Paramount Group Inc Stock Price, News & Analysis

Paramount Group, Inc. (NYSE: PGRE) announced its upcoming filing of the quarterly report on Form 10-Q for the quarter ending March 31, 2023. The financial results will be released on May 3, 2023, after trading hours on the New York Stock Exchange. A conference call to discuss these results will take place on May 4, 2023, at 10:00 a.m. ET. The call will include a management discussion and a Q&A session for analysts and investors.

The conference call can be accessed via phone or through a live audio webcast on the Company’s website, www.pgre.com. A replay will be available post-call until May 11, 2023. Paramount specializes in owning and managing Class A office properties in New York City and San Francisco, focusing on high-quality tenant retention and property management.

Paramount Group, Inc. (NYSE: PGRE) has signed a significant 16.5-year lease for 119,000 square feet with Wilson Sonsini Goodrich & Rosati, a prominent law firm, at 31 West 52nd Street in Midtown Manhattan. This lease helps Paramount mitigate its largest lease expiration in 2024, which is currently held by Clifford Chance LLP and set to expire in June 2024. The deal indicates a deepened relationship with Wilson Sonsini and reinforces Paramount's commitment to providing premier office space, as emphasized by Peter Brindley, EVP of Real Estate, highlighting the importance of an amenity-rich work environment for tenants.

Paramount Group, Inc. (NYSE: PGRE) has declared a quarterly cash dividend of $0.0775 per share for the period from January 1, 2023 to March 31, 2023. This dividend will be payable on April 14, 2023, to shareholders of record as of March 31, 2023. Paramount, headquartered in New York City, is a fully-integrated real estate investment trust focusing on high-quality, Class A office properties in New York and San Francisco. The company aims to maximize portfolio value by leveraging its prime locations and exceptional property management capabilities.

Paramount Group, Inc. (PGRE) reported its 2022 financial results, showing a net loss of $37.9 million, or $0.17 per diluted share, compared to net income of $1.2 million in Q4 2021. The loss includes a $29.6 million real estate impairment from a joint venture. Core FFO rose to $54.4 million, or $0.25 per diluted share, up from $52.8 million or $0.24 per diluted share in Q4 2021. For the year, net loss was $36.4 million, while FFO was $210.1 million, or $0.95 per diluted share. The company expects 2023 Core FFO guidance between $0.88 and $0.94 per share, influenced by anticipated lease expirations and increased debt costs.

Paramount Group, Inc. (NYSE: PGRE) announced its plan to file the annual report on Form 10-K for the fiscal year ending December 31, 2022, along with the fourth quarter financial results to be released on February 15, 2023, after NYSE trading hours. A conference call will be held on February 16, 2023, at 10:00 a.m. ET to discuss these results, followed by a Q&A session. The call can be accessed domestically at 877-407-0789 and internationally at 201-689-8562. An audio replay will be available from February 16 through February 23, 2023. The event will also be webcast live on the company's website.