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    Paramount Announces First Quarter 2025 Results

    4/30/25 4:15:00 PM ET
    $PGRE
    Real Estate Investment Trusts
    Real Estate
    Get the next $PGRE alert in real time by email

    Paramount Group, Inc. (NYSE:PGRE) ("Paramount" or the "Company") filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 today and reported results for the first quarter.

    First Quarter Highlights:

    Results of Operations:

    • Reported net loss attributable to common stockholders of $10.0 million, or $0.05 per share, for the first quarter of 2025, compared to net income attributable to common stockholders of $9.9 million, or $0.05 per share, for the first quarter of 2024. Net income attributable to common stockholders for the first quarter of 2024 includes a $14.1 million, or $0.07 per share, non-cash gain on extinguishment of a tax liability related to the Company's initial public offering.
    • Reported Core Funds from Operations ("Core FFO") attributable to common stockholders of $37.9 million, or $0.17 per share, for the first quarter of 2025, compared to $47.9 million, or $0.22 per share, for the first quarter of 2024.
    • Reported a 5.4% decrease in Same Store Net Operating Income ("NOI") and a 4.1% decrease in Same Store Cash NOI in the first quarter of 2025, compared to the same period in the prior year.
    • Leased 283,874 square feet, of which the Company's share was 186,447 square feet that was leased at a weighted average initial rent of $76.52 per square foot. Of the 283,874 square feet leased, 81,707 square feet represented the Company's share of second generation space(1), for which mark-to-markets were 7.1% on a GAAP basis and negative 1.5% on a cash basis.

    Transactions and Capital Markets Activity:

    • On January 17, 2025, the Company entered into a consent agreement with the lenders of its revolving credit facility to permit the disposition of a 45.0% equity interest in 900 Third Avenue (as further described below). In connection therewith, the Company reduced the aggregate commitments under the credit facility to $450.0 million and modified its credit facility to, among other things, (i) reduce the aggregate unencumbered asset value of all unencumbered eligible properties from $900.0 million to $500.0 million, (ii) increase the secured leverage ratio as of the last day of any relevant fiscal quarter from 50% to 60%, and (iii) limit borrowings under the credit facility to $200.0 million, through June 30, 2025.
    • On January 17, 2025, the Company sold a 45.0% equity interest in 900 Third Avenue, a 600,000 square foot Class A office building located in New York, at a gross asset valuation of $210.0 million. The Company realized net proceeds of $94.0 million from the sale after transaction costs, of which $9.4 million was received in December 2024 upon execution of the contract.
    _________________

    (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 March 31, 2025

    Net loss attributable to common stockholders was $10.0 million, or $0.05 per share, for the first quarter of 2025, compared to net income attributable to common stockholders of $9.9 million, or $0.05 per share, for the first quarter of 2024. Net income attributable to common stockholders for the first quarter of 2024 includes a $14.1 million, or $0.07 per share, non-cash gain on extinguishment of a tax liability related to the Company's initial public offering.

    Funds from Operations ("FFO") attributable to common stockholders was $36.9 million, or $0.17 share, for the first quarter of 2025, compared to $59.8 million, or $0.28 per share, for the first quarter of 2024. FFO attributable to common stockholders for the first quarter of 2024 includes a $14.1 million, or $0.07 per share, non-cash gain on extinguishment of a tax liability related to the Company's initial public offering. FFO attributable to common stockholders for the first quarters of 2025 and 2024 also includes the impact of non-core items, which are listed in the table on page 9. While the aggregate of the non-core items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the first quarter of 2025 by $1.0 million, it had no impact on FFO per share. The aggregate of the non-core items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common stockholders for the first quarter of 2024 by $11.9 million, or $0.06 per share.

    Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $37.9 million, or $0.17 per share, for the first quarter of 2025, compared to $47.9 million, or $0.22 per share, for the first quarter of 2024.

    Portfolio Operations

    Quarter Ended March 31, 2025

    Same Store NOI decreased by $5.1 million, or 5.4%, to $87.3 million for the first quarter of 2025 from $92.4 million for the first quarter of 2024. Same Store Cash NOI decreased by $3.6 million, or 4.1%, to $84.1 million for the first quarter of 2025 from $87.7 million for the first quarter of 2024.

