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 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.
Paramount Group, Inc. (NYSE: PGRE) announced it will file its annual report on Form 10-K for the year ending December 31, 2020, and release its fourth quarter 2020 financial results on February 10, 2021, post-market close. A conference call is scheduled for February 11, 2021, at 10:00 AM ET to discuss results and performance, followed by a Q&A session. Access to the call is available via phone or through a live audio webcast on Paramount's website.
Paramount is a REIT focused on Class A office properties in New York City and San Francisco.
Paramount Group, Inc. (PGRE) has announced the tax treatment for its 2020 dividends. Shareholders are advised to consult their tax advisors for personalized guidance. The company paid a total of $0.400000 per share in dividends, with $0.209620 classified as taxable ordinary dividends, $0.190028 as capital gain distributions, and $0.067304 as Section 1250 unrecaptured gain. The dividends were recorded on various dates, with the last payment made on October 15, 2020. A regular quarterly dividend of $0.07 for 2021 was declared on December 15, 2020, payable on January 15, 2021.
Paramount Group, Inc. (NYSE: PGRE) has completed the sale of 1899 Pennsylvania Avenue for $103 million, reflecting a 10% markdown of $12 million due to the COVID-19 pandemic. This transaction marks Paramount's strategic exit from the Washington, D.C. market, reinforcing its focus on optimizing its high-quality, Class A office properties in New York City and San Francisco. With this sale, Paramount continues to adapt its portfolio strategy amid ongoing market challenges.
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