EX-99

EX-99 3 pgre-ex99_2.htm EX-99.2 EX-99

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 rising inflation and interest rates; the impact of the Federal Deposit Insurance Corporation being appointed as receiver of our tenant First Republic Bank and the acquisition of all deposit accounts and substantially all the assets of First Republic Bank by JPMorgan Chase Bank; 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 rising 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 the coronavirus 2019 (COVID-19) global pandemic or 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.

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		TABLE OF CONTENTS


		Page
Company Profile		4

Research Coverage		5

Selected Financial Information
	Guidance	6
	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 - 15
	Same Store Results	16 - 17
	Consolidated Joint Ventures	18 - 21
	Unconsolidated Joint Ventures	22 - 25
	Real Estate Related Funds	26 - 29
	Capital Structure	30
	Debt Analysis	31
	Debt Maturities	32

Selected Property Data
	Portfolio Summary	33 - 34
	Same Store Leased Occupancy	35
	Top Tenants and Industry Diversification	36
	Leasing Activity	37
	Lease Expirations	38 - 40
	Cash Basis Capital Expenditures	41


Definitions		42 - 43

- 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
Peter Linneman	Director, Chair of Audit Committee
Katharina Otto-Bernstein	Director
Mark Patterson	Director
Hitoshi Saito	Director
Paula Sutter	Director
Greg Wright	Director, Chair of Compensation Committee

COMPANY INFORMATION


Corporate Headquarters	Investor Relations	Stock Exchange Listing	Trading Symbol
1633 Broadway, Suite 1801	IR@pgre.com	New York Stock Exchange	PGRE
New York, NY 10019	(212) 492-2298
(212) 237-3100

- 4 -


		RESEARCH COVERAGE (1)


Camille Bonnel	Thomas Catherwood	Derek Johnston
Bank of America Merrill Lynch	BTIG	Deutsche Bank
(646) 855-5042	(212) 738-6140	(904) 520-4973
camille.bonnel@bofa.com	tcatherwood@btig.com	derek.johnston@db.com

Steve Sakwa	Dylan Burzinski	Vikram Malhotra
Evercore ISI	Green Street Advisors	Mizuho Securities USA Inc.
(212) 446-9462	(949) 640-8780	(212) 282-3827
steve.sakwa@evercoreisi.com	dburzinski@greenstreet.com	vikram.malhotra@mizuhogroup.com

Ronald Kamdem	Blaine Heck	Andrew Rosivach
Morgan Stanley	Wells Fargo	Wolfe Research
(212) 296-8319	(443) 263-6529	(646) 582-9250
ronald.kamdem@morganstanley.com	blaine.heck@wellsfargo.com	arosivach@wolferesearch.com

(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.

- 5 -


		GUIDANCE

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


				Full Year 2023
(Amounts per diluted share)				Low			High
			Estimated net loss attributable to common stockholders	$	(0.11	)	$	(0.07	)
			Our share of real estate depreciation and amortization		1.01			1.01
			Estimated Core FFO (1)(2)	$	0.90		$	0.94

	Operating Assumptions:
		Leasing Activity (square feet)			600,000			900,000
		PGRE's share of Same Store Leased % (2) at year end			90.8	%		91.8	%
		Decrease in PGRE's share of Same Store Cash NOI (2)			(5.0	%)		(3.0	%)
		Decrease in PGRE's share of Same Store NOI (2)			(3.0	%)		(1.0	%)

	Financial Assumptions (at share):
		Estimated net loss		$	(26,000	)	$	(16,000	)
			Depreciation and amortization		235,000			235,000
			General and administrative expenses		61,000			59,000
			Interest and debt expense, including amortization of deferred financing costs		147,000			145,000
			Fee and other income, net of income taxes		(30,500	)		(31,500	)
		NOI (2)			386,500			391,500
			Straight-line rent adjustments and above and below-market lease revenue, net		(23,000	)		(24,000	)
		Cash NOI (2)		$	363,500		$	367,500

(1)

We are updating our Estimated Core FFO Guidance for the full year of 2023, 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 May 3, 2023 and otherwise to be referenced during our conference call scheduled for May 4, 2023. These estimates do not include the impact on operating results from the Federal Deposit Insurance Corporation being appointed as receiver of our tenant First Republic Bank and the acquisition of all deposit accounts and substantially all the assets of First Republic Bank by JPMorgan Chase Bank, possible future property acquisitions or dispositions, or realized and unrealized gains and losses on real estate related fund investments. The estimates set forth above may be subject to fluctuations as a result of several factors, including the negative impact of the COVID-19 global pandemic. There can be no assurance that our actual results will not differ materially from the estimates set forth above.

(2)

See page 42 for our definition of this measure.

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		FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)


			Three Months Ended
SELECTED FINANCIAL DATA			March 31, 2023		March 31, 2022		December 31, 2022
	Net income (loss) attributable to common stockholders		$	1,729	$	3,371	$	(37,877	)
		Per share - basic and diluted	$	0.01	$	0.02	$	(0.17	)

	Core FFO attributable to common stockholders (1)		$	56,174	$	54,578	$	54,364
		Per share - diluted	$	0.26	$	0.25	$	0.25

	PGRE's share of Cash NOI (1)		$	94,615	$	96,218	$	95,504
	PGRE's share of NOI (1)		$	101,277	$	95,948	$	100,134


Same Store Cash NOI (1)	% Change			Same Store NOI (1)	% Change
Three Months Ended March 31, 2023 vs. March 31, 2022		0.1	%	Three Months Ended March 31, 2023 vs. March 31, 2022		7.1	%

PORTFOLIO STATISTICS (at PGRE Share)


	As of
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Leased % (1)		89.8	%		91.3	%		91.4	%		91.4	%		90.6	%


Same Store Leased % (1)	% Change			Same Store Leased % (1)	% Change
March 31, 2023 vs. December 31, 2022		(1.5	%)	March 31, 2023 vs. March 31, 2022		(0.7	%)

COMMON SHARE DATA


		Three Months Ended
Share Price:		March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
	High	$	6.74		$	6.86		$	7.95		$	11.04		$	11.54
	Low	$	3.90		$	5.48		$	6.00		$	7.08		$	8.22
	Closing (end of period)	$	4.56		$	5.94		$	6.23		$	7.23		$	10.91

Dividends per common share		$	0.0775		$	0.0775		$	0.0775		$	0.0775		$	0.0775
Annualized dividends per common share		$	0.31		$	0.31		$	0.31		$	0.31		$	0.31
Dividend yield (on closing share price)			6.8	%		5.2	%		5.0	%		4.3	%		2.8	%

(1)

See page 42 for our definition of this measure.

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		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)


			March 31, 2023			December 31, 2022
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,185,311			6,177,540
				8,151,548			8,143,777
		Accumulated depreciation and amortization		(1,337,552	)		(1,297,553	)
	Real estate, net			6,813,996			6,846,224
	Cash and cash equivalents			451,796			408,905
	Restricted cash			59,179			40,912
	Accounts and other receivables			19,409			23,866
	Real estate related fund investments			108,176			105,369
	Investments in unconsolidated real estate related funds			3,180			3,411
	Investments in unconsolidated joint ventures			385,034			393,503
	Deferred rent receivable			354,326			346,338
	Deferred charges, net			120,359			120,685
	Intangible assets, net			84,352			90,381
	Other assets			80,282			73,660
Total assets			$	8,480,089		$	8,453,254

Liabilities:
	Notes and mortgages payable, net		$	3,841,492		$	3,840,318
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			118,932			123,176
	Dividends and distributions payable			18,110			18,026
	Intangible liabilities, net			33,938			36,193
	Other liabilities			30,537			24,775
Total liabilities				4,043,009			4,042,488

Equity:
	Paramount Group, Inc. equity			3,562,571			3,592,291
	Noncontrolling interests in:
		Consolidated joint ventures		403,902			402,118
		Consolidated real estate related funds		220,206			173,375
		Operating Partnership		250,401			242,982
Total equity				4,437,080			4,410,766

Total liabilities and equity			$	8,480,089		$	8,453,254

- 8 -


		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)


		Three Months Ended
		March 31, 2023			March 31, 2022			December 31, 2022
Revenues:
	Rental revenue (1)	$	181,713		$	169,922		$	176,404
	Fee and other income (1)		6,761			13,763			7,624
Total revenues			188,474			183,685			184,028

Expenses:
	Operating		70,309			66,661			70,102
	Depreciation and amortization		58,888			55,624			61,211
	General and administrative		14,623			15,645			13,986
	Transaction related costs		128			117			89
Total expenses			143,948			138,047			145,388

Other income (expense):
	Income (loss) from real estate related fund investments		3,550			-			(2,233	)
	(Loss) income from unconsolidated real estate related funds		(178	)		170			(1,864	)
	Loss from unconsolidated joint ventures		(5,762	)		(5,113	)		(37,925	)
	Interest and other income, net		2,925			231			2,567
	Interest and debt expense (1)		(36,459	)		(34,277	)		(37,060	)
Income (loss) before income taxes			8,602			6,649			(37,875	)
	Income tax expense		(288	)		(527	)		(1,706	)
Net income (loss)			8,314			6,122			(39,581	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(5,641	)		(3,425	)		(1,598	)
	Consolidated real estate related funds		(823	)		1,016			665
	Operating Partnership		(121	)		(342	)		2,637
Net income (loss) attributable to common stockholders		$	1,729		$	3,371		$	(37,877	)
	Per diluted share	$	0.01		$	0.02		$	(0.17	)

(1)

See page 10 for details.

- 9 -


		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)


		Three Months Ended
Rental Revenue:		March 31, 2023		March 31, 2022			December 31, 2022
	Property rentals	$	158,463	$	156,922		$	159,029
	Tenant reimbursements		14,458		12,532			10,422
	Straight-line rent adjustments		7,756		(1,789	)		5,794
	Amortization of above and below-market leases, net		1,036		358			1,159
	Lease termination income		-		1,899			-
Total rental revenue		$	181,713	$	169,922		$	176,404


			Three Months Ended
Fee and Other Income:			March 31, 2023		March 31, 2022		December 31, 2022
	Asset management		$	2,175	$	2,885	$	3,132
	Property management			1,862		2,219		1,810
	Acquisition, disposition, leasing and other			520		6,884		385
	Total fee income			4,557		11,988		5,327
	Other (primarily parking income and tenant requested services,
		including cleaning and overtime heating and cooling)		2,204		1,775		2,297
Total fee and other income			$	6,761	$	13,763	$	7,624


		Three Months Ended
Interest and Debt Expense:		March 31, 2023		March 31, 2022		December 31, 2022
	Interest expense	$	34,921	$	32,739	$	35,518
	Amortization of deferred financing costs		1,538		1,538		1,542
Total interest and debt expense		$	36,459	$	34,277	$	37,060

- 10 -


		FFO

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


			Three Months Ended
			March 31, 2023			March 31, 2022			December 31, 2022
Reconciliation of net income (loss) to FFO and Core FFO:
	Net income (loss)		$	8,314		$	6,122		$	(39,581	)
	Real estate depreciation and amortization (including our share of
		unconsolidated joint ventures)		68,431			65,825			70,720
	Our share of a real estate impairment loss of an unconsolidated joint venture			-			-			31,685
	FFO (1)			76,745			71,947			62,824
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(15,175	)		(12,515	)		(11,565	)
		Consolidated real estate related funds		(830	)		1,009			659
	FFO attributable to Paramount Group Operating Partnership			60,740			60,441			51,918
	Less FFO attributable to noncontrolling interests in Operating Partnership			(3,961	)		(5,568	)		(3,380	)
	FFO attributable to common stockholders (1)		$	56,779		$	54,873		$	48,538
	Per diluted share		$	0.26		$	0.25		$	0.22

