| 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.
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For the Three Months March 31, 2025 |
|
(Amounts in thousands) |
Total |
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New York |
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San Francisco |
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|
Other |
|
Property-related revenues |
$ |
181,994 |
|
|
$ |
114,567 |
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|
$ |
66,988 |
|
|
$ |
439 |
|
Real estate related taxes |
|
(38,911 |
) |
|
|
(29,791 |
) |
|
|
(9,120 |
) |
|
|
- |
|
Other operating expenses (1) |
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(39,139 |
) |
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|
(26,035 |
) |
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|
(10,919 |
) |
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|
(2,185 |
) |
NOI attributable to noncontrolling interests in
consolidated joint ventures |
|
(22,083 |
) |
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|
(3,246 |
) |
|
|
(18,837 |
) |
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|
- |
|
NOI from unconsolidated joint ventures |
|
4,927 |
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|
3,158 |
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|
1,710 |
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|
59 |
|
Paramount's share of NOI (2) |
$ |
86,788 |
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|
$ |
58,653 |
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|
$ |
29,822 |
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|
$ |
(1,687 |
) |
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For the Three Months March 31, 2024 |
|
(Amounts in thousands) |
Total |
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New York |
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San Francisco |
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Other |
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Property-related revenues |
$ |
182,629 |
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|
$ |
117,804 |
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|
$ |
65,190 |
|
|
$ |
(365 |
) |
Real estate related taxes |
|
(36,551 |
) |
|
|
(28,876 |
) |
|
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(7,675 |
) |
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|
- |
|
Other operating expenses (1) |
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(35,189 |
) |
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(21,438 |
) |
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(13,090 |
) |
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(661 |
) |
NOI attributable to noncontrolling interests in
consolidated joint ventures |
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(22,908 |
) |
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(2,676 |
) |
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(20,232 |
) |
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|
- |
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NOI from unconsolidated joint ventures |
|
5,602 |
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|
3,555 |
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|
2,047 |
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- |
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Paramount's share of NOI (2) |
$ |
93,583 |
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|
$ |
68,369 |
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|
$ |
26,240 |
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|
$ |
(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. 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.
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For the Three Months Ended March 31, |
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(Amounts in thousands) |
2025 |
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2024 |
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Paramount's share of NOI |
$ |
86,788 |
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$ |
93,583 |
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NOI attributable to noncontrolling interests in consolidated joint ventures |
|
22,083 |
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|
22,908 |
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Adjustments to arrive to net (loss) income: |
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Fee income |
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5,025 |
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|
6,248 |
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Depreciation and amortization |
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(58,879 |
) |
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(61,114 |
) |
General and administrative |
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(17,461 |
) |
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|
(16,634 |
) |
Income (loss) from unconsolidated joint ventures |
|
1,907 |
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|
|
(1,346 |
) |
NOI from unconsolidated joint ventures |
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(4,927 |
) |
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|
(5,602 |
) |
Interest and other income, net |
|
3,815 |
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|
19,420 |
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Interest and debt expense |
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(43,200 |
) |
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(40,269 |
) |
Other, net |
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(102 |
) |
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(116 |
) |
(Loss) income before income taxes |
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(4,951 |
) |
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|
17,078 |
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Income tax expense |
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(366 |
) |
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|
(347 |
) |
Net (loss) income |
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(5,317 |
) |
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|
16,731 |
|
Less net (income) loss attributable to noncontrolling interests in: |
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Consolidated joint ventures |
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(3,845 |
) |
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(5,206 |
) |
Consolidated real estate related funds |
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(1,769 |
) |
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(762 |
) |
Operating Partnership |
|
905 |
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|
(898 |
) |
Net (loss) income attributable to common stockholders |
$ |
(10,026 |
) |
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$ |
9,865 |
|
The following table provides the total assets for each of our reportable segments as of the dates set forth below.
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(Amounts in thousands) |
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Total Assets as of: |
Total |
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New York |
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San Francisco |
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Other |
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March 31, 2025 |
$ |
7,947,478 |
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$ |
5,176,697 |
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$ |
2,342,183 |
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$ |
428,598 |
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December 31, 2024 |
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7,871,503 |
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5,138,087 |
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2,332,583 |
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|
400,833 |
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