets, net of accumulated amortization of 245,444 and 200,857																												270,445,000
notes and mortgages payable, net of deferred financing costs of 32,883 and 41,800																												3,566,917,000
due to affiliates																													27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000	27,299,000
intangible liabilities, net of accumulated amortization of 89,200 and 75,073																												95,991,000
accounts and other receivables, net of allowance of 503 and 277																													16,205,000
deferred charges, net of accumulated amortization of 27,311 and 19,412																													111,870,000
intangible assets, net of accumulated amortization of 230,985 and 200,857																													287,222,000
notes and mortgages payable, net of deferred financing costs of 35,112 and 41,800																													3,564,688,000
intangible liabilities, net of accumulated amortization of 84,271 and 75,073																													102,279,000
accounts and other receivables, net of allowance of 451 and 277																														15,549,000
deferred charges, net of accumulated amortization of 25,232 and 19,412																														116,147,000
intangible assets, net of accumulated amortization of 226,131 and 200,857																														316,451,000
notes and mortgages payable, net of deferred financing costs of 37,341 and 41,800																														3,562,459,000
intangible liabilities, net of accumulated amortization of 85,673 and 75,073																														115,559,000
preferred equity investments, net of allowance of 19,588 and 19,588																															35,870,000
accounts and other receivables, net of allowance of 277 and 277																															17,036,000
deferred charges, net of accumulated amortization of 22,513 and 19,412																															106,415,000
intangible assets, net of accumulated amortization of 216,533 and 200,857																															333,983,000
notes and mortgages payable, net of deferred financing costs of 39,570 and 41,800																															3,560,230,000
intangible liabilities, net of accumulated amortization of 79,952 and 75,073																															122,673,000
preferred equity investments, net of allowance of 19,588 and 0																																35,817,000	35,763,000
accounts and other receivables, net of allowance of 277 and 202																																17,082,000
deferred charges, net of accumulated amortization of 19,412 and 9,832																																98,645,000
intangible assets, net of accumulated amortization of 200,857 and 166,841																																352,206,000
assets held for sale																																			346,685,000	346,685,000
notes and mortgages payable, net of deferred financing costs of 41,800 and 43,281																																3,541,300,000
intangible liabilities, net of accumulated amortization of 75,073 and 55,349																																130,028,000
accounts and other receivables, net of allowance of 324 and 202																																	13,822,000
deferred charges, net of accumulated amortization of 16,628 and 9,832																																	88,846,000
intangible assets, net of accumulated amortization of 189,209 and 166,841																																	373,053,000
notes and mortgages payable, net of deferred financing costs of 44,029 and 43,281																																	3,539,071,000
intangible liabilities, net of accumulated amortization of 71,453 and 55,349																																	138,563,000
accounts and other receivables, net of allowance of 232 and 202																																		12,032,000
deferred charges, net of accumulated amortization of 14,220 and 9,832																																		80,352,000
intangible assets, net of accumulated amortization of 173,087 and 166,841																																		363,523,000
notes and mortgages payable, net of deferred financing costs of 46,255 and 43,281																																		3,308,845,000
deferred income taxes																																		1,283,000	1,276,000	1,467,000	246,000	246,000	1,819,000	2,533,000	2,560,000	2,659,000	3,183,000	2,861,000
interest rate swap liabilities																																		1,819,000		22,446,000	82,046,000	102,577,000	116,943,000	93,936,000	163,301,000	160,473,000	182,218,000	194,196,000
intangible liabilities, net of accumulated amortization of 63,845 and 55,349																																		133,748,000
rental property, at cost
rental property																																			7,497,700,000	7,530,932,000	7,370,321,000	7,387,115,000	7,389,456,000	7,409,028,000	7,407,755,000	7,414,579,000	7,424,381,000	7,449,189,000
accounts and other receivables, net of allowance of 202 and 202																																			12,564,000
deferred charges, net of accumulated amortization of 11,900 and 9,832																																			72,796,000
intangible assets, net of accumulated amortization of 171,221 and 166,841																																			389,588,000
notes and mortgages payable, net of deferred financing costs of 48,481 and 43,281																																			3,477,798,000
intangible liabilities, net of accumulated amortization of 58,536 and 55,349																																			145,138,000
real estate fund investments																																								416,438,000	336,393,000	335,545,000
accounts and other receivables, net of allowance of 202 and 365																																				15,251,000	12,185,000
deferred charges, net of accumulated amortization of 9,832 and 14,204																																				71,184,000
intangible assets, net of accumulated amortization of 166,841 and 143,987																																				412,225,000
notes and mortgages payable, net of deferred financing costs of 43,281 and 18,914																																				3,364,898,000
loans payable to noncontrolling interests																																								45,662,000	44,822,000	43,981,000	43,188,000	42,195,000
intangible liabilities, net of accumulated amortization of 55,349 and 41,931																																				153,018,000
consolidated real estate funds																																				64,793,000	62,790,000	62,857,000	62,935,000
deferred charges, net of accumulated amortization of 19,518 and 14,204																																					81,672,000
intangible assets, net of accumulated amortization of 160,956 and 143,987																																					406,186,000
notes and mortgages payable, net of deferred financing costs of 22,552 and 18,914																																					3,016,597,000
intangible liabilities, net of accumulated amortization of 55,219 and 41,931																																					144,197,000
accounts and other receivables, net of allowance of 366 and 365																																						10,895,000	12,092,000
