Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the
“Company”) filed its Quarterly Report on Form 10-Q for the quarter
ended June 30, 2023 today and reported results for the second
quarter ended June 30, 2023.
Second Quarter Highlights:
Results of Operations:
- Reported net loss attributable to common stockholders of $47.5
million, or $0.22 per diluted share, for the quarter ended June 30,
2023, compared to net loss attributable to common stockholders of
$0.4 million, or $0.00 per diluted share, for the quarter ended
June 30, 2022. Net loss attributable to common stockholders for the
quarter ended June 30, 2023, includes (i) $23.1 million, or $0.11
per diluted share, for our share of a non-cash real estate
impairment loss related to an unconsolidated joint venture, and
(ii) non-cash straight-line rent receivable write-offs aggregating
$13.0 million, or $0.06 per diluted share, related to the
previously announced terminated SVB Securities lease and the
surrendered JPMorgan space.
- Reported Core Funds from Operations (“Core FFO”) attributable
to common stockholders of $38.7 million, or $0.18 per diluted
share, for the quarter ended June 30, 2023, compared to $53.6
million, or $0.24 per diluted share, for the quarter ended June 30,
2022. Core FFO attributable to common stockholders for the quarter
ended June 30, 2023 includes non-cash straight-line rent receivable
write-offs aggregating $13.0 million, or $0.06 per diluted share,
related to the previously announced terminated SVB Securities lease
and the surrendered JPMorgan space.
- Updated its full year 2023 Earnings Guidance as follows:
- Estimated net loss attributable to common stockholders is
expected to be between $0.28 and $0.24 per diluted share, compared
to its prior estimate of $0.11 and $0.07 per diluted share, an
increase in net loss of $0.17 per diluted share at the midpoint of
the Company’s prior estimate.
- Estimated Core FFO attributable to common stockholders is
expected to be between $0.84 and $0.88 per diluted share, compared
to its prior estimate of $0.90 and $0.94 per diluted share, a
decrease of $0.06 per diluted share at the midpoint of the
Company’s prior guidance.
- Reported a 5.0% decrease in Same Store Net Operating Income
(“NOI”) and a 4.7% decrease in Same Store Cash NOI in the quarter
ended June 30, 2023, compared to the same period in the prior
year.
- Leased 71,847 square feet, of which the Company’s share was
57,404 square feet that was leased at a weighted average initial
rent of $78.14 per square foot. Of the 71,847 square feet leased,
34,514 square feet represented the Company’s share of second
generation space(1), for which mark-to-markets were 3.9% on a GAAP
basis and negative 3.1% on a cash basis.
- Declared a second quarter cash dividend of $0.035 per common
share on June 15, 2023, which was paid on July 14, 2023.
___________________ (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 June 30, 2023
Net loss attributable to common stockholders was $47.5 million,
or $0.22 per diluted share, for the quarter ended June 30, 2023,
compared to $0.4 million, or $0.00 per diluted share, for the
quarter ended June 30, 2022. Net loss attributable to common
stockholders for the quarter ended June 30, 2023, includes (i)
$23.1 million, or $0.11 per diluted share, for our share of a
non-cash real estate impairment loss related to an unconsolidated
joint venture, and (ii) non-cash straight-line rent receivable
write-offs aggregating $13.0 million, or $0.06 per diluted share,
related to the previously announced terminated SVB Securities lease
and the surrendered JPMorgan space.
Funds from Operations (“FFO”) attributable to common
stockholders was $34.0 million, or $0.16 per diluted share, for the
quarter ended June 30, 2023, compared to $53.3 million, or $0.24
per diluted share, for the quarter ended June 30, 2022. FFO
attributable to common stockholders for the quarter ended June 30,
2023 includes non-cash straight-line rent receivable write-offs
aggregating $13.0 million, or $0.06 per diluted share, related to
the previously announced terminated SVB Securities lease and the
surrendered JPMorgan space. FFO attributable to common stockholders
for the quarters ended June 30, 2023 and 2022 also includes the
impact of non-core items, which are listed in the table on page 10.