    During the first quarter of 2025, the Company leased 283,874 square feet, of which the Company's share was 186,447 square feet that was leased at a weighted average initial rent of $76.52 per square foot. This leasing activity, partially offset by lease expirations in the quarter, increased same store leased occupancy by 140 basis points to 86.2% at March 31, 2025 from 84.8% at December 31, 2024.

    Of the 283,874 square feet leased in the first quarter, 81,707 square feet represented the Company's share of second generation space for which mark-to-markets were 7.1% on a GAAP basis and negative 1.5% on a cash basis. The weighted average lease term for leases signed during the first quarter was 12.9 years and weighted average tenant improvements and leasing commissions on these leases were $13.74 per square foot per annum, or 18.0% of initial rent.

    Guidance

    The Company is providing its Estimated Core FFO Guidance for the full year of 2025, which is reconciled below to estimated net loss attributable to common stockholders per share in accordance with GAAP. The Company estimates that net loss attributable to common stockholders will be between $0.36 and $0.30 per share. The estimated net loss attributable to common stockholders per 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 during the first quarter and its outlook for the remainder of 2025, the Company is reaffirming its Estimated 2025 Core FFO to be between $0.51 and $0.57 per share.

     

    Full Year 2025

     

    (Amounts per diluted share)

    Low

     

     

    High

     

    Estimated net loss attributable to common stockholders

    $

    (0.36

    )

     

    $

    (0.30

    )

    Pro rata share of real estate depreciation and amortization, including the Company's share of unconsolidated joint ventures

     

    0.87

     

     

     

    0.87

     

    Estimated FFO / Core FFO

    $

    0.51

     

     

    $

    0.57

     

    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 6. 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 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 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 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 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 March 31, 2025, which is available on our website.

    Investor Conference Call and Webcast

    The Company will host a conference call and audio webcast on Thursday, May 1, 2025 at 10:00 a.m. Eastern Time (ET), during which management will discuss the first 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 May 1, 2025 through May 8, 2025 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13752405.

    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:

     

    March 31, 2025

     

     

    December 31, 2024

     

    Real estate, at cost:

     

     

     

     

     

     

    Land

     

    $

    1,966,237

     

     

    $

    1,966,237

     

    Buildings and improvements

     

     

    6,348,260

     

     

     

    6,325,097

     

     

     

     

    8,314,497

     

     

     

    8,291,334

     

    Accumulated depreciation and amortization

     

     

    (1,675,242

    )

     

     

    (1,639,529

    )

    Real estate, net

     

     

    6,639,255

     

     

     

    6,651,805

     

    Cash and cash equivalents

     

     

    426,952

     

     

     

    375,056

     

    Restricted cash

     

     

    187,055

     

     

     

    180,391

     

    Accounts and other receivables

     

     

    20,496

     

     

     

    18,229

     

    Investments in unconsolidated real estate related funds

     

     

    4,678

     

     

     

    4,649

     

    Investments in unconsolidated joint ventures

     

     

    81,142

     

     

     

    85,952

     

    Deferred rent receivable

     

     

    355,581

     

     

     

    356,425

     

    Deferred charges, net

     

     

    106,306

     

     

     

    100,684

     

    Intangible assets, net

     

     

    46,983

     

     

     

    50,492

     

    Other assets

     

     

    79,030

     

     

     

    47,820

     

    Total assets

     

    $

    7,947,478

     

     

    $

    7,871,503

     

     

     

     

     

     

     

     

    Liabilities:

     

     

     

     

     

     

    Notes and mortgages payable, net

     

    $

    3,678,893

     

     

    $

    3,676,630

     

    Revolving credit facility

     

     

    -

     

     

     

    -

     

    Accounts payable and accrued expenses

     

     

    114,074

     

     

     

    119,881

     

    Intangible liabilities, net

     

     

    19,301

     

     

     

    20,870

     

    Other liabilities

     

     

    34,279

     

     

     

    44,625

     

