Paramount Group (PGRE) Company Report

Paramount Group, Inc. entered into an agreement on September 17, 2025, to be acquired by Rithm Capital Corp. for approximately $1.6 billion, or $6.60 per fully diluted share, with the transaction expected to close in the fourth quarter of 2025.
For the third quarter of 2025, the company reported a net loss attributable to common stockholders of $28.9 million, or $0.13 per share, which includes $9.0 million, or $0.04 per share, in transaction-related costs relating to the proposed merger.
Core Funds from Operations (Core FFO) attributable to common stockholders was $31.5 million, or $0.14 per share, for the third quarter of 2025.
The company experienced an 8.0% decrease in Same Store Cash Net Operating Income (NOI) and a 12.0% decrease in Same Store NOI in the third quarter of 2025 compared to the same period in the prior year.

Oct 29, 2025, 8:56 PM

8-K

Paramount Group Announces Third Quarter 2025 Results and Proposed Merger

PGRE

Earnings

M&A

Debt Issuance

Paramount Group reported a net loss attributable to common stockholders of $28.9 million, or $0.13 per share, for the third quarter of 2025, which includes $9.0 million, or $0.04 per share, of transaction related costs relating to the proposed merger. Core Funds from Operations (FFO) attributable to common stockholders was $31.5 million, or $0.14 per share for the same period.
On September 17, 2025, the company entered into an agreement to be acquired by Rithm Capital Corp. for a total cash consideration of approximately $1.6 billion, or $6.60 per fully diluted share, with the transaction expected to close in the fourth quarter of 2025.
In the third quarter of 2025, Same Store Cash Net Operating Income (NOI) decreased 8.0% and Same Store NOI decreased 12.0% compared to the same period in the prior year.
Paramount Group completed a $900.0 million refinancing of 1301 Avenue of the Americas on August 5, 2025, securing a new five-year interest-only loan at a fixed rate of 6.39%.

Oct 29, 2025, 8:30 PM

Press Release

Paramount Group to be Acquired by Rithm Capital

PGRE

M&A

Takeover Bid

Rithm Capital Corp. has entered into a definitive agreement to acquire Paramount Group, Inc. for a total cash consideration of approximately $1.6 billion.
Paramount shareholders will receive $6.60 per fully diluted share for their common stock.
The transaction is expected to close in late Q4 2025, subject to customary closing conditions, including approval from Paramount's common stockholders.
Paramount's portfolio includes 13 owned and 4 managed Class A office assets, totaling over 13.1 million square feet, with 85.4% leased as of June 30, 2025.

Sep 17, 2025, 12:59 PM

8-K

Paramount Group Inc. Announces Q2 2025 Results and Portfolio Update

PGRE

Earnings

Guidance Update

Paramount Group reported FFO per diluted share of $0.12 and Core FFO per diluted share of $0.17 for Q2 2025. PGRE's share of Cash NOI was $82,676 for Q2 2025.
The company owns and operates 13.1 million square feet of Class A office properties in New York and San Francisco, with an overall Same Store Leased percentage of 85.4% as of June 30, 2025. New York properties are 88.1% same store leased and San Francisco properties are 75.1% same store leased.
As of June 30, 2025, 45.4% of total debt matures in 2026 and 34.7% matures in 2029.
The midpoint of the Full Year 2025 guidance for Cash NOI is $302 million.

Jul 31, 2025, 2:00 PM

Presentation

Paramount Group, Inc. Announces Separation Agreement with Former CFO/COO

PGRE

CFO Change

Management Change

Executive Compensation

Paramount Group, Inc. announced that Wilbur Paes, its Chief Operating Officer, Chief Financial Officer, and Treasurer, departed from his position effective May 15, 2025.
In connection with his departure, Mr. Paes will receive a lump sum payment of $2,050,000, a pro-rata annual incentive compensation for 2025 of $371,712, and a health care payment of $73,011.
Additionally, 817,187 service-based long-term incentive plan (LTIP) Units, 227,825 service-based appreciation only LTIP (AOLTIP) Units, and 40,525 earned performance-based LTIP units have vested or will vest. He also remains eligible for a pro-rata portion of 450,282 performance-based LTIP Units and 1,621,973 performance-based AOLTIP Units subject to performance conditions.

