– Raises Guidance for Full Year 2024 –
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the
“Company”) filed its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2024 today and reported results for the third
quarter ended September 30, 2024.
Third Quarter Highlights:
Results of Operations:
- Reported net loss attributable to common stockholders of $9.7
million, or $0.04 per diluted share, for the quarter ended
September 30, 2024, compared to $8.4 million, or $0.04 per diluted
share, for the quarter ended September 30, 2023.
- Reported Core Funds from Operations (“Core FFO”) attributable
to common stockholders of $40.5 million, or $0.19 per diluted
share, for the quarter ended September 30, 2024, compared to $47.6
million, or $0.22 per diluted share, for the quarter ended
September 30, 2023.
- Raised its full year 2024 Earnings Guidance as follows:
- Estimated net loss attributable to common stockholders is
expected to be between $0.09 and $0.07 per diluted share, compared
to its prior estimate of $0.11 and $0.07 per diluted share, an
increase in net income of $0.01 per diluted share at the midpoint
from the Company’s prior estimate.
- Estimated Core FFO attributable to common stockholders is
expected to be between $0.78 and $0.80 per diluted share, compared
to its prior estimate of $0.76 and $0.80 per diluted share, an
increase of $0.01 per diluted share at the midpoint from the
Company’s prior guidance.
- Reported a 1.8% increase in Same Store Net Operating Income
(“NOI”) and a 2.9% decrease in Same Store Cash NOI in the quarter
ended September 30, 2024, compared to the same period in the prior
year.
- Leased 179,403 square feet, of which the Company’s share was
115,026 square feet that was leased at a weighted average initial
rent of $84.55 per square foot. Of the 179,403 square feet leased,
96,320 square feet represented the Company’s share of second
generation space(1), for which mark-to-markets were negative 4.2%
on a GAAP basis and negative 10.4% on a cash basis.
____________________________________________
(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,
2024
Net loss attributable to common stockholders was $9.7 million,
or $0.04 per diluted share, for the quarter ended September 30,
2024, compared to $8.4 million, or $0.04 per diluted share, for the
quarter ended September 30, 2023.
Funds from Operations (“FFO”) attributable to common
stockholders was $40.1 million, or $0.18 per diluted share, for the
quarter ended September 30, 2024, compared to $46.7 million, or
$0.21 per diluted share, for the quarter ended September 30, 2023.
FFO attributable to common stockholders for the quarters ended
September 30, 2024 and 2023 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, 2024 and 2023 by $0.4 million and
$0.9 million, respectively, or $0.01 per diluted share.
Core FFO attributable to common stockholders, which excludes the
impact of the non-core items listed on page 10, was $40.5 million,
or $0.19 per diluted share, for the quarter ended September 30,
2024, compared to $47.6 million, or $0.22 per diluted share, for
the quarter ended September 30, 2023.
Nine Months Ended September 30,
2024
Net loss attributable to common stockholders was $7.6 million,
or $0.04 per diluted share, for the nine months ended September 30,
2024, compared to $54.2 million, or $0.25 per diluted share, for
the nine months ended September 30, 2023. Net loss attributable to
common stockholders for the nine months ended September 30, 2024
includes $14.1 million, or $0.07 per diluted share, of a non-cash
gain on extinguishment of a tax liability related to the Company’s
initial public offering. 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 at 1301 Avenue of
the Americas and the surrendered JPMorgan Chase space at One Front
Street.
FFO attributable to common stockholders was $142.6 million, or
$0.66 per diluted share, for the nine months ended September 30,
2024, compared to $137.5 million, or $0.63 per diluted share, for
the nine months ended September 30, 2023. FFO attributable to
common stockholders for the nine months ended September 30, 2024
includes $14.1 million, or $0.07 per diluted share, of a non-cash
gain on extinguishment of a tax liability related to the Company’s
initial public offering. 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 at 1301 Avenue of the Americas and the surrendered
JPMorgan Chase space at One Front Street. FFO attributable to
common stockholders for the nine months ended September 30, 2024
and 2023 also includes the impact of other 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,
increased FFO attributable to common stockholders for the nine
months ended September 30, 2024 by $10.7 million, or $0.05 per
diluted share, and decreased FFO attributable to common
stockholders for the nine months ended September 30, 2023 by $1.9
million, or $0.01 per diluted share.
Core FFO attributable to common stockholders, which excludes the
impact of the non-core items listed on page 10, was $131.9 million,
or $0.61 per diluted share, for the nine months ended September 30,
2024, compared to $139.4 million, or $0.64 per diluted share, for
the nine months ended September 30, 2023.
