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Sep 30, 2024
Paramount Q3 2024 Earnings Report
Paramount's performance reflected a net loss, but same-store NOI increased and full-year earnings guidance was raised.
Key Takeaways
Paramount Group reported a net loss attributable to common stockholders of $9.7 million, or $0.04 per diluted share. Core FFO attributable to common stockholders was $40.5 million, or $0.19 per diluted share. The company raised its full-year 2024 earnings guidance and reported a 1.8% increase in Same Store Net Operating Income.
Net loss attributable to common stockholders was $9.7 million, or $0.04 per diluted share.
Core FFO attributable to common stockholders was $40.5 million, or $0.19 per diluted share.
Full year 2024 earnings guidance was raised.
Same Store Net Operating Income increased by 1.8%.
Forward Guidance
The Company is raising its Estimated Core FFO Guidance for the full year of 2024 to be between $0.78 and $0.80 per diluted share and estimates that net loss attributable to common stockholders will be between $0.09 and $0.07 per diluted share.
Positive Outlook
- Net loss attributable to common stockholders is expected to be between $0.09 and $0.07 per diluted share, compared to its prior estimate of $0.11 and $0.07 per diluted share.
- The increase in net income of $0.01 per diluted share resulted primarily from better portfolio operations.
- Estimated 2024 Core FFO to be between $0.78 and $0.80 per diluted share, compared to its prior estimate of $0.76 and $0.80 per diluted share.
- This represents an increase of $0.01 per diluted share at the midpoint from the Company’s prior guidance, resulting primarily from better portfolio operations.
- Estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates and occupancy levels.
Challenges Ahead
- Estimates do not include the impact on operating results from possible future property acquisitions or dispositions, or realized and unrealized gains and losses on real estate related fund investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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