Core Viewpoint - Paramount Global anticipates the merger with Skydance Media to close in the first half of 2025, pending regulatory approvals from the FCC [1][2][3] Financial Performance - Q1 revenue decreased by 6% to $7.2 billion, but increased by 2% when excluding the impact of Super Bowl LVIII from the previous year [4] - The company reported a net profit of $152 million, a significant recovery from a loss of $554 million in the same quarter last year [5] - Adjusted EPS was 29 cents per share [5] - Streaming revenue rose by 9% to over $2 billion, with Paramount+ contributing to a 16% increase in subscription revenue [6] Subscriber Growth - Paramount+ added 1.5 million net new subscribers, reaching a total of 79 million by the end of March [7] - The growth was driven by series, post-theatrical releases, CBS primetime, and sports programming [7] Advertising and Media Performance - Ad sales fell by 9%, with 8% attributed to Super Bowl comparisons [6] - CBS is expected to be the most-watched network in primetime for the 17th consecutive season, despite a 21% decline in ad revenue [8] Division Performance - TV Media operating profit decreased by 36% to $922 million on revenue of $4.54 billion [9] - Filmed entertainment revenue increased by 4%, with theatrical revenue easing by 3% [9] - The success of Sonic the Hedgehog 3 contributed to a profit swing in the division, moving from a $3 million loss to a $20 million profit [10]

Core Viewpoint - Paramount Global (PARA) is expected to report a decline in both revenues and earnings for the first quarter of 2025 compared to the previous year, with significant factors influencing these results [1][4][6]. Financial Performance Expectations - The Zacks Consensus Estimate for PARA's first-quarter 2025 revenues is $7.1 billion, reflecting a 7.56% decrease from the same quarter last year [1]. - The consensus estimate for earnings is 30 cents per share, which represents a 51.61% decrease year-over-year and has been revised downward by 21.05% in the last 30 days [1]. Subscriber Growth and Content Strategy - PARA added 5.6 million new subscribers on Paramount+ in the fourth quarter of 2024, and subscriber growth is expected to continue, albeit at a slower pace due to content release timing [5]. - The company is anticipated to maintain content momentum on Paramount+, with the return of popular shows and the launch of new series [4]. Advertising and Affiliate Revenue Trends - In the TV Media segment, affiliate revenues are projected to decline by 6.7% year-over-year, with an increased rate of decline expected in the first quarter due to recent renewals and changes in the pay TV ecosystem [6][7]. - Advertising revenues also saw a decline of 4% year-over-year in the previous quarter, with similar trends likely to persist [6]. Adjusted OIBDA and Business Trends - Adjusted OIBDA is expected to decline in the first quarter, influenced by the aforementioned business trends and the comparison to the Super Bowl, which had a positive impact in 2024 [7]. - The cumulative impact of recent renewals with major distributors is another significant factor affecting performance [7]. Earnings Expectations and Model Insights - PARA currently has an Earnings ESP of -24.85% and a Zacks Rank of 3 (Hold), indicating lower odds of an earnings beat [8].

Core Viewpoint - Analysts expect Paramount Global-B (PARA) to report quarterly earnings of $0.30 per share, reflecting a year-over-year decline of 51.6%, with revenues projected at $7.1 billion, down 7.6% from the previous year [1]. Revenue Estimates - The consensus estimate for 'Revenues- TV Media' is $4.45 billion, indicating a decline of 14.9% year-over-year [4]. - 'Revenues- Filmed Entertainment' is estimated at $605.83 million, showing a slight increase of 0.1% from the prior year [4]. - 'Revenues- Direct-to-Consumer' is projected to reach $2.13 billion, reflecting a growth of 13.1% year-over-year [4]. - 'Revenues- Direct-to-Consumer- Advertising' is expected to be $538.94 million, up 3.6% from the previous year [5]. - 'Revenues- Filmed Entertainment- Licensing and Other' is forecasted at $475.92 million, indicating a 5.5% increase year-over-year [5]. - 'Revenues- TV Media- Advertising' is anticipated to be $1.87 billion, down 27.8% from the year-ago quarter [6]. - 'Revenues- TV Media- Affiliate and Subscription' is estimated at $1.85 billion, reflecting a decrease of 7.6% year-over-year [6]. - 'Revenues- TV Media- Licensing and Other' is projected to reach $747.77 million, indicating a year-over-year increase of 14.9% [7]. - 'Revenues- Direct-to-Consumer- Subscription' is expected to be $1.62 billion, showing a growth of 19.5% from the prior year [7]. - 'Revenues- Filmed Entertainment- Theatrical' is forecasted at $139.12 million, down 9.1% year-over-year [7]. - 'Revenues- Licensing and Other' is projected to be $1.23 billion, reflecting a 14% increase year-over-year [8]. Subscriber Estimates - Analysts estimate that 'Global Paramount Subscribers' will reach 77.50 million, compared to 71.2 million a year ago [8]. Stock Performance - Over the past month, Paramount Global-B shares have returned +3.3%, outperforming the Zacks S&P 500 composite's +0.4% change [8].