The aggregate of the non-core items, net of amounts attributable to
noncontrolling interests, decreased FFO attributable to common
stockholders for the quarter ended June 30, 2023 and 2022 by $4.7
million and $0.3 million, respectively, or $0.02 and $0.00 per
diluted share, respectively. Core FFO attributable to common
stockholders, which excludes the impact of the non-core items
listed on page 10, was $38.7 million, or $0.18 per diluted share,
for the quarter ended June 30, 2023, compared to $53.6 million, or
$0.24 per diluted share, for the quarter ended June 30, 2022.
Six Months Ended June 30, 2023
Net loss attributable to common stockholders was $45.8 million,
or $0.21 per diluted share, for the six months ended June 30, 2023,
compared to net income attributable to common stockholders of $3.0
million, or $0.01 per diluted share, for the six months ended June
30, 2022. Net loss attributable to the common stockholders for the
six months ended June 30, 2023 includes (i) $23.1 million, or $0.11
per diluted share, for our share of a non-cash real estate
impairment loss related to an unconsolidated joint venture, and
(ii) non-cash straight-line rent receivable write-offs aggregating
$13.0 million, or $0.06 per diluted share, related to the
previously announced terminated SVB Securities lease and the
surrendered JPMorgan space.
FFO attributable to common stockholders was $90.8 million, or
$0.42 per diluted share, for the six months ended June 30, 2023,
compared to $108.2 million, or $0.49 per diluted share, for the six
months ended June 30, 2022. FFO attributable to common stockholders
for the six months ended June 30, 2023 includes non-cash
straight-line rent receivable write-offs aggregating $13.0 million,
or $0.06 per diluted share, related to the previously announced
terminated SVB Securities lease and the surrendered JPMorgan space.
FFO attributable to common stockholders for the six months ended
June 30, 2023 and 2022 also includes the impact of non-core items,
which are listed in the table on page 10. The aggregate of the
non-core items, net of amounts attributable to noncontrolling
interests, decreased FFO attributable to common stockholders for
the six months ended June 30, 2023 by $4.0 million, or $0.02 per
diluted share and did not impact FFO attributable to common
stockholders for the six months ended June 30, 2022. Core FFO
attributable to common stockholders, which excludes the impact of
the non-core items listed on page 10, was $94.8 million, or $0.44
per diluted share, for the six months ended June 30, 2023, compared
to $108.2 million, or $0.49 per diluted share, for the six months
ended June 30, 2022.
Portfolio Operations
Quarter Ended June 30, 2023
Same Store NOI decreased by $5.1 million, or 5.0%, to $97.3
million for the quarter ended June 30, 2023 from $102.4 million for
the quarter ended June 30, 2022. Same Store Cash NOI decreased by
$4.5 million, or 4.7%, to $91.8 million for the quarter ended June
30, 2023 from $96.3 million for the quarter ended June 30,
2022.
During the quarter ended June 30, 2023, the Company leased
71,847 square feet, of which the Company’s share was 57,404 square
feet that was leased at a weighted average initial rent of $78.14
per square foot. This leasing activity, offset by lease expirations
in the quarter, decreased leased occupancy and same store leased
occupancy (properties owned by the Company in a similar manner
during both reporting periods) by 20 basis points to 89.6% at June
30, 2023 from 89.8% at March 31, 2023. Of the 71,847 square feet
leased in the second quarter, 34,514 square feet represented the
Company’s share of second generation space for which
mark-to-markets were 3.9% on a GAAP basis and negative 3.1% on a
cash basis. The weighted average lease term for leases signed
during the second quarter was 10.6 years and weighted average
tenant improvements and leasing commissions on these leases were
$12.16 per square foot per annum, or 15.6% of initial rent.
Six Months Ended June 30, 2023
Same Store NOI increased by $1.7 million, or 0.9%, to $199.7
million for the six months ended June 30, 2023 from $198.0 million
for the six months ended June 30, 2022. Same Store Cash NOI
decreased by $4.4 million, or 2.3%, to $187.2 million for the six
months ended June 30, 2023 from $191.6 million for the six months
ended June 30, 2022.
