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) 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.
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