Paramount Global-B (PARA) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on May 8, 2025, might help the stock move higher if these key numbers are better than e ...

Financial Data and Key Metrics Changes - The company reported core FFO of $0.17 per share for Q1 2025, exceeding consensus by $0.01 [6][24] - First quarter same store growth was negative 4.1% on a cash basis and negative 5.4% on a GAAP basis [24] - The leased occupancy rate of the same store portfolio was 86.2%, up 140 basis points from the prior quarter [26] Business Line Data and Key Metrics Changes - The company executed leases totaling approximately 284,000 square feet, marking the strongest first quarter of leasing since 2019 [7][16] - The weighted average term for leases signed during Q1 was 12.9 years [16] - Approximately 60% of leasing activity occurred on vacant space, with 24% on space scheduled to expire in 2025 [18] Market Data and Key Metrics Changes - In New York, the Manhattan office market showed significant improvement, with new leasing activity reaching the highest quarterly total since Q4 2021 [9] - Financial services tenants represented over half of new leases of 10,000 square feet and greater in New York [9] - In San Francisco, AI-based companies accounted for approximately 20 deals totaling more than 275,000 square feet, indicating a growing importance of the city as an AI hub [22] Company Strategy and Development Direction - The company is focused on maintaining strong tenant relationships and securing renewals to meet the needs of existing and prospective tenants [14] - The Paramount Club continues to be a significant differentiator in the market, enhancing tenant satisfaction and retention [12] - The company is cautiously optimistic about the San Francisco market, noting improvements in leasing activity and a favorable business environment [13][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged recent shifts in the broader economic environment but noted no disruption to leasing activity [8] - The company expects ongoing absorption of space in its submarkets to support increased leasing and improved deal economics [20] - Management reaffirmed earnings guidance and expressed confidence in the recovery of the New York portfolio [24][27] Other Important Information - The company closed the sale of a 45% interest in 900 Third Avenue, raising approximately $95 million in net proceeds [14][27] - The debt at quarter end, excluding noncore assets, amounted to $3.25 billion at a weighted average rate of 4.26% [28] Q&A Session Summary Question: Future capital uses and sources - Management indicated a disciplined and opportunistic approach to capital uses, considering opportunities similar to the 900 Third Avenue transaction [31][32] Question: Details on the new law firm lease at 1 Market Plaza - The law firm lease at 1 Market Plaza is expected to command rents in excess of $120 per square foot, reflecting strong interest in high-quality space [35][36] Question: Activity in the San Francisco market - Management expressed cautious optimism about San Francisco, noting increased leasing activity and a positive shift in the business environment [41][44] Question: Update on large tenant expirations - Management is in advanced discussions for backfilling space from Visa and Morgan Lewis, indicating progress in managing lease expirations [46][47] Question: Guidance on leasing volume and same store NOI - Management explained that the lack of change in same store NOI guidance is primarily due to the delayed commencement of leases [49]

Financial Data and Key Metrics Changes - The company reported core FFO of $0.17 per share for Q1 2025, exceeding consensus by $0.01 [6][24] - First quarter same store growth was negative 4.1% on a cash basis and negative 5.4% on a GAAP basis [24] - The leased occupancy rate of the same store portfolio was 86.2%, up 140 basis points from the prior quarter [26] Business Line Data and Key Metrics Changes - The company executed leases totaling approximately 284,000 square feet, marking the strongest first quarter of leasing since 2019 [7][16] - The weighted average term for leases signed during Q1 was 12.9 years [16] - Approximately 60% of leasing activity occurred on vacant space, with 24% on space scheduled to expire in 2025 [18] Market Data and Key Metrics Changes - In New York, the Manhattan office market showed significant improvement, with new leasing activity reaching the highest quarterly total since Q4 2021 [9] - Financial services tenants represented over half of new leases of 10,000 square feet and greater in New York [9] - In San Francisco, AI-based companies accounted for approximately 20 deals totaling more than 275,000 square feet, indicating a growing importance of the city as an AI hub [22] Company Strategy and Development Direction - The company is focused on maintaining strong tenant relationships and securing renewals to meet the needs of existing and prospective tenants [14] - The Paramount Club continues to be a significant differentiator in the market, enhancing tenant satisfaction and retention [12] - The company is cautiously optimistic about the San Francisco market, noting improvements in leasing activity and a favorable business environment [13][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged recent shifts in the broader economic environment but noted no disruption to leasing activity [8] - The company expects ongoing absorption of space in its submarkets to support increased leasing