During the six months ended June 30, 2023, the Company leased
267,481 square feet, of which the Company’s share was 227,737
square feet that was leased at a weighted average initial rent of
$81.18 per square foot. This leasing activity, offset by lease
expirations in the six months, decreased leased occupancy and same
store leased occupancy (properties owned by the Company in a
similar manner during both reporting periods) by 170 basis points
to 89.6% at June 30, 2023 from 91.3% at December 31, 2022. The 170
basis point decrease in leased occupancy was driven primarily by
the scheduled expiration of Credit Agricole’s 305,132 square foot
lease in February 2023, partially offset by O’Melveny & Myers’
160,708 square foot lease; both of which were at 1301 Avenue of the
Americas in the Company’s New York portfolio.
Of the 267,481 square feet leased in the six months, 178,396
square feet represented the Company’s share of second generation
space for which mark-to-markets were 1.4% on a GAAP basis and
negative 2.1% on a cash basis. The weighted average lease term for
leases signed during the six months was 12.4 years and weighted
average tenant improvements and leasing commissions on these leases
were $12.64 per square foot per annum, or 15.6% of initial
rent.
Guidance
The Company is updating its Estimated Core FFO Guidance for the
full year of 2023, which is reconciled below to estimated net loss
attributable to common stockholders per diluted share in accordance
with GAAP. The Company estimates that net loss attributable to
common stockholders will be between $0.28 and $0.24 per diluted
share, compared to its prior estimate of $0.11 and $0.07 per
diluted share, an increase in net loss of $0.17 per diluted share
at the midpoint of the Company’s prior estimate. This increase in
net loss resulted primarily from (i) our share of a non-cash real
estate impairment loss related to an unconsolidated joint venture
of $0.11 per diluted share, (ii) non-cash straight-line rent
receivable write-offs aggregating $0.06 per diluted share related
to the terminated SVB Securities lease and the surrendered JPMorgan
space, (iii) lower GAAP rental revenue in the second half of the
year aggregating $0.02 per diluted share related to the terminated
SVB Securities lease and the surrendered JPMorgan space, partially
offset by (iv) termination income of $0.02 per diluted share in
connection with a tenant’s lease termination at 1633 Broadway. The
estimated net loss attributable to common stockholders per diluted
share is not a projection and is being provided solely to satisfy
the disclosure requirements of the U.S. Securities and Exchange
Commission.
Based on the Company’s performance for the six months ended June
30, 2023 and its outlook for the remainder of 2023, the Company is
updating its Estimated 2023 Core FFO to be between $0.84 and $0.88
per diluted share, compared to its prior estimate of $0.90 and
$0.94 per diluted share. This represents a decrease of $0.06 per
diluted share at the midpoint of the Company’s prior guidance,
resulting primarily from (i) non-cash straight-line rent receivable
write-offs aggregating $0.06 per diluted share related to the
terminated SVB Securities lease and the surrendered JPMorgan space,
(ii) lower GAAP rental revenue in the second half of the year
aggregating $0.02 per diluted share related to the terminated SVB
Securities lease and the surrendered JPMorgan space, partially
offset by (iii) termination income of $0.02 per diluted share in
connection with a tenant’s lease termination at 1633 Broadway.
Full Year 2023
(Amounts per diluted share)
Low
High
Estimated net loss attributable to common
stockholders
$
(0.28
)
$
(0.24
)
Pro rata share of real estate depreciation
and amortization, including the Company's share of unconsolidated
joint ventures
1.01
1.01
Pro rata share of non-cash real estate
impairment loss related to an unconsolidated joint venture
0.11
0.11
Estimated Core FFO
$
0.84
$
0.88
Except as described above, these estimates reflect management’s
view of current and future market conditions, including assumptions
with respect to rental rates, occupancy levels and the earnings
impact of the events referenced in this release and otherwise to be
referenced during the conference call referred to on page 7. These
estimates do not include the impact on operating results from
possible future property acquisitions or dispositions, or realized
and unrealized gains and losses on real estate related fund
investments. There can be no assurance that the Company’s actual
results will not differ materially from the estimates set forth
above.
