EX-99.2

Same Store % Change

Same Store
Cash NOI (1)

Same Store
NOI (1)

Three Months Ended December 31, 2024 vs. 2023

Year Ended December 31, 2024 vs. 2023

EX-99.2 3 pgre-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2


		FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including elevated inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the U.S., regional and global economies and our tenants’ financial condition and results of operations; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

- 2 -


		TABLE OF CONTENTS


		Page
Overview
	Company Profile	4
	Common Share Data	5
	Guidance & Assumptions	6

Selected Financial Information
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations (“FFO”)	11
	Funds Available for Distribution (“FAD”)	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”)	13
	Net Operating Income (“NOI”)	14 - 16
	Same Store NOI (by Reportable Segment)	17 - 20

Joint Ventures and Funds
	Consolidated Joint Ventures	21 - 26
	Unconsolidated Joint Ventures	27 - 32
	Real Estate Related Funds	33 - 38

Debt and Capitalization Data
	Capital Structure	39
	Debt Analysis	40
	Debt Maturities	41

Selected Property Data
	Portfolio Summary	42 - 44
	Top Tenants and Industry Diversification	45
	Leasing Activity	46 - 47
	Lease Expirations	48 - 50
	Capital Expenditures (Cash Basis)	51 - 52


Research Coverage		53
Definitions		54 - 55

- 3 -


		COMPANY PROFILE

Paramount Group, Inc. (“Paramount” or the “Company”) 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 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.

MANAGEMENT


Albert Behler	Chairman, Chief Executive Officer and President
Wilbur Paes	Chief Operating Officer, Chief Financial Officer and Treasurer
Peter Brindley	Executive Vice President, Head of Real Estate
Gage Johnson	Senior Vice President, General Counsel and Secretary
Ermelinda Berberi	Senior Vice President, Chief Accounting Officer

BOARD OF DIRECTORS


Albert Behler	Director, Chairman of the Board
Thomas Armbrust	Director
Martin Bussmann	Director, Lead Independent Director, Chair of Nominating and Corporate Governance Committee
Karin Klein	Director
Katharina Otto-Bernstein	Director
Mark Patterson	Director
Hitoshi Saito	Director
Paula Sutter	Director, Chair of Audit Committee
Greg Wright	Director, Chair of Compensation Committee

COMPANY INFORMATION


Corporate Headquarters	Investor Relations	Stock Exchange Listing	Trading Symbol
1633 Broadway	[email protected]	New York Stock Exchange	PGRE
New York, NY 10019	(212) 492-2298
(212) 237-3100

- 4 -


		COMMON SHARE DATA

(unaudited)


		Three Months Ended
Share Price:		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	High	$	5.44		$	5.47		$	5.10		$	5.36		$	5.92
	Low	$	4.59		$	4.49		$	4.30		$	4.21		$	4.06
	Closing (end of period)	$	4.94		$	4.92		$	4.63		$	4.69		$	5.17

Dividends declared per common share		$	-	(1)	$	-	(1)	$	0.035		$	0.035		$	0.035
Annualized dividends per common share		N/A			N/A			$	0.14		$	0.14		$	0.14
Dividend yield (on closing share price)		N/A			N/A				3.0	%		3.0	%		2.7	%

(1)

In September 2024, we suspended our regular quarterly dividend. The decision by our board of directors to suspend our regular quarterly dividend aligns with our commitment to fortify our balance sheet and maintain financial flexibility. The timing and frequency of future dividends will be authorized by our board of directors, in its sole discretion, depending on a variety of factors, including our financial performance, our debt service requirements, our capital expenditure requirements, the requirements to maintain our qualification as a REIT and other factors that our board of directors may deem relevant from time to time.

- 5 -


		GUIDANCE

(unaudited and in thousands, except square feet, % and per share amounts)



				Full Year 2025
(Amounts per diluted share)				Low			High
			Estimated net loss attributable to common stockholders	$	(0.36	)	$	(0.30	)
			Our share of real estate depreciation and amortization		0.87			0.87
			Estimated FFO / Core FFO (1)(2)		0.51			0.57

	Operating Assumptions:
		Leasing Activity (square feet)			800,000			1,000,000
		PGRE's share of Same Store Leased % (1) at year end			83.9	%		85.9	%
		Decrease in PGRE's share of Same Store Cash NOI (1)			(7.0	%)		(11.0	%)
		Decrease in PGRE's share of Same Store NOI (1)			(9.0	%)		(13.0	%)

	Financial Assumptions (at share):
		Estimated net loss		$	(85,000	)	$	(70,000	)
			Depreciation and amortization		205,000			205,000
			General and administrative expenses		65,500			62,500
			Interest and debt expense, including amortization of deferred financing costs		146,500			143,500
			Fee and other income, net of income taxes		(28,000	)		(30,000	)
		NOI (1)			304,000			311,000
			Straight-line rent adjustments and above and below-market lease revenue, net		(8,000	)		(10,000	)
		Cash NOI (1)		$	296,000		$	301,000

(1)

See page 54 for our definition of this measure.

(2)

We are providing our Estimated Core FFO Guidance for the full year of 2025, which is reconciled above to estimated net loss attributable to common stockholders per diluted share in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The estimated net loss attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission (“SEC”). Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in our earnings release issued on February 27, 2025 and otherwise to be referenced during our conference call scheduled for February 28, 2025. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, or realized and unrealized gains and losses on real estate related fund investments. There can be no assurance that our actual results will not differ materially from the estimates set forth above.

- 6 -


		FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)


		Three Months Ended									Year Ended
SELECTED FINANCIAL DATA		December 31, 2024			December 31, 2023			September 30, 2024			December 31, 2024			December 31, 2023
	Net loss per share - basic and diluted	$	(0.18	)	$	(0.95	)	$	(0.04	)	$	(0.21	)	$	(1.20	)

	Core FFO (1) per share - diluted	$	0.19		$	0.22		$	0.19		$	0.80		$	0.86

	PGRE's share of Adjusted EBITDAre (1)	$	81,722		$	86,484		$	82,878		$	333,553		$	331,870

	PGRE's share of Cash NOI (1)	$	86,139		$	86,227		$	84,110		$	345,769		$	354,814

	PGRE's share of NOI (1)	$	90,176		$	90,153		$	89,468		$	363,863		$	357,972

PORTFOLIO STATISTICS (at PGRE’s Share)


				% Change
				December 31, 2024	December 31, 2024
				vs.	vs.
Same Store Leased % (1)	December 31, 2024	September 30, 2024	December 31, 2023	September 30, 2024	December 31, 2023
New York	85.0%	85.0%	90.2%	- %	(5.2%)
San Francisco	83.8%	83.6%	89.8%	0.2%	(6.0%)
Weighted Average	84.8%	84.7%	90.1%	0.1%	(5.3%)

(1)

See page 54 for our definition of this measure.

- 7 -


		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)


			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237		$	1,966,237		$	1,966,237		$	1,966,237
		Buildings and improvements		6,325,097			6,290,976			6,276,347			6,278,863			6,250,379
				8,291,334			8,257,213			8,242,584			8,245,100			8,216,616
		Accumulated depreciation and amortization		(1,639,529	)		(1,596,069	)		(1,550,341	)		(1,524,078	)		(1,471,819	)
	Real estate, net			6,651,805			6,661,144			6,692,243			6,721,022			6,744,797
	Cash and cash equivalents			375,056			318,725			307,461			276,235			428,208
	Restricted cash			180,391			173,510			164,639			171,776			81,391
	Accounts and other receivables			18,229			18,662			13,917			16,048			18,053
	Real estate related fund investments			-			-			-			-			775
	Investments in unconsolidated real estate related funds			4,649			4,607			4,536			4,603			4,549
	Investments in unconsolidated joint ventures			85,952			128,919			130,087			132,788			132,239
	Deferred rent receivable			356,425			355,555			353,769			353,826			351,209
	Deferred charges, net			100,684			103,858			105,812			107,407			108,751
	Intangible assets, net			50,492			54,125			57,612			62,609			68,005
	Other assets			47,820			71,847			71,788			83,411			68,238
Total assets			$	7,871,503		$	7,890,952		$	7,901,864		$	7,929,725		$	8,006,215

Liabilities:
	Notes and mortgages payable, net		$	3,676,630		$	3,674,367		$	3,672,103		$	3,669,850		$	3,803,484
	Revolving credit facility			-			-			-			-			-
	Accounts payable and accrued expenses			119,881			114,808			110,789			115,038			114,463
	Dividends and distributions payable			-			-			8,382			8,376			8,360
	Intangible liabilities, net			20,870			22,465			24,125			26,026			28,003
	Other liabilities			44,625			27,906			30,802			31,774			37,017
Total liabilities				3,862,006			3,839,546			3,846,201			3,851,064			3,991,327

Equity:
	Paramount Group, Inc. equity			3,141,277			3,173,867			3,181,913			3,199,050			3,203,285
	Noncontrolling interests in:
		Consolidated joint ventures		495,340			492,135			485,983			480,542			413,925
		Consolidated real estate related funds		82,875			92,759			93,340			103,886			110,589
		Operating Partnership		290,005			292,645			294,427			295,183			287,089
Total equity				4,009,497			4,051,406			4,055,663			4,078,661			4,014,888

Total liabilities and equity			$	7,871,503		$	7,890,952		$	7,901,864		$	7,929,725		$	8,006,215

- 8 -


		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)


		Three Months Ended										Year Ended
		December 31, 2024			December 31, 2023				September 30, 2024			December 31, 2024				December 31, 2023
Revenues:
	Rental revenue (1)	$	178,114		$	181,736			$	184,235		$	721,750			$	711,470
	Fee and other income (1)		8,153			10,735				10,664			35,701				31,318
Total revenues			186,267			192,471				194,899			757,451				742,788

Expenses:
	Operating		77,030			77,076				80,316			303,278				293,965
	Depreciation and amortization		56,622			68,866				60,071			239,542				250,644
	General and administrative		16,395			15,679				16,672			66,333				61,986
	Transaction related costs		80			99				242			923				422
Total expenses			150,127			161,720				157,301			610,076				607,017

Other income (expense):
	Loss from real estate related fund investments		(36	)		(59,341	)	(2)		(22	)		(128	)			(96,375	)	(2)
	Income (loss) from unconsolidated real estate related funds		74			45				109			273				(822	)
	Loss from unconsolidated joint ventures (1)		(44,261	)		(207,160	)			(981	)		(47,359	)			(270,298	)
	Interest and other income, net		3,625			4,830				3,517			30,455		(3)		14,837
	Interest and debt expense		(42,874	)		(40,550	)			(43,805	)		(166,952	)			(152,990	)
Loss before income taxes			(47,332	)		(271,425	)			(3,584	)		(36,336	)			(369,877	)
	Income tax expense		(730	)		(302	)			(619	)		(2,058	)			(1,426	)
Net loss			(48,062	)		(271,727	)			(4,203	)		(38,394	)			(371,303	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(4,028	)		(4,585	)			(6,959	)		(22,462	)			(20,464	)
	Consolidated real estate related funds		9,884			52,383				581			10,292				109,795
	Operating Partnership		3,560			18,379				893			4,276				22,228
Net loss attributable to common stockholders		$	(38,646	)	$	(205,550	)		$	(9,688	)	$	(46,288	)		$	(259,744	)
	Per diluted share	$	(0.18	)	$	(0.95	)		$	(0.04	)	$	(0.21	)		$	(1.20	)

(1)

See page 10 for details.

(2)

Includes realized and unrealized losses on real estate mezzanine loan investments made by Fund X, which is consolidated into our financial statements, of which our share, net of amounts attributable to noncontrolling interests, were $7,935 and $14,025 in the three months and year ended December 31, 2023, respectively.

(3)

Includes a $15,437 non-cash gain on extinguishment of an IPO related tax liability.

- 9 -


		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)


		Three Months Ended						Year Ended
Rental Revenue:		December 31, 2024		December 31, 2023		September 30, 2024		December 31, 2024		December 31, 2023
	Property rentals	$	153,012	$	156,246	$	153,732	$	621,517	$	629,319
	Tenant reimbursements		21,217		19,637		25,913		83,495		64,261
	Straight-line rent adjustments		1,243		3,569		1,982		6,543		4,874
	Amortization of above and below-market leases, net		1,474		1,447		1,379		5,825		5,376
	Lease termination income		1,168		837		1,229		4,370		7,640
Total rental revenue		$	178,114	$	181,736	$	184,235	$	721,750	$	711,470


		Three Months Ended						Year Ended
Fee and Other Income:		December 31, 2024		December 31, 2023		September 30, 2024		December 31, 2024		December 31, 2023
	Asset management	$	2,084	$	4,115	$	2,134	$	8,840	$	11,075
	Property management		1,564		1,775		1,695		6,660		7,278
	Acquisition, disposition, leasing and other		904		1,601		2,947		6,380		3,244
	Total fee income		4,552		7,491		6,776		21,880		21,597
	Other (primarily parking income and tenant requested services, including cleaning and overtime heating and cooling)		3,601		3,244		3,888		13,821		9,721
Total fee and other income		$	8,153	$	10,735	$	10,664	$	35,701	$	31,318


		Three Months Ended									Year Ended
Loss from Unconsolidated Joint Ventures:		December 31, 2024			December 31, 2023			September 30, 2024			December 31, 2024			December 31, 2023
	Equity in earnings	$	800		$	(5,664	)	$	(981	)	$	(2,298	)	$	(20,126	)
	Our share of real estate impairment losses:
	55 Second Street		(29,818	)		(52,590	)		-			(29,818	)		(52,590	)
	Oder-Center		(3,915	)		-			-			(3,915	)		-
	Market Center		-			(148,906	)		-			-			(148,906	)
	60 Wall Street		-			-			-			-			(24,734	)
	RDF's share of impairment losses related to residential condominium units at One Steuart Lane (1)		(11,328	)		-			-			(11,328	)		(23,942	)
Loss from unconsolidated joint ventures		$	(44,261	)	$	(207,160	)	$	(981	)	$	(47,359	)	$	(270,298	)

(1)

Represents RDF’s 35% share in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%. Accordingly, our share, net of amounts attributable to noncontrolling interests, was $838 in the three months and year ended December 31, 2024, and $1,772 in the year ended December 31, 2023.

- 10 -


		FFO

(unaudited and in thousands, except share and per share amounts)


			Three Months Ended									Year Ended
			December 31, 2024			December 31, 2023			September 30, 2024			December 31, 2024			December 31, 2023
Reconciliation of net loss to FFO and Core FFO:
	Net loss		$	(48,062	)	$	(271,727	)	$	(4,203	)	$	(38,394	)	$	(371,303	)
	Real estate depreciation and amortization (including our share of unconsolidated joint ventures)			58,040			76,723			63,487			250,986			286,410
	Our share of non-cash real estate impairment losses related to unconsolidated joint ventures			33,733			201,496			-			33,733			226,230
	Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds			(4,104	)		37,609			(15,511	)		(51,085	)		50,142
	FFO attributable to the Operating Partnership			39,607			44,101			43,773			195,240			191,479
	Amounts attributable to noncontrolling interests in the Operating Partnership			(3,340	)		(3,620	)		(3,695	)		(16,419	)		(13,481	)
	FFO attributable to common stockholders (1)		$	36,267		$	40,481		$	40,078		$	178,821		$	177,998

	Per diluted share		$	0.17		$	0.19		$	0.18		$	0.82		$	0.82


	FFO attributable to the Operating Partnership		$	39,607		$	44,101		$	43,773		$	195,240		$	191,479
	Adjustments for non-core items:
		Non-cash gain on extinguishment of IPO related tax liability		-			-			-			(15,437	)		-
		Non-core assets (2)		-			1,413			-			-			(2,122	)
		Our share of realized and unrealized gains and losses from consolidated and unconsolidated real estate related funds		(32	)		7,931			(26	)		69			14,978
		Other, net (primarily adjustments related to unconsolidated joint ventures)		5,438			(1,766	)		512			9,139			(3,301	)
	Core FFO attributable to the Operating Partnership			45,013			51,679			44,259			189,011			201,034
	Amounts attributable to noncontrolling interests in the Operating Partnership			(3,796	)		(4,241	)		(3,736	)		(15,905	)		(14,237	)
	Core FFO attributable to common stockholders (1)		$	41,217		$	47,438		$	40,523		$	173,106		$	186,797

	Per diluted share		$	0.19		$	0.22		$	0.19		$	0.80		$	0.86

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			217,335,362			217,071,959			217,314,706			217,240,620			216,922,235
	Effect of dilutive securities			70,797			77,069			14,505			31,354			20,527
	Denominator for FFO and Core FFO per diluted share			217,406,159			217,149,028			217,329,211			217,271,974			216,942,762

(1)

See page 54 for our definition of this measure.

(2)

Represents Market Center and 111 Sutter Street.

- 11 -


		FAD

(unaudited and in thousands)


			Three Months Ended										Year Ended
			December 31, 2024				December 31, 2023			September 30, 2024			December 31, 2024			December 31, 2023
Reconciliation of Core FFO to FAD:
	Core FFO attributable to the Operating Partnership		$	45,013			$	51,679		$	44,259		$	189,011		$	201,034
	Adjustments to arrive at FAD (including our share of unconsolidated joint ventures):
		Straight-line rent		(1,388	)			(4,476	)		(2,191	)		(8,082	)		(6,166	)
		Amortization of above and below-market leases, net		(1,142	)			(1,912	)		(1,697	)		(6,446	)		(8,099	)
		Amortization of deferred financing costs		2,707				1,825			2,703			10,556			7,284
		Amortization of stock-based compensation expense		4,502				6,310			4,373			20,137			20,321
		Expenditures to maintain assets		(15,498	)			(15,347	)		(13,035	)		(48,659	)		(49,060	)
		Second generation tenant improvements and leasing commissions		(14,785	)			(13,788	)		(11,591	)		(63,560	)		(46,325	)
		Non-core assets (1)		-				1,428			-			-			5,535
		Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds		(311	)			3,808			(940	)		2,378			21,553
	FAD attributable to the Operating Partnership			19,098				29,527			21,881			95,335			146,077
	Amounts attributable to noncontrolling interests in the Operating Partnership			(1,611	)			(2,423	)		(1,847	)		(8,026	)		(10,221	)
	FAD attributable to common stockholders (2) (3)		$	17,487			$	27,104		$	20,034		$	87,309		$	135,856

	Dividends paid on common stock		$	-		(4)	$	7,607		$	7,611		$	22,826		$	48,873

	FAD payout ratio (2)		N/A					28.1	%		38.0	%		26.1	%		36.0	%

(1)

Represents Market Center and 111 Sutter Street.

(2)

See page 54 for our definition of this measure.

(3)

FAD attributable to common stockholders and FAD payout ratios are not necessarily indicative of future FAD amounts or future FAD payout ratios due to fluctuations in the timing of payments for tenant improvements and leasing commissions versus rents received from leases for which such costs are incurred.

(4)

- 12 -


		EBITDAre

(unaudited and in thousands)


			Three Months Ended									Year Ended
			December 31, 2024			December 31, 2023			September 30, 2024			December 31, 2024			December 31, 2023
Reconciliation of net loss to EBITDAre and Adjusted EBITDAre:
	Net loss		$	(48,062	)	$	(271,727	)	$	(4,203	)	$	(38,394	)	$	(371,303	)
	Adjustments to arrive at EBITDAre (including our share of unconsolidated joint ventures):
		Depreciation and amortization		58,040			76,723			63,487			250,986			286,410
		Interest and debt expense		43,994			47,178			46,076			175,115			179,263
		Our share of non-cash real estate impairment losses related to unconsolidated joint ventures		33,733			201,496			-			33,733			226,230
		Income tax expense		730			302			620			2,064			1,439
		Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds		(12,085	)		29,540			(23,500	)		(83,089	)		17,590
	PGRE's share of EBITDAre (1)		$	76,350		$	83,512		$	82,480		$	340,415		$	339,629
	Adjustments to arrive at Adjusted EBITDAre:
		Non-cash gain on extinguishment of IPO related tax liability		-			-			-			(15,437	)		-
		Non-core assets (2)		-			(2,553	)		-			-			(17,458	)
		Our share of EBITDAre from consolidated and unconsolidated real estate related funds		731			7,752			(61	)		557			16,143
		Other, net (primarily adjustments related to unconsolidated joint ventures)		4,641			(2,227	)		459			8,018			(6,444	)
	PGRE's share of Adjusted EBITDAre (1)		$	81,722		$	86,484		$	82,878		$	333,553		$	331,870

(1)

See page 54 for our definition of this measure.

(2)

Represents Market Center and 111 Sutter Street.

- 13 -


		NOI

(unaudited and in thousands)


			Three Months Ended									Year Ended
			December 31, 2024			December 31, 2023			September 30, 2024			December 31, 2024			December 31, 2023
Reconciliation of net loss to NOI and Cash NOI:
	Net loss		$	(48,062	)	$	(271,727	)	$	(4,203	)	$	(38,394	)	$	(371,303	)
	Adjustments to arrive at NOI:
		Fee income		(4,552	)		(7,491	)		(6,776	)		(21,880	)		(21,597	)
		Depreciation and amortization		56,622			68,866			60,071			239,542			250,644
		General and administrative		16,395			15,679			16,672			66,333			61,986
		Loss from real estate related fund investments		36			59,341			22			128			96,375
		Loss from unconsolidated joint ventures		44,261			207,160			981			47,359			270,298
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		7,055			7,026			5,384			23,666			37,360
		Interest and other income, net		(3,625	)		(4,830	)		(3,517	)		(30,455	)		(14,837	)
		Interest and debt expense		42,874			40,550			43,805			166,952			152,990
		Income tax expense		730			302			619			2,058			1,426
		Non-core assets (1)		-			(2,380	)		-			-			(16,666	)
		Other, net		6			54			133			650			1,244
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(21,564	)		(22,397	)		(23,723	)		(92,096	)		(89,948	)
	PGRE's share of NOI (2)		$	90,176		$	90,153		$	89,468		$	363,863		$	357,972
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		(1,388	)		(4,476	)		(2,191	)		(8,082	)		(6,166	)
		Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)		(1,142	)		(1,912	)		(1,697	)		(6,446	)		(8,099	)
		Non-core assets (1)		-			802			-			-			1,968
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(1,507	)		1,660			(1,470	)		(3,566	)		9,139
	PGRE's share of Cash NOI (2)		$	86,139		$	86,227		$	84,110		$	345,769		$	354,814

(1)

Represents Market Center and 111 Sutter Street.

(2)

See page 54 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)


			Three Months Ended December 31, 2024
			Total			New York			San Francisco			Other
Reconciliation of net loss to NOI and Cash NOI:
	Net loss		$	(48,062	)	$	(6,410	)	$	(13,423	)	$	(28,229	)
	Adjustments to arrive at NOI:
		Fee income		(4,552	)		-			-			(4,552	)
		Depreciation and amortization		56,622			37,917			17,509			1,196
		General and administrative		16,395			-			-			16,395
		Loss from real estate related fund investments		36			-			-			36
		Loss (income) from unconsolidated joint ventures		44,261			(51	)		29,631			14,681
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		7,055			5,706			1,317			32
		Interest and other income, net		(3,625	)		(983	)		(544	)		(2,098	)
		Interest and debt expense		42,874			31,565			10,546			763
		Income tax expense		730			-			-			730
		Other, net		6			-			-			6
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(21,564	)		(2,481	)		(19,083	)		-
	PGRE's share of NOI (1) for the three months ended December 31, 2024		$	90,176		$	65,263		$	25,953		$	(1,040	)
	PGRE's share of NOI (1) for the three months ended December 31, 2023		$	90,153		$	64,423		$	26,470		$	(740	)

	PGRE's share of NOI for the three months ended December 31, 2024		$	90,176		$	65,263		$	25,953		$	(1,040	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		(1,388	)		(5,621	)		4,268			(35	)
		Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)		(1,142	)		(768	)		(374	)		-
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(1,507	)		(58	)		(1,449	)		-
	PGRE's share of Cash NOI (1) for the three months ended December 31, 2024		$	86,139		$	58,816		$	28,398		$	(1,075	)
	PGRE's share of Cash NOI (1) for the three months ended December 31, 2023		$	86,227		$	61,918		$	25,079		$	(770	)

(1)

See page 54 for our definition of this measure.

- 15 -


		NOI

(unaudited and in thousands)


			Year Ended December 31, 2024
			Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(38,394	)	$	(21,707	)	$	33,047		$	(49,734	)
	Adjustments to arrive at NOI:
		Fee income		(21,880	)		-			-			(21,880	)
		Depreciation and amortization		239,542			161,708			73,013			4,821
		General and administrative		66,333			-			-			66,333
		Loss from real estate related fund investments		128			-			-			128
		Loss from unconsolidated joint ventures		47,359			1,524			30,221			15,614
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		23,666			16,148			7,445			73
		Interest and other income, net		(30,455	)		(3,706	)		(1,727	)		(25,022	)
		Interest and debt expense		166,952			114,880			49,027			3,045
		Income tax expense		2,058			16			84			1,958
		Other, net		650			-			-			650
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(92,096	)		(10,081	)		(82,015	)		-
	PGRE's share of NOI (1) for the year ended December 31, 2024		$	363,863		$	258,782		$	109,095		$	(4,014	)
	PGRE's share of NOI (1) for the year ended December 31, 2023		$	357,972		$	258,287		$	103,216		$	(3,531	)

	PGRE's share of NOI for the year ended December 31, 2024		$	363,863		$	258,782		$	109,095		$	(4,014	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		(8,082	)		(19,911	)		11,829			-
		Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)		(6,446	)		(3,043	)		(3,403	)		-
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(3,566	)		(537	)		(3,029	)		-
	PGRE's share of Cash NOI (1) for the year ended December 31, 2024		$	345,769		$	235,291		$	114,492		$	(4,014	)
	PGRE's share of Cash NOI (1) for the year ended December 31, 2023		$	354,814		$	256,851		$	101,494		$	(3,531	)

(1)

See page 54 for our definition of this measure.

- 16 -


		SAME STORE CASH NOI

(unaudited and in thousands)


SAME STORE CASH NOI (1)			Three Months Ended December 31, 2024
			Total			New York			San Francisco		Other
	PGRE's share of Cash NOI for the three months ended December 31, 2024		$	86,139		$	58,816		$	28,398	$	(1,075	)
		Non-same store adjustments:
		Lease termination income		(1,168	)		(1,168	)		-		-
		Other, net		2,355			1,280			-		1,075
	PGRE's share of Same Store Cash NOI for the three months ended
		December 31, 2024	$	87,326		$	58,928		$	28,398	$	-



			Three Months Ended December 31, 2023
			Total			New York			San Francisco		Other
	PGRE's share of Cash NOI for the three months ended December 31, 2023		$	86,227		$	61,918		$	25,079	$	(770	)
		Non-same store adjustments:
		Lease termination income		(766	)		(766	)		-		-
		Other, net		1,969			1,075			124		770
	PGRE's share of Same Store Cash NOI for the three months ended
		December 31, 2023	$	87,430		$	62,227		$	25,203	$	-


% (Decrease) increase		(0.1	%)			(5.3	%)			12.7	%

(1)

See page 54 for our definition of this measure.

- 17 -


		SAME STORE CASH NOI

(unaudited and in thousands)


SAME STORE CASH NOI (1)			Year Ended December 31, 2024
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the year ended December 31, 2024		$	345,769		$	235,291		$	114,492		$	(4,014	)
		Non-same store adjustments:
		Lease termination income		(4,345	)		(4,320	)		(25	)		-
		Other, net		7,358			3,335			9			4,014
	PGRE's share of Same Store Cash NOI for the year ended
		December 31, 2024	$	348,782		$	234,306		$	114,476		$	-



			Year Ended December 31, 2023
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the year ended December 31, 2023		$	354,814		$	256,851		$	101,494		$	(3,531	)
		Non-same store adjustments:
		Lease termination income		(6,887	)		(6,887	)		-			-
		Other, net		4,744			1,089			124			3,531
	PGRE's share of Same Store Cash NOI for the year ended
		December 31, 2023	$	352,671		$	251,053		$	101,618		$	-


% (Decrease) increase		(1.1	%)			(6.7	%)			12.7	%

(1)

See page 54 for our definition of this measure.

- 18 -


		SAME STORE NOI

(unaudited and in thousands)


SAME STORE NOI (1)			Three Months Ended December 31, 2024
			Total			New York			San Francisco		Other
	PGRE's share of NOI for the three months ended December 31, 2024		$	90,176		$	65,263		$	25,953	$	(1,040	)
		Non-same store adjustments:
		Lease termination income		(1,168	)		(1,168	)		-		-
		Other, net		2,320			1,280			-		1,040
	PGRE's share of Same Store NOI for the three months ended
		December 31, 2024	$	91,328		$	65,375		$	25,953	$	-



			Three Months Ended December 31, 2023
			Total			New York			San Francisco		Other
	PGRE's share of NOI for the three months ended December 31, 2023		$	90,153		$	64,423		$	26,470	$	(740	)
		Non-same store adjustments:
		Lease termination income		(766	)		(766	)		-		-
		Non-cash write-offs of straight-line rent receivables		363			277			86		-
		Other, net		1,939			1,075			124		740
	PGRE's share of Same Store NOI for the three months ended
		December 31, 2023	$	91,689		$	65,009		$	26,680	$	-


% (Decrease) increase		(0.4	%)			0.6	%			(2.7	%)

(1)

See page 54 for our definition of this measure.

- 19 -


		SAME STORE NOI

(unaudited and in thousands)


SAME STORE NOI (1)			Year Ended December 31, 2024
			Total			New York				San Francisco				Other
	PGRE's share of NOI for the year ended December 31, 2024		$	363,863		$	258,782			$	109,095			$	(4,014	)
		Non-same store adjustments:
		Lease termination income		(4,345	)		(4,320	)			(25	)			-
		Other, net		7,358			3,335				9				4,014
	PGRE's share of Same Store NOI for the year ended
		December 31, 2024	$	366,876		$	257,797			$	109,079			$	-



			Year Ended December 31, 2023
			Total			New York				San Francisco				Other
	PGRE's share of NOI for the year ended December 31, 2023		$	357,972		$	258,287			$	103,216			$	(3,531	)
		Non-same store adjustments:
		Lease termination income		(6,887	)		(6,887	)			-				-
		Non-cash write-offs of straight-line rent receivables		14,346			6,917		(2)		7,429		(2)		-
		Other, net		4,744			1,089				124				3,531
	PGRE's share of Same Store NOI for the year ended
		December 31, 2023	$	370,175		$	259,406			$	110,769			$	-


	% Decrease		(0.9	%)			(0.6	%)			(1.5	%)

(1)

See page 54 for our definition of this measure.

(2)

Includes write-offs related to the terminated SVB Securities lease at 1301 Avenue of the Americas in our New York portfolio and the surrendered JPMorgan Chase space at One Front Street in our San Francisco portfolio.

- 20 -


		CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2024
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%

Assets:
	Real estate, net	$	3,199,972	$	1,630,488	$	1,112,434	$	457,050
	Cash and cash equivalents		140,806		94,690		13,028		33,088
	Restricted cash		127,216		78		127,138		-
	Accounts and other receivables		10,056		6,102		2,995		959
	Deferred rent receivable		192,939		92,753		75,632		24,554
	Deferred charges, net		38,610		19,349		12,477		6,784
	Intangible assets, net		28,569		25,117		2,741		711
	Other assets		7,075		803		5,592		680
Total Assets		$	3,745,243	$	1,869,380	$	1,352,037	$	523,826

Liabilities:
	Notes and mortgages payable, net	$	2,320,880	$	1,245,104	$	844,052	$	231,724
	Accounts payable and accrued expenses		54,820		15,321		27,384		12,115
	Intangible liabilities, net		12,581		9,856		2,427		298
	Other liabilities		5,327		561		4,728		38
Total Liabilities			2,393,608		1,270,842		878,591		244,175

Equity:
	Paramount Group, Inc. equity		856,295		538,232		232,058		86,005
	Noncontrolling interests		495,340		60,306		241,388		193,646
Total Equity			1,351,635		598,538		473,446		279,651

Total Liabilities and Equity		$	3,745,243	$	1,869,380	$	1,352,037	$	523,826

- 21 -


		CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2023
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%

Assets:
	Real estate, net	$	3,284,532	$	1,675,890	$	1,141,827	$	466,815
	Cash and cash equivalents		145,320		59,111		74,276		11,933
	Restricted cash		1,319		78		1,241		-
	Accounts and other receivables		9,871		3,814		5,323		734
	Deferred rent receivable		207,938		99,426		84,395		24,117
	Deferred charges, net		45,190		21,915		15,093		8,182
	Intangible assets, net		38,209		32,044		5,407		758
	Other assets		7,365		850		6,015		500
Total Assets		$	3,739,744	$	1,893,128	$	1,333,577	$	513,039

Liabilities:
	Notes and mortgages payable, net	$	2,450,401	$	1,244,109	$	974,764	$	231,528
	Accounts payable and accrued expenses		48,862		9,825		28,260		10,777
	Intangible liabilities, net		17,180		11,903		4,959		318
	Other liabilities		4,833		156		4,631		46
Total Liabilities			2,521,276		1,265,993		1,012,614		242,669

Equity:
	Paramount Group, Inc. equity		804,543		563,957		157,341		83,245
	Noncontrolling interests		413,925		63,178		163,622		187,125
Total Equity			1,218,468		627,135		320,963		270,370

Total Liabilities and Equity		$	3,739,744	$	1,893,128	$	1,333,577	$	513,039

- 22 -


		CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended December 31, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	104,364		$	49,434		$	41,546		$	13,384
Total operating expenses			40,181			21,011			15,008			4,162
Net operating income (1)			64,183			28,423			26,538			9,222
Depreciation and amortization			(29,249	)		(14,008	)		(10,855	)		(4,386	)
Interest and other income, net			1,344			800			290			254
Interest and debt expense			(22,619	)		(9,803	)		(10,157	)		(2,659	)
Net income		$	13,659		$	5,412		$	5,816		$	2,431


PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	8,474		$	4,876		$	2,845		$	753
	Management fee income		1,157			351			227			579
	PGRE's share of net income		9,631			5,227			3,072			1,332
	Real estate depreciation and amortization		19,290			12,607			5,319			1,364
	FFO/Core FFO (1)	$	28,921		$	17,834		$	8,391		$	2,696


Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	5,185		$	536		$	2,971		$	1,678
	Management fee expense		(1,157	)		(351	)		(227	)		(579	)
	Net income attributable to noncontrolling interests		4,028			185			2,744			1,099
	Real estate depreciation and amortization		9,959			1,401			5,536			3,022
	FFO/Core FFO (1)	$	13,987		$	1,586		$	8,280		$	4,121

(1)

See page 54 for our definition of these measures.

- 23 -


		CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended December 31, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	104,988		$	49,759		$	41,947		$	13,282
Total operating expenses			37,664			19,703			13,496			4,465
Net operating income (1)			67,324			30,056			28,451			8,817
Depreciation and amortization			(34,073	)		(19,235	)		(10,937	)		(3,901	)
Interest and other income, net			1,344			620			643			81
Interest and debt expense			(22,765	)		(9,804	)		(10,304	)		(2,657	)
Income tax expense			(3	)		-			-			(3	)
Net income		$	11,827		$	1,637		$	7,853		$	2,337


PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	6,039		$	1,471		$	3,841		$	727
	Management fee income		1,203			417			211			575
	PGRE's share of net income		7,242			1,888			4,052			1,302
	Real estate depreciation and amortization		23,884			17,312			5,359			1,213
	FFO/Core FFO (1)	$	31,126		$	19,200		$	9,411		$	2,515


Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	5,788		$	166		$	4,012		$	1,610
	Management fee expense		(1,203	)		(417	)		(211	)		(575	)
	Net income (loss) attributable to noncontrolling interests		4,585			(251	)		3,801			1,035
	Real estate depreciation and amortization		10,189			1,923			5,578			2,688
	FFO/Core FFO (1)	$	14,774		$	1,672		$	9,379		$	3,723

(1)

See page 54 for our definition of these measures.

- 24 -


		CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Year Ended December 31, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	420,036		$	196,029		$	168,481		$	55,526
Total operating expenses			151,660			81,354			53,133			17,173
Net operating income (1)			268,376			114,675			115,348			38,353
Depreciation and amortization			(119,822	)		(60,926	)		(43,342	)		(15,554	)
Interest and other income, net			4,498			2,771			1,012			715
Interest and debt expense			(90,306	)		(39,009	)		(40,658	)		(10,639	)
Income before income taxes			62,746			17,511			32,360			12,875
Income tax expense			(98	)		(16	)		(81	)		(1	)
Net income		$	62,648		$	17,495		$	32,279		$	12,874


PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	35,552		$	15,747		$	15,810		$	3,995
	Management fee income		4,634			1,383			908			2,343
	PGRE's share of net income		40,186			17,130			16,718			6,338
	Real estate depreciation and amortization		80,908			54,833			21,238			4,837
	FFO/Core FFO (1)	$	121,094		$	71,963		$	37,956		$	11,175


Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	27,096		$	1,748		$	16,469		$	8,879
	Management fee expense		(4,634	)		(1,383	)		(908	)		(2,343	)
	Net income attributable to noncontrolling interests		22,462			365			15,561			6,536
	Real estate depreciation and amortization		38,914			6,093			22,104			10,717
	FFO/Core FFO (1)	$	61,376		$	6,458		$	37,665		$	17,253

(1)

See page 54 for our definition of these measures.

- 25 -


		CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Year Ended December 31, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	420,665		$	205,278		$	164,673		$	50,714
Total operating expenses			145,183			78,588			49,955			16,640
Net operating income (1)			275,482			126,690			114,718			34,074
Depreciation and amortization			(123,142	)		(64,430	)		(43,151	)		(15,561	)
Interest and other income, net			4,129			2,021			1,405			703
Interest and debt expense			(89,952	)		(38,909	)		(40,891	)		(10,152	)
Income before income taxes			66,517			25,372			32,081			9,064
Income tax benefit (expense)			72			(5	)		127			(50	)
Net income		$	66,589		$	25,367		$	32,208		$	9,014


PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	41,401		$	22,830		$	15,773		$	2,798
	Management fee income		4,724			1,663			778			2,283
	PGRE's share of net income		46,125			24,493			16,551			5,081
	Real estate depreciation and amortization		83,967			57,988			21,143			4,836
	FFO/Core FFO (1)	$	130,092		$	82,481		$	37,694		$	9,917


Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	25,188		$	2,537		$	16,435		$	6,216
	Management fee expense		(4,724	)		(1,663	)		(778	)		(2,283	)
	Net income attributable to noncontrolling interests		20,464			874			15,657			3,933
	Real estate depreciation and amortization		39,175			6,442			22,008			10,725
	FFO/Core FFO (1)	$	59,639		$	7,316		$	37,665		$	14,658

(1)

See page 54 for our definition of these measures.

