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PGRE

Paramount Group, Inc.

PGRE

Paramount Group, Inc. • NYSE
$6.59 ▲ 0.15% (+0.01)
Market Cap $1.46 B
52w High $7.85
52w Low $3.75
Dividend Yield 0.14%
P/E -14.98
Volume 798.71K
Outstanding Shares 221.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $172.959M ▼ $74.106M ▼ $-28.947M ▼ -16.736% ▼ $-0.13 ▼ $69.256M ▼
Q2-2025 $177.045M ▼ $84.373M ▲ $-19.785M ▼ -11.175% ▼ $-0.09 ▼ $78.213M ▼
Q1-2025 $187.019M ▲ $76.34M ▲ $-10.026M ▲ -5.361% ▲ $-0.05 ▲ $93.491M ▲
Q4-2024 $186.267M ▼ $73.017M ▼ $-38.646M ▼ -20.748% ▼ $-0.18 ▼ $49.536M ▼
Q3-2024 $194.899M $76.743M $-9.688M -4.971% $-0.045 $100.637M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $330.207M ▼ $7.974B ▲ $3.898B ▲ $4.076B ▲
Q2-2025 $440.634M ▲ $7.959B ▲ $3.856B ▲ $3.028B ▼
Q1-2025 $426.952M ▲ $7.947B ▲ $3.847B ▼ $3.087B ▼
Q4-2024 $375.056M ▲ $7.872B ▼ $3.862B ▲ $3.141B ▼
Q3-2024 $318.725M $7.891B $3.84B $3.174B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.282M ▼ $0 ▼ $0 ▲ $0 ▼ $0 ▼ $0 ▼
Q2-2025 $-20.409M ▼ $68.206M ▲ $-36.714M ▼ $14.066M ▼ $45.558M ▼ $68.206M ▲
Q1-2025 $-10.026M ▲ $8.874M ▼ $-31.626M ▲ $81.312M ▲ $58.56M ▼ $8.874M ▼
Q4-2024 $-48.062M ▼ $88.356M ▲ $-33.763M ▼ $8.619M ▲ $63.212M ▲ $88.356M ▲
Q3-2024 $-4.203M $39.715M $-10.391M $-9.189M $20.135M $39.715M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Acquisition Disposition Leasing And Other
Acquisition Disposition Leasing And Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Asset Management Fees
Asset Management Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Property Management Fees
Property Management Fees
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Paramount’s revenue has been steady over the last several years, inching up only slightly, which is typical for a mature office REIT rather than a fast‑growing business. The company generally generates healthy operating profit and solid property-level earnings, but bottom-line net income has been choppy and often negative. That gap between strong property cash performance and weak accounting profit likely reflects non-cash items like depreciation and periodic write-downs, as well as pressure from the challenged office market. In plain terms: the buildings still earn money, but after accounting charges and interest costs, reported earnings swing between small profits and losses, with a noticeable dip in 2023 before improving again in 2024.

Balance Sheet

Balance Sheet The balance sheet shows a large, high-quality property base that has shrunk only modestly over time, suggesting relatively stable asset values despite a tough office environment. Debt levels are meaningful and have not moved much, which is common in real estate but does create sensitivity to interest rates and refinancing conditions. Equity has slipped from earlier years, reflecting cumulative losses and market pressures, but remains substantial. Cash on hand is moderate: enough to support ongoing operations, but not so large as to provide a big buffer if the market were to worsen significantly. Overall, the balance sheet is typical for an office REIT: asset-rich, leveraged, and reliant on stable occupancy and access to credit markets.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive and fairly stable, which is an important contrast to the volatility in reported net income. Free cash flow has also been positive in most years, even after funding property improvements, with spending on upgrades and redevelopment concentrated in a couple of years rather than spread evenly. This pattern suggests the core portfolio still throws off dependable cash, supporting interest payments and basic capital needs. However, the absence of large, sustained cash build-up means the company still depends on capital markets and careful timing of asset sales and refinancing to fund bigger projects or navigate downturns.

Competitive Edge

Competitive Edge Paramount is positioned at the top end of the office market, owning Class A “trophy” buildings in prime New York City and San Francisco locations. These are hard markets to enter, which supports pricing power and tenant demand over the long term. The tenant roster skews toward blue-chip financial, legal, and technology firms, and the company manages most functions in-house, which helps with service quality and tenant retention. On the other hand, Paramount is heavily concentrated in two cities that have been among the most disrupted by remote and hybrid work. That concentration is a double-edged sword: powerful if urban office demand recovers at the high end, but a clear risk if tenants continue to shrink footprints or if high-quality supply remains abundant.

Innovation and R&D

Innovation and R&D Innovation at Paramount is less about lab-style R&D and more about modernizing buildings and tenant experience. The company leans heavily into sustainability, with a fully certified green portfolio and active energy management, which can both reduce costs and appeal to large corporate tenants with ESG commitments. It has built a digital layer around its properties through a tenant app that enables mobile access, visitor management, and communication, turning buildings into more connected workplaces. Amenities like the hospitality-style Paramount Club—offering high-end food, wellness, events, and flexible meeting spaces—aim to make the office more attractive in a hybrid-work world. Future innovation appears focused on deepening these themes: more proptech, smarter buildings, richer amenities, and selective upgrades or redevelopments rather than radical business-model changes.

Summary

Paramount Group combines a stable, cash-generative office portfolio with choppy reported earnings and meaningful leverage, all set against a structurally challenged office market. The company’s strengths are its prime locations, high-end buildings, strong tenants, and a clear strategy around sustainability, technology, and hospitality-style services designed to support the return-to-office trend. Its main vulnerabilities lie in concentration in New York and San Francisco, sensitivity to interest rates and refinancing, and the uncertain pace and shape of long-term office demand. Overall, it looks like a mature, asset-heavy REIT trying to differentiate the top end of office space through green credentials and tenant experience, while managing through one of the most difficult office cycles in decades.

NEWS

November 20, 2025 · 12:59 PM UTC

Paramount Group Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Paramount Group, Inc. - PGRE

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November 20, 2025 · 11:45 AM UTC

BFGoodrich Tires, Paramount+ partner on Season 2 of "Landman"

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November 5, 2025 · 8:00 AM UTC

Paramount and PBR Announce Landmark Five-Year Media Rights Deal

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October 29, 2025 · 4:30 PM UTC

Paramount Announces Third Quarter 2025 Results

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October 28, 2025 · 4:35 PM UTC

1888 Studios and Paramount Announce Landmark 10-Year Lease Agreement to Unlock Access to Newly Enhanced Film and Television Tax Incentives

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