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 rising 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 rising 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 U.S., regional and global
economies and our tenants’ financial condition and results of
operations; regulatory changes, including changes to tax laws and
regulations; and other risks and uncertainties detailed from time
to time in the Company’s filings with the U.S. Securities and
Exchange Commission. The Company does not undertake a duty to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
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
GAAP, adjusted to exclude depreciation and amortization from real
estate assets, impairment losses on certain real estate assets and
gains or losses from the sale of certain real estate assets or from
change in control of certain real estate assets, including our
share of such adjustments of unconsolidated joint ventures. FFO is
commonly used in the real estate industry to assist investors and
analysts in comparing results of real estate companies because it
excludes the effect of real estate depreciation and amortization
and net gains on sales, which are based on historical costs and
implicitly assume that the value of real estate diminishes
predictably over time, rather than fluctuating based on existing
market conditions. In addition, we present Core FFO as an
alternative measure of our operating performance, which adjusts FFO
for certain other items that we believe enhance the comparability
of our FFO across periods. Core FFO, when applicable, excludes the
impact of certain items, including, transaction related costs and
adjustments, realized and unrealized gains or losses on real estate
related fund investments, unrealized gains or losses on interest
rate swaps, severance costs and gains or losses on early
extinguishment of debt, in order to reflect the Core FFO of our
real estate portfolio and operations. In future periods, we may
also exclude other items from Core FFO that we believe may help
investors compare our results.
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 New York and San Francisco portfolios that were
owned by the Company in a similar manner during both the current
period and prior reporting periods and represents Same Store NOI
from consolidated and unconsolidated joint ventures based on our
percentage ownership in the underlying assets. Same Store NOI also
excludes lease termination income, impairment of receivables
arising from operating leases and certain other items that may vary
from period to period. We also present Same Store Cash NOI, which
excludes the effect of non-cash items such as the straight-line
rent adjustments and the amortization of above and below-market
leases.
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 June 30, 2023, which is available on our website.
Investor Conference Call and Webcast
The Company will host a conference call and audio webcast on
Tuesday, August 1, 2023 at 9:00 a.m. Eastern Time (ET), during
which management will discuss the second 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 August 1,
2023 through August 8, 2023 and can be accessed by dialing
844-512-2921 (domestic) or 412-317-6671 (international) and
entering the passcode 13739420.
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 New York City, Paramount Group, Inc. is a
fully-integrated real estate investment trust that owns, operates,
manages, acquires and redevelops high-quality, Class A office
properties located in select central business district submarkets
of New York City and San Francisco. Paramount is focused on
maximizing the value of its portfolio by leveraging the
sought-after locations of its assets and its proven property
management capabilities to attract and retain high-quality
tenants..
Paramount Group, Inc.
Consolidated Balance
Sheets
(Unaudited and in thousands)
Assets:
June 30, 2023
December 31, 2022
Real estate, at cost:
Land
$
1,966,237
$
1,966,237
Buildings and improvements
6,199,074
6,177,540
8,165,311
8,143,777
Accumulated depreciation and
amortization
(1,377,917
)
(1,297,553
)
Real estate, net
6,787,394
6,846,224
Cash and cash equivalents
434,751
408,905
Restricted cash
72,680
40,912
Accounts and other receivables
13,692
23,866
Real estate related fund investments
66,606
105,369
Investments in unconsolidated real estate
related funds
5,270
3,411
Investments in unconsolidated joint
ventures
398,677
393,503
Deferred rent receivable
346,583
346,338
Deferred charges, net
113,271
120,685
Intangible assets, net
79,558
90,381
Other assets
49,497
73,660
Total assets
$
8,367,979
$
8,453,254
Liabilities:
Notes and mortgages payable, net
