Rithm Property Trust Inc.

01/23/2026 | Press release | Distributed by Public on 01/23/2026 15:33

Amendment to Current Report (Form 8-K/A)

SCHEDULE WITH ADJUSTMENTS
Adjusted Statement of Operations
For the Nine Months Ended September 30, 2025
(in thousands)

($ in thousands) Paramount Group, Inc., as filed
Adjustments(A)
The Portfolio
Revenues:
Rental revenue $ 511,741 $ 1,923 $ 513,664
Fee and other income 25,282 (17,047) 8,235
Total revenues 537,023 (15,124) 521,899
Expenses:
Operating 232,326 11,221 243,547
Depreciation and amortization 176,707 (3,228) 173,479
General and administrative 58,112 (58,112) -
Transaction related costs 10,840 (10,840) -
Total expenses 477,985 (60,959) 417,026
Other income (expense):
Loss from real estate related fund investments (67) 67 -
Income (loss) from unconsolidated real estate related funds (79) 79 -
Income (loss) from unconsolidated joint ventures 2,620 (2,619) 1
Interest and other income, net 10,953 (6,375) 4,578
Interest and debt expense (129,903) 2,233 (127,670)
(Loss) income before income taxes (57,438) 39,220 (18,218)
Income tax benefit (expense) 1,430 (1,439) (9)
Net (loss) income (56,008) 37,781 (18,227)
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures (5,095) - (5,095)
Consolidated real estate related funds (2,556) 2,556 -
Operating Partnership 4,901 (4,901) -
Net (loss) income attributable to common stockholders $ (58,758) $ 35,436 $ (23,322)
(A)Adjustments consist of exclusion of financial results relating to 60 Wall Street, 55 Second Street, 111 Sutter Street, 745 Fifth Avenue, Oder-Center, Fund VII, Fund VIII, Fund X, Fund X-ECI, RDF and all management entities, which are included in the consolidated financial statements of Paramount Group, Inc.

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SCHEDULE WITH ADJUSTMENTS
Adjusted Statement of Operations
For the Year Ended December 31, 2024
(in thousands)

($ in thousands) Paramount Group, Inc., as filed
Adjustments(A)
The Portfolio
Revenues:
Rental revenue $ 721,750 $ 2,218 $ 723,968
Fee and other income 35,701 (24,312) 11,389
Total revenues 757,451 (22,094) 735,357
Expenses:
Operating 303,278 17,836 321,114
Depreciation and amortization 239,542 (4,821) 234,721
General and administrative 66,333 (66,333) -
Transaction related costs 923 (923) -
Total expenses 610,076 (54,241) 555,835
Other income (expense):
Loss from real estate related fund investments (128) 128 -
Income (loss) from unconsolidated real estate related funds 273 (273) -
Income (loss) from unconsolidated joint ventures (47,359) 47,360 1
Interest and other income, net 30,455 (25,022) 5,433
Interest and debt expense (166,952) 3,045 (163,907)
(Loss) income before income taxes (36,336) 57,385 21,049
Income tax benefit (expense) (2,058) 1,958 (100)
Net (loss) income (38,394) 59,343 20,949
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures (22,462) - (22,462)
Consolidated real estate related funds 10,292 (10,292) -
Operating Partnership 4,276 (4,276) -
Net (loss) income attributable to common stockholders $ (46,288) $ 44,775 $ (1,513)
(A)Adjustments consist of exclusion of financial results relating to 60 Wall Street, 55 Second Street, 111 Sutter Street, 745 Fifth Avenue, Oder-Center, Fund VII, Fund VIII, Fund X, Fund X-ECI, RDF and all management entities, which are included in the consolidated financial statements of Paramount Group, Inc.