deferred charges, net of accumulated amortization of 17,462 and 14,204																																						79,617,000
intangible assets, net of accumulated amortization of 156,683 and 143,987																																						435,450,000
notes and mortgages payable, net of deferred financing costs of 23,382 and 18,914																																						3,012,290,000
intangible liabilities, net of accumulated amortization of 62,363 and 41,931																																						154,658,000
deferred charges, net of accumulated amortization of 15,484 and 14,204																																							77,254,000
intangible assets, net of accumulated amortization of 157,239 and 143,987																																							464,227,000
notes and mortgages payable, net of deferred financing costs of 18,192 and 18,914																																							2,923,834,000
intangible liabilities, net of accumulated amortization of 53,983 and 41,931																																							167,069,000
accounts and other receivables, net of allowance of 365 and 333
in 2015 and 2014, respectively																																								10,844,000			12,863,000
deferred charges, net of accumulated amortization of 15,961
and 10,859 in 2015 and 2014, respectively																																								93,905,000			43,713,000
intangible assets, net of accumulated amortization of 143,987 and 20,509 in
2015 and 2014, respectively																																								511,207,000
notes and mortgages payable																																								2,941,524,000
intangible liabilities, net of accumulated amortization of 41,931 and 3,757 in
and outstanding 212,112,137 and 212,106,718 shares in 2015 and 2014, respectively																																								2,122,000
earnings (less than) in excess of distributions																																								-36,120,000	-24,874,000	-5,843,000
consolidated joint ventures and funds																																								651,486,000	781,343,000	703,596,000	685,176,000
operating partnership (51,660,088 and 51,543,993 units outstanding in
2015 and 2014, respectively)																																								898,047,000
the company
revenues:
rental income																																								586,530,000	146,470,000	145,917,000	143,243,000	57,465,000
tenant reimbursement income																																								50,885,000	14,405,000	12,063,000	13,488,000	5,865,000
fee and other income																																								24,993,000	6,851,000	4,948,000	4,495,000	2,805,000
total revenues																																								662,408,000	167,726,000	162,928,000	161,226,000	66,135,000
expenses:
operating																																								244,754,000	63,354,000	57,781,000	61,884,000	26,011,000
depreciation and amortization																																								294,624,000	70,654,000	79,421,000	73,583,000	34,481,000
general and administrative																																								42,056,000	6,666,000	9,133,000	12,613,000	2,207,000
acquisition and transaction related costs																																								10,355,000	485,000	8,208,000	-1,139,000
total expenses																																								591,789,000	141,159,000	154,543,000	148,080,000	62,699,000
operating income																																								70,619,000	26,567,000	8,385,000	13,146,000	3,436,000
income from real estate fund investments																																								37,975,000	10,933,000	14,072,000	5,221,000	1,412,000
income from unconsolidated joint ventures																																								6,850,000	1,458,000	2,011,000
unrealized gain on interest rate swaps																																								75,760,000				15,084,000
interest and other income																																								871,000	-1,763,000	512,000	854,000
interest and debt expense																																								-168,366,000	-42,821,000	-42,236,000	-41,888,000	-43,743,000
formation related costs
gain on consolidation of an unconsolidated joint venture
net income before income taxes																																								23,709,000	10,146,000	4,491,000	-10,853,000	73,227,000
income tax expense																																								-2,566,000	-789,000	-1,343,000	-574,000	-505,000
net income																																								21,143,000	9,357,000	3,148,000	-11,427,000	72,722,000
less net (income) loss attributable to noncontrolling interests:
net income attributable to common stockholders																																								-4,419,000	1,116,000
income per common share - basic:
income per common share																																								-20	10			270
weighted-average shares outstanding																																								212,106,718,000	212,106,718,000	212,106,718,000	212,106,718,000	212,106,718,000
income per common share - diluted:
dividends per common share																																								419	95	95
accounts and other receivables, net of allowance of 365 and 333 in 2015 and 2014, respectively																																									12,313,000
deferred charges, net of accumulated amortization of 14,311 and 10,859 in 2015 and 2014, respectively																																									54,467,000
intangible assets, net of accumulated amortization of 116,935 and 20,509 in 2015 and 2014, respectively																																									546,432,000
mortgages and notes payable																																									2,853,735,000	2,853,237,000	2,852,754,000	2,852,287,000
credit facility
intangible liabilities, net of accumulated amortization of 29,730 and 3,757 in 2015 and 2014, respectively																																									193,042,000
unrealized gains on interest rate swaps																																									15,772,000	21,747,000	11,978,000
less net (income) loss attributable to noncontrolling interests in:
includes the 0.039 cash dividend for the 38 day period following the completion of our initial public offering and related formation transactions and ending on december 31, 2014
accounts and other receivables, net of allowance of 406 and 333 in 2015 and 2014, respectively																																										10,781,000
deferred charges, net of accumulated amortization of 13,002 and 10,859 in 2015 and 2014, respectively																																										49,547,000
intangible assets, net of accumulated amortization of 103,158 and 20,509 in 2015 and 2014, respectively																																										583,126,000
intangible liabilities, net of accumulated amortization of 21,064 and 3,757 in 2015 and 2014, respectively																																										201,839,000
net income attributable to common shareholders																																										-4,709,000
loss per common share - basic:
loss per common share																																										-20	-50
loss per common share - diluted:
excludes the 0.039 cash dividend for the 38 day period following the completion of our initial public offering and related formation transactions and ending on december 31, 2014.
