fma
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended: March 31, 2018
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-36746
PARAMOUNT GROUP, INC.
(Exact name of registrant as specified in its charter)
|
Maryland |
|
32-0439307 |
|
(State or other jurisdiction of incorporation or organization) |
|
(IRS Employer Identification No.) |
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1633 Broadway, Suite 1801, New York, NY |
|
10019 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (212) 237-3100
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large Accelerated Filer |
☒ |
|
Accelerated Filer |
☐ |
|
Non-Accelerated Filer |
☐ |
(Do not check if smaller reporting company) |
Smaller Reporting Company |
☐ |
|
Emerging Growth Company |
☐ |
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 20, 2018, there were 240,503,075 shares of the registrant’s common stock outstanding.
Table of Contents
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Item |
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Page Number |
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Part I. |
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Financial Information |
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Item 1. |
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Consolidated Balance Sheets (Unaudited) as of March 31, 2018 and December 31, 2017 |
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3 |
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Consolidated Statements of Income (Unaudited) for the three months ended |
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4 |
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5 |
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6 |
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Consolidated Statements of Cash Flows (Unaudited) for the three months |
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7 |
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9 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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30 |
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Item 3. |
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49 |
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Item 4. |
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51 |
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Part II. |
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Other Information |
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Item 1. |
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52 |
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Item 1A. |
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52 |
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Item 2. |
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52 |
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Item 3. |
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53 |
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Item 4. |
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53 |
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Item 5. |
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53 |
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Item 6. |
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53 |
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55 |
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2
PART I – FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
PARAMOUNT GROUP, INC.
(UNAUDITED)
|
(Amounts in thousands, except share, unit and per share amounts) |
|
|
|
|
|
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ASSETS |
March 31, 2018 |
|
|
December 31, 2017 |
|
||
|
Real estate, at cost |
|
|
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|
|
|
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Land |
$ |
2,209,506 |
|
|
$ |
2,209,506 |
|
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Buildings and improvements |
|
6,150,115 |
|
|
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6,119,969 |
|
|
|
|
8,359,621 |
|
|
|
8,329,475 |
|
|
Accumulated depreciation and amortization |
|
(534,934 |
) |
|
|
(487,945 |
) |
|
Real estate, net |
|
7,824,687 |
|
|
|
7,841,530 |
|
|
Cash and cash equivalents |
|
212,547 |
|
|
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219,381 |
|
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Restricted cash |
|
33,032 |
|
|
|
31,044 |
|
|
Investments in unconsolidated joint ventures |
|
67,355 |
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44,762 |
|
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Investments in unconsolidated real estate funds |
|
7,276 |
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7,253 |
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Preferred equity investments, net of allowance of $19,588 and $19,588 |
|
35,870 |
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35,817 |
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Marketable securities |
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24,984 |
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29,039 |
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Accounts and other receivables, net of allowance of $277 and $277 |
|
17,036 |
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17,082 |
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Deferred rent receivable |
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234,758 |
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220,826 |
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Deferred charges, net of accumulated amortization of $22,513 and $19,412 |
|
106,415 |
|
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98,645 |
|
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Intangible assets, net of accumulated amortization of $216,533 and $200,857 |
|
333,983 |
|
|
|
352,206 |
|
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Other assets |
|
75,925 |
|
|
|
20,076 |
|
|
Total assets (1) |
$ |
8,973,868 |
|
|
$ |
8,917,661 |
|
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LIABILITIES AND EQUITY |
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Notes and mortgages payable, net of deferred financing costs of $39,570 and $41,800 |
$ |
3,560,230 |
|
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$ |
3,541,300 |
|
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Revolving credit facility |
|
- |
|
|
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- |
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Due to affiliates |
|
27,299 |
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|
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27,299 |
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Accounts payable and accrued expenses |
|
128,625 |
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117,630 |
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Dividends and distributions payable |
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26,627 |
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25,211 |
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Intangible liabilities, net of accumulated amortization of $79,952 and $75,073 |
|
122,673 |
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130,028 |
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Other liabilities |
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54,344 |
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54,109 |
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Total liabilities (1) |
