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Jun 30, 2020
Paramount Q2 2020 Earnings Report
Paramount reported a net loss and a decrease in Same Store Cash Net Operating Income, while also completing the sale of a 10% interest in 1633 Broadway and maintaining a strong liquidity position.
Key Takeaways
Paramount Group reported a net loss attributable to common stockholders of $6.3 million, or $0.03 per diluted share, for the quarter ended June 30, 2020. Core Funds from Operations (FFO) attributable to common stockholders was $50.1 million, or $0.23 per diluted share. The company realized net proceeds of $112.0 million from the sale of a 10.0% interest in 1633 Broadway and ended the quarter with over $1.35 billion in liquidity. Portfolio-wide rent collections were 96.4% in the second quarter, including 97.8% from office tenants.
Net loss attributable to common stockholders was $6.3 million, or $0.03 per diluted share.
Core Funds from Operations (FFO) attributable to common stockholders was $50.1 million, or $0.23 per diluted share.
Same Store Cash Net Operating Income (NOI) decreased by 4.1%.
Realized net proceeds of $112.0 million from the sale of a 10.0% interest in 1633 Broadway.
Forward Guidance
The Company had previously provided its 2020 guidance on February 12, 2020, prior to the COVID-19 pandemic, which has materially impacted the U.S. and global economy. The Company withdrew its previously issued 2020 guidance on April 29, 2020 and is not providing an updated outlook at this time given the continued economic uncertainty and rapidly-evolving circumstances related to the COVID-19 pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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