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 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.
Paramount Group, Inc. (NYSE: PGRE) has declared a decreased quarterly cash dividend of $0.07 per share for the period from October 1, 2020, to December 31, 2020. This dividend will be payable on January 15, 2021, to stockholders of record as of December 31, 2020. The board views this reduction in dividend as a prudent strategy to preserve liquidity and enhance long-term shareholder value amid the ongoing impact of COVID-19 on businesses.
Paramount Group, Inc. (NYSE: PGRE) has achieved a 5-Star Rating for sustainability for the second year in a row under the 2020 Global Real Estate Sustainability Benchmark (GRESB). With an overall score of 87, Paramount ranks in the top 20% of companies evaluated and ninth out of 55 listed office firms globally. This score reflects a two-point increase from 2019 and marks a total improvement of 29 points since 2015. The company attained perfect scores in several key categories, demonstrating exceptional performance during a year when the average score dropped by 9%.
Paramount Group, Inc. (NYSE: PGRE) announced the rejection of an unsolicited acquisition proposal from Bow Street LLC, made on November 4, 2020, offering $9.50 to $10.00 per share. The Board deemed the proposal inadequate, asserting it significantly undervalues the company and its assets. The Board's decision followed extensive discussions with Bow Street, financial advice, and a review of the company's portfolio transformation amidst COVID-19's impact. Paramount's stock has risen by about 40% since vaccine news broke on November 9, 2020, emphasizing the potential for future value enhancement.
Paramount Group, Inc. (NYSE: PGRE) reported a net loss of $7.0 million, or $0.03 per diluted share, for Q3 2020, contrasting with a $7.1 million net income in Q3 2019. Core Funds from Operations (Core FFO) declined to $49.6 million from $58.5 million year-over-year. The company saw a 1.8% decrease in Same Store Cash Net Operating Income (NOI) but a 1.1% increase in Same Store NOI. Paramount leased 104,522 square feet with a positive mark-to-market, and maintained high rent collections at 97.5%. The company ended the quarter with $1.35 billion in liquidity and announced a $0.10 cash dividend.
Paramount Group, Inc. (NYSE: PGRE) will file its quarterly report on Form 10-Q for Q3 2020 on October 28, 2020, after market close. The company will also host a conference call on October 29, 2020, at 10:00 AM ET to discuss financial results and business performance. The call can be accessed by dialing 877-407-0789 for domestic calls or 201-689-8562 for international calls. A replay will be available from 1:00 PM ET on the same day through November 5, 2020. Paramount focuses on high-quality, Class A office properties in select areas of New York City and San Francisco.
FAQ
What is the current stock price of Paramount Group (PGRE)?
What is the market cap of Paramount Group (PGRE)?
What is Paramount Group, Inc.?
Where is Paramount Group, Inc. headquartered?
What type of properties does Paramount Group, Inc. focus on?
How does Paramount Group, Inc. generate revenue?
What recent achievements has Paramount Group, Inc. made?
What markets does Paramount Group, Inc. operate in?
What is the financial condition of Paramount Group, Inc.?
How does Paramount Group, Inc. contribute to sustainability?
Are there any current projects by Paramount Group, Inc.?
Who are the typical tenants of Paramount Group, Inc.’s properties?
