Paramount Q1 Core FFO $0.22/sh (down from $0.25 YoY); raises 2024 Core FFO guidance to $0.75-0.81

Paramount Group, Inc.

2024-Q1 EPS reported $0.05 revenue$188,877,000

Net income $9.9M ($0.05/sh) vs $1.7M ($0.01) YoY; includes $14.1M non-cash tax gain.
Core FFO $47.9M ($0.22/sh) vs $54.7M ($0.25) YoY; Same Store Cash NOI down 1.5% to $89.2M.
Leased occupancy down 120bps to 86.5%; second-gen mark-to-market negative 4.1% cash.
One Market Plaza loan modified: balance cut to $850M (PGRE share $61.25M), rate 4.08%, matures Feb 2027.
Raised 2024 Core FFO guidance to $0.75-$0.81/sh (from $0.73-$0.79); net loss guidance improved.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.94

Paramount Group, Inc. reported first quarter ended March 31, 2024 results: net income $9.9 million, EPS $0.05 per diluted share. Guidance raised.

Period: first quarter ended March 31, 2024
Net income: $9.9 million
EPS: $0.05 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

On May 1, 2024, Paramount Group, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0000950170-24-051379

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