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Dec 31, 2022
Paramount Q4 2022 Earnings Report
Paramount Group's Q4 2022 results were announced, revealing a net loss attributable to common stockholders and a decrease in Same Store Cash Net Operating Income.
Key Takeaways
Paramount Group reported a net loss attributable to common stockholders of $37.9 million for Q4 2022, compared to a net income of $1.2 million in Q4 2021. Core FFO attributable to common stockholders was $54.4 million, compared to $52.8 million for the same period in the prior year. Same Store Cash NOI decreased by 2.6%, while Same Store NOI increased by 3.8%.
Net loss attributable to common stockholders was $37.9 million, or $0.17 per diluted share.
Core FFO attributable to common stockholders was $54.4 million, or $0.25 per diluted share.
Same Store Cash NOI decreased by 2.6%.
Repurchased 7,133,218 shares for $43.7 million during the quarter.
Forward Guidance
The Company is providing its Estimated Core FFO Guidance for the full year of 2023, which is reconciled below to estimated net loss attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that 2023 Core FFO will be between $0.88 and $0.94 per diluted share.
Positive Outlook
- Increase in non-cash straight-line rent and amortization of above and below-market lease revenue, net of $0.04 per diluted share
- A $0.03 per diluted share benefit due to a lower number of weighted average common shares and units outstanding in 2023, resulting from the 10.4 million common shares that were repurchased during 2022.
Challenges Ahead
- a decrease in Same Store Cash NOI of 5.5% to 3.5%, or $0.08 per diluted share (resulting primarily from two of the Company’s largest tenants’ leases expiring during 2023)
- a decrease in lease termination income of $0.01 per diluted share
- an increase in interest and debt expense of $0.05 per diluted share
Historical Earnings Impact
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Avg. Return Before/After Earnings
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