XML 107 R50.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Segments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Segment Reporting [Abstract] |
Schedule of NOI for Each Reportable Segment Information | The following tables provide Net Operating Income (“NOI”) for each reportable segment for the periods set forth below.
|  | For the Year Ended December 31, 2019 |
(Amounts in thousands) |  | Total |  |  | New York |  |  | San Francisco |  |  | Washington, D.C. |  |  | Other |
Property-related revenues |  | $ | 746,436 |  |  | $ | 482,648 |  |  | $ | 238,808 |  |  | $ | 25,426 |  |  | $ | (446 | )
Property-related operating expenses |  |  | (274,836 | ) |  |  | (191,211 | ) |  |  | (69,815 | ) |  |  | (10,134 | ) |  |  | (3,676 | )
NOI from unconsolidated joint ventures |  |  | 22,409 |  |  |  | 13,151 |  |  |  | 9,065 |  |  |  | - |  |  |  | 193 |
NOI (1) |  | $ | 494,009 |  |  | $ | 304,588 |  |  | $ | 178,058 |  |  | $ | 15,292 |  |  | $ | (3,929 | )
|  | For the Year Ended December 31, 2018 |
(Amounts in thousands) |  | Total |  |  | New York |  |  | San Francisco |  |  | Washington, D.C. |  |  | Other |
Property-related revenues |  | $ | 740,332 |  |  | $ | 468,013 |  |  | $ | 222,071 |  |  | $ | 51,290 |  |  | $ | (1,042 | )
Property-related operating expenses |  |  | (274,078 | ) |  |  | (188,008 | ) |  |  | (60,043 | ) |  |  | (19,381 | ) |  |  | (6,646 | )
NOI from unconsolidated joint ventures |  |  | 20,730 |  |  |  | 20,395 |  |  |  | - |  |  |  | - |  |  |  | 335 |
NOI (1) |  | $ | 486,984 |  |  | $ | 300,400 |  |  | $ | 162,028 |  |  | $ | 31,909 |  |  | $ | (7,353 | )
|  | For the Year Ended December 31, 2017 |
(Amounts in thousands) |  | Total |  |  | New York |  |  | San Francisco |  |  | Washington, D.C. |  |  | Other |
Property-related revenues |  | $ | 694,755 |  |  | $ | 430,548 |  |  | $ | 191,677 |  |  | $ | 72,143 |  |  | $ | 387 |
Property-related operating expenses |  |  | (266,136 | ) |  |  | (180,855 | ) |  |  | (50,906 | ) |  |  | (27,342 | ) |  |  | (7,033 | )
NOI from unconsolidated joint ventures |  |  | 19,643 |  |  |  | 19,143 |  |  |  | - |  |  |  | - |  |  |  | 500 |
NOI (1) |  | $ | 448,262 |  |  | $ | 268,836 |  |  | $ | 140,771 |  |  | $ | 44,801 |  |  | $ | (6,146 | )
(1) | NOI is used to measure the operating performance of our properties. NOI consists of property-related revenue (which includes rental income, tenant reimbursement income, lease termination income and certain other income) less operating expenses (which includes building expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies.
Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders | The following table provides a reconciliation of NOI to net (loss) income attributable to common stockholders for the periods set forth below.
| For the Year Ended December 31, |
(Amounts in thousands) | 2019 |  |  | 2018 |  |  | 2017 |
NOI | $ | 494,009 |  |  | $ | 486,984 |  |  | $ | 448,262 |
Add (subtract) adjustments to arrive to net (loss) income: |  |  |  |  |  |  |  |  |  |  |
Fee income |  | 22,744 |  |  |  | 18,629 |  |  |  | 24,212 |
Depreciation and amortization expense |  | (248,347 | ) |  |  | (258,225 | ) |  |  | (266,037 | )
General and administrative expenses |  | (68,556 | ) |  |  | (57,563 | ) |  |  | (61,577 | )
NOI from unconsolidated joint ventures |  | (22,409 | ) |  |  | (20,730 | ) |  |  | (19,643 | )
Interest and other income (loss), net |  | 9,844 |  |  |  | 8,117 |  |  |  | (9,031 | )
Interest and debt expense |  | (156,679 | ) |  |  | (147,653 | ) |  |  | (143,762 | )
Loss on early extinguishment of debt |  | (11,989 | ) |  |  | - |  |  |  | (7,877 | )
Real estate impairment loss |  | (42,000 | ) |  |  | (46,000 | ) |  |  | - |
Gain on sale of real estate |  | 1,140 |  |  |  | 36,845 |  |  |  | 133,989 |
Other, net |  | (7,048 | ) |  |  | 1,728 |  |  |  | 13,817 |
Net (loss) income before income taxes |  | (29,291 | ) |  |  | 22,132 |  |  |  | 112,353 |
Income tax expense |  | (312 | ) |  |  | (3,139 | ) |  |  | (5,177 | )
Net (loss) income |  | (29,603 | ) |  |  | 18,993 |  |  |  | 107,176 |
Less: net (income) loss attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |
Consolidated joint ventures |  | (11,022 | ) |  |  | (8,182 | ) |  |  | 10,365 |
Consolidated real estate fund |  | (313 | ) |  |  | (720 | ) |  |  | (19,797 | )
Operating Partnership |  | 4,039 |  |  |  | (944 | ) |  |  | (11,363 | )
Net (loss) income attributable to common stockholders | $ | (36,899 | ) |  | $ | 9,147 |  |  | $ | 86,381 |
Schedule of Total Assets for Each Reportable Segments Information | The following table provides the total assets for each of our reportable segments as of the dates set forth below.
(Amounts in thousands) |  |  |
Total Assets as of: |  | Total |  |  | New York |  |  | San Francisco |  |  | Washington, D.C. |  |  | Other |
December 31, 2019 |  | $ | 8,734,135 |  |  | $ | 5,439,929 |  |  | $ | 2,708,463 |  |  | $ | 107,121 |  |  | $ | 478,622 |
December 31, 2018 |  |  | 8,755,978 |  |  |  | 5,583,022 |  |  |  | 2,388,094 |  |  |  | 305,980 |  |  |  | 478,882 |
December 31, 2017 |  |  | 8,917,661 |  |  |  | 5,511,061 |  |  |  | 2,421,173 |  |  |  | 693,408 |  |  |  | 292,019 |

X
- Definition Reconciliation of net operating income to net income (loss) attributable to common stockholders. + References No definition available. + Details
Name: | pgre_ReconciliationOfNetOperatingIncomeToNetIncomeLossAttributableToCommonStockholdersTableTextBlock
Namespace Prefix: | pgre_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration