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Sep 30, 2021
Paramount Q3 2021 Earnings Report
Paramount Group's results for the third quarter of 2021 were announced, with raised guidance for the full year.
Key Takeaways
Paramount Group reported a net loss attributable to common stockholders of $2.1 million, or $0.01 per diluted share. Core FFO attributable to common stockholders was $50.1 million, or $0.23 per diluted share. The company raised its Estimated Core FFO Guidance for the full year of 2021 to be between $0.90 to $0.92 per diluted share.
Net loss attributable to common stockholders was $2.1 million, or $0.01 per diluted share.
Core Funds from Operations (FFO) attributable to common stockholders of $50.1 million, or $0.23 per diluted share.
Same Store Cash Net Operating Income (NOI) increased by 6.0%.
Leased 374,385 square feet, of which the Company’s share was 314,673 square feet at a weighted average initial rent of $74.47 per square foot.
Forward Guidance
The Company is raising its Estimated Core FFO Guidance for the full year of 2021 to be between $0.90 to $0.92 per diluted share.
Positive Outlook
- Better than expected portfolio operations, aggregating $0.02 per diluted share
- $0.01 per diluted share from lower interest expense
- Estimated net loss attributable to common stockholders will be between $0.08 to $0.06 per diluted share
- Up $0.03 per diluted share from the midpoint of the Company’s prior estimate
- Resulting from better than expected portfolio operations and lower interest expense
Challenges Ahead
- Estimates reflect management’s view of current and future market conditions
- Estimates include assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release
- Estimates do not include the impact on operating results from possible future property acquisitions or dispositions, capital markets activity or realized and unrealized gains or losses on real estate fund investments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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