Portfolio Operations
Quarter Ended September 30,
2024
Same Store NOI increased by $1.6 million, or 1.8%, to $90.7
million for the quarter ended September 30, 2024 from $89.1 million
for the quarter ended September 30, 2023. Same Store Cash NOI
decreased by $2.6 million, or 2.9%, to $85.2 million for the
quarter ended September 30, 2024 from $87.8 million for the quarter
ended September 30, 2023.
During the quarter ended September 30, 2024, the Company leased
179,403 square feet, of which 133,091 square feet was leased in the
Company’s same store portfolio. Of the 133,091 square feet leased,
the Company’s share was 115,026 square feet that was leased at a
weighted average initial rent of $84.55 per square foot. This
leasing activity, offset by lease expirations in the quarter,
decreased same store leased occupancy by 160 basis points to 84.7%
at September 30, 2024 from 86.3% at June 30, 2024.
Of the 179,403 square feet leased in the third quarter, 96,320
square feet represented the Company’s share of second generation
space for which mark-to-markets were negative 4.2% on a GAAP basis
and negative 10.4% on a cash basis. The weighted average lease term
for leases signed during the third quarter was 8.1 years and
weighted average tenant improvements and leasing commissions on
these leases were $9.03 per square foot per annum, or 10.7% of
initial rent.
Nine Months Ended September 30,
2024
Same Store NOI decreased by $3.0 million, or 1.1%, to $275.5
million for the nine months ended September 30, 2024 from $278.5
million for the nine months ended September 30, 2023. Same Store
Cash NOI decreased by $3.7 million, or 1.4%, to $261.5 million for
the nine months ended September 30, 2024 from $265.2 million for
the nine months ended September 30, 2023.
During the nine months ended September 30, 2024, the Company
leased 654,625 square feet, of which 566,279 square feet was leased
in the Company’s same store portfolio. Of the 566,279 square feet
leased, the Company’s share was 444,140 square feet that was leased
at a weighted average initial rent of $74.94 per square foot. This
leasing activity, offset by lease expirations in the nine months,
decreased same store leased occupancy by 540 basis points to 84.7%
at September 30, 2024 from 90.1% at December 31, 2023. The decrease
in same store leased occupancy was driven primarily by the
scheduled expiration of Clifford Chance’s lease in June 2024 at 31
West 52nd Street in the Company’s New York portfolio.
Of the 654,625 square feet leased in the nine months, 290,157
square feet represented the Company’s share of second generation
space for which mark-to-markets were negative 8.5% on a GAAP basis
and negative 5.0% on a cash basis. The negative mark-to-market of
8.5% on a GAAP basis was driven primarily by a FAS 141 below-market
lease adjustment that was included in the prior GAAP rent.
Excluding the below-market lease adjustment from the prior GAAP
rent, the mark-to-market on a GAAP basis would have been negative
3.4%. The weighted average lease term for leases signed during the
nine months was 8.2 years and weighted average tenant improvements
and leasing commissions on these leases were $11.02 per square foot
per annum, or 14.7% of initial rent.
Guidance
The Company is raising its Estimated Core FFO Guidance for the
full year of 2024, 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 $0.09 and $0.07 per diluted
share, compared to its prior estimate of $0.11 and $0.07 per
diluted share, an increase in net income of $0.01 per diluted share
at the midpoint from the Company’s prior estimate. The increase in
net income of $0.01 per diluted share resulted primarily from
better portfolio operations. 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, 2024 and its outlook for the remainder of 2024, the
Company is raising its Estimated 2024 Core FFO to be between $0.78
and $0.80 per diluted share, compared to its prior estimate of
$0.76 and $0.80 per diluted share. This represents an increase of
$0.01 per diluted share at the midpoint from the Company’s prior
guidance, resulting primarily from better portfolio operations.
Full Year 2024
(Amounts per diluted share)
Low
High
Estimated net loss attributable to common
stockholders
$
(0.09
)
$
(0.07
)
Pro rata share of real estate depreciation
and amortization, including the Company's share of unconsolidated
joint ventures
0.92
0.92
Estimated FFO
0.83
0.85
Adjustments for non-core items (1)
(0.05
)
(0.05
)
Estimated Core FFO
$
0.78
$
0.80
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, 2024, 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 2024,
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 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 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, realized and unrealized gains
or losses on real estate related fund investments, unrealized gains
or losses on interest rate swaps, severance costs, gains or losses
on early extinguishment of debt and other non-core adjustments, 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 include 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.