	FFO		$	76,745		$	71,947		$	62,824
	Non-core items:
		FFO attributable to One Steuart Lane, including after-tax net gain on sale of residential condominium units		2,409			1,262			1,387
		Adjustments to equity in earnings for contributions to (distributions from) unconsolidated joint ventures		(1,322	)		(583	)		561
		Adjustments for realized and unrealized gains and losses on consolidated and unconsolidated real estate related fund investments		1,335			47			2,851
		Loss recognized upon consolidation of real estate related fund investments that were previously unconsolidated		-			-			2,627
		Other, net		128			117			89
	Core FFO (1)			79,295			72,790			70,339
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(15,175	)		(12,515	)		(11,565	)
		Consolidated real estate related funds		(4,027	)		(159	)		(625	)
	Core FFO attributable to Paramount Group Operating Partnership			60,093			60,116			58,149
	Less Core FFO attributable to noncontrolling interests in Operating Partnership			(3,919	)		(5,538	)		(3,785	)
	Core FFO attributable to common stockholders (1)		$	56,174		$	54,578		$	54,364
	Per diluted share		$	0.26		$	0.25		$	0.25

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			216,563,108			218,782,296			218,583,895
	Effect of dilutive securities			53,912			57,798			59,378
	Denominator for FFO and Core FFO per diluted share			216,617,020			218,840,094			218,643,273

(1)

See page 42 for our definition of this measure.

- 11 -


		FAD

(unaudited and in thousands)


				Three Months Ended
				March 31, 2023			March 31, 2022			December 31, 2022
Reconciliation of Core FFO to FAD:
	Core FFO			$	79,295		$	72,790		$	70,339
	Add (subtract) adjustments (including our share of unconsolidated joint ventures) to arrive at FAD:
		Straight-line rent adjustments			(7,691	)		1,658			(5,746	)
		Amortization of above and below-market leases, net			(1,838	)		(1,197	)		(1,984	)
		Amortization of deferred financing costs			1,893			1,949			1,919
		Amortization of stock-based compensation expense			5,117			6,562			4,150
		Expenditures to maintain assets			(5,662	)		(11,228	)		(18,835	)
		Second generation tenant improvements
			and leasing commissions		(12,538	)		(14,291	)		(40,213	)
	FAD (1)				58,576			56,243			9,630
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(7,033	)		(11,345	)		81
		Consolidated real estate related funds			(4,084	)		(243	)		(683	)
	FAD attributable to Paramount Group Operating Partnership				47,459			44,655			9,028
	Less FAD attributable to noncontrolling interests in Operating Partnership				(3,095	)		(4,114	)		(588	)
	FAD attributable to common stockholders (1) (2)			$	44,364		$	40,541		$	8,440

	Dividends declared on common stock			$	16,834		$	16,978		$	16,827

(1)

See page 42 for our definition of this measure.

(2)

FAD attributable to common stockholders is not necessarily indicative of future FAD amounts 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.

- 12 -


		EBITDAre

(unaudited and in thousands)


			Three Months Ended
			March 31, 2023			March 31, 2022			December 31, 2022
Reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre:
	Net income (loss)		$	8,314		$	6,122		$	(39,581	)
	Add (subtract) adjustments (including our share of unconsolidated joint ventures) to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization		68,431			65,825			70,720
		Interest and debt expense		43,673			40,912			43,831
		Our share of a real estate impairment loss of an unconsolidated joint venture		-			-			31,685
		Income tax expense		293			540			1,707
	EBITDAre (1)			120,711			113,399			108,362
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures		(23,012	)		(20,337	)		(19,520	)
		Consolidated real estate related funds		(2,036	)		(104	)		(185	)
	PGRE's share of EBITDAre (1)		$	95,663		$	92,958		$	88,657


	EBITDAre		$	120,711		$	113,399		$	108,362
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture		(1,322	)		(583	)		561
		EBITDAre attributable to One Steuart Lane, including net gain on sale of residential condominium units		1,107			62			475
		EBITDAre from consolidated and unconsolidated real estate related fund investments		(3,224	)		(276	)		1,297
		Loss recognized upon consolidation of real estate related fund investments that were previously unconsolidated		-			-			2,627
		Other, net		128			117			89
	Adjusted EBITDAre (1)			117,400			112,719			113,411
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures		(23,012	)		(20,337	)		(19,520	)
	PGRE's share of Adjusted EBITDAre (1)		$	94,388		$	92,382		$	93,891

(1)

See page 42 for our definition of this measure.

- 13 -


		NOI

(unaudited and in thousands)


				Three Months Ended
				March 31, 2023			March 31, 2022			December 31, 2022
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	8,314		$	6,122		$	(39,581	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			58,888			55,624			61,211
		General and administrative			14,623			15,645			13,986
		Interest and debt expense			36,459			34,277			37,060
		Income tax expense			288			527			1,706
		(Income) loss from real estate related fund investments			(3,550	)		-			2,233
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			10,381			11,234			10,782
		Loss from unconsolidated joint ventures			5,762			5,113			37,925
		Fee income			(4,557	)		(11,988	)		(5,327	)
		Interest and other income, net			(2,925	)		(231	)		(2,567	)
		Other, net			306			(53	)		1,953
	NOI (1)				123,989			116,270			119,381
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,712	)		(20,322	)		(19,247	)
	PGRE's share of NOI (1)			$	101,277		$	95,948		$	100,134

