Paramount Group (PGRE) Tops Q3 EPS by 1c, Revenues Beat

Paramount Group (NYSE: PGRE) reported Q3 EPS of $0.03, $0.01 better than the analyst estimate of $0.02. Revenue for the quarter came in at $198.32 million versus the consensus estimate of $190.87 million.

Third Quarter Highlights:

Results of Operations:

• Reported net income attributable to common stockholders of $7.1 million, or $0.03 per diluted share, for the quarter ended September 30, 2019, compared to $37.5 million, or $0.16 per diluted share, for the quarter ended September 30, 2018. Net income attributable to common stockholders for the quarter ended September 30, 2019 includes $1.0 million, or $0.00 per diluted share, of gain on sale of real estate and net income attributable to common stockholders for the quarter ended September 30, 2018, included a $32.2 million, or $0.13 per diluted share, of gain on sale of real estate, net of “sting” taxes.
• Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of $58.5 million, or $0.25 per diluted share, for the quarter ended September 30, 2019, compared to $57.7 million, or $0.24 per diluted share, for the quarter ended September 30, 2018.
• Reported a 4.2% increase in Same Store Cash Net Operating Income (“NOI”) and a 1.8% increase in Same Store NOI in the quarter ended September 30, 2019, compared to the same period in the prior year.
• Raised its full year 2019 Earnings Guidance as follows:
  • Estimated net income attributable to common stockholders is expected to be between $0.05 and $0.07 per diluted share, compared to its prior estimate of net income attributable to common stockholders of $0.03 to $0.07 per diluted share, up $0.01 per diluted share from the midpoint of the Company’s prior estimate.
  • Estimated Core FFO attributable to common stockholders is expected to be between $0.95 and $0.97 per diluted share, compared to its prior estimate of $0.93 to $0.97 per diluted share, up $0.01 per diluted share from the midpoint of the Company’s prior guidance.
• Leased 209,016 square feet, of which the Company’s share was 160,022 square feet that was leased at a weighted average initial rent of $83.16 per square foot. Of the square footage leased, 93,003 square feet represented second generation space, for which the Company achieved a positive mark-to-market of 11.1% on a cash basis and 13.8% on a GAAP basis.

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

You May Also Be Interested In

• Nvidia pitches Vera CPU to Chinese clients with August delivery target
• United Community Banks sells equipment finance unit for $1.9 billion
• Carvana (CVNA) PT Lowered to $85 at RBC Capital