and improved deal economics [20] - Management reaffirmed earnings guidance and expressed confidence in the recovery of the New York portfolio [24][27] Other Important Information - The company closed the sale of a 45% interest in 900 Third Avenue, raising approximately $95 million in net proceeds [14][27] - The debt at quarter end, excluding noncore assets, amounted to $3.25 billion at a weighted average rate of 4.26% [28] Q&A Session Summary Question: What should be expected regarding capital uses and sources in 2025? - Management indicated a disciplined and opportunistic approach to capital transactions, similar to the sale of 900 Third Avenue [31][32] Question: Can you provide details on the new lease with the law firm at 1 Market Plaza? - The law firm is expected to pay rents in excess of $120 per square foot, reflecting strong interest in high-quality space [35][36] Question: How is the San Francisco market performing amid current uncertainties? - Management remains cautiously optimistic, noting increased leasing activity and positive discussions with local authorities [44] Question: What is the status of large tenants facing expirations in 2026? - Advanced discussions are ongoing for backfilling space from Visa and Morgan Lewis, with optimism about leasing activity [46][48] Question: Why was there no change in same store NOI guidance despite increased leasing volume? - The delay in lease commencements is primarily responsible for the unchanged same store NOI guidance [49]

Financial Data and Key Metrics Changes - The company reported core FFO of $0.17 per share for Q1 2025, exceeding consensus by $0.01 [5][21] - First quarter same store growth was negative 4.1% on a cash basis and negative 5.4% on a GAAP basis [21] - The leased occupancy rate of the same store portfolio was 86.2%, up 140 basis points from the prior quarter [22] Business Line Data and Key Metrics Changes - The company executed leases totaling approximately 284,000 square feet, marking the strongest first quarter of leasing since 2019 [6][14] - The weighted average term for leases signed during the first quarter was 12.9 years [21] - In New York, the portfolio was 87.4% leased on a same store basis, up 240 basis points from the last quarter [18][22] Market Data and Key Metrics Changes - In New York, Manhattan's office market showed significant improvement, with new leasing activity reaching the highest quarterly total since Q4 2021 [7] - In San Francisco, leasing activity marked the strongest first quarter since 2019, with AI-based companies accounting for approximately 20 deals totaling over 275,000 square feet [19][20] - The San Francisco portfolio was 82.3% leased on a same store basis, down 150 basis points from the last quarter [20][22] Company Strategy and Development Direction - The company aims to maintain strong tenant relationships and secure renewals while focusing on high-quality, well-located office spaces [12][21] - The Paramount Club continues to be a significant differentiator in the market, enhancing tenant satisfaction and retention [10] - The company is optimistic about the recovery in San Francisco, driven by the evolving political landscape and demand for office space [11][40] Management's Comments on Operating Environment and Future Outlook - Management noted that despite recent economic shifts, there has been no disruption to leasing activity [6] - The company expects ongoing absorption of space in submarkets to support increased leasing and improved deal economics [17] - Management remains cautiously optimistic about San Francisco's recovery, highlighting increased leasing activity and constructive conversations with local authorities [40] Other Important Information - The company closed the sale of a 45% interest in 900 Third Avenue, raising approximately $95 million in net proceeds [12][24] - The debt at quarter end, excluding noncore assets, amounted to $3.25 billion at a weighted average rate of 4.26% [24][25] Q&A Session Summary Question: What should be expected regarding capital uses and sources in 2025? - Management indicated they are considering all options and remain disciplined and opportunistic regarding transactions like the one at 900 Third Avenue [28][29] Question: Can you discuss the 32,000 square feet law firm lease at 1 Market Plaza? - The upper floors generally command rents in excess of $120 per foot, and there is increasing interest from law firms looking to upgrade their real estate [31][32] Question: How is the leasing activity in San Francisco? - Management noted that while the market is improving, it may take time to see significant results, but there is optimism regarding increased leasing activity [40][41] Question: What is the status of large spaces facing expirations in 2026? - Management is in advanced discussions for backfilling spaces from Visa and Morgan Lewis, and they are optimistic about the activity level [44][46] Question: Why was there no change in same store NOI guidance despite increased leasing volume? - The lack of change is primarily due to the delayed commencement of leases expected to transfer into occupancy [47] Question: Is there a trend of larger tenants returning to the market? - Management confirmed that there is increased activity from large tenants, particularly in premier buildings in Midtown [52][55]

2025 Paramount Group Investor Presentation A P R I L Cautionary Note on Forward-Looking Statements This presentation 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 ...

