Cash flow volatility is evident as FFO per share dropped to $0.14 in 2025Q3, while historical capital obligations like the $33.2 million in 2023Q4 maintenance costs continue to pressure liquidity.
| 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 |
|---|
| Cash from Operations | 171.4M | 264.93M | 277.86M | 246.64M | 244.31M | 237.27M | 285.44M | 156.52M | 190.11M | 145.04M | -16.97M | -165.07M | 33.48M | -83.46M |
| Operating CF Growth % | -184.04% | -4.65% | 12.66% | 0.95% | 2.96% | -16.88% | 82.36% | -17.67% | 31.07% | 954.74% | 89.72% | -592.96% | 140.12% | - |
| Operating CF / Revenue % | 23.7% | 34.98% | 37.41% | 33.31% | 33.61% | 33.22% | 37.11% | 20.62% | 26.44% | 21.23% | -2.56% | -39.31% | 57.09% | -153.74% |
| Net Income | -97.4M | 2.03M | -259.79M | -28.2M | 2.06M | -19.2M | -29.6M | 18.99M | 107.18M | 2.07M | 21.14M | 78.82M | 302.84M | 139.74M |
| Depreciation & Amortization | 236.36M | 239.54M | 250.64M | 232.52M | 232.49M | 235.89M | 248.35M | 258.23M | 266.04M | 269.45M | 294.62M | 44.22M | 10.58M | 10.1M |
| Stock-Based Compensation | 16.8M | -186K | 0 | 19M | 18.61M | 19.24M | 22.86M | 19.65M | 15.92M | 11.28M | 7.31M | 71M | 0 | 0 |
| Other Non-Cash Items | 55.66M | 11.25M | 301.5M | 51.75M | 6.71M | 10.55M | -36.31M | -63.81M | -182.4M | -125.1M | -169.45M | -255.79M | -332.84M | -165.76M |
| Working Capital Changes | -28.65M | 12.29M | -14.5M | -28.44M | -46.09M | -9.21M | 28.57M | -90.63M | -15.7M | -20.74M | -170.27M | -103.31M | 52.9M | -67.55M |
| Cash from Investing | -137.33M | -109.11M | -113.09M | -152.58M | -103.48M | 40.03M | -323.44M | 156.61M | 295.73M | -636.97M | -95.42M | 140.58M | 1.04M | 5.07M |
| Acquisitions (Net) | 4.76M | 0 | 47.01M | -15.81M | -11.75M | 36.86M | -366.78M | -33.66M | -29.58M | -1.78M | -261.46M | 0 | 0 | 2M |
| Purchase of Investments | -84.54M | 0 | -78.51M | -12.47M | -24.89M | -15.81M | -15.23M | -20.02M | -29.25M | -519.6M | -107.86M | -2.73M | -2.73M | -2.44M |
| Sale of Investments | 12.09M | 11.79M | 38.94M | 60.51M | 45.15M | 22.19M | 53.03M | 24.79M | 27.26M | 15.28M | 12.42M | 0 | 0 | 0 |
| Other Investing | -69.64M | -120.9M | -20M | -59M | -103.48M | -3.2M | -36.92M | -11.82M | 35.37M | 17.1M | 12.44M | 140.58M | 3.77M | 5.52M |
| Cash from Financing | 128.06M | -109.97M | -104.99M | -173.9M | -76.48M | -143.47M | 4.08M | -198.15M | -427.76M | 518.99M | -182.33M | 155.92M | -32.34M | 98.86M |
| Dividends Paid | -2.29M | -22.83M | -52.68M | -73.02M | -67.48M | -98.06M | -103.11M | -105.06M | -100.78M | -100.52M | -85.46M | -149.13M | -120.6M | -9.34M |
| Common Dividends | -2.29M | -22.83M | 0 | -73.02M | -67.48M | -98.06M | -103.11M | -105.06M | -100.78M | -100.52M | -85.46M | -149.13M | -120.6M | -9.34M |
| Debt Issuance (Net) | 1000K | -1000K | -1000K | 0 | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K |
| Share Repurchases | -140K | -186K | -2.05M | -63.44M | -235K | -120.33M | -97.14M | -102.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 104.9M | 38.04M | -8.66M | -37.73M | -47.33M | 110.82M | -42.11M | -6.93M | -36.37M | -259.03M | -202.78M | 1.97B | 105.89M | 123.02M |
| Net Change in Cash | 162.12M | 45.85M | 59.78M | -79.85M | 64.34M | 133.84M | -33.92M | 114.98M | 58.09M | 19.08M | -294.71M | 183.52M | 2.18M | 20.47M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.99M | 0 | 0 | 0 | 0 |
| Cash at Beginning | 659.57M | 509.6M | 449.82M | 529.67M | 465.32M | 331.49M | 365.41M | 250.43M | 192.34M | 143.88M | 438.6M | 307.16M | 304.98M | 284.51M |
| Cash at End | 654.36M | 555.45M | 509.6M | 449.82M | 529.67M | 465.32M | 331.49M | 365.41M | 250.43M | 162.97M | 143.88M | 490.69M | 307.16M | 304.98M |