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3,919,798 |
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3,895,577 |
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Commitments and contingencies |
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Paramount Group, Inc. equity: |
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Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 240,505,886 and 240,427,022 shares in 2018 and 2017, respectively |
|
2,403 |
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2,403 |
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Additional paid-in-capital |
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4,293,209 |
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4,297,948 |
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Earnings less than distributions |
|
(156,485 |
) |
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(133,693 |
) |
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Accumulated other comprehensive income |
|
23,312 |
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|
|
10,083 |
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Paramount Group, Inc. equity |
|
4,162,439 |
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4,176,741 |
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Noncontrolling interests in: |
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Consolidated joint ventures |
|
404,137 |
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404,997 |
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Consolidated real estate fund |
|
51,456 |
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14,549 |
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Operating Partnership (25,307,251 and 24,620,279 units outstanding) |
|
436,038 |
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425,797 |
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Total equity |
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5,054,070 |
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5,022,084 |
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Total liabilities and equity |
$ |
8,973,868 |
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$ |
8,917,661 |
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(1) |
Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 90.5% as of March 31, 2018. The assets and liabilities of the Operating Partnership, as of March 31, 2018, include $1,999,929 and $1,269,963 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities. |
See notes to consolidated financial statements (unaudited).
3
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
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|||||
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For the Three Months Ended March 31, |
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|||||
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(Amounts in thousands, except share and per share amounts) |
2018 |
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|
2017 |
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||
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REVENUES: |
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Rental income |
$ |
163,405 |
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$ |
155,390 |
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Tenant reimbursement income |
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14,246 |
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12,852 |
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Fee and other income |
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6,620 |
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12,994 |
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Total revenues |
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184,271 |
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181,236 |
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EXPENSES: |
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|
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Operating |
|
68,978 |
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|
|
65,971 |
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Depreciation and amortization |
|
65,156 |
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|
62,992 |
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General and administrative |
|
12,631 |
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|
|
13,581 |
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Transaction related costs |
|
120 |
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|
275 |
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Total expenses |
|
146,885 |
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|
142,819 |
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Operating income |
|
37,386 |
|
|
|
38,417 |
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(Loss) income from unconsolidated joint ventures |
|
(62 |
) |
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|
1,937 |
|
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(Loss) income from unconsolidated real estate funds |
|
(66 |
) |
|
|
288 |
|
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Interest and other income, net |
|
2,016 |
|
|
|
3,200 |
|
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Interest and debt expense |
|
(36,082 |
) |
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|
(37,018 |
) |
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Loss on early extinguishment of debt |
|
- |
|
|
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(2,715 |
) |
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Unrealized gain on interest rate swaps |
|
- |
|
|
|
1,802 |
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Net income before income taxes |
|
3,192 |
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|
|
5,911 |
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Income tax expense |
|
(477 |
) |
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|
(4,282 |
) |
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Net income |
|
2,715 |
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|
|
1,629 |
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|
Less net (income) loss attributable to noncontrolling interests in: |
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|
|
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Consolidated joint ventures |
|
(1,055 |
) |
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|
(1,291 |
) |
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Consolidated real estate fund |
|
(430 |
) |
|
|
88 |
|
|
Operating Partnership |
|
(116 |
) |
|
|
(54 |
) |
|
Net income attributable to common stockholders |
$ |
1,114 |
|
|
$ |
372 |
|
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INCOME PER COMMON SHARE - BASIC: |
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Income per common share |
$ |
0.00 |
|
|
$ |
0.00 |
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Weighted average shares outstanding |
|
240,311,744 |
|
|
|
230,924,271 |
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INCOME PER COMMON SHARE - DILUTED: |
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Income per common share |
$ |
0.00 |
|
|
$ |
0.00 |
|
|
Weighted average shares outstanding |
|
240,338,698 |
|
|
|
230,958,441 |
|
|
|
|
|
|
|
|
|
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DIVIDENDS PER COMMON SHARE |
$ |
0.10 |
|
|
$ |
0.095 |
|
See notes to consolidated financial statements (unaudited).