$
3,842,669
$
3,840,318
Revolving credit facility
-
-
Accounts payable and accrued expenses
113,449
123,176
Dividends and distributions payable
8,188
18,026
Intangible liabilities, net
31,960
36,193
Other liabilities
23,700
24,775
Total liabilities
4,019,966
4,042,488
Equity:
Paramount Group, Inc. equity
3,507,480
3,592,291
Noncontrolling interests in:
Consolidated joint ventures
407,647
402,118
Consolidated real estate related funds
183,988
173,375
Operating Partnership
248,898
242,982
Total equity
4,348,013
4,410,766
Total liabilities and equity
$
8,367,979
$
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 Six Months
Ended
June 30,
June 30,
2023
2022
2023
2022
Revenues:
Rental revenue
$
165,506
$
177,243
$
347,219
$
347,165
Fee and other income
7,156
8,274
13,917
22,037
Total revenues
172,662
185,517
361,136
369,202
Expenses:
Operating
71,078
67,814
141,387
134,475
Depreciation and amortization
62,627
57,398
121,515
113,022
General and administrative
16,224
16,706
30,847
32,351
Transaction related costs
63
159
191
276
Total expenses
149,992
142,077
293,940
280,124
Other income (expense):
Loss from real estate related fund
investments
(42,644
)
-
(39,094
)
-
Income (loss) from unconsolidated real
estate related funds
32
155
(146
)
325
Loss from unconsolidated joint
ventures
(28,402
)
(4,416
)
(34,164
)
(9,529
)
Interest and other income, net
2,967
796
5,892
1,027
Interest and debt expense
(36,879
)
(35,578
)
(73,338
)
(69,855
)
(Loss) income before income taxes
(82,256
)
4,397
(73,654
)
11,046
Income tax expense
(573
)
(359
)
(861
)
(886
)
Net (loss) income
(82,829
)
4,038
(74,515
)
10,160
Less net (income) loss attributable to
noncontrolling interests in:
Consolidated joint ventures
(5,351
)
(4,779
)
(10,992
)
(8,204
)
Consolidated real estate related funds
37,301
352
36,478
1,368
Operating Partnership
3,341
29
3,220
(313
)
Net (loss) income attributable to
common stockholders
$
(47,538
)
$
(360
)
$
(45,809
)
$
3,011
Per Share:
Basic
$
(0.22
)
$
(0.00
)
$
(0.21
)
$
0.01
Diluted
$
(0.22
)
$
(0.00
)
$
(0.21
)
$
0.01
Weighted average common shares
outstanding:
Basic
217,003,931
222,971,886
216,784,737
220,888,664
Diluted
217,003,931
222,971,886
216,784,737
220,930,019
Paramount Group, Inc.
Reconciliation of Net (Loss)
Income to FFO and Core FFO
(Unaudited and in thousands,
except share and per share amounts)
For the Three Months
Ended
For the Six Months
Ended
June 30,
June 30,
2023
2022
2023
2022
Reconciliation of Net (Loss) Income to
FFO and Core FFO:
Net (loss) income
$
(82,829
)
$
4,038
$
(74,515
)
$
10,160
Real estate depreciation and amortization
(including our share of unconsolidated joint ventures)
72,096
67,235
140,527
133,060
Our share of a real estate impairment loss
related to an unconsolidated joint venture
24,734
-
24,734
-
FFO
14,001
71,273
90,746
143,220
Less FFO attributable to noncontrolling
interests in:
Consolidated joint ventures
(14,889
)
(13,945
)
(30,064
)
(26,460
)
Consolidated real estate related funds
37,295
346
36,465
1,355
FFO attributable to Paramount Group
Operating Partnership
36,407
57,674
97,147
118,115
Less FFO attributable to noncontrolling
interests in Operating Partnership
(2,390
)
(4,352
)
(6,351
)
(9,920
)
FFO attributable to common
stockholders
$
34,017
$
53,322
$
90,796
$
108,195
Per diluted share
$
0.16
$
0.24
$
0.42
$
0.49
FFO
$
14,001
$
71,273
$
90,746
$
143,220
Non-core items:
Adjustment to equity in earnings for
contributions to
(distributions from) unconsolidated joint
ventures
(1,301
)
168
(2,623
)
(415
)
Adjustments for realized and unrealized
gains and losses on
consolidated and unconsolidated real
estate related fund investments
45,686
(29
)
47,021
18
Other, net (including after-tax net gains
or losses on sale of
residential condominium units at One
Steuart Lane)
659
671
3,196
2,050
Core FFO
59,045
72,083
138,340
144,873
Less Core FFO attributable to
noncontrolling interests in:
Consolidated joint ventures
(14,889
)
(13,945
)
(30,064
)
(26,460
)
Consolidated real estate related funds
(2,773
)
(128
)
(6,800
)
(287
)
Core FFO attributable to Paramount Group
Operating Partnership
41,383
58,010
101,476
118,126
Less Core FFO attributable to
noncontrolling interests in Operating Partnership
(2,717
)
(4,377
)
(6,636
)
(9,915
)
Core FFO attributable to common
stockholders
$
38,666
$
53,633
$
94,840
$
108,211
Per diluted share
$
0.18
$
0.24
$
0.44
$
0.49
Reconciliation of weighted average
shares outstanding:
Weighted average shares outstanding
217,003,931
222,971,886
216,784,737
220,888,664
Effect of dilutive securities
11,089
26,594
31,669
41,355
Denominator for FFO and Core FFO per
diluted share
217,015,020
222,998,480
216,816,406
220,930,019
Paramount Group, Inc.
