Paramount Announces Fourth Quarter 2023 Results
- Reported net loss of $205.6 million for Q4 2023 compared to $37.9 million in Q4 2022.
- Core FFO of $46.1 million for Q4 2023, down from $54.4 million in Q4 2022.
- Leased 173,770 square feet with negative mark-to-markets on second generation space.
- Declared a cash dividend of $0.035 per common share in December 2023.
- Modified and extended a mortgage loan at One Market Plaza in San Francisco on February 1, 2024.
- Reported an 8.0% decrease in Same Store Cash NOI and a 7.2% decrease in Same Store NOI for Q4 2023.
- Net loss attributable to common stockholders increased significantly from Q4 2022 to Q4 2023.
- Core FFO decreased by 15.4% from Q4 2022 to Q4 2023.
- Leased occupancy decreased by 40 basis points in Q4 2023 compared to Q3 2023.
- Year-over-year, Same Store Cash NOI decreased by 5.0% for 2023.
Insights
The reported net loss of $205.6 million by Paramount Group marks a significant increase from the previous year's $37.9 million, indicating a substantial negative shift in the company's profitability. This loss includes a considerable $185.0 million in non-cash real estate impairment losses, which suggests a revaluation of the company's real estate assets in joint ventures, reflecting potentially lower market values or reduced income prospects. Additionally, the decrease in Core Funds from Operations (Core FFO) from $54.4 million to $46.1 million highlights a contraction in the company's operating performance, which is a critical measure of cash flow for real estate investment trusts (REITs).
The reduction in Same Store Cash Net Operating Income (NOI) by 8.0% and Same Store NOI by 7.2% further underscores the operational challenges faced by the company, likely due to decreased occupancy rates or rental income. The negative mark-to-market on second generation space indicates that new leases are being signed at lower rates than previous ones, which could pressure future revenue. The modification and extension of the mortgage loan on One Market Plaza could be seen as a strategic move to manage debt obligations, but the increased interest rate, albeit slight, may affect future interest expenses.
The leasing activity reported by Paramount Group, with a decrease in leased occupancy to 87.7%, suggests a softening demand in their real estate portfolio. The negative mark-to-markets, especially the 7.5% decrease on a cash basis, indicate that tenants are negotiating lower rents, which could be symptomatic of a competitive market or a surplus of available space. The significant non-cash impairment losses point to a potential overvaluation of assets in prior periods or a market downturn affecting property values.
The loan modification at One Market Plaza, reducing the balance and slightly increasing the interest rate, reflects a proactive approach to capital management. However, it is essential to monitor the impact of such financial restructuring on the company's long-term debt profile and liquidity. The weighted average lease term of over 10 years for the fourth quarter provides some stability in cash flows, but the associated tenant improvements and leasing commissions at 15.4% of initial rent could impact short-term profitability.
Paramount Group's financial performance and operational metrics suggest a challenging environment for the company's investors. The significant net loss could lead to concerns about the company's ability to generate value in the short term. The impairment losses, while non-cash, may be alarming to shareholders as they reflect a downturn in the valuation of assets, which could impact the company's net asset value (NAV).
Investors should also consider the implications of the decreased Same Store NOI and FFO, which are key indicators of the company's operating efficiency and profitability. The guidance provided for the Estimated Core FFO for 2024 will be a critical indicator for investors to assess the company's future performance and potential recovery from the current downturn. It is crucial for investors to analyze the company's strategic initiatives to mitigate the negative trends and enhance shareholder value in the long term.
