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Paramount (PGRE) - 2024 Q4 - Annual Results
PGREParamount (PGRE)2025-02-27 21:33

Financial Performance - For the full year 2025, the estimated net loss attributable to common stockholders is projected to be between (0.36)and(0.36) and (0.30) per diluted share[11]. - The estimated Funds From Operations (FFO) for 2025 is expected to range from 0.51to0.51 to 0.57 per diluted share[11]. - The company reported a net loss per share of (0.18)forthethreemonthsendedDecember31,2024,comparedto(0.18) for the three months ended December 31, 2024, compared to (0.95) for the same period in 2023[13]. - Core FFO per share for the same period was 0.19,downfrom0.19, down from 0.22 in 2023[13]. - Total revenues for the three months ended December 31, 2024, were 186,267,adecreaseof3.8186,267, a decrease of 3.8% compared to 192,471 for the same period in 2023[18]. - Rental revenue for the three months ended December 31, 2024, was 178,114,downfrom178,114, down from 181,736 in the previous year, reflecting a decline of 1.4%[18]. - The net loss for Q4 2024 was 48,062,000,comparedtoanetlossof48,062,000, compared to a net loss of 271,727,000 in Q4 2023[21]. - The total net loss for the year ended December 31, 2024, was 38,394,comparedtoanetlossof38,394, compared to a net loss of 49,734 in 2023, indicating a reduction in losses by approximately 22.6%[31]. - The company reported a net loss of 152,206,000for2024,whichisanimprovementfromanetlossof152,206,000 for 2024, which is an improvement from a net loss of 1,058,296,000 in 2023[53][54]. Operational Metrics - The company anticipates leasing activity of 800,000 to 1,000,000 square feet for 2025, with a Same Store Leased percentage at year-end projected between 83.9% and 85.9%[11]. - Same Store Cash NOI decreased by 0.1% for the three months ended December 31, 2024, and by 1.1% for the year ended December 31, 2024, compared to the previous year[13]. - The Same Store NOI for the three months ended December 31, 2024, showed a decrease of 0.4%, with a year-over-year decline of 0.9%[13]. - The Same Store Leased percentage for New York was 85.0% as of December 31, 2024, down from 90.2% a year earlier, reflecting a 5.2% decrease[14]. - The weighted average Same Store Leased percentage was 84.8% as of December 31, 2024, down from 90.1% in the previous year, indicating a 5.3% decline[14]. - Total revenues for the year ended December 31, 2024, reached 420,036,000,representingasignificantincreasefromthepreviousyear[43].AssetsandLiabilities−TotalassetsasofDecember31,2024,were420,036,000, representing a significant increase from the previous year[43]. Assets and Liabilities - Total assets as of December 31, 2024, were 7,871,503, a slight decrease from 7,890,952asofSeptember30,2024[16].−TotalliabilitiesasofDecember31,2024,were7,890,952 as of September 30, 2024[16]. - Total liabilities as of December 31, 2024, were 3,862,006, an increase from 3,839,546asofSeptember30,2024[16].−Cashandcashequivalentsincreasedto3,839,546 as of September 30, 2024[16]. - Cash and cash equivalents increased to 375,056 as of December 31, 2024, compared to 318,725asofSeptember30,2024,representingagrowthof17.6318,725 as of September 30, 2024, representing a growth of 17.6%[16]. - Total equity as of December 31, 2024, was 4,009,497, a decrease from 4,051,406asofSeptember30,2024[16].−Totalliabilitiesincreasedto4,051,406 as of September 30, 2024[16]. - Total liabilities increased to 2,393,608 as of December 31, 2024, from 2,521,276in2023[39][40].Expenses−OperatingexpensesforthethreemonthsendedDecember31,2024,were2,521,276 in 2023[39][40]. Expenses - Operating expenses for the three months ended December 31, 2024, were 77,030, nearly unchanged from 77,076inthesameperiodof2023[18].−Depreciationandamortizationexpensesdecreasedto77,076 in the same period of 2023[18]. - Depreciation and amortization expenses decreased to 56,622 for the three months ended December 31, 2024, from 68,866inthepreviousyear,areductionof17.868,866 in the previous year, a reduction of 17.8%[18]. - Total operating expenses for the year ended December 31, 2024, amounted to 151,660,000, up from 145,183,000in2023[44].−InterestanddebtexpensefortheyearendedDecember31,2024,was145,183,000 in 2023[44]. - Interest and debt expense for the year ended December 31, 2024, was 175,115, compared to 179,263in2023[25].CashFlowandDividends−FundsfromOperations(FFO)attributabletocommonstockholdersforQ42024was179,263 in 2023[25]. Cash Flow and Dividends - Funds from Operations (FFO) attributable to common stockholders for Q4 2024 was 36,267,000, a decrease of 10.5% from 40,481,000inQ42023[21].−TotaldividendspaidoncommonstockfortheyearendedDecember31,2024,were40,481,000 in Q4 2023[21]. - Total dividends paid on common stock for the year ended December 31, 2024, were 22,826, down from 48,873inthepreviousyear[23].−ThecompanysuspendeditsregularquarterlydividendinSeptember2024tostrengthenitsbalancesheetandmaintainfinancialflexibility[23].JointVenturesandImpairments−Thecompanyreportedalossfromunconsolidatedjointventuresof48,873 in the previous year[23]. - The company suspended its regular quarterly dividend in September 2024 to strengthen its balance sheet and maintain financial flexibility[23]. Joint Ventures and Impairments - The company reported a loss from unconsolidated joint ventures of 44,261 for the three months ended December 31, 2024, compared to a loss of 207,160inthesameperiodof2023[18].−Thecompany’sshareofnon−cashrealestateimpairmentlossesrelatedtounconsolidatedjointventureswas207,160 in the same period of 2023[18]. - The company’s share of non-cash real estate impairment losses related to unconsolidated joint ventures was 33,733,000 for the year ended December 31, 2024[21]. - The loss from unconsolidated joint ventures for the year ended December 31, 2024, was 47,359,comparedto47,359, compared to 15,614 in 2023, reflecting an increase of 202.5%[31]. Market and Portfolio Overview - Total portfolio leased percentage stands at 81.6% with an annualized rent of 835,447,000[73].−PGRE′sshareoftotalportfoliooccupancyis80.1835,447,000[73]. - PGRE's share of total portfolio occupancy is 80.1%, with a weighted average rent per square foot of 89.32[73]. - The company is focusing on market expansion and enhancing tenant diversity across its portfolio[77]. - Key tenants in New York include Allianz, Morgan Stanley, and Warner Music Group, while in San Francisco, major tenants include Visa, Autodesk, and Citigroup[75][76]. Capital Expenditures - Total Capital Expenditures for the year ended December 31, 2024, amounted to 112,219,000,anincreasefrom112,219,000, an increase from 95,385,000 in 2023, representing a 17.8% increase[1]. - PGRE's share of Total Capital Expenditures for 2024 was 103,526,000,comparedto103,526,000, compared to 82,046,000 in 2023, reflecting a 26.2% increase[1]. - The company reported expenditures to maintain assets of 48,659fortheyearendedDecember31,2024,slightlydownfrom48,659 for the year ended December 31, 2024, slightly down from 49,060 in 2023[23].