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Jun 30, 2024
Paramount Q2 2024 Earnings Report
Paramount Group's financial performance reflected a net loss, but Core FFO increased compared to the previous year.
Key Takeaways
Paramount Group reported a net loss attributable to common stockholders of $7.8 million, or $0.04 per diluted share. Core FFO attributable to common stockholders was $43.4 million, or $0.20 per diluted share, compared to $37.1 million, or $0.17 per diluted share for the quarter ended June 30, 2023. The company updated and narrowed its full year 2024 Earnings Guidance.
Net loss attributable to common stockholders was $7.8 million, or $0.04 per diluted share.
Core FFO attributable to common stockholders was $43.4 million, or $0.20 per diluted share.
Same Store Cash Net Operating Income increased by 0.1%.
The company leased 198,505 square feet, with their share being 158,592 square feet at a weighted average initial rent of $74.55 per square foot.
Forward Guidance
The Company is updating and narrowing its Estimated Core FFO Guidance for the full year of 2024, which is reconciled below to estimated net loss attributable to common stockholders per diluted share in accordance with GAAP.
Positive Outlook
- Estimated Core FFO attributable to common stockholders is expected to be between $0.76 and $0.80 per diluted share
- The company is updating and narrowing its Estimated Core FFO Guidance for the full year of 2024
- Estimated FFO is between $0.81 and $0.85
- Pro rata share of real estate depreciation and amortization is 0.92
- Estimated net loss attributable to common stockholders is between $(0.11) and $(0.07)
Challenges Ahead
- increase in net loss of $0.02 per diluted share at the midpoint of the Company’s prior estimate.
- There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
- impact on operating results from possible future property acquisitions or dispositions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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