Paramount Group Inc Stock Price, News & Analysis

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%.

Paramount Group, Inc. (NYSE: PGRE) announced the rejection of an unsolicited acquisition proposal from Bow Street LLC, made on November 4, 2020, offering $9.50 to $10.00 per share. The Board deemed the proposal inadequate, asserting it significantly undervalues the company and its assets. The Board's decision followed extensive discussions with Bow Street, financial advice, and a review of the company's portfolio transformation amidst COVID-19's impact. Paramount's stock has risen by about 40% since vaccine news broke on November 9, 2020, emphasizing the potential for future value enhancement.

Paramount Group, Inc. (NYSE: PGRE) reported a net loss of $7.0 million, or $0.03 per diluted share, for Q3 2020, contrasting with a $7.1 million net income in Q3 2019. Core Funds from Operations (Core FFO) declined to $49.6 million from $58.5 million year-over-year. The company saw a 1.8% decrease in Same Store Cash Net Operating Income (NOI) but a 1.1% increase in Same Store NOI. Paramount leased 104,522 square feet with a positive mark-to-market, and maintained high rent collections at 97.5%. The company ended the quarter with $1.35 billion in liquidity and announced a $0.10 cash dividend.

Paramount Group, Inc. (NYSE: PGRE) will file its quarterly report on Form 10-Q for Q3 2020 on October 28, 2020, after market close. The company will also host a conference call on October 29, 2020, at 10:00 AM ET to discuss financial results and business performance. The call can be accessed by dialing 877-407-0789 for domestic calls or 201-689-8562 for international calls. A replay will be available from 1:00 PM ET on the same day through November 5, 2020. Paramount focuses on high-quality, Class A office properties in select areas of New York City and San Francisco.