Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the
“Company”) filed its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2023 today and reported results for the third
quarter ended September 30, 2023.
Third Quarter Highlights:
Results of Operations:
- Reported net loss attributable to common stockholders of $8.4
million, or $0.04 per diluted share, for the quarter ended
September 30, 2023, compared to $1.5 million, or $0.01 per diluted
share, for the quarter ended September 30, 2022.
- Reported Core Funds from Operations (“Core FFO”) attributable
to common stockholders of $47.8 million, or $0.22 per diluted
share, for the quarter ended September 30, 2023, compared to $54.2
million, or $0.24 per diluted share, for the quarter ended
September 30, 2022.
- Updated and narrowed its full year 2023 Earnings Guidance as
follows:
- Estimated net loss attributable to common stockholders is
expected to be between $0.33 and $0.31 per diluted share, compared
to its prior estimate of $0.28 and $0.24 per diluted share, an
increase in net loss of $0.06 per diluted share at the midpoint of
the Company’s prior estimate.
- Estimated Core FFO attributable to common stockholders is
expected to be between $0.85 and $0.87 per diluted share, compared
to its prior estimate of $0.84 and $0.88 per diluted share, in-line
with the midpoint of the Company’s prior guidance.
- Reported a 7.1% decrease in Same Store Cash Net Operating
Income (“NOI”) and a 10.3% decrease in Same Store NOI in the
quarter ended September 30, 2023, compared to the same period in
the prior year.
- Leased 298,259 square feet, of which the Company’s share was
227,082 square feet that was leased at a weighted average initial
rent of $75.65 per square foot. Of the 298,259 square feet leased,
220,495 square feet represented the Company’s share of second
generation space(1), for which mark-to-markets were 0.5% on a GAAP
basis and negative 0.4% on a cash basis.
Capital Markets Activity:
- On September 27, 2023, a joint venture in which the Company has
a 31.1% interest, completed a $232.0 million refinancing of 300
Mission Street, a 655,000 square foot Class A office building in
San Francisco. The interest-only loan bears a fixed rate of 4.50%
and matures in October 2026. The loan replaces the previous $273.0
million loan that bore interest at 3.65% and was scheduled to
mature in October 2023.
- Declared a third quarter cash dividend of $0.035 per common
share on September 15, 2023, which was paid on October 13,
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 September 30,
2023
Net loss attributable to common stockholders was $8.4 million,
or $0.04 per diluted share, for the quarter ended September 30,
2023, compared to $1.5 million, or $0.01 per diluted share, for the
quarter ended September 30, 2022.
Funds from Operations (“FFO”) attributable to common
stockholders was $46.7 million, or $0.21 per diluted share, for the
quarter ended September 30, 2023, compared to $53.4 million, or
$0.24 per diluted share, for the quarter ended September 30, 2022.
FFO attributable to common stockholders for the quarters ended
September 30, 2023 and 2022 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 quarters ended September 30, 2023 and 2022 by $1.1 million and
$0.8 million, respectively, or $0.01 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 $47.8 million,
or $0.22 per diluted share, for the quarter ended September 30,
2023, compared to $54.2 million, or $0.24 per diluted share, for
the quarter ended September 30, 2022.
Nine Months Ended September 30,
2023
Net loss attributable to common stockholders was $54.2 million,
or $0.25 per diluted share, for the nine months ended September 30,
2023, compared to net income attributable to common stockholders of
$1.5 million, or $0.01 per diluted share, for the nine months ended
September 30, 2022. Net loss attributable to the common
stockholders for the nine months ended September 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 terminated SVB Securities lease and the surrendered
JPMorgan space.
FFO attributable to common stockholders was $137.5 million, or
$0.63 per diluted share, for the nine months ended September 30,
2023, compared to $161.6 million, or $0.73 per diluted share, for
the nine months ended September 30, 2022. FFO attributable to
common stockholders for the nine months ended September 30, 2023
includes non-cash straight-line rent receivable write-offs
aggregating $13.0 million, or $0.06 per diluted share, related to
the terminated SVB Securities lease and the surrendered JPMorgan
space. FFO attributable to common stockholders for the nine months
ended September 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 nine months ended September 30, 2023 and 2022
by $5.2 million and $0.9 million, respectively, or $0.03 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 $142.7 million,
or $0.66 per diluted share, for the nine months ended September 30,
2023, compared to $162.5 million, or $0.73 per diluted share, for
the nine months ended September 30, 2022.
