Paramount Group Inc Stock Price, News & Analysis

Paramount Group, Inc. (NYSE: PGRE) will have its key executives, including Albert Behler and Wilbur Paes, at Nareit’s REITWeek: 2021 Virtual Investor Conference on June 8, 2021. An investor presentation containing updated business information will be available in the Investor Relations section of their website before the conference. Paramount Group, headquartered in New York, is a real estate investment trust that focuses on premium, Class A office properties in major urban areas like New York City and San Francisco, aiming to maximize portfolio value through strategic management.

Paramount Group, Inc. (NYSE: PGRE) has become a Fitwel Champion, showcasing its commitment to healthy office environments. The company has secured Fitwel certification for 10 properties totaling approximately nine million square feet. Fitwel, developed by CDC and GSA, sets standards for health-oriented building strategies. Paramount plans to certify an additional three million square feet in 2021, enhancing tenant trust and aligning with its ESG priorities.

Paramount Group, Inc. (NYSE: PGRE) has announced a comprehensive repositioning project for its 60 Wall Street property, set to begin in summer 2022. The development includes renovating the lobby and atrium, adding a skylight, and installing North America's largest indoor green wall. Enhanced amenities, such as new dining options, will attract potential tenants. The upgrades aim to create a vibrant hub for professionals, while maintaining the building's status as a premier office location in New York City. The architectural firm Kohn Pedersen Fox is tasked with the design.

Paramount Group, Inc. (NYSE: PGRE) announced a significant 54,095 square foot lease with Bracewell LLP at 31 West 52nd Street, Midtown Manhattan. This move occupies the entire 18th and 19th floors for an initial term of 16.1 years, effectively filling over 40% of the 131,000 square feet vacancy expiring on April 30, 2021. Bracewell is a prominent law firm servicing various industries globally. The lease underscores the desirability of the property and Paramount’s strategic capabilities in attracting quality tenants.

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.