Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segments

23.Segments

Our operating segments, which consist of each one of our properties, are aggregated into two reportable segments based on two geographic 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 June 30, 2025
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	172,825		$	109,290		$	62,953		$	582
Real estate related taxes		(37,837	)		(29,065	)		(8,772	)		-
Other operating expenses (1)		(37,047	)		(22,046	)		(12,605	)		(2,396	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(20,616	)		(3,462	)		(17,154	)		-
NOI from unconsolidated joint ventures		5,036			3,306			1,680			50
Paramount's share of NOI  (2)	$	82,361		$	58,023		$	26,102		$	(1,764	)
	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	)
Real estate related taxes		(37,873	)		(28,875	)		(8,998	)		-
Other operating expenses (1)		(36,319	)		(22,191	)		(13,130	)		(998	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(23,901	)		(2,500	)		(21,401	)		-
NOI from unconsolidated joint ventures		5,625			3,480			2,063			82
Paramount's share of NOI  (2)	$	90,636		$	63,396		$	28,158		$	(918	)
	For the Six Months Ended June 30, 2025
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	354,819		$	223,857		$	129,941		$	1,021
Real estate related taxes		(76,705	)		(58,856	)		(17,849	)		-
Other operating expenses (1)		(76,229	)		(48,081	)		(23,567	)		(4,581	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(42,699	)		(6,708	)		(35,991	)		-
NOI from unconsolidated joint ventures		9,963			6,464			3,390			109
Paramount's share of NOI  (2)	$	169,149		$	116,676		$	55,924		$	(3,451	)
	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	)
Real estate related taxes		(74,424	)		(57,751	)		(16,673	)		-
Other operating expenses (1)		(71,508	)		(43,629	)		(26,220	)		(1,659	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(46,809	)		(5,176	)		(41,633	)		-
NOI from unconsolidated joint ventures		11,227			7,035			4,110			82
Paramount's share of NOI  (2)	$	184,219		$	131,765		$	54,398		$	(1,944	)

(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.

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)	2025			2024			2025			2024
Paramount's share of NOI	$	82,361		$	90,636		$	169,149		$	184,219
NOI attributable to noncontrolling interests in    consolidated joint ventures		20,616			23,901			42,699			46,809
Adjustments to arrive at net (loss) income:
Fee income		4,220			4,304			9,245			10,552
Depreciation and amortization		(60,062	)		(61,735	)		(118,941	)		(122,849	)
General and administrative		(24,311	)		(16,632	)		(41,772	)		(33,266	)
Income (loss) from unconsolidated joint ventures		52			(771	)		1,959			(2,117	)
NOI from unconsolidated joint ventures		(5,036	)		(5,625	)		(9,963	)		(11,227	)
Interest and other income, net		4,026			3,893			7,841			23,313
Interest and debt expense		(42,284	)		(40,004	)		(85,484	)		(80,273	)
Other, net		(956	)		(465	)		(1,058	)		(581	)
(Loss) income before income taxes		(21,374	)		(2,498	)		(26,325	)		14,580
Income tax benefit (expense)		965			(362	)		599			(709	)
Net (loss) income		(20,409	)		(2,860	)		(25,726	)		13,871
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(971	)		(6,269	)		(4,816	)		(11,475	)
Consolidated real estate related funds		(99	)		589			(1,868	)		(173	)
Operating Partnership		1,694			721			2,599			(177	)
Net (loss) income attributable to common stockholders	$	(19,785	)	$	(7,819	)	$	(29,811	)	$	2,046

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, 2025	$	7,958,713	$	5,194,541	$	2,351,304	$	412,868
December 31, 2024		7,871,503		5,138,087		2,332,583		400,833