Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

22.Subsequent Events

On May 1, 2023, First Republic Bank (“First Republic”) was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. In connection therewith, JPMorgan Chase Bank, National Association (N.A.), Columbus, Ohio, acquired all deposit accounts and substantially all the assets and assumed certain of the liabilities of First Republic from the FDIC. While the details of the acquisition of First Republic’s assets and the assumption of First Republic’s liabilities are unclear at this time, Paramount, through a wholly-owned subsidiary, is the landlord under certain lease agreements with First Republic at our One Front Street property in San Francisco. These lease agreements expire over various periods between June 2025 and December 2032. As of March 31, 2023, First Republic leased approximately 460,000 square feet pursuant to these lease agreements and accounts for approximately $43,000,000, or 6.4% of our annualized rents. First Republic remains current on its financial obligations under these lease agreements through May 2023.