Paramount Group Inc Stock Research

Market Summary

USD4.51+0.25

Market Closed

5.87%

PGRE Alerts

Big fall in earnings (Y/Y)

PGRE Stock Price

PGRE RSI Chart

PGRE Valuation

Market Cap

925.3M

Price/Earnings (Trailing)

-24.32

Price/Sales (Trailing)

1.24

EV/EBITDA

1.32

Price/Free Cashflow

3.76

PGRE Price/Sales (Trailing)

PGRE Profitability

EBT Margin

-3.37%

Return on Equity

-1.01%

Return on Assets

-0.43%

Free Cashflow Yield

26.58%

PGRE Fundamentals

PGRE Revenue

Revenue (TTM)

745.2M

Revenue Y/Y

2.61%

Revenue Q/Q

2.42%

PGRE Earnings

Earnings (TTM)

-38.0M

Earnings Y/Y

-48.71%

Earnings Q/Q

104.56%

Price Action

52 Week Range

3.988.86

(Low)(High)

Last 7 days

-1.2%

Last 30 days

0.5%

Last 90 days

-19.2%

Trailing 12 Months

-52.1%

PGRE Financial Health

PGRE Investor Care

Dividend Yield

7.28%

Dividend/Share (TTM)

0.31

Buy Backs (1Y)

0.85%

Diluted EPS (TTM)

-0.17

Peers (Alternatives to Paramount Group)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	50.6B	4.3B	-1.18%	-10.19%	11.63	11.76	18.80%	113.99%
DLR	30.7B	4.9B	10.59%	-20.46%	82.21	6.26	9.82%	-73.28%
EQR	23.9B	2.0B	-1.28%	-18.49%	26.03	12.09	-20.93%	-31.79%
ARE	19.7B	2.7B	-6.01%	-30.25%	26.3	7.37	18.91%	81.13%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	15.49%	-81.09%
MID-CAP
FRT	7.4B	1.1B	-8.78%	-21.04%	19.11	6.81	10.19%	46.60%
KRG	4.4B	814.4M	-5.06%	-2.82%	480.55	5.4	63.41%	107.43%
VNO	2.7B	1.8B	-4.02%	-58.75%	-7.41	1.51	9.23%	-286.27%
MAC	2.2B	857.9M	-7.05%	-14.51%	-24.97	2.55	-1.75%	-315.36%
SMALL-CAP
SKT	2.1B	421.5M	5.92%	21.93%	24.16	5.1	1.34%	437.34%
SLG	1.6B	862.4M	1.35%	-59.50%	-12.39	1.8	7.01%	-127.00%
AIV	1.3B	184.6M	5.87%	32.38%	13.6	6.79	2.55%	1950.56%
PGRE	925.3M	745.2M	0.47%	-52.12%	-24.32	1.24	2.17%	-183.81%

Financials for Paramount Group

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	0.6%	745	740	741	733	729
Operating Expenses	1.0%	576	570	562	556	556
S&GA Expenses	-1.7%	58.00	59.00	59.00	59.00	60.00
EBITDA	-10.1%	351	391	393	381	-
EBITDA Margin	-10.0%	0.47*	0.53*	0.54*	0.52*	-
Earnings Before Taxes	7.8%	-22.98	-24.93	20.00	23.00	9.00
EBT Margin	-225.9%	-0.03*	0.03*	0.03*	0.01*	-
Interest Expenses	1.5%	146	144	143	142	142
Net Income	-4.5%	-38.04	-36.40	3.00	2.00	-13.40
Net Income Margin	-1450.8%	-0.05*	0.00*	0.00*	-0.02*	-
Free Cahsflow	6.9%	247	231	241	245	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	0.3%	8,480	8,453	8,496	8,482	8,499
Cash Equivalents	10.5%	452	409	469	507	462
Liabilities	0.0%	4,043	4,042	4,073	4,031	4,036
Shareholder's Equity	23.5%	4,437	3,592	3,674	4,451	4,463
Additional Paid-In Capital	-0.1%	4,182	4,186	4,210	4,229	4,120
Shares Outstanding	0.3%	217	217	222	226	219

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-0.3%	246	247	231	241	245
Share Based Compensation	-7.6%	18.00	19.00	19.00	19.00	20.00
Cashflow From Investing	45.4%	-83.31	-152	-100	-109	-165
Cashflow From Financing	31.0%	-119	-173	-142	-107	-99.27
Dividend Payments	2.2%	69.00	67.00	65.00	63.00	61.00
Buy Backs	-25.9%	63.00	85.00	-	-	-

Risks for PGRE

What is the probability of a big loss on PGRE?