Financial Performance - For the full year 2025, the estimated net loss attributable to common stockholders is projected to be between $85 million and $70 million[13]. - Estimated Core FFO per share for 2025 is expected to range from $0.51 to $0.57, with no prior guidance provided[13]. - Same Store NOI is projected to decrease by 9.0% to 13.0% for the year, indicating a challenging market environment[13]. - For the three months ended March 31, 2025, the company's share of Cash NOI was $83.7 million, down from $89.0 million in the same period last year, reflecting a 4.1% decline[14]. - The Same Store NOI for the three months ended March 31, 2025, decreased by 5.4% compared to the same period in 2024[14]. - The company reported a net loss per share of $0.05 for the three months ended March 31, 2025, compared to a profit of $0.05 in the same period last year[14]. - Total revenues for the three months ended March 31, 2025, were $187,019, a decrease of 0.5% compared to $188,877 for the same period in 2024[17]. - Rental revenue for the same period was $179,021, slightly down from $179,723 in the previous year, representing a decrease of 0.4%[18]. - Net loss attributable to common stockholders for the three months ended March 31, 2025, was $10,026, compared to a net income of $9,865 for the same period in 2024[17]. - The company reported operating expenses of $78,050 for the three months ended March 31, 2025, which is an increase of 8.2% compared to $71,740 in the same period last year[17]. - Net loss for the three months ended March 31, 2025, was $5,317,000 compared to a net income of $16,731,000 for the same period in 2024[19]. - Funds from Operations (FFO) attributable to common stockholders for Q1 2025 was $36,880,000, down 38.4% from $59,821,000 in Q1 2024[19]. - Core FFO attributable to common stockholders decreased to $37,891,000 in Q1 2025 from $47,938,000 in Q1 2024, representing a decline of 21.0%[20]. - PGRE's share of EBITDAre for Q1 2025 was $78,139,000, down 22.1% from $100,355,000 in Q1 2024[22]. - Net Operating Income (NOI) for Q1 2025 was $86,788,000, a decrease of 7.5% compared to $93,583,000 in Q1 2024[23]. - Cash NOI for Q1 2025 was $83,677,000, down 5.0% from $88,977,000 in Q1 2024[23]. - The company reported a significant increase in interest and debt expense, which rose to $45,440,000 in Q1 2025 from $42,787,000 in Q1 2024[22]. - The company reported a non-cash gain on extinguishment of IPO related tax liability of $15,437,000 in Q4 2024, which was not present in Q1 2025[22]. - The company reported a decrease in Same Store NOI of 5.4% for the three months ended March 31, 2025, totaling $87,339,000 compared to $92,369,000 in 2024[27]. - The company sold a 45.0% equity interest in 900 Third Avenue on January 17, 2025, which is reflected in the adjustments to prior period's NOI[28]. - Total revenues for Q1 2025 reached $106,319,000, representing an increase from $102,637,000 in Q1 2024, a growth of approximately 3.3% year-over-year[30]. - Net income for Q1 2025 was $12,546,000, compared to $14,887,000 in Q1 2024, indicating a decrease of about 15.7% year-over-year[30][32]. - Net operating income for Q1 2025 was $64,810,000, up from $68,164,000 in Q1 2024, reflecting a decline of approximately 4.9% year-over-year[30][32]. - Funds from operations (FFO) for Q1 2025 totaled $29,198,000, compared to $31,272,000 in Q1 2024, a decrease of about 6.6% year-over-year[30][32]. - The company reported a net loss of $9,042,000 for the three months ended March 31, 2025, reflecting challenges in the market[36]. Assets and Liabilities - Total assets increased to $7,947,478 as of March 31, 2025, up from $7,871,503 at the end of 2024, reflecting a growth of 1%[16]. - Cash and cash equivalents rose to $426,952, an increase of 13.8% from $375,056 as of December 31, 2024[16]. - Total liabilities decreased slightly to $3,846,547 from $3,862,006, a reduction of 0.4%[16]. - The company’s equity increased to $4,100,931 as of March 31, 2025, compared to $4,009,497 at the end of 2024, marking a growth of 2.3%[16]. - Total assets as of March 31, 2025, amounted to $4,117,917,000, with real estate net valued at $3,522,958,000[28]. - Total