Market Overview

Paramount Announces Second Quarter 2018 Results

Share:

– Leases over 597,000 square feet through June –

– Raises Core FFO Guidance for Full Year 2018 –

Paramount Group, Inc. (NYSE:PGRE) ("Paramount" or the "Company")
reported its financial results today for the second quarter ended June
30, 2018.

Second Quarter Highlights:

  • Reported a net loss attributable to common stockholders of $34.8
    million, or $0.14 per diluted share, for the quarter ended June 30,
    2018, compared to net income attributable to common stockholders of
    $103.0 million, or $0.44 per diluted share, for the quarter ended June
    30, 2017.
  • Reported Core Funds from Operations ("Core FFO") attributable to
    common stockholders of $57.9 million, or $0.24 per diluted share, for
    the quarter ended June 30, 2018, compared to $54.6 million, or $0.23
    per diluted share, for the quarter ended June 30, 2017.
  • Updated its full year 2018 Earnings Guidance as follows:
    • Estimated net loss attributable to common stockholders is expected
      to be between $0.14 and $0.10 per diluted share, compared to its
      prior estimate of net income attributable to common stockholders
      of $0.02 to $0.06 per diluted share.
    • Estimated Core FFO attributable to common stockholders is expected
      to be between $0.93 and $0.97 per diluted share, compared to its
      prior estimate of $0.92 to $0.96 per diluted share.
  • Reported a 5.9% increase in Same Store Cash Net Operating Income
    ("NOI") and a 6.1% increase in Same Store NOI in the quarter ended
    June 30, 2018, compared to the same period in the prior year.
  • Leased 312,522 square feet, of which the Company's share was 278,845
    square feet that was leased at a weighted average initial rent of
    $76.78 per square foot. Of the square footage leased, 87,646 square
    feet represented second generation space, for which the Company
    achieved a positive mark-to-market of 19.8% on a cash basis and 8.7%
    on a GAAP basis.
  • Increased leased occupancy and same store leased occupancy by 240
    basis points to 96.4% at June 30, 2018 from 94.0% at March 31, 2018.
  • Declared a second quarter cash dividend of $0.10 per common share on
    June 15, 2018, which was paid on July 13, 2018.

Financial Results

Quarter Ended June 30, 2018

Net loss attributable to common stockholders was $34.8 million, or $0.14
per diluted share, for the quarter ended June 30, 2018, compared to net
income attributable to common stockholders of $103.0 million, or $0.44
per diluted share, for the quarter ended June 30, 2017.

Funds from Operations ("FFO") attributable to common stockholders was
$58.9 million, or $0.25 per diluted share, for the quarter ended June
30, 2018, compared to $62.3 million, or $0.27 per diluted share, for the
quarter ended June 30, 2017. FFO attributable to common stockholders for
the quarters ended June 30, 2018 and 2017 includes the impact of
non-core items, which are listed in the table on page 9. The aggregate
of these items, net of amounts attributable to noncontrolling interests,
increased FFO attributable to common stockholders for the quarter ended
June 30, 2018 and 2017 by $1.0 million and $7.7 million, or $0.01 and
$0.04 per diluted share, respectively.

Core FFO attributable to common stockholders, which excludes the impact
of the non-core items listed on page 9, was $57.9 million, or $0.24 per
diluted share, for the quarter ended June 30, 2018, compared to $54.6
million, or $0.23 per diluted share, for the quarter ended June 30, 2017.

Six Months Ended June 30, 2018

Net loss attributable to common stockholders was $33.7 million, or $0.14
per diluted share, for the six months ended June 30, 2018, compared to
net income attributable to common stockholders of $103.4 million, or
$0.44 per diluted share, for the six months ended June 30, 2017.

