Paramount Group, Inc.

NYSE:PGRE Stock Report

Market Cap: US$1.6b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Paramount Group Management

Management criteria checks 4/4

Paramount Group's CEO is Albert Paul Behler, appointed in Jan 2014, has a tenure of 11.92 years. total yearly compensation is $4.45M, comprised of 25.5% salary and 74.5% bonuses, including company stock and options. directly owns 0.34% of the company’s shares, worth $5.37M. The average tenure of the management team and the board of directors is 7.6 years and 6.6 years respectively.

Key information

Albert Paul Behler

Chief executive officer

US$4.4m

Total compensation

CEO salary percentage25.50%
CEO tenure11.9yrs
CEO ownership0.3%
Management average tenure7.6yrs
Board average tenure6.6yrs

Recent management updates

Recent updates

Seeking Alpha • Sep 22

Rithm Capital's Paramount Acquisition May Backfire In The Long Run

Summary Rithm Capital Corp. is acquiring Paramount Group, Inc. for $1.6B, expanding into New York and San Francisco Class A office markets. I remain bearish on RITM, viewing its current valuation as overextended and its acquisition timing as risky amidst structural office market headwinds. Office vacancies remain high, and long-term trends favor remote work, challenging the narrative that Class A properties are immune to these pressures. RITM's yield premium has narrowed, and I would require a much higher yield to compensate for rising risks and uncertain property market fundamentals. The rest of RITM's business may face greater pressure from falling home prices and residential rents, with my bearish economic outlook offsetting rate cut hopes. Read the full article on Seeking Alpha
Seeking Alpha • Apr 28

Paramount Group: Suspended Dividends Keep Me Away Even As New York Office Booms

Summary Paramount Group suspended its dividend in the summer of 2024, impacting total returns, which now depend on strong quarterly results or valuation expansion. PGRE trades at 8.12x the midpoint of its guided core FFO for fiscal 2025, set to outperform consensus estimates but a significant dip from 2024. Manhattan's strong leasing activity contrasts with San Francisco's rising availability rate. The West Coast city continues to realize weakness after the pandemic. PGRE's heavy debt burden and high interest expenses are eroding FFO and liquidity as $1.51 billion of debt maturing in 2026 pose a material wall to scale. Read the full article on Seeking Alpha
Seeking Alpha • Sep 21

Paramount Group: A Speculative Buy As Era Of Rate Cuts Begins (Rating Upgrade)

Summary Paramount Group suspended its quarterly dividend for cash savings to better address its upcoming maturities. The REIT is trading for just 4x its free cash flow with a total debt of $3.6 billion, set to see its burden lessened by the Fed's rate cuts. Rate cuts will also enhance investor sentiment, with a recovery of the REIT's valuation from its 5-year low possible through the next year. Read the full article on Seeking Alpha
Seeking Alpha • Mar 01

Paramount Group: Blue Chip Tenants And Rock Bottom Valuation

Summary Paramount Group's stock has dropped 70% in the past five years with the REIT now swapping hands for 5.8x its 2024 core FFO guidance. The office REIT has a high-quality tenant base, including JPMorgan, Google, and Morgan Stanley. However, PGRE is facing salient risks from declining occupancy rates and lower asking rents on new leases. Read the full article on Seeking Alpha
Seeking Alpha • Nov 16

Paramount Group: Pull The Plug

Summary Office REITs have been heavily impacted by the work-from-home trend, resulting in a YTD loss of over 20%. Office REITs had the third-worst performance of any REIT sector in Q3 earnings season, with a 14% decline in FFO from a year ago. Major markets with long commute times, such as San Francisco and New York City, are experiencing ongoing softness in demand for office space. Paramount Group specializes in office properties in San Francisco and New York City. The company is faced with soft demand, falling revenue, and heavy debt. Read the full article on Seeking Alpha
Seeking Alpha • Aug 21

