Paramount group, inc. (PGRE)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15
Cash Flows from Operating Activities:
Net income

5,226

-52,777

11,000

5,174

7,000

8,595

44,261

-36,578

2,715

-7,232

-25,403

138,182

1,629

-2,823

4,469

7,910

-7,487

20,065

9,357

3,148

-11,427

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

59,117

-

-

-

63,089

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Straight-lining of rental revenue

10,611

-

-

-

11,578

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

-

-

-

-

-

63,684

64,610

64,775

65,156

67,894

66,515

68,636

62,992

60,975

66,376

67,287

74,812

70,966

70,654

79,421

73,583

Straight-lining of rental revenue

-

-

-

-

-

13,390

15,688

16,739

13,244

10,924

11,408

11,974

20,147

14,725

23,301

24,673

19,869

19,663

17,817

16,048

15,994

Amortization of stock-based compensation expense

5,397

5,001

5,174

5,083

7,602

4,401

4,330

4,650

6,265

4,230

3,825

4,438

3,429

2,512

2,583

2,556

3,627

1,085

1,819

1,370

3,035

Amortization of above and below-market leases, net

-

-

-

-

-

-3,448

-3,887

-4,304

-4,420

-5,359

-3,175

-7,981

-3,008

-2,943

-3,112

-7,100

3,619

-6,678

-1,477

-872

-890

Loss from unconsolidated joint ventures

-4,221

-1,891

-1,332

-456

-1,027

537

472

2,521

-62

1,042

671

16,535

1,937

2,122

1,792

2,003

1,496

2,406

1,458

2,011

975

Realized and unrealized gains on real estate fund investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,838

3,227

11,263

873

Distributions of earnings from unconsolidated joint ventures

935

1,215

872

1,443

537

1,297

3,740

570

600

2,320

622

2,734

24

2,297

960

3,280

1,584

1,883

1,109

1,640

353

Amortization of deferred financing costs

2,318

10,873

2,824

2,825

2,801

2,756

2,752

2,754

2,761

2,821

2,819

2,818

2,730

2,683

1,458

1,405

1,258

811

584

586

584

Realized and unrealized losses (gains) on marketable securities

-2,199

632

-79

594

1,880

-2,406

803

28

-29

1,466

712

879

1,607

153

653

-19

-293

968

-2,011

252

672

Amortization of above and below-market leases, net

-1,508

-

-

-

-3,276

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on early extinguishment of debt

-

-

-

-

-

-

-

-

-

0

0

-5,162

-2,715

-

-

-

-

-

-

-

-

Income from unconsolidated real estate funds

52

-614

206

19

46

-1

-188

-14

-66

-90

-3,930

-2,411

288

2,042

-1,254

-960

-326

-

-

-

-

Distributions of earnings from unconsolidated real estate funds

189

265

151

126

1,011

98

97

67

68

67

129

84

62

84

108

121

79

-

-

-

-

Receipt of accrued interest on preferred equity investment

-

-

0

0

2,339

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other non-cash adjustments

-36

808

-186

-119

458

20

-268

162

-202

-634

935

-46

215

1,015

-1,024

-115

-842

-724

-1,414

-1,887

-1,799

Unrealized gain on interest rate swaps

-

-

-

-

-

-

-

-

-

0

0

0

1,802

10,153

12,728

10,073

6,860

26,263

15,772

21,747

11,978

Changes in operating assets and liabilities:
Real estate fund investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

