v3.25.1
Variable Interest Entities ("VIEs") - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]        
Real estate, net $ 6,639,255 $ 6,651,805    
Cash and cash equivalents and restricted cash 614,007 555,447 $ 448,011 $ 509,599
Accounts and other receivables 20,496 18,229    
Investments in unconsolidated joint ventures 81,142 85,952    
Deferred rent receivable 355,581 356,425    
Deferred charges, net 106,306 100,684    
Intangible assets, net 46,983 50,492    
Other assets 79,030 47,820    
Total assets [1] 7,947,478 7,871,503    
Notes and mortgages payable, net 3,678,893 3,676,630    
Accounts payable and accrued expenses 114,074 119,881    
Intangible liabilities, net 19,301 20,870    
Other liabilities 34,279 44,625    
Total liabilities [1] 3,846,547 3,862,006    
Variable Interest Entities [Member]        
Variable Interest Entity [Line Items]        
Real estate, net 3,522,958 3,199,972    
Cash and cash equivalents and restricted cash 306,798 280,258    
Accounts and other receivables 12,926 10,067    
Investments in unconsolidated joint ventures 70,617 76,579    
Deferred rent receivable 199,812 192,939    
Deferred charges, net 46,897 38,610    
Intangible assets, net 27,224 28,569    
Other assets 21,445 7,078    
Total assets 4,208,677 3,834,072    
Notes and mortgages payable, net 2,322,477 2,320,880    
Accounts payable and accrued expenses 57,814 54,877    
Intangible liabilities, net 11,546 12,581    
Other liabilities 5,327 5,334    
Total liabilities $ 2,397,164 $ 2,393,672    
[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 92.1% as of March 31, 2025. As of March 31, 2025, the assets and liabilities of the Operating Partnership include $4,208,677 and $2,397,164 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities (“VIEs”).