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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-36746

PARAMOUNT GROUP, INC.

(Exact name of registrant as specified in its charter)

     Maryland

     32-0439307

     (State or other jurisdiction of
incorporation or organization)

     (IRS Employer
Identification No.)

      
1633 Broadway, New York, NY

     10019

     (Address of principal executive offices)

     (Zip Code)

Registrant’s telephone number, including area code: (212) 237-3100

Securities registered pursuant to Section 12(b) of the Act:


Title of each Class	Trading Symbol	Name of each exchange on which registered
Common stock of Paramount Group, Inc., $0.01 par value per share	PGRE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 15, 2025, there were 221,897,427 shares of the registrant’s common stock outstanding.

Table of Contents


Item		Page Number
Part I.	Financial Information

Item 1.	Consolidated Financial Statements	3

	Consolidated Balance Sheets (Unaudited) as of September 30, 2025 and December 31, 2024	3

	Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024	4

	Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024	5

	Consolidated Statements of Changes in Equity (Unaudited) for the three and nine months ended September 30, 2025 and 2024	6

	Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024	8

	Notes to Consolidated Financial Statements (Unaudited)	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58

Item 4.	Controls and Procedures	59

Part II.	Other Information

Item 1.	Legal Proceedings	60

Item 1A.	Risk Factors	60

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63

Item 3.	Defaults Upon Senior Securities	63

Item 4.	Mine Safety Disclosures	63

Item 5.	Other Information	63

Item 6.	Exhibits	64

Signatures		65

PART I – FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

PARAMOUNT GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(Amounts in thousands, except share, unit and per share amounts)	September 30, 2025			December 31, 2024
Assets
Real estate, at cost
Land	$	1,966,237		$	1,966,237
Buildings and improvements		6,384,243			6,325,097
		8,350,480			8,291,334
Accumulated depreciation and amortization		(1,737,783	)		(1,639,529	)
Real estate, net		6,612,697			6,651,805
Cash and cash equivalents		330,207			375,056
Restricted cash		324,150			180,391
Accounts and other receivables		26,582			18,229
Investments in unconsolidated real estate related funds		4,416			4,649
Investments in unconsolidated joint ventures		81,509			85,952
Deferred rent receivable		352,906			356,425
Deferred charges, net of accumulated amortization of $90,418 and $91,818		126,587			100,684
Intangible assets, net of accumulated amortization of $114,133 and $147,133		41,093			50,492
Other assets		74,348			47,820
Total assets (1)	$	7,974,495		$	7,871,503

Liabilities and Equity
Notes and mortgages payable, net of unamortized deferred financing costs of $20,546 and $15,420	$	3,711,504		$	3,676,630
Accounts payable and accrued expenses		138,689			119,881
Intangible liabilities, net of accumulated amortization of $78,074 and $93,748		16,541			20,870
Other liabilities		31,473			44,625
Total liabilities (1)		3,898,207			3,862,006
Commitments and contingencies
Paramount Group, Inc. equity:
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 221,897,427 and 217,527,797 shares in 2025 and 2024, respectively		2,219			2,175
Additional paid-in-capital		4,086,243			4,144,301
Earnings less than distributions		(1,064,525	)		(1,005,627	)
Accumulated other comprehensive income		-			428
Paramount Group, Inc. equity		3,023,937			3,141,277
Noncontrolling interests in:
Consolidated joint ventures		744,813			495,340
Consolidated real estate related funds		85,431			82,875
Operating Partnership (16,298,625 and 20,057,699 units outstanding)		222,107			290,005
Total equity		4,076,288			4,009,497
Total liabilities and equity	$	7,974,495		$	7,871,503

(1)

Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 93.2% as of September 30, 2025. As of September 30, 2025, the assets and liabilities of the Operating Partnership include $4,690,998 and $2,410,215 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities (“VIEs”).

See notes to consolidated financial statements (unaudited).