Jul 8, 2025, 12:00 AM

8-K

Paramount Group Initiates Strategic Review and Management Transition

PGRE

M&A

Management Change

Strategic Alternatives Review: The Board of Directors has initiated an evaluation of strategic alternatives to maximize shareholder value, supported by advisors BofA Securities and Latham & Watkins LLP, following strong first-quarter leasing activity.
Management Transition: Paramount Group announced immediate leadership changes, appointing Ermelinda Berberi as Executive VP, CFO and Treasurer, and Timothy Dembo as Senior VP, General Counsel and Secretary, as part of its ongoing management transition.

May 19, 2025, 12:00 AM

8-K

Paramount Group Inc Q1 2025 Earnings and Leasing Update

PGRE

Earnings

Guidance Update

Financial Performance: Core FFO reached $0.17 per share, beating consensus by $0.01, despite same-store growth declines of 4.1% (cash basis) and 5.4% (GAAP) , .
Leasing Momentum & Pipeline: Executed approximately 284,000 square feet of leases – including deals with Kirkland & Ellis at 900 Third Avenue and law firm Benesch at 1301 Sixth Avenue – and raised leasing guidance to between 900,000 and 1.1 million square feet with a robust pipeline exceeding 375,000 square feet , , .
Operating Metrics: Detailed performance on Same Store Cash NOI and Same Store NOI with regional breakdowns for New York and San Francisco, highlighting percentage changes from the prior period .
Asset Quality: Emphasized the company’s strong position as a high-quality owner and operator of Class A office properties, supported by a diversified, high credit tenant base and a detailed lease expiration schedule , .
Financial Resilience: Provided comprehensive balance sheet and capital structure information, including net debt ratios and liquidity measures, underscoring the firm’s strategic positioning , .

May 1, 2025, 2:01 PM

Transcript Presentation

Paramount Group Inc Q4 2024 Earnings & 2025 Guidance Summary

PGRE

Earnings

Guidance Update

Sustainability

Core FFO Performance: Q4 2024 core FFO was $0.19 per share contributing to a full-year result of $0.80 per share, with 2025 guidance of $0.51 – $0.57 per share .
Leasing Highlights: Achieved same store leased occupancies of 85.0% in New York and 83.8% in San Francisco; Q4 added approximately 109,000 square feet (FY total 763,500 square feet) with 2025 leasing activity expected to hit 800,000 – 1,000,000 square feet .
High-Quality Portfolio: Owns and operates a Class A office portfolio of 13.8 million square feet across 18 assets in New York and San Francisco with nearly $7.8 billion AUM .
Sustainability Leadership: Entire portfolio is LEED Platinum/Gold certified, ENERGY STAR rated, and Fitwel certified, reinforcing cost management and regulatory compliance .
Capital Allocation: Sale of a 45% interest in 900 Third Avenue raised approximately $95 million in net proceeds, enhancing financial flexibility .

Feb 28, 2025, 3:00 PM

Transcript Presentation

Paramount Group Announces Q4 2024 Results

PGRE

Earnings

Guidance Update

Net loss for Q4 2024 was $38.6 million (or $0.18 per share), significantly lower than the $205.6 million (or $0.95 per share) loss reported in Q4 2023.
Core FFO for the quarter was $41.2 million (or $0.19 per diluted share), compared to $47.4 million in Q4 2023.
The Company leased 108,824 square feet (with its share amounting to 75,821 square feet at a weighted average rent of $85.65 per square foot) and also executed a strategic transaction by selling a 45.0% equity interest in 900 Third Avenue, resulting in approximately $94.0 million in net proceeds.

Feb 27, 2025, 12:00 AM

8-K

Paramount Group Announces Credit Facility Amendments

PGRE

Debt Issuance

On January 17, 2025, Paramount Group, Inc. entered into a Consent Agreement related to its revolving credit facility, reducing aggregate commitments from $750.0 million to $450.0 million and modifying other key terms.
The agreement waives certain provisions to enable the disposition of a 45% indirect equity interest and limits future borrowings under the facility to $200.0 million, with further changes effective until June 30, 2025.

Jan 22, 2025, 12:00 AM

8-K