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Paramount Announces Fourth Quarter 2018 Results

NEW YORK--(BUSINESS WIRE)--

– Leases 1,014,101 square feet in 2018 –
– Completes $105 million of share repurchases in 2018 –
– Initiates Guidance for Full Year 2019 –

Paramount Group, Inc. (PGRE) (“Paramount” or the “Company”) filed its Annual Report on Form 10-K for the year ended December 31, 2018 today and reported results for the fourth quarter ended December 31, 2018.

Fourth Quarter Highlights:

  • Reported net income attributable to common stockholders of $5.3 million, or $0.02 per diluted share, for the quarter ended December 31, 2018, compared to a net loss of $6.8 million, or $0.03 per diluted share, for the quarter ended December 31, 2017.
  • Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of $59.3 million, or $0.25 per diluted share, for the quarter ended December 31, 2018, compared to $51.6 million, or $0.22 per diluted share, for the quarter ended December 31, 2017.
  • Reported a 13.4% increase in Same Store Cash Net Operating Income (“NOI”) and a 12.8% increase in Same Store NOI in the quarter ended December 31, 2018, compared to the same period in the prior year.
  • Leased 213,269 square feet, of which the Company’s share was 143,622 square feet that was leased at a weighted average initial rent of $93.40 per square foot. Of the square footage leased, 118,752 square feet represented second generation space, for which the Company achieved a positive mark-to-market of 2.9% on a cash basis and 11.0% on a GAAP basis.
  • Reported leased occupancy and same store leased occupancy of 96.4% at December 31, 2018, in-line with the leased occupancy and same store leased occupancy reported at September 30, 2018.
  • Repurchased an aggregate of 7.56 million shares, or $105.4 million of its common stock in 2018, at a weighted average price of $13.95 per share, of which 7.3 million shares were repurchased in the fourth quarter.
  • Declared a fourth quarter cash dividend of $0.10 per common share on December 14, 2018, which was paid on January 15, 2019.

Transactions Subsequent to Fourth Quarter:

  • Completed the acquisition of 111 Sutter Street, a 293,000 square foot office building located in San Francisco’s North Financial District. Simultaneously with closing, the Company brought in a joint venture partner to acquire 51% of the equity interest. The Company will retain the remaining 49% equity interest and manage and lease the asset. The purchase price was $227 million, or approximately $775 per square foot. In connection with the acquisition, the joint venture completed a $138.2 million financing of the property. The four-year loan is interest only loan at LIBOR plus 215 basis points and has three one-year extension options.

Financial Results

Quarter Ended December 31, 2018

Net income attributable to common stockholders was $5.3 million, or $0.02 per diluted share, for the quarter ended December 31, 2018, compared to a net loss of $6.8 million, or $0.03 per diluted share, for the quarter ended December 31, 2017.

Funds from Operations (“FFO”) attributable to common stockholders was $56.3 million, or $0.24 per diluted share, for the quarter ended December 31, 2018, compared to $48.1 million, or $0.20 per diluted share, for the quarter ended December 31, 2017. FFO attributable to common stockholders for the quarters ended December 31, 2018 and 2017 includes the impact of non-core items, which are listed in the table on page 10. The aggregate of these items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the quarters ended December 31, 2018 and 2017 by $3.0 million and $3.5 million, or $0.01 and $0.02 per diluted share, respectively.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 10, was $59.3 million, or $0.25 per diluted share, for the quarter ended December 31, 2018, compared to $51.6 million, or $0.22 per diluted share, for the quarter ended December 31, 2017.

Year Ended December 31, 2018

Net income attributable to common stockholders was $9.1 million, or $0.04 per diluted share, for the year ended December 31, 2018, compared to $86.4 million, or $0.37 per diluted share, for the year ended December 31, 2017. Net income attributable to common stockholders for the year ended December 31, 2018 includes $32.2 million, or $0.13 per diluted share, of gain on sale of real estate, net of “sting” taxes and $41.6 million, or $0.17 per diluted share, of real estate impairment loss. Net income attributable to common stockholders for the year ended December 31, 2017 includes $98.1 million, or $0.42 per diluted share, of gain on sale of real estate.