In the first quarter of 2024, we updated our presentation of
NOI, Cash NOI and Core FFO attributable to common stockholders to
exclude the impact of Market Center and 111 Sutter Street, which we
have designated as “non-core” assets. Accordingly, we have recast
the presentation for all prior periods presented to reflect this
change.
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, 2024, which is available on our website.
Investor Conference Call and Webcast
The Company will host a conference call and audio webcast on
Thursday, October 31, 2024 at 10:00 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 October 31,
2024 through November 7, 2024 and can be accessed by dialing
844-512-2921 (domestic) or 412-317-6671 (international) and
entering the passcode 13749077.
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, 2024
December 31, 2023
Real estate, at cost:
Land
$
1,966,237
$
1,966,237
Buildings and improvements
6,290,976
6,250,379
8,257,213
8,216,616
Accumulated depreciation and
amortization
(1,596,069
)
(1,471,819
)
Real estate, net
6,661,144
6,744,797
Cash and cash equivalents
318,725
428,208
Restricted cash
173,510
81,391
Accounts and other receivables
18,662
18,053
Real estate related fund investments
-
775
Investments in unconsolidated real estate
related funds
4,607
4,549
Investments in unconsolidated joint
ventures
128,919
132,239
Deferred rent receivable
355,555
351,209
Deferred charges, net
103,858
108,751
Intangible assets, net
54,125
68,005
Other assets
71,847
68,238
Total assets
$
7,890,952
$
8,006,215
Liabilities:
Notes and mortgages payable, net
$
3,674,367
$
3,803,484
Revolving credit facility
-
-
Accounts payable and accrued expenses
114,808
114,463
Dividends and distributions payable
-
8,360
Intangible liabilities, net
22,465
28,003
Other liabilities
27,906
37,017
Total liabilities
3,839,546
3,991,327
Equity:
Paramount Group, Inc. equity
3,173,867
3,203,285
Noncontrolling interests in:
Consolidated joint ventures
492,135
413,925
Consolidated real estate related funds
92,759
110,589
Operating Partnership
292,645
287,089
Total equity
4,051,406
4,014,888
Total liabilities and equity
$
7,890,952
$
8,006,215
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,
2024
2023
2024
2023
Revenues:
Rental revenue
$
184,235
$
182,515
$
543,636
$
529,734
Fee and other income
10,664
6,666
27,548
20,583
Total revenues
194,899
189,181
571,184
550,317
Expenses:
Operating
80,316
75,502
226,248
216,889
Depreciation and amortization
60,071
60,263
182,920
181,778
General and administrative
16,672
15,460
49,938
46,307
Transaction related costs
242
132
843
323
Total expenses
157,301
151,357
459,949
445,297
Other income (expense):
(Loss) income from real estate related
fund investments
(22
)
2,060
(92
)
(37,034
)
Income (loss) from unconsolidated real
estate related funds
109
(721
)
199
(867
)
Loss from unconsolidated joint
ventures
(981
)
(28,974
)
(3,098
)
(63,138
)
Interest and other income, net
3,517
4,115
26,830
10,007
Interest and debt expense
(43,805
)
(39,102
)
(124,078
)
(112,440
)
(Loss) income before income taxes
(3,584
)
(24,798
)
10,996
(98,452
)
Income tax expense
(619
)
(263
)
(1,328
)
(1,124
)
Net (loss) income
(4,203
)
(25,061
)
9,668
(99,576
)
Less net (income) loss attributable to
noncontrolling interests in:
Consolidated joint ventures
(6,959
)
(4,887
)
(18,434
)
(15,879
)
Consolidated real estate related funds
581
20,934
408
57,412
Operating Partnership
893
629
716
3,849
Net loss attributable to common
stockholders
$
(9,688
)
$
(8,385
)
$
(7,642
)
$
(54,194
)
Loss per Common Share:
Basic
$
(0.04
)
$
(0.04
)
$
(0.04
)
$
(0.25
)
Diluted
$
(0.04
)
$
(0.04
)
$
(0.04
)
$
(0.25
)
Weighted average common shares
outstanding:
Basic
217,314,706
217,043,022
217,208,809
216,871,778
Diluted
217,314,706
217,043,022
217,208,809
216,871,778
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,
2024
2023
2024
2023
Reconciliation of net (loss) income to
FFO and Core FFO:
Net (loss) income
$
(4,203
)
$
(25,061
)
$
9,668
$
(99,576
)
