Segments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Paramount's Share of Net Operating Income 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 March 31, 2025
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	181,994		$	114,567		$	66,988		$	439
Real estate related taxes		(38,911	)		(29,791	)		(9,120	)		-
Other operating expenses (1)		(39,139	)		(26,035	)		(10,919	)		(2,185	)
NOI attributable to noncontrolling interests in consolidated joint ventures		(22,083	)		(3,246	)		(18,837	)		-
NOI from unconsolidated joint ventures		4,927			3,158			1,710			59
Paramount's share of NOI (2)	$	86,788		$	58,653		$	29,822		$	(1,687	)

	For the Three Months March 31, 2024
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	182,629		$	117,804		$	65,190		$	(365	)
Real estate related taxes		(36,551	)		(28,876	)		(7,675	)		-
Other operating expenses (1)		(35,189	)		(21,438	)		(13,090	)		(661	)
NOI attributable to noncontrolling interests in consolidated joint ventures		(22,908	)		(2,676	)		(20,232	)		-
NOI from unconsolidated joint ventures		5,602			3,555			2,047			-
Paramount's share of NOI (2)	$	93,583		$	68,369		$	26,240		$	(1,026	)

(1)

Primarily comprised of cleaning, security, repairs and maintenance, and utilities.

(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 present Paramount’s share of NOI which represents our share of NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. 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 (loss) income attributable to common stockholders for the periods set forth below.


	For the Three Months Ended March 31,
(Amounts in thousands)	2025			2024
Paramount's share of NOI	$	86,788		$	93,583
NOI attributable to noncontrolling interests in consolidated joint ventures		22,083			22,908
Adjustments to arrive to net (loss) income:
Fee income		5,025			6,248
Depreciation and amortization		(58,879	)		(61,114	)
General and administrative		(17,461	)		(16,634	)
Income (loss) from unconsolidated joint ventures		1,907			(1,346	)
NOI from unconsolidated joint ventures		(4,927	)		(5,602	)
Interest and other income, net		3,815			19,420
Interest and debt expense		(43,200	)		(40,269	)
Other, net		(102	)		(116	)
(Loss) income before income taxes		(4,951	)		17,078
Income tax expense		(366	)		(347	)
Net (loss) income		(5,317	)		16,731
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(3,845	)		(5,206	)
Consolidated real estate related funds		(1,769	)		(762	)
Operating Partnership		905			(898	)
Net (loss) income attributable to common stockholders	$	(10,026	)	$	9,865

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, 2025	$	7,947,478	$	5,176,697	$	2,342,183	$	428,598
December 31, 2024		7,871,503		5,138,087		2,332,583		400,833