Investor Presentaiton
Reconciliation of Non-GAAP Measures
(unaudited and in thousands, except share and per share amounts)
FFO
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 FFO and Core FFO:
Net loss
$
(271,727)
$
(39,581)
$
(25,061)
$
(371,303)
$
(28,197)
Real estate depreciation and amortization (induding our share of
unconsolidated joint ventures)
76,723
70,720
69,160
286,410
271,789
Our share of non-cash real estate impairment losses related to
unconsolidated joint ventures
FFO
(1)
Less FFO attributable to noncontrolling interests in:
Consolidated joint ventures
201,496
31,685
226,230
31,685
6,492
62,824
44,099
141,337
275,277
(14,774)
(11,565)
(14,801)
(59,639)
(51,433)
Consolidated real estate related funds
FFO attributable to Paramount Group Operating Partnership
52,383
659
20,933
109,781
3,318
44,101
51,918
50,231
191,479
227,162
Less FFO attributable to noncontrolling interests in Operating Partnership
FFO attributable to common stockholders
(3,620)
(3,380)
(3,510)
(13,481)
(17,063)
(1)
$
40,481
$
48,538
$
46,721
$
177,998
$
210,099
Per diluted share
$
0.19
$
0.22
$
0.21
$
0.82
$
0.95
FFO
Non-core items:
Adjustments for realized and unrealized gains and losses on consolidated
$
6,492
$
62,824
$
44,099
141,337
$
275,277
and unconsolidated real estate related fund investments, induding
residential condominium units at One Steuart Lane
61,859
4,238
25,746
137,387
7,560
Adjustments to equity in earnings of unconsolidated joint ventures
Other, net
(2,326)
561
(1,917)
(6,866)
855
492
2,716
513
1,440
3,097
(1)
Core FFO
Less Core FFO attributable to noncontrolling interests in:
Consolidated joint ventures
66,517
70,339
68,441
273,298
286,789
(14,774)
(11,565)
(14,801)
(59,639)
(51,433)
Consolidated real estate related funds
Core FFO attributable to Paramount Group Operating Partnership
Less Core FFO attributable to noncontrolling interests in Operating
Partnership
Core FFO attributable to common stockholders (¹)
Per diluted share
Reconciliation of weighted average shares outstanding:
Weighted average shares outstanding
Effect of dilutive securities
Denominator for FFO and Core FFO per diluted share
(1) Please see Appendix for our definition of this measure.
(1,477)
(625)
(2,226)
(10,503)
(1,006)
50,266
58,149
51,414
203,156
234,350
(4,126)
(3,785)
(3,592)
(14,354)
(17,526)
$
46,140
$
54,364
$
47,822
$
188,802
$
216,824
$
0.21
$
0.25
$
0.22
0.87
$
0.98
217,071,959
218,583,895
77,069
217,149,028
59,378
218,643,273
217,043,022
32,676
217,075,698
216,922,235
20,527
216,942,762
221,309,938
31,487
221,341,425
40
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