- PGRE is a Class A office property REIT that is down ~40% since March 2020.
- It is currently trading at a ~50% discount to NAV; in other words, it's a dollar bill selling for $0.50-$0.60, backed by cash-generating real estate.
- By rejecting a lowball buyout offer and opportunistically buying back stock, management has shown that they are strong and aligned with shareholders.
- Fears that NYC offices are going away forever are overblown and short-sighted; NYC is here to stay.
For further details see:
Paramount Group: An All-In Wager On The Economic Future Of NYC With A 50% Upside