    Total liabilities

     

     

    3,846,547

     

     

     

    3,862,006

     

    Equity:

     

     

     

     

     

     

    Paramount Group, Inc. equity

     

     

    3,087,151

     

     

     

    3,141,277

     

    Noncontrolling interests in:

     

     

     

     

     

     

    Consolidated joint ventures

     

     

    664,249

     

     

     

    495,340

     

    Consolidated real estate related funds

     

     

    84,644

     

     

     

    82,875

     

    Operating Partnership

     

     

    264,887

     

     

     

    290,005

     

    Total equity

     

     

    4,100,931

     

     

     

    4,009,497

     

    Total liabilities and equity

     

    $

    7,947,478

     

     

    $

    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 March 31,

     

     

     

    2025

     

     

    2024

     

    Revenues:

     

     

     

     

     

     

    Rental revenue

     

    $

    179,021

     

     

    $

    179,723

     

    Fee and other income

     

     

    7,998

     

     

     

    9,154

     

    Total revenues

     

     

    187,019

     

     

     

    188,877

     

    Expenses:

     

     

     

     

     

     

    Operating

     

     

    78,050

     

     

     

    71,740

     

    Depreciation and amortization

     

     

    58,879

     

     

     

    61,114

     

    General and administrative

     

     

    17,461

     

     

     

    16,634

     

    Transaction related costs

     

     

    150

     

     

     

    178

     

    Total expenses

     

     

    154,540

     

     

     

    149,666

     

    Other income (expense):

     

     

     

     

     

     

    Loss from real estate related fund investments

     

     

    (26

    )

     

     

    (43

    )

    Income from unconsolidated real estate related funds

     

     

    74

     

     

     

    105

     

    Income (loss) from unconsolidated joint ventures

     

     

    1,907

     

     

     

    (1,346

    )

    Interest and other income, net

     

     

    3,815

     

     

     

    19,420

     

    Interest and debt expense

     

     

    (43,200

    )

     

     

    (40,269

    )

    (Loss) income before income taxes

     

     

    (4,951

    )

     

     

    17,078

     

    Income tax expense

     

     

    (366

    )

     

     

    (347

    )

    Net (loss) income

     

     

    (5,317

    )

     

     

    16,731

     

    Less net (income) loss attributable to noncontrolling interests in:

     

     

     

     

     

     

     

    Consolidated joint ventures

     

     

    (3,845

    )

     

     

    (5,206

    )

    Consolidated real estate related funds

     

     

    (1,769

    )

     

     

    (762

    )

    Operating Partnership

     

     

    905

     

     

     

    (898

    )

    Net (loss) income attributable to common stockholders

     

    $

    (10,026

    )

     

    $

    9,865

     

     

     

     

     

     

     

     

    (Loss) income per Common Share:

     

     

     

     

     

     

    Basic

     

    $

    (0.05

    )

     

    $

    0.05

     

    Diluted

     

    $

    (0.05

    )

     

    $

    0.05

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

    Basic

     

     

    218,005,447

     

     

     

    217,105,686

     

    Diluted

     

     

    218,005,447

     

     

     

    217,186,409

     

    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 March 31,

     

     

     

    2025

     

     

    2024

     

    Reconciliation of net (loss) income to FFO and Core FFO:

     

     

     

     

     

     

    Net (loss) income

     

    $

    (5,317

    )

     

    $

    16,731

     

    Real estate depreciation and amortization (including our share of unconsolidated joint ventures)

     

     

    61,902

     

     

     

    64,424

     

    Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds

     

     

    (16,377

    )

     

     

    (15,885

    )

    FFO attributable to the Operating Partnership

     

     

    40,208

     

     

     

    65,270

     

    Amounts attributable to noncontrolling interests in the Operating Partnership

     

     

    (3,328

    )

     

     

    (5,449

    )

    FFO attributable to common stockholders

     

    $

    36,880

     

     

    $

    59,821

     

    Per diluted share

     

    $

    0.17

     

     

    $

    0.28

     

     

     

     

     

     

     

     

    FFO attributable to the Operating Partnership

     

    $

    40,208

     