FFO attributable to common stockholders was $224.5 million, or $0.94 per diluted share, for the year ended December 31, 2018, compared to $205.6 million, or $0.87 per diluted share, for the year ended December 31, 2017. FFO attributable to common stockholders for the years ended December 31, 2018 and 2017 includes the impact of non-core items, which are listed in the table on page 10. The aggregate of these items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the years ended December 31, 2018 and 2017 by $5.4 million and $4.5 million, respectively, or $0.02 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 10, was $229.9 million, or $0.96 per diluted share, for the year ended December 31, 2018, compared to $210.1 million, or $0.89 per diluted share, for the year ended December 31, 2017.

Portfolio Operations

Quarter Ended December 31, 2018

Same Store Cash NOI increased by $10.5 million, or 13.4%, to $89.3 million for the quarter ended December 31, 2018 from $78.8 million for the quarter ended December 31, 2017. Same Store NOI increased by $11.6 million, or 12.8%, to $102.8 million for the quarter ended December 31, 2018 from $91.2 million for the quarter ended December 31, 2017.

During the quarter ended December 31, 2018, the Company leased 213,269 square feet, of which the Company’s share was 143,622 square feet that was leased at a weighted average initial rent of $93.40 per square foot. This leasing activity, offset by lease expirations in the quarter, caused leased occupancy and same store leased occupancy (properties owned by the Company in both reporting periods) to remain at 96.4% leased at December 31, 2018, in-line with the leased occupancy and same store leased occupancy at September 30, 2018. Of the 213,269 square feet leased in the fourth quarter, 118,752 square feet represented second generation space (space that had been vacant for less than twelve months) for which the Company achieved a positive mark-to-market of 2.9% on a cash basis and 11.0% on a GAAP basis. The weighted average lease term for leases signed during the fourth quarter was 3.3 years and weighted average tenant improvements and leasing commissions on these leases were $10.15 per square foot per annum, or 10.9% of initial rent.

Year Ended December 31, 2018

Same Store Cash NOI increased by $32.3 million, or 10.3%, to $347.7 million for the year ended December 31, 2018 from $315.4 million for the year ended December 31, 2017. Same Store NOI increased by $34.0 million, or 9.1%, to $408.7 million for the year ended December 31, 2018 from $374.7 million for the year ended December 31, 2017.

During the year ended December 31, 2018, the Company leased 1,014,101 square feet, of which the Company’s share was 766,509 square feet that was leased at a weighted average initial rent of $84.44 per square foot. This leasing activity, partially offset by lease expirations in the year, increased leased occupancy by 290 basis points to 96.4% at December 31, 2018 from 93.5% at December 31, 2017. Same store leased occupancy (properties owned by the Company in both reporting periods) increased by 310 basis points to 96.4% at December 31, 2018 from 93.3% at December 31, 2017. Of the 1,014,101 square feet leased in the year, 469,463 square feet represents second generation space (space that has been vacant for less than twelve months) for which the Company achieved a positive mark-to-market of 13.3% on a cash basis and 13.2% on a GAAP basis. The weighted average lease term for leases signed during the year was 9.1 years and weighted average tenant improvements and leasing commissions on these leases were $9.77 per square foot per annum, or 11.6% of initial rent.

Guidance

The Company is providing Estimated Core FFO Guidance for the full year of 2019, which is reconciled below to estimated net income attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net income attributable to common stockholders to be between $0.00 and $0.04 per diluted share. The estimated net income attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission.

The Company estimates 2019 Core FFO to be between $0.88 and $0.92 per diluted share. The Estimated Core FFO of $0.90 per diluted share, at the midpoint of the Company’s Guidance for 2019, when compared to Core FFO of $0.96 per diluted share for 2018, assumes, among other items, increases and decreases in the Company’s share of the following components: (i) an increase in Same Store Cash NOI of 5.0% to 7.0%, resulting in an incremental $0.08 per diluted share, offset by (ii) a decrease in non-cash straight-line rent and amortization of above and below-market lease revenue, net of $0.07 per diluted share, (iii) a $0.03 per diluted share net decrease in Cash NOI from acquisition and disposition activity, comprised of a $0.04 per diluted share reduction from the disposition of 1899 Pennsylvania Avenue and 425 Eye Street in 2018, partially offset by $0.01 from the acquisition of a 49% joint venture interest in 111 Sutter Street in February 2019, (iv) a decrease in lease termination income of $0.01 per diluted share, (v) an increase in interest and debt expense of $0.03 per diluted share, including $0.01 per diluted share resulting from new debt in connection with the acquisition of 111 Sutter Street, and (vi) an increase in general and administrative expenses of $0.02 per diluted share resulting solely from the inability to capitalize internal leasing costs due to a change in the accounting rules for such costs. In addition, the Company expects to realize a $0.02 per diluted share benefit due to a lower number of shares and units outstanding, resulting from the 7.5 million shares that were repurchased in 2018.