Reconciliation of Net (Loss)
Income to Same Store NOI and Same Store Cash NOI
(Unaudited and in thousands)
For the Three Months
Ended
For the Six Months
Ended
June 30,
June 30,
2023
2022
2023
2022
Reconciliation of Net (Loss) Income to
Same Store NOI and Same Store Cash NOI:
Net (loss) income
$
(82,829
)
$
4,038
$
(74,515
)
$
10,160
Add (subtract) adjustments to arrive at
NOI and Cash NOI:
Depreciation and amortization
62,627
57,398
121,515
113,022
General and administrative
16,224
16,706
30,847
32,351
Interest and debt expense
36,879
35,578
73,338
69,855
Income tax expense
573
359
861
886
Loss from real estate related fund
investments
42,644
-
39,094
-
NOI from unconsolidated joint ventures
(excluding One Steuart Lane)
10,720
11,585
21,101
22,819
Loss from unconsolidated joint
ventures
28,402
4,416
34,164
9,529
Fee income
(4,976
)
(5,974
)
(9,533
)
(17,962
)
Interest and other income, net
(2,967
)
(796
)
(5,892
)
(1,027
)
Other, net
31
4
337
(49
)
NOI
107,328
123,314
231,317
239,584
Less NOI attributable to noncontrolling
interests in:
Consolidated joint ventures
(22,564
)
(21,796
)
(45,276
)
(42,118
)
PGRE's share of NOI
84,764
101,518
186,041
197,466
Lease termination income
(2,055
)
(157
)
(2,055
)
(1,875
)
Non-cash write-offs of straight-line rent
receivable
13,906
-
13,906
306
Acquisitions / Redevelopment and other,
net
686
1,057
1,765
2,065
PGRE's share of Same Store NOI
$
97,301
$
102,418
$
199,657
$
197,962
NOI
$
107,328
$
123,314
$
231,317
$
239,584
Less:
Straight-line rent adjustments (including
our share of unconsolidated joint ventures)
7,515
(5,977
)
(176
)
(4,319
)
Amortization of above and below-market
leases, net (including our share of unconsolidated joint
ventures)
(2,239
)
(1,128
)
(4,077
)
(2,325
)
Cash NOI
112,604
116,209
227,064
232,940
Less Cash NOI attributable to
noncontrolling interests in:
Consolidated joint ventures
(19,707
)
(20,693
)
(39,552
)
(41,206
)
PGRE's share of Cash NOI
92,897
95,516
187,512
191,734
Lease termination income
(2,055
)
(157
)
(2,055
)
(1,875
)
Acquisitions / Redevelopment and other,
net
948
989
1,701
1,738
PGRE's share of Same Store Cash
NOI
$
91,790
$
96,348
$
187,158
$
191,597
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230731300187/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
Paramount (NYSE:PGRE)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Paramount (NYSE:PGRE)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
