Paramount Declares Quarterly Dividend of $0.07 Per Share, for a New Indicated Annual Rate of $0.28 Per Share

Rhea-AI Summary

Paramount Group, Inc. (NYSE: PGRE) has declared a decreased quarterly cash dividend of $0.07 per share for the period from October 1, 2020, to December 31, 2020. This dividend will be payable on January 15, 2021, to stockholders of record as of December 31, 2020. The board views this reduction in dividend as a prudent strategy to preserve liquidity and enhance long-term shareholder value amid the ongoing impact of COVID-19 on businesses.

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• Reduction of quarterly cash dividend to $0.07 per share to preserve liquidity.

Paramount Group, Inc. (NYSE: PGRE) (“Paramount”) announced today that its board of directors has declared a decreased quarterly cash dividend of $0.07 per share of common stock for the period from October 1, 2020 to December 31, 2020. The dividend will be payable on January 15, 2021 to stockholders of record as of the close of business on December 31, 2020. The reduction in dividend policy is viewed by the board as a prudent and proactive strategy to preserve liquidity and enhance long-term shareholder value given the impact of COVID-19 on all businesses.

About Paramount Group, Inc.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201215005321/en/

FAQ

What is the new dividend amount for PGRE for Q4 2020?

The new quarterly cash dividend for PGRE is $0.07 per share.

When will the PGRE dividend be paid?

The PGRE dividend will be payable on January 15, 2021.

What date is the record date for PGRE's dividend?

The record date for PGRE's dividend is December 31, 2020.

Why did PGRE reduce its dividend?

PGRE reduced its dividend to preserve liquidity due to the impact of COVID-19.