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SCHEDULE WITH ADJUSTMENTS
Adjusted Balance Sheet
As of September 30, 2025
(in thousands)
($ in thousands) Paramount Group, Inc., as filed
Adjustments(A)
The Portfolio
Assets
Real estate, at cost
Land $ 1,966,237 $ - $ 1,966,237
Buildings and improvements
6,384,243 (33,686) 6,350,557
8,350,480 (33,686) 8,316,794
Accumulated depreciation and amortization (1,737,783) 12,284 (1,725,499)
Real estate, net 6,612,697 (21,402) 6,591,295
Cash and cash equivalents 330,207 (156,197) 174,010
Restricted cash 324,150 (9,060) 315,090
Accounts receivable and other receivables 26,582 (9,266) 17,316
Investments in unconsolidated real estate related funds 4,416 (4,416) -
Investments in unconsolidated joint ventures 81,509 (73,735) 7,774
Deferred rent receivable 352,906 (366) 352,540
Deferred charges, net 126,587 (246) 126,341
Intangible assets, net 41,093 - 41,093
Other assets 74,348 (32,323) 42,025
Total assets $ 7,974,495 $ (307,011) $ 7,667,484
Liabilities and Equity
Notes and mortgages payable, net $ 3,711,504 $ - $ 3,711,504
Accounts payable and accrued expenses 138,689 (26,211) 112,478
Intangible liabilities, net of accumulated amortization 16,541 - 16,541
Other liabilities 31,473 (24,683) 6,790
Total liabilities 3,898,207 (50,894) 3,847,313
Commitments and Contingencies
Paramount Group, Inc., equity:
Common stock 2,219 (2,219) -
Additional paid-in-capital 4,086,243 (4,210,824) (124,581)
Earnings less than distributions (1,064,525) 4,264,464 3,199,939
Accumulated other comprehensive income - - -
Paramount Group, Inc., equity 3,023,937 51,421 3,075,358
Noncontrolling interests in:
Consolidated joint ventures 744,813 - 744,813
Consolidated real estate related funds 85,431 (85,431) -
Operating Partnership 222,107 (222,107) -
Total equity 4,076,288 (256,117) 3,820,171
Total liabilities and equity $ 7,974,495 $ (307,011) $ 7,667,484
(A)Adjustments consist of exclusion of assets not acquired and liabilities not assumed relating to 60 Wall Street, 55 Second Street, 111 Sutter Street, 745 Fifth Avenue, Oder-Center, Fund VII, Fund VIII, Fund X, Fund X-ECI, RDF and all management entities, which are included in the consolidated financial statements of Paramount Group, Inc.

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SCHEDULE WITH ADJUSTMENTS
Adjusted Balance Sheet
As of December 31, 2024
(in thousands)
($ in thousands) Paramount Group, Inc., as filed
Adjustments(A)
The Portfolio
Assets
Real estate, at cost
Land $ 1,966,237 $ - $ 1,966,237
Buildings and improvements
6,325,097 (32,564) 6,292,533
8,291,334 (32,564) 8,258,770
Accumulated depreciation and amortization (1,639,529) 9,975 (1,629,554)
Real estate, net 6,651,805 (22,589) 6,629,216
Cash and cash equivalents 375,056 (228,555) 146,501
Restricted cash 180,391 (18,272) 162,119
Accounts receivable and other receivables 18,229 (2,091) 16,138
Investments in unconsolidated real estate related funds 4,649 (4,649) -
Investments in unconsolidated joint ventures 85,952 (77,791) 8,161
Deferred rent receivable 356,425 - 356,425
Deferred charges, net 100,684 (2,924) 97,760
Intangible assets, net 50,492 - 50,492
Other assets 47,820 (35,801) 12,019
Total assets $ 7,871,503 $ (392,672) $ 7,478,831
Liabilities and Equity
Notes and mortgages payable, net $ 3,676,630 $ - $ 3,676,630
Accounts payable and accrued expenses 119,881 (14,407) 105,474
Intangible liabilities, net of accumulated amortization 20,870 - 20,870
Other liabilities 44,625 (39,006) 5,619
Total liabilities 3,862,006 (53,413) 3,808,593
Commitments and Contingencies
Paramount Group, Inc., equity:
Common stock 2,175 (2,175) -
Additional paid-in-capital 4,144,301 (4,145,401) (1,100)
Earnings less than distributions (1,005,627) 4,180,806 3,175,179
Accumulated other comprehensive income 428 391 819
Paramount Group, Inc., equity 3,141,277 33,621 3,174,898
Noncontrolling interests in:
Consolidated joint ventures 495,340 - 495,340
Consolidated real estate related funds 82,875 (82,875) -
Operating Partnership 290,005 (290,005) -
Total equity 4,009,497 (339,259) 3,670,238
Total liabilities and equity $ 7,871,503 $ (392,672) $ 7,478,831
(A)Adjustments consist of exclusion of assets not acquired and liabilities not assumed relating to 60 Wall Street, 55 Second Street, 111 Sutter Street, 745 Fifth Avenue, Oder-Center, Fund VII, Fund VIII, Fund X, Fund X-ECI, RDF and all management entities, which are included in the consolidated financial statements of Paramount Group, Inc.

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