Portfolio Operations
Quarter Ended September 30,
2023
Same Store Cash NOI decreased by $6.9 million, or 7.1%, to $90.0
million for the quarter ended September 30, 2023 from $96.9 million
for the quarter ended September 30, 2022. Same Store NOI decreased
by $10.5 million, or 10.3%, to $91.9 million for the quarter ended
September 30, 2023 from $102.4 million for the quarter ended
September 30, 2022.
During the quarter ended September 30, 2023, the Company leased
298,259 square feet, of which the Company’s share was 227,082
square feet that was leased at a weighted average initial rent of
$75.65 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 150 basis points
to 88.1% at September 30, 2023 from 89.6% at June 30, 2023. The 150
basis point decrease in leased occupancy was driven primarily by
the scheduled expiration of Uber’s lease in July 2023 at Market
Center in the Company’s San Francisco portfolio.
Of the 298,259 square feet leased in the third quarter, 220,495
square feet represented the Company’s share of second generation
space for which mark-to-markets were 0.5% on a GAAP basis and
negative 0.4% on a cash basis. The weighted average lease term for
leases signed during the third quarter was 6.5 years and weighted
average tenant improvements and leasing commissions on these leases
were $8.96 per square foot per annum, or 11.8% of initial rent.
Nine Months Ended September 30,
2023
Same Store Cash NOI decreased by $11.4 million, or 3.9%, to
$277.1 million for the nine months ended September 30, 2023 from
$288.5 million for the nine months ended September 30, 2022. Same
Store NOI decreased by $8.9 million, or 2.9%, to $291.5 million for
the nine months ended September 30, 2023 from $300.4 million for
the nine months ended September 30, 2022.
During the nine months ended September 30, 2023, the Company
leased 565,740 square feet, of which the Company’s share was
454,819 square feet that was leased at a weighted average initial
rent of $78.42 per square foot. This leasing activity, offset by
lease expirations in the nine months, decreased leased occupancy
and same store leased occupancy (properties owned by the Company in
a similar manner during both reporting periods) by 320 basis points
to 88.1% at September 30, 2023 from 91.3% at December 31, 2022. The
320 basis point decrease in leased occupancy was driven primarily
by the scheduled expiration of (i) Credit Agricole’s lease in
February 2023 at 1301 Avenue of the Americas in the Company’s New
York portfolio and (ii) Uber’s lease in July 2023 at Market Center
in the Company’s San Francisco portfolio.
Of the 565,740 square feet leased in the nine months, 398,891
square feet represented the Company’s share of second generation
space for which mark-to-markets were 0.9% on a GAAP basis and
negative 1.2% on a cash basis. The weighted average lease term for
leases signed during the nine months was 9.5 years and weighted
average tenant improvements and leasing commissions on these leases
were $11.37 per square foot per annum, or 14.5% of initial
rent.
Guidance
The Company is narrowing 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 $0.33 and $0.31 per diluted
share, compared to its prior estimate of $0.28 and $0.24 per
diluted share, an increase in net loss of $0.06 per diluted share
at the midpoint of the Company’s prior estimate. The increase in
net loss resulted primarily from (i) higher depreciation and
amortization expense of $0.03 per diluted share, and (ii) non-core
items of $0.03 per diluted share, that are listed in the table on
page 10. 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 nine months ended
September 30, 2023 and its outlook for the remainder of 2023, the
Company is updating and narrowing its Estimated 2023 Core FFO to be
between $0.85 and $0.87 per diluted share, compared to its prior
estimate of $0.84 and $0.88 per diluted share, in-line with the
midpoint of the Company’s prior guidance.
Full Year 2023
(Amounts per diluted share)
Low
High
Estimated net loss attributable to common
stockholders
$
(0.33
)
$
(0.31
)
Pro rata share of real estate depreciation
and amortization, including the Company's share of unconsolidated
joint ventures
1.04
1.04
Pro rata share of non-cash real estate
impairment loss related to an unconsolidated joint venture
0.11
0.11
Estimated FFO
0.82
0.84
Adjustments for non-core items (1)
0.03
0.03
Estimated Core FFO
$
0.85
$
0.87
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.
___________________ (1) Represents non-core items for the nine
months ended September 30, 2023, that are listed in the table on
page 10. The Company is not making projections for non-core items
that may impact its financial results for the remainder of 2023,
which may include unrealized gains or losses on real estate fund
investments, acquisition and transaction related costs and other
items that are not included in Core FFO.
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
accounting principles generally accepted in the United States of
America (“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 September 30, 2023, which is available on our website.
Investor Conference Call and Webcast
The Company will host a conference call and audio webcast on
Thursday, November 2, 2023 at 9:00 a.m. Eastern Time (ET), during
which management will discuss the third 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 November 2,
2023 through November 9, 2023 and can be accessed by dialing
844-512-2921 (domestic) or 412-317-6671 (international) and
entering the passcode 13740770.