     

    $

    65,270

     

    Adjustments for non-core items:

     

     

     

     

     

     

    Non-cash gain on extinguishment of IPO related tax liability

     

     

    -

     

     

     

    (15,437

    )

    Write-off of deferred financing costs

     

     

    1,289

     

     

     

    -

     

    Other, net (primarily adjustments related to unconsolidated joint ventures)

     

     

    (187

    )

     

     

    2,471

     

    Core FFO attributable to the Operating Partnership

     

     

    41,310

     

     

     

    52,304

     

    Amounts attributable to noncontrolling interests in the Operating Partnership

     

     

    (3,419

    )

     

     

    (4,366

    )

    Core FFO attributable to common stockholders

     

    $

    37,891

     

     

    $

    47,938

     

    Per diluted share

     

    $

    0.17

     

     

    $

    0.22

     

     

     

     

     

     

     

     

    Reconciliation of weighted average shares outstanding:

     

     

     

     

     

     

    Weighted average shares outstanding

     

     

    218,005,447

     

     

     

    217,105,686

     

    Effect of dilutive securities

     

     

    68,946

     

     

     

    80,723

     

    Denominator for FFO and Core FFO per diluted share

     

     

    218,074,393

     

     

     

    217,186,409

     

    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 March 31,

     

     

    2025

     

     

    2024

     

    Reconciliation of net (loss) income to Same Store NOI and Same Store Cash NOI:

     

     

     

     

     

    Net (loss) income

    $

    (5,317

    )

     

    $

    16,731

     

    Adjustments to arrive at NOI:

     

     

     

     

     

    Fee income

     

    (5,025

    )

     

     

    (6,248

    )

    Depreciation and amortization

     

    58,879

     

     

     

    61,114

     

    General and administrative

     

    17,461

     

     

     

    16,634

     

    (Income) loss from unconsolidated joint ventures

     

    (1,907

    )

     

     

    1,346

     

    NOI from unconsolidated joint ventures (excluding One Steuart Lane)

     

    4,927

     

     

     

    5,602

     

    Interest and other income, net

     

    (3,815

    )

     

     

    (19,420

    )

    Interest and debt expense

     

    43,200

     

     

     

    40,269

     

    Income tax expense

     

    366

     

     

     

    347

     

    Other, net

     

    102

     

     

     

    116

     

    Amounts attributable to noncontrolling interests in consolidated joint ventures

     

    (22,083

    )

     

     

    (22,908

    )

    PGRE's share of NOI

     

    86,788

     

     

     

    93,583

     

    Non-same store adjustments:

     

     

     

     

     

    Dispositions

     

    -

     

     

     

    (1,574

    )

    Other, net (including lease termination income)

     

    551

     

     

     

    360

     

    PGRE's share of Same Store NOI

    $

    87,339

     

     

    $

    92,369

     

     

     

     

     

     

     

    PGRE's share of NOI

    $

    86,788

     

     

    $

    93,583

     

    Adjustments to arrive at Cash NOI:

     

     

     

     

     

    Straight-line rent (including our share of unconsolidated joint ventures)

     

    707

     

     

     

    (3,387

    )

    Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)

     

    (1,554

    )

     

     

    (1,658

    )

    Amounts attributable to noncontrolling interests in consolidated joint ventures

     

    (2,264

    )

     

     

    439

     

    PGRE's share of Cash NOI

     

    83,677

     

     

     

    88,977

     

    Non-same store adjustments:

     

     

     

     

     

    Dispositions

     

    -

     

     

     

    (1,515

    )

    Other, net (including lease termination income)

     

    444

     

     

     

    254

     

    PGRE's share of Same Store Cash NOI

    $

    84,121

     

     

    $

    87,716

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250430181859/en/

    Contact Information:

    Wilbur Paes

    Chief Operating Officer,

    Chief Financial Officer and Treasurer

    212-237-3122

    [email protected]

    Tom Hennessy

    Vice President, Investor Relations and

    Business Development

    212-237-3138

    [email protected]

    Media:

    212-492-2285

    [email protected]

    Get the next $PGRE alert in real time by email

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