The company maintains a strained capital structure with a debt-to-equity ratio of 0.91 and a total debt load of $3.7 billion, which warrants caution regarding long-term solvency.
Paramount Group, Inc. (PGRE) balance sheet — 13-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 7.97B | 7.87B | 8.01B | 8.45B | 8.49B | 8.55B | 8.73B | 8.76B | 8.92B | 8.87B | 8.79B | 9.03B | 2.92B | 2.61B |
| Asset Growth % | 0.32% | -1.68% | -5.29% | -0.49% | -0.7% | -2.06% | -0.25% | -1.81% | 0.57% | 0.83% | -2.62% | 208.98% | 11.91% | - |
| Real Estate & Other Assets | 6.81B | 6.8B | 6.92B | 7.04B | 7.08B | 148.08M | 156.1M | 7.68B | 7.96B | 22.83M | 6.66M | 13.12M | 26.49M | 30.45M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 7B | 7.1B | 7.46B | 7.84B | 7.6B | 7.5B | 7.49B | 357.31M | 366.43M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 1.03B | 930.1M | 878.86M | 820.02M | 877.98M | 830.24M | 815.7M | 652.94M | 488.33M | 717.97M | 274.34M | 510.29M | 333.7M | 332.71M |
| Cash & Equivalents | 330.21M | 375.06M | 428.21M | 408.9M | 524.9M | 434.53M | 306.21M | 339.65M | 219.38M | 162.97M | 143.88M | 438.6M | 307.16M | 304.98M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 324.15M | 180.39M | 81.39M | 40.91M | 4.77M | 53.02M | 191.4M | 0 | 0 | 376.06M | 41.82M | 55.73M | 10.6M | 15.37M |
| Intangible Assets | 41.09M | 50.49M | 68M | 90.38M | 119.41M | 153.52M | 203.17M | 270.44M | 352.21M | 412.23M | 511.21M | 669.38M | 0 | 0 |
| Total Liabilities | 3.9B | 3.86B | 3.99B | 4.04B | 4.04B | 4.04B | 4.1B | 3.86B | 3.9B | 3.98B | 3.48B | 3.48B | 897.25M | 873.5M |
| Total Debt | 3.71B | 3.68B | 3.8B | 3.84B | 3.84B | 3.8B | 3.82B | 3.57B | 3.54B | 3.59B | 3.01B | 2.89B | 499.86M | 517.49M |
| Net Debt | 3.38B | 3.3B | 3.38B | 3.43B | 3.31B | 3.37B | 3.51B | 3.23B | 3.32B | 3.43B | 2.86B | 2.46B | 192.7M | 212.52M |
| Long-Term Debt | 3.71B | 3.68B | 3.8B | 3.84B | 3.84B | 3.8B | 3.82B | 3.57B | 3.54B | 3.59B | 2.99B | 3.12B | 499.86M | 622.93M |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 230M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 138.69M | 119.88M | 122.82M | 141.2M | 133.09M | 118.7M | 142.61M | 150.24M | 170.14M | 386.35M | 175.1M | 120.77M | 68.56M | 40.88M |
| Accounts Payable | 138.69M | 119.88M | 114.46M | 123.18M | 116.19M | 101.78M | 117.32M | 124.33M | 117.19M | 103.9M | 102.73M | 93.47M | 11.42M | 3.71M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.57B | -1.05M | 22.45M | 93.94M | 194.2M | 109.65M | 105.43M |
| Other Liabilities | 48.01M | 65.5M | 65.02M | 60.97M | 70.82M | 118.93M | 139.79M | 147.16M | 183.82M | 208.8M | 346.08M | 263.18M | 139.24M | 22.81M |
| Total Equity | 4.08B | 4.01B | 4.01B | 4.41B | 4.46B | 4.52B | 4.63B | 4.89B | 5.02B | 4.89B | 5.31B | 5.55B | 2.03B | 1.74B |
| Equity Growth % | 2.18% | -0.13% | -8.98% | -0.99% | -1.34% | -2.49% | -5.33% | -2.6% | 2.79% | -8% | -4.4% | 174.26% | 16.52% | - |
| Shareholders Equity | 3.02B | 3.14B | 3.2B | 3.59B | 3.59B | 3.65B | 3.79B | 4B | 4.18B | 3.99B | 3.76B | 3.91B | 321.77M | 420.5M |
| Minority Interest | 1.05B | 868.22M | 811.6M | 818.48M | 866.87M | 862.56M | 845.23M | 890.86M | 845.34M | 895.94M | 1.55B | 1.64B | 1.7B | 1.32B |
| Common Stock | 2.22M | 2.17M | 2.17M | 2.17M | 2.19M | 2.19M | 2.27M | 2.33M | 2.4M | 2.3M | 2.12M | 2.12M | 321.77M | 420.5M |
| Additional Paid-in Capital | 4.09B | 4.14B | 4.13B | 4.19B | 4.12B | 4.12B | 4.13B | 4.2B | 4.3B | 4.12B | 3.8B | 3.85B | 0 | 0 |
| Retained Earnings | -1.06B | -1.01B | -943.93M | -644.33M | -538.85M | 0 | 0 | -219.91M | -133.69M | -129.65M | -36.12M | 57.31M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 379K | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -1.23% | -0.58% | -3.16% | -0.43% | -0.24% | -0.16% | -0.34% | 0.1% | 0.97% | -0.11% | -0.05% | 5.44% | 0.6% | 0.09% |
| Return on Equity (ROE) | -2.39% | -1.15% | -6.17% | -0.82% | -0.45% | -0.31% | -0.62% | 0.18% | 1.74% | -0.19% | -0.08% | 8.57% | 0.88% | 0.13% |