Paramount Group: Upcoming Debt Maturity Wall Could Mean More Downside

Summary The office REIT index has crashed to nearly the same bottom as the Great Financial Crisis, indicating substantial strain for the sector. Paramount Group, a New York office REIT, has the lowest price-to-book among all >$1B REITs, potentially indicating both financial risk and deep value potential. PGRE's properties are likely worth much less than their current valuation due to lower future NOIs and interest rate-driven cap rate growth. I believe Paramount's significant 2026 debt maturity wall and its 2023-2026 lease expiration balloon create a potential insolvency window, partially offset by its decent cash position. I do not expect NYC and San Francisco office occupancy levels to continue to rise, with a potential decline in a recession. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Albert Paul Behler's remuneration changed compared to Paramount Group's earnings?
DateTotal CompensationSalaryCompany Earnings
Sep 30 2025n/an/a

-US$97m

Jun 30 2025n/an/a

-US$78m

Mar 31 2025n/an/a

-US$66m

Dec 31 2024US$4mUS$1m

-US$46m

Sep 30 2024n/an/a

-US$213m

Jun 30 2024n/an/a

-US$212m

Mar 31 2024n/an/a

-US$252m

Dec 31 2023US$21mUS$1m

-US$260m

Sep 30 2023n/an/a

-US$92m

Jun 30 2023n/an/a

-US$85m

Mar 31 2023n/an/a

-US$38m

Dec 31 2022US$10mUS$1m

-US$36m

Sep 30 2022n/an/a

US$3m

Jun 30 2022n/an/a

US$2m

Mar 31 2022n/an/a

-US$13m

Dec 31 2021US$10mUS$1m

-US$20m

Sep 30 2021n/an/a

-US$26m

Jun 30 2021n/an/a

-US$33m

Mar 31 2021n/an/a

-US$25m

Dec 31 2020US$9mUS$1m

-US$20m

Sep 30 2020n/an/a

-US$25m

Jun 30 2020n/an/a

-US$12m

Mar 31 2020n/an/a

-US$3m

Dec 31 2019US$9mUS$1m

-US$3m

Sep 30 2019n/an/a

US$11m

Jun 30 2019n/an/a

US$45m

Mar 31 2019n/an/a

US$10m

Dec 31 2018US$10mUS$1m

US$3m

Compensation vs Market: Albert Paul's total compensation ($USD4.45M) is about average for companies of similar size in the US market ($USD5.37M).

Compensation vs Earnings: Albert Paul's compensation has been consistent with company performance over the past year.

CEO

Albert Paul Behler (73 yo)

11.9yrs
Tenure
US$4,447,497
Compensation

Mr. Albert Paul Thomas Behler serves as Chief Executive officer, President and Chairman at Paramount Group Real Estate Advisor LLC. He has been the Chief Executive Officer, President of Paramount Group, In...

Leadership Team

NamePositionTenureCompensationOwnership
Albert Paul Behler
Chairman11.9yrsUS$4.45m0.34%
$ 5.4m
Peter Brindley
Executive VP & Head of Real Estate8yrsUS$1.93mno data
Ermelinda Berberi
Executive VPless than a yearno datano data
Thomas Hennessy
Vice President of Business Development & Investor Relationsno datano datano data
Timothy Dembo
Senior VPless than a yearno data0.0011%
$ 17.8k
David Eaton
Senior Vice President of Leasing7.6yrsno datano data
7.6yrs
Average Tenure
46.5yo
Average Age

Experienced Management: PGRE's management team is seasoned and experienced (7.6 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Albert Paul Behler
Chairman11.9yrsUS$4.45m0.34%
$ 5.4m
Martin Bussmann
Lead Independent Director9.8yrsUS$253.00kno data
Hitoshi Saito
Independent Director3.6yrsUS$195.00k0.041%
$ 651.0k
Karin Klein
Independent Director9.8yrsUS$188.00kno data
Paula Sutter
Independent Director3.4yrsUS$203.63kno data
Mark Patterson
Independent Director7.6yrsUS$191.13kno data
Gregory Wright
Independent Director5.6yrsUS$203.00kno data
Frederic Arndts
Independent Directorless than a yearno data0.011%
$ 179.7k
6.6yrs
Average Tenure
62.5yo
Average Age

Experienced Board: PGRE's board of directors are considered experienced (6.6 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/20 02:23
End of Day Share Price 2025/12/18 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Paramount Group, Inc. is covered by 12 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jeffrey SpectorBofA Global Research
William CatherwoodBTIG
Michael GormanBTIG