| Free Cash Flow | 171.4M | 264.93M | 177.33M | 120.83M | 132.31M | 237.27M | 327.89M | 353.84M | 482.04M | -507.25M | -124.83M | -165.07M | 33.48M | -83.46M |
| FCF Growth % | -30.24% | 49.39% | 46.76% | -8.67% | -44.24% | -27.64% | -7.33% | -26.59% | 195.03% | -306.36% | 24.38% | -592.96% | 140.12% | - |
| FCF / Revenue % | 23.7% | 34.98% | 23.87% | 16.32% | 18.2% | 33.22% | 42.63% | 46.62% | 67.05% | -74.23% | -18.84% | -39.31% | 57.09% | -153.74% |
San Francisco CBD exposure
As reported in quarterly financial statements, Paramount Group consistently posts negative GAAP net income, such as the $28.9 million loss in 2025Q3, while simultaneously generating positive FFO, suggesting that non-cash depreciation and impairment charges are significantly obscuring the firm's underlying ability to generate recurring operational cash flow.
The persistent gap between GAAP net income and FFO highlights the heavy reliance on non-cash accounting adjustments to present a more favorable view of performance. Investors should monitor whether these depreciation charges reflect actual asset value erosion in the San Francisco portfolio rather than mere accounting conventions.
Based on the provided data, the relationship between FFO and GAAP operating cash flow remains highly erratic, with FFO/NI ratios frequently swinging into negative territory, which implies that the company's reported FFO may not be capturing the full volatility of its actual cash-generating activities.
The lack of a stable correlation between FFO and operating cash flow suggests that working capital fluctuations or timing differences in rent collections may be creating noise in the reported figures. This inconsistency warrants further investigation into whether the company's cash conversion cycle is lengthening due to tenant-side payment pressures.
According to historical filings, the company's dividend payout coverage has been inconsistent, with the 2023Q2 period showing a dividend-to-AFFO ratio of 1.33, indicating that distributions have occasionally exceeded the actual cash available for shareholders after accounting for necessary recurring capital expenditures and leasing costs.
The absence of consistent AFFO reporting in recent quarters makes it difficult to assess the current margin of safety for dividend distributions. If the company returns to a normalized dividend policy, the ability to cover these payments will depend entirely on the stabilization of net effective rents across its trophy assets.
Analysis of the cash flow statement reveals that capitalized maintenance costs and tenant improvements, as seen in the $33.2 million outflow in 2023Q4, represent significant off-balance-sheet pressures that are not fully captured in headline FFO metrics, potentially overstating the true free cash flow available to the firm.
These capital-intensive requirements for maintaining Class A trophy space suggest that the company faces a structural drag on cash flow that is often overlooked in standard FFO analysis. Investors should be wary that these recurring costs may escalate if the competitive landscape necessitates further concessions to retain high-credit tenants.
Quick answers to the most common questions about buying PGRE stock.
Paramount Group, Inc. (PGRE) generated $264.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Paramount Group, Inc. (PGRE) generated $264.9M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Paramount Group, Inc. (PGRE) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Paramount Group, Inc. (PGRE) returned $22.8M to shareholders via cash dividends and spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.