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Mar 31, 2023
Paramount Q1 2023 Earnings Report
Paramount's financial performance remained steady with a slight increase in net income and core FFO, as the company raised its full-year earnings guidance.
Key Takeaways
Paramount Group, Inc. reported a net income attributable to common stockholders of $1.7 million, or $0.01 per diluted share, for the quarter ended March 31, 2023. Core Funds from Operations (FFO) attributable to common stockholders was $56.2 million, or $0.26 per diluted share. The company raised its full-year 2023 earnings guidance and reported a 7.1% increase in Same Store Net Operating Income (NOI).
Net income attributable to common stockholders was $1.7 million, or $0.01 per diluted share.
Core FFO attributable to common stockholders was $56.2 million, or $0.26 per diluted share.
Full year 2023 earnings guidance was raised.
Same Store NOI increased by 7.1%.
Forward Guidance
The Company is raising its Estimated Core FFO Guidance for the full year of 2023, and estimates that net loss attributable to common stockholders will be between $0.11 and $0.07 per diluted share.
Positive Outlook
- Estimated Core FFO to be between $0.90 and $0.94 per diluted share.
- Increase of $0.01 per diluted share at the midpoint of the Company's prior guidance.
- Better than expected portfolio operations.
- Management’s view of current and future market conditions.
- Assumptions with respect to rental rates and occupancy levels.
Challenges Ahead
- Possible future property acquisitions or dispositions.
- Realized and unrealized gains and losses on real estate related fund investments.
- Fluctuations as a result of several factors.
- Negative impact of the COVID-19 global pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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