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
(Amounts in thousands, except share and per share amounts)	2025			2024			2025			2024
Revenues:
Rental revenue	$	164,687		$	184,235		$	511,741		$	543,636
Fee and other income		8,272			10,664			25,282			27,548
Total revenues		172,959			194,899			537,023			571,184
Expenses:
Operating		79,392			80,316			232,326			226,248
Depreciation and amortization		57,766			60,071			176,707			182,920
General and administrative		16,340			16,672			58,112			49,938
Transaction related costs		9,981			242			10,840			843
Total expenses		163,479			157,301			477,985			459,949
Other income (expense):
Loss from real estate related fund investments		(18	)		(22	)		(67	)		(92	)
Income (loss) from unconsolidated real estate related funds		71			109			(79	)		199
Income (loss) from unconsolidated joint ventures		661			(981	)		2,620			(3,098	)
Interest and other income, net		3,112			3,517			10,953			26,830
Interest and debt expense		(44,419	)		(43,805	)		(129,903	)		(124,078	)
(Loss) income before income taxes		(31,113	)		(3,584	)		(57,438	)		10,996
Income tax benefit (expense)		831			(619	)		1,430			(1,328	)
Net (loss) income		(30,282	)		(4,203	)		(56,008	)		9,668
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(279	)		(6,959	)		(5,095	)		(18,434	)
Consolidated real estate related funds		(688	)		581			(2,556	)		408
Operating Partnership		2,302			893			4,901			716
Net loss attributable to common stockholders	$	(28,947	)	$	(9,688	)	$	(58,758	)	$	(7,642	)


Loss per Common Share - Basic:
Loss per common share	$	(0.13	)	$	(0.04	)	$	(0.27	)	$	(0.04	)
Weighted average common shares outstanding		220,512,867			217,314,706			219,254,194			217,208,809

Loss per Common Share - Diluted:
Loss per common share	$	(0.13	)	$	(0.04	)	$	(0.27	)	$	(0.04	)
Weighted average common shares outstanding		220,512,867			217,314,706			219,254,194			217,208,809

See notes to consolidated financial statements (unaudited).

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
(Amounts in thousands)	2025			2024			2025			2024
Net (loss) income	$	(30,282	)	$	(4,203	)	$	(56,008	)	$	9,668
Other comprehensive (loss) income:
Change in value of interest rate swaps and interest rate caps		(345	)		(3,586	)		(819	)		(14,241	)
Pro rata share of other comprehensive (loss) income of unconsolidated joint ventures		-			(34	)		-			38
Comprehensive loss		(30,627	)		(7,823	)		(56,827	)		(4,535	)
Less comprehensive (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(279	)		(6,959	)		(5,095	)		(18,434	)
Consolidated real estate related funds		(688	)		581			(2,556	)		408
Operating Partnership		2,656			1,198			5,292			1,911
Comprehensive loss attributable to common stockholders	$	(28,938	)	$	(13,003	)	$	(59,186	)	$	(20,650	)

See notes to consolidated financial statements (unaudited).

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


											Accumulated			Noncontrolling Interests in
						Additional		Earnings			Other			Consolidated			Consolidated
(Amounts in thousands, except per share	Common Shares					Paid-in-		Less than			Comprehensive			Joint			Real Estate			Operating			Total
and unit amounts)	Shares			Amount		Capital		Distributions			(Loss) Income			Ventures			Related Funds			Partnership			Equity
Balance as of June 30, 2025		220,311		$	2,203	$	4,061,826	$	(1,035,578	)	$	(9	)	$	743,127		$	84,743		$	246,086		$	4,102,398
Net (loss) income		-			-		-		(28,947	)		-			279			688			(2,302	)		(30,282	)
Common shares issued upon redemption of common units		1,586			16		21,821		-			-			-			-			(21,837	)		-
Contributions from noncontrolling interests		-			-		-		-			-			3,347			-			-			3,347
Distributions to noncontrolling interests		-			-		-		-			-			(1,940	)		-			-			(1,940	)
Change in value of interest rate caps		-			-		-		-			(320	)		-			-			(25	)		(345	)
Amortization of equity awards		-			-		155		-			-			-			-			2,494			2,649
Reallocation of noncontrolling interest		-			-		1,980		-			329			-			-			(2,309	)		-
Other		-			-		461		-			-			-			-			-			461
Balance as of September 30, 2025		221,897		$	2,219	$	4,086,243	$	(1,064,525	)	$	-		$	744,813		$	85,431		$	222,107		$	4,076,288

