Paramount Announces Third Quarter 2025 Results
– Leases over 1,236,000 square feet through September –
Proposed Merger
On September 17, 2025, the Company entered into an agreement to be acquired by Rithm Capital Corp. (“Rithm”) for a total cash consideration of approximately
Third Quarter Highlights:
Results of Operations:
-
Reported net loss attributable to common stockholders of
$28.9 million $0.13 $9.7 million $0.04 $9.0 million $0.04 -
Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of
$31.5 million $0.14 $40.5 million $0.19 -
Reported a
8.0% decrease in Same Store Cash Net Operating Income (“NOI”) and a12.0% decrease in Same Store NOI in the third quarter of 2025, compared to the same period in the prior year. -
Leased 547,812 square feet, of which the Company’s share was 481,246 square feet that was leased at a weighted average initial rent of
$82.45 13.9% on a GAAP basis and6.4% on a cash basis.
Capital Markets Activity:
-
On August 5, 2025, the Company completed a
$900.0 million Americas . The new five-year interest-only loan has a fixed rate of6.39% and matures in August 2030. The proceeds from the refinancing were used to repay the existing$860.0 million $26.0 million
| ____________________ | |
(1) |
Second generation space represents space leased in the current period (i) that has been vacant for less than twelve months, or (ii) that has been leased ahead of its originally scheduled expiration. |
Financial Results
Quarter Ended September 30, 2025
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 9, was
Nine Months Ended September 30, 2025
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 9, was
Portfolio Operations
Quarter Ended September 30, 2025
Same Store Cash NOI decreased by
During the third quarter of 2025, the Company leased 547,812 square feet, of which the Company’s share was 481,246 square feet that was leased at a weighted average initial rent of
Of the 547,812 square feet leased in the third quarter, 130,756 square feet represented the Company’s share of second generation space for which mark-to-markets were
Nine Months Ended September 30, 2025
Same Store Cash NOI decreased by
During the nine months ended September 30, 2025, the Company leased 1,236,396 square feet, of which the Company’s share was 923,314 square feet that was leased at a weighted average initial rent of
Of the 1,236,396 square feet leased in the nine months, 417,702 square feet represented the Company’s share of second generation space for which mark-to-markets were
In light of the pending merger transaction with Rithm, the Company will not be hosting a conference call to discuss the third quarter results or providing an update to previously issued guidance.
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 risks associated with our ability to obtain the stockholder approval required to consummate the proposed transaction with Rithm and the timing of the closing of the proposed transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed transaction would not occur; the outcome of any legal proceedings that may be instituted against the parties and others related to the proposed transaction; the risk that stockholder litigation in connection with the proposed transaction may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; unanticipated difficulties or expenditures relating to the proposed transaction, including the impact of the transaction on the Company’s business, the response of business partners and competitors to the announcement of the proposed transaction, potential difficulties with our ability to retain and hire key personnel and maintain relationships with tenants and other third parties as a result of the proposed transaction, and/or other potential difficulties in employee retention as a result of the announcement and pendency of the transaction; 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 tariffs, geopolitical tensions and 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 tariffs, geopolitical tensions and 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 include property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also use 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. 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 September 30, 2025, which is available on our website.
About Paramount Group, Inc.
Headquartered in
Additional Information and Where to Find It:
The proposed transaction is expected to be submitted to the Company’s stockholders for their consideration and approval at a special meeting. In connection with the proposed transaction, Paramount has filed with the Securities and Exchange Commission (“SEC”) a preliminary proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed transaction. This document is not a substitute for the proxy statement or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT THE COMPANY FILES WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement, the preliminary proxy statement and any other documents filed by the Company with the SEC (when available) may be obtained free of charge at the SEC’s website at www.sec.gov or by accessing the Investor Relations section of the Company’s website at https://www.pgre.com or by contacting the Company’s Investor Relations by email at ir@pgre.com.
Participants in the Solicitation:
The Company and its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposed transaction. Information about the Company’s directors and executive officers and their ownership of the Company’s securities is set forth in Paramount’s proxy statement on Schedule 14A for its 2025 annual meeting of stockholders, filed with the SEC on April 3, 2025, and subsequent documents filed with the SEC.
Additional information regarding the identity of participants in the solicitation of proxies, and a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transaction when they become available.