| Debt / Assets | 46.54% | 46.71% | 47.51% | 45.43% | 45.15% | 44.43% | 43.75% | 40.74% | 39.71% | 40.54% | 34.2% | 32.05% | 17.1% | 19.81% |
| Debt / Equity | 0.91x | 0.92x | 0.95x | 0.87x | 0.86x | 0.84x | 0.83x | 0.73x | 0.71x | 0.74x | 0.57x | 0.52x | 0.25x | 0.30x |
| Net Debt / EBITDA | 9.88x | 8.51x | 8.73x | 8.50x | 8.23x | 4.64x | 4.79x | 4.53x | 4.63x | 5.33x | 7.84x | 7.18x | 0.56x | 1.19x |
| Book Value per Share | 18.49 | 18.46 | 18.51 | 19.93 | 20.37 | 20.30 | 20.00 | 20.42 | 21.24 | 22.41 | 25.04 | 26.19 | 8.30 | 7.12 |
Quick answers to the most common questions about buying PGRE stock.
As of 2024, Paramount Group, Inc. (PGRE) had total assets of $7.87B including $930.1M in current assets.
Paramount Group, Inc. (PGRE) carries total debt of $3.68B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Paramount Group, Inc. (PGRE) has total shareholders' equity (book value) of $3.14B ($18.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Paramount Group, Inc. (PGRE) reported a current ratio of 7.76x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
San Francisco CBD exposure
Metrics are mathematically derived from official filings.
Debt Structure and Maturity Risks
According to the latest quarterly filings, Paramount Group maintains a total debt load of $3.7 billion, which, when evaluated against the company's equity base, suggests a leverage profile that warrants close monitoring given the ongoing volatility in the office real estate sector.
The consistency of the debt balance at $3.7 billion over the last several quarters suggests a lack of meaningful deleveraging, which may limit the company's financial flexibility in a high-interest-rate environment. Investors should monitor whether the company's reliance on secured property-level financing creates refinancing hurdles as current debt maturities approach.
Cash Reserves and Liquidity Buffers
Based on reported financial statements, the company's cash position fluctuated from $440.6 million in 2025Q2 to $330.2 million in 2025Q3, indicating a tightening liquidity buffer that may constrain the firm's ability to fund necessary tenant improvements or capital expenditures in the near term.
The reduction in cash reserves appears to coincide with the ongoing operational challenges in the San Francisco portfolio, suggesting that the company may be utilizing its liquidity to bridge gaps in property-level cash flow. This trend implies that the firm's ability to maintain its trophy assets without external capital injections may be increasingly pressured.
Equity Erosion and Valuation Concerns
As indicated by the company's reported figures, total equity has declined from $3.5 billion in 2023Q2 to $3.0 billion in 2025Q3, a trend that reflects the cumulative impact of persistent net losses and potential asset impairments on the firm's book value.
The consistent decline in equity suggests that the company's internal capital generation is insufficient to offset the downward revaluation of its office portfolio. This erosion of the equity base may limit the company's capacity to absorb further market shocks or pursue strategic acquisitions without diluting existing shareholders.
Hidden Risks in Asset Valuation
Analysis of the balance sheet reveals that the reported PPE Net value has been inconsistently disclosed, with recent periods showing zero, which suggests that the company may be utilizing complex accounting treatments for its trophy assets that obscure the true carrying value of its real estate.
The absence of clear PPE data in recent quarters makes it difficult to assess the extent of deferred maintenance or potential impairment risks within the portfolio. This lack of transparency warrants further investigation into whether the company's reported asset values accurately reflect the current market reality of its high-end office holdings.