Paramount Group (PGRE) Tops Q1 EPS by 2c
Paramount Group (NYSE: PGRE) reported Q1 EPS of ($0.02), $0.02 better than the analyst estimate of ($0.04).
First Quarter Highlights:
Results of Operations:
- Reported net loss attributable to common stockholders of $3.6 million, or $0.02 per diluted share, for the quarter ended March 31, 2021, compared to net income attributable to common stockholders of $3.3 million, or $0.01 per diluted share, for the quarter ended March 31, 2020.
- Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of $50.6 million, or $0.23 per diluted share, for the quarter ended March 31, 2021, compared to $61.5 million, or $0.27 per diluted share, for the quarter ended March 31, 2020. The decrease in Core FFO attributable to common stockholders for the quarter ended March 31, 2021 was driven largely by a decrease in earnings of $7.7 million, or $0.04 per diluted share, as a result of the January 1, 2021 expiration of Barclays’ 497,500 square foot lease at 1301 Avenue of the Americas.
- Reported a 2.6% decrease in Same Store Cash Net Operating Income (“NOI”) and a 7.5% decrease in Same Store NOI in the quarter ended March 31, 2021, compared to the same period in the prior year, which was also driven largely by the Barclays lease expiration.
- Leased 188,641 square feet, including 155,956 square feet that was leased to the Gershwin Theatre at 1633 Broadway for a 20-year term. Excluding the theatre lease, 32,685 square feet was leased, of which the Company’s share was 19,655 square feet that was leased at a weighted average initial rent of $76.08 per square foot. Of the 32,685 square feet leased, 18,211 square feet represented the Company’s share of second generation space for which mark-to-markets were negative 8.6% on a cash basis and negative 15.9% on a GAAP basis. The negative mark-to-markets on 18,211 square feet of second generation space were driven by a short-term (18 month) above-market 13,914 square foot lease renewal.
For earnings history and earnings-related data on Paramount Group (PGRE) click here.