- 26 -


		UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2024
																Non-Core Assets
				712 Fifth			55 Second			60 Wall		One Steuart				Market			111 Sutter
		Total		Avenue			Street			Street (1)		Lane		Other (2)		Center			Street

PGRE Ownership				50.0%			44.1%			5.0%		35.0% (3)		Various		67.0%			49.0%
Assets:
	Real estate, net	$	1,567,771	$	223,640		$	136,627		$	663,046	$	50	$	143,557	$	264,135		$	136,716
	Cash and cash equivalents		104,982		27,144			26,919			20,388		23,514		2,492		2,700			1,825
	Restricted cash		49,687		5,971			-			28,482		-		-		13,631			1,603
	Accounts and other receivables		7,849		5,135			444			227		123		32		1,253			635
	Deferred rent receivable		42,128		21,697			4,594			-		-		4,476		8,751			2,610
	Deferred charges, net		15,434		8,934			1,639			-		-		-		3,945			916
	Intangible assets, net		42,672		-			3,159			-		-		35,422		3,304			787
	For-sale residential condominium units		195,113		-			-			-		195,113		-		-			-
	Other assets		3,530		45			252			499		202		1,549		792			191
Total Assets		$	2,029,166	$	292,566		$	173,634		$	712,642	$	219,002	$	187,528	$	298,511		$	145,283

Liabilities:
	Notes and mortgages payable, net	$	1,783,587	$	299,007		$	187,227		$	605,584	$	-	$	106,077	$	416,520		$	169,172
	Accounts payable and accrued expenses		59,860		6,032			4,478			16,455		1,660		1,589		25,694			3,952
	Intangible liabilities, net		2,480		-			2,019			-		-		-		223			238
	Other liabilities		73,129		188			162			66,305		5		2,992		3,232			245
Total Liabilities			1,919,056		305,227			193,886			688,344		1,665		110,658		445,669			173,607


Total Equity			110,110		(12,661	)		(20,252	)		24,298		217,337		76,870		(147,158	)		(28,324	)

Total Liabilities and Equity		$	2,029,166	$	292,566		$	173,634		$	712,642	$	219,002	$	187,528	$	298,511		$	145,283

(1)

This property is “out-of-service” for redevelopment.

(2)

Represents 1600 Broadway and Oder-Center, Germany.

(3)

RDF, our consolidated Residential Development Fund, owns a 35% economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%.

- 27 -


		UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2023
																Non-Core Assets
				712 Fifth			55 Second		60 Wall			One Steuart				Market			111 Sutter
		Total		Avenue			Street		Street (1)			Lane		Other (2)		Center			Street

PGRE Ownership				50.0%			44.1%		5.0%			35.0% (3)		Various		67.0%			49.0%
Assets:
	Real estate, net	$	1,528,595	$	219,297		$	230,516	$	517,147		$	50	$	147,046	$	272,113		$	142,426
	Cash and cash equivalents		67,499		24,516			21,318		794			10,822		2,709		5,300			2,040
	Restricted cash		99,856		5,480			-		80,600			49		-		12,286			1,441
	Accounts and other receivables		8,601		4,960			585		150			123		20		1,539			1,224
	Deferred rent receivable		35,448		18,844			4,242		-			-		3,130		6,145			3,087
	Deferred charges, net		13,643		8,989			1,120		-			-		-		2,540			994
	Intangible assets, net		52,164		-			6,283		-			-		38,548		5,809			1,524
	For-sale residential condominium units		246,824		-			-		-			246,824		-		-			-
	Other assets		26,487		227			269		11,538			130		1,097		13,032			194
Total Assets		$	2,079,117	$	282,313		$	264,333	$	610,229		$	257,998	$	192,550	$	318,764		$	152,930

Liabilities:
	Notes and mortgages payable, net	$	1,744,706	$	298,596		$	187,068	$	575,000		$	-	$	107,764	$	412,996		$	163,282
	Accounts payable and accrued expenses		92,770		7,542			5,025		62,148			2,663		1,266		9,830			4,296
	Intangible liabilities, net		5,026		-			3,919		-			-		-		462			645
	Other liabilities		5,692		178			208		1,408			25		663		2,967			243
Total Liabilities			1,848,194		306,316			196,220		638,556			2,688		109,693		426,255			168,466


Total Equity			230,923		(24,003	)		68,113		(28,327	)		255,310		82,857		(107,491	)		(15,536	)

Total Liabilities and Equity		$	2,079,117	$	282,313		$	264,333	$	610,229		$	257,998	$	192,550	$	318,764		$	152,930

(1)

This property is “out-of-service” for redevelopment.

(2)

Represents 1600 Broadway and Oder-Center, Germany.

(3)

- 28 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended December 31, 2024
																							Non-Core Assets
					712 Fifth			55 Second				60 Wall			One Steuart								Market			111 Sutter
		Total			Avenue			Street				Street (1)			Lane				Other (2)				Center			Street
Total revenues		$	46,183		$	12,386		$	6,382			$	-		$	13,358		(3)	$	3,827			$	7,178		$	3,052
Total operating expenses			57,776			1,308			3,373				166			44,092		(3)(4)		1,572				6,788			477
Net operating (loss) income (5)			(11,593	)		11,078			3,009				(166	)		(30,734	)			2,255				390			2,575
Depreciation and amortization			(8,290	)		(1,768	)		(918	)			-			-				(1,077	)			(2,840	)		(1,687	)
Interest and other income, net			1,836			219			213				1,191			172				12				17			12
Interest and debt expense			(17,505	)		(407	)		(1,856	)			-			-				(1,074	)			(11,213	)		(2,955	)
Real estate impairment loss			(87,160	)		-			(87,160	)			-			-				-				-			-
Net (loss) income		$	(122,712	)	$	9,122		$	(86,712	)		$	1,025		$	(30,562	)		$	116			$	(13,646	)	$	(2,055	)


PGRE's share
Ownership		Total			50.0%			44.1%				5.0%			35.0%				Various				67.0%			49.0%
	Net (loss) income	$	(44,427	)	$	4,561		$	(29,180	)	(6)	$	51		$	(10,696	)		$	991			$	(9,146	)	$	(1,008	)
	Step-up basis adjustment		(5,427	)		-			(451	)			-			(53	)			(4,923	)			-			-
	Adjustments to equity in earnings of unconsolidated joint ventures		5,593			(4,561	)		-				-			-				-				9,146			1,008
	PGRE's share of net (loss) income		(44,261	)		-			(29,631	)			51			(10,749	)			(3,932	)			-			-
	Real estate depreciation and amortization		1,418			884			406				-			-				128				-			-
	Real estate impairment loss		33,733			-			29,818		(6)		-			-				3,915		(7)		-			-
	FFO (5)		(9,110	)		884			593				51			(10,749	)			111				-			-
	RDF's share of an impairment loss related to residential condominium units at One Steuart Lane		11,328			-			-				-			11,328				-				-			-
	Adjustments to equity in earnings of unconsolidated joint ventures		4,561			4,561			-				-			-				-				-			-
	FFO attributable to One Steuart Lane		(579	)		-			-				-			(579	)			-				-			-
	Core FFO (5)	$	6,200		$	5,445		$	593			$	51		$	-			$	111			$	-		$	-

(1)

This property is “out-of-service” for redevelopment.

(2)

Represents 1600 Broadway and Oder-Center, Germany.

(3)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(4)

Includes a $32,366 non-cash impairment loss related to condominium units, of which RDF’s share was $11,328.

(5)

See page 54 for our definition of this measure.

(6)

The joint venture that owns 55 Second Street recognized an $87,160 non-cash real estate impairment loss, of which our 44.1% share was $38,429. Given that our share of the real estate impairment loss together with our share of operating and other losses recognized in the three months ended December 31, 2024 brought the basis of our investment in the joint venture below zero, in accordance with GAAP, we were limited to recognizing $29,818 of the real estate impairment loss.

(7)

Represents a non-cash real estate impairment loss related to Oder-Center, Germany.

- 29 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended December 31, 2023
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market				111 Sutter
		Total			Avenue			Street			Street (1)			Lane				Other (2)			Center				Street
Total revenues		$	41,056		$	12,435		$	7,705		$	-		$	3,752		(3)	$	3,890		$	9,350			$	3,924
Total operating expenses			27,787			7,296			3,546			230			6,325		(3)		1,201			7,253				1,936
Net operating income (loss) (4)			13,269			5,139			4,159			(230	)		(2,573	)			2,689			2,097				1,988
Depreciation and amortization			(15,386	)		(3,130	)		(3,982	)		-			-				(1,076	)		(4,876	)			(2,322	)
Interest and other income (loss), net			809			233			217			(3	)		95				8			256				3
Interest and debt expense			(20,229	)		(2,702	)		(1,856	)		(7,835	)		-				(1,078	)		(3,636	)			(3,122	)
Real estate impairment loss			(461,151	)		-			(119,279	)		-			-				-			(341,872	)			-
Net (loss) income		$	(482,688	)	$	(460	)	$	(120,741	)	$	(8,068	)	$	(2,478	)		$	543		$	(348,031	)		$	(3,453	)



PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%				49.0%
	Net (loss) income	$	(209,406	)	$	(230	)	$	(53,234	)	$	(404	)	$	(867	)		$	53		$	(153,032	)	(5)	$	(1,692	)
	Step-up basis adjustment		(80	)		-			(4	)		-			(49	)			(27	)		-				-
	Adjustments to equity in earnings of unconsolidated joint ventures		2,326			230			-			404			-				-			-				1,692
	PGRE's share of net (loss) income		(207,160	)		-			(53,238	)		-			(916	)			26			(153,032	)			-
	Real estate depreciation and amortization		7,857			1,565			1,760			-			-				127			3,267				1,138
	Real estate impairment loss		201,496			-			52,590			-			-				-			148,906		(5)		-
	FFO (4)		2,193			1,565			1,112			-			(916	)			153			(859	)			1,138
	Adjustments to equity in earnings of unconsolidated joint ventures		(2,326	)		(230	)		-			(404	)		-				-			-				(1,692	)
	FFO attributable to One Steuart Lane		916			-			-			-			916				-			-				-
	Adjustments for non-core assets		1,413			-			-			-			-				-			859				554
	Other non-core items		393			-			-			393			-				-			-				-
	Core FFO (4)	$	2,589		$	1,335		$	1,112		$	(11	)	$	-			$	153		$	-			$	-

(1)

This property is “out-of-service” for redevelopment.

(2)

Represents 1600 Broadway and Oder-Center, Germany.

(3)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(4)

See page 54 for our definition of this measure.

(5)

The joint venture that owns Market Center recognized a $341,872 non-cash real estate impairment loss, of which our 67.0% share was $229,054. Given that our share of the real estate impairment loss together with our share of operating and other losses recognized in the three months ended December 31, 2023 brought the basis of our investment in the joint venture below zero, in accordance with GAAP, we were limited to recognizing $148,906 of the real estate impairment loss.

- 30 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Year Ended December 31, 2024
																							Non-Core Assets
					712 Fifth			55 Second				60 Wall			One Steuart								Market			111 Sutter
		Total			Avenue			Street				Street (1)			Lane				Other (2)				Center			Street
Total revenues		$	173,172		$	50,281		$	30,676			$	-		$	30,996		(3)	$	15,291			$	31,974		$	13,954
Total operating expenses			138,121			19,360			13,844				381			64,503		(3)(4)		6,823				26,205			7,005
Net operating income (loss) (5)			35,051			30,921			16,832				(381	)		(33,507	)			8,468				5,769			6,949
Depreciation and amortization			(46,522	)		(11,929	)		(11,262	)			-			-				(4,304	)			(11,632	)		(7,395	)
Interest and other income, net			6,187			807			917				3,570			658				54				127			54
Interest and debt expense			(62,234	)		(8,456	)		(7,426	)			(5,255	)		-				(4,305	)			(24,400	)		(12,392	)
Real estate impairment loss			(87,160	)		-			(87,160	)			-			-				-				-			-
Gain on settlement of interest rate swap			2,498			-			-				-			-				-				2,498			-
(Loss) income before income taxes			(152,180	)		11,343			(88,099	)			(2,066	)		(32,849	)			(87	)			(27,638	)		(12,784	)
Income tax expense			(26	)		(1	)		(8	)			(2	)		(3	)			(4	)			(5	)		(3	)
Net (loss) income		$	(152,206	)	$	11,342		$	(88,107	)		$	(2,068	)	$	(32,852	)		$	(91	)		$	(27,643	)	$	(12,787	)


PGRE's share
Ownership		Total			50.0%			44.1%				5.0%			35.0%				Various				67.0%			49.0%
	Net (loss) income	$	(59,522	)	$	5,671		$	(29,763	)	(6)	$	(101	)	$	(11,498	)		$	967			$	(18,532	)	$	(6,266	)
	Step-up basis adjustment		(5,540	)		-			(458	)			-			(79	)			(5,003	)			-			-
	Adjustments to equity in earnings of unconsolidated joint ventures		17,703			(5,671	)		-				(1,424	)		-				-				18,532			6,266
	PGRE's share of net loss		(47,359	)		-			(30,221	)			(1,525	)		(11,577	)			(4,036	)			-			-
	Real estate depreciation and amortization		11,444			5,965			4,974				-			-				505				-			-
	Real estate impairment loss		33,733			-			29,818		(6)		-			-				3,915		(7)		-			-
	FFO (5)		(2,182	)		5,965			4,571				(1,525	)		(11,577	)			384				-			-
	RDF's share of an impairment loss related to residential condominium units at One Steuart Lane		11,328			-			-				-			11,328				-				-			-
	Adjustments to equity in earnings of unconsolidated joint ventures		7,095			5,671			-				1,424			-				-				-			-
	FFO attributable to One Steuart Lane		249			-			-				-			249				-				-			-
	Other non-core items		263			-			-				263			-				-				-			-
	Core FFO (5)	$	16,753		$	11,636		$	4,571			$	162		$	-			$	384			$	-		$	-

(1)

This property is “out-of-service” for redevelopment.

