Paramount Group (NYSE: PGRE) reported Q2 FFO of $0.23, $0.02 better than the analyst estimate of $0.21. Revenue for the quarter came in at $177.7 million versus the consensus estimate of $170.04 million.

Guidance

The Company is updating its Estimated Core FFO Guidance for the full year of 2017, which is reconciled below to estimated net income attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net income attributable to common stockholders will be between $0.41 and $0.45 per diluted share, up from its prior estimate of $0.33 to $0.37 per diluted share. The estimated net income 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.

Based on the Company’s performance for the six months ended June 30, 2017 and its outlook for the remainder of 2017, the Company is raising its Estimated Core FFO Guidance for 2017 to be between $0.86 and $0.90 per diluted share, up from its prior range of $0.83 to $0.87 per diluted share. This represents an increase of $0.03 per diluted share at the midpoint of the Company’s guidance based on (i) an assumed increase in Same Store Cash NOI of 8.0% to 11.0%, compared to its prior assumption of 6.0% to 9.0%, resulting in an incremental $0.02 per diluted share, and (ii) an increase of $0.01 per diluted share from the acquisition of the 31.1% interest in 50 Beale Street in July 2017.

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