4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|||||
|
|
For the Three Months Ended March 31, |
|
|||||
|
(Amounts in thousands) |
2018 |
|
|
2017 |
|
||
|
Net income |
$ |
2,715 |
|
|
$ |
1,629 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Change in value of interest rate swaps |
|
14,551 |
|
|
|
4,032 |
|
|
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures |
|
54 |
|
|
|
(222 |
) |
|
Comprehensive income |
|
17,320 |
|
|
|
5,439 |
|
|
Less comprehensive (income) loss attributable to noncontrolling |
|
|
|
|
|
|
|
|
interests in: |
|
|
|
|
|
|
|
|
Consolidated joint ventures |
|
(1,055 |
) |
|
|
(1,291 |
) |
|
Consolidated real estate fund |
|
(430 |
) |
|
|
88 |
|
|
Operating Partnership |
|
(1,492 |
) |
|
|
(540 |
) |
|
Comprehensive income attributable to common stockholders |
$ |
14,343 |
|
|
$ |
3,696 |
|
See notes to consolidated financial statements (unaudited).
5
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
|
|
|
Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling Interests in |
|
|
|
|
|
||||||||||||||
|
(Amounts in thousands, except per share and unit amounts) |
|
Shares |
|
|
Amount |
|
|
Additional Paid-in-Capital |
|
|
Earnings Less than Distributions |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Consolidated Joint Ventures |
|
|
Consolidated Real Estate Fund |
|
|
Operating Partnership |
|
|
Total Equity |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2016 |
|
|
230,015 |
|
|
$ |
2,300 |
|
|
$ |
4,116,987 |
|
|
$ |
(129,654 |
) |
|
$ |
372 |
|
|
$ |
253,788 |
|
|
$ |
64,793 |
|
|
$ |
577,361 |
|
|
$ |
4,885,947 |
|
|
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
372 |
|
|
|
- |
|
|
|
1,291 |
|
|
|
(88 |
) |
|
|
54 |
|
|
|
1,629 |
|
|
Common shares issued upon redemption of common units |
|
|
1,304 |
|
|
|
13 |
|
|
|
21,803 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(21,816 |
) |
|
|
- |
|
|
Common shares issued under Omnibus share plan, net of shares withheld for taxes |
|
|
61 |
|
|
|
- |
|
|
|
- |
|
|
|
(154 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(154 |
) |
|
Dividends and distributions ($0.095 per share and unit) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(21,981 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,226 |
) |
|
|
(25,207 |
) |
|
Contributions from noncontrolling interests in joint ventures and funds |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,972 |
|
|
|
2,500 |
|
|
|
- |
|
|
|
7,472 |
|
|
Distributions to noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(32,012 |
) |
|
|
- |
|
|
|
- |
|
|
|
(32,012 |
) |
|
Change in value of interest rate swaps |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,518 |
|
|
|
- |
|
|
|
- |
|
|
|
514 |
|
|
|
4,032 |
|
|
Pro rata share of other comprehensive loss of unconsolidated joint ventures |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(194 |
) |
|
|
- |
|
|
|
- |
|
|
|
(28 |
) |
|
|
(222 |
) |
|
Amortization of equity awards |
|
|
- |
|
|
|
- |
|
|
|
633 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,240 |
|
|
|
3,873 |
|
|
Balance as of March 31, 2017 |
|
|
231,380 |
|
|
$ |
2,313 |
|
|
$ |
4,139,423 |
|
|
$ |
(151,417 |
) |
|
$ |
3,696 |
|
|
$ |
228,039 |
|
|
$ |
67,205 |
|
|
$ |
556,099 |
|
|
$ |
4,845,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2017 |
|
|
240,427 |
|
|
$ |
2,403 |
|
|
$ |
4,297,948 |
|
|
$ |
(133,693 |
) |
|
$ |
10,083 |
|
|
$ |
404,997 |
|
|
$ |
14,549 |
|
|
$ |
425,797 |
|
|
$ |
5,022,084 |
|
|
Basis adjustment upon adoption of ASU 2017-05 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
529 |
|
|
|
- |
|
|
|
- |
|
|
|
6,557 |
|
|
|
- |
|
|
|
7,086 |
|
|
Balance as of January 1, 2018 |
|
|
240,427 |
|
|
|
2,403 |
|
|
|
4,297,948 |
|
|
|
(133,164 |
) |
|
|
10,083 |
|
|
|
404,997 |
|
|
|
21,106 |
|
|
|
425,797 |
|
|
|
5,029,170 |
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,114 |
|
|
|
- |
|
|
|
1,055 |
|
|
|
430 |
|
|
|
116 |
|
|
|
2,715 |
|
|