real estate fund investments at fair value																																											324,282,000	323,387,000
investments in partially owned entities																																											6,370,000	5,749,000
accounts and other receivables, net of allowance of 333
deferred charges, net of accumulated amortization of 11,853
intangible assets, net of accumulated amortization of 57,397
and 20,509 in 2015 and 2014, respectively																																											629,021,000
intangible liabilities, net of accumulated amortization of 11,939
and 3,757 in 2015 and 2014, respectively																																											210,964,000
shares; issued and outstanding 212,106,718 shares
retained earnings																																											19,058,000	57,308,000
income from partially owned entities																																											975,000	938,000
net income attributable to paramount group, inc.																																											-9,731,000	57,308,000
accounts and other receivables, net of allowance of 333 and 0
in 2014 and 2013, respectively																																												7,692,000
loan receivable from management
deferred charges, net of accumulated amortization of 10,859
and 9,713 in 2014 and 2013, respectively																																												39,165,000
intangible assets, net of accumulated amortization of 20,509																																												669,385,000
intangible liabilities, net of accumulated amortization of 3,757																																												219,228,000
preferred equity obligation
profit sharing compensation payable
shares; issued and outstanding 212,106,718 shares as of
december 31, 2014; and no shares authorized, issued and
outstanding as of december 31, 2013																																												2,122,000
paramount predecessor equity
joint ventures and funds																																												685,888,000
interest and other loss																																												-179,000
acquisition, transaction and formation related costs																																												-143,437,000
gain on consolidation of a partially owned entity																																												239,716,000
less net income attributable to noncontrolling interests:

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-11-24	2015-09-30	2015-06-30	2015-03-31

cash flows from operating activities:
net income	-30,282,000	-20,409,000	-5,317,000		-4,203,000	-2,860,000	16,731,000	-271,727,000	-25,061,000	-82,829,000	8,314,000	-39,581,000	1,224,000	4,038,000	6,122,000	5,671,000	4,632,000	-10,128,000	1,884,000	-12,615,000	-4,123,000	-7,684,000	5,226,000	-52,777,000	11,000,000	5,174,000	7,000,000	8,595,000	44,261,000	-36,578,000	2,715,000	-7,232,000	-25,403,000	138,182,000	1,629,000	-2,823,000	4,469,000	7,910,000	-7,487,000	20,065,000	9,357,000	3,148,000	-11,427,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	57,766,000	60,062,000	58,879,000	56,622,000	60,071,000	61,735,000	61,114,000	68,866,000	60,263,000	62,627,000	58,888,000	61,211,000	58,284,000	57,398,000	55,624,000	56,735,000	57,522,000	59,925,000	58,305,000	59,168,000	58,889,000	58,716,000	59,117,000	59,575,000	63,058,000	62,625,000	63,089,000	63,684,000	64,610,000	64,775,000	65,156,000	67,894,000	66,515,000	68,636,000	62,992,000	60,975,000	66,376,000	67,287,000	74,812,000	70,966,000	70,654,000	79,421,000	73,583,000
straight-lining of rental revenue	-1,172,000	4,126,000	472,000	-1,243,000	-1,982,000	-464,000	-2,854,000	-3,569,000	-1,060,000	7,511,000	-7,756,000	-5,794,000	-3,807,000	-5,790,000	1,789,000	5,430,000	1,707,000	-2,350,000	-7,282,000	-4,046,000	-4,439,000	-9,120,000	-10,611,000	-10,272,000	-11,297,000	-10,532,000	-11,578,000
amortization of stock-based compensation expense	2,649,000	7,860,000	3,752,000	4,502,000	4,373,000	5,068,000	6,194,000	6,310,000	4,680,000	4,214,000	5,117,000	4,150,000	4,149,000	4,142,000	6,562,000	4,191,000	4,192,000	4,743,000	5,486,000	5,098,000	4,503,000	4,241,000	5,397,000	5,001,000	5,174,000	5,083,000	7,602,000	4,401,000	4,330,000	4,650,000	6,265,000	4,230,000	3,825,000	4,438,000	3,429,000	2,512,000	2,583,000
amortization of deferred financing costs	4,645,000	2,759,000	3,637,000	2,628,000	2,627,000	2,627,000	2,368,000	1,589,000	1,553,000	1,539,000	1,538,000	1,542,000	1,537,000	1,539,000	1,538,000	1,821,000	2,666,000	2,321,000	2,319,000	2,320,000	2,320,000	2,319,000	2,318,000	10,873,000	2,824,000	2,825,000	2,801,000	2,756,000	2,752,000	2,754,000	2,761,000	2,821,000	2,819,000	2,818,000	2,730,000	2,683,000	1,458,000	1,405,000	1,258,000	811,000	584,000	586,000	584,000
loss from unconsolidated joint ventures	-661,000	-52,000	-1,907,000	-800,000	981,000	771,000	1,346,000
distributions of earnings from unconsolidated joint ventures	159,000	72,000	157,000	214,000	155,000	67,000	150,000	16,742,000	146,000	64,000	144,000	1,290,000	0	16,000	18,000	3,328,000	3,327,000			2,311,000	229,000	524,000	935,000	1,215,000	872,000	1,443,000	537,000	1,297,000	3,740,000	570,000	600,000	2,320,000	622,000	2,734,000	24,000
unrealized losses on real estate related fund investments							775,000
loss from unconsolidated real estate related funds	-71,000			-74,000	-109,000	15,000	-105,000
distributions of earnings from unconsolidated real estate related funds	53,000	57,000	45,000	32,000	38,000	52,000	51,000	33,000	12,000	21,000	51,000
amortization of above and below-market leases	-1,151,000	-1,376,000	-1,453,000	-1,474,000	-1,379,000	-1,632,000	-1,340,000	-1,447,000	-1,445,000	-1,448,000	-1,036,000	-1,159,000	84,000	-315,000	-358,000	-735,000	-722,000	-758,000	-855,000	-81,000	-1,909,000	-1,236,000	-1,508,000	-2,436,000	-2,552,000	-2,727,000	-3,276,000	-3,448,000	-3,887,000	-4,304,000	-4,420,000	-5,359,000	-3,175,000	-7,981,000	-3,008,000	-2,943,000	-3,112,000	-7,100,000	3,619,000		-1,477,000
non-cash gain on extinguishment of ipo related tax liability				0	0	0	-15,437,000
