Welcome to our dedicated page for Paramount Group news (Ticker: PGRE), a resource for investors and traders seeking the latest updates and insights on Paramount Group stock.
Paramount Group, Inc. was a vertically integrated real estate investment trust that owned, operated and managed Class A office properties in New York City and San Francisco. News for PGRE centered on office leasing, portfolio occupancy, property financing, asset sales, quarterly operating results and sustainability reporting, including GRESB ratings.
Paramount’s public-company news record also includes its completed acquisition by Rithm Capital, after which Paramount was integrated into Rithm’s platform and its separate public-company status changed. The acquired portfolio included owned and managed office assets in major central business district markets.
Paramount Group, Inc. (NYSE: PGRE) reported a net loss of $3.6 million, or $0.02 per diluted share, for Q1 2021, compared to a net income of $3.3 million, or $0.01 per diluted share in Q1 2020. Core Funds from Operations (Core FFO) fell to $50.6 million, down from $61.5 million year-over-year, largely due to the expiration of Barclays’ lease. Same Store Cash NOI and Same Store NOI declined by 2.6% and 7.5%, respectively. The company declared a cash dividend of $0.07 per share and ended the quarter with $1.49 billion in liquidity. 2021 Core FFO Guidance is reaffirmed at $0.82 to $0.88 per diluted share.
Paramount Group, Inc. (NYSE: PGRE) will file its Form 10-Q for Q1 2021 on April 28, 2021, after the market closes. The financial results will be followed by a conference call on April 29, 2021, at 10:00 a.m. ET, where management will discuss performance and take questions from analysts and investors. Call access is available via domestic and international lines, with an audio replay from April 29 to May 6. Paramount operates high-quality Class A office properties in prime locations in New York City and San Francisco, focusing on maximizing portfolio value.
Paramount Group, Inc. (NYSE: PGRE) has declared a quarterly cash dividend of $0.07 per share for the period of January 1, 2021 to March 31, 2021. This dividend will be payable on April 15, 2021 to stockholders on record as of March 31, 2021.
Based in New York City, Paramount is a fully-integrated real estate investment trust focusing on Class A office properties in prime locations within New York City and San Francisco. The company aims to maximize portfolio value through strategic property management and high tenant retention.
Paramount Group, Inc. (PGRE) reported a net loss of $14.8 million ($0.07/share) for Q4 2020, an improvement from $50.1 million ($0.22/share) in Q4 2019. The Core Funds from Operations (Core FFO) decreased to $52.5 million ($0.24/share) from $58.3 million ($0.26/share) year-on-year. The company's Same Store Cash NOI rose 2.2% to $93.6 million, while Same Store NOI fell 0.9%. They leased 87,283 square feet, achieving a 96.7% rent collection rate. Estimated Core FFO for 2021 is projected at $0.82 to $0.88/share. The company ended Q4 with $1.47 billion in liquidity.
Paramount Group, Inc. (NYSE: PGRE) has announced the promotion of two executives, strengthening its senior management team. Wilbur Paes has been appointed Chief Operating Officer, Chief Financial Officer, and Treasurer, expanding his role since joining the company in 2014. Peter Brindley is now Executive Vice President, Head of Real Estate, overseeing all real estate activities after joining in 2010. Chairman Albert Behler expressed confidence in their leadership abilities, aiming to enhance the company's strategic direction and growth.
Paramount Group, Inc. (NYSE: PGRE) announced it will file its annual report on Form 10-K for the year ending December 31, 2020, and release its fourth quarter 2020 financial results on February 10, 2021, post-market close. A conference call is scheduled for February 11, 2021, at 10:00 AM ET to discuss results and performance, followed by a Q&A session. Access to the call is available via phone or through a live audio webcast on Paramount's website.
Paramount is a REIT focused on Class A office properties in New York City and San Francisco.
Paramount Group, Inc. (PGRE) has announced the tax treatment for its 2020 dividends. Shareholders are advised to consult their tax advisors for personalized guidance. The company paid a total of $0.400000 per share in dividends, with $0.209620 classified as taxable ordinary dividends, $0.190028 as capital gain distributions, and $0.067304 as Section 1250 unrecaptured gain. The dividends were recorded on various dates, with the last payment made on October 15, 2020. A regular quarterly dividend of $0.07 for 2021 was declared on December 15, 2020, payable on January 15, 2021.
Paramount Group, Inc. (NYSE: PGRE) has completed the sale of 1899 Pennsylvania Avenue for $103 million, reflecting a 10% markdown of $12 million due to the COVID-19 pandemic. This transaction marks Paramount's strategic exit from the Washington, D.C. market, reinforcing its focus on optimizing its high-quality, Class A office properties in New York City and San Francisco. With this sale, Paramount continues to adapt its portfolio strategy amid ongoing market challenges.
Paramount Group, Inc. (NYSE: PGRE) has declared a decreased quarterly cash dividend of $0.07 per share for the period from October 1, 2020, to December 31, 2020. This dividend will be payable on January 15, 2021, to stockholders of record as of December 31, 2020. The board views this reduction in dividend as a prudent strategy to preserve liquidity and enhance long-term shareholder value amid the ongoing impact of COVID-19 on businesses.
Paramount Group, Inc. (NYSE: PGRE) has achieved a 5-Star Rating for sustainability for the second year in a row under the 2020 Global Real Estate Sustainability Benchmark (GRESB). With an overall score of 87, Paramount ranks in the top 20% of companies evaluated and ninth out of 55 listed office firms globally. This score reflects a two-point increase from 2019 and marks a total improvement of 29 points since 2015. The company attained perfect scores in several key categories, demonstrating exceptional performance during a year when the average score dropped by 9%.