Common shares issued upon redemption of common units |
|
|
7 |
|
|
|
- |
|
|
|
123 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(123 |
) |
|
|
- |
|
|
Common shares issued under Omnibus share plan, net of shares withheld for taxes |
|
|
72 |
|
|
|
- |
|
|
|
- |
|
|
|
(213 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(213 |
) |
|
Dividends and distributions ($0.10 per share and unit) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(24,051 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,576 |
) |
|
|
(26,627 |
) |
|
Contributions from noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
29,920 |
|
|
|
- |
|
|
|
29,920 |
|
|
Distributions to noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,915 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1,915 |
) |
|
Change in value of interest rate swaps |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13,179 |
|
|
|
- |
|
|
|
- |
|
|
|
1,372 |
|
|
|
14,551 |
|
|
Pro rata share of other comprehensive income of unconsolidated joint ventures |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
54 |
|
|
Amortization of equity awards |
|
|
- |
|
|
|
- |
|
|
|
838 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
5,746 |
|
|
|
6,584 |
|
|
Other |
|
|
- |
|
|
|
- |
|
|
|
(5,700 |
) |
|
|
(171 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,702 |
|
|
|
(169 |
) |
|
Balance as of March 31, 2018 |
|
|
240,506 |
|
|
$ |
2,403 |
|
|
$ |
4,293,209 |
|
|
$ |
(156,485 |
) |
|
$ |
23,312 |
|
|
$ |
404,137 |
|
|
$ |
51,456 |
|
|
$ |
436,038 |
|
|
$ |
5,054,070 |
|
See notes to consolidated financial statements (unaudited).
6
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
For the Three Months Ended March 31, |
|
|||||
|
(Amounts in thousands) |
2018 |
|
|
2017 |
|
||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
$ |
2,715 |
|
|
$ |
1,629 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
65,156 |
|
|
|
62,992 |
|
|
Amortization of deferred financing costs |
|
2,761 |
|
|
|
2,730 |
|
|
Straight-lining of rental income |
|
(13,244 |
) |
|
|
(20,147 |
) |
|
Amortization of above and below-market leases, net |
|
(4,420 |
) |
|
|
(3,008 |
) |
|
Loss on early extinguishment of debt |
|
- |
|
|
|
2,715 |
|
|
Unrealized gain on interest rate swaps |
|
- |
|
|
|
(1,802 |
) |
|
Realized and unrealized losses (gains) on marketable securities |
|
29 |
|
|
|
(1,607 |
) |
|
Loss (income) from unconsolidated joint ventures |
|
62 |
|
|
|
(1,937 |
) |
|
Distributions of earnings from unconsolidated joint ventures |
|
600 |
|
|
|
24 |
|
|
Loss (income) from unconsolidated real estate funds |
|
66 |
|
|
|
(288 |
) |
|
Distributions of earnings from unconsolidated real estate funds |
|
68 |
|
|
|
62 |
|
|
Amortization of stock-based compensation expense |
|
6,265 |
|
|
|
3,429 |
|
|
Other non-cash adjustments |
|
202 |
|
|
|
(215 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts and other receivables |
|
46 |
|
|
|
2,687 |
|
|
Deferred charges |
|
(4,427 |
) |
|
|
(6,654 |
) |
|
Other assets |
|
(26,035 |
) |
|
|
(13,678 |
) |
|
Accounts payable and accrued expenses |
|
5,325 |
|
|
|
(8,355 |
) |
|
Other liabilities |
|
400 |
|
|
|
22,139 |
|
|
Net cash provided by operating activities |
|
35,569 |
|
|
|
40,716 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Additions to real estate |
|
(25,413 |
) |
|
|
(15,087 |
) |
|
Investments in unconsolidated joint ventures |
|
(16,115 |
) |
|
|
(27,857 |
) |
|
Escrow deposits and loans receivable for Residential Development Fund |
|
(15,680 |
) |
|
|
- |
|
|
Purchases of marketable securities |
|
(3,805 |
) |
|
|
(6,230 |
) |
|
Sales of marketable securities |
|
7,825 |
|
|
|
4,615 |
|
|
Distributions of capital from unconsolidated real estate funds |
|
- |
|
|
|
3,845 |
|
|
Contributions of capital to unconsolidated real estate funds |
|
(157 |
) |
|
|
- |
|
|
Net cash used in investing activities |
|
(53,345 |
) |
|
|
(40,714 |
) |
See notes to consolidated financial statements (unaudited).
