Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

7. Debt

On February 1, 2024, we, together with our joint venture partner, modified and extended the existing non-recourse mortgage loan at One Market Plaza, a 1.6 million square-foot two-building trophy asset in San Francisco, California. The existing $975,000,000 loan, which bore interest at a fixed rate of 4.03%, was scheduled to mature on February 6, 2024. In connection with the modification, the loan balance was reduced to $850,000,000, following a $125,000,000 paydown by the joint venture, of which our 49.0% share was $61,250,000. The modified loan bears interest at a fixed rate of 4.08%, matures in February 2027 and has an option to extend for an additional year, subject to certain conditions.

The following table summarizes our consolidated outstanding debt.

	Paramount	Maturity	Fixed/	Interest Rate as of	As of December 31,
(Amounts in thousands)	Ownership	Date	Variable Rate	December 31, 2024	2024			2023
Notes and mortgages payable:
1633 Broadway	90.0%	Dec-2029	Fixed	2.99%	$	1,250,000		$	1,250,000
One Market Plaza	49.0%	Feb-2027	Fixed	4.08%		850,000			975,000
1301 Avenue of the Americas	100.0%	Aug-2026	SOFR + 277 bps (1)	6.27%		860,000			860,000
31 West 52nd Street	100.0%	Jun-2026	Fixed	3.80%		500,000			500,000
300 Mission Street	31.1%	Oct-2026	Fixed	4.50%		232,050			232,050
Total notes and mortgages payable				4.21%		3,692,050			3,817,050
Less: unamortized deferred financing costs						(15,420	)		(13,566	)
Total notes and mortgages payable, net					$	3,676,630		$	3,803,484
Revolving Credit Facility	100.0%	Mar-2026	SOFR + 135 bps	n/a	$	-		$	-

(1)Represents variable rate loans, where SOFR has been capped at 3.50% through August 2025. See Note 8, Derivative Instruments and Hedging Activities.

The following table summarizes the principal repayments required for the next five years and thereafter in connection with our consolidated notes and mortgages payable and revolving credit facility as of December 31, 2024.

			Notes and		Revolving
(Amounts in thousands)	Total		Mortgages Payable		Credit Facility
2025	$	-	$	-	$	-
2026		1,592,050		1,592,050		-
2027		850,000		850,000		-
2028		-		-		-
2029		1,250,000		1,250,000		-
Thereafter		-		-		-