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:
September 30, 2023
December 31, 2022
Real estate, at cost:
Land
$
1,966,237
$
1,966,237
Buildings and improvements
6,217,633
6,177,540
8,183,870
8,143,777
Accumulated depreciation and
amortization
(1,427,705
)
(1,297,553
)
Real estate, net
6,756,165
6,846,224
Cash and cash equivalents
399,631
408,905
Restricted cash
70,892
40,912
Accounts and other receivables
14,340
23,866
Real estate related fund investments
68,225
105,369
Investments in unconsolidated real estate
related funds
4,537
3,411
Investments in unconsolidated joint
ventures
368,024
393,503
Deferred rent receivable
347,641
346,338
Deferred charges, net
112,448
120,685
Intangible assets, net
74,391
90,381
Other assets
72,265
73,660
Total assets
$
8,288,559
$
8,453,254
Liabilities:
Notes and mortgages payable, net
$
3,802,333
$
3,840,318
Revolving credit facility
-
-
Accounts payable and accrued expenses
109,471
123,176
Dividends and distributions payable
8,357
18,026
Intangible liabilities, net
29,981
36,193
Other liabilities
28,452
24,775
Total liabilities
3,978,594
4,042,488
Equity:
Paramount Group, Inc. equity
3,429,212
3,592,291
Noncontrolling interests in:
Consolidated joint ventures
410,944
402,118
Consolidated real estate related funds
162,973
173,375
Operating Partnership
306,836
242,982
Total equity
4,309,965
4,410,766
Total liabilities and equity
$
8,288,559
$
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 Nine Months
Ended
September 30,
September 30,
2023
2022
2023
2022
Revenues:
Rental revenue
$
182,515
$
179,250
$
529,734
$
526,415
Fee and other income
6,666
7,897
20,583
29,934
Total revenues
189,181
187,147
550,317
556,349
Expenses:
Operating
75,502
72,845
216,889
207,320
Depreciation and amortization
60,263
58,284
181,778
171,306
General and administrative
15,460
13,150
46,307
45,501
Transaction related costs
132
105
323
381
Total expenses
151,357
144,384
445,297
424,508
Other income (expense):
Income (loss) from real estate related
fund investments
2,060
-
(37,034
)
-
(Loss) income from unconsolidated real
estate related funds
(721
)
300
(867
)
625
Loss from unconsolidated joint
ventures
(28,974
)
(5,797
)
(63,138
)
(15,326
)
Interest and other income, net
4,115
1,580
10,007
2,607
Interest and debt expense
(39,102
)
(36,949
)
(112,440
)
(106,804
)
(Loss) income before income taxes
(24,798
)
1,897
(98,452
)
12,943
Income tax expense
(263
)
(673
)
(1,124
)
(1,559
)
Net (loss) income
(25,061
)
1,224
(99,576
)
11,384
Less net (income) loss attributable to
noncontrolling interests in:
Consolidated joint ventures
(4,887
)
(4,179
)
(15,879
)
(12,383
)
Consolidated real estate related funds
20,934
1,309
57,412
2,677
Operating Partnership
629
109
3,849
(204
)
Net (loss) income attributable to
common stockholders
$
(8,385
)
$
(1,537
)
$
(54,194
)
$
1,474
Per Share:
Basic
$
(0.04
)
$
(0.01
)
$
(0.25
)
$
0.01
Diluted
$
(0.04
)
$
(0.01
)
$
(0.25
)
$
0.01
Weighted average common shares
outstanding:
Basic
217,043,022
224,864,791
216,871,778
222,228,605
Diluted
217,043,022
224,864,791
216,871,778
222,262,748
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 Nine Months
Ended
September 30,
September 30,
2023
2022
2023
2022
Reconciliation of Net (Loss) Income to
FFO and Core FFO:
Net (loss) income
$
(25,061
)
$
1,224
$
(99,576
)
$
11,384
Real estate depreciation and amortization
(including our share of unconsolidated joint ventures)
69,160
68,009
209,687
201,069
Our share of a non-cash real estate
impairment loss related to an unconsolidated joint venture
-
-
24,734
-
FFO
44,099
69,233
134,845
212,453
Less FFO attributable to noncontrolling
interests in:
Consolidated joint ventures
(14,801
)
(13,408
)
(44,865
)
(39,868
)
Consolidated real estate related funds
20,933
1,304
57,398
2,659
FFO attributable to Paramount Group
Operating Partnership
50,231
57,129
147,378
175,244
Less FFO attributable to noncontrolling
interests in Operating Partnership
(3,510
)
(3,763
)
(9,861
)
(13,683
)
FFO attributable to common
