Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segments

22.Segments

Our reportable segments are separated by region, based on the two regions in which we conduct our business: New York and San Francisco. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business.

The following tables provide Paramount's share of Net Operating Income (“NOI”) for each reportable segment for the periods set forth below.

	For the Three Months Ended March 31, 2024
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	182,629		$	117,804		$	65,190		$	(365	)
Property-related operating expenses		(71,740	)		(50,314	)		(20,765	)		(661	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(22,908	)		(2,676	)		(20,232	)		-
NOI from unconsolidated joint ventures (1)		5,602			3,555			2,047			-
Paramount's share of NOI (2)	$	93,583		$	68,369		$	26,240		$	(1,026	)
	For the Three Months Ended March 31, 2023
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	183,917		$	117,226		$	67,302		$	(611	)
Property-related operating expenses		(70,309	)		(49,521	)		(20,268	)		(520	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(22,712	)		(2,623	)		(20,089	)		-
NOI from unconsolidated joint ventures (1)		5,305			3,363			1,943			(1	)
Paramount's share of NOI (2)	$	96,201		$	68,445		$	28,888		$	(1,132	)

(1)Excludes NOI from One Steuart Lane, a for-sale residential condominium project, and non-core assets (Market Center and 111 Sutter Street).

(2)NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies.

The following table provides a reconciliation of Paramount's share of NOI to net income attributable to common stockholders for the periods set forth below.

	For the Three Months Ended March 31,
(Amounts in thousands)	2024			2023
Paramount's share of NOI	$	93,583		$	96,201
NOI attributable to noncontrolling interests in consolidated joint ventures		22,908			22,712
Adjustments to arrive to net income:
Fee income		6,248			4,557
Depreciation and amortization expense		(61,114	)		(58,888	)
General and administrative expenses		(16,634	)		(14,623	)
(Loss) income from real estate related fund investments		(43	)		3,550
Loss from unconsolidated joint ventures		(1,346	)		(5,762	)
NOI from unconsolidated joint ventures (1)		(5,602	)		(5,305	)
Interest and other income, net		19,420			2,925
Interest and debt expense		(40,269	)		(36,459	)
Other, net		(73	)		(306	)
Income before income taxes		17,078			8,602
Income tax expense		(347	)		(288	)
Net income		16,731			8,314
Less net income attributable to noncontrolling interests in:
Consolidated joint ventures		(5,206	)		(5,641	)
Consolidated real estate related funds		(762	)		(823	)
Operating Partnership		(898	)		(121	)
Net income attributable to common stockholders	$	9,865		$	1,729

(1)Excludes NOI from One Steuart Lane, a for-sale residential condominium project, and non-core assets (Market Center and 111 Sutter Street).

The following table provides the total assets for each of our reportable segments as of the dates set forth below.

(Amounts in thousands)
Total Assets as of:	Total		New York		San Francisco		Other
March 31, 2024	$	7,929,725	$	5,229,341	$	2,335,752	$	364,632
December 31, 2023		8,006,215		5,214,504		2,342,395		449,316