Paramount Group, Inc. Consolidated Balance Sheets (Unaudited and in thousands) |
||||||||||||
Assets: |
|
September 30, 2025 |
|
December 31, 2024 |
||||||||
Real estate, at cost: |
|
|
|
|
|
|
||||||
Land |
|
$ |
1,966,237 |
|
|
$ |
1,966,237 |
|
||||
Buildings and improvements |
|
|
6,384,243 |
|
|
|
6,325,097 |
|
||||
|
|
|
8,350,480 |
|
|
|
8,291,334 |
|
||||
Accumulated depreciation and amortization |
|
|
(1,737,783 |
) |
|
|
(1,639,529 |
) |
||||
Real estate, net |
|
|
6,612,697 |
|
|
|
6,651,805 |
|
||||
Cash and cash equivalents |
|
|
330,207 |
|
|
|
375,056 |
|
||||
Restricted cash |
|
|
324,150 |
|
|
|
180,391 |
|
||||
Accounts and other receivables |
|
|
26,582 |
|
|
|
18,229 |
|
||||
Investments in unconsolidated real estate related funds |
|
|
4,416 |
|
|
|
4,649 |
|
||||
Investments in unconsolidated joint ventures |
|
|
81,509 |
|
|
|
85,952 |
|
||||
Deferred rent receivable |
|
|
352,906 |
|
|
|
356,425 |
|
||||
Deferred charges, net |
|
|
126,587 |
|
|
|
100,684 |
|
||||
Intangible assets, net |
|
|
41,093 |
|
|
|
50,492 |
|
||||
Other assets |
|
|
74,348 |
|
|
|
47,820 |
|
||||
Total assets |
|
$ |
7,974,495 |
|
|
$ |
7,871,503 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||||||
Notes and mortgages payable, net |
|
$ |
3,711,504 |
|
|
$ |
3,676,630 |
|
||||
Accounts payable and accrued expenses |
|
|
138,689 |
|
|
|
119,881 |
|
||||
Intangible liabilities, net |
|
|
16,541 |
|
|
|
20,870 |
|
||||
Other liabilities |
|
|
31,473 |
|
|
|
44,625 |
|
||||
Total liabilities |
|
|
3,898,207 |
|
|
|
3,862,006 |
|
||||
Equity: |
|
|
|
|
|
|
||||||
Paramount Group, Inc. equity |
|
|
3,023,937 |
|
|
|
3,141,277 |
|
||||
Noncontrolling interests in: |
|
|
|
|
|
|
||||||
Consolidated joint ventures |
|
|
744,813 |
|
|
|
495,340 |
|
||||
Consolidated real estate related funds |
|
|
85,431 |
|
|
|
82,875 |
|
||||
Operating Partnership |
|
|
222,107 |
|
|
|
290,005 |
|
||||
Total equity |
|
|
4,076,288 |
|
|
|
4,009,497 |
|
||||
Total liabilities and equity |
|
$ |
7,974,495 |
|
|
$ |
7,871,503 |
|
||||
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, |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Rental revenue |
|
$ |
164,687 |
|
|
$ |
184,235 |
|
|
$ |
511,741 |
|
|
$ |
543,636 |
|
||||
|
Fee and other income |
|
|
8,272 |
|
|
|
10,664 |
|
|
|
25,282 |
|
|
|
27,548 |
|
||||
|
|
Total revenues |
|
|
172,959 |
|
|
|
194,899 |
|
|
|
537,023 |
|
|
|
571,184 |
|
|||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Operating |
|
|
79,392 |
|
|
|
80,316 |
|
|
|
232,326 |
|
|
|
226,248 |
|
||||
|
Depreciation and amortization |
|
|
57,766 |
|
|
|
60,071 |
|
|
|
176,707 |
|
|
|
182,920 |
|
||||
|
General and administrative |
|
|
16,340 |
|
|
|
16,672 |
|
|
|
58,112 |
|
|
|
49,938 |
|
||||
|
Transaction related costs |
|
|
9,981 |
|
|
|
242 |
|
|
|
10,840 |
|
|
|
843 |
|
||||
|
|
Total expenses |
|
|
163,479 |
|
|
|
157,301 |
|
|
|
477,985 |
|
|
|
459,949 |
|
|||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Loss from real estate related fund investments |
|
|
(18 |
) |
|
|
(22 |
) |
|
|
(67 |
) |
|
|
(92 |
) |
||||
|
Income (loss) from unconsolidated real estate related funds |
|
|
71 |
|
|
|
109 |
|
|
|
(79 |
) |
|
|
199 |
|
||||
|
Income (loss) from unconsolidated joint ventures |
|
|
661 |
|
|
|
(981 |
) |
|
|
2,620 |
|
|
|
(3,098 |
) |
||||
|
Interest and other income, net |
|
|
3,112 |
|
|
|
3,517 |
|
|
|
10,953 |
|
|
|
26,830 |
|
||||
|
Interest and debt expense |
|
|
(44,419 |
) |
|
|
(43,805 |
) |
|
|
(129,903 |
) |
|
|
(124,078 |
) |
||||
(Loss) income before income taxes |
|
