Segments

9 Months Ended

Sep. 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 September 30, 2025
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	168,835		$	112,225		$	56,040		$	570
Real estate related taxes		(38,559	)		(30,086	)		(8,473	)		-
Other operating expenses (1)		(40,833	)		(24,346	)		(14,610	)		(1,877	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(18,686	)		(3,340	)		(15,346	)		-
NOI from unconsolidated joint ventures		4,743			3,156			1,570			17
Paramount's share of NOI  (2)	$	75,500		$	57,609		$	19,181		$	(1,290	)
	For the Three Months Ended September 30, 2024
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	188,123		$	116,383		$	71,523		$	217
Real estate related taxes		(37,955	)		(29,440	)		(8,515	)		-
Other operating expenses (1)		(42,361	)		(26,172	)		(14,983	)		(1,206	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(23,723	)		(2,424	)		(21,299	)		-
NOI from unconsolidated joint ventures		5,384			3,407			2,018			(41	)
Paramount's share of NOI  (2)	$	89,468		$	61,754		$	28,744		$	(1,030	)
	For the Nine Months Ended September 30, 2025
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	523,654		$	336,082		$	185,981		$	1,591
Real estate related taxes		(115,264	)		(88,942	)		(26,322	)		-
Other operating expenses (1)		(117,062	)		(72,427	)		(38,177	)		(6,458	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(61,385	)		(10,048	)		(51,337	)		-
NOI from unconsolidated joint ventures		14,706			9,620			4,960			126
Paramount's share of NOI  (2)	$	244,649		$	174,285		$	75,105		$	(4,741	)
	For the Nine Months Ended September 30, 2024
(Amounts in thousands)	Total			New York			San Francisco			Other
Property-related revenues	$	553,856		$	347,669		$	206,337		$	(150	)
Real estate related taxes		(112,379	)		(87,191	)		(25,188	)		-
Other operating expenses (1)		(113,869	)		(69,801	)		(41,203	)		(2,865	)
NOI attributable to noncontrolling interests in    consolidated joint ventures		(70,532	)		(7,600	)		(62,932	)		-
NOI from unconsolidated joint ventures		16,611			10,442			6,128			41
Paramount's share of NOI  (2)	$	273,687		$	193,519		$	83,142		$	(2,974	)

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

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
(Amounts in thousands)	2025			2024			2025			2024
Paramount's share of NOI	$	75,500		$	89,468		$	244,649		$	273,687
NOI attributable to noncontrolling interests in    consolidated joint ventures		18,686			23,723			61,385			70,532
Adjustments to arrive at net (loss) income:
Fee income		4,124			6,776			13,369			17,328
Depreciation and amortization		(57,766	)		(60,071	)		(176,707	)		(182,920	)
General and administrative		(16,340	)		(16,672	)		(58,112	)		(49,938	)
Transaction related costs		(9,981	)		(242	)		(10,840	)		(843	)
Income (loss) from unconsolidated joint ventures		661			(981	)		2,620			(3,098	)
NOI from unconsolidated joint ventures		(4,743	)		(5,384	)		(14,706	)		(16,611	)
Interest and other income, net		3,112			3,517			10,953			26,830
Interest and debt expense		(44,419	)		(43,805	)		(129,903	)		(124,078	)
Other, net		53			87			(146	)		107
(Loss) income before income taxes		(31,113	)		(3,584	)		(57,438	)		10,996
Income tax benefit (expense)		831			(619	)		1,430			(1,328	)
Net (loss) income		(30,282	)		(4,203	)		(56,008	)		9,668
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(279	)		(6,959	)		(5,095	)		(18,434	)
Consolidated real estate related funds		(688	)		581			(2,556	)		408
Operating Partnership		2,302			893			4,901			716
Net loss attributable to common stockholders	$	(28,947	)	$	(9,688	)	$	(58,758	)	$	(7,642	)

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
September 30, 2025	$	7,974,495	$	5,318,143	$	2,356,144	$	300,208
December 31, 2024		7,871,503		5,138,087		2,332,583		400,833