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Dec 31, 2020
Paramount Q4 2020 Earnings Report
Paramount Group reported a net loss and core FFO decreased compared to the same quarter last year. The company completed the sale of 1899 Pennsylvania Avenue and repurchased common shares.
Key Takeaways
Paramount Group, Inc. reported a net loss attributable to common stockholders of $14.8 million, or $0.07 per diluted share, for the quarter ended December 31, 2020. Core FFO attributable to common stockholders was $52.5 million, or $0.24 per diluted share, for the same period. The company also completed the sale of 1899 Pennsylvania Avenue and repurchased 1,723,103 common shares.
Net loss attributable to common stockholders was $14.8 million, or $0.07 per diluted share.
Core FFO attributable to common stockholders was $52.5 million, or $0.24 per diluted share.
Same Store Cash Net Operating Income increased by 2.2%.
Completed the sale of 1899 Pennsylvania Avenue for $103.0 million.
Forward Guidance
The Company estimates 2021 Core FFO to be between $0.82 and $0.88 per diluted share and estimates that net loss attributable to common stockholders will be between $0.16 and $0.10 per diluted share.
Positive Outlook
- free rent burn-off and rent steps on existing leases aggregating $0.16 per share
- lower interest and debt expense of $0.02 per share
- lower general and administrative expenses of $0.02 per share
- rental rates
- occupancy levels
Challenges Ahead
- a decrease in Cash NOI of $0.05 per share resulting from asset sales in 2020
- a decrease in Cash NOI of $0.17 per share due to significant tenants’ lease expirations
- a decrease in non-cash straight-line rent and amortization of above and below-market lease revenue, net of $0.09 per share
- the negative impact of the COVID-19 global pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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