Paramount Group Inc

NYSE:PGREUnited States

Oct 30, 2024

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• -- Earnings Flash (PGRE) PARAMOUNT GROUP Reports Q3 FFO $0.18, from 4:48PM ET on Wednesday Oct 30, 2024 by MT Newswires

  4:48PM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: PGRE
  04:48 PM EDT, 10/30/2024 (MT Newswires) -- ...

• -- Earnings Flash (PGRE) PARAMOUNT GROUP Posts Q3 Revenue $194.9M, from 4:48PM ET on Wednesday Oct 30, 2024 by MT Newswires

  4:48PM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: PGRE
  04:48 PM EDT, 10/30/2024 (MT Newswires) -- ...

• Paramount Announces Third Quarter 2024 Results, from 4:15PM ET on Wednesday Oct 30, 2024 by Dow Jones

  4:15PM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: PGRE
  (including our share of unconsolidated joint ventures) 63,487 69,160 192,946 209,687 Our share of a non-cash real estate impairment loss related to an unconsolidated joint venture - - - 24,734 Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds (15,511) 6,132 (46,981) 12,533 ----------- ----------- ----------- ----------- FFO attributable to the Operating Partnership 43,773 50,231 155,633 147,378 Amounts attributable to noncontrolling interests in the Operating Partnership (3,695) (3,510) (13,079) (9,861) ----------- ----------- ----------- ----------- FFO attributable to common stockholders $ 40,078 $ 46,721 $ 142,554 $ 137,517 =========== =========== =========== =========== Per diluted share $ 0.18 $ 0.21 $ 0.66 $ 0.63 =========== =========== =========== =========== FFO attributable to the Operating Partnership $ 43,773 $ 50,231 $ 155,633 $ 147,378 Adjustments for non-core items: Non-cash gain on extinguishment of IPO related tax liability - - (15,437) - Non-core assets (1) - (259) - (3,535) Our share of realized and unrealized gains and losses from consolidated and unconsolidated real estate related funds (26) 735 101 7,047 Other, net (primarily adjustments related to unconsolidated joint ventures) 512 448 3,701 (1,535) ----------- ----------- ----------- ----------- Core FFO attributable to the Operating Partnership 44,259 51,155 143,998 149,355 Amounts attributable to noncontrolling interests in the Operating Partnership (3,736) (3,574) (12,109) (9,996) ----------- ----------- ----------- ----------- Core FFO attributable to common stockholders $ 40,523 $ 47,581 $ 131,889 $ 139,359 =========== =========== =========== =========== Per diluted share $ 0.19 $ 0.22 $ 0.61 $ 0.64 =========== =========== =========== =========== Reconciliation of weighted average shares outstanding: Weighted average shares outstanding 217,314,706 217,043,022 217,208,809 216,871,778 Effect of dilutive securities 14,505 32,676 36,985 21,638 ----------- ----------- ----------- ----------- Denominator for FFO and Core FFO per diluted share 217,329,211 217,075,698 217,245,794 216,893,416 =========== =========== =========== =========== (1) Represents Market Center and 111 Sutter Street. Paramount Group, Inc. Reconciliation of Net (Loss) Income to Same Store NOI and Same Store Cash NOI (Unaudited and in thousands) For the Three For the Nine Months Months Ended Ended September 30, September 30, ------------------- ------------------- 2024 2023 2024 2023 -------- -------- -------- -------- Reconciliation of net (loss) income to Same Store NOI and Same Store Cash NOI: Net (loss) income $ (4,203) $(25,061) $ 9,668 $(99,576) Adjustments to arrive at NOI: Fee income (6,776) (4,573) (17,328) (14,106) Depreciation and amortization 60,071 60,263 182,920 181,778 General and administrative 16,672 15,460 49,938 46,307 Loss (income) from real estate related fund investments 22 (2,060) 92 37,034 Loss from unconsolidated joint ventures 981 28,974 3,098 63,138 NOI from unconsolidated joint ventures (excluding One Steuart Lane) 5,384 9,233 16,611 30,334 Interest and other income, net (3,517) (4,115) (26,830) (10,007) Interest and debt expense 43,805 39,102 124,078 112,440 Income tax expense 619 263 1,328 1,124 Non-core assets (1) - (3,993) - (14,286) Other, net 133 853 644 1,190 Amounts attributable to noncontrolling interests in consolidated joint ventures (23,723) (22,275) (70,532) (67,551) ------- ------- ------- ------- PGRE's share of NOI 89,468 92,071 273,687 267,819 Non-same store adjustments: Lease termination income (1,204) (4,066) (3,177) (6,121) Non-cash write-offs of straight-line rent receivables - 77 - 13,983 Other, net 2,435 982 5,038 2,805 ------- ------- ------- ------- PGRE's share of Same Store NOI $ 90,699 $ 89,064 $275,548 $278,486 ======= ======= ======= ======= PGRE's share of NOI $ 89,468 $ 92,071 $273,687 $267,819 Adjustments to arrive at Cash NOI: Straight-line rent (including our share of unconsolidated joint ventures) (2,191) (1,514) (6,694) (1,690) Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures) (1,697) (2,110) (5,304) (6,187) Non-core assets (1) - 606 - 1,166 Amounts attributable to noncontrolling interests in consolidated joint ventures (1,470) 1,755 (2,059) 7,479 ------- ------- ------- ------- PGRE's share of Cash NOI 84,110 90,808 259,630 268,587 Non-same store adjustments: Lease termination income (1,204) (4,066) (3,177) (6,121) Other, net 2,329 1,012 5,003 2,775 ------- ------- ------- ------- PGRE's share of Same Store Cash NOI $ 85,235 $ 87,754 $261,456 $265,241 ======= ======= ======= ======= (1) Represents Market Center and 111 Sutter Street.
  