Fourth Quarter Highlights:
Results of Operations:
-
Reported net loss attributable to common stockholders of
$205.6 million $0.95 $37.9 million $0.17 $185.0 million $0.85 $7.3 million $0.03 $29.6 million $0.14 -
Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of
$46.1 million $0.21 $54.4 million $0.25 -
Reported an
8.0% decrease in Same Store Cash Net Operating Income (“NOI”) and a7.2% decrease in Same Store NOI in the quarter ended December 31, 2023, compared to the same period in the prior year. -
Leased 173,770 square feet, of which the Company’s share was 142,391 square feet that was leased at a weighted average initial rent of
$80.17 2.5% on a GAAP basis and negative7.5% on a cash basis. -
Declared a fourth quarter cash dividend of
$0.03 5
Transactions Subsequent to Fourth Quarter:
-
On February 1, 2024, the Company, together with its joint venture partner, modified and extended the existing mortgage loan at One Market Plaza, a 1.6 million square-foot two-building trophy asset in
San Francisco, California . The existing$975.0 million 4.03% , was scheduled to mature on February 6, 2024. In connection with the modification, the loan balance was reduced to$850.0 million $125.0 million 49.0% share was$61.25 million 4.08% , matures in February 2027 and has an option to extend for an additional year, subject to certain conditions.
__________________
(1) Second generation space represents space leased in the current period (i) prior to its originally scheduled expiration, or (ii) that has been vacant for less than twelve months.
Financial Results
Quarter Ended December 31, 2023
Net loss attributable to common stockholders was
Funds from Operations (“FFO”) attributable to common stockholders was
Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 10, was
Year Ended December 31, 2023
Net loss attributable to common stockholders was
FFO attributable to common stockholders was
Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 10, was
Portfolio Operations
Quarter Ended December 31, 2023
Same Store Cash NOI decreased by
During the quarter ended December 31, 2023, the Company leased 173,770 square feet, of which the Company’s share was 142,391 square feet that was leased at a weighted average initial rent of
Of the 173,770 square feet leased in the fourth quarter, 112,898 square feet represented the Company’s share of second generation space for which mark-to-markets were negative
Year Ended December 31, 2023
Same Store Cash NOI decreased by
During the year ended December 31, 2023, the Company leased 739,510 square feet, of which the Company’s share was 597,210 square feet that was leased at a weighted average initial rent of
Of the 739,510 square feet leased during the year, 511,789 square feet represented the Company’s share of second generation space for which mark-to-markets were positive
Guidance
The Company is providing, in its Supplemental Information for the quarter ended December 31, 2023, its Estimated Core FFO Guidance for the full year of 2024, which is reconciled to estimated net loss attributable to common stockholders in accordance with GAAP. The Supplemental Information for the quarter ended December 31, 2023 can be found on the Company’s website at www.pgre.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including elevated inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the
Non-GAAP Financial Measures
FFO is a supplemental measure of our performance. We present FFO in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with accounting principles generally accepted in
FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other real estate companies. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.
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 also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at the property level.
Same Store NOI is used to measure the operating performance of properties in our
A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended December 31, 2023, which is available on our website.
Investor Conference Call and Webcast
The Company will host a conference call and audio webcast on Thursday, February 15, 2024 at 10:00 a.m. Eastern Time (ET), during which management will discuss the fourth quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.
The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on February 15, 2024 through February 22, 2024 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13743277.
A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.pgre.com. A replay of the webcast will be archived on the Company’s website.
About Paramount Group, Inc.
