Paramount Group, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable improvements in revenue and profitability compared to the previous fiscal period. Total revenues for the third quarter increased to $194.9 million, up from $189.2 million in 2023, driven by a rise in rental revenue to $184.2 million from $182.5 million. Additionally, fee and other income surged to $10.7 million, compared to $6.7 million in the prior year.
For the nine-month period, total revenues reached $571.2 million, a rise from $550.3 million in 2023. The company reported a net income of $9.7 million for the nine months, a significant turnaround from a net loss of $99.6 million in the same period last year. This improvement was attributed to a non-cash gain on extinguishment of a tax liability amounting to $14.1 million. However, net loss attributable to common stockholders for the third quarter was $(9.7 million), slightly worse than $(8.4 million) in 2023, while for the nine months, it improved to $(7.6 million) from $(54.2 million).
Total expenses for the third quarter increased to $157.3 million from $151.4 million, with operating expenses rising to $80.3 million from $75.5 million. The company also reported a loss from real estate-related fund investments of $22,000, contrasting with income of $2.1 million in the previous year.
As of September 30, 2024, Paramount's total assets were $7.9 billion, down from $8.0 billion at the end of 2023. Cash and cash equivalents decreased to $318.7 million from $428.2 million. Total liabilities also fell to $3.8 billion from $4.0 billion, while total equity increased to $4.1 billion from $4.0 billion.
Strategically, the company modified and extended several mortgage loans, including a significant $575 million loan for the joint venture owning 60 Wall Street, which was restructured to mature in May 2029. Additionally, the company suspended its regular quarterly dividend to strengthen its balance sheet and maintain financial flexibility.
Paramount Group continues to focus on its portfolio of 18 properties, primarily in New York and San Francisco, totaling 13.8 million square feet. The company remains committed to enhancing its operational efficiency and financial stability amid ongoing market challenges.
About Paramount Group, Inc.
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