	NOI			$	123,989		$	116,270		$	119,381
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(7,691	)		1,658			(5,746	)
		Amortization of above and below-market leases, net
			(including our share of unconsolidated joint ventures)		(1,838	)		(1,197	)		(1,984	)
	Cash NOI (1)				114,460			116,731			111,651
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(19,845	)		(20,513	)		(16,147	)
	PGRE's share of Cash NOI (1)			$	94,615		$	96,218		$	95,504

(1)

See page 42 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)


				Three Months Ended March 31, 2023
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	8,314		$	5,838		$	13,087		$	(10,611	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			58,888			39,167			18,482			1,239
		General and administrative			14,623			-			-			14,623
		Interest and debt expense			36,459			23,122			12,582			755
		Income tax expense			288			-			23			265
		Income from real estate related fund investments			(3,550	)		-			-			(3,550	)
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			10,381			3,363			7,019			(1	)
		Loss from unconsolidated joint ventures			5,762			20			3,294			2,448
		Fee income			(4,557	)		-			-			(4,557	)
		Interest and other income, net			(2,925	)		(442	)		(434	)		(2,049	)
		Other, net			306			-			-			306
	NOI (1)				123,989			71,068			54,053			(1,132	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,712	)		(2,623	)		(20,089	)		-
	PGRE's share of NOI for the three months ended March 31, 2023			$	101,277		$	68,445		$	33,964		$	(1,132	)
	PGRE's share of NOI for the three months ended March 31, 2022			$	95,948		$	67,203		$	30,638		$	(1,893	)


	NOI			$	123,989		$	71,068		$	54,053		$	(1,132	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(7,691	)		(3,024	)		(4,989	)		322
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,838	)		(320	)		(1,518	)		-
	Cash NOI (1)				114,460			67,724			47,546			(810	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(19,845	)		(2,778	)		(17,067	)		-
	PGRE's share of Cash NOI for the three months ended March 31, 2023			$	94,615		$	64,946		$	30,479		$	(810	)
	PGRE's share of Cash NOI for the three months ended March 31, 2022			$	96,218		$	68,113		$	29,908		$	(1,803	)

(1)

See page 42 for our definition of this measure

- 15 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE CASH NOI (1)			Three Months Ended March 31, 2023
			Total		New York				San Francisco		Other
	PGRE's share of Cash NOI for the three months ended March 31, 2023		$	94,615	$	64,946			$	30,479	$	(810	)
		Acquisitions / Redevelopment and other, net		753		(57	)	(2)		-		810
	PGRE's share of Same Store Cash NOI for the three months ended
		March 31, 2023	$	95,368	$	64,889			$	30,479	$	-


		Three Months Ended March 31, 2022
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the three months ended March 31, 2022		$	96,218		$	68,113			$	29,908		$	(1,803	)
	Lease termination income		(1,718	)		(1,718	)			-			-
	Acquisitions / Redevelopment and other, net		749			(1,054	)	(2)		-			1,803
PGRE's share of Same Store Cash NOI for the three months ended
	March 31, 2022	$	95,249		$	65,341			$	29,908		$	-

Increase (decrease) in PGRE's share of Same Store Cash NOI		$	119		$	(452	)		$	571		$	-
% Increase (decrease)			0.1	%		(0.7	%)			1.9	%

(1)

See page 42 for our definition of this measure.

(2)

Includes our share of Cash NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

- 16 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE NOI (1)			Three Months Ended March 31, 2023
			Total		New York				San Francisco		Other
	PGRE's share of NOI for the three months ended March 31, 2023		$	101,277	$	68,445			$	33,964	$	(1,132	)
		Acquisitions / Redevelopment and other, net		1,079		(53	)	(2)		-		1,132
	PGRE's share of Same Store NOI for the three months ended
		March 31, 2023	$	102,356	$	68,392			$	33,964	$	-


		Three Months Ended March 31, 2022
		Total			New York				San Francisco			Other
PGRE's share of NOI for the three months ended March 31, 2022		$	95,948		$	67,203			$	30,638		$	(1,893	)
	Lease termination income		(1,718	)		(1,718	)			-			-
	Acquisitions / Redevelopment and other, net		1,314			(579	)	(2)		-			1,893
PGRE's share of Same Store NOI for the three months ended
	March 31, 2022	$	95,544		$	64,906			$	30,638		$	-

Increase in PGRE's share of Same Store NOI		$	6,812		$	3,486			$	3,326		$	-
% Increase			7.1	%		5.4	%			10.9	%

(1)

See page 42 for our definition of this measure.

(2)

Includes our share of NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

- 17 -


		CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of March 31, 2023
		Consolidated Joint Ventures
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%
Assets:
	Real estate, net	$	3,349,043	$	1,709,164	$	1,164,846	$	475,033
	Cash and cash equivalents		144,246		54,246		48,388		41,612
	Restricted cash		1,239		-		1,239		-
	Accounts and other receivables		6,961		3,538		2,681		742
	Deferred rent receivable		201,190		104,094		72,653		24,443
	Deferred charges, net		48,133		23,958		16,935		7,240
	Intangible assets, net		47,963		39,405		7,483		1,075
	Other assets		15,723		11,432		4,177		114
Total Assets		$	3,814,498	$	1,945,837	$	1,318,402	$	550,259

Liabilities:
	Notes and mortgages payable, net	$	2,490,410	$	1,243,361	$	974,049	$	273,000
	Accounts payable and accrued expenses		64,773		19,940		34,875		9,958
	Intangible liabilities, net		20,747		13,437		6,858		452
	Other liabilities		4,828		258		4,552		18
Total Liabilities			2,580,758		1,276,996		1,020,334		283,428

Equity:
	Paramount Group, Inc. equity		829,838		601,481		146,123		82,234
	Noncontrolling interests		403,902		67,360		151,945		184,597
Total Equity			1,233,740		668,841		298,068		266,831

