Paramount Group cuts dividend by 54.8%

On June 15, 2023, Paramount Group, Inc. (PGRE) announced that its board of directors has declared a reduced quarterly cash dividend of $0.035 per share of common stock (a new indicated annual rate of $0.14 per share), for the period from April 1, 2023 to June 30, 2023. The dividend will be payable on July 14, 2023, to stockholders of record as of the close of business on June 30, 2023. The reduced dividend will enable Paramount to retain an additional $40 million of cash annually, further enhancing Paramount’s already strong financial position.

Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.