other non-cash adjustments	186,000	-1,231,000	128,000	107,000	117,000	120,000	-57,000	143,000	66,000	502,000	-42,000	104,000	524,000	258,000	302,000	816,000	1,462,000	133,000	735,000	182,000	79,000	116,000	36,000	-808,000	186,000	119,000	-458,000	-20,000	268,000	-162,000	202,000	57,000	421,000	38,000	-64,000	647,000	1,024,000	115,000	842,000	724,000	-2,991,000	3,257,000	4,834,000
changes in operating assets and liabilities:
accounts and other receivables	-2,758,000	-3,328,000	-2,267,000	433,000	-4,745,000	2,131,000	2,005,000	-3,713,000	-648,000	5,717,000	4,457,000	-4,001,000	-2,077,000	-6,110,000	3,904,000	-4,198,000	1,982,000	-714,000	4,850,000	-2,213,000	3,449,000	-912,000	1,405,000	1,169,000	-705,000	441,000	-60,000	-3,871,000	-656,000	1,487,000	46,000	-3,260,000	-842,000	415,000	2,687,000	-3,066,000	-1,290,000	1,197,000	-1,362,000	1,469,000	-4,360,000	4,910,000	-5,171,000
deferred charges				-2,447,000	-5,997,000	-438,000	-728,000	-6,326,000	-2,472,000	-1,713,000	-1,689,000	-2,797,000	-7,189,000	-4,011,000	-1,086,000	-5,774,000	-8,158,000	-4,347,000	-159,000	-645,000	-2,009,000	-3,718,000	-4,389,000	-6,409,000	-8,154,000	-5,896,000	-2,570,000	-11,224,000	-6,903,000	-9,307,000	-4,427,000	-7,866,000	-11,132,000	-7,643,000	-6,654,000	-4,435,000	-4,101,000	-3,548,000	-3,617,000	-21,756,000	-6,231,000	-6,978,000	-5,545,000
other assets				26,413,000	-13,234,000	6,542,000	-19,648,000	16,192,000	-28,815,000	17,550,000	-8,469,000	14,219,000	-24,505,000	20,429,000	-17,688,000	21,731,000	-24,445,000	23,742,000	-29,311,000	33,875,000	-31,701,000	23,716,000	-28,083,000	31,355,000	32,257,000	-37,294,000	31,000,000	-26,068,000	-29,238,000	24,125,000	-26,035,000	28,337,000	-25,388,000	20,972,000	-13,678,000	27,301,000	-34,396,000	21,096,000	-26,038,000	27,906,000	-24,162,000	22,378,000	-19,657,000
accounts payable and accrued expenses	22,927,000	-2,936,000	-7,088,000	-825,000	5,895,000	-5,779,000	8,963,000	-3,925,000	-2,475,000	-3,466,000	-3,797,000	-988,000	9,360,000	-1,552,000	-3,162,000	3,416,000	9,132,000	-13,299,000	16,997,000	-4,126,000	6,975,000	2,871,000	-7,019,000	-3,492,000	6,836,000	-9,749,000	-2,544,000	3,500,000	-597,000	-4,028,000	5,325,000	17,015,000	4,547,000	-6,902,000	-8,355,000	14,814,000	-58,272,000	-7,082,000	62,019,000	2,191,000	-708,000
other liabilities	-10,049,000	7,868,000	-916,000	7,269,000	-2,893,000	-990,000	10,362,000	8,529,000	4,721,000	-141,000	-885,000	914,000	-86,000	-2,029,000	16,000	-39,971,000	326,000	1,161,000	946,000	3,374,000	433,000	1,927,000	-2,421,000	931,000	119,000	881,000	457,000	-5,825,000	2,500,000	167,000	400,000	-1,219,000	770,000	4,281,000	-861,000	359,000	277,000	43,000	1,023,000	143,000	-964,000	180,000	1,792,000
net cash from operating activities	5,960,000	68,206,000	8,874,000	88,356,000	39,715,000	66,965,000	69,890,000	102,262,000	37,541,000	80,088,000	57,968,000	72,220,000	43,315,000	72,428,000	58,674,000	56,246,000	53,602,000	76,128,000	58,330,000	97,703,000	36,458,000	76,151,000	26,960,000	78,794,000	99,834,000	12,362,000	94,451,000	22,355,000	27,657,000	70,942,000	35,569,000	85,040,000	23,079,000	64,276,000	17,716,000	75,086,000	-61,880,000	49,803,000	82,031,000	-75,185,000	-4,110,000	62,990,000	-664,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	5,960,000	68,206,000	8,874,000	88,356,000	39,715,000	66,965,000	69,890,000	102,262,000	37,541,000	80,088,000	57,968,000	72,220,000	43,315,000	72,428,000	58,674,000	56,246,000	53,602,000	76,128,000	58,330,000	97,703,000	36,458,000	76,151,000	26,960,000	78,794,000	99,834,000	12,362,000	94,451,000	22,355,000	27,657,000	70,942,000	35,569,000	85,040,000	23,079,000	64,276,000	17,716,000	75,086,000	-61,880,000	49,803,000	82,031,000	-75,185,000	-4,110,000	62,990,000	-664,000
cash flows from investing activities:
additions to real estate	-42,069,000	-33,335,000	-40,436,000	-32,927,000	-20,391,000	-25,496,000	-39,344,000	-33,153,000	-23,063,000	-25,427,000	-18,883,000	-54,521,000	-17,148,000	-25,111,000	-29,025,000	-37,867,000	-22,020,000	-32,775,000	-19,339,000	-29,115,000	-13,773,000	-16,115,000	-30,460,000	-33,822,000	-19,328,000	-22,822,000	-27,944,000	-52,294,000	-34,011,000	-26,197,000	-25,413,000	-27,179,000	-26,176,000
distribution of capital from an unconsolidated joint venture	4,279,000	0	7,810,000	0	0
contributions of capital to unconsolidated joint ventures	-785,000	-3,379,000	-1,250,000				-1,904,000										0
proceeds from repayment of a mezzanine loan investment				0
net cash from investing activities	-38,575,000	-36,714,000	-33,876,000	-33,763,000	-10,391,000	-23,704,000	-41,248,000	-53,153,000	-23,063,000	-64,999,000	-18,883,000	-66,911,000	-17,571,000	20,057,000	-88,158,000	-15,103,000	-26,335,000	-35,701,000	-26,344,000	59,568,000	-16,741,000	-2,907,000	115,000	-265,053,000	198,597,000	-200,339,000	-56,645,000		304,087,000	-27,615,000	-53,345,000		-160,270,000	539,651,000	-63,538,000	-490,011,000	-85,769,000	-27,401,000	-33,785,000	20,000	-63,072,000	-12,038,000	-20,326,000
cash flows from financing activities:
proceeds from notes and mortgages payable				0	0	0	850,000,000	0								0	876,136,000	0	12,430,000	0	6,718,000	0	3,073,000	1,256,643,000				0	0	0	16,700,000	0	0	0	991,556,000	852,836,000	2,951,000
repayment of notes and mortgages payable				0	0	0	-975,000,000	0								0																							-354,000
proceeds from the sale of a 45.0% interest in 900 third avenue	0	0	83,307,000
proceeds from the sale of a 25.0% interest in one front street	0
debt issuance costs	-14,000,000			0	0	-11,000	-10,638,000	-72,000								-6,182,000									0	0	-260,000		0	0	-6,351,000	0	0	-6,000	-7,338,000	-22,855,000	-45,000
contributions from noncontrolling interests in consolidated joint ventures	3,347,000	6,126,000	2,250,000	0	0	0	62,220,000				283,000
distributions to noncontrolling interests in consolidated joint ventures	-1,940,000	-1,915,000	-1,855,000	-823,000	-807,000	-828,000	-809,000	-1,604,000	-1,590,000	-1,323,000	-4,140,000
repurchase of shares related to stock compensation agreements and related tax withholdings	0	0	-140,000	-8,000	0	0	-178,000	0	0	0	-205,000	0	-4,000	0	-280,000	-21,000	-14,000	0	-200,000	-14,000	-2,000	-7,000	-309,000	-10,000	-7,000	-6,000	-301,000		0	0	-213,000		0	0	-154,000
