Paramount Group reported a net loss of $28.9 million, or $0.13 per share, for the quarter ended September 30 2025, compared with a net loss of $9.7 million, or $0.04 per share, in the same period last year. Funds‑from‑operations attributable to common stockholders were $17.1 million, or $0.08 per share, while core FFO reached $31.5 million, or $0.14 per share, down from $40.5 million, or $0.19 per share, in Q3 2024.
Revenue for the quarter was $172.959 million, a decline from $194.899 million in Q3 2024. Same‑store NOI fell 12 % year‑over‑year to $76.9 million, and same‑store cash NOI decreased 8 % to $74.9 million.
During the quarter Paramount leased 547,812 square feet, of which 481,246 square feet were its share. The weighted‑average initial rent was $82.45 per square foot. Same‑store leased occupancy rose to 89.7 %, up from 85.4 % in Q2 2025 and 84.8 % in Q3 2024. The weighted‑average lease term for new leases was 13.2 years, and tenant improvements averaged $13.13 per square foot.
The company is in the process of merging with Rithm Capital, a transaction entered into on September 17 2025 and valued at approximately $1.6 billion in cash consideration, or $6.60 per fully diluted share. The widened net loss is largely attributable to $9.0 million in transaction‑related costs associated with the merger. Paramount will not host a conference call to discuss the results or provide an update to previously issued guidance because of the pending merger.
Paramount’s portfolio consists of Class A office properties in New York City and San Francisco. In August 2025 the company completed a $900 million refinancing of 1301 Avenue of the Americas, securing a new five‑year loan at a fixed rate of 6.39 %.
Management noted that leasing momentum continues despite headwinds in the office market and that the merger is expected to strengthen the balance sheet and provide strategic growth opportunities.
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