Balance as of June 30, 2024		217,455		$	2,173	$	4,135,472	$	(957,285	)	$	1,553		$	485,983		$	93,340		$	294,427		$	4,055,663
Net (loss) income		-			-		-		(9,688	)		-			6,959			(581	)		(893	)		(4,203	)
Common shares issued upon redemption of common units		66			2		954		-			-			-			-			(956	)		-
Common shares issued under Omnibus share plan, net of shares withheld for taxes		(2	)		-		-		-			-			-			-			-			-
Distributions to noncontrolling interests		-			-		-		-			-			(807	)		-			-			(807	)
Change in value of interest rate swaps and interest rate caps		-			-		-		-			(3,285	)		-			-			(301	)		(3,586	)
Pro rata share of other comprehensive loss of unconsolidated joint ventures		-			-		-		-			(30	)		-			-			(4	)		(34	)
Amortization of equity awards		-			-		239		-			-			-			-			4,134			4,373
Reallocation of noncontrolling interest		-			-		3,762		-			-			-			-			(3,762	)		-
Balance as of September 30, 2024		217,519		$	2,175	$	4,140,427	$	(966,973	)	$	(1,762	)	$	492,135		$	92,759		$	292,645		$	4,051,406

See notes to consolidated financial statements (unaudited).

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


											Accumulated			Noncontrolling Interests in
					Additional			Earnings			Other			Consolidated			Consolidated
(Amounts in thousands, except per share	Common Shares				Paid-in-			Less than			Comprehensive			Joint			Real Estate			Operating			Total
and unit amounts)	Shares		Amount		Capital			Distributions			Income (Loss)			Ventures			Related Funds			Partnership			Equity
Balance as of December 31, 2024		217,528	$	2,175	$	4,144,301		$	(1,005,627	)	$	428		$	495,340		$	82,875		$	290,005		$	4,009,497
Net (loss) income		-		-		-			(58,758	)		-			5,095			2,556			(4,901	)		(56,008	)
Common shares issued upon redemption of common units		4,354		44		61,446			-			-			-			-			(61,490	)		-
Common shares issued under Omnibus share plan, net of shares withheld for taxes		15		-		-			(140	)		-			-			-			-			(140	)
Contributions from noncontrolling interests		-		-		-			-			-			11,723			-			-			11,723
Distributions to noncontrolling interests		-		-		-			-			-			(5,710	)		-			-			(5,710	)
Change in value of interest rate caps		-		-		-			-			(757	)		-			-			(62	)		(819	)
Amortization of equity awards		-		-		506			-			-			-			-			13,755			14,261
Sale of a 45.0% interest in 900 Third Avenue		-		-		(71,912	)		-			-			164,669			-			-			92,757
Sale of a 25.0% interest in One Front Street		-		-		(63,430	)		-			-			73,696			-			-			10,266
Reallocation of noncontrolling interest		-		-		14,871			-			329			-			-			(15,200	)		-
Other		-		-		461			-			-			-			-			-			461
Balance as of September 30, 2025		221,897	$	2,219	$	4,086,243		$	(1,064,525	)	$	-		$	744,813		$	85,431		$	222,107		$	4,076,288