liabilities were reported at $2,397,078,000, with notes and mortgages payable net at $2,322,477,000[28]. - Paramount Group, Inc. equity stood at $856,295,000, while noncontrolling interests were $495,340,000, leading to total equity of $1,351,635,000[29]. - Total debt as of March 31, 2025, was $5,498,456,000, with PGRE's share of net debt at $3,093,470,000[40]. - The company's net debt to annualized adjusted EBITDAre ratio was 9.9x, indicating a slight increase from the previous period[41]. - The total market capitalization as of March 31, 2025, was $4,634,027,000[40]. - The company has a revolving credit facility with total debt to total assets ratio at 49.2%, well below the 60% threshold[44]. - Consolidated debt totals $3,610,580, with a weighted average interest rate of 4.44%[45]. - PGRE's share of total debt excluding non-core assets is $3,247,440[45]. Leasing and Occupancy - The company anticipates leasing activity of approximately 900,000 to 1,100,000 square feet for the year[13]. - The Same Store Leased percentage as of March 31, 2025, was 86.2%, an increase of 1.4% from December 31, 2024[15]. - The weighted average Same Store Leased percentage for New York was 87.4%, while for San Francisco it was 82.3% as of March 31, 2025[15]. - The total portfolio has a weighted average leased percentage of 83.2% and an occupied percentage of 80.5%[48]. - The New York portfolio's leased percentage is 87.4%, showing an increase from previous quarters[48]. - The San Francisco portfolio's leased percentage is 72.6%, reflecting a slight decrease compared to earlier figures[48]. - The office segment has a 90.0% ownership and a 91.7% occupancy rate at 1633 Broadway, generating an annualized rent of $176,692,000[51]. - The retail segment at 1301 Avenue of the Americas has a 100.0% occupancy rate, with an annualized rent of $191,538,000[51]. - The property at One Market Plaza has a 49.0% ownership, with a 90.7% occupancy rate and an annualized rent of $163,169,000[53]. - The company is focusing on market expansion and enhancing tenant diversity across its properties[54]. - As of March 31, 2025, PGRE's total square feet leased reached 283,874, with PGRE's share being 186,447 square feet[57]. - The total expiring leases for 2025 amount to 1,116,573 square feet, with an annualized rent of $70,619, or $94.61 per square foot[58]. - For 2026, total expiring leases are projected at 1,508,069 square feet, with an annualized rent of $89,096, equating to $89.59 per square foot[58]. - The percentage increase in straight-line rent for 2025 is 7.1%, compared to the prior straight-line rent[57]. - The average free rent period for new leases is 12.3 months, with an average of 1.0 month per annum[57]. - The company has a diversified tenant base, with legal services accounting for 21.9% of occupied square feet[58]. - The total square feet of month-to-month leases is 5,253, representing 0.1% of annualized rent[59]. - The remaining leases for 2026 total 5,334,341 square feet, with an annualized rent of $385,459, or 63.0% of total annualized rent[59]. Capital Expenditures - Total capital expenditures for the three months ended March 31, 2025, amounted to $48,004,000, with $40,293,000 attributed to New York and $7,696,000 to San Francisco[63]. - Capital expenditures to maintain assets for the three months ended March 31, 2025, were $12,047,000, compared to $10,944,000 for the same period in 2024[63]. - Second generation tenant improvements for the three months ended March 31, 2025, totaled $27,355,000, up from $24,621,000 in 2024[63]. - The total capital expenditures attributable to PGRE's share for the three months ended March 31, 2025, were $42,575,000[63]. - The total capital expenditures for redevelopment for the three months ended March 31, 2025, were $1,290,000[63]. Strategic Focus - The company plans to focus on expanding its real estate portfolio and enhancing operational efficiencies in the upcoming quarters[17]. - The company is focused on market expansion and redevelopment strategies, particularly in its non-core assets[36]. - Future outlook includes potential redevelopment opportunities for properties currently out-of-service[51].