FFO attributable to common stockholders was $112.6 million, or $0.47 per
diluted share, for the six months ended June 30, 2018, compared to
$113.9 million, or $0.49 per diluted share, for the six months ended
June 30, 2017. FFO attributable to common stockholders for the six
months ended June 30, 2018 and 2017 includes the impact of non-core
items, which are listed in the table on page 9. The aggregate of these
items, net of amounts attributable to noncontrolling interests,
decreased FFO attributable to common stockholders for the six months
ended June 30, 2018 by $0.3 million, or $0.00 per diluted share, and
increased FFO attributable to common stockholders for the six months
ended June 30, 2017 by $7.8 million, or $0.04 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact
of the non-core items listed on page 9, was $112.9 million, or $0.47 per
diluted share, for the six months ended June 30, 2018, compared to
$106.1 million, or $0.45 per diluted share, for the six months ended
June 30, 2017.

Portfolio Operations

Quarter Ended June 30, 2018

Same Store Cash NOI increased by $4.8 million, or 5.9%, to $86.8 million
for the quarter ended June 30, 2018 from $82.0 million for the quarter
ended June 30, 2017. Same Store NOI increased by $6.0 million, or 6.1%,
to $104.0 million for the quarter ended June 30, 2018 from $98.0 million
for the quarter ended June 30, 2017.

During the quarter ended June 30, 2018, the Company leased 312,522
square feet, of which the Company's share was 278,845 square feet that
was leased at a weighted average initial rent of $76.78 per square foot.
This leasing activity, partially offset by lease expirations in the
quarter, increased leased occupancy and same store leased occupancy
(properties owned by the Company in both reporting periods) by 240 basis
points to 96.4% at June 30, 2018 from 94.0% at March 31, 2018. Of the
312,522 square feet leased in the second quarter, 87,646 square feet
represented second generation space (space that had been vacant for less
than twelve months) for which the Company achieved positive
mark-to-markets of 19.8% on a cash basis and 8.7% on a GAAP basis. The
weighted average lease term for leases signed during the second quarter
was 13.7 years and weighted average tenant improvements and leasing
commissions on these leases were $10.37 per square foot per annum, or
13.5% of initial rent.

Six Months Ended June 30, 2018

Same Store Cash NOI increased by $15.9 million, or 10.3%, to $170.6
million for the six months ended June 30, 2018 from $154.7 million for
the six months ended June 30, 2017. Same Store NOI increased by $12.0
million, or 6.3%, to $202.1 million for the six months ended June 30,
2018 from $190.1 million for the six months ended June 30, 2017.

During the six months ended June 30, 2018, the Company leased 597,689
square feet, of which the Company's share was 495,693 square feet that
was leased at a weighted average initial rent of $80.74 per square foot.
This leasing activity, partially offset by lease expirations in the six
months, increased leased occupancy and same store leased occupancy
(properties owned by the Company in both reporting periods) by 290 basis
points to 96.4% at June 30, 2018 from 93.5% at December 31, 2017. Of the
597,689 square feet leased in the six months, 248,861 square feet
represents second generation space (space that has been vacant for less
than twelve months) for which the Company achieved positive
mark-to-markets of 18.4% on a cash basis and 11.7% on a GAAP basis. The
weighted average lease term for leases signed during the six months was
11.4 years and weighted average tenant improvements and leasing
commissions on these leases were $9.62 per square foot per annum, or
11.9% of initial rent.

Guidance

The Company is updating its Estimated Core FFO Guidance for the full
year of 2018, which is reconciled below to estimated net loss
attributable to common stockholders per diluted share in accordance with
GAAP. The Company estimates that net loss attributable to common
stockholders will be between $0.14 and $0.10 per diluted share, compared
to its prior estimate of net income attributable to common stockholders
of $0.02 to $0.06 per diluted share, resulting primarily from a real
estate impairment loss that was recognized in the quarter ended June 30,
2018. The estimated net loss 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.