(2)

Represents 1600 Broadway and Oder-Center, Germany.

(3)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(4)

Includes a $32,366 non-cash impairment loss related to condominium units, of which RDF’s share was $11,328.

(5)

See page 54 for our definition of this measure.

(6)

(7)

Represents a non-cash real estate impairment loss related to Oder-Center, Germany.

- 31 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Year Ended December 31, 2023
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market				111 Sutter
		Total			Avenue			Street			Street (1)			Lane				Other (2)			Center				Street
Total revenues		$	166,783		$	48,931		$	31,528		$	-		$	6,703		(3)	$	16,074		$	50,184			$	13,363
Total operating expenses			169,826			24,535			14,143			497			86,409		(3)(4)		7,027			29,225				7,990
Net operating (loss) income (5)			(3,043	)		24,396			17,385			(497	)		(79,706	)			9,047			20,959				5,373
Depreciation and amortization			(67,727	)		(11,761	)		(16,148	)		-			(43	)			(4,200	)		(26,681	)			(8,894	)
Interest and other income (loss), net			3,035			940			687			(11	)		200				30			1,157				32
Interest and debt expense			(73,485	)		(10,722	)		(7,426	)		(20,310	)		(4,792	)			(4,173	)		(14,239	)			(11,823	)
Real estate impairment loss			(917,044	)		-			(119,279	)		(455,893	)		-				-			(341,872	)			-
(Loss) income before income taxes			(1,058,264	)		2,853			(124,781	)		(476,711	)		(84,341	)			704			(360,676	)			(15,312	)
Income tax expense			(32	)		-			(20	)		-			(2	)			(4	)		(3	)			(3	)
Net (loss) income		$	(1,058,296	)	$	2,853		$	(124,801	)	$	(476,711	)	$	(84,343	)		$	700		$	(360,679	)		$	(15,315	)


PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%				49.0%
	Net (loss) income	$	(274,421	)	$	1,427		$	(55,009	)	$	(23,215	)	$	(28,673	)		$	68		$	(161,514	)	(6)	$	(7,505	)
	Step-up basis adjustment		(2,743	)		-			(9	)		(2,574	)		(54	)			(106	)		-				-
	Adjustments to equity in earnings of unconsolidated joint ventures		6,866			(1,427	)		-			788			-				-			-				7,505
	PGRE's share of net loss		(270,298	)		-			(55,018	)		(25,001	)		(28,727	)			(38	)		(161,514	)			-
	Real estate depreciation and amortization		35,766			5,881			7,129			12			15				494			17,876				4,359
	Real estate impairment loss		226,230			-			52,590			24,734			-				-			148,906		(6)		-
	FFO (5)		(8,302	)		5,881			4,701			(255	)		(28,712	)			456			5,268				4,359
	RDF's share of an impairment loss related to residential condominium units at One Steuart Lane		23,942			-			-			-			23,942				-			-				-
	Adjustments to equity in earnings of unconsolidated joint ventures		(6,866	)		1,427			-			(788	)		-				-			-				(7,505	)
	FFO attributable to One Steuart Lane		4,770			-			-			-			4,770				-			-				-
	Adjustments for non-core assets		(2,122	)		-			-			-			-				-			(5,268	)			3,146
	Other non-core items		1,018			-			-			1,018			-				-			-				-
	Core FFO (5)	$	12,440		$	7,308		$	4,701		$	(25	)	$	-			$	456		$	-			$	-

(1)

This property is “out-of-service” for redevelopment.

(2)

Represents 1600 Broadway and Oder-Center, Germany.

(3)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(4)

Includes a $68,407 non-cash impairment loss related to condominium units, of which RDF’s share was $23,942.

(5)

See page 54 for our definition of this measure.

(6)

- 32 -


		REAL ESTATE RELATED FUNDS – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2024							As of December 31, 2024
		Consolidated Funds
		Total				Residential			Total
		Consolidated Funds		Fund X		Development Fund			Unconsolidated Funds (1)
PGRE Ownership				13.0%		7.4%			Various
Assets:
	Cash and cash equivalents	$	12,236	$	373	$	11,863		$	109,493
	Accounts and other receivables		11		-		11			-
	Real estate related fund investments (2)		-		-		-			247,663
	Investments in unconsolidated joint ventures		76,579		-		76,579	(3)		-
	Other assets		3		3		-			420
Total Assets		$	88,829	$	376	$	88,453		$	357,576

Liabilities:
	Accounts payable and accrued expenses	$	57	$	30	$	27		$	73
	Other liabilities		7		4		3			1
Total Liabilities			64		34		30			74

Equity:
	Paramount Group, Inc. equity		5,891		44		5,847			4,649
	Joint Venture Partners' equity		82,874		298		82,576			352,853
Total Equity			88,765		342		88,423			357,502

Total Liabilities and Equity		$	88,829	$	376	$	88,453		$	357,576

(1)

Represents Paramount Group Real Estate Fund VII, LP (“Fund VII”), Paramount Group Real Estate Fund VII-H, LP (“Fund VII-H”) and Paramount Group Real Estate Fund VIII, LP (“Fund VIII”).

(2)

Primarily represents investments in mezzanine loans.

(3)

Represents Residential Development Fund’s 35.0% ownership interest in One Steuart Lane.

- 33 -


		REAL ESTATE RELATED FUNDS – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2023							As of December 31, 2023
		Consolidated Funds
		Total				Residential			Total
		Consolidated Funds		Fund X		Development Fund			Unconsolidated Funds (1)
PGRE Ownership				13.0%		7.4%			Various
Assets:
	Cash and cash equivalents	$	29,715	$	9,353	$	20,362		$	14,274
	Accounts and other receivables		134		-		134			-
	Real estate related fund investments (2)		775		775		-			335,353
	Investments in unconsolidated joint ventures		89,949		-		89,949	(3)		-
	Other assets		9		9		-			459
Total Assets		$	120,582	$	10,137	$	110,445		$	350,086

Liabilities:
	Accounts payable and accrued expenses	$	90	$	55	$	35		$	88
	Other liabilities		1,019		1,014		5			1
Total Liabilities			1,109		1,069		40			89

Equity:
	Paramount Group, Inc. equity		8,884		1,181		7,703			4,549
	Joint Venture Partners' equity		110,589		7,887		102,702			345,448
Total Equity			119,473		9,068		110,405			349,997

Total Liabilities and Equity		$	120,582	$	10,137	$	110,445		$	350,086

(1)

Represents Fund VII, Fund VII-H and Fund VIII.

(2)

Primarily represents investments in mezzanine loans.

(3)

Represents Residential Development Fund’s 35.0% ownership interest in One Steuart Lane.

- 34 -


		REAL ESTATE RELATED FUNDS – OPERATING RESULTS

(unaudited and in thousands)


												Three Months Ended
		Three Months Ended December 31, 2024										December 31, 2024
		Consolidated Funds
		Total						Residential				Total
		Consolidated Funds			Fund X			Development Fund				Unconsolidated Funds (1)
Net investment (loss) income		$	(36	)	$	(36	)	$	-			$	3,324
Net unrealized gains			-			-			-				2,264
(Loss) income from real estate related fund investments			(36	)		(36	)		-				5,588
Loss from unconsolidated joint ventures			(10,749	)		-			(10,749	)	(2)		-
Interest and other income, net			97			-			97				-
Net (loss) income		$	(10,688	)	$	(36	)	$	(10,652	)		$	5,588


PGRE's share
Ownership		Total			13.0%			7.4%				Total
	Net (loss) income / FFO	$	(804	)	$	(5	)	$	(799	)		$	74
	Impairment loss related to residential condominium units at One Steuart Lane		838			-			838				-
	FFO attributable to One Steuart Lane		(42	)		-			(42	)			-
	Realized and unrealized gains and losses from real estate related fund investments		-			-			-				(32	)
	Core FFO (3)	$	(8	)	$	(5	)	$	(3	)		$	42


Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss / FFO	$	(9,884	)	$	(31	)	$	(9,853	)
	Impairment loss related to residential condominium units at One Steuart Lane		10,490			-			10,490
	FFO attributable to One Steuart Lane		(537	)		-			(537	)
	Core FFO (3)	$	69		$	(31	)	$	100

(1)

Represents Fund VII, Fund VII-H and Fund VIII.

(2)

Includes $11,328 for RDF’s share of a non-cash impairment loss related to residential condominium units at One Steuart Lane, of which our share was $838.

(3)

See page 54 for our definition of this measure.

- 35 -


		REAL ESTATE RELATED FUNDS – OPERATING RESULTS

(unaudited and in thousands)


											Three Months Ended
		Three Months Ended December 31, 2023									December 31, 2023
		Consolidated Funds
		Total						Residential			Total
		Consolidated Funds			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment income		$	1,606		$	1,606		$	-		$	3,161
Net realized losses			(45,670	)		(45,670	)		-			-
Net unrealized (losses) gains			(15,277	)		(15,277	)		-			334
(Loss) income from real estate related fund investments			(59,341	)		(59,341	)		-			3,495
Loss from unconsolidated joint ventures			(916	)		-			(916	)		-
Interest and other income, net			207			-			207			-
Net (loss) income		$	(60,050	)	$	(59,341	)	$	(709	)	$	3,495

PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net (loss) income	$	(7,781	)	$	(7,727	)	$	(54	)	$	45
	Management fee income		114			114			-			-
	PGRE's share of net (loss) income		(7,667	)		(7,613	)		(54	)		45
	Real estate depreciation and amortization		-			-			-			-
	FFO (2)		(7,667	)		(7,613	)		(54	)		45
	FFO attributable to One Steuart Lane		68			-			68			-
	Realized and unrealized gains and losses from real estate related fund investments		7,935			7,935			-			(4	)
	Core FFO (2)	$	336		$	322		$	14		$	41

Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss	$	(52,269	)	$	(51,614	)	$	(655	)
	Management fee expense		(114	)		(114	)		-
	Net loss attributable to joint venture partners		(52,383	)		(51,728	)		(655	)
	Real estate depreciation and amortization		-			-			-
	FFO (2)		(52,383	)		(51,728	)		(655	)
	FFO attributable to One Steuart Lane		848			-			848
	Realized and unrealized gains and losses from real estate related fund investments		53,012			53,012			-
	Core FFO (2)	$	1,477		$	1,284		$	193

(1)

Represents Fund VII, Fund VII-H and Fund VIII.

(2)

See page 54 for our definition of this measure.

- 36 -


		REAL ESTATE RELATED FUNDS – OPERATING RESULTS

(unaudited and in thousands)


												Year Ended
		Year Ended December 31, 2024										December 31, 2024
		Consolidated Funds
		Total						Residential				Total
		Consolidated Funds			Fund X			Development Fund				Unconsolidated Funds (1)
Net investment income		$	647		$	647		$	-			$	18,843
Net unrealized (losses) gains			(775	)		(775	)		-				2,165
(Loss) income from real estate related fund investments			(128	)		(128	)		-				21,008
Loss from unconsolidated joint ventures			(11,577	)		-			(11,577	)	(2)		-
Interest and other income, net			596			-			596				-
Net (loss) income		$	(11,109	)	$	(128	)	$	(10,981	)		$	21,008


PGRE's share
Ownership		Total			13.0%			7.4%				Total
	Net (loss) income / FFO	$	(817	)	$	(4	)	$	(813	)		$	273
	Impairment loss related to residential condominium units at One Steuart Lane		838			-			838				-
	FFO attributable to One Steuart Lane		19			-			19				-
	Realized and unrealized gains and losses from real estate related fund investments		101			101			-				(32	)
	Core FFO (3)	$	141		$	97		$	44			$	241


Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss / FFO	$	(10,292	)	$	(124	)	$	(10,168	)
	Impairment loss related to residential condominium units at One Steuart Lane		10,490			-			10,490
	FFO attributable to One Steuart Lane		230			-			230
	Realized and unrealized gains and losses from real estate related fund investments		674			674			-
	Core FFO (3)	$	1,102		$	550		$	552

(1)

Represents Fund VII, Fund VII-H and Fund VIII.