Property Management and Leasing - As of March 31, 2025, the company owns and/or manages a portfolio of 18 properties totaling 13.8 million square feet[122] - In the three months ended March 31, 2025, the company leased 283,874 square feet, with a weighted average initial rent of $76.52 per square foot[131] - Same store leased occupancy increased by 140 basis points to 86.2% as of March 31, 2025, compared to 84.8% at December 31, 2024[131] - The weighted average lease term for leases signed during the three months was 12.9 years, with tenant improvements averaging $13.74 per square foot per annum[132] - The average free rent period for new leases was 12.3 months, indicating a trend in rent concessions[129] Financial Performance - Net loss attributable to common stockholders for the three months ended March 31, 2025, was $10,026,000, compared to a net income of $9,865,000 for the same period in 2024[137] - Funds from Operations (FFO) attributable to common stockholders decreased to $36,880,000, or $0.17 per diluted share, for Q1 2025, down from $59,821,000, or $0.28 per diluted share, in Q1 2024[138] - Core Funds from Operations (Core FFO) attributable to common stockholders was $37,891,000, or $0.17 per diluted share, for Q1 2025, compared to $47,938,000, or $0.22 per diluted share, for Q1 2024[139] - Total revenues for Q1 2025 were $187,019,000, a decrease of $1,858,000 from $188,877,000 in Q1 2024[146] - Operating expenses increased to $78,050,000 in Q1 2025 from $71,740,000 in Q1 2024, an increase of $6,310,000[149] - Same Store NOI decreased by 5.4% overall, with New York down 13.0% and San Francisco up 13.7% for Q1 2025 compared to Q1 2024[141] Debt and Liquidity - As of March 31, 2025, the company had $814,007,000 in liquidity, including $426,952,000 in cash and cash equivalents[161] - The company expects adequate liquidity over the next 12 months for all anticipated needs, including scheduled interest payments and capital improvements[162] - As of March 31, 2025, the company's outstanding consolidated debt totaled $3.69 billion, with no amounts due until June 2026[164] - The company has $15,000,000 of capacity remaining under a $200,000,000 stock repurchase program approved in November 2019[126] - The credit facility has a maturity date in March 2026, with an interest rate of 135 basis points over SOFR, and includes sustainability-linked pricing components[165] Joint Ventures and Investments - The joint venture owning Market Center defaulted on a $416,544,000 mortgage loan due to insufficient property cash flows[125] - Income from unconsolidated joint ventures increased to $1,907,000 in Q1 2025, compared to a loss of $1,346,000 in Q1 2024, an increase of $3,253,000[153] - As of March 31, 2025, the company's unconsolidated joint ventures had $1.81 billion of outstanding indebtedness, with the company's share amounting to $636.91 million[168] Cash Flow and Capital Expenditures - The company generated $8.87 million in cash from operating activities for the three months ended March 31, 2025, compared to $69.89 million for the same period in 2024[176][177] - Cash and cash equivalents increased by $58.56 million for the three months ended March 31, 2025, reaching $614.01 million[174] - The company used $33.88 million for investing activities in the three months ended March 31, 2025, primarily for real estate additions[178] - Financing activities generated $83.56 million in cash for the three months ended March 31, 2025, mainly from the sale of a 45.0% equity interest in 900 Third Avenue[180] Dividend and Shareholder Returns - The company suspended its regular quarterly dividend in September 2024 to strengthen its balance sheet and maintain financial flexibility[167] - The company has $15 million of capacity remaining under a $200 million stock repurchase program approved in November 2019[169] Interest and Expense Management - Interest and debt expense increased to $43,200,000 in Q1 2025 from $40,269,000 in Q1 2024, an increase of $2,931,000[155] - The variable rate debt amounted to $860 million with an interest rate of 6.27%, which would increase interest expense by $8.6 million if rates rose by 100 basis points[198] - The company aims to manage market risk through interest rate swap agreements to mitigate exposure to increases in rates[192] Other Financial Metrics - The company recorded a liability of $16.65 million related to guarantees provided for a joint venture, which is reflected in its consolidated balance sheets[173] - The company reported depreciation and amortization expenses of $58,879 for Q1 2025, compared to $61,114 in Q1 2024[184] - Interest rate caps for the variable rate debt are set at a strike rate of 3.50% through August 2025[196] - The weighted average shares outstanding increased to 218,005,447 in Q1 2025 from 217,105,686 in Q1 2024[191]