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Sep 30, 2023
Paramount Q3 2023 Earnings Report
Paramount's Q3 2023 financial results were announced, revealing a net loss attributable to common stockholders.
Key Takeaways
Paramount Group reported a net loss attributable to common stockholders of $8.4 million, or $0.04 per diluted share, for the quarter ended September 30, 2023. Core Funds from Operations (FFO) attributable to common stockholders was $47.8 million, or $0.22 per diluted share, for the same period.
Net loss attributable to common stockholders was $8.4 million, or $0.04 per diluted share.
Core FFO attributable to common stockholders was $47.8 million, or $0.22 per diluted share.
Same Store Cash Net Operating Income decreased by 7.1%.
Leased occupancy decreased by 150 basis points to 88.1%.
Forward Guidance
The Company is narrowing its Estimated Core FFO Guidance for the full year of 2023 and estimates that net loss attributable to common stockholders will be between $0.33 and $0.31 per diluted share. The Company is updating and narrowing its Estimated 2023 Core FFO to be between $0.85 and $0.87 per diluted share.
Positive Outlook
- Estimated Core FFO attributable to common stockholders is expected to be between $0.85 and $0.87 per diluted share, in-line with the midpoint of the Company’s prior guidance.
Challenges Ahead
- Estimated net loss attributable to common stockholders is expected to be between $0.33 and $0.31 per diluted share, compared to its prior estimate of $0.28 and $0.24 per diluted share, an increase in net loss of $0.06 per diluted share at the midpoint of the Company’s prior estimate.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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