New York, NY – Paramount Group, Inc. held its Q1 2024 Earnings Conference Call on May 2, 2024, at 10:00 AM ET, where key executives discussed the company’s performance and outlook. The call included discussions on the company’s financial results, leasing activities, and future strategies.
During the call, executives like Albert Behler, Chairman, President, and CEO, highlighted the company’s strong start in 2024, reporting core FFO of $0.22 per share for the first quarter. The company experienced significant leasing activity, especially in the New York market. Executives emphasized the continued progress in leasing efforts, particularly in key properties like 1301 Sixth Avenue and 1325 Sixth Avenue, where leased occupancy showed improvements.
Paramount Group also announced the official opening of Paramount Club at 1301 Sixth Avenue, a members-only club for tenants in their New York portfolio. This unique offering aims to enhance the tenant experience and attract high-quality tenants. Additionally, the company shared plans for the opening of Michelin star-rated Din Tai Fung at their headquarters’ plaza at 1633 Broadway.
Executives touched upon the challenging market environment, noting the uptick in distressed assets coming into the market and the potential for compelling acquisition opportunities. The company emphasized its focus on sustainability, highlighting its recognition as the 2024 ENERGY STAR Partner of the Year for the third consecutive year, showcasing its commitment to environmental initiatives.
As the call concluded, executives expressed optimism for the future, citing confidence in their Class A buildings and strategic market positions. They provided insights into their leasing pipelines, strategies for managing upcoming lease expirations, and potential opportunities for growth in key markets like New York and San Francisco.
Overall, the conference call provided a comprehensive overview of Paramount Group’s performance, highlighting key achievements, challenges, and future prospects for the company in the real estate market.
