Paramount Group (PGRE) Reports In-Line Q4 EPS, Revenues Beat

Paramount Group (NYSE: PGRE) reported Q4 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $182.36 million versus the consensus estimate of $174.55 million.

GUIDANCE:

Paramount Group sees FY2021 EPS of ($0.16)-($0.10), versus the consensus of ($0.17).

The Company is providing Estimated Core FFO Guidance for the full year of 2021, which is reconciled below to estimated net loss attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net loss attributable to common stockholders will be between $0.16 and $0.10 per diluted share. The estimated net loss attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission.

The Company estimates 2021 Core FFO to be between $0.82 and $0.88 per diluted share. The Estimated Core FFO of $0.85 per diluted share, at the midpoint of the Company’s Guidance for 2021, when compared to actual Core FFO of $0.96 per diluted share for 2020, assumes among other items, decreases and increases in the Company’s share of the following components: (i) a decrease in Cash NOI of $0.05 per share resulting from asset sales in 2020 (i.e., the sale of a 10.0% interest in 1633 Broadway in May 2020, and the sale of 1899 Pennsylvania Avenue in December 2020), (ii) a decrease in Cash NOI of $0.17 per share due to significant tenants’ lease expirations (i.e., Barclays’ 497,000 square foot lease at 1301 Avenue of the Americas on January 1, 2021 and TD Bank’s 131,000 square foot lease at 31 West 52nd Street on May 1, 2021) and (iii) a decrease in non-cash straight-line rent and amortization of above and below-market lease revenue, net of $0.09 per share, partially offset by (iv) free rent burn-off and rent steps on existing leases aggregating $0.16 per share, (v) lower interest and debt expense of $0.02 per share and (vi) lower general and administrative expenses of $0.02 per share.

For earnings history and earnings-related data on Paramount Group (PGRE) click here.

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