XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.20.2

Organization and Business | 6 Months Ended
--- | ---
Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Organization And Business |
1. | Organization and Business
As used in these consolidated financial statements, unless otherwise indicated, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc., a Maryland corporation, and its consolidated subsidiaries, including Paramount Group Operating Partnership LP (the “Operating Partnership”), a Delaware limited partnership. We are a fully-integrated real estate investment trust (“REIT”) focused on owning, operating, managing, acquiring and redeveloping high-quality, Class A office properties in select central business district submarkets of New York City and San Francisco. We conduct our business through, and substantially all of our interests in properties and investments are held by, the Operating Partnership. We are the sole general partner of, and owned approximately 91.4% of, the Operating Partnership as of June 30, 2020. In March 2020, the World Health Organization declared coronavirus 2019 (“COVID-19”) a global pandemic. The outbreak of COVID-19 has caused, and continues to cause, severe disruptions in the global economy, and has adversely impacted businesses and financial markets, including that of the United States. Specifically, New York and San Francisco, the markets in which we operate and where a majority of our assets are located, initially reacted by instituting quarantines, “pause” orders, “shelter-in-place” rules, restrictions on travel, and restriction on the types of business that could operate. These measures have had and continue to have a significant adverse impact on businesses. In June 2020, New York and San Francisco began their “re-opening” process by easing restrictions that were initially imposed and provided for a phased-in approach towards reopening that would enable businesses to operate. While some businesses in New York have begun to operate, albeit with certain restrictions, in mid-July San Francisco announced an indefinite “pause” to all re-openings, including a closure of all “non-essential” businesses. As of June 30, 2020, our portfolio consisted of 14 Class A properties aggregating 13.1 million square feet that was 95.6% leased, primarily to office tenants. The office tenants in our portfolio account for approximately 96.5% of our annualized rents and the remaining 3.5% is derived from non-office tenants (i.e. retail, parking garages and two theatres). During the three months ended June 30, 2020, we received several requests from tenants seeking “short-term” rent relief and have entered into agreements with select tenants (primarily retail) to defer a portion of their 2020 rental obligations. We continue to evaluate tenant requests on a case-by-case basis and are closely monitoring all rent collections. During the three months ended June 30, 2020, our portfolio-wide rent collections were 96.4%, including 97.8% from office tenants and 57.6% from all other tenants. We continue to monitor the impact of COVID-19 on our business, our tenants and the industry as a whole. During the three and six months ended June 30, 2020, we recorded $11,309,000 of non-cash write-offs, primarily for straight-line rent receivables, and $2,051,000 of reserves for uncollectible accounts receivable. The rapid development and fluidity of this situation precludes us at this time from making any predictions as to the ultimate impact COVID-19 may have on our future financial condition, results of operations and cash flows.

X
- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
Name: | us-gaap_NatureOfOperations
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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