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Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of NOI for Each Reportable Segment Information

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.
Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders

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).
Schedule of Total Assets for Each Reportable Segments Information

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