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 Past Earnings Performance

Past criteria checks 0/6

Paramount Group's earnings have been declining at an average annual rate of -38.1%, while the Office REITs industry saw earnings declining at 2.5% annually. Revenues have been declining at an average rate of 2.8% per year.

Key information

-38.09%

Earnings growth rate

-38.28%

EPS growth rate

Office REITs Industry Growth3.05%
Revenue growth rate-2.81%
Return on equity-2.55%
Net Margin-14.29%
Last Earnings Update30 Sep 2025

Recent past performance 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

Revenue & Expenses Breakdown

How Paramount Group makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:PGRE Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
30 Sep 25682-97750
30 Jun 25702-78830
31 Mar 25712-66670
31 Dec 24710-46660
30 Sep 24554-213660
30 Jun 24519-212560
31 Mar 24477-252640
31 Dec 23472-260620
30 Sep 23631-92600
30 Jun 23653-85580
31 Mar 23690-38580
31 Dec 22686-36590
30 Sep 227223590
30 Jun 227202590
31 Mar 22705-13600
31 Dec 21703-20590
30 Sep 21701-26640
30 Jun 21694-33680
31 Mar 21692-25670
31 Dec 20696-20650
30 Sep 20703-25640
30 Jun 20720-12640
31 Mar 20736-3630
31 Dec 19739-3690
30 Sep 1974611650
30 Jun 1974945630
31 Mar 1976210620
31 Dec 187113580
30 Sep 18752-3610
30 Jun 18735-51610
31 Mar 1873387610
31 Dec 1773486620
30 Sep 1771887620
30 Jun 1771097600
31 Mar 17695-3560
31 Dec 16675-10540
30 Sep 166805500
30 Jun 166817440
31 Mar 16670-1410
31 Dec 15668-4420
30 Sep 1559922410
30 Jun 1550333430
31 Mar 1539338420
31 Dec 1429857450

Quality Earnings: PGRE is currently unprofitable.

Growing Profit Margin: PGRE is currently unprofitable.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: PGRE is unprofitable, and losses have increased over the past 5 years at a rate of 38.1% per year.

Accelerating Growth: Unable to compare PGRE's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: PGRE is unprofitable, making it difficult to compare its past year earnings growth to the Office REITs industry (9%).

Return on Equity

High ROE: PGRE has a negative Return on Equity (-2.55%), as it is currently unprofitable.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/20 10:19
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 world class team 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