     

For the Year Ending December 31, 2019:

Low High

Estimated net income attributable to common stockholders per diluted share

$           0.00 $           0.04

Pro rata share of real estate depreciation and amortization, including the Company's share of unconsolidated joint ventures

            0.88             0.88
Estimated Core FFO per diluted share $           0.88 $           0.92
 

Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise to be referenced during the conference call referred to on page 7. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, capital markets activity or realized and unrealized gains or losses on real estate fund investments. The estimates set forth above may be subject to fluctuations as a result of several factors, including the straight-lining of rental income and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

FFO is a supplemental measure of our performance. We present FFO in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, impairment losses on depreciable real estate and depreciation and amortization expense from real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. In addition, we present Core FFO as an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.

FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other real estate companies. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.

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 also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, net, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE's share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at property level.

Same Store NOI is used to measure the operating performance of properties that were owned by us in a similar manner during both the current period and prior reporting periods and represents Same Store NOI from consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets. Same Store NOI also excludes lease termination income, bad debt expense and certain other items that may vary from period to period. We also present Same Store Cash NOI, which excludes the effect of non-cash items such as the straight-lining of rental revenue and the amortization of above and below-market leases.

A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended December 31, 2018, which is available on our website.

Investor Conference Call and Webcast

The Company will host a conference call and audio webcast on Thursday, February 14, 2019 at 10:00 a.m. Eastern Time (ET), during which management will discuss the fourth quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.

The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on February 14, 2019 through February 21, 2019 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13686702.

A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.paramount-group.com. A replay of the webcast will be archived on the Company’s website.

About Paramount Group, Inc.

Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

   
Paramount Group, Inc.
Consolidated Balance Sheets

(Unaudited and in thousands)

 
ASSETS: December 31, 2018 December 31, 2017
Real estate, at cost
Land $ 2,065,206 $ 2,209,506
Buildings and improvements   6,036,445   6,119,969
8,101,651 8,329,475
Accumulated depreciation and amortization   (644,639 )   (487,945 )
Real estate, net 7,457,012 7,841,530
Cash and cash equivalents 339,653 219,381
Restricted cash 25,756 31,044
Investments in unconsolidated joint ventures 78,863 44,762
Investments in unconsolidated real estate funds 10,352 7,253
Preferred equity investments, net 36,042 35,817
Marketable securities 22,660 29,039
Accounts and other receivables, net 20,076 17,082
Deferred rent receivable 267,456 220,826
Deferred charges, net 117,858 98,645
Intangible assets, net 270,445 352,206
Other assets   109,805   20,076
Total assets $ 8,755,978 $ 8,917,661
       
LIABILITIES:
Notes and mortgages payable, net $ 3,566,917 $ 3,541,300
Revolving credit facility - -
Due to affiliates - 27,299
Accounts payable and accrued expenses 124,334 117,630
Dividends and distributions payable 25,902 25,211
Intangible liabilities, net 95,991 130,028
Other liabilities   51,170   54,109
Total liabilities   3,864,314   3,895,577
 
EQUITY:
Paramount Group, Inc. equity 4,000,800 4,176,741
Noncontrolling interests in:
Consolidated joint ventures 394,995 404,997
Consolidated real estate fund 66,887 14,549
Operating Partnership   428,982   425,797
Total equity   4,891,664   5,022,084
Total liabilities and equity $ 8,755,978 $ 8,917,661
 
 
Paramount Group, Inc.
Consolidated Statements of Income

(Unaudited and in thousands, except share and per share amounts)

 
For the Three Months Ended For the Year Ended
December 31, December 31,
2018 2017 2018 2017
REVENUES:
Property rentals $ 149,654 $ 142,639 $ 592,240 $ 554,907
Straight-line rent adjustments 13,390 10,924 59,061 54,453
Amortization of above and below-market leases, net   3,448   5,359   16,059   19,523
Rental income 166,492 158,922 667,360 628,883
Tenant reimbursement income 13,961 13,657 56,950 52,418
Fee and other income   10,222   7,678   34,651   37,666
Total revenues 190,675 180,257 758,961 718,967
 