Total Liabilities and Equity		$	3,814,498	$	1,945,837	$	1,318,402	$	550,259

- 18 -


		CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2022
		Consolidated Joint Ventures
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%
Assets:
	Real estate, net	$	3,364,482	$	1,718,436	$	1,167,906	$	478,140
	Cash and cash equivalents		139,579		60,556		41,396		37,627
	Restricted cash		1,316		78		1,238		-
	Accounts and other receivables		9,997		8,340		984		673
	Deferred rent receivable		197,658		105,880		67,377		24,401
	Deferred charges, net		49,485		24,696		17,255		7,534
	Intangible assets, net		50,553		41,197		8,175		1,181
	Other assets		6,228		655		5,105		468
Total Assets		$	3,819,298	$	1,959,838	$	1,309,436	$	550,024

Liabilities:
	Notes and mortgages payable, net	$	2,489,902	$	1,243,112	$	973,790	$	273,000
	Accounts payable and accrued expenses		61,407		19,682		33,297		8,428
	Intangible liabilities, net		21,936		13,949		7,491		496
	Other liabilities		5,803		1,185		4,563		55
Total Liabilities			2,579,048		1,277,928		1,019,141		281,979

Equity:
	Paramount Group, Inc. equity		838,132		613,203		142,315		82,614
	Noncontrolling interests		402,118		68,707		147,980		185,431
Total Equity			1,240,250		681,910		290,295		268,045

Total Liabilities and Equity		$	3,819,298	$	1,959,838	$	1,309,436	$	550,024

- 19 -


		CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2023
		Consolidated Joint Ventures
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	101,949		$	49,142		$	39,972		$	12,835
Total operating expenses			33,938			18,852			11,291			3,795
Net operating income (1)			68,011			30,290			28,681			9,040
Depreciation and amortization			(28,733	)		(14,181	)		(10,660	)		(3,892	)
Interest and other income, net			846			412			223			211
Interest and debt expense			(22,181	)		(9,599	)		(10,091	)		(2,491	)
Income before income taxes			17,943			6,922			8,153			2,868
Income tax expense			(21	)		-			(1	)		(20	)
Net income		$	17,922		$	6,922		$	8,152		$	2,848

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	11,105		$	6,228		$	3,994		$	883
	Add: Management fee income		1,176			407			193			576
	PGRE's share of net income		12,281			6,635			4,187			1,459
	Add: Real estate depreciation and amortization		19,199			12,764			5,224			1,211
	FFO (1)		31,480			19,399			9,411			2,670
	Core FFO (1)	$	31,480		$	19,399		$	9,411		$	2,670

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	6,817		$	694		$	4,158		$	1,965
	Less: Management fee expense		(1,176	)		(407	)		(193	)		(576	)
	Net income attributable to noncontrolling interests		5,641			287			3,965			1,389
	Add: Real estate depreciation and amortization		9,534			1,417			5,436			2,681
	FFO (1)		15,175			1,704			9,401			4,070
	Core FFO (1)	$	15,175		$	1,704		$	9,401		$	4,070

(1)

See page 42 for our definition of these measures.

- 20 -


		CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2022
		Consolidated Joint Ventures
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	96,623		$	50,595		$	34,772		$	11,256
Total operating expenses			31,454			18,340			10,111			3,003
Net operating income (1)			65,169			32,255			24,661			8,253
Depreciation and amortization			(27,987	)		(14,420	)		(9,496	)		(4,071	)
Interest and other income (loss), net			25			(3	)		26			2
Interest and debt expense			(22,175	)		(9,599	)		(10,085	)		(2,491	)
Income before income taxes			15,032			8,233			5,106			1,693
Income tax expense			(5	)		(1	)		(2	)		(2	)
Net income		$	15,027		$	8,232		$	5,104		$	1,691

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	10,435		$	7,408		$	2,502		$	525
	Add: Management fee income		1,167			415			200			552
	PGRE's share of net income		11,602			7,823			2,702			1,077
	Add: Real estate depreciation and amortization		18,897			12,980			4,652			1,265
	FFO (1)		30,499			20,803			7,354			2,342
	Core FFO (1)	$	30,499		$	20,803		$	7,354		$	2,342

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	4,592		$	824		$	2,602		$	1,166
	Less: Management fee expense		(1,167	)		(415	)		(200	)		(552	)
	Net income attributable to noncontrolling interests		3,425			409			2,402			614
	Add: Real estate depreciation and amortization		9,090			1,440			4,844			2,806
	FFO (1)		12,515			1,849			7,246			3,420
	Core FFO (1)	$	12,515		$	1,849		$	7,246		$	3,420

(1)

See page 42 for our definition of these measures.

- 21 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)


		As of March 31, 2023
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street			Other (1)

PGRE Ownership				50.0%			67.0%		44.1%		49.0%			Various
Assets:
	Real estate, net	$	2,394,692	$	210,858		$	623,218	$	357,614	$	147,916		$	1,055,086
	Cash and cash equivalents		120,342		30,634			45,204		17,660		3,583			23,261
	Restricted cash		117,246		5,474			389		-		2,286			109,097
	Accounts and other receivables		5,349		4,007			467		334		61			480
	Deferred rent receivable		31,841		17,827			5,120		3,953		2,969			1,972
	Deferred charges, net		14,033		9,218			2,883		920		1,012			-
	Intangible assets, net		64,517		-			11,572		9,757		2,296			40,892
	For-sale residential condominium units (2)		321,077		-			-		-		-			321,077
	Other assets		29,297		2,956			18,030		55		21			8,235
Total Assets		$	3,098,394	$	280,974		$	706,883	$	390,293	$	160,144		$	1,560,100

Liabilities:
	Notes and mortgages payable, net	$	1,839,321	$	298,273		$	409,943	$	186,949	$	158,771		$	785,385
	Accounts payable and accrued expenses		56,083		8,177			15,235		5,143		4,140			23,388
	Intangible liabilities, net		9,299		-			1,692		6,462		1,145			-
	Other liabilities		4,413		169			76		244		241			3,683
Total Liabilities			1,909,116		306,619			426,946		198,798		164,297			812,456


