Here are 1-3 brief analogies to describe Paramount:

1. Think of it as a diversified media giant, similar to a smaller **Disney** or **Comcast (NBCUniversal)**, with a major film studio (Paramount Pictures), the CBS broadcast network, numerous cable channels (like MTV and Nickelodeon), and a flagship streaming service (Paramount+).
2. It's like the parent company of the **Paramount+** streaming service, much in the way **Disney owns Disney+**, but built on a foundation of its own legacy film studio, a major broadcast TV network (CBS), and a portfolio of popular cable channels.
3. A media conglomerate comparable to **Warner Bros. Discovery**, owning film and TV production studios, a broadcast network (CBS), a range of cable channels, and a significant streaming platform (Paramount+).

Based on the provided symbol PGRE, the major products and services of Paramount Group, Inc. are:

• Office Property Leasing: Leasing high-quality, Class A office spaces to a diverse tenant base in prime urban markets such as New York City, Washington D.C., and San Francisco.
• Property Management: Providing comprehensive management services for its owned commercial real estate properties, encompassing operations, maintenance, and tenant relations.
• Real Estate Development & Redevelopment: Engaging in the strategic development and redevelopment of office properties to enhance their value and appeal within its target markets.

1. Cable, Satellite, and Telecommunications Providers

• Comcast Corporation (CMCSA)
• Charter Communications, Inc. (CHTR)
• DISH Network Corporation (DISH)
• Verizon Communications Inc. (VZ)
• AT&T Inc. (T) (primarily through its stake in DirecTV, which distributes Paramount content)

2. Advertisers

3. Theatrical Exhibitors

• AMC Entertainment Holdings, Inc. (AMC)
• Cinemark Holdings, Inc. (CNK)

4. Content Licensees

• Amazon (AMZN)
• Alphabet Inc. (GOOGL)
• Akamai Technologies, Inc. (AKAM)

Albert Behler, Chairman, Chief Executive Officer and President

Albert Behler has served as the Chief Executive Officer and President of Paramount since October 1991, and was appointed Chairman in 2014. He has overseen all acquisitions and dispositions that have shaped Paramount's current portfolio of assets. Before joining Paramount, Mr. Behler began his career at Thyssen in 1973, where he held various leadership positions, including Managing Director of Thyssen Saudia Company, Ltd., and President of Thyssen Rheinstahl in Atlanta from 1985 to 1991. In these previous roles, he was responsible for the acquisition, financing, development, and disposition of more than ten million square feet of commercial real estate in various countries.

Ermelinda Berberi, Executive Vice President, Chief Financial Officer and Treasurer

Ermelinda Berberi was appointed Executive Vice President, Chief Financial Officer, and Treasurer effective May 15, 2025. Prior to this role, she served as Senior Vice President, Chief Accounting Officer at Paramount Group since March 2017, having joined the company in 2016 as its Senior Vice President of finance. Before her tenure at Paramount Group, Ms. Berberi was a senior manager at Deloitte.

Peter Brindley, Executive Vice President, Head of Real Estate

Peter Brindley has been the Executive Vice President, Head of Real Estate since February 2021. He previously held the position of Executive Vice President, Leasing from December 2017, and Senior Vice President, Leasing for Paramount's New York portfolio starting in September 2015. Mr. Brindley initially joined the company in December 2010 as Vice President of Leasing.

Timothy Dembo, Senior Vice President, General Counsel and Secretary

Timothy Dembo was appointed Senior Vice President, General Counsel, and Secretary, effective May 15, 2025. He had served as Vice President, Counsel since 2022 and joined Paramount in 2020 after working as an associate at Wilkie Farr & Gallagher LLP.

The key risks for Paramount Group, Inc. (symbol: PGRE), a real estate investment trust (REIT) specializing in Class A office properties, include:

1. Adverse trends in the office real estate industry and market concentration: Paramount Group is highly susceptible to risks stemming from evolving trends in the office real estate sector, such as increased telecommuting, flexible work schedules, and teleconferencing, which can negatively impact occupancy levels and rental rates. The company's heavy reliance on a few key markets, primarily New York City and San Francisco, also exposes it to regional economic downturns and fluctuations in those specific real estate markets.
2. Tenant concentration and potential loss of major tenants: A significant portion of Paramount Group's revenue is derived from a limited number of tenants. This concentration increases the risk of substantial income loss if a major tenant experiences financial difficulties, chooses not to renew a lease, or vacates their premises.
3. Acquisition-related risks and corporate governance issues: Paramount Group faces risks associated with its proposed acquisition by Rithm Capital, including potential legal challenges, an SEC investigation into CEO compensation and potential conflicts of interest, and other corporate governance concerns. These factors could lead to significant costs, divert management attention, impact the company's financial health, or delay/prevent the completion of the merger.

• Intense competition and market saturation within the streaming industry, making subscriber acquisition and retention more challenging for Paramount+ and Pluto TV, and increasing pressure on advertising revenue amidst a crowded field of competitors.
• Escalating content spending requirements to remain competitive in streaming and traditional media, which currently outpace revenue growth in Paramount's Direct-to-Consumer segment, leading to significant operating losses.
• The accelerated decline of the traditional linear television ecosystem due to cord-cutting, eroding Paramount's legacy revenue streams from cable subscriber fees and advertising, thereby necessitating a faster and more costly transition to direct-to-consumer models.

Paramount Group, Inc. (symbol: PGRE) is a Real Estate Investment Trust (REIT) that focuses on owning, operating, managing, acquiring, and redeveloping high-quality office properties in select urban markets within the United States. The primary markets for their products and services are New York City, San Francisco, and Washington, D.C.