EXPENSES:
Operating 67,643 68,440 274,078 266,136
Depreciation and amortization 63,684 67,894 258,225 266,037
General and administrative 13,285 16,953 57,563 61,577
Transaction related costs 608 976 1,471 2,027
Real estate impairment loss   -   -   46,000   -
Total expenses 145,220 154,263 637,337 595,777
 
Operating income 45,455 25,994 121,624 123,190
 
Income from unconsolidated joint ventures 537 1,042 3,468 20,185
Loss from unconsolidated real estate funds (1 ) (90 ) (269 ) (6,143 )
Interest and other income (loss), net 1,229 2,951 8,117 (9,031 )
Interest and debt expense (37,657 ) (36,194 ) (147,653 ) (143,762 )
Loss on early extinguishment of debt - - - (7,877 )
Gain on sale of real estate - - 36,845 133,989
Unrealized gain on interest rate swaps   -   -   -   1,802
Net income (loss) before income taxes 9,563 (6,297 ) 22,132 112,353
Income tax expense   (968 )   (935 )   (3,139 )   (5,177 )
Net income (loss) 8,595 (7,232 ) 18,993 107,176

Less net (income) loss attributable to noncontrolling interests in:

Consolidated joint ventures (2,662 ) (664 ) (8,182 ) 10,365
Consolidated real estate fund (52 ) 398 (720 ) (19,797 )
Operating Partnership   (563 )   705   (944 )   (11,363 )
Net income (loss) attributable to common stockholders $ 5,318 $ (6,793 ) $ 9,147 $ 86,381
Per share:
Basic $ 0.02 $ (0.03 ) $ 0.04 $ 0.37
Diluted $ 0.02 $ (0.03 ) $ 0.04 $ 0.37
 
Weighted average common shares outstanding:
Basic   237,036,494   239,997,181   239,526,694   236,372,801

Diluted

  237,077,240   239,997,181   239,555,636   236,401,548
 
   
Paramount Group, Inc.
Reconciliation of Net Income (Loss) to FFO and Core FFO

(Unaudited and in thousands, except share and per share amounts)

 
For the Three Months Ended For the Year Ended
December 31, December 31,
2018   2017 2018   2017
Reconciliation of Net Income (Loss) to FFO and Core FFO:
Net income (loss) $ 8,595 $ (7,232 ) $ 18,993 $ 107,176

Real estate depreciation and amortization (including our share of unconsolidated joint ventures)

65,832 69,915 266,236 273,938
Real estate impairment loss - - 46,000 -
Gain on sale of depreciable real estate   -   -   (36,845 )   (110,583 )
FFO 74,427 62,683 294,384 270,531
Less FFO attributable to noncontrolling interests in:
Consolidated joint ventures (12,143 ) (9,965 ) (45,622 ) (19,748 )
Consolidated real estate fund   (52 )   398   (720 )   (20,132 )
FFO attributable to Paramount Group Operating Partnership 62,232 53,116 248,042 230,651

Less FFO attributable to noncontrolling interests in Operating Partnership

  (5,961 )   (4,995 )   (23,577 )   (25,093 )
FFO attributable to common stockholders $ 56,271 $ 48,121 $ 224,465 $ 205,558
Per diluted share $ 0.24 $ 0.20 $ 0.94 $ 0.87
 
FFO $ 74,427 $ 62,683 $ 294,384 $ 270,531
Non-core items:

Our share of earnings from 712 Fifth Avenue in excess of distributions received and (distributions in excess of basis)

2,646 176 2,727 (14,205 )
Transaction related costs 608 976 1,471 2,027

Realized and unrealized loss from unconsolidated real estate funds

85 99 560 6,380
"Sting" taxes in connection with the sale of real estate - - 1,248 -
Severance costs - 2,626 - 2,626

After-tax net gain on sale of residential condominium land parcel

- - - (21,568 )
Valuation allowance on preferred equity investment - - - 19,588
Loss on early extinguishment of debt - - - 7,877

Unrealized gain on interest rate swaps (including our share of unconsolidated joint ventures)