(31,113 |
) |
|
|
(3,584 |
) |
|
|
(57,438 |
) |
|
|
10,996 |
|
||||||
|
Income tax benefit (expense) |
|
|
831 |
|
|
|
(619 |
) |
|
|
1,430 |
|
|
|
(1,328 |
) |
||||
Net (loss) income |
|
|
(30,282 |
) |
|
|
(4,203 |
) |
|
|
(56,008 |
) |
|
|
9,668 |
|
|||||
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Consolidated joint ventures |
|
|
(279 |
) |
|
|
(6,959 |
) |
|
|
(5,095 |
) |
|
|
(18,434 |
) |
||||
|
Consolidated real estate related funds |
|
|
(688 |
) |
|
|
581 |
|
|
|
(2,556 |
) |
|
|
408 |
|
||||
|
Operating Partnership |
|
|
2,302 |
|
|
|
893 |
|
|
|
4,901 |
|
|
|
716 |
|
||||
Net loss attributable to common stockholders |
|
$ |
(28,947 |
) |
|
$ |
(9,688 |
) |
|
$ |
(58,758 |
) |
|
$ |
(7,642 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Basic |
|
$ |
(0.13 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.04 |
) |
||||
|
Diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.04 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Basic |
|
|
220,512,867 |
|
|
|
217,314,706 |
|
|
|
219,254,194 |
|
|
|
217,208,809 |
|
||||
|
Diluted |
|
|
220,512,867 |
|
|
|
217,314,706 |
|
|
|
219,254,194 |
|
|
|
217,208,809 |
|
||||
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, |
||||||||||||
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Reconciliation of net (loss) income to FFO and Core FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net (loss) income |
|
$ |
(30,282 |
) |
|
$ |
(4,203 |
) |
|
$ |
(56,008 |
) |
|
$ |
9,668 |
|
||||
|
Real estate depreciation and amortization (including our
|
|
|
60,796 |
|
|
|
63,487 |
|
|
|
185,811 |
|
|
|
192,946 |
|
||||
|
Amounts attributable to noncontrolling interests in
|
|
|
(12,041 |
) |
|
|
(15,511 |
) |
|
|
(41,822 |
) |
|
|
(46,981 |
) |
||||
|
FFO attributable to the Operating Partnership |
|
|
18,473 |
|
|
|
43,773 |
|
|
|
87,981 |
|
|
|
155,633 |
|
||||
|
Amounts attributable to noncontrolling interests in the
|
|
|
(1,361 |
) |
|
|
(3,695 |
) |
|
|
(6,999 |
) |
|
|
(13,079 |
) |
||||
|
FFO attributable to common stockholders |
|
$ |
17,112 |
|
|
$ |
40,078 |
|
|
$ |
80,982 |
|
|
$ |
142,554 |
|
||||
|
|
Per diluted share |
|
$ |
0.08 |
|
|
$ |
0.18 |
|
|
$ |
0.37 |
|
|
$ |
0.66 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
FFO attributable to the Operating Partnership |
|
$ |
18,473 |
|
|
$ |
43,773 |
|
|
$ |
87,981 |
|
|
$ |
155,633 |
|
||||
|
Adjustments for non-core items: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Transaction related costs |
|
|
9,981 |
|
|
|
242 |
|
|
|
10,840 |
|
|
|
843 |
|
|||
|
|
Write-off of deferred financing costs |
|
|
2,257 |
|
|
|
- |
|
|
|
4,008 |
|
|
|
- |
|
|||
|
|
Severance costs |
|
|
- |
|
|
|
- |
|
|
|
8,188 |
|
|
|
- |
|
|||
|
|
Non-cash gain on extinguishment of IPO related
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(15,437 |
) |
|||
|
|
Other, net |
|
|
3,304 |
|
|
|
244 |
|
|
|
4,396 |
|
|
|
2,959 |
|
|||
|
Core FFO attributable to the Operating Partnership |
|
|
34,015 |
|
|
|
44,259 |
|
|
|
115,413 |
|
|
|
143,998 |
|
||||
|
Amounts attributable to noncontrolling interests in the
|
|
|
(2,506 |
) |
|
|
(3,736 |
) |
|
|
(9,086 |
) |
|
|
(12,109 |
) |
||||
|
Core FFO attributable to common stockholders |
|
$ |
31,509 |
|
|
$ |
40,523 |
|
|
$ |
106,327 |
|
|
$ |
131,889 |
|
||||
|
|
Per diluted share |
|
$ |
0.14 |
|
|
$ |
0.19 |
|
|
$ |
0.48 |
|
|
$ |
0.61 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Weighted average shares outstanding |
|
|
220,512,867 |
|
|
|
217,314,706 |
|
|
|
219,254,194 |
|
|
|
217,208,809 |
|
||||
|
Effect of dilutive securities |