Headquartered in
Paramount Group, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
(Unaudited and in thousands) |
||||||||
Assets: |
|
December 31, 2023 |
|
December 31, 2022 |
||||
Real estate, at cost: |
|
|
|
|
|
|
||
Land |
|
$ |
1,966,237 |
|
|
$ |
1,966,237 |
|
Buildings and improvements |
|
|
6,250,379 |
|
|
|
6,177,540 |
|
|
|
|
8,216,616 |
|
|
|
8,143,777 |
|
Accumulated depreciation and amortization |
|
|
(1,471,819 |
) |
|
|
(1,297,553 |
) |
Real estate, net |
|
|
6,744,797 |
|
|
|
6,846,224 |
|
Cash and cash equivalents |
|
|
428,208 |
|
|
|
408,905 |
|
Restricted cash |
|
|
81,391 |
|
|
|
40,912 |
|
Accounts and other receivables |
|
|
18,053 |
|
|
|
23,866 |
|
Real estate related fund investments |
|
|
775 |
|
|
|
105,369 |
|
Investments in unconsolidated real estate related funds |
|
|
4,549 |
|
|
|
3,411 |
|
Investments in unconsolidated joint ventures |
|
|
132,239 |
|
|
|
393,503 |
|
Deferred rent receivable |
|
|
351,209 |
|
|
|
346,338 |
|
Deferred charges, net |
|
|
108,751 |
|
|
|
120,685 |
|
Intangible assets, net |
|
|
68,005 |
|
|
|
90,381 |
|
Other assets |
|
|
68,238 |
|
|
|
73,660 |
|
Total assets |
|
$ |
8,006,215 |
|
|
$ |
8,453,254 |
|
|
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Notes and mortgages payable, net |
|
$ |
3,803,484 |
|
|
$ |
3,840,318 |
|
Revolving credit facility |
|
|
- |
|
|
|
- |
|
Accounts payable and accrued expenses |
|
|
114,463 |
|
|
|
123,176 |
|
Dividends and distributions payable |
|
|
8,360 |
|
|
|
18,026 |
|
Intangible liabilities, net |
|
|
28,003 |
|
|
|
36,193 |
|
Other liabilities |
|
|
37,017 |
|
|
|
24,775 |
|
Total liabilities |
|
|
3,991,327 |
|
|
|
4,042,488 |
|
Equity: |
|
|
|
|
|
|
||
Paramount Group, Inc. equity |
|
|
3,203,285 |
|
|
|
3,592,291 |
|
Noncontrolling interests in: |
|
|
|
|
|
|
||
Consolidated joint ventures |
|
|
413,925 |
|
|
|
402,118 |
|
Consolidated real estate related funds |
|
|
110,589 |
|
|
|
173,375 |
|
Operating Partnership |
|
|
287,089 |
|
|
|
242,982 |
|
Total equity |
|
|
4,014,888 |
|
|
|
4,410,766 |
|
Total liabilities and equity |
|
$ |
8,006,215 |
|
|
$ |
8,453,254 |
|
Paramount Group, Inc. |
||||||||||||||||
Consolidated Statements of Income |
||||||||||||||||
(Unaudited and in thousands, except share and per share amounts) |
||||||||||||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental revenue |
|
$ |
181,736 |
|
|
$ |
176,404 |
|
|
$ |
711,470 |
|
|
$ |
702,819 |
|
Fee and other income |
|
|
10,735 |
|
|
|
7,624 |
|
|
|
31,318 |
|
|
|
37,558 |
|
Total revenues |
|
|
192,471 |
|
|
|
184,028 |
|
|
|
742,788 |
|
|
|
740,377 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating |
|
|
77,076 |
|
|
|
70,102 |
|
|
|
293,965 |
|
|
|
277,422 |
|
Depreciation and amortization |
|
|
68,866 |
|
|
|
61,211 |
|
|
|
250,644 |
|
|
|
232,517 |
|
General and administrative |
|
|
15,679 |
|
|
|
13,986 |
|
|
|
61,986 |
|
|
|
59,487 |
|
Transaction related costs |
|
|
99 |
|
|
|
89 |
|
|
|
422 |
|
|
|
470 |
|
Total expenses |
|
|
161,720 |
|
|
|
145,388 |
|
|
|
607,017 |
|
|
|
569,896 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss from real estate related fund investments |