Based on the Company's performance for the six months ended June 30,
2018 and its outlook for the remainder of 2018, the Company is raising
its Estimated 2018 Core FFO Guidance to be between $0.93 and $0.97 per
diluted share, up from its prior range of $0.92 to $0.96 per diluted
share. This represents an increase of $0.01 per diluted share at the
midpoint of the Company's guidance resulting primarily from better than
expected portfolio performance.

       

For the Year Ending December 31, 2018:

Low High
Estimated net loss attributable to common stockholders
  per diluted share $ (0.14 ) $ (0.10 )
Real estate impairment loss 0.17 0.17
Pro rata share of real estate depreciation and amortization,
including
the Company's share of unconsolidated joint ventures   0.90   0.90
Estimated Core FFO per diluted share $ 0.93 $ 0.97
 

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 below. These estimates do not include the
impact on operating results from possible future property acquisitions
or dispositions, capital markets activity or 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 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 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 June 30, 2018,
which is available on our website.

Investor Conference Call and Webcast

The Company will host a conference call and audio webcast on Thursday,
August 2, 2018 at 10:00 a.m. Eastern Time (ET), during which management
will discuss the second 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 August 2, 2018 through August 9,
2018 and can be accessed by dialing 844-512-2921 (domestic) or
412-317-6671 (international) and entering the passcode 13681171.

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: June 30, 2018 December 31, 2017
Real estate, at cost
Land $ 2,186,006 $ 2,209,506
Buildings and improvements   6,132,725   6,119,969
8,318,731 8,329,475
Accumulated depreciation and amortization   (566,164 )   (487,945 )
Real estate, net 7,752,567 7,841,530
Cash and cash equivalents 233,530 219,381
Restricted cash 32,755 31,044
Investments in unconsolidated joint ventures 67,823 44,762
Investments in unconsolidated real estate funds 9,292 7,253
Preferred equity investments, net 35,925 35,817
Marketable securities 25,913 29,039
Accounts and other receivables, net 15,549 17,082
Deferred rent receivable 252,140 220,826
Deferred charges, net 116,147 98,645
Intangible assets, net 316,451 352,206
Other assets   57,821   20,076
Total assets $ 8,915,913 $ 8,917,661
       
LIABILITIES:
Notes and mortgages payable, net $ 3,562,459 $ 3,541,300
Revolving credit facility - -
Due to affiliates 27,299 27,299
Accounts payable and accrued expenses 123,720 117,630
Dividends and distributions payable 26,621 25,211
Intangible liabilities, net 115,559 130,028
Other liabilities   54,507   54,109
Total liabilities   3,910,165   3,895,577
 
EQUITY:
Paramount Group, Inc. equity 4,113,520 4,176,741
Noncontrolling interests in:
Consolidated joint ventures 403,686 404,997
Consolidated real estate fund 57,816 14,549
Operating Partnership   430,726   425,797
Total equity   5,005,748   5,022,084
Total liabilities and equity $ 8,915,913 $ 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 June 30, For the Six Months Ended June 30,
2018   2017 2018   2017
REVENUES:
Property rentals $ 148,486 $ 138,232 $ 294,227 $ 270,467
Straight-line rent adjustments 16,739 11,974 29,983 32,121
Amortization of above and below-market leases, net   4,304   7,981   8,724   10,989
Rental income 169,529 158,187 332,934 313,577
Tenant reimbursement income 13,164 11,856 27,410 24,708
Fee and other income   8,726   7,661   15,346   20,655
Total revenues 191,419 177,704 375,690 358,940
 
EXPENSES:
Operating 67,646 63,461 136,624 129,432
Depreciation and amortization 64,775 68,636 129,931 131,628
General and administrative 17,195 16,573 29,826 30,154
Transaction related costs 293 502 413 777
Real estate impairment loss   46,000   -   46,000   -
Total expenses   195,909   149,172   342,794   291,991
 
