Investor Presentaiton
Reconciliation of Non-GAAP Measures
(unaudited and in thousands)
December 31, 2023
Three Months Ended
December 31, 2022
September 30, 2023
Year Ended
December 31, 2023
December 31, 2022
Reconciliation of net loss to NOI and Cash NOI:
Net loss
$
(271,727)
(39,581)
$
(25,061)
$
(371,303) $
(28,197)
Add (subtract) adjustments to arrive at NOI and Cash NOI:
Depreciation and amortization
68,866
61,211
60,263
250,644
232,517
General and administrative
15,679
13,986
15,460
61,986
59,487
Interest and debt expense
40,550
37,060
39,102
152,990
143,864
Income tax expense
302
1,706
263
1,426
3,265
Loss (income) from real estate related fund investments
59,341
2,233
(2,060)
96,375
2,233
NOI from unconsolidated joint ventures (excluding
One Steuart Lane)
7,026
10,782
9,233
37,360
45,141
Loss from unconsolidated joint ventures
Fee income
Interest and other income, net
Other, net
NOI
(1)
Less NOI attributable to noncontrolling interests in:
Consolidated joint ventures
PGRE's share of NOI (¹)
207,160
37,925
28,974
270,298
53,251
(7,491)
(5,327)
(4,573)
(21,597)
(28,421)
(4,830)
(2,567)
(4,115)
(14,837)
(5,174)
54
1,953
853
1,244
1,709
114,930
119,381
118,339
464,586
479,675
(22,397)
(19,247)
(22,275)
(89,948)
(82,587)
$
92,533
$
100,134
$
96,064
$
374,638 $
397,088
NOI
114,930
119,381
118,339
464,586
479,675
Add (subtract) adjustments to arrive at Cash NOI:
Straight-line rent adjustments (including our share of
unconsolidated joint ventures)
(4,476)
(5,746)
(1,514)
(6,166)
(14,034)
Amortization of above and below-market leases, net
(1)
(including our share of unconsolidated joint ventures)
Cash NOI
(1,912)
(1,984)
(2,110)
(8,099)
(5,099)
108,542
111,651
114,715
450,321
460,542
Less Cash NOI attributable to noncontrolling interests in:
Consolidated joint ventures
(20,737)
(16,147)
(20,520)
(80,809)
(77,341)
(1)
PGRE's share of Cash NOI
$
87,805
$
95,504
$
94,195
$
369,512 $
383,201
(1)
Please see Appendix for our definition of this measure.
41
NOI
PARAMOUNT GROUPView entire presentation