stockholders
$
46,721
$
53,366
$
137,517
$
161,561
Per diluted share
$
0.21
$
0.24
$
0.63
$
0.73
FFO
$
44,099
$
69,233
$
134,845
$
212,453
Non-core items:
Residential Development Fund's share of a
non-cash impairment loss related to residential condominium units
at One Steuart Lane
23,942
-
23,942
-
Adjustment to equity in earnings for
(distributions from) contributions to unconsolidated joint
ventures
(1,917
)
709
(4,540
)
294
Adjustments for realized and unrealized
gains and losses on consolidated and unconsolidated real estate
related fund investments
711
21
47,732
39
Other, net (including after-tax net gains
or losses on sale of residential condominium units at One Steuart
Lane)
1,606
1,614
4,802
3,664
Core FFO
68,441
71,577
206,781
216,450
Less Core FFO attributable to
noncontrolling interests in:
Consolidated joint ventures
(14,801
)
(13,408
)
(44,865
)
(39,868
)
Consolidated real estate related funds
(2,226
)
(94
)
(9,026
)
(381
)
Core FFO attributable to Paramount
Group
Operating Partnership
51,414
58,075
152,890
176,201
Less Core FFO attributable to
noncontrolling interests in
Operating Partnership
(3,592
)
(3,826
)
(10,228
)
(13,741
)
Core FFO attributable to common
stockholders
$
47,822
$
54,249
$
142,662
$
162,460
Per diluted share
$
0.22
$
0.24
$
0.66
$
0.73
Reconciliation of weighted average
shares outstanding:
Weighted average shares outstanding
217,043,022
224,864,791
216,871,778
222,228,605
Effect of dilutive securities
32,676
28,555
21,638
34,143
Denominator for FFO and Core FFO per
diluted share
217,075,698
224,893,346
216,893,416
222,262,748
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 Nine Months
Ended
September 30,
September 30,
2023
2022
2023
2022
Reconciliation of Net (Loss) Income to
Same Store NOI and Same Store Cash NOI:
Net (loss) income
$
(25,061
)
$
1,224
$
(99,576
)
$
11,384
Add (subtract) adjustments to arrive at
NOI and Cash NOI:
Depreciation and amortization
60,263
58,284
181,778
171,306
General and administrative
15,460
13,150
46,307
45,501
Interest and debt expense
39,102
36,949
112,440
106,804
Income tax expense
263
673
1,124
1,559
(Income) loss from real estate related
fund investments
(2,060
)
-
37,034
-
NOI from unconsolidated joint ventures
(excluding One Steuart Lane)
9,233
11,540
30,334
34,359
Loss from unconsolidated joint
ventures
28,974
5,797
63,138
15,326
Fee income
(4,573
)
(5,132
)
(14,106
)
(23,094
)
Interest and other income, net
(4,115
)
(1,580
)
(10,007
)
(2,607
)
Other, net
853
(195
)
1,190
(244
)
NOI
118,339
120,710
349,656
360,294
Less NOI attributable to noncontrolling
interests in:
Consolidated joint ventures
(22,275
)
(21,222
)
(67,551
)
(63,340
)
PGRE's share of NOI
96,064
99,488
282,105
296,954
Lease termination income
(5,249
)
-
(7,304
)
(1,875
)
Non-cash write-offs of straight-line rent
receivables
144
1,674
14,050
1,980
Acquisitions / Redevelopment and other,
net
925
1,242
2,690
3,307
PGRE's share of Same Store NOI
$
91,884
$
102,404
$
291,541
$
300,366
NOI
$
118,339
$
120,710
$
349,656
$
360,294
Add (subtract) adjustments to arrive at
Cash NOI:
Straight-line rent adjustments (including
our share of unconsolidated joint ventures)
(1,514
)
(3,969
)
(1,690
)
(8,288
)
Amortization of above and below-market
leases, net (including our share of unconsolidated joint
ventures)
(2,110
)
(790
)
(6,187
)
(3,115
)
Cash NOI
114,715
115,951
341,779
348,891
Less Cash NOI attributable to
noncontrolling interests in:
Consolidated joint ventures
(20,520
)
(19,988
)
(60,072
)
(61,194
)
PGRE's share of Cash NOI
94,195
95,963
281,707
287,697
Lease termination income
(5,249
)
-
(7,304
)
(1,875
)
Acquisitions / Redevelopment and other,
net
1,012
917
2,713
2,655
PGRE's share of Same Store Cash
NOI
$
89,958
$
96,880
$
277,116
$
288,477
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101455025/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)
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Paramount (NYSE:PGRE)
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