Paramount Group Inc Stock Price, News & Analysis

Paramount Group (NYSE: PGRE) has announced the sale of a 45% interest in 900 Third Avenue, a Class A office building in Midtown Manhattan, at a gross asset valuation of $210 million. The company will retain the remaining 55% ownership and continue to manage and lease the property.

The 36-story building, designed by Cesar Pelli, Viñoly Design Architects and Emery Roth and Sons, spans approximately 600,000 square feet. Located between 54th and 55th Streets, the property features efficient floor plates, exceptional light and views, and proximity to eight subway lines and Grand Central Terminal.

Paramount Group (NYSE: PGRE) has disclosed the tax treatment of its common stock dividends for 2024. The company will distribute three quarterly dividends of $0.035 per share, totaling $0.105 for the year. Of each dividend payment, $0.01961 is classified as taxable ordinary dividends (qualified REIT dividends under Section 199A), while $0.01539 represents a non-taxable return of capital. The dividend payments are scheduled for January 12, April 15, and July 15, 2024, with corresponding record dates of December 29, 2023, March 28, 2024, and June 28, 2024.

Paramount Group (NYSE: PGRE) has achieved a 5 Star rating in the 2024 GRESB Real Estate Assessment for the sixth consecutive year. The company emerged as a top performer among over 2,200 global real estate participants and received Sector Leader status in the Office/Americas category. Paramount outperformed the GRESB average score by 21% and improved upon its 2023 score. The company also achieved an 'A' rating in GRESB's Public Disclosure assessment, surpassing the global average score of 'B', demonstrating strong data transparency and stakeholder engagement practices.

Paramount Group (NYSE: PGRE) reported Q3 2024 results with a net loss of $9.7 million ($0.04 per share), compared to $8.4 million loss in Q3 2023. Core FFO was $40.5 million ($0.19 per share), down from $47.6 million ($0.22 per share) in Q3 2023. The company raised its full-year 2024 guidance, with Core FFO now expected between $0.78-$0.80 per share.

Same Store NOI increased 1.8% while Same Store Cash NOI decreased 2.9% year-over-year. The company leased 179,403 square feet at a weighted average initial rent of $84.55 per square foot, with negative mark-to-markets of 4.2% on GAAP basis and 10.4% on cash basis.

Paramount Group, Inc. (NYSE: PGRE) has announced the release date for its third quarter 2024 financial results. The company will file its quarterly report on Form 10-Q and release the results on Wednesday, October 30, 2024 after the New York Stock Exchange trading closes. A conference call and audio webcast are scheduled for Thursday, October 31, 2024 at 10:00 a.m. Eastern Time to discuss the results and business performance.

Investors can access the conference call by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay will be available from 1:00 p.m. ET on October 31, 2024 through November 7, 2024. A live audio webcast will be accessible through the "Investors" section of Paramount's website, www.pgre.com, with a replay archived on the site.

Paramount Group, Inc. (NYSE: PGRE) has announced the suspension of its regular quarterly dividend that would have been payable on October 15, 2024. This decision was made by the company's board of directors. During 2024, Paramount paid three regular quarterly dividends totaling $0.1050 per share of common stock, which represents approximately 100% of its estimated 2024 taxable income.

Albert Behler, Chairman, CEO, and President of Paramount, stated that this decision aligns with the company's commitment to strengthen its balance sheet and maintain financial flexibility. The move is aimed at ensuring the company's financial stability in the current economic environment.

Paramount Group (NYSE: PGRE) reported its Q2 2024 results, showing a net loss of $7.8 million ($0.04 per share), compared to $47.5 million ($0.22 per share) in Q2 2023. Core FFO increased to $43.4 million ($0.20 per share) from $37.1 million ($0.17 per share) year-over-year. The company updated its 2024 guidance, expecting net loss between $0.11 and $0.07 per share, and Core FFO between $0.76 and $0.80 per share.

Key highlights include:

• 0.1% increase in Same Store Cash NOI
• 198,505 square feet leased at $74.55 per square foot average initial rent
• Decreased same store leased occupancy to 86.3% from 89.1% in Q1 2024
• Modified $164.8 million mortgage loan at 111 Sutter Street
• Declared Q2 dividend of $0.035 per common share

Paramount has announced it will release its second quarter 2024 financial results on July 31, 2024, following the end of trading on the NYSE.

The company will file its quarterly report on Form 10-Q with the U.S. SEC and host a conference call and audio webcast at 10:00 a.m. ET on August 1, 2024 to discuss the results and provide business performance commentary.

Investors and analysts can participate in the call by dialing 877-407-0789 (domestic) or 201-689-8562 (international), with a replay available until August 8, 2024. The webcast will be accessible through the company’s website, www.pgre.com.

Paramount Group (NYSE: PGRE) announced the declaration of a regular quarterly cash dividend of $0.035 per share for the period from April 1, 2024, to June 30, 2024. This dividend will be payable on July 15, 2024, to shareholders who are recorded as of June 28, 2024. This consistent dividend distribution reflects Paramount's commitment to providing shareholder value.