(2)

Includes $11,328 for RDF’s share of a non-cash impairment loss related to residential condominium units at One Steuart Lane, of which our share was $838.

(3)

See page 54 for our definition of this measure.

- 37 -


		REAL ESTATE RELATED FUNDS – OPERATING RESULTS

(unaudited and in thousands)


												Year Ended
		Year Ended December 31, 2023										December 31, 2023
		Consolidated Funds
		Total						Residential				Total
		Consolidated Funds			Fund X			Development Fund				Unconsolidated Funds (1)
Net investment income		$	11,347		$	11,347		$	-			$	10,273
Net realized losses			(46,894	)		(46,894	)		-				(7	)
Net unrealized losses			(60,828	)		(60,828	)		-				(73,924	)
Loss from real estate related fund investments			(96,375	)		(96,375	)		-				(63,658	)
Loss from unconsolidated joint ventures			(28,727	)		-			(28,727	)	(2)		-
Interest and other income, net			1,022			-			1,022				-
Net loss		$	(124,080	)	$	(96,375	)	$	(27,705	)		$	(63,658	)

PGRE's share
Ownership		Total			13.0%			7.4%				Total
	Net loss	$	(15,243	)	$	(12,549	)	$	(2,694	)		$	(822	)
	Management fee income		958			958			-				-
	PGRE's share of net loss		(14,285	)		(11,591	)		(2,694	)			(822	)
	Real estate depreciation and amortization		1			-			1				-
	FFO (3)		(14,284	)		(11,591	)		(2,693	)			(822	)
	Impairment loss related to residential condominium units at One Steuart Lane		1,772			-			1,772				-
	FFO attributable to One Steuart Lane		353			-			353				-
	Realized and unrealized gains and losses from real estate related fund investments		14,025			14,025			-				953
	Core FFO (3)	$	1,866		$	2,434		$	(568	)		$	131

Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss	$	(108,837	)	$	(83,826	)	$	(25,011	)
	Management fee expense		(958	)		(958	)		-
	Net loss attributable to joint venture partners		(109,795	)		(84,784	)		(25,011	)
	Real estate depreciation and amortization		14			-			14
	FFO (3)		(109,781	)		(84,784	)		(24,997	)
	Impairment loss related to residential condominium units at One Steuart Lane		22,170			-			22,170
	FFO attributable to One Steuart Lane		4,417			-			4,417
	Realized and unrealized gains and losses from real estate related fund investments		93,697			93,697			-
	Core FFO (3)	$	10,503		$	8,913		$	1,590

(1)

Represents Fund VII, Fund VII-H and Fund VIII.

(2)

Includes $23,942 for RDF’s share of a non-cash impairment loss related to residential condominium units at One Steuart Lane, of which our share was $1,772.

(3)

See page 54 for our definition of this measure.

- 38 -


		CAPITAL STRUCTURE

(unaudited and in thousands, except share, unit and per share amounts)


				As of December 31, 2024
Debt (1):				At 100%		At PGRE's Share (2)			Excluding Non-Core Debt (3)
	Notes and mortgages payable (secured debt):
	Consolidated debt			$	3,692,050	$	2,973,680		$	2,973,680
	Unconsolidated joint ventures debt				1,207,347		273,269			273,269
	Non-core unconsolidated joint ventures debt				585,733		361,987			-
	Revolving Credit Facility (unsecured debt)				-		-			-
	Total debt			$	5,485,130		3,608,936	(A)		3,246,949	(A)



		Shares / Units		Share Price as of
Equity:		Outstanding		December 31, 2024
	Common stock		217,527,797	$	4.94		1,074,587			1,074,587
	Operating Partnership units		20,057,699		4.94		99,085			99,085
	Total equity		237,585,496		4.94		1,173,672			1,173,672


Total Market Capitalization						$	4,782,608		$	4,420,621

PGRE's share of cash and cash equivalents and restricted cash (2)						$	474,004	(B)	$	461,383	(B)

PGRE's share of net debt (2) (A - B)						$	3,134,932		$	2,785,566

PGRE's share of Net Debt to Annualized Adjusted EBITDAre (2)						9.6x			8.5x

(1)

Represents contractual amounts due pursuant to the respective debt agreements.

(2)

See page 54 for our definition of this measure.

(3)

Excludes Market Center and 111 Sutter Street.

- 39 -


		DEBT ANALYSIS

(unaudited)

      Revolving Credit Facility Covenants (4):

     Required

    Actual

    Debt Composition (at PGRE's Share)

     
    Total Debt / Total Assets

     Less than 60%

    47.3%

    Weighted Average

     
    Secured Debt / Total Assets

     Less than 50%

    47.3%

    Interest Rate

    Years to Maturity

     
    Fixed Charge Coverage

     Greater than 1.5x

    2.18x

    Including Non-Core Debt:

     
    Unsecured Debt / Unencumbered Assets

     Less than 60%

    0.0%

    Fixed Rate Debt

    3.51%

    3.3

     
    Unencumbered Interest Coverage

     Greater than 1.75x

    43.07x

    Floating Rate Debt

    6.28%

    1.2

     
    Total

    4.46%

    2.6

     
    Excluding Non-Core Debt (2):

     
    Fixed Rate Debt

    3.51%

    3.3

     
    Floating Rate Debt

    6.28%

    1.7

     
    Total

    4.26%

    2.9

(1)

See page 54 for our definition of this measure.

(2)

Excludes Market Center and 111 Sutter Street.

(3)

Includes an $860 million loan that bears interest at a rate of SOFR plus 277 basis points, where SOFR has been capped at 3.50% through August 2025.

(4)

This section presents ratios as of December 31, 2024 in accordance with the terms of our revolving credit facility agreement, which has been filed with the SEC. On January 17, 2025, we entered into a consent agreement with the lenders of our revolving credit facility to permit the disposition of a 45.0% equity interest in 900 Third Avenue. In connection therewith, we reduced the aggregate commitments under the credit facility to $450 million and modified our credit facility to, among other things, (i) reduce the aggregate unencumbered asset value of all unencumbered eligible properties from $900 million to $500 million, (ii) increase the secured leverage ratio as of the last day of any relevant fiscal quarter from 50% to 60%, and (iii) limit borrowings under the credit facility to $200 million, through June 30, 2025. We are not presenting these ratios and the related calculations for any other purpose or for any other period, and are not intending for these measures to otherwise provide information to investors about our financial condition or results of operations. Investors should not rely on these measures other than for purposes of considering our compliance with the revolving credit facility.

- 40 -


		DEBT MATURITIES

(unaudited and in thousands)


		Paramount			PGRE's Share of Debt
Notes and mortgages payable (secured)		Ownership			2025				2026			2027			2028			2029			Thereafter			Total			Rate
Consolidated Debt:
	31 West 52nd Street ($500,000)		100.0	%	$	-			$	500,000		$	-		$	-		$	-		$	-		$	500,000			3.80	%
	1301 Avenue of the Americas ($860,000)		100.0	%		-				860,000			-			-			-			-			860,000			6.27	%	(1)
	300 Mission Street ($232,050)		31.1	%		-				72,168			-			-			-			-			72,168			4.50	%
	One Market Plaza ($850,000)		49.0	%		-				-			416,500			-			-			-			416,500			4.08	%
	1633 Broadway ($1,250,000)		90.0	%		-				-			-			-			1,125,012			-			1,125,012			2.99	%

Unconsolidated JV Debt:
	55 Second Street ($187,500)		44.1	%		-				82,669			-			-			-			-			82,669			3.88	%
	712 Fifth Avenue ($300,000)		50.0	%		-				-			150,000			-			-			-			150,000			3.39	%
	Oder-Center, Germany ($9,558)		9.5	%		-				-			-			908			-			-			908			4.94	%
	60 Wall Street ($612,289)		5.0	%		-				-			-			-			30,676			-			30,676			9.26	%	(2)
	1600 Broadway ($98,000)		9.2	%		-				-			-			-			-			9,016			9,016			3.45	%

Non-Core Unconsolidated JV Debt:
	111 Sutter Street ($169,189)		49.0	%		82,903				-			-			-			-			-			82,903			6.71	%	(3)
	Market Center ($416,544)		67.0	%		279,084		(4)		-			-			-			-			-			279,084			6.17	%

Revolving Credit Facility (unsecured)			100.0	%		-				-			-			-			-			-			-			-	%

PGRE's Share of Total Debt (5)					$	361,987			$	1,514,837		$	566,500		$	908		$	1,155,688		$	9,016		$	3,608,936
	Weighted average rate					6.29	%			5.24	%		3.90	%		4.94	%		3.16	%		3.45	%		4.46	%
	% of debt maturing					10.0	%			42.0	%		15.7	%		0.0	%		32.0	%		0.3	%		100.0	%

PGRE's Share of Total Debt Excluding Non-Core Assets					$	-			$	1,514,837		$	566,500		$	908		$	1,155,688		$	9,016		$	3,246,949
	Weighted average rate					-	%			5.24	%		3.90	%		4.94	%		3.16	%		3.45	%		4.26	%
	% of debt maturing					-	%			46.7	%		17.4	%		0.0	%		35.6	%		0.3	%		100.0	%

(1)

This loan bears interest at a rate of SOFR plus 277 basis points, where SOFR has been capped at 3.50% through August 2025.

(2)

Consists of (i) a $16,321 A-Note that bears interest at SOFR plus 245 basis points, of which 4.00% is current and the remaining interest will be accrued and (ii) a $14,355 B-Note that will accrue interest at a fixed rate of 12.00%.

(3)

This loan bears interest at a rate of SOFR plus 215 basis points.

(4)

This loan matured in January 2025 and was not repaid at maturity. The joint venture is currently working with the lenders to sell the property.

(5)

See page 54 for our definition of this measure.

- 41 -


		PORTFOLIO SUMMARY – TOTAL

(unaudited and in thousands, except square feet and per square foot amounts)


								Annualized Rent (1)				Square Feet
		%			%					Per		In		Out-of-
		Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total
Total Portfolio
	Weighted average		81.6	%		80.0	%	$	835,447	$	93.15		11,334,036		1,643,651		12,977,687
	PGRE's share		82.0	%		80.1	%	$	628,764	$	89.32		8,923,503		82,347		9,005,850

Non-Same Store Portfolio (3)
	Weighted average		46.9	%		46.3	%	$	41,178	$	86.63		1,026,630		1,643,651		2,670,281
	PGRE's share		46.6	%		45.9	%	$	25,365	$	86.47		638,116		82,347		720,463

Same Store Portfolio
	Weighted average		85.0	%		83.3	%	$	794,269	$	93.52		10,307,406		-		10,307,406
	PGRE's share		84.8	%		82.8	%	$	603,399	$	89.45		8,285,388		-		8,285,388


	Leased % (1) (at PGRE's Share)
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Total Portfolio
New York		85.0	%		85.0	%		86.9	%		90.1	%		90.2	%
San Francisco		74.0	%		74.2	%		74.9	%		76.8	%		80.8	%
Weighted Average		82.0	%		82.0	%		83.6	%		86.5	%		87.7	%

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

Includes (i) 60 Wall Street in our New York portfolio, which is “out-of-service” for redevelopment and (ii) Market Center and 111 Sutter Street in our San Francisco portfolio.