|
|
(59,341 |
) |
|
|
(2,233 |
) |
|
|
(96,375 |
) |
|
|
(2,233 |
) |
Income (loss) from unconsolidated real estate related funds |
|
|
45 |
|
|
|
(1,864 |
) |
|
|
(822 |
) |
|
|
(1,239 |
) |
Loss from unconsolidated joint ventures |
|
|
(207,160 |
) |
|
|
(37,925 |
) |
|
|
(270,298 |
) |
|
|
(53,251 |
) |
Interest and other income, net |
|
|
4,830 |
|
|
|
2,567 |
|
|
|
14,837 |
|
|
|
5,174 |
|
Interest and debt expense |
|
|
(40,550 |
) |
|
|
(37,060 |
) |
|
|
(152,990 |
) |
|
|
(143,864 |
) |
Loss before income taxes |
|
(271,425 |
) |
|
|
(37,875 |
) |
|
|
(369,877 |
) |
|
|
(24,932 |
) |
|
Income tax expense |
|
|
(302 |
) |
|
|
(1,706 |
) |
|
|
(1,426 |
) |
|
|
(3,265 |
) |
Net loss |
|
|
(271,727 |
) |
|
|
(39,581 |
) |
|
|
(371,303 |
) |
|
|
(28,197 |
) |
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated joint ventures |
|
|
(4,585 |
) |
|
|
(1,598 |
) |
|
|
(20,464 |
) |
|
|
(13,981 |
) |
Consolidated real estate related funds |
|
|
52,383 |
|
|
|
665 |
|
|
|
109,795 |
|
|
|
3,342 |
|
Operating Partnership |
|
|
18,379 |
|
|
|
2,637 |
|
|
|
22,228 |
|
|
|
2,433 |
|
Net loss attributable to common stockholders |
|
$ |
(205,550 |
) |
|
$ |
(37,877 |
) |
|
$ |
(259,744 |
) |
|
$ |
(36,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.95 |
) |
|
$ |
(0.17 |
) |
|
$ |
(1.20 |
) |
|
$ |
(0.16 |
) |
Diluted |
|
$ |
(0.95 |
) |
|
$ |
(0.17 |
) |
|
$ |
(1.20 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
217,071,959 |
|
|
|
218,583,895 |
|
|
|
216,922,235 |
|
|
|
221,309,938 |
|
Diluted |
|
|
217,071,959 |
|
|
|
218,583,895 |
|
|
|
216,922,235 |
|
|
|
221,309,938 |
|
Paramount Group, Inc. |
||||||||||||||||
Reconciliation of Net Loss to FFO and Core FFO |
||||||||||||||||
(Unaudited and in thousands, except share and per share amounts) |
||||||||||||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Reconciliation of Net Loss to FFO and Core FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
|
$ |
(271,727 |
) |
|
$ |
(39,581 |
) |
|
$ |
(371,303 |
) |
|
$ |
(28,197 |
) |
Real estate depreciation and amortization (including our share of unconsolidated joint ventures) |
|
|
76,723 |
|
|
|
70,720 |
|
|
|
286,410 |
|
|
|
271,789 |
|
Our share of non-cash real estate impairment losses related to unconsolidated joint ventures |
|
|
201,496 |
|
|
|
31,685 |
|
|
|
226,230 |
|
|
|
31,685 |
|
FFO |
|
|
6,492 |
|
|
|
62,824 |
|
|
|
141,337 |
|
|
|
275,277 |
|
Less FFO attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated joint ventures |
|
|
(14,774 |
) |
|
|
(11,565 |
) |
|
|
(59,639 |
) |
|
|
(51,433 |
) |
Consolidated real estate related funds |
|
|
52,383 |
|
|
|
659 |
|
|
|
109,781 |
|
|
|
3,318 |
|
FFO attributable to Paramount Group Operating Partnership |
|
|
44,101 |
|
|
|
51,918 |
|
|
|
191,479 |
|
|
|
227,162 |
|
Less FFO attributable to noncontrolling interests in Operating Partnership |
|
|
(3,620 |
) |
|
|
(3,380 |
) |
|
|
(13,481 |
) |
|
|
(17,063 |
) |
FFO attributable to common stockholders |
|
$ |
40,481 |
|
|
$ |
48,538 |
|
|
$ |
177,998 |
|
|
$ |
210,099 |
|
Per diluted share |
|