Operating (loss) income (4,490 ) 28,532 32,896 66,949
 
Income from unconsolidated joint ventures 2,521 16,535 2,459 18,472
Loss from unconsolidated real estate funds (14 ) (2,411 ) (80 ) (2,123 )
Interest and other income, net 2,094 2,486 4,110 5,686
Interest and debt expense (36,809 ) (34,817 ) (72,891 ) (71,835 )
Loss on early extinguishment of debt - (5,162 ) - (7,877 )
Gain on sale of real estate - 133,989 - 133,989
Unrealized gain on interest rate swaps   -   -   -   1,802
Net (loss) income before income taxes (36,698 ) 139,152 (33,506 ) 145,063
Income tax benefit (expense)   120   (970 )   (357 )   (5,252 )
Net (loss) income (36,578 ) 138,182 (33,863 ) 139,811
Less net (income) loss attributable to
noncontrolling interests in:
Consolidated joint ventures (1,752 ) (1,897 ) (2,807 ) (3,188 )
Consolidated real estate fund (152 ) (20,169 ) (582 ) (20,081 )
Operating Partnership   3,666   (13,100 )   3,550   (13,154 )
Net (loss) income attributable to common stockholders $ (34,816 ) $ 103,016 $ (33,702 ) $ 103,388
 
Per share:
Basic $ (0.14 ) $ 0.44 $ (0.14 ) $ 0.44
Diluted $ (0.14 ) $ 0.44 $ (0.14 ) $ 0.44
 
Weighted average common shares outstanding:
Basic   240,336,485   234,990,468   240,324,183   232,968,602
Diluted   240,336,485   235,010,830   240,324,183   232,995,822
 

Paramount Group, Inc.

Reconciliation of Net (Loss) Income to FFO and Core FFO

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

 
              For the Three Months Ended June 30,   For the Six Months Ended June 30,
2018   2017 2018   2017
Reconciliation of Net (Loss) Income to FFO and Core FFO:
Net (loss) income $ (36,578 ) $ 138,182 $ (33,863 ) $ 139,811
Real estate depreciation and amortization (including
our share of unconsolidated joint ventures) 66,711 70,660 133,871 135,500
Real estate impairment loss 46,000 - 46,000 -
Gain on sale of depreciable real estate   -   (110,583 )   -   (110,583 )
FFO 76,133 98,259 146,008 164,728
Less FFO attributable to noncontrolling interests in:
Consolidated joint ventures (10,840 ) (7,740 ) (21,047 ) (14,935 )
Consolidated real estate fund   (152 )   (20,276 )   (582 )   (20,416 )
FFO attributable to Paramount Group Operating Partnership 65,141 70,243 124,379 129,377
Less FFO attributable to noncontrolling interests
in Operating Partnership   (6,206 )   (7,925 )   (11,791 )   (15,470 )
FFO attributable to common stockholders $ 58,935 $ 62,318 $ 112,588 $ 113,907
Per diluted share $ 0.25 $ 0.27 $ 0.47 $ 0.49
 
FFO $ 76,133 $ 98,259 $ 146,008 $ 164,728
Non-core items:
Our share of distributions from 712 Fifth Avenue

in excess of earnings

(1,512 ) (15,072 ) (317 ) (15,072 )
Transaction related costs 293 502 413 777
Realized and unrealized loss on unconsolidated

real estate funds

74 2,482 205 2,247
After-tax net gain on sale of residential
condominium land parcel - (21,568 ) - (21,568 )
Loss on early extinguishment of debt - 5,162 - 7,877
Unrealized gain on interest rate swaps (including
our share of unconsolidated joint ventures)   -   (364 )   -   (2,750 )
Core FFO 74,988 69,401 146,309 136,239
Less Core FFO attributable to noncontrolling interests in:
Consolidated joint ventures (10,840 ) (7,740 ) (21,047 ) (15,401 )
Consolidated real estate fund   (152 )   12   (582 )   (128 )
Core FFO attributable to Paramount Group
Operating Partnership 63,996 61,673 124,680 120,710
Less Core FFO attributable to noncontrolling interests
in Operating Partnership   (6,097 )   (7,108 )   (11,818 )   (14,640 )
Core FFO attributable to common stockholders $ 57,899 $ 54,565 $ 112,862 $ 106,070
Per diluted share $ 0.24 $ 0.23 $ 0.47 $ 0.45
 