Total Equity			1,189,278		(25,645	)		279,937		191,495		(4,153	)		747,644

Total Liabilities and Equity		$	3,098,394	$	280,974		$	706,883	$	390,293	$	160,144		$	1,560,100

(1)

Represents 1600 Broadway, 60 Wall Street ("out-of-service" for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

- 22 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)



		As of December 31, 2022
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street			Other (1)

PGRE Ownership				50.0%			67.0%		44.1%		49.0%			Various
Assets:
	Real estate, net	$	2,377,084	$	212,002		$	627,169	$	359,405	$	149,653		$	1,028,855
	Cash and cash equivalents		140,818		28,335			38,918		15,322		3,950			54,293
	Restricted cash		111,722		5,472			-		-		2,431			103,819
	Accounts and other receivables		4,830		3,642			453		326		17			392
	Deferred rent receivable		31,372		17,921			5,422		3,507		2,992			1,530
	Deferred charges, net		13,026		9,566			1,430		951		1,079			-
	Intangible assets, net		69,599		-			14,363		10,980		2,583			41,673
	For-sale residential condominium units (2)		322,232		-			-		-		-			322,232
	Other assets		37,826		189			22,651		211		1,564			13,211
Total Assets		$	3,108,509	$	277,127		$	710,406	$	390,702	$	164,269		$	1,566,005

Liabilities:
	Notes and mortgages payable, net	$	1,834,916	$	298,186		$	408,967	$	186,909	$	158,666		$	782,188
	Accounts payable and accrued expenses		47,302		5,620			10,768		3,264		4,262			23,388
	Intangible liabilities, net		10,972		-			2,331		7,327		1,314			-
	Other liabilities		3,481		176			232		246		244			2,583
Total Liabilities			1,896,671		303,982			422,298		197,746		164,486			808,159


Total Equity			1,211,838		(26,855	)		288,108		192,956		(217	)		757,846

Total Liabilities and Equity		$	3,108,509	$	277,127		$	710,406	$	390,702	$	164,269		$	1,566,005

(1)

Represents 1600 Broadway, 60 Wall Street ("out-of-service" for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

- 23 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2023
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	41,978		$	12,219		$	14,085		$	7,864		$	3,207		$	4,603
Total operating expenses			24,701			5,829			7,326			3,476			2,082			5,988
Net operating income (loss) (2)			17,277			6,390			6,759			4,388			1,125			(1,385	)
Depreciation and amortization			(17,765	)		(2,790	)		(7,565	)		(4,115	)		(2,304	)		(991	)
Interest and other income (loss), net			709			255			317			125			19			(7	)
Interest and debt expense			(15,446	)		(2,645	)		(3,465	)		(1,857	)		(2,770	)		(4,709	)
(Loss) income before income taxes			(15,225	)		1,210			(3,954	)		(1,459	)		(3,930	)		(7,092	)
Income tax expense			(11	)		-			(2	)		(5	)		(2	)		(2	)
Net (loss) income		$	(15,236	)	$	1,210		$	(3,956	)	$	(1,464	)	$	(3,932	)	$	(7,094	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(7,044	)	$	605		$	(2,655	)	$	(637	)	$	(1,927	)	$	(2,430	)
	Less: Step-up basis adjustment		(40	)		-			-			(2	)		-			(38	)
	Less: Adjustments to equity in earnings for distributions from unconsolidated joint ventures		1,322			(605	)		-			-			1,927			-
	PGRE's share of net (loss) income		(5,762	)		-			(2,655	)		(639	)		-			(2,468	)
	Add: Real estate depreciation and amortization		9,543			1,395			5,069			1,816			1,129			134
	FFO (2)		3,781			1,395			2,414			1,177			1,129			(2,334	)
	Add: Adjustments to equity in earnings for distributions from unconsolidated joint ventures		(1,322	)		605			-			-			(1,927	)		-
	Less: FFO attributable to One Steuart Lane		2,409			-			-			-			-			2,409
	Core FFO (2)	$	4,868		$	2,000		$	2,414		$	1,177		$	(798	)	$	75

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(8,192	)	$	605		$	(1,301	)	$	(827	)	$	(2,005	)	$	(4,664	)
	Add: Real estate depreciation and amortization		8,262			1,395			2,496			2,301			1,175			895
	FFO (2)		70			2,000			1,195			1,474			(830	)		(3,769	)
	Less: FFO attributable to One Steuart Lane		4,475			-			-			-			-			4,475
	Core FFO (2)	$	4,545		$	2,000		$	1,195		$	1,474		$	(830	)	$	706

(1)

Represents 1600 Broadway, 60 Wall Street ("out-of-service" for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

See page 42 for our definition of these measures.

- 24 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)



		Three Months Ended March 31, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	76,102		$	10,051		$	14,362		$	7,859		$	3,744		$	40,086		(2)
Total operating expenses			42,508			5,879			6,505			2,926			1,886			25,312		(2)
Net operating income (3)			33,594			4,172			7,857			4,933			1,858			14,774
Depreciation and amortization			(26,898	)		(2,654	)		(8,013	)		(4,587	)		(1,867	)		(9,777	)
Interest and other loss, net			(42	)		(12	)		(7	)		(13	)		(5	)		(5	)
Interest and debt expense			(17,598	)		(2,672	)		(3,360	)		(1,857	)		(1,571	)		(8,138	)
Loss before income taxes			(10,944	)		(1,166	)		(3,523	)		(1,524	)		(1,585	)		(3,146	)
Income tax expense			(29	)		-			(2	)		(22	)		(3	)		(2	)
Net loss		$	(10,973	)	$	(1,166	)	$	(3,525	)	$	(1,546	)	$	(1,588	)	$	(3,148	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(5,621	)	$	(583	)	$	(2,363	)	$	(676	)	$	(778	)	$	(1,221	)
	Less: Step-up basis adjustment		(75	)		-			-			(3	)		-			(72	)
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		583			583			-			-			-			-
	PGRE's share of net loss		(5,113	)		-			(2,363	)		(679	)		(778	)		(1,293	)
	Add: Real estate depreciation and amortization		10,201			1,327			5,369			2,025			915			565
	FFO (3)		5,088			1,327			3,006			1,346			137			(728	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(583	)		(583	)		-			-			-			-
	Less: FFO attributable to One Steuart Lane		1,262			-			-			-			-			1,262
	Core FFO (3)	$	5,767		$	744		$	3,006		$	1,346		$	137		$	534