78.8%

Probability that Paramount Group stock will be more than 20% underwater in next one year

44.2%

Probability that Paramount Group stock will be more than 30% underwater in next one year.

35.4%

Probability that Paramount Group stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PGRE drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Paramount Group was unfortunately bought at previous high price.

Drawdowns

Returns for PGRE

Cumulative Returns on PGRE

-15.2%

7-Year Cumulative Returns

-20.2%

5-Year Cumulative Returns

-16.8%

3-Year Cumulative Returns

What are the long-term rolling returns for PGRE?

FIve years rolling returns for Paramount Group.

Annualized Returns

Which funds bought or sold PGRE recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-06-01	MACQUARIE GROUP LTD	added	0.28	-52,321	175,021	-%
2023-05-26	ProShare Advisors LLC	reduced	-8.53	-42,639	100,521	-%
2023-05-23	Brookfield Corp /ON/	unchanged	-	-6,344,480	20,964,400	0.08%
2023-05-22	AMERIPRISE FINANCIAL INC	new	-	274,471	274,471	-%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-27.39	-337,000	424,000	-%
2023-05-18	JPMORGAN CHASE & CO	reduced	-29.07	-4,937,000	5,902,000	-%
2023-05-17	VIRGINIA RETIREMENT SYSTEMS ET AL	sold off	-100	-1,639,740	-	-%
2023-05-16	Baker Avenue Asset Management, LP	new	-	1,017	1,017	-%
2023-05-16	JANE STREET GROUP, LLC	sold off	-100	-259,738	-	-%
2023-05-16	Strategic Family Wealth Counselors, L.L.C.	new	-	421,509	421,509	0.20%

Latest Funds Activity

Are funds buying PGRE calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PGRE

No. of Funds

PGRE Alerts

Big fall in earnings (Y/Y)

Paramount Group News

Schedule 13G FIlings of Paramount Group

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	norges bank	8.36%	18,378,272	SC 13G/A
Feb 09, 2023	vanguard group inc	12.34%	27,118,564	SC 13G/A
Jan 23, 2023	blackrock inc.	12.6%	27,644,295	SC 13G/A
Mar 04, 2022	monarch alternative capital lp	5.57%	12,200,000	SC 13D/A
Feb 25, 2022	monarch alternative capital lp	5.57%	12,200,000	SC 13D
Feb 03, 2022	blackrock inc.	8.8%	19,272,090	SC 13G/A
Feb 10, 2021	norges bank	9.03%	19,882,031	SC 13G/A
Feb 10, 2021	vanguard group inc	11.52%	25,354,463	SC 13G/A
Feb 05, 2021	blackrock inc.	5.6%	12,336,225	SC 13G/A
Feb 14, 2020	price t rowe associates inc /md/	2.6%	6,121,978	SC 13G/A

PGRE Fair Value

Show Fair-Value

Recent SEC filings of Paramount Group

View All Filings

Date Filed	Form Type	Document
May 23, 2023	8-K	Current Report
May 22, 2023	4	Insider Trading
May 22, 2023	4	Insider Trading
May 22, 2023	4	Insider Trading
May 22, 2023	4	Insider Trading
May 22, 2023	4	Insider Trading
May 22, 2023	4	Insider Trading
May 22, 2023	4	Insider Trading
May 22, 2023	4	Insider Trading
May 22, 2023	4	Insider Trading

Latest Insider Trading transactions for PGRE

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-05-18	Saito Hitoshi	acquired	-	-	27,650	-
2023-05-18	Armbrust Thomas	acquired	-	-	27,650	-
2023-03-23	Behler Albert P.	bought	205,050	4.101	50,000	chairman, ceo and president
2023-03-23	Johnson Gage R.	acquired	-	-	3,000	svp, gc and secretary
2023-03-23	Johnson Gage R.	bought	17,851	3.967	4,500	svp, gc and secretary
2023-03-22	Behler Albert P.	bought	130,770	4.359	30,000	chairman, ceo and president
2023-03-21	Behler Albert P.	bought	86,900	4.345	20,000	chairman, ceo and president
2023-03-20	Behler Albert P.	bought	127,950	4.265	30,000	chairman, ceo and president
2023-03-17	Behler Albert P.	bought	171,200	4.28	40,000	chairman, ceo and president
2023-03-10	Behler Albert P.	bought	48,070	4.807	10,000	chairman, ceo and president