130,100

-2,379

0

22

Accounts and other receivables

-1,405

-1,169

705

-441

60

3,871

656

-1,487

-46

3,260

842

-415

-2,687

3,066

1,290

-1,197

1,362

-1,469

4,360

-4,910

5,171

Deferred charges

4,389

6,409

8,154

5,896

2,570

11,224

6,903

9,307

4,427

7,866

11,132

7,643

6,654

4,435

4,101

3,548

3,617

21,756

6,231

6,978

5,545

Other assets

28,083

-31,355

-32,257

37,294

-31,000

26,068

29,238

-24,125

26,035

-28,337

25,388

-20,972

13,678

-27,301

34,396

-21,096

26,038

-27,906

24,162

-22,378

19,657

Accounts payable and accrued expenses

-7,019

-3,492

6,836

-9,749

-2,544

3,500

-597

-4,028

5,325

17,015

4,547

-6,902

-8,355

14,814

-58,272

-7,082

62,019

2,191

-708

1,293

-8,928

Deferred income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

692

1,573

714

27

99

524

-322

Other liabilities

-2,421

931

119

881

457

-5,825

2,500

167

400

1,781

770

-21,719

22,139

3,359

277

43

1,023

143

-964

180

1,792

Net cash provided by operating activities

26,960

78,794

99,834

12,362

94,451

22,355

27,657

70,942

35,569

88,040

23,079

38,276

40,716

78,135

-61,828

49,937

82,039

-75,166

-4,110

62,990

-664

Cash Flows from Investing Activities:
Repayment of amounts due from affiliates

36,918

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Due from affiliates

-

36,918

0

170,000

11,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Additions to real estate

30,460

33,822

19,328

22,822

27,944

52,294

34,011

26,197

25,413

27,179

26,176

17,992

15,087

25,241

33,605

40,647

33,193

-

-

-

-

Purchases of marketable securities

8,187

3,287

3,078

2,299

6,568

6,827

1,052

8,335

3,805

1,115

21,903

0

6,230

-

-

-

-

-

-

-

-

Sales of marketable securities

4,780

3,544

5,331

7,275

3,132

8,442

1,099

7,428

7,825

1,406

16,312

4,928

4,615

-

-

-

-

-

-

-

-

Acquisitions of, and additions to, rental properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21,636

Changes in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,132

-13,112

600

-

36,521

-8,241

-1,309

Contributions of capital to unconsolidated real estate funds

2,936

77

3,617

207

36

1,525

0

2,097

157

-

-

-

-

-

-

-

-

-

-

-

-

Distributions of capital from unconsolidated real estate funds

-

463

353

0

1,260

-

-

-

-

735

10,004

0

3,845

-

-

-

-

-

-

-

-

Investments in and contributions of capital to unconsolidated joint ventures

-

219,956

96,371

3,286

49,239

4,392

8,354

1,022

16,115

-95

95

934

27,857

-

-

-

-

-

-

-

-

Redemption of preferred equity investment

-

0

0

0

33,750

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Escrow deposits and loans receivable for Residential Development Fund

-

-

-

-

-

0

0

0

15,680

-

-

-

-

-

-

-

-

-

-

-

-

Distributions of capital from unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