7
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(UNAUDITED)
|
|
For the Three Months Ended March 31, |
|
|||||
|
(Amounts in thousands) |
2018 |
|
|
2017 |
|
||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
$ |
29,920 |
|
|
$ |
7,472 |
|
|
Dividends paid to common stockholders |
|
(22,841 |
) |
|
|
(21,851 |
) |
|
Proceeds from notes and mortgages payable |
|
16,700 |
|
|
|
991,556 |
|
|
Debt issuance costs |
|
(6,351 |
) |
|
|
(7,338 |
) |
|
Distributions paid to common unitholders |
|
(2,370 |
) |
|
|
(3,300 |
) |
|
Distributions to noncontrolling interests |
|
(1,915 |
) |
|
|
(32,012 |
) |
|
Repurchase of shares related to stock compensation agreements and related tax withholdings |
|
(213 |
) |
|
|
(154 |
) |
|
Repayments of notes and mortgages payable |
|
- |
|
|
|
(873,642 |
) |
|
Repayment of borrowings under revolving credit facility |
|
- |
|
|
|
(65,000 |
) |
|
Borrowings under revolving credit facility |
|
- |
|
|
|
35,000 |
|
|
Settlement of interest rate swap liabilities |
|
- |
|
|
|
(19,425 |
) |
|
Loss on early extinguishment of debt |
|
- |
|
|
|
(2,715 |
) |
|
Net cash provided by financing activities |
|
12,930 |
|
|
|
8,591 |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents and restricted cash |
|
(4,846 |
) |
|
|
8,593 |
|
|
Cash and cash equivalents and restricted cash at beginning of period |
|
250,425 |
|
|
|
192,339 |
|
|
Cash and cash equivalents and restricted cash at end of period |
$ |
245,579 |
|
|
$ |
200,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
|
|
|
||
|
Cash and cash equivalents at beginning of period |
$ |
219,381 |
|
|
$ |
162,965 |
|
|
Restricted cash at beginning of period |
|
31,044 |
|
|
|
29,374 |
|
|
Cash and cash equivalents and restricted cash at beginning of period |
$ |
250,425 |
|
|
$ |
192,339 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
$ |
212,547 |
|
|
$ |
125,734 |
|
|
Restricted cash at end of period |
|
33,032 |
|
|
|
75,198 |
|
|
Cash and cash equivalents and restricted cash at end of period |
$ |
245,579 |
|
|
$ |
200,932 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash payments for interest |
$ |
33,170 |
|
|
$ |
41,375 |
|
|
Cash payments for income taxes, net of refunds |
|
299 |
|
|
|
1,090 |
|
|
|
|
|
|
|
|
|
|
|
NON-CASH TRANSACTIONS: |
|
|
|
|
|
|
|
|
Dividends and distributions declared but not yet paid |
$ |
26,627 |
|
|
$ |
25,207 |
|
|
Additions to real estate included in accounts payable and accrued expenses |
|
13,334 |
|
|
|
4,712 |
|
|
Basis adjustment to investment in unconsolidated joint ventures upon adoption of ASU 2017-05 |
|
7,086 |
|
||||