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Paramount Group (PGRE) investor relations material
Paramount Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported net loss of $19.8M ($0.09/share) for Q2 2025, including $7.5M in equity award acceleration and severance expenses, compared to $7.8M loss in Q2 2024.
Core FFO was $36.9M ($0.17/share) for Q2 2025, down from $43.4M ($0.20/share) in Q2 2024.
Leased 404,710 sq ft in Q2 2025, with weighted average initial rent of $91.93/sq ft; occupancy at 85.4%, with New York at 88.1% and San Francisco at 75.1%.
Portfolio consists of high-quality Class A office properties in NY and SF, totaling $7.2B AUM across 17 assets as of June 30, 2025.
Terminated revolving credit facility and sold 25% equity interest in One Front Street (SF) for $255M gross asset value, providing $40.5M seller financing.
Financial highlights
Net loss for Q2 2025 was $19.8M ($0.09/share), compared to $7.8M ($0.04/share) in Q2 2024.
Core FFO for Q2 2025 was $36.9M ($0.17/share), down from $43.4M ($0.20/share) in Q2 2024.
Same Store Cash NOI increased 0.5% to $84.6M, while Same Store NOI decreased 4.6% to $84.3M in Q2 2025.
Total revenues for Q2 2025 were $177.0M, down $10.4M year-over-year; operating expenses were $159.97M, up $7.0M.
Cash and cash equivalents plus restricted cash totaled $659.6M at June 30, 2025.
Outlook and guidance
Raised and narrowed full-year 2025 guidance: estimated net loss per share between $0.37 and $0.33, up $0.02 at midpoint from prior estimate.
Estimated Core FFO per share for 2025 now expected between $0.55 and $0.59, up $0.03 at midpoint from prior guidance.
Management expects current liquidity to cover all anticipated needs over the next 12 months, including debt service and capital improvements.
Dividend remains suspended to maintain financial flexibility; future dividends subject to board discretion.
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