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Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
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 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.
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

 

 

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

 

 
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

 

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