- 42 -


		PORTFOLIO SUMMARY – NEW YORK

(unaudited and in thousands, except square feet and per square foot amounts)


											Annualized Rent (1)				Square Feet
		Paramount			%			%					Per		In		Out-of-
Property		Ownership			Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total		Key Tenants
1633 Broadway
	Office		90.0	%		91.7	%		91.7	%	$	177,472	$	85.42		2,275,229		-		2,275,229	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		100.0	%		97.9	%		12,835		67.19		255,758		-		255,758	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung,
																					La Pecora Bianca, Rosetta Bakery
			90.0	%		92.6	%		92.4	%		190,307		84.90		2,530,987		-		2,530,987
1301 Avenue of the Americas
	Office		100.0	%		85.5	%		81.0	%		118,324		87.03		1,698,478		-		1,698,478	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff, Citizens Bank,
																					O'Melveny & Myers
	Retail / Paramount Club		100.0	%		100.0	%		100.0	%		4,544		187.04		50,885		-		50,885	Ocean Prime, Starbucks, Citizens Bank
			100.0	%		85.9	%		81.5	%		122,868		88.34		1,749,363		-		1,749,363
1325 Avenue of the Americas
	Office		100.0	%		94.4	%		85.3	%		45,832		68.18		809,383		-		809,383	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore,
																					Major League Baseball Players Association
	Retail		100.0	%		100.0	%		100.0	%		1,467		95.79		14,998		-		14,998	La Grande Boucherie
			100.0	%		94.5	%		85.6	%		47,299		68.64		824,381		-		824,381
31 West 52nd Street
	Office		100.0	%		65.8	%		65.8	%		45,765		93.04		747,767		-		747,767	Pillsbury Winthrop Shaw Pittman, Centerview Partners,
																					Bracewell, Providence Equity Partners, Wilson Sonsini
	Retail		100.0	%		89.1	%		89.1	%		4,911		124.22		25,345		-		25,345	Fogo De Chao, MoMA Design Store
			100.0	%		66.6	%		66.6	%		50,676		94.40		773,112		-		773,112
900 Third Avenue (3)
	Office		100.0	%		68.6	%		68.6	%		28,150		71.67		575,132		-		575,132	Shiseido, Tannenbaum Helpern Syracuse & Hirschtritt,
																					Littler Mendelson
	Retail		100.0	%		81.7	%		81.7	%		1,398		101.86		16,144		-		16,144	Bank of America, F45 Training
			100.0	%		68.9	%		68.9	%		29,548		72.65		591,276		-		591,276
712 Fifth Avenue
	Office		50.0	%		84.1	%		81.3	%		44,584		122.42		447,925		-		447,925	CVC Advisors, abrdn, OMI Management,
																					Riverstone Holdings, Pictet Asset Management
	Retail		50.0	%		22.6	%		22.6	%		8,211		455.10		79,463		-		79,463	Harry Winston
			50.0	%		74.9	%		72.5	%		52,795		138.03		527,388		-		527,388
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		10,929		324.53		25,693		-		25,693	M&M's World
60 Wall Street (4)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,643,651		1,643,651

	New York:
	Weighted average					85.0	%		82.6	%	$	504,422	$	88.54		7,022,200		1,643,651		8,665,851
	PGRE's share					85.0	%		82.6	%	$	449,072	$	85.75		6,482,104		82,347		6,564,451

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

We sold a 45.0% equity interest in 900 Third Avenue on January 17, 2025.

(4)

This property is “out-of-service” for redevelopment.

- 43 -


		PORTFOLIO SUMMARY – SAN FRANCISCO

(unaudited and in thousands, except square feet and per square foot amounts)


											Annualized Rent (1)				Square Feet
		Paramount			%			%					Per		In		Out-of-
Property		Ownership			Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total		Key Tenants
One Market Plaza
	Office		49.0	%		91.1	%		90.7	%	$	159,243	$	113.26		1,554,625		-		1,554,625	Visa, The Capital Group, Autodesk,
																					Citigroup, Duane Morris, Thoma Bravo,
																					PJT Partners, Google, Morgan Lewis & Bockius
	Retail		49.0	%		60.5	%		60.5	%		4,414		79.66		53,874		-		53,874	STK Steak House, One Market Restaurant
			49.0	%		90.1	%		89.6	%		163,657		112.55		1,608,499		-		1,608,499
300 Mission Street
	Office		31.1	%		80.8	%		80.8	%		49,412		101.24		604,837		-		604,837	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		3,372		75.54		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		52,784		99.15		654,009		-		654,009
One Front Street
	Office		100.0	%		76.0	%		76.0	%		44,235		92.17		632,049		-		632,049	JPMorgan Chase, JLL, Cigna, Eastdil Secured
	Retail		100.0	%		89.0	%		89.0	%		1,109		91.97		13,232		-		13,232	JPMorgan Chase
			100.0	%		76.3	%		76.3	%		45,344		92.16		645,281		-		645,281
55 Second Street
	Office		44.1	%		85.4	%		85.4	%		27,133		86.03		369,935		-		369,935	KPMG, Intercom, Rippling, UKG,
																					Alston & Bird
	Retail		44.1	%		100.0	%		100.0	%		929		113.17		7,482		-		7,482	Sutter West Bay Medical, Bluestone Lane
			44.1	%		85.7	%		85.7	%		28,062		86.66		377,417		-		377,417
Market Center (3)
	Office		67.0	%		45.7	%		44.9	%		28,671		85.86		744,432		-		744,432	Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Waymo
	Retail		67.0	%		0.6	%		0.6	%		151		-		5,940		-		5,940
			67.0	%		45.4	%		44.6	%		28,822		85.86		750,372		-		750,372
111 Sutter Street (3)
	Office		49.0	%		47.8	%		47.8	%		10,784		92.28		247,103		-		247,103	Turo, Natural Resources Defense Council
	Retail		49.0	%		77.8	%		77.8	%		1,572		68.94		29,155		-		29,155	24 Hour Fitness
			49.0	%		50.9	%		50.9	%		12,356		88.47		276,258		-		276,258

	San Francisco:
	Weighted average					76.0	%		75.7	%	$	331,025	$	100.94		4,311,836		-		4,311,836
	PGRE's share					74.0	%		73.7	%	$	179,692	$	99.43		2,441,399		-		2,441,399

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

These assets have been designated as “non-core”.

- 44 -


		TOP TENANTS AND INDUSTRY DIVERSIFICATION

(unaudited and in thousands, except square feet and per square foot amounts)


							PGRE's Share of
				Total			Total			Annualized Rent (1)				% of
Top 10 Tenants:			Lease	Square Feet			Square Feet					Per Square		Annualized
As of December 31, 2024		Property	Expiration	Occupied (2)			Occupied (2)			Amount		Foot (2)		Rent
	JPMorgan Chase	One Front Street	Jun-2025		219,180			219,180		$	18,990	$	86.30		3.0	%
			Jun-2027		18,148			18,148			1,678		92.46		0.3	%
			Dec-2029		81,525			81,525			8,606		105.56		1.3	%
			Dec-2030		25,157			25,157			2,451		96.87		0.4	%
					344,010			344,010			31,725		91.96		5.0	%
	Norton Rose Fulbright	1301 Avenue of the Americas	Mar-2032		111,589			111,589			10,317		92.46		1.7	%
			Sep-2034		179,286			179,286			19,115		102.19		3.0	%
					290,875			290,875			29,432		98.46		4.7	%
	Allianz	1633 Broadway	Jan-2031		320,911			288,823			29,274		101.36		4.7	%
	Wilson Sonsini	1301 Avenue of the Americas	Aug-2025		61,048			61,048			6,320		103.53		1.0	%
		One Market Plaza	Oct-2032		84,224			41,270			5,009		121.37		0.8	%
		31 West 52nd Street	Mar-2041		132,207			132,207			10,709		81.00		1.7	%
					277,479			234,525			22,038		93.97		3.5	%
	Morgan Stanley	1633 Broadway	Mar-2032		260,829			234,749			20,528		87.45		3.3	%
	Warner Music Group	1633 Broadway	Jul-2029		288,250			259,428			20,352		77.42		3.2	%
	Showtime Networks	1633 Broadway	Jan-2026		253,196			227,879			17,877		76.73		2.8	%
	Google	One Market Plaza	Apr-2025		339,833			166,518			16,647		99.53		2.6	%
	O'Melveny & Myers	1301 Avenue of the Americas	Feb-2040		160,708	(3)		160,708	(3)		12,908		80.00		2.1	%
	Credit Agricole	1301 Avenue of the Americas	Apr-2035		159,308			159,308			12,181		75.06		1.9	%


		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of December 31, 2024		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,622,488		22.7	%	$	144,926		23.0	%
	Technology and Media		1,415,545		19.8	%		122,978		19.6	%
	Financial Services - Commercial and Investment Banking		1,233,184		17.2	%		107,528		17.1	%
	Financial Services, all others		1,090,572		15.3	%		106,413		16.9	%
	Insurance		400,965		5.6	%		39,687		6.3	%
	Retail		161,019		2.3	%		18,555		3.0	%
	Travel and Leisure		187,429		2.6	%		12,860		2.0	%
	Other Professional Services		117,590		1.6	%		10,750		1.7	%
	Consumer Products		121,732		1.7	%		10,477		1.7	%
	Other		800,567		11.2	%		54,590		8.7	%

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

Excludes 38,014 square feet that is leased through February 2040 but is not currently occupied.

- 45 -


		LEASING ACTIVITY (1)

(unaudited)


	Total	New York	San Francisco

Three Months Ended December 31, 2024

Total square feet leased	108,824 (2)	57,487	51,337 (2)

PGRE's share of total square feet leased:	75,821	54,535	21,286
Initial rent (3)	$ 85.65	$ 75.76	$ 110.98
Weighted average lease term (in years)	11.1	11.7	9.4
Tenant improvements and leasing commissions:
Per square foot	$ 174.31	$ 170.80	$ 183.30
Per square foot per annum	$ 15.74	$ 14.58	$ 19.44
Percentage of initial rent	18.4%	19.2%	17.5%
Rent concessions:
Average free rent period (in months)	12.5	14.3	8.0
Average free rent period per annum (in months)	1.1	1.2	0.9

Second generation space: (3)
Square feet	75,821	54,535	21,286
Cash basis:
Initial rent (3)	$ 85.65	$ 75.76	$ 110.98
Prior escalated rent (3)	$ 96.30	$ 91.74	$ 107.98
Percentage (decrease) increase	(11.1%)	(17.4%)	2.8%
GAAP basis:
Straight-line rent	$ 83.22	$ 71.00	$ 144.53
Prior straight-line rent	$ 89.72	$ 86.38	$ 98.26
Percentage (decrease) increase	(7.2%)	(17.8%)	16.6%

(1)

The leasing statistics, except for square feet leased, represent office space only.

(2)

Includes an aggregate of 10,339 square feet leased at Market Center which has been designated as a “non-core” asset and accordingly excluded from the statistics presented in the table below.

(3)

See page 54 for our definition of this measure.

- 46 -


		LEASING ACTIVITY (1)

(unaudited)


	Total	New York	San Francisco

Year Ended December 31, 2024

Total square feet leased	763,449 (2)	424,723	338,726 (2)

PGRE's share of total square feet leased:	519,961	377,136	142,825
Initial rent (3)	$ 76.50	$ 74.23	$ 82.48
Weighted average lease term (in years)	8.6	10.6	3.5
Tenant improvements and leasing commissions:
Per square foot	$ 102.61	$ 128.04	$ 35.45
Per square foot per annum	$ 11.90	$ 12.10	$ 10.26
Percentage of initial rent	15.6%	16.3%	12.4%
Rent concessions:
Average free rent period (in months)	7.1	8.8	2.5
Average free rent period per annum (in months)	0.8	0.8	0.7

Second generation space: (3)
Square feet	365,978	223,153	142,825
Cash basis:
Initial rent (3)	$ 76.59	$ 72.82	$ 82.48
Prior escalated rent (3)	$ 81.90	$ 78.21	$ 87.66
Percentage decrease	(6.5%)	(6.9%)	(5.9%)
GAAP basis:
Straight-line rent	$ 74.33	$ 69.78	$ 81.45
Prior straight-line rent	$ 80.98	$ 75.82	$ 89.04
Percentage decrease	(8.2%)	(8.0%)	(8.5%)

(1)

The leasing statistics, except for square feet leased, represent office space only.

(2)

Includes an aggregate of 98,685 square feet leased at Market Center and 111 Sutter Street, which have been designated as “non-core” assets and accordingly excluded from the statistics presented in the table below.

(3)

See page 54 for our definition of this measure.

- 47 -


		LEASE EXPIRATIONS – TOTAL PORTFOLIO

(unaudited and in thousands, except square feet and per square foot amounts)


			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			7,065		5,247	$	637	$	117.49		0.1	%

	1Q 2025			82,402		61,624		5,320		86.74		0.8	%
	2Q 2025			465,588		264,773		26,008		98.05		4.1	%
	3Q 2025			335,806		330,714		29,593		89.42		4.6	%
	4Q 2025			360,127		206,342		19,764		95.74		3.1	%
	Total 2025			1,243,923		863,453		80,685		93.38		12.6	%
	2026			1,514,975		1,015,013		91,693		87.93		14.3	%
		2027		344,183		264,404		24,660		92.95		3.9	%
		2028		411,395		309,240		25,810		83.47		4.0	%
		2029		587,671		497,105		41,056		86.74		6.4	%
	Thereafter			5,137,427		4,366,077		376,640		88.83		58.7	%

Total portfolio excluding non-core assets (4):

			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			5,563		4,365	$	574	$	117.49		0.1	%

	1Q 2025			64,242		51,388		4,274		83.17		0.7	%
	2Q 2025			463,740		263,535		25,915		98.16		4.2	%
	3Q 2025			335,786		330,701		29,584		89.42		4.8	%
	4Q 2025			360,127		206,342		19,764		95.74		3.2	%
	Total 2025			1,223,895		851,966		79,537		93.27		12.9	%
	2026			1,422,120		955,136		86,006		87.53		13.9	%
		2027		284,752		231,673		21,249		91.36		3.5	%
		2028		217,633		184,194		15,693		85.20		2.5	%
		2029		548,704		475,904		39,219		86.76		6.4	%
	Thereafter			5,062,649		4,320,144		373,245		89.00		60.7	%

(1)

See page 54 for our definition of this measure.

(2)

Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

(3)

Represents office and retail space only.