• *DJ Paramount Group 3Q Loss/Shr 4c >PGRE, from 4:15PM ET on Wednesday Oct 30, 2024 by Dow Jones

  4:15PM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: PGRE
  (including our share of unconsolidated joint ventures) 63,487 69,160 192,946 209,687 Our share of a non-cash real estate impairment loss related to an unconsolidated joint venture - - - 24,734 Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds (15,511) 6,132 (46,981) 12,533 ----------- ----------- ----------- ----------- FFO attributable to the Operating Partnership 43,773 50,231 155,633 147,378 Amounts attributable to noncontrolling interests in the Operating Partnership (3,695) (3,510) (13,079) (9,861) ----------- ----------- ----------- ----------- FFO attributable to common stockholders $ 40,078 $ 46,721 $ 142,554 $ 137,517 =========== =========== =========== =========== Per diluted share $ 0.18 $ 0.21 $ 0.66 $ 0.63 =========== =========== =========== =========== FFO attributable to the Operating Partnership $ 43,773 $ 50,231 $ 155,633 $ 147,378 Adjustments for non-core items: Non-cash gain on extinguishment of IPO related tax liability - - (15,437) - Non-core assets (1) - (259) - (3,535) Our share of realized and unrealized gains and losses from consolidated and unconsolidated real estate related funds (26) 735 101 7,047 Other, net (primarily adjustments related to unconsolidated joint ventures) 512 448 3,701 (1,535) ----------- ----------- ----------- ----------- Core FFO attributable to the Operating Partnership 44,259 51,155 143,998 149,355 Amounts attributable to noncontrolling interests in the Operating Partnership (3,736) (3,574) (12,109) (9,996) ----------- ----------- ----------- ----------- Core FFO attributable to common stockholders $ 40,523 $ 47,581 $ 131,889 $ 139,359 =========== =========== =========== =========== Per diluted share $ 0.19 $ 0.22 $ 0.61 $ 0.64 =========== =========== =========== =========== Reconciliation of weighted average shares outstanding: Weighted average shares outstanding 217,314,706 217,043,022 217,208,809 216,871,778 Effect of dilutive securities 14,505 32,676 36,985 21,638 ----------- ----------- ----------- ----------- Denominator for FFO and Core FFO per diluted share 217,329,211 217,075,698 217,245,794 216,893,416 =========== =========== =========== =========== (1) Represents Market Center and 111 Sutter Street. Paramount Group, Inc. Reconciliation of Net (Loss) Income to Same Store NOI and Same Store Cash NOI (Unaudited and in thousands) For the Three For the Nine Months Months Ended Ended September 30, September 30, ------------------- ------------------- 2024 2023 2024 2023 -------- -------- -------- -------- Reconciliation of net (loss) income to Same Store NOI and Same Store Cash NOI: Net (loss) income $ (4,203) $(25,061) $ 9,668 $(99,576) Adjustments to arrive at NOI: Fee income (6,776) (4,573) (17,328) (14,106) Depreciation and amortization 60,071 60,263 182,920 181,778 General and administrative 16,672 15,460 49,938 46,307 Loss (income) from real estate related fund investments 22 (2,060) 92 37,034 Loss from unconsolidated joint ventures 981 28,974 3,098 63,138 NOI from unconsolidated joint ventures (excluding One Steuart Lane) 5,384 9,233 16,611 30,334 Interest and other income, net (3,517) (4,115) (26,830) (10,007) Interest and debt expense 43,805 39,102 124,078 112,440 Income tax expense 619 263 1,328 1,124 Non-core assets (1) - (3,993) - (14,286) Other, net 133 853 644 1,190 Amounts attributable to noncontrolling interests in consolidated joint ventures (23,723) (22,275) (70,532) (67,551) ------- ------- ------- ------- PGRE's share of NOI 89,468 92,071 273,687 267,819 Non-same store adjustments: Lease termination income (1,204) (4,066) (3,177) (6,121) Non-cash write-offs of straight-line rent receivables - 77 - 13,983 Other, net 2,435 982 5,038 2,805 ------- ------- ------- ------- PGRE's share of Same Store NOI $ 90,699 $ 89,064 $275,548 $278,486 ======= ======= ======= ======= PGRE's share of NOI $ 89,468 $ 92,071 $273,687 $267,819 Adjustments to arrive at Cash NOI: Straight-line rent (including our share of unconsolidated joint ventures) (2,191) (1,514) (6,694) (1,690) Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures) (1,697) (2,110) (5,304) (6,187) Non-core assets (1) - 606 - 1,166 Amounts attributable to noncontrolling interests in consolidated joint ventures (1,470) 1,755 (2,059) 7,479 ------- ------- ------- ------- PGRE's share of Cash NOI 84,110 90,808 259,630 268,587 Non-same store adjustments: Lease termination income (1,204) (4,066) (3,177) (6,121) Other, net 2,329 1,012 5,003 2,775 ------- ------- ------- ------- PGRE's share of Same Store Cash NOI $ 85,235 $ 87,754 $261,456 $265,241 ======= ======= ======= ======= (1) Represents Market Center and 111 Sutter Street.