Balance as of December 31, 2023		217,366	$	2,173	$	4,133,801		$	(943,935	)	$	11,246		$	413,925		$	110,589		$	287,089		$	4,014,888
Net (loss) income		-		-		-			(7,642	)		-			18,434			(408	)		(716	)		9,668
Common shares issued upon redemption of common units		142		2		2,071			-			-			-			-			(2,073	)		-
Common shares issued under Omnibus share plan, net of shares withheld for taxes		11		-		-			(178	)		-			-			-			-			(178	)
Dividends and distributions ($0.07 per share and unit)		-		-		-			(15,218	)		-			-			-			(1,540	)		(16,758	)
Contributions from noncontrolling interests		-		-		-			-			-			62,220			889			-			63,109
Distributions to noncontrolling interests		-		-		-			-			-			(2,444	)		(18,311	)		-			(20,755	)
Change in value of interest rate swaps and interest rate caps		-		-		-			-			(13,044	)		-			-			(1,197	)		(14,241	)
Pro rata share of other comprehensive income of unconsolidated joint ventures		-		-		-			-			36			-			-			2			38
Amortization of equity awards		-		-		748			-			-			-			-			14,887			15,635
Reallocation of noncontrolling interest		-		-		3,807			-			-			-			-			(3,807	)		-
Balance as of September 30, 2024		217,519	$	2,175	$	4,140,427		$	(966,973	)	$	(1,762	)	$	492,135		$	92,759		$	292,645		$	4,051,406

See notes to consolidated financial statements (unaudited).

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	For the Nine Months Ended September 30,
(Amounts in thousands)	2025			2024
Cash Flows from Operating Activities:
Net (loss) income	$	(56,008	)	$	9,668
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		176,707			182,920
Straight-lining of rental revenue		3,426			(5,300	)
Amortization of stock-based compensation expense		14,261			15,635
Amortization of deferred financing costs		11,041			7,622
(Income) loss from unconsolidated joint ventures		(2,620	)		3,098
Distributions of earnings from unconsolidated joint ventures		388			372
Unrealized losses on real estate related fund investments		-			775
Loss (income) from unconsolidated real estate related funds		79			(199	)
Distributions of earnings from unconsolidated real estate related funds		155			141
Amortization of above and below-market leases, net		(3,980	)		(4,351	)
Non-cash gain on extinguishment of IPO related tax liability		-			(15,437	)
Other non-cash adjustments		(917	)		180
Changes in operating assets and liabilities:
Accounts and other receivables		(8,353	)		(609	)
Deferred charges		(35,029	)		(7,163	)
Other assets		(25,916	)		(26,340	)
Accounts payable and accrued expenses		12,903			9,079
Other liabilities		(3,097	)		6,479
Net cash provided by operating activities		83,040			176,570

Cash Flows from Investing Activities:
Additions to real estate		(115,840	)		(85,231	)
Distribution of capital from an unconsolidated joint venture		12,089			1,792
Contributions of capital to unconsolidated joint ventures		(5,414	)		(1,904	)
Proceeds from repayment of a mezzanine loan investment		-			10,000
Net cash used in investing activities		(109,165	)		(75,343	)

Cash Flows from Financing Activities:
Proceeds from notes and mortgages payable		900,000			850,000
Repayment of notes and mortgages payable		(860,000	)		(975,000	)
Proceeds from the sale of a 45.0% interest in 900 Third Avenue		83,307			-
Proceeds from the sale of a 25.0% interest in One Front Street		10,266			-
Debt issuance costs		(14,411	)		(10,649	)
Contributions from noncontrolling interests in consolidated joint ventures		11,723			62,220
Distributions to noncontrolling interests in consolidated joint ventures		(5,710	)		(2,444	)
Repurchase of shares related to stock compensation agreements and related tax withholdings		(140	)		(178	)
Contributions from noncontrolling interests in consolidated real estate related funds		-			889
Distributions to noncontrolling interests in consolidated real estate related funds		-			(18,311	)
Dividends paid to common stockholders		-			(22,826	)
Distributions paid to common unitholders		-			(2,292	)
Net cash provided by (used in) financing activities	$	125,035		$	(118,591	)

See notes to consolidated financial statements (unaudited).