|
|
41,597 |
|
|
|
14,505 |
|
|
|
34,657 |
|
|
|
36,985 |
|
||||
|
Denominator for FFO and Core FFO per diluted share |
|
|
220,554,464 |
|
|
|
217,329,211 |
|
|
|
219,288,851 |
|
|
|
217,245,794 |
|
||||
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, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||||||
Reconciliation of net (loss) income to Same Store NOI and Same Store Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net (loss) income |
$ |
(30,282 |
) |
|
$ |
(4,203 |
) |
|
$ |
(56,008 |
) |
|
$ |
9,668 |
|
||||
|
Adjustments to arrive at NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Fee income |
|
(4,124 |
) |
|
|
(6,776 |
) |
|
|
(13,369 |
) |
|
|
(17,328 |
) |
|||
|
|
Depreciation and amortization |
|
57,766 |
|
|
|
60,071 |
|
|
|
176,707 |
|
|
|
182,920 |
|
|||
|
|
General and administrative |
|
16,340 |
|
|
|
16,672 |
|
|
|
58,112 |
|
|
|
49,938 |
|
|||
|
|
Transaction related costs |
|
9,981 |
|
|
|
242 |
|
|
|
10,840 |
|
|
|
843 |
|
|||
|
|
(Income) loss from unconsolidated joint ventures |
|
(661 |
) |
|
|
981 |
|
|
|
(2,620 |
) |
|
|
3,098 |
|
|||
|
|
NOI from unconsolidated joint ventures
|
|
4,743 |
|
|
|
5,384 |
|
|
|
14,706 |
|
|
|
16,611 |
|
|||
|
|
Interest and other income, net |
|
(3,112 |
) |
|
|
(3,517 |
) |
|
|
(10,953 |
) |
|
|
(26,830 |
) |
|||
|
|
Interest and debt expense |
|
44,419 |
|
|
|
43,805 |
|
|
|
129,903 |
|
|
|
124,078 |
|
|||
|
|
Income tax (benefit) expense |
|
(831 |
) |
|
|
619 |
|
|
|
(1,430 |
) |
|
|
1,328 |
|
|||
|
|
Other, net |
|
(53 |
) |
|
|
(87 |
) |
|
|
146 |
|
|
|
(107 |
) |
|||
|
|
Amounts attributable to noncontrolling interests in
|
|
(18,686 |
) |
|
|
(23,723 |
) |
|
|
(61,385 |
) |
|
|
(70,532 |
) |
|||
|
PGRE's share of NOI |
|
75,500 |
|
|
|
89,468 |
|
|
|
244,649 |
|
|
|
273,687 |
|
||||
|
|
Non-same store adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Dispositions (1) |
|
- |
|
|
|
(3,342 |
) |
|
|
- |
|
|
|
(7,516 |
) |
||
|
|
|
Other, net (including lease termination income) |
|
1,351 |
|
|
|
1,231 |
|
|
|
3,807 |
|
|
|
1,861 |
|
||
|
PGRE's share of Same Store NOI |
$ |
76,851 |
|
|
$ |
87,357 |
|
|
$ |
248,456 |
|
|
$ |
268,032 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
PGRE's share of NOI |
$ |
75,500 |
|
|
$ |
89,468 |
|
|
$ |
244,649 |
|
|
$ |
273,687 |
|
||||
|
Adjustments to arrive at Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Straight-line rent (including our share of unconsolidated
|
|
(1,065 |
) |
|
|
(2,191 |
) |
|
|
4,072 |
|
|
|
(6,694 |
) |
|||
|
|
Amortization of above and below-market leases, net
|
|
(1,245 |
) |
|
|
(1,697 |
) |
|
|
(4,275 |
) |
|
|
(5,304 |
) |
|||
|
|
Amounts attributable to noncontrolling interests in
|
|
314 |
|
|
|
(1,470 |
) |
|
|
(4,589 |
) |
|
|
(2,059 |
) |
|||
|
PGRE's share of Cash NOI |
|
73,504 |
|
|
|
84,110 |
|
|
|
239,857 |
|
|
|
259,630 |
|
||||
|
|
Non-same store adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Dispositions (1) |
|
- |
|
|
|
(3,817 |
) |
|
|
- |
|
|
|
(8,154 |
) |
||
|
|
|
Other, net (including lease termination income) |
|
1,387 |
|
|
|
1,125 |
|
|
|
3,771 |
|
|
|
1,826 |
|
||
|
PGRE's share of Same Store Cash NOI |
$ |
74,891 |
|
|
$ |
81,418 |
|
|
$ |
243,628 |
|
|
$ |
253,302 |
|
||||
| ____________________ | |
(1) |
Represents an adjustment to prior period’s NOI and Cash NOI to account for the |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251029048878/en/
Ermelinda Berberi
Executive Vice President, Chief Financial Officer
and Treasurer
212-237-3113
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.