contributions from noncontrolling interests in consolidated real estate related funds				0	0	0	889,000	1,025,000	1,458,000	3,606,000	49,748,000
distributions to noncontrolling interests in consolidated real estate related funds				0	0	-9,957,000	-8,354,000	-1,026,000	-1,539,000	-2,523,000	-3,740,000
dividends paid to common stockholders				0	-7,610,000	-7,608,000	-7,608,000	-7,606,000	-7,607,000	-16,833,000	-16,827,000	-17,269,000	-17,486,000	-16,978,000	-15,329,000	-15,327,000	-15,327,000	-15,326,000	-15,317,000	-22,060,000	-22,176,000	-22,246,000	-22,743,000	-22,795,000	-23,439,000	-23,448,000	-23,356,000	-24,047,000	-24,052,000	-24,051,000	-22,841,000	-22,807,000	-22,637,000	-21,981,000	-21,851,000	-20,864,000	-20,851,000
distributions paid to common unitholders				0	-772,000	-768,000	-752,000	-750,000	-582,000	-1,277,000	-1,199,000	-1,296,000	-1,301,000	-1,799,000	-1,566,000	-1,570,000	-1,570,000	-1,563,000	-1,479,000	-2,113,000	-2,116,000	-2,096,000	-2,512,000	-2,512,000	-2,514,000	-2,501,000	-2,546,000	-2,550,000	-2,569,000	-2,575,000	-2,370,000	-2,404,000	-2,574,000	-3,226,000	-3,300,000
net cash from financing activities	27,407,000	14,066,000	83,562,000	8,619,000	-9,189,000	-19,172,000	-90,230,000	-10,033,000	-51,386,000	-18,633,000	22,073,000	-65,346,000	-47,757,000	-28,944,000	-31,856,000	-34,023,000	-12,562,000	-20,826,000	-9,070,000	-238,854,000	-29,269,000	84,963,000	39,690,000	194,308,000	-281,372,000	133,885,000	-42,744,000	-160,056,000	-28,402,000	-22,621,000	12,930,000	-28,905,000	67,456,000	-474,898,000	8,591,000	494,609,000	6,441,000	23,366,000	-5,422,000	-199,046,000	47,189,000	6,247,000	-36,720,000
net increase in cash and cash equivalents and restricted cash	-5,208,000	45,558,000	58,560,000	63,212,000	20,135,000	24,089,000	-61,588,000	39,076,000	-36,908,000	-3,544,000	61,158,000	-60,037,000	-22,013,000	63,541,000	-61,340,000	7,120,000	14,705,000	19,601,000	22,916,000	-81,583,000	-9,552,000	158,207,000	66,765,000	8,049,000	17,059,000			-204,218,000	303,342,000	20,706,000	-4,846,000
cash and cash equivalents and restricted cash at beginning of period	0	0	555,447,000	0	0	0	509,599,000	0	0	0	449,817,000	0	0	0	529,666,000	0	0	0	465,324,000	0	0	0	331,487,000	0	0	0	365,409,000	0	0	0	250,425,000
cash and cash equivalents and restricted cash at end of period	-5,208,000	45,558,000	614,007,000	63,212,000	20,135,000	24,089,000	448,011,000	39,076,000	-36,908,000	-3,544,000	510,975,000	-60,037,000	-22,013,000	63,541,000	468,326,000	7,120,000	14,705,000	19,601,000	488,240,000	-81,583,000	-9,552,000	158,207,000	398,252,000	8,049,000	17,059,000	-54,092,000	360,471,000	-204,218,000	303,342,000	20,706,000	245,579,000
reconciliation of cash and cash equivalents and restricted cash:
cash and cash equivalents at beginning of period	0	0	375,056,000	0				0	0	0	408,905,000	0	0	0	524,900,000	0	0	0	434,530,000	0	0	0	306,215,000	0	0	0	339,653,000	0	0	0	219,381,000	0	0	0	162,965,000	0	0	0	143,884,000	0	0	0	438,599,000
restricted cash at beginning of period	0	0	180,391,000	0				0	0	0	40,912,000	0	0	0	4,766,000	0	0	0	30,794,000	0	0	0	25,272,000	0	0	0	25,756,000	0	0	0	31,044,000
cash and cash equivalents at end of period	-109,698,000	12,953,000	426,952,000	56,331,000				28,577,000	-35,120,000	-17,045,000	451,796,000	-60,493,000	-37,535,000	44,938,000	461,995,000	30,331,000	19,280,000	10,637,000	464,652,000	-81,412,000	-6,560,000	144,813,000	377,689,000	8,149,000	14,581,000	-58,823,000	342,308,000	-199,072,000	305,195,000	20,983,000	212,547,000	34,353,000	-69,735,000	129,029,000	125,734,000	79,684,000	-141,208,000	45,768,000	178,721,000	-274,211,000	-19,993,000	57,199,000	380,889,000
restricted cash at end of period	104,490,000	32,605,000	187,055,000	6,881,000				10,499,000	-1,788,000	13,501,000	59,179,000	456,000	15,522,000	18,603,000	6,331,000	-23,211,000	-4,575,000	8,964,000	23,588,000	-171,000	-2,992,000	13,394,000	20,563,000	-100,000	2,478,000	4,731,000	18,163,000	-5,146,000	-1,853,000	-277,000	33,032,000
supplemental disclosure of cash flow information:
cash payments for interest	39,384,000	39,820,000	39,618,000	39,896,000				37,755,000	37,741,000	35,554,000	33,338,000	36,798,000	35,202,000	34,142,000	33,190,000	33,559,000	33,690,000	32,826,000	32,401,000	33,228,000	33,459,000	34,355,000	34,565,000	34,514,000	35,215,000	35,529,000	33,872,000	34,463,000	34,622,000	34,197,000	33,170,000	25,630,000	32,914,000	32,442,000	41,375,000		37,058,000	34,874,000	34,083,000	39,908,000	40,418,000	41,674,000	37,186,000
cash payments for income taxes, net of refunds	6,000	338,000	213,000	993,000				170,000	125,000	281,000	317,000	534,000	236,000	748,000	1,193,000	792,000	760,000	186,000	24,000	-74,000	310,000	555,000	575,000	425,000	-4,000	573,000	1,480,000	2,508,000	-158,000	1,400,000	299,000	6,000	1,851,000	2,101,000	1,090,000		205,000	902,000	417,000	830,000
non-cash transactions:
common shares issued upon redemption of common units	21,837,000	14,603,000	25,050,000	157,000				201,000	793,000	649,000	10,228,000	20,259,000	1,272,000			796,000	0			0	399,000	0	85,311,000		16,000	2,008,000	21,982,000		2,992,000	346,000	123,000		30,565,000	114,143,000	21,816,000		2,063,000	109,652,000	14,427,000
write-off of fully amortized and/or depreciated assets	6,503,000	35,024,000	15,964,000	5,906,000				12,043,000	2,045,000	10,059,000	10,170,000	2,650,000	119,000	1,533,000	7,084,000	3,362,000	6,083,000	35,007,000	2,142,000	464,000	65,000	4,818,000	3,794,000	3,435,000	1,905,000	1,809,000	1,578,000	1,017,000	194,000	2,597,000	350,000	3,726,000	1,028,000	2,624,000	2,306,000		3,096,000	2,584,000	2,795,000
mezzanine loan receivable in connection with the sale of a 25.0% interest in one front street	0
additions to real estate included in accounts payable and accrued expenses	1,798,000	8,799,000	12,271,000	7,748,000				11,650,000	-2,550,000	4,409,000	8,306,000	-27,457,000	34,840,000	344,000	6,868,000	-5,665,000	7,358,000	4,261,000	6,223,000	-6,004,000	-1,588,000	1,354,000	14,878,000	8,224,000	-5,028,000	2,740,000	15,630,000	-12,918,000	22,390,000	-2,934,000	13,334,000	-573,000	1,998,000	4,276,000	4,712,000		-4,069,000	-386,000	11,064,000	19,981,000