PARAMOUNT GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(UNAUDITED)



	For the Nine Months Ended September 30,
(Amounts in thousands)	2025			2024
Net increase (decrease) in cash and cash equivalents and restricted cash	$	98,910		$	(17,364	)
Cash and cash equivalents and restricted cash at beginning of period		555,447			509,599
Cash and cash equivalents and restricted cash at end of period	$	654,357		$	492,235

Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	$	375,056		$	428,208
Restricted cash at beginning of period		180,391			81,391
Cash and cash equivalents and restricted cash at beginning of period	$	555,447		$	509,599

Cash and cash equivalents at end of period	$	330,207		$	318,725
Restricted cash at end of period		324,150			173,510
Cash and cash equivalents and restricted cash at end of period	$	654,357		$	492,235

Supplemental Disclosure of Cash Flow Information:
Cash payments for interest	$	118,822		$	116,298
Cash payments for income taxes, net of refunds		557			1,036

Non-Cash Transactions:
Common shares issued upon redemption of common units	$	61,490		$	2,073
Write-off of fully amortized and/or depreciated assets		57,491			35,875
Mezzanine loan receivable in connection with the sale of a 25.0% interest in One Front Street		40,545			-
Additions to real estate included in accounts payable and accrued expenses		22,868			9,240
Change in value of interest rate swaps and interest rate caps		(819	)		(14,241	)

See notes to consolidated financial statements (unaudited).

PARAMOUNT GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Organization and Business

As used in these consolidated financial statements, unless otherwise indicated, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc., a Maryland corporation, and its consolidated subsidiaries, including Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). We are a fully-integrated real estate investment trust (“REIT”) focused on owning, operating, managing, acquiring and redeveloping high-quality, Class A office properties in select central business district submarkets of New York City and San Francisco. We conduct our business through, and substantially all of our interests in properties and investments are held by, the Operating Partnership. We are the sole general partner of, and owned approximately 93.2% of, the Operating Partnership as of September 30, 2025.

As of September 30, 2025, we own and/or manage a portfolio of 17 properties aggregating 13.1 million square feet comprised of:

•

Eight wholly and partially owned Class A properties aggregating 8.7 million square feet in New York, comprised of 8.2 million square feet of office space and 0.5 million square feet of retail and theater space;

•

Five wholly and partially owned Class A properties aggregating 3.6 million square feet in San Francisco, comprised of 3.4 million square feet of office space and 0.2 million square feet of retail space; and

•

Four managed properties aggregating 0.8 million square feet in New York and Washington, D.C.

Additionally, we have an investment management business, where we serve as the general partner of several real estate related funds for institutional investors and high net-worth individuals.

Proposed Mergers

On September 17, 2025, we and the Operating Partnership (collectively, the “Company Parties”), Rithm Capital Corp., a Delaware corporation (“Parent”), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent (“REIT Merger Sub”), and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent (“Operating Merger Sub” and, collectively with REIT Merger Sub and Parent, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Original Merger Agreement”). On October 8, 2025, the Company Parties and the Parent Parties entered into Amendment No. 1 to the Merger Agreement (the “Amendment,” and the Original Merger Agreement as amended by the Amendment, the “Merger Agreement”).

The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, (i) Operating Merger Sub will be merged with and into the Operating Partnership, with the Operating Partnership surviving the merger (the “Partnership Merger”) and (ii) immediately following the consummation of the Partnership Merger, the Company will be merged with and into REIT Merger Sub with REIT Merger Sub surviving the merger (the “Surviving Entity” and such merger, the “Company Merger” and, together with the Partnership Merger, the “Mergers”). Upon completion of the Mergers, the Operating Partnership and the Surviving Entity will be indirectly controlled by Parent. The Mergers and the other transactions contemplated by the Merger Agreement were approved and declared advisable by the board of directors of the Company.

Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Partnership Merger (the “Partnership Merger Effective Time”), each Common Unit of the Operating Partnership (each, an “Operating Partnership Common Unit”) that is issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically cancelled and converted into the right to receive an amount in cash equal to the product of (i) the Conversion Factor (as defined in the Second Amended and Restated Limited Partnership Agreement of the Operating Partnership, dated as of October 26, 2020, by and between the Company and the limited partners party thereto) in effect on such date with respect to such Operating Partnership Common Units multiplied by (ii) $6.60, without interest (the “Partnership Merger Consideration”). The Partnership Merger Consideration is subject to decrease in the event the Operating Partnership declares and pays any additional dividends in cash or property other than stock, which dividends are necessary to maintain the Company’s tax status as a REIT.

PARAMOUNT GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

At the effective time of the Company Merger (the “Company Merger Effective Time”), each share of common stock of the Company, par value $0.01 per share, that is issued and outstanding immediately prior to the Company Merger Effective Time will be automatically cancelled and converted into the right to receive an amount in cash equal to $6.60 per share, without interest (the “Company Merger Consideration”). The Company Merger Consideration is subject to decrease in the event the Company declares and pays any additional dividends, which dividends are necessary to maintain its tax status as a REIT.

The Merger Agreement contains customary termination rights, including, but not limited to, the right of either party to terminate the Merger Agreement (i) if the Mergers have not occurred on or before 11:59 p.m. (Eastern time) on March 17, 2026, (ii) if any governmental authority of competent jurisdiction has issued a final, non-appealable order permanently restraining or otherwise prohibiting the transactions contemplated by the Merger Agreement, or (iii) if stockholder approval has not been obtained upon a vote taken at the special meeting of the Company’s stockholders or any postponement or adjournment thereof, at which a vote on the approval of the Company Merger was taken.

In certain specified circumstances further described in the Merger Agreement, in connection with the termination of the Merger Agreement, the Company will be required to pay Parent a termination payment of $59,700,000. Pursuant to the Amendment, the definition of “Company Termination Payment” in the Original Merger Agreement was modified to provide that, notwithstanding the foregoing, the Company will instead be required to pay Parent a termination payment of $47,700,000 if the Company enters into an alternative acquisition agreement providing for a Superior Proposal (as defined in the Merger Agreement) with certain persons.

The Parent Parties have represented in the Merger Agreement that Parent had, as of the date of the Merger Agreement, and the Parent Parties will have available, as of the Company Merger Effective Time, sufficient funds or other sources of immediately available funds to pay all amounts required to be paid in connection with the Mergers.

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all significant adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2024 was derived from audited financial statements as of that date but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.

Significant Accounting Policies

There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

Use of Estimates

We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified to conform to current year presentation.

PARAMOUNT GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, an update to Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. ASU 2023-09 enhances income tax disclosures by expanding the effective tax rate reconciliation and requiring disaggregated income tax information by jurisdictions. ASU 2023-09 is effective for fiscal years that begin after December 15, 2024, with early adoption permitted. We will adopt the provisions of ASU 2023-09 in our Annual Report on Form 10-K for the year ended December 31, 2025, and we do not believe that the adoption will have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, an update to ASC Topic 220, Income Statement - Reporting Comprehensive Income. ASU 2024-03 requires disaggregated disclosures in the notes to the financial statements of each income statement line item that contains certain categories of expenses, including employee compensation, depreciation and amortization. ASU 2024-03 is effective for our year ending December 31, 2027, and interim periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact of ASU 2024-03 on our consolidated financial statements and the related disclosures.

In May 2025, the FASB issued ASU 2025-03, an update to ASC Topic 805, Business Combinations

Paramount Group, Inc. 10-Q