About Paramount Group

Albert P. Behler

www.paramount-group.com

320

Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

PGRE Income Statement

2023-03-31

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental revenue	$ 181,713,000	$ 169,922,000
Fee and other income	6,761,000	13,763,000
Total revenues	188,474,000	183,685,000
Expenses:
Operating	70,309,000	66,661,000
Depreciation and amortization	58,888,000	55,624,000
General and administrative	14,623,000	15,645,000
Transaction related costs	128,000	117,000
Total expenses	143,948,000	138,047,000
Other income (expense):
Income from real estate related fund investments	3,550,000	0
(Loss) income from unconsolidated real estate related funds	(178,000)	170,000
Loss from unconsolidated joint ventures	(5,762,000)	(5,113,000)
Interest and other income, net	2,925,000	231,000
Interest and debt expense	(36,459,000)	(34,277,000)
Income before income taxes	8,602,000	6,649,000
Income tax expense	(288,000)	(527,000)
Net income	8,314,000	6,122,000
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures	(5,641,000)	(3,425,000)
Consolidated real estate related funds	(823,000)	1,016,000
Operating Partnership	(121,000)	(342,000)
Net income attributable to common stockholders	$ 1,729,000	$ 3,371,000
Income per Common Share - Basic:
Income per common share	$ 0.01	$ 0.02
Weighted average shares outstanding	216,563,108	218,782,296
Income per Common Share - Diluted:
Income per common share	$ 0.01	$ 0.02
Weighted average shares outstanding	216,617,020	218,840,094

PGRE Balance Sheet

2023-03-31

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)

Mar. 31, 2023

Dec. 31, 2022

Real estate, at cost:

Land

$ 1,966,237,000

Buildings and improvements

6,185,311,000

6,177,540,000

Rental property, at cost

8,151,548,000

8,143,777,000

Accumulated depreciation and amortization

(1,337,552,000)

(1,297,553,000)

Real estate, net

6,813,996,000

6,846,224,000

Cash and cash equivalents

451,796,000

408,905,000

Restricted cash

59,179,000

40,912,000

Accounts and other receivables

19,409,000

23,866,000

Real estate related fund investments

108,176,000

105,369,000

Investments in unconsolidated real estate related funds

3,180,000

3,411,000

Investments in unconsolidated joint ventures

385,034,000

393,503,000

Deferred rent receivable

354,326,000

346,338,000

Deferred charges, net of accumulated amortization of $72,965 and $68,686

120,359,000

120,685,000

Intangible assets, net of accumulated amortization of $185,725 and $246,723

84,352,000

90,381,000

Other assets

80,282,000

73,660,000

Total assets

^[1]

8,480,089,000

8,453,254,000

Liabilities and Equity

Notes and mortgages payable, net of unamortized deferred financing costs of $16,508 and $17,682

3,841,492,000

3,840,318,000

Revolving credit facility

Accounts payable and accrued expenses

118,932,000

123,176,000

Dividends and distributions payable

18,110,000

18,026,000

Intangible liabilities, net of accumulated amortization of $104,415 and $102,533

33,938,000

36,193,000

Other liabilities

30,537,000

24,775,000

Total liabilities

^[1]

4,043,009,000

4,042,488,000

Commitments and contingencies

Paramount Group, Inc. equity:

Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 217,211,716 and 216,559,406 shares in 2023 and 2022, respectively

2,171,000

2,165,000

Additional paid-in-capital

4,181,983,000

4,186,161,000

Earnings less than distributions

(659,641,000)

(644,331,000)

Accumulated other comprehensive income

38,058,000

48,296,000

Paramount Group, Inc. equity

3,562,571,000

3,592,291,000

Noncontrolling interests in:

Consolidated joint ventures

403,902,000

402,118,000

Consolidated real estate related funds

220,206,000

173,375,000

Operating Partnership (15,212,454 and 14,586,411 units outstanding)

250,401,000

242,982,000

Total equity

4,437,080,000

4,410,766,000

Total liabilities and equity

$ 8,480,089,000

$ 8,453,254,000

[1]

Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.5% as of March 31, 2023. As of March 31, 2023, the assets and liabilities of the Operating Partnership include $4,065,842 and $2,587,614 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 12, Variable Interest Entities (“VIEs”).