change in value of interest rate swaps and interest rate caps	-345,000	-461,000	-13,000	1,808,000				-7,814,000	-6,105,000	-3,135,000	-8,390,000	-2,611,000	9,796,000	6,109,000	18,545,000	5,862,000
deferred charges and other assets		14,510,000	-39,174,000
dividends and distributions declared but not yet paid								3,000	169,000	-9,922,000	18,110,000	-538,000	-223,000	10,000	18,777,000	-2,000	0	8,000	16,889,000	-7,377,000	-119,000	-50,000	24,342,000	-52,000	-646,000	4,000	25,949,000	-694,000	-25,000	-6,000	26,627,000	0	0	4,000	25,207,000		0	4,000	25,147,000	1,000	0
income from unconsolidated real estate related funds			-74,000
net loss
adjustments to reconcile net loss to net cash from operating activities:
real estate impairment losses related to investments in unconsolidated joint ventures
realized and unrealized losses on real estate related fund investments				0	0			60,947,000	-28,000
loss recognized upon consolidation of real estate related fund investments that were previously unconsolidated
real estate related fund investments								6,503,000	-1,591,000	-4,122,000	-3,918,000
investment in a mezzanine loan
investment in and contributions of capital to unconsolidated joint ventures
advances to a partner in one steuart lane								0	0
repayment of advances by a partner in one steuart lane								0	0
contributions of capital to unconsolidated real estate related funds								0	0
due from affiliates												0	-7,084,000	-2,600,000	-49,316,000									-36,918,000	0
repayment of amounts due from affiliates												0	7,084,000							0	0	0	36,918,000	0	170,000,000
distributions of capital from unconsolidated real estate related funds
investment in real estate related funds
deposit received for the sale of a 45.0% equity interest in 900 third avenue
repurchases of common shares												-43,153,000								-11,480,000	-8,520,000	-2,987,000	-97,013,000	-8,132,000	-82,517,000			-99,294,000
settlement of accounts payable in connection with repurchases of common shares								0	0	0	-1,847,000
transfer of deposit to investment in unconsolidated joint ventures												0	0
repurchases of common shares included in accounts payable and accrued expenses
increase due to consolidation of real estate related fund investments that were previously unconsolidated:
investments in unconsolidated real estate related funds
noncontrolling interests in consolidated real estate related funds
investments in and contributions of capital to unconsolidated joint ventures					0				0				0												-96,371,000	-3,286,000	-49,239,000
real estate impairment losses on unconsolidated joint ventures
loss recognized upon consolidation of real estate related fund
investments that were previously unconsolidated
realized and unrealized gains on marketable securities																-264,000
sales of marketable securities																21,923,000	6,924,000	8,824,000	2,557,000	3,139,000	0	14,269,000	4,780,000	3,544,000	5,331,000	7,275,000	3,132,000	8,442,000	1,099,000	7,428,000	7,825,000
purchases of marketable securities																0	-12,000,000	0	-9,562,000	-3,602,000	-2,959,000	-1,061,000	-8,187,000	-3,287,000	-3,078,000	-2,299,000	-6,568,000	-6,827,000	-1,052,000	-8,335,000	-3,805,000
income from unconsolidated joint ventures									28,974,000	28,402,000	5,762,000	37,925,000	5,797,000	4,416,000	5,113,000	4,086,000	-223,000	15,717,000	5,316,000		4,268,000	5,955,000	4,221,000				1,027,000	-537,000	-472,000			-1,042,000	-671,000	-16,535,000	-1,937,000	-2,122,000	-1,792,000	-2,003,000	-1,496,000	-2,406,000	-1,458,000
loss (income) from unconsolidated real estate related funds									721,000	-32,000	178,000
repurchase of common shares included in accounts payable and accrued expenses
unrealized loss on real estate related fund investments											1,111,000
investments in an unconsolidated joint venture
loss on sale of real estate related to discontinued operations
proceeds from the sale of real estate related to discontinued operations
distributions to noncontrolling interests												-6,885,000	-8,966,000	-10,167,000	-14,681,000	-10,923,000	-11,054,000	-3,937,000	-4,625,000	-3,187,000	-3,173,000	-3,185,000	-3,172,000	-5,202,000	-5,118,000	-4,142,000	-30,777,000	-7,601,000	-6,465,000	-2,203,000	-1,915,000	-3,702,000	-8,387,000	-75,150,000	-32,012,000	-944,000	-952,000			-1,661,000	-49,302,000	-2,185,000	-3,488,000
contributions from noncontrolling interests																0	0	0	121,000	0	0	3,500,000	8,055,000	0	23,000	470,000	14,496,000	735,000	8,253,000	6,208,000	29,920,000	0	91,499,000	1,806,000	7,472,000					34,818,000	121,908,000	8,773,000	2,430,000
purchase of interest rate caps																0
repayment of borrowings under revolving credit facility																								0								0	0	-225,000,000	-65,000,000
borrowings under revolving credit facility																				0	0	0	163,082,000	36,918,000	25,000,000							0	0	25,000,000	35,000,000
proceeds from the sale of a 10.0% interest in 1633 broadway																				0	0
repayment of note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate related fund
distributions of earnings from unconsolidated real estate funds													320,000	154,000	150,000	141,000	269,000	129,000	137,000	136,000	127,000	164,000	189,000	265,000	151,000	126,000	1,011,000	98,000	97,000	67,000	68,000	67,000	129,000	84,000	62,000
income from unconsolidated real estate funds													-300,000	-155,000	-170,000		-276,000	-148,000	-180,000		56,000	-89,000	-52,000					1,000	188,000			90,000	3,930,000			-2,042,000	1,254,000	960,000	326,000
contributions of capital to unconsolidated real estate funds													-423,000	-4,086,000	-133,000	-126,000				0	-9,000	0	-2,936,000	-77,000	-3,617,000	-207,000	-36,000	-1,525,000	0	-2,097,000	-157,000	0	-206,000
distributions of capital from unconsolidated real estate funds													0			967,000								463,000	353,000	0	1,260,000					735,000	10,004,000	0	3,845,000	43,000	44,000
investments in unconsolidated joint venture															-9,684,000
