NYSE$PGRE
Paramount Group Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Paramount Group's results for the second quarter of 2023 were announced, revealing a net loss attributable to common stockholders.
Paramount Group reported a net loss of $47.5 million, or $0.22 per diluted share, for the second quarter of 2023, compared to a net loss of $0.4 million, or $0.00 per diluted share, for the same period in 2022. Core FFO attributable to common stockholders was $38.7 million, or $0.18 per diluted share, compared to $53.6 million, or $0.24 per diluted share in the prior year. The company updated its full-year 2023 earnings guidance, expecting a net loss between $0.28 and $0.24 per diluted share and Core FFO between $0.84 and $0.88 per diluted share.
- Net loss attributable to common stockholders was $47.5 million, or $0.22 per diluted share.
- Core FFO attributable to common stockholders was $38.7 million, or $0.18 per diluted share.
- Same Store NOI decreased by 5.0% and Same Store Cash NOI decreased by 4.7%.
- Leased 71,847 square feet, with the Company's share being 57,404 square feet at a weighted average initial rent of $78.14 per square foot.
Headline financials
Revenue & EPS history
Paramount · Revenue · Quarterly
$173M
Revenue by segment
Paramount · $184M total across 2 segments · Q4 2021
- Rental Revenue$172M—93.3%
- Fee and Other Income$12.4M—6.7%
Forward guidance
Paramount Group updated its full year 2023 earnings guidance, expecting a net loss between $0.28 and $0.24 per diluted share and Core FFO between $0.84 and $0.88 per diluted share.
Tailwinds
- Termination income of $0.02 per diluted share in connection with a tenant’s lease termination at 1633 Broadway partially offset the decrease in estimated Core FFO.
Headwinds
- Estimated net loss attributable to common stockholders is expected to be between $0.28 and $0.24 per diluted share, compared to its prior estimate of $0.11 and $0.07 per diluted share.
- Estimated Core FFO attributable to common stockholders is expected to be between $0.84 and $0.88 per diluted share, compared to its prior estimate of $0.90 and $0.94 per diluted share.
- Non-cash straight-line rent receivable write-offs aggregating $0.06 per diluted share related to the terminated SVB Securities lease and the surrendered JPMorgan space.
- Lower GAAP rental revenue in the second half of the year aggregating $0.02 per diluted share related to the terminated SVB Securities lease and the surrendered JPMorgan space.
- Share of a non-cash real estate impairment loss related to an unconsolidated joint venture of $0.11 per diluted share.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q2 2023
+0.2%
Avg return
Earnings day
+1.5%
Avg return
5 days after
+2.1%
Avg return
30 days after
52%
23 / 44 earnings
Positive
+8.9%
Q3 2023
Best reaction
-6.9%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | +0.2% | +0.5% | +0.9% | |
| Q2 2025 | +1.8% | +6.8% | +19.8% | |
| Q1 2025 | +7.2% | +7.9% | +41.4% | |
| Q4 2024 | -2.0% | -5.4% | -7.4% | |
| Q3 2024 | -2.6% | -0.6% | -1.8% | |
| Q2 2024 | -2.1% | -12.0% | -2.5% | |
| Q1 2024 | +3.4% | +4.3% | -2.1% | |
| Q4 2023 | +7.1% | +7.3% | +2.0% | |
| Q3 2023 | +8.9% | +10.1% | +9.8% | |
| Q2 2023 | -6.9% | -6.9% | -0.8% | |
| Q1 2023 | +6.4% | +5.7% | +6.6% | |
| Q4 2022 | -3.1% | -4.8% | -28.9% | |
| Q3 2022 | -4.5% | -3.9% | -5.6% | |
| Q2 2022 | +1.1% | +4.7% | -3.9% | |
| Q1 2022 | -1.8% | -6.0% | -9.2% | |
| Q4 2021 | -3.7% | +16.7% | +15.1% | |
| Q3 2021 | -4.0% | — | — | |
| Q2 2021 | -0.9% | — | — | |
| Q1 2021 | +1.0% | — | — | |
| Q4 2020 | +0.2% | — | — | |
| Q3 2020 | -3.4% | — | — | |
| Q2 2020 | -1.4% | — | — | |
| Q1 2020 | +7.5% | — | — | |
| Q4 2019 | +1.9% | — | — | |
| Q3 2019 | +2.9% | — | — | |
| Q2 2019 | -2.2% | — | — | |
| Q1 2019 | +0.0% | — | — | |
| Q4 2018 | -2.1% | — | — | |
| Q3 2018 | +0.8% | — | — | |
| Q2 2018 | -1.4% | — | — | |
| Q1 2018 | +1.3% | — | — | |
| Q4 2017 | +0.4% | — | — | |
| Q3 2017 | +0.5% | — | — | |
| Q2 2017 | +1.0% | — | — | |
| Q1 2017 | +1.0% | — | — | |
| Q4 2016 | -1.4% | — | — | |
| Q3 2016 | -3.1% | — | — | |
| Q2 2016 | +1.2% | — | — | |
| Q1 2016 | -0.5% | — | — | |
| Q4 2015 | -1.0% | — | — | |
| Q3 2015 | +0.9% | — | — | |
| Q2 2015 | -1.0% | — | — | |
| Q1 2015 | +1.0% | — | — | |
| Q4 2014 | +1.0% | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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