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(5,352	)	$	(583	)	$	(1,162	)	$	(870	)	$	(810	)	$	(1,927	)
	Add: Real estate depreciation and amortization		16,741			1,327			2,644			2,565			952			9,253
	FFO (3)		11,389			744			1,482			1,695			142			7,326
	Less: FFO attributable to One Steuart Lane		2,287			-			-			-			-			2,287
	Core FFO (3)	$	13,676		$	744		$	1,482		$	1,695		$	142		$	9,613

(1)

Represents 1600 Broadway, 60 Wall Street, Oder-Center, Germany and One Steuart Lane.

(2)

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

(3)

See page 42 for our definition of these measures.

- 25 -


		REAL ESTATE RELATED FUNDS - BALANCE SHEETS

(unaudited and in thousands)


		As of March 31, 2023							As of March 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	$	53,802	$	402	$	53,400		$	29,689
	Accounts and other receivables		3,652		-		3,652			-
	Real estate related fund investments (2)		108,176		108,176		-			213,890
	Investments in unconsolidated joint ventures		75,545		-		75,545	(3)		-
	Other assets		10,169		104		10,065			345
Total Assets		$	251,344	$	108,682	$	142,662		$	243,924

Liabilities:
	Accounts payable and accrued expenses	$	105	$	45	$	60		$	-
	Other liabilities		6,751		5		6,746			130
Total Liabilities			6,856		50		6,806			130

Equity:
	Paramount Group, Inc. equity		24,282		14,145		10,137			3,180
	Joint Venture Partners' equity		220,206		94,487		125,719			240,614
Total Equity			244,488		108,632		135,856			243,794

Total Liabilities and Equity		$	251,344	$	108,682	$	142,662		$	243,924

(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.

- 26 -


		REAL ESTATE RELATED FUNDS - BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2022							As of December 31, 2022
		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	$	3,551	$	199	$	3,352		$	29,076
	Accounts and other receivables		3,650		-		3,650			-
	Real estate related fund investments (2)		105,369		105,369		-			232,295
	Investments in unconsolidated joint ventures		77,961		-		77,961	(3)		-
	Other assets		3,632		201		3,431			342
Total Assets		$	194,163	$	105,769	$	88,394		$	261,713

Liabilities:
	Accounts payable and accrued expenses	$	85	$	34	$	51		$	-
	Other liabilities		248		14		234			91
Total Liabilities			333		48		285			91

Equity:
	Paramount Group, Inc. equity		20,455		13,766		6,689			3,411
	Joint Venture Partners' equity		173,375		91,955		81,420			258,211
Total Equity			193,830		105,721		88,109			261,622

Total Liabilities and Equity		$	194,163	$	105,769	$	88,394		$	261,713

(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.

- 27 -


		REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2023									Three Months Ended March 31, 2023
		Consolidated Funds
		Total						Residential			Total
		Consolidated Funds			Fund X (1)			Development Fund			Unconsolidated Funds (2)
Income (loss) from real estate related fund investments		$	3,550		$	3,550		$	-		$	(13,828	)
Loss from unconsolidated joint ventures			(2,416	)		-			(2,416	)		-
Interest and other income, net			163			-			163			-
Income (loss) before income taxes			1,297			3,550			(2,253	)		(13,828	)
Income tax expense			(1	)		-			(1	)		-
Net income (loss)		$	1,296		$	3,550		$	(2,254	)	$	(13,828	)

PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net income (loss)	$	202		$	462		$	(260	)	$	(178	)
	Add: Management fee income		271			271			-			-
	PGRE's share of net income (loss)		473			733			(260	)		(178	)
	Add: Real estate depreciation and amortization		-			-			-			-
	FFO (3)		473			733			(260	)		(178	)
	Less: FFO attributable to One Steuart Lane		179			-			179			-
	Less: Realized and unrealized losses from real estate related fund investments		144			144			-			224
	Core FFO (3)	$	796		$	877		$	(81	)	$	46

Joint Venture Partners' share
Ownership		Total			87.0%			92.6%			Total
	Net income (loss)	$	1,094		$	3,088		$	(1,994	)	$	(13,650	)
	Less: Management fee expense		(271	)		(271	)		-			-
	Net income (loss) attributable to joint venture partners		823			2,817			(1,994	)		(13,650	)
	Add: Real estate depreciation and amortization		7			-			7			-
	FFO (3)		830			2,817			(1,987	)		(13,650	)
	Less: FFO attributable to One Steuart Lane		2,230			-			2,230			-
	Less: Realized and unrealized losses from real estate related fund investments		967			967			-			17,178
	Core FFO (3)	$	4,027		$	3,784		$	243		$	3,528

(1)

Prior to December 12, 2022, Paramount Group Real Estate Fund X, LP ("Fund X") was accounted for under the equity method of accounting. Subsequent to December 12, 2022, we increased our ownership in Fund X to 13.0% and began consolidating Fund X into our consolidated financial statements.

(2)

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

(3)

See page 42 for our definition of these measures.

