Segments

6 Months Ended

Jun. 30, 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 CODM, 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 June 30, 2024
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	183,104		$	113,482		$	69,624		$	(2	)
Property-related operating expenses		(74,192	)		(51,066	)		(22,128	)		(998	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(23,901	)		(2,500	)		(21,401	)		-
NOI from unconsolidated joint ventures (1)		5,625			3,480			2,063			82
Paramount's share of NOI (2)	$	90,636		$	63,396		$	28,158		$	(918	)
	For the Three Months Ended June 30, 2023
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	167,686		$	106,837		$	61,010		$	(161	)
Property-related operating expenses		(71,078	)		(48,685	)		(21,814	)		(579	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(22,564	)		(2,743	)		(19,821	)		-
NOI from unconsolidated joint ventures (1)		5,503			3,404			2,039			60
Paramount's share of NOI (2)	$	79,547		$	58,813		$	21,414		$	(680	)
	For the Six Months Ended June 30, 2024
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	365,733		$	231,286		$	134,814		$	(367	)
Property-related operating expenses		(145,932	)		(101,380	)		(42,893	)		(1,659	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(46,809	)		(5,176	)		(41,633	)		-
NOI from unconsolidated joint ventures (1)		11,227			7,035			4,110			82
Paramount's share of NOI (2)	$	184,219		$	131,765		$	54,398		$	(1,944	)
	For the Six Months Ended June 30, 2023
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	351,603		$	224,063		$	128,312		$	(772	)
Property-related operating expenses		(141,387	)		(98,206	)		(42,082	)		(1,099	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(45,276	)		(5,366	)		(39,910	)		-
NOI from unconsolidated joint ventures (1)		10,808			6,767			3,982			59
Paramount's share of NOI (2)	$	175,748		$	127,258		$	50,302		$	(1,812	)

(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 (loss) income attributable to common stockholders for the periods set forth below.

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
(Amounts in thousands)	2024			2023			2024			2023
Paramount's share of NOI	$	90,636		$	79,547		$	184,219		$	175,748
NOI attributable to noncontrolling interests in     consolidated joint ventures		23,901			22,564			46,809			45,276
Adjustments to arrive to net income (loss):
Fee income		4,304			4,976			10,552			9,533
Depreciation and amortization expense		(61,735	)		(62,627	)		(122,849	)		(121,515	)
General and administrative expenses		(16,632	)		(16,224	)		(33,266	)		(30,847	)
Loss from real estate related fund investments		(27	)		(42,644	)		(70	)		(39,094	)
Loss from unconsolidated joint ventures		(771	)		(28,402	)		(2,117	)		(34,164	)
NOI from unconsolidated joint ventures (1)		(5,625	)		(5,503	)		(11,227	)		(10,808	)
Interest and other income, net		3,893			2,967			23,313			5,892
Interest and debt expense		(40,004	)		(36,879	)		(80,273	)		(73,338	)
Other, net		(438	)		(31	)		(511	)		(337	)
(Loss) income before income taxes		(2,498	)		(82,256	)		14,580			(73,654	)
Income tax expense		(362	)		(573	)		(709	)		(861	)
Net (loss) income		(2,860	)		(82,829	)		13,871			(74,515	)
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(6,269	)		(5,351	)		(11,475	)		(10,992	)
Consolidated real estate related funds		589			37,301			(173	)		36,478
Operating Partnership		721			3,341			(177	)		3,220
Net (loss) income attributable to common stockholders	$	(7,819	)	$	(47,538	)	$	2,046		$	(45,809	)

(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
June 30, 2024	$	7,901,864	$	5,194,517	$	2,343,561	$	363,786
December 31, 2023		8,006,215		5,214,504		2,342,395		449,316