Net cash provided by (used in) investing activities

115

-265,053

198,597

-200,339

-56,645

-66,517

304,087

-27,615

-53,345

-26,058

-170,334

532,837

-40,714

-505,509

-85,821

-27,535

-33,793

-13,904

-63,072

-12,038

-20,326

Cash Flows from Financing Activities:
Repayments of notes and mortgages payable

-

-

-

-

-

-

-

-

-

0

0

171,179

873,642

274,705

362

413,848

354

926,609

346

341

337

Borrowings under revolving credit facility

163,082

-

-

-

-

-

-

-

-

0

0

25,000

35,000

230,000

50,000

20,000

40,000

-

-

-

-

Repayment of borrowings under revolving credit facility

-

-

-

-

-

-

-

-

-

0

0

225,000

65,000

50,000

20,000

40,000

20,000

-

-

-

-

Repurchases of common shares

97,013

-

-

-

-

-

-

-

-

-

-

0

154

-

-

-

-

-

-

-

-

Dividends paid to common stockholders

22,743

22,795

23,439

23,448

23,356

24,047

24,052

24,051

22,841

22,807

22,637

21,981

21,851

20,864

20,851

20,239

20,151

20,149

20,152

-6,903

35,325

Distributions paid to common unitholders

-

-

-

-

-

-

-

-

-

-

2,574

3,226

3,300

4,288

4,300

4,907

4,917

-

-

-

-

Distributions paid to common unitholders

2,512

2,512

2,514

2,501

2,546

2,550

2,569

2,575

2,370

-104,045

8,387

75,150

32,012

-

-

-

-

1,661

49,302

2,185

3,488

Repayment of note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund

8,771

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to noncontrolling interests

3,172

5,202

5,118

4,142

30,777

7,601

6,465

2,203

1,915

-

-

-

-

-

-

-

-

-

-

-

-

Contributions from noncontrolling interests

8,055

0

23

470

14,496

735

8,253

6,208

29,920

0

91,499

1,806

7,472

-

-

-

-

34,818

121,908

8,773

2,430

Proceeds from notes and mortgages payable

3,073

-

-

-

-

0

0

0

16,700

0

0

0

991,556

-

-

-

-

-

-

-

-

Loss on early extinguishment of debt

-

-

-

-

-

-

-

-

-

0

0

5,162

2,715

-

-

-

-

-

-

-

-

Repurchase of shares related to stock compensation agreements and related tax withholdings

309

10

7

6

301

-

0

0

213

-

-

-

-

-

-

-

-

-

-

-

-

Settlement of interest rate swap liabilities

-

-

-

-

-

-

-

-

-

0

0

0

19,425

-

-

-

-

-

-

-

-

Debt issuance costs

-

-

0

0

260

-

0

0

6,351

-

0

6

7,338

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

39,690

194,308

-281,372

133,885

-42,744

-160,056

-28,402

-22,621

12,930

-28,905

67,456

-474,898

8,591

494,609

6,441

23,366

-5,422

-199,046

47,189

6,247

-36,720

Net increase (decrease) in cash and cash equivalents and restricted cash

66,765

8,049

17,059

-54,092

-4,938

-204,218

303,342

20,706

-4,846

33,077

-79,799

96,215

8,593

67,235

-141,208

45,768

42,824

-288,116

-19,993

57,199

-57,710

Decrease in cash due to deconsolidation of real estate fund investments

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

7,987

-

-

-

-

Supplemental Disclosure of Cash Flow Information:
Cash payments for interest

34,565

34,514

35,215

35,529

33,872

34,463

34,622

34,197

33,170

25,630

32,914

32,442

41,375

34,096

37,058

34,874

34,083

39,908

40,418

41,674

37,186

Cash payments for income taxes, net of refunds

575

425

-4

573

1,480

2,508

-158

1,400

299

6

1,851

2,101

1,090

571

205

902

417

830

755

1,181

32

Non-Cash Transactions:
Common shares issued upon redemption of common units

85,311

24

16

2,008

21,982

0

2,992

346

123

6,204

30,565

114,143

21,816

186,115

2,063

109,652

14,427

-

-

-

-

Dividends and distributions declared but not yet paid

24,342

-52

-646

4

25,949

-694

-25

-6

26,627

0

0

4

25,207

0

0

4

25,147

-

-

-

-

Additions to real estate included in accounts payable and accrued expenses

14,878

8,224

-5,028

2,740

15,630

-12,918

22,390

-2,934

13,334

-573

1,998

4,276

4,712

5,495

-4,069

-386

11,064

19,981

-2,229

11,353

2,904

Real estate fund investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-416,438

-

-

-

-

Loans payable to noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-45,662

-

-

-

-

Investments in unconsolidated real estate funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

27,292

-

-

-

-

Noncontrolling interests in consolidated real estate funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-351,035

-

-

-

-

Purchases of marketable securities using restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

170

-

1,734

-996

555

Write-off of fully amortized and/or depreciated assets

3,794

3,435

1,905

1,809

1,578

1,017

194

2,597

350

3,726

1,028

2,624

2,306

2,956

3,096

2,584

2,795

-

-

-

66

Change in value of interest rate swaps

-

-433

4,131

15,345

9,026

16,465

-44,084

34,897

-14,551

-9,889

-720

4,023

-4,032

-41,973

-7,802

11,747

29,867

-

-

-

-

Basis adjustment to investment in unconsolidated joint ventures upon adoption of ASU 2017-05

-

-

-

-

-

0

0

0

7,086

-

-

-

-

-

-

-

-

-

-

-

-