(income) income from unconsolidated real estate funds																									-206,000	-19,000	-46,000								-288,000
gain on sale of real estate related to discontinued operations
real estate impairment loss related to discontinued operations
receipt of accrued interest on preferred equity investment																									0	0	2,339,000
loss on early extinguishment of debt																																0
redemption of preferred equity investment																								0	0	0	33,750,000
repayment of note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund																							-8,771,000
acquisition of noncontrolling interest in consolidated real estate fund																								0
note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund																								0
realized and unrealized (gains) losses on marketable securities																		-622,000	-858,000							-594,000	-1,880,000							-879,000	-1,607,000	-153,000
repayment of note payable issued in connection with the acquisition of noncontrolling interest in unconsolidated real estate fund																					0
loss (income) from unconsolidated joint ventures																								1,891,000	1,332,000						62,000
escrow deposits and loans receivable for residential development fund																												0	0	0	-15,680,000
real estate acquisition deposits																									-5,000,000
repayments of notes and mortgages payable																																0	0	-171,179,000	-873,642,000	-274,705,000	-362,000
debt issuance costs and other
repayment of loans to affiliates
change in value of interest rate swaps																								-433,000	4,131,000	15,345,000	9,026,000	16,465,000											29,867,000
basis adjustment to investment in unconsolidated joint ventures upon adoption of asu 2017-05																												0	0	0	7,086,000
gain on sale of real estate																								0				0				0	0
proceeds from sale of real estate																								0				0				0	0
note payable issued in connection with the acquisition of noncontrolling interest in unconsolidated real estate fund
realized and unrealized losses (gains) on marketable securities																						-1,639,000	2,199,000							-28,000	29,000							19,000	293,000	-968,000
real estate impairment loss																												0	0
repayment of accrued interest on preferred equity investment
valuation allowance on preferred equity investment																																0
unrealized gain on interest rate swaps																																0	0	0	-1,802,000		-12,728,000	-10,073,000	-6,860,000
acquisitions of real estate																																0
distributions of capital from unconsolidated joint ventures																																0	0			6,000	8,000	18,000	8,000	0
transfer tax refund in connection with the acquisition of noncontrolling interests																																0
settlement of interest rate swap liabilities																																0	0	0	-19,425,000
supplemental disclosure of cash flows information:
common shares issued upon redemption of commons units
consolidation of real estate and real estate fund investments
assumption of notes and mortgages payable																																0
receivable from affiliate																											-11,000,000
net decrease in cash and cash equivalents and restricted cash																											-4,938,000
straight-lining of rental income																												-13,390,000	-15,688,000	-16,739,000	-13,244,000	-10,924,000	-11,408,000	-11,974,000	-20,147,000	-14,725,000	-23,301,000	-24,673,000	-19,869,000	-19,663,000	-17,817,000	-16,048,000	-15,994,000
deposit on real estate
net cash from by investing activities
purchase of marketable securities in connection with the defeasance of notes and mortgages payable
decrease in cash due to deconsolidation of real estate fund investments																																				0	0	0	-7,987,000
consolidation (deconsolidation) of real estate and real estate fund investments																																0
transfer of real estate to assets held for sale
marketable securities transferred in connection with the defeasance of notes and mortgages payable
defeasance of notes and mortgages payable
investments in unconsolidated joint ventures																													-8,354,000	-1,022,000	-16,115,000		-95,000
reconciliation of cash and cash equivalents and restricted cash
consolidation of real estate
increase in value of interest rate swaps
increase due to deconsolidation of one steuart lane:
real estate
loss (income) from unconsolidated real estate funds																															66,000
change in fair value of interest rate swaps																															-14,551,000	-9,889,000	-738,000	4,041,000	-4,032,000		-7,802,000
realized and unrealized gains on real estate fund investments
real estate fund investments																																					0	0	-416,438,000	-130,100,000	2,379,000	0	-22,000
deferred income taxes																																577,000	-1,356,000	8,000	-151,000	1,317,000	-692,000	-1,573,000	-714,000	-27,000	-99,000	-524,000	322,000
investment in unconsolidated joint ventures
other
acquisition of noncontrolling interest in consolidated joint ventures
deposits on real estate
changes in restricted cash																																	4,473,000	11,742,000	-24,439,000	3,700,000	-1,132,000	13,112,000	-600,000		-36,521,000
net increase in cash and cash equivalents																																	-69,735,000	129,029,000	-37,231,000			45,768,000	42,824,000
purchases of marketable securities resulting in a decrease to restricted cash
debt breakage costs																																		5,162,000	2,715,000
(sales) purchases of marketable securities resulting in an increase to restricted cash
increase due to deconsolidation of 75 howard:
increase due to deconsolidation of real estate fund investments:
loans payable to noncontrolling interests																																					0	0	-45,662,000
investments in unconsolidated real estate funds																																					0	0	27,292,000
