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. (symbol: PGRE) is a prominent real estate investment trust (REIT) specializing in high-quality, Class A office properties located in prime central business districts (CBDs) of New York City and San Francisco. Headquartered in Bluffton, South Carolina, this esteemed company is known for its significant impact in the real estate sector through strategic acquisition, management, operation, and redevelopment of office properties.
Paramount Group's primary revenue stream comes from leasing office spaces to a diverse range of tenants. By focusing on two of the most coveted real estate markets in the United States, they ensure steady rental income and robust financial performance. The company's portfolio includes some of the most prestigious and sought-after office properties that cater to top-tier tenants.
Recent achievements for Paramount Group include the successful leasing of a substantial portion of their office space to high-profile tenants, maintaining high occupancy rates, and completing several redevelopment projects that have added value to their holdings. These strategic decisions have solidified their reputation as a leader in the office real estate market.
Paramount Group continually seeks growth opportunities through the acquisition of new properties and strategic partnerships. They are committed to sustainability and have implemented numerous eco-friendly practices in their operations, ensuring their properties meet high environmental standards.
The company’s financial condition remains strong, supported by consistent rental income and prudent financial management. Paramount Group’s adept handling of their portfolio ensures long-term value creation for shareholders.
Through their dedicated approach to managing and enhancing their properties, Paramount Group, Inc. continues to play a crucial role in shaping the office landscapes of New York City and San Francisco, making them a key player in the real estate investment domain.
Paramount Group, Inc. (NYSE: PGRE) has refinanced its senior unsecured revolving credit facility, securing a new $750 million credit line maturing in March 2026, with the option for two six-month extensions. The interest rate is set at 115 basis points above the secured overnight financing rate (SOFR), plus a facility fee of 20 basis points. This refinancing reflects strong support from financial institutions and enhances Paramount's liquidity and financial flexibility, with a focus on sustainability metrics.
Paramount Group, Inc. (NYSE: PGRE) has declared a quarterly cash dividend of $0.07 per share for the period from
Paramount Group, Inc. (PGRE) reported its Q3 2021 results, showcasing a net loss of $2.1 million ($0.01 per diluted share), an improvement from a $7.0 million loss in Q3 2020. Core FFO was $50.1 million ($0.23 per diluted share), a slight increase from $49.6 million in the previous year. Same Store Cash NOI grew by 6.0% to $97.2 million, while Same Store NOI fell by 9.8%. The company raised its full-year Core FFO guidance to $0.90-$0.92 per diluted share, up from $0.86-$0.90, due to better portfolio operations and lower interest expenses.
Paramount Group, Inc. (NYSE: PGRE) achieved a 5 Star rating in the 2021 GRESB Real Estate Assessment, ranking in the top 20% among 1,520 global participants. This rating reflects the company's strong performance in Environmental, Social, and Governance (ESG) criteria for the third consecutive year. Paramount's portfolio was benchmarked against 117,000 assets across 64 countries. The company also received an ‘A’ in the GRESB Public Disclosure Survey, ranking #1 among peer groups in USA Office Properties.
Paramount Group, Inc. (NYSE: PGRE) plans to file its quarterly report on Form 10-Q for Q3 2021 on October 27, 2021, after market close. The financial results will be discussed in a conference call on October 28, 2021, at 10:00 a.m. ET. Interested parties can access the call by phone or through a live audio webcast on the company's website. A replay of the call will be available from October 28, 2021, until November 4, 2021. Paramount Group focuses on high-quality office properties in New York City and San Francisco, aiming to maximize portfolio value through strategic asset management.
Paramount Group, Inc. (NYSE: PGRE) has announced a quarterly cash dividend of $0.07 per share, covering the period from July 1, 2021 to September 30, 2021. This dividend will be payable on October 15, 2021 to stockholders of record as of September 30, 2021. Paramount focuses on managing high-quality, Class A office properties in strategic locations in New York City and San Francisco, leveraging its property management capabilities to enhance portfolio value.
Paramount Group (NYSE: PGRE) has signed leases totaling 279,000 square feet at 1301 Avenue of the Americas. This includes a new 167,000 square foot lease with Credit Agricole CIB and a 112,000 square foot renewal and expansion lease with SVB Leerink. The signing of these leases backfills approximately 190,000 square feet of existing vacancy, increasing occupancy at the property, which was 71.5% leased as of June 30, 2021. Paramount continues to seek tenants for the remaining 269,500 square feet available in the building.
Paramount Group, Inc. (NYSE: PGRE) has successfully completed an $860 million refinancing for its 1.7 million square-foot office building at 1301 Avenue of the Americas in Midtown Manhattan, which is currently 71.5% leased. The new five-year interest-only loan features a weighted average interest rate of 2.96%, consisting of a $500 million fixed-rate tranche at 3.11% and a $360 million variable rate tranche. This financing replaced an existing $850 million loan due in November 2021, enhancing Paramount's balance sheet and financial flexibility amid a strong New York City office market.
Paramount Group, Inc. (PGRE) reported a net loss of $15.9 million, or $0.07 per diluted share, for Q2 2021, a significant increase from a $6.3 million loss in Q2 2020. Core Funds from Operations (Core FFO) were $47.6 million, or $0.22 per diluted share, down from $50.1 million, or $0.23 per diluted share, year-over-year. The company leased 246,922 square feet, with notable contracts at 31 West 52nd Street and 1633 Broadway. With $1.51 billion in liquidity, Paramount raised its Estimated Core FFO Guidance for 2021 to $0.86 - $0.90 per diluted share, reflecting improved portfolio performance.
Paramount Group, Inc. (NYSE:PGRE) has rescheduled its Q2 2021 conference call from 10:00 a.m. to 9:00 a.m. ET on July 28, 2021. The company is set to release its second quarter financial results on July 27, 2021, after market close. Access to the conference call will be available via a domestic number (877-407-0789) and an international number (201-689-8562). A replay will be provided from July 28 to August 4, 2021. Paramount, headquartered in New York City, focuses on high-quality office properties in key urban markets.
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