Stock Monitor: Forest City Realty Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 4, 2018 / If you want access to our free earnings report on Paramount Group, Inc. (NYSE: PGRE) ("Paramount"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PGRE. The Company reported its first quarter fiscal 2018 operating and financial results on May 03, 2018. The New York-based real estate investment trust (REIT) that owns office buildings reported funds from operations (FFO) in-line with market estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Forest City Realty Trust, Inc. (NYSE: FCE-A), which also belongs to the Financial sector as the Company Paramount Group. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Paramount Group most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the quarter ended March 31, 2018, Paramount recorded revenues of $184.3 million compared to $181.2 million in Q1 2017. The Company's revenue numbers topped analysts' estimates by $0.6 million.
For Q1 2018, Paramount's net income attributable to common stockholders was $1.1 million, or $0.00 per diluted share, compared to $0.4 million, or $0.00 per diluted share, in Q1 2017.
Paramount's FFO attributable to common stockholders were $53.7 million, or $0.22 per diluted share, in Q1 2018 compared to $51.6 million, or $0.22 per diluted share, in Q1 2017; and included the impact of non-core items. The aggregate of these items, net of amounts attributable to non-controlling interests, decreased FFO attributable to common stockholders by $1.3 million, or $0.01 per diluted share, for Q1 2018.
For Q1 FY18, Paramount's core FFO attributable to common stockholders, which excluded the impact of the non-core items, were $55.0 million, or $0.23 per diluted share, compared to $51.5 million, or $0.22 per diluted share, in Q1 2017. The Company's revenue numbers matched Wall Street's estimates of $0.23 per share.
Paramount's same-store cash net operating income (NOI) increased 15.2% to $83.8 million in Q1 2018 from $72.8 million in Q1 2017. The Company's same-store NOI increased 6.6% to $98.1 million in the reported quarter from $92.0 million in the year earlier same quarter.
During Q1 2018, Paramount leased 285,167 square feet, of which the Company's share was 216,848 square feet that was leased at a weighted average initial rent of $86.32 per square foot. This leasing activity, partially offset by lease expirations in the quarter, increased leased occupancy and same-store leased occupancy by 50 basis points to 94.0% at March 31, 2018, from 93.5% at December 31, 2017.
Of the 285,167 square feet leased in Q1 2018, 161,215 square feet represented second generation space (space that had been vacant for less than twelve months) for which the Company achieved a positive mark-to-markets of 17.8% on a cash basis and 12.9% on a GAAP basis. The weighted average lease term for leases signed during the reported quarter was 8.3 years and weighted average tenant improvements and leasing commissions on these leases were $7.88 per square foot per annum, or 9.1% of initial rent.
On January 10, 2018, Paramount amended its revolving credit facility to extend the maturity date from November 2018 to January 2022, with two six-month extension options, and increase the capacity to $1.0 billion from $800.0 million. The interest rate on the extended facility, at current leverage levels, was lowered by 10 basis points to LIBOR plus 115 basis points, and the facility fee was reduced by 5 basis points to 20 basis points.
Stock Performance Snapshot
June 01, 2018 - At Friday's closing bell, Paramount Group's stock rose 1.13%, ending the trading session at $15.19.
Volume traded for the day: 1.92 million shares, which was above the 3-month average volume of 1.31 million shares.
Stock performance in the last month – up 5.63%; and previous three-month period – up 7.58%
After last Friday's close, Paramount Group's market cap was at $3.61 billion.
Price to Earnings (P/E) ratio was at 40.83.
The stock has a dividend yield of 2.63%.
The stock is part of the Financial sector, categorized under the Property Management industry. This sector was up 0.9% at the end of the session.
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