Paramount Group, Inc. PGRE

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
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Ranked against 30 peers in REIT - Office

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where PGRE ranks in REIT - Office

Paramount Group, Inc. ranks #27 of 27 scored companies in REIT - Office by moat score — the top 100%. The widest moat in the group is Easterly Government Properties, (DEA) at 78/100.

# Company Moat score Rating
19 City Office REIT, Inc. CIO 37/100 Developing
20 Brandywine Realty Trust BDN 35/100 Developing
21 Franklin Street Properties Corp FSP 34/100 Developing
22 JBG SMITH Properties JBGS 29/100 Developing
23 Creative Media & Community Trus CMCT 20/100 Weak
24 Hudson Pacific Properties, Inc. HPP 19/100 Weak
25 Orion Office REIT Inc. ONL 14/100 Weak
26 Office Properties Income Trust OPI 0/100 Weak
27 Paramount Group, Inc. PGRE 0/100 Weak

See every Real Estate Investment Trusts company ranked by moat score →

How PGRE scores on the REIT Specialized defenses

Rent Pricing Power

Not measurable · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Not measurable · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Not measurable · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Not measurable · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Not measurable · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Not measurable · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding PGRE's moat

What is Paramount Group, Inc.'s moat score?

Paramount Group, Inc. (PGRE) scores 0 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as weak. It ranks #27 of 27 scored companies in REIT - Office, the top 100%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 30 companies in REIT - Office.

How does Paramount Group, Inc. compare with other REIT - Office companies?

Paramount Group, Inc. ranks #27 of 27 scored companies in REIT - Office by moat score. The widest moat in REIT - Office is Easterly Government Properties, (DEA) at 78/100. The companies ranked closest are Office Properties Income Trust (OPI) at 0 just above it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 30 companies in REIT - Office. The defenses are then weighted to produce the overall score out of 100.

Why is Paramount Group, Inc. scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Paramount Group, Inc.?

The REIT Specialized template measures 6 defenses, and PGRE scores: Rent Pricing Power (not measurable), AFFO Strength (not measurable), Balance Sheet & Cost of Capital (not measurable), Capital Recycling & Growth (not measurable), Operational Efficiency (not measurable), Portfolio Quality & Diversification (not measurable). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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