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.82 |
|
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FFO |
|
$ |
6,492 |
|
|
$ |
62,824 |
|
|
$ |
141,337 |
|
|
$ |
275,277 |
|
Non-core items: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments for realized and unrealized gains and losses on consolidated and unconsolidated real estate related fund investments, including residential condominium units at One Steuart Lane |
|
|
61,859 |
|
|
|
4,238 |
|
|
|
137,387 |
|
|
|
7,560 |
|
Adjustments to equity in earnings of unconsolidated joint ventures |
|
|
(2,326 |
) |
|
|
561 |
|
|
|
(6,866 |
) |
|
|
855 |
|
Other, net |
|
|
492 |
|
|
|
2,716 |
|
|
|
1,440 |
|
|
|
3,097 |
|
Core FFO |
|
|
66,517 |
|
|
|
70,339 |
|
|
|
273,298 |
|
|
|
286,789 |
|
Less Core FFO attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated joint ventures |
|
|
(14,774 |
) |
|
|
(11,565 |
) |
|
|
(59,639 |
) |
|
|
(51,433 |
) |
Consolidated real estate related funds |
|
|
(1,477 |
) |
|
|
(625 |
) |
|
|
(10,503 |
) |
|
|
(1,006 |
) |
Core FFO attributable to Paramount Group Operating Partnership |
|
|
50,266 |
|
|
|
58,149 |
|
|
|
203,156 |
|
|
|
234,350 |
|
Less Core FFO attributable to noncontrolling interests in Operating Partnership |
|
|
(4,126 |
) |
|
|
(3,785 |
) |
|
|
(14,354 |
) |
|
|
(17,526 |
) |
Core FFO attributable to common stockholders |
|
$ |
46,140 |
|
|
$ |
54,364 |
|
|
$ |
188,802 |
|
|
$ |
216,824 |
|
Per diluted share |
|
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.87 |
|
|
$ |
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding |
|
|
217,071,959 |
|
|
|
218,583,895 |
|
|
|
216,922,235 |
|
|
|
221,309,938 |
|
Effect of dilutive securities |
|
|
77,069 |
|
|
|
59,378 |
|
|
|
20,527 |
|
|
|
31,487 |
|
Denominator for FFO and Core FFO per diluted share |
|
|
217,149,028 |
|
|
|
218,643,273 |
|
|
|
216,942,762 |
|
|
|
221,341,425 |
|
Paramount Group, Inc. |
|||||||||||||||
Reconciliation of Net Loss to Same Store NOI and Same Store Cash NOI |
|||||||||||||||
(Unaudited and in thousands) |
|||||||||||||||
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Reconciliation of Net Loss to Same Store NOI and Same Store Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
$ |
(271,727 |
) |
|
$ |
(39,581 |
) |
|
$ |
(371,303 |
) |
|
$ |
(28,197 |
) |
Add (subtract) adjustments to arrive at NOI and Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
68,866 |
|
|
|
61,211 |
|
|
|
250,644 |
|
|
|
232,517 |
|
General and administrative |
|
15,679 |
|
|
|
13,986 |
|
|
|
61,986 |
|
|
|
59,487 |
|
Interest and debt expense |
|
40,550 |
|
|
|
37,060 |
|
|
|
152,990 |
|
|
|
143,864 |
|
Income tax expense |
|
302 |
|
|
|
1,706 |
|
|
|
1,426 |
|
|
|
3,265 |
|
Loss from real estate related fund investments |
|
59,341 |
|
|
|
2,233 |
|
|
|
96,375 |
|
|
|
2,233 |
|
NOI from unconsolidated joint ventures (excluding One Steuart Lane) |
|
7,026 |
|
|
|
10,782 |
|
|
|
37,360 |
|
|
|
45,141 |
|
Loss from unconsolidated joint ventures |
|
207,160 |
|
|
|
37,925 |
|
|
|
270,298 |
|
|
|
53,251 |
|
Fee income |
|
(7,491 |
) |
|
|
(5,327 |
) |
|
|
(21,597 |
) |
|
|
(28,421 |
) |