noncontrolling interests in consolidated real estate funds																																					0	0	-351,035,000
investment in unconsolidated joint venture																																			-27,857,000
additions to rental properties																																			-15,087,000	-25,241,000	-33,605,000
purchases of marketable securities using restricted cash																																			1,615,000		-129,000	98,000	170,000
unrealized (gain) loss on interest rate swaps
realized and unrealized (gains) losses on real estate fund investments
distributions of cumulative earnings from unconsolidated real estate funds																																				41,000
distributions of cumulative earnings from unconsolidated joint ventures																																				2,291,000
defeasance cost in connection with the repayments of notes and mortgages payable
gain on consolidation of an unconsolidated joint venture
stock-based compensation expense in connection with the founders grant
restricted cash
profit sharing payables
acquisitions of rental property
contributions to unconsolidated real estate funds																																				-696,000
cash received from properties in connection with the formation transactions
proceeds from repayment of loan to management
proceeds from revolving credit facility																																				230,000,000	50,000,000	20,000,000	40,000,000
repayments of revolving credit facility																																				-50,000,000	-20,000,000
cash paid for equity interests in the formation transactions
proceeds from the issuance of common stock
contribution from predecessor shareholders
distributions to predecessor shareholders
proceeds from loans payable to noncontrolling interests
offering costs
realized and unrealized gains, net, on real estate fund investments																																									-3,227,000
deposit on rental property
settlement of swap liabilities																																					0
distributions paid to unitholders																																					-4,300,000
net decrease in cash and cash equivalents																																									-19,993,000	57,199,000	-57,710,000
cash flows from operating activities
transfer taxes due in connection with the sale of shares by a former joint venture partner
distributions of income from unconsolidated real estate funds																																						5,000	79,000
distributions of income from unconsolidated joint ventures																																						3,262,000	1,576,000	1,864,000	1,109,000
contributions from noncontrolling interests called but not yet received
amortization of stock based compensation expense																																							3,627,000
acquisitions of, and additions to, rental properties																																							-33,193,000	-39,375,000	-26,570,000	-20,278,000	-21,636,000
repayment of revolving credit facility																																							-20,000,000
dividends paid to common stockholders and unitholders																																							-25,068,000	-25,062,000
amortization of below-market leases																																											-890,000
defeasance cost in connection with the refinancing of notes and mortgages payable
stock-based compensation expense in connection with founders grants
change in restricted cash																																											1,309,000
purchase of marketable securities
(purchases) sale of marketable securities																																								-188,000	-852,000	114,000	-555,000
increase in assets, liabilities and noncontrolling interests from the formation transactions:
real estate funds
working capital, net of cash
intangible assets
notes and mortgages payable
intangible liabilities
preferred equity obligation
profit sharing compensation payable
interest rate swap liabilities
reduction of equity for deferred offering costs
debt assumed from affiliate
unrealized (gains) losses on interest rate swaps																																									-15,772,000
non-cash stock based compensation expense
profit sharing payable
repayment of mortgage notes and loans payable																																									-346,000
contributions from predecessor shareholders
change in value of forward interest rate swap
dividends paid to common shareholders and unitholders																																										0	-35,325,000
cash payments for income taxes																																										1,181,000	32,000
contributions from non controlling interests called but not yet received
see notes to combined consolidated financial statements (unaudited).
unrealized gains on interest rate swaps																																											-11,978,000
realized and unrealized gains, net on real estate fund investments																																											-873,000
income from partially owned entities																																											-975,000
distributions of income from partially owned entities																																											353,000
realized and unrealized gains from marketable securities																																											-672,000
accounts and other payables																																											-8,928,000
distributions of capital from partially owned entities																																											1,000
repayment of borrowings																																											-337,000
adjustment to carry noncontrolling interests in the operating partnership at redemption value																																											43,409,000
gain on consolidation of a partially owned entity
defeasance cost in connection with the refinancing of mortgage notes payable
realized and unrealized losses (gains), net on real estate fund investments
gain on sale of joint venture interest
realized and unrealized losses (gains) from marketable securities
sale (purchase) of marketable securities
proceeds from sale of joint venture interest
investment in partially owned entities
refund of tenant improvements

Paramount Group, Inc(NYSE:PGRE)

Paramount Group, Inc
(NYSE:PGRE)