Reconciliation of weighted average shares outstanding:
Weighted average shares outstanding 240,336,485 234,990,468 240,324,183 232,968,602
Effect of dilutive securities   17,229   20,362   20,525   27,220
Denominator for FFO and Core FFO per diluted share   240,353,714   235,010,830   240,344,708   232,995,822
 
 

Paramount Group, Inc.

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

(Unaudited and in thousands)

 
              For the Three Months Ended June 30,   For the Six Months Ended June 30,
2018   2017 2018   2017
Reconciliation of Net (Loss) Income to Same Store NOI

and Same Store Cash NOI:

Net (loss) income $ (36,578 ) $ 138,182 $ (33,863 ) $ 139,811
Add (subtract) adjustments to arrive at NOI and Cash NOI:
Depreciation and amortization 64,775 68,636 129,931 131,628
General and administrative 17,195 16,573 29,826 30,154
Interest and debt expense 36,809 34,817 72,891 71,835
Loss on early extinguishment of debt - 5,162 - 7,877
Transaction related costs 293 502 413 777
Income tax (benefit) expense (120 ) 970 357 5,252
NOI from unconsolidated joint ventures 4,569 4,958 9,309 9,781
Income from unconsolidated joint ventures (2,521 ) (16,535 ) (2,459 ) (18,472 )
Loss from unconsolidated real estate funds 14 2,411 80 2,123
Fee income (5,409 ) (4,448 ) (8,874 ) (14,004 )
Interest and other income, net (2,094 ) (2,486 ) (4,110 ) (5,686 )
Real estate impairment loss 46,000 - 46,000 -
Gain on sale of real estate - (133,989 ) - (133,989 )
Unrealized gain on interest rate swaps   -   -   -   (1,802 )
NOI 122,933 114,753 239,501 225,285
Less NOI attributable to noncontrolling interests in:
Consolidated joint ventures (16,674 ) (12,200 ) (32,688 ) (24,229 )
Consolidated real estate fund   (13 )   (345 )   13   (486 )
PGRE's share of NOI 106,246 102,208 206,826 200,570
Acquisitions (2,361 ) - (4,667 ) -
Dispositions - (2,332 ) - (8,632 )
Lease termination income (including our share

of unconsolidated joint ventures)

(54 ) (1,041 ) (244 ) (1,107 )
Other, net   174   (785 )   174   (785 )
PGRE's share of Same Store NOI $ 104,005 $ 98,050 $ 202,089 $ 190,046
 
NOI $ 122,933 $ 114,753 $ 239,501 $ 225,285
Less:
Straight-line rent adjustments (including our share

of unconsolidated joint ventures)

(16,853 ) (12,208 ) (30,050 ) (32,719 )
Amortization of above and below-market leases, net

(including our share of unconsolidated joint ventures)

  (4,141 )   (7,818 )   (8,398 )   (10,699 )
Cash NOI 101,939 94,727 201,053 181,867
Less Cash NOI attributable to noncontrolling interests in:
Consolidated joint ventures (13,438 ) (8,946 ) (26,631 ) (16,828 )
Consolidated real estate fund   (13 )   (345 )   13   (486 )
PGRE's share of Cash NOI 88,488 85,436 174,435 164,553
Acquisitions (1,766 ) - (3,730 ) -
Dispositions - (2,332 ) - (8,632 )
Lease termination income (including our share of

unconsolidated joint ventures)

(54 ) (1,041 ) (244 ) (1,107 )
Other, net   174   (87 )   174   (87 )
PGRE's share of Same Store Cash NOI $ 86,842 $ 81,976 $ 170,635 $ 154,727
 

View Comments and Join the Discussion!