Real estate depreciation and amortization
(including our share of unconsolidated joint ventures)
63,487
69,160
192,946
209,687
Our share of a non-cash real estate
impairment loss related to an unconsolidated joint venture
-
-
-
24,734
Amounts attributable to noncontrolling
interests in consolidated joint ventures and real estate related
funds
(15,511
)
6,132
(46,981
)
12,533
FFO attributable to the Operating
Partnership
43,773
50,231
155,633
147,378
Amounts attributable to noncontrolling
interests in the Operating Partnership
(3,695
)
(3,510
)
(13,079
)
(9,861
)
FFO attributable to common
stockholders
$
40,078
$
46,721
$
142,554
$
137,517
Per diluted share
$
0.18
$
0.21
$
0.66
$
0.63
FFO attributable to the Operating
Partnership
$
43,773
$
50,231
$
155,633
$
147,378
Adjustments for non-core items:
Non-cash gain on extinguishment of IPO
related tax liability
-
-
(15,437
)
-
Non-core assets (1)
-
(259
)
-
(3,535
)
Our share of realized and unrealized gains
and losses from consolidated and unconsolidated real estate related
funds
(26
)
735
101
7,047
Other, net (primarily adjustments related
to unconsolidated joint ventures)
512
448
3,701
(1,535
)
Core FFO attributable to the Operating
Partnership
44,259
51,155
143,998
149,355
Amounts attributable to noncontrolling
interests in the Operating Partnership
(3,736
)
(3,574
)
(12,109
)
(9,996
)
Core FFO attributable to common
stockholders
$
40,523
$
47,581
$
131,889
$
139,359
Per diluted share
$
0.19
$
0.22
$
0.61
$
0.64
Reconciliation of weighted average
shares outstanding:
Weighted average shares outstanding
217,314,706
217,043,022
217,208,809
216,871,778
Effect of dilutive securities
14,505
32,676
36,985
21,638
Denominator for FFO and Core FFO per
diluted share
217,329,211
217,075,698
217,245,794
216,893,416
(1) Represents Market Center and 111 Sutter
Street.
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,
2024
2023
2024
2023
Reconciliation of net (loss) income to
Same Store NOI and Same Store Cash NOI:
Net (loss) income
$
(4,203
)
$
(25,061
)
$
9,668
$
(99,576
)
Adjustments to arrive at NOI:
Fee income
(6,776
)
(4,573
)
(17,328
)
(14,106
)
Depreciation and amortization
60,071
60,263
182,920
181,778
General and administrative
16,672
15,460
49,938
46,307
Loss (income) from real estate related
fund investments
22
(2,060
)
92
37,034
Loss from unconsolidated joint
ventures
981
28,974
3,098
63,138
NOI from unconsolidated joint ventures
(excluding One Steuart Lane)
5,384
9,233
16,611
30,334
Interest and other income, net
(3,517
)
(4,115
)
(26,830
)
(10,007
)
Interest and debt expense
43,805
39,102
124,078
112,440
Income tax expense
619
263
1,328
1,124
Non-core assets (1)
-
(3,993
)
-
(14,286
)
Other, net
133
853
644
1,190
Amounts attributable to noncontrolling
interests in consolidated joint ventures
(23,723
)
(22,275
)
(70,532
)
(67,551
)
PGRE's share of NOI
89,468
92,071
273,687
267,819
Non-same store adjustments:
Lease termination income
(1,204
)
(4,066
)
(3,177
)
(6,121
)
Non-cash write-offs of straight-line rent
receivables
-
77
-
13,983
Other, net
2,435
982
5,038
2,805
PGRE's share of Same Store NOI
$
90,699
$
89,064
$
275,548
$
278,486
PGRE's share of NOI
$
89,468
$
92,071
$
273,687
$
267,819
Adjustments to arrive at Cash NOI:
Straight-line rent (including our share of
unconsolidated joint ventures)
(2,191
)
(1,514
)
(6,694
)
(1,690
)
Amortization of above and below-market
leases, net (including our share of unconsolidated joint
ventures)
(1,697
)
(2,110
)
(5,304
)
(6,187
)
Non-core assets (1)
-
606
-
1,166
Amounts attributable to noncontrolling
interests in consolidated joint ventures
(1,470
)
1,755
(2,059
)
7,479
PGRE's share of Cash NOI
84,110
90,808
259,630
268,587
Non-same store adjustments:
Lease termination income
(1,204
)
(4,066
)
(3,177
)
(6,121
)
Other, net
2,329
1,012
5,003
2,775
PGRE's share of Same Store Cash
NOI
$
85,235
$
87,754
$
261,456
$
265,241
(1) Represents Market Center
and 111 Sutter Street.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030238613/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
