Paramount (US:PGRE)2025-02-27 21:33Financial Performance - For the full year 2025, the estimated net loss attributable to common stockholders is projected to be between $(0.36) and $(0.30) per diluted share[11]. - The estimated Funds From Operations (FFO) for 2025 is expected to range from $0.51 to $0.57 per diluted share[11]. - The company reported a net loss per share of $(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, down from $0.22 in 2023[13]. - Total revenues for the three months ended December 31, 2024, were $186,267, 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, 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, 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, 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 $152,206,000 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, 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 $7,890,952 as of September 30, 2024[16]. - Total liabilities as of December 31, 2024, were $3,862,006, an increase from $3,839,546 as of September 30, 2024[16]. - Cash and cash equivalents increased to $375,056 as of December 31, 2024, compared to $318,725 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 $4,051,406 as of September 30, 2024[16]. - Total liabilities increased to $2,393,608 as of December 31, 2024, from $2,521,276 in 2023[39][40]. Expenses - Operating expenses for the three months ended December 31, 2024, were $77,030, nearly unchanged from $77,076 in the same period of 2023[18]. - Depreciation and amortization expenses decreased to $56,622 for the three months ended December 31, 2024, from $68,866 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 $145,183,000 in 2023[44]. - Interest and debt expense for the year ended December 31, 2024, was $175,115, compared to $179,263 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 $40,481,000 in Q4 2023[21]. - Total dividends paid on common stock for the year ended December 31, 2024, were $22,826, down from $48,873 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 $207,160 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, 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'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, 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, compared to $82,046,000 in 2023, reflecting a 26.2% increase[1]. - The company reported expenditures to maintain assets of $48,659 for the year ended December 31, 2024, slightly down from $49,060 in 2023[23].