Paramount Group Inc Stock Price, News & Analysis

Paramount Group (NYSE: PGRE) has signed a significant 15-year lease for 142,000 square feet with esteemed law firm O'Melveny & Myers LLP at 1301 Avenue of the Americas in Midtown Manhattan. This transaction mitigates the risk of an impending lease expiration for Credit Agricole in February 2023. Over the last year, Paramount has successfully executed leases totaling over 450,000 square feet at this location, showcasing its strong appeal and strategic tenant acquisition.

Paramount Group reported a net loss of $0.4 million for Q2 2022, significantly improved from a loss of $15.9 million in Q2 2021. Core Funds from Operations (Core FFO) increased to $53.6 million ($0.24 per share) from $47.6 million ($0.22 per share) year-over-year. The company raised its 2022 earnings guidance, estimating a net loss of $0.01 to income of $0.03 per share, improved from prior estimates. Same Store Cash NOI grew by 5.6%, and same-store NOI rose by 9.0%. The company leased 250,231 square feet, with an occupancy increase to 91.4%.

Paramount Group, Inc. (NYSE: PGRE) will file its quarterly report on Form 10-Q for the period ended June 30, 2022, on July 26, 2022, after market close. The second quarter 2022 financial results will be discussed in a conference call on July 27, 2022, at 12:00 p.m. ET, which will include a Q&A session with analysts. The conference call can be accessed through a dedicated phone line or via a live audio webcast on their website. A replay will be available shortly after the call.

Paramount Group, Inc. (NYSE: PGRE) has declared a quarterly cash dividend of $0.0775 per share, payable on July 15, 2022, for the period from April 1, 2022 to June 30, 2022. Shareholders on record as of June 30, 2022 will receive this dividend. Paramount is a fully-integrated real estate investment trust, focusing on Class A office properties in New York City and San Francisco, maximizing the value of its portfolio through effective property management.

Paramount Group (NYSE: PGRE) announced that SVB Securities has expanded its lease at 1301 Avenue of the Americas, signing a new lease for 68,183 square feet on the 5th floor. This brings SVB Securities' total commitment at the site to 139,176 square feet. The building, a 1.7 million square-foot office space located in Midtown Manhattan, reduces overall availability from the former Barclays block. Additionally, this transaction supports Paramount's goal of attracting high-quality tenants and enhancing the value of its portfolio.

Paramount Group, Inc. (PGRE) reported a net income of $3.4 million for Q1 2022, reversing the previous year's loss. Core Funds from Operations (Core FFO) rose to $54.6 million, or $0.25 per diluted share. The company raised its full-year earnings guidance, estimating a net loss between $0.05 and $0.01 per diluted share and Core FFO between $0.93 and $0.97 per diluted share. A 3.9% increase in Same Store Cash Net Operating Income was observed, although Same Store NOI declined by 2.7%. Paramount also leased 202,820 square feet at an average initial rent of $67.67 per square foot.

Paramount Group, Inc. (NYSE: PGRE) announced it will file its Form 10-Q for the quarter ended March 31, 2022, on April 27, 2022, after market close. The Company will host a conference call on April 28, 2022, at 10:00 a.m. ET to discuss the financial results and business performance, followed by a Q&A session. Investors can access the call at 877-407-0789 (domestic) or 201-689-8562 (international). A live audio webcast will also be available on the Company’s website, with a replay accessible shortly after the call.

Paramount Group, Inc. (NYSE: PGRE) announced that its property, 111 Sutter Street in San Francisco, has achieved LEED Platinum certification, the highest score for a LEED project in the city in 2021. This certification highlights the company's commitment to sustainability, with 100% of its office properties certified as either LEED Gold or Platinum. Paramount's portfolio includes 11.3 million square feet of such properties, targeting tenants focused on sustainability. The improvements at 111 Sutter included energy management systems and low-flow fixtures that enhance environmental performance.