Interest and other income, net |
|
(4,830 |
) |
|
|
(2,567 |
) |
|
|
(14,837 |
) |
|
|
(5,174 |
) |
Other, net |
|
54 |
|
|
|
1,953 |
|
|
|
1,244 |
|
|
|
1,709 |
|
NOI |
|
114,930 |
|
|
|
119,381 |
|
|
|
464,586 |
|
|
|
479,675 |
|
Less NOI attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated joint ventures |
|
(22,397 |
) |
|
|
(19,247 |
) |
|
|
(89,948 |
) |
|
|
(82,587 |
) |
PGRE's share of NOI |
|
92,533 |
|
|
|
100,134 |
|
|
|
374,638 |
|
|
|
397,088 |
|
Lease termination income |
|
(766 |
) |
|
|
- |
|
|
|
(8,070 |
) |
|
|
(1,875 |
) |
Non-cash write-offs of straight-line rent receivables |
|
363 |
|
|
|
445 |
|
|
|
14,413 |
|
|
|
2,425 |
|
Redevelopment and other, net |
|
1,939 |
|
|
|
829 |
|
|
|
4,629 |
|
|
|
4,136 |
|
PGRE's share of Same Store NOI |
$ |
94,069 |
|
|
$ |
101,408 |
|
|
$ |
385,610 |
|
|
$ |
401,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NOI |
$ |
114,930 |
|
|
$ |
119,381 |
|
|
$ |
464,586 |
|
|
$ |
479,675 |
|
Add (subtract) adjustments to arrive at Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||
Straight-line rent adjustments (including our share of unconsolidated joint ventures) |
|
(4,476 |
) |
|
|
(5,746 |
) |
|
|
(6,166 |
) |
|
|
(14,034 |
) |
Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures) |
|
(1,912 |
) |
|
|
(1,984 |
) |
|
|
(8,099 |
) |
|
|
(5,099 |
) |
Cash NOI |
|
108,542 |
|
|
|
111,651 |
|
|
|
450,321 |
|
|
|
460,542 |
|
Less Cash NOI attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated joint ventures |
|
(20,737 |
) |
|
|
(16,147 |
) |
|
|
(80,809 |
) |
|
|
(77,341 |
) |
PGRE's share of Cash NOI |
|
87,805 |
|
|
|
95,504 |
|
|
|
369,512 |
|
|
|
383,201 |
|
Lease termination income |
|
(766 |
) |
|
|
- |
|
|
|
(8,070 |
) |
|
|
(1,875 |
) |
Redevelopment and other, net |
|
1,969 |
|
|
|
1,266 |
|
|
|
4,682 |
|
|
|
3,921 |
|
PGRE's share of Same Store Cash NOI |
$ |
89,008 |
|
|
$ |
96,770 |
|
|
$ |
366,124 |
|
|
$ |
385,247 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214737288/en/
Wilbur Paes
Chief Operating Officer,
Chief Financial Officer and Treasurer
212-237-3122
ir@pgre.com
Tom Hennessy
Vice President, Investor Relations and
Business Development
212-237-3138
ir@pgre.com
Media:
212-492-2285
pr@pgre.com
Source: Paramount Group, Inc.
FAQ
What was Paramount Group's net loss attributable to common stockholders for the quarter ended December 31, 2023?
What was the Core FFO for the quarter ended December 31, 2023?
How much square footage did Paramount Group lease in the fourth quarter of 2023?
What was the weighted average initial rent for the leased space in the fourth quarter of 2023?
When was the fourth quarter cash dividend declared, and when was it paid?
What major transaction did Paramount Group undertake on February 1, 2024?
What was the net loss attributable to common stockholders for the quarter ended December 31, 2022?
What was the Core FFO for the quarter ended December 31, 2022?
What were the decreases in Same Store Cash NOI and Same Store NOI for the quarter ended December 31, 2023?
What was the leased occupancy percentage at December 31, 2023, compared to September 30, 2023?