  -   -   -   (2,750 )
Core FFO 77,766 66,560 300,390 270,506
Less Core FFO attributable to noncontrolling interests in:
Consolidated joint ventures (12,143 ) (9,965 ) (45,622 ) (35,022 )
Consolidated real estate fund   (52 )   398   (720 )   156

Core FFO attributable to Paramount Group Operating Partnership

65,571 56,993 254,048 235,640

Less Core FFO attributable to noncontrolling interests in Operating Partnership

  (6,281 )   (5,360 )   (24,148 )   (25,568 )
Core FFO attributable to common stockholders $ 59,290 $ 51,633 $ 229,900 $ 210,072
Per diluted share $ 0.25 $ 0.22 $ 0.96 $ 0.89
 
Reconciliation of weighted average shares outstanding:
Weighted average shares outstanding 237,036,494 239,997,181 239,526,694 236,372,801
Effect of dilutive securities   40,746   37,360   28,942   28,747
Denominator for FFO and Core FFO per diluted share   237,077,240   240,034,541   239,555,636   236,401,548
 
   
Paramount Group, Inc.
Reconciliation of Net Income (Loss) to Same Store NOI and Same Store Cash NOI

(Unaudited and in thousands)

 

For the Three Months Ended
December 31,

For the Year Ended
December 31,

2018   2017 2018   2017

Reconciliation of Net Income (Loss) to Same Store NOI and Same Store Cash NOI:

Net income (loss) $ 8,595 $ (7,232 ) $ 18,993 $ 107,176
Add (subtract) adjustments to arrive at NOI and Cash NOI:
Depreciation and amortization 63,684 67,894 258,225 266,037
General and administrative 13,285 16,953 57,563 61,577
Interest and debt expense 37,657 36,194 147,653 143,762
Loss on early extinguishment of debt - - - 7,877
Transaction related costs 608 976 1,471 2,027
Income tax expense 968 935 3,139 5,177
NOI from unconsolidated joint ventures 6,973 4,869 20,730 19,643
Income from unconsolidated joint ventures (537 ) (1,042 ) (3,468 ) (20,185 )
Loss from unconsolidated real estate funds 1 90 269 6,143
Fee income (5,676 ) (4,374 ) (18,629 ) (24,212 )
Interest and other (income) loss, net (1,229 ) (2,951 ) (8,117 ) 9,031
Real estate impairment loss - - 46,000 -
Gain on sale of real estate - - (36,845 ) (133,989 )
Unrealized gain on interest rate swaps   -   -   -   (1,802 )
NOI 124,329 112,312 486,984 448,262

Less NOI attributable to noncontrolling interests in:

Consolidated joint ventures (18,026 ) (15,928 ) (69,017 ) (55,464 )
Consolidated real estate fund   (9 )   353   11   (154 )
PGRE's share of NOI 106,294 96,737 417,978 392,644
Acquisitions - - (5,254 ) -
Dispositions - (4,640 ) - (14,480 )

Lease termination income (including our share of unconsolidated joint ventures)

(3,553 ) (388 ) (4,303 ) (2,381 )
Other, net   90   (509 )   320   (1,053 )
PGRE's share of Same Store NOI $ 102,831 $ 91,200 $ 408,741 $ 374,730
 
NOI $ 124,329 $ 112,312 $ 486,984 $ 448,262
Less:

Straight-line rent adjustments (including our share of unconsolidated joint ventures)

(13,320 ) (10,765 ) (59,122 ) (54,886 )

Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)

  (3,286 )   (5,196 )   (15,408 )   (18,912 )
Cash NOI 107,723 96,351 412,454 374,464
Less Cash NOI attributable to noncontrolling interests in:
Consolidated joint ventures (14,953 ) (13,085 ) (56,552 ) (42,325 )
Consolidated real estate fund   (9 )   353   11   (154 )
PGRE's share of Cash NOI 92,761 83,619 355,913 331,985
Acquisitions - - (4,188 ) -
Dispositions - (4,469 ) - (14,160 )

Lease termination income (including our share of unconsolidated joint ventures)

(3,553 ) (388 ) (4,303 ) (2,381 )
Other, net   90   5   320   (50 )
PGRE's share of Same Store Cash NOI $ 89,298 $ 78,767 $ 347,742 $ 315,394
 

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