NEW YORK--(BUSINESS WIRE)--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.