- 28 -


		REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2022			Three Months Ended March 31, 2022
					Total
		Consolidated Fund (1)			Unconsolidated Funds		Fund X		Other (2)
Income from real estate related fund investments		$	-		$	2,503	$	1,982	$	521
Loss from unconsolidated joint ventures			(1,269	)		-		-		-
Interest and other income, net			106			-		-		-
(Loss) income before income taxes			(1,163	)		2,503		1,982		521
Income tax expense			(2	)		-				-
Net (loss) income		$	(1,165	)	$	2,503	$	1,982	$	521

PGRE's share
Ownership		7.4%			Total		8.2%		7.5%
	Net (loss) income	$	(149	)	$	170	$	163	$	7
	Add: Real estate depreciation and amortization		-			-		-		-
	FFO (3)		(149	)		170		163		7
	Less: FFO attributable to One Steuart Lane		94			-		-		-
	Less: Realized and unrealized losses from real estate related fund investments		-			47		21		26
	Core FFO (3)	$	(55	)	$	217	$	184	$	33

Joint Venture Partners' share
Ownership		92.6%			Total		91.8%		92.5%
	Net (loss) income	$	(1,016	)	$	2,333	$	1,819	$	514
	Less: Management fee expense		-			-		-		-
	Net (loss) income attributable to joint venture partners		(1,016	)		2,333		1,819		514
	Add: Real estate depreciation and amortization		7			-		-		-
	FFO (3)		(1,009	)		2,333		1,819		514
	Less: FFO attributable to One Steuart Lane		1,168			-		-		-
	Less: Realized and unrealized losses from real estate related fund investments		-			2,215		188		2,027
	Core FFO (3)	$	159		$	4,548	$	2,007	$	2,541

(1)

Represents Residential Development Fund.

(2)

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

(3)

See page 42 for our definition of these measures.

- 29 -


		CAPITAL STRUCTURE

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


			As of March 31, 2023
Debt:
	Consolidated debt:
		Notes and mortgages payable (1)	$	3,858,000
		Revolving Credit Facility		-
				3,858,000
	Less:
		Noncontrolling interests' share of consolidated debt (2)		(810,335	)
	Add:
		PGRE's share of unconsolidated joint venture debt (3)		625,324
	PGRE's Share of Total Debt (4)			3,672,989


		Shares / Units		Share Price as of
Equity:		Outstanding		March 31, 2023
	Common stock		217,211,716	$	4.56		990,485
	Operating Partnership units		15,212,454		4.56		69,369
	Total equity		232,424,170		4.56		1,059,854


Total Market Capitalization						$	4,732,843

(1)

Represents contractual amounts due pursuant to the respective debt agreements.

(2)

Represents noncontrolling interests’ share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street.

(3)

Represents our share of debt of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 1600 Broadway, 60 Wall Street and Oder-Center, Germany.

(4)

See page 42 for our definition of this measure.

- 30 -


		DEBT ANALYSIS

(unaudited and in thousands)


		Total Debt						Fixed Rate Debt						Variable Rate Debt
Consolidated Debt:		Amount			Rate			Amount			Rate			Amount			Rate
	1633 Broadway	$	1,250,000			2.99	%	$	1,250,000			2.99	%	$	-			-
	1301 Avenue of the Americas		860,000			3.76	%		500,000			2.46	%		360,000			5.56	%
	31 West 52nd Street		500,000			3.80	%		500,000			3.80	%		-			-
	One Market Plaza		975,000			4.03	%		975,000			4.03	%		-			-
	300 Mission Street		273,000			3.65	%		273,000			3.65	%		-			-
	Revolving Credit Facility		-			-			-			-			-			-
Total consolidated debt			3,858,000			3.58	%		3,498,000			3.37	%		360,000			5.56	%
Noncontrolling interests' share			(810,335	)		3.78	%		(810,335	)		3.78	%		-			-
PGRE's share of consolidated debt		$	3,047,665			3.52	%	$	2,687,665			3.25	%	$	360,000			5.56	%

Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		411,580			3.14	%		402,000			3.07	%		9,580			6.16	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		158,771			6.82	%		-			-			158,771			6.82	%
	1600 Broadway		98,000			3.45	%		98,000			3.45	%		-			-
	60 Wall Street		575,000			5.95	%		-			-			575,000			5.95	%
	Oder-Center, Germany		13,409			3.80	%		-			-			13,409			3.80	%
Total unconsolidated debt			1,744,260			4.55	%		987,500			3.36	%		756,760			6.10	%
Joint venture partners' share			(1,118,936	)		4.91	%		(476,475	)		3.42	%		(642,461	)		6.02	%
PGRE's share of unconsolidated debt		$	625,324			3.89	%	$	511,025			3.30	%	$	114,299			6.53	%

PGRE's share of Total Debt (1)		$	3,672,989			3.58	%	$	3,198,690			3.26	%	$	474,299			5.80	%


Revolving Credit Facility Covenants: (2)		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		44.9	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		44.9	%		Consolidated fixed rate debt	$	2,687,665
	Fixed Charge Coverage	Greater than 1.5x	3.27x				Unconsolidated fixed rate debt		511,025
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,198,690		87.1	%
	Unencumbered Interest Coverage	Greater than 1.75x	47.06x			Variable rate debt:
							Consolidated variable rate debt		360,000
							Unconsolidated variable rate debt		114,299
							PGRE's share of variable rate debt		474,299		12.9	%
							PGRE's share of Total Debt (2)	$	3,672,989		100.0	%

(1)

See page 42 for our definition of this measure.

(2)

This section presents ratios as of March 31, 2023 in accordance with the terms of our revolving credit facility agreement, which has been filed with the SEC. 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.

- 31 -


		DEBT MATURITIES

(unaudited and in thousands)


Consolidated Debt:		2023				2024			2025			2026