Addressable Markets:

• New York City, U.S.:

  • The total office market in New York City's five boroughs comprises nearly 730 million square feet, with approximately 82% (around 600 million square feet) located in Manhattan.
  • In Manhattan, total office space reached 479.5 million square feet in fiscal year 2021, according to the Department of Finance.
  • "5-Star" (trophy/highest quality Class A) properties constitute 11% of the citywide office space.
  • Class A office market values in New York City saw an 8.6% growth between fiscal years 2020 and 2025.
  • As of the first half of 2025, Manhattan recorded a robust net office absorption of 7.5 million square feet, primarily driven by Class A assets.

• San Francisco, U.S.:

  • The San Francisco office market has a total inventory of approximately 92.9 million square feet as of Q1 2025. Another report states 100 million square feet of total office inventory.
  • There has been increased demand for Class A office space in San Francisco.
  • In Q1 2025, Class A properties in San Francisco recorded a positive net absorption of 433,112 square feet.
  • As of Q3 2025, the overall office vacancy rate in San Francisco dropped to 31.1%, with Class A properties showing positive net absorption.

• Washington, D.C., U.S.:

  • The Washington, D.C. Metropolitan commercial real estate market encompasses approximately 436.6 million square feet of rentable office space, including the District of Columbia, Northern Virginia, and Suburban Maryland, as of Q3 2025.
  • Specifically, within the District of Columbia, the office market consists of approximately 155.2 million square feet of rentable space as of Q3 2025.
  • Roughly 200 million square feet of the D.C. metropolitan area's total office inventory is Class A space.
  • Trophy and Class A properties represent approximately 32% of the total inventory in the D.C. office market.
  • As of Q3 2025, Class A total vacancy in D.C. increased to 20.2%, representing approximately 22.0 million square feet of vacant space.

Expected Drivers of Future Revenue Growth for Paramount (PGRE)

Over the next 2-3 years, Paramount Group (PGRE) is expected to experience revenue growth driven by several key factors:

1. Sustained Strong Leasing Activity in Class A Office Properties: Paramount Group has consistently demonstrated robust leasing momentum across its portfolio, particularly in its high-quality Class A office properties in New York City and San Francisco. The company reported executing leases totaling approximately 284,000 square feet in the first quarter of 2025, marking its strongest first quarter of leasing since 2019. Continued success in attracting and retaining tenants for these premium spaces directly contributes to rental income.
2. Strategic Redevelopment and Modernization of Existing Assets: A core component of Paramount's strategy involves the revitalization and modernization of its existing assets. This focus aims to meet evolving tenant demands and enhance property value, thereby allowing for competitive rents and improved tenant retention. Upgrades to building systems, interior configurations, and the integration of sustainable designs are integral to this effort.
3. Increased Demand for High-Quality Office Space in Key Urban Markets: The Midtown Manhattan market, where Paramount Group has a significant presence, continues to show increased demand for high-quality office space. This is partly due to limited new development and planned conversions of existing office buildings. Such market conditions support favorable leasing terms and potential rent growth for Paramount's portfolio.
4. Recovery and Growth in the San Francisco Market, Fueled by the AI Sector: The San Francisco market is anticipated to experience a recovery in leasing activity in 2025 and beyond, driven by a larger-scale return to work. Notably, AI-based companies are rapidly becoming a substantial portion of tenants in San Francisco, spurred by increased venture capital funding, which is expected to bolster demand for office space.
5. Improved Portfolio Operations and Net Operating Income (NOI): Paramount Group's management has indicated an upward revision in its full-year Core FFO guidance, attributed to improved portfolio operations. The company has reported a modest increase in Same Store Net Operating Income, which signifies effective asset management and operational efficiencies contributing directly to overall revenue growth.

Paramount Group, Inc. (PGRE) Capital Allocation Decisions (2020-2025)

Share Repurchases

• Paramount Group conducted significant share repurchases, including approximately $100.32 million in Q1 2020 and $82.54 million in Q3 2019.
• In Q4 2022, share buybacks amounted to $43.70 million, followed by $21.32 million in Q3 2022.
• More recently, smaller repurchases include $205.38K in Q1 2023, $178.28K in Q1 2024, and $141.40K in Q1 2025.

Share Issuance

• As of February 1, 2024, there were 217,366,089 shares of common stock outstanding.
• The number of shares outstanding increased from 216,982,588 as of February 1, 2023, to 217,366,089 as of February 1, 2024.

Inbound Investments

• In September 2025, Rithm Capital Corp. announced a definitive agreement to acquire Paramount Group, Inc. for approximately $1.6 billion in total cash consideration to Paramount shareholders.
• Rithm Capital expects to fund this acquisition through a combination of cash, liquidity from its balance sheet, and potential co-investor opportunities.
• Paramount Group also engages in joint ventures with institutional investors, high-net-worth individuals, and other sophisticated real estate investors for property investments.

Outbound Investments

• Paramount Group sold a 45% stake in 900 Third Avenue for $94 million, which contributed to strengthening its balance sheet and providing flexibility in its capital allocation strategy.
• The company's strategy involves harvesting capital from fully stabilized assets and selectively recycling that capital to acquire under-appreciated or under-leased assets in high-barrier-to-entry markets.

Capital Expenditures

• Paramount Group's capital expenditures were $0 million in 2024.
• The company focuses its capital on redeveloping and repositioning high-quality, Class A office properties in central business district submarkets of New York City and San Francisco.
• Historically, capital expenditures as a percentage of EBITDA were 2.92% in 2021 and 3.92% in 2022.