(4)

“Non-core” assets consist of Market Center and 111 Sutter Street.

- 48 -


		LEASE EXPIRATIONS – NEW YORK

(unaudited and in thousands, except square feet and per square foot amounts)


			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			2,596		2,421	$	390	$	-		0.1	%

	1Q 2025			34,318		23,408		1,787		76.35		0.4	%
	2Q 2025			91,521		81,149		7,344		90.39		1.5	%
	3Q 2025			103,592		98,744		9,494		96.15		2.1	%
	4Q 2025			161,710		130,079		12,484		95.88		2.7	%
	Total 2025			391,141		333,380		31,109		93.25		6.7	%
	2026			659,627		608,663		50,379		78.66		10.9	%
		2027		187,349		168,997		14,798		87.05		3.2	%
		2028		118,584		98,024		7,551		76.71		1.6	%
		2029		500,195		451,187		36,133		84.52		7.8	%
	Thereafter			4,108,166		3,850,018		321,105		86.15		69.7	%

(1)

See page 54 for our definition of this measure.

(2)

Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

(3)

Represents office and retail space only.

- 49 -


		LEASE EXPIRATIONS – SAN FRANCISCO

(unaudited and in thousands, except square feet and per square foot amounts)


			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			4,469		2,826	$	247	$	117.49		0.1	%

	1Q 2025			48,084		38,216		3,533		93.17		2.0	%
	2Q 2025			374,067		183,624		18,664		101.47		10.4	%
	3Q 2025			232,214		231,970		20,099		86.55		11.2	%
	4Q 2025			198,417		76,263		7,280		95.49		4.1	%
	Total 2025			852,782		530,073		49,576		93.46		27.7	%
	2026			855,348		406,350		41,314		101.67		23.0	%
		2027		156,834		95,407		9,862		103.24		5.5	%
		2028		292,811		211,216		18,259		86.61		10.2	%
		2029		87,476		45,918		4,923		106.58		2.7	%
	Thereafter			1,029,261		516,059		55,535		107.71		30.8	%

San Francisco excluding non-core assets (4):
			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			2,967		1,944	$	184	$	117.49		0.1	%

	1Q 2025			29,924		27,980		2,487		88.87		1.6	%
	2Q 2025			372,219		182,386		18,571		101.65		12.1	%
	3Q 2025			232,194		231,957		20,090		86.55		13.0	%
	4Q 2025			198,417		76,263		7,280		95.49		4.7	%
	Total 2025			832,754		518,586		48,428		93.27		31.4	%
	2026			762,493		346,473		35,627		102.95		23.1	%
		2027		97,403		62,676		6,451		102.78		4.2	%
		2028		99,049		86,170		8,142		94.91		5.3	%
		2029		48,509		24,717		3,086		123.98		2.0	%
	Thereafter			954,483		470,126		52,140		111.01		33.9	%

(1)

See page 54 for our definition of this measure.

(2)

Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

(3)

Represents office and retail space only.

(4)

“Non-core” assets consist of Market Center and 111 Sutter Street.

- 50 -


		CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)


	Three Months Ended December 31, 2024
	Total (1)			New York			San Francisco (1)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	15,498		$	12,667		$	2,793		$	38
Second generation tenant improvements		12,083			10,526			1,557			-
Second generation leasing commissions		2,702			2,418			284			-
Total Capital Expenditures		30,283			25,611			4,634			38
Amounts attributable to noncontrolling interests in consolidated joint ventures		(1,906	)		(118	)		(1,788	)		-
PGRE's share of Total Capital Expenditures	$	28,377		$	25,493		$	2,846		$	38

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Other	$	1,322		$	1,322		$	-		$	-
Total Redevelopment Expenditures		1,322			1,322			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	1,322		$	1,322		$	-		$	-



	Three Months Ended December 31, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	15,347		$	12,402		$	2,896		$	49
Second generation tenant improvements		7,301			7,155			146			-
Second generation leasing commissions		6,487			4,352			2,135			-
Total Capital Expenditures		29,135			23,909			5,177			49
Amounts attributable to noncontrolling interests in consolidated joint ventures		(2,528	)		(172	)		(2,356	)		-
PGRE's share of Total Capital Expenditures	$	26,607		$	23,737		$	2,821		$	49

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	13,617		$	13,617		$	-		$	-
Other		87			87			-			-
Total Redevelopment Expenditures		13,704			13,704			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	13,704		$	13,704		$	-		$	-

(1)

Excludes Market Center and 111 Sutter Street.

(2)

See page 54 for our definition of this measure.

- 51 -


		CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)


	Year Ended December 31, 2024
	Total (1)			New York			San Francisco (1)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	48,659		$	38,416		$	10,129		$	114
Second generation tenant improvements		52,902			45,780			7,122			-
Second generation leasing commissions		10,658			9,445			1,213			-
Total Capital Expenditures		112,219			93,641			18,464			114
Amounts attributable to noncontrolling interests in consolidated joint ventures		(8,693	)		(689	)		(8,004	)		-
PGRE's share of Total Capital Expenditures	$	103,526		$	92,952		$	10,460		$	114

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	12,190		$	12,190		$	-		$	-
Other		2,273			2,273			-			-
Total Redevelopment Expenditures		14,463			14,463			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	14,463		$	14,463		$	-		$	-



	Year Ended December 31, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	49,060		$	37,718		$	10,917		$	425
Second generation tenant improvements		32,709			19,781			12,928			-
Second generation leasing commissions		13,616			8,795			4,821			-
Total Capital Expenditures		95,385			66,294			28,666			425
Amounts attributable to noncontrolling interests in consolidated joint ventures		(13,339	)		(1,130	)		(12,209	)		-
PGRE's share of Total Capital Expenditures	$	82,046		$	65,164		$	16,457		$	425

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	27,866		$	27,866		$	-		$	-
Other		983			983			-			-
Total Redevelopment Expenditures		28,849			28,849			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	28,849		$	28,849		$	-		$	-

(1)

Excludes Market Center and 111 Sutter Street.

(2)

See page 54 for our definition of this measure.

- 52 -


		RESEARCH COVERAGE (1)

(1)


Thomas Catherwood	Steve Sakwa	Dylan Burzinski
BTIG	Evercore ISI	Green Street Advisors
(212) 738-6140	(212) 446-9462	(949) 640-8780
[email protected]	[email protected]	[email protected]

Vikram Malhotra	Ronald Kamdem	Blaine Heck
Mizuho Securities USA Inc.	Morgan Stanley	Wells Fargo
(212) 282-3827	(212) 296-8319	(443) 263-6529
[email protected]	[email protected]	[email protected]

Andrew Rosivach
Wolfe Research
(646) 582-9250
[email protected]

(1)

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed above are those analysts that, according to First Call Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by such analysts do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not, by its reference above, imply its endorsement of or concurrence with any information, conclusions or recommendations made by any such analysts.

- 53 -


		DEFINITIONS

We use and present various non-GAAP measures in this Supplemental Operating and Financial Data report. The following section contains definitions of these measures, describes our use of them and provides information regarding why we believe they are meaningful. Other real estate companies may use different methodologies for calculating these measures, and accordingly, our presentation of these measures may not be comparable to other real estate companies. These non-GAAP measures should not be considered a substitute for, and should only be considered together with and as a supplement to, financial information presented in accordance with GAAP. In the first quarter of 2024, we updated our presentation of Core FFO attributable to common stockholders, FAD attributable to common stockholders, Adjusted EBITDAre, NOI and Cash NOI to exclude the impact of Market Center and 111 Sutter Street, which we have designated as “non-core” assets. Accordingly, we have recast the presentation for all prior periods presented to reflect this change.

Funds from Operations (“FFO”) is a supplemental measure of our performance. FFO is presented in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO is not intended to be a measure of cash flow or liquidity. We present FFO attributable to common stockholders which represents the Company’s share of FFO, net of amounts attributable to noncontrolling interests.

Core Funds from Operations (“Core FFO”) is an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate related fund investments, unrealized gains or losses on interest rate swaps, severance costs, gains or losses on early extinguishment of debt and other non-core adjustments, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. Core FFO is not intended to be a measure of cash flow or liquidity. We present Core FFO attributable to common stockholders which represents the Company’s share of Core FFO, net of amounts attributable to noncontrolling interests.

Funds Available for Distribution (“FAD”) is a supplemental measure of our operating performance and is calculated as Core FFO adjusted for (i) capital expenditures to maintain assets, (ii) tenant improvements and leasing commissions incurred for second generation leases, (iii) straight-line rent adjustments, (iv) amortization of above and below-market leases, (v) amortization of stock-based compensation expense and (vi) amortization of deferred financing costs. FAD is commonly used in the real estate industry along with cash flow from operating activities as a measure of the ability to generate cash from operations and the ability to fund cash needs and make distributions to our stockholders. FAD provides information regarding our operating performance that would not otherwise be available and is useful to investors and analysts in assessing our operating performance. Additionally, although FAD is not intended to be a liquidity measure, as it does not make adjustments for the changes in working capital, we believe that FAD may provide investors and analysts with useful supplemental information regarding our ability to generate cash from operations and our ability to make distributions to our stockholders. Furthermore, we believe that FAD is frequently used by investors and analysts in evaluating our performance as a REIT. We present FAD attributable to common stockholders which represents the Company’s share of FAD, net of amounts attributable to noncontrolling interests. FAD payout ratio is calculated by dividing dividends paid on common stock by FAD attributable to common stockholders.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) is a supplemental measure of our operating performance. EBITDAre is presented in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expenses, net gains from sales of depreciated real estate assets and impairment losses on depreciable real estate, including our share of such adjustments of unconsolidated joint ventures. EBITDAre provides information regarding our operating performance that would not otherwise be available and may be useful to an investor in assessing our ability to incur and service debt. EBITDAre should not be considered as an indication of our financial performance or a measure of our cash flow or liquidity. We present PGRE’s share of EBITDAre which represents our share of EBITDAre generated by our consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets.

- 54 -


		DEFINITIONS - CONTINUED

Adjusted EBITDAre is a supplemental measure that is calculated by adjusting EBITDAre to eliminate the impact of the performance of our real estate related funds, unrealized gains or losses on interest rate swaps, transaction related costs, gains or losses on early extinguishment of debt and certain other items that may vary from period to period. Adjusted EBITDAre enhances the comparability of EBITDAre across periods. In future periods, we may also exclude other items from Adjusted EBITDAre that we believe may help investors compare our results. We present PGRE’s share of Adjusted EBITDAre, which represents our share of Adjusted EBITDAre generated by our consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets.

Net Operating Income (“NOI”) is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also use Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. We present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at the property level.

Same Store NOI is used to measure the operating performance of properties in our New York and San Francisco portfolios that were owned by us in a similar manner during both the current period and prior reporting periods, and represents Same Store NOI from consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets. Same Store NOI also excludes lease termination income, impairment of receivables arising from operating leases and certain other items that may vary from period to period. We present Same Store Cash NOI, which excludes the effect of non-cash items such as the straight-line rent adjustments and the amortization of above and below-market leases.

PGRE’s Share of Total Debt represents our share of debt of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We believe that PGRE’s share of total debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes the noncontrolling interests’ share of debt from consolidated joint ventures that is attributable to our partners.

PGRE’s Share of Cash and Cash Equivalents and Restricted Cash represents our share of cash and cash equivalents and restricted cash of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets.

PGRE’s Share of Net Debt is calculated by subtracting PGRE’s share of cash and cash equivalents and restricted cash from PGRE’s Share of Total Debt. PGRE’s share of Net Debt to Annualized Adjusted EBITDAre is calculated by dividing PGRE's share of Net Debt by PGRE's share of Annualized Adjusted EBITDAre.

Annualized Rent represents the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied by 12.

Leased % represents percentage of square feet that is leased, including signed leases not yet commenced.

Same Store Leased % represents percentage of square feet that is leased, including signed leases not yet commenced, for properties that were owned by us in a similar manner during both the current period and prior reporting periods.

Occupied % represents the percentage of space for which we have commenced rental revenue in accordance with GAAP.

Initial Rent represents the weighted average cash basis starting rent per square foot and does not include free rent or periodic step-ups in rent.

Prior Escalated Rent represents the weighted average cash basis rent (including reimbursements) per square foot at expiration.

Second Generation Space represents space leased in the current period (i) that has been vacant for less than twelve months, or (ii) that has been leased ahead of its originally scheduled expiration.

Capital Expenditures consist of expenditures to maintain assets, tenant improvement allowances and leasing commissions. Expenditures to Maintain Assets include capital expenditures to maintain current revenues. Second Generation Tenant Improvements and Leasing Commissions represent tenant improvements and leasing commissions incurred in leasing second generation space. First Generation Leasing Costs and Other Capital Expenditures include capital expenditures completed in the year of acquisition and the following two years that were planned at the time of acquisition, as well as tenant improvements and leasing commissions on space leased that has been vacant for more than twelve months. Redevelopment Expenditures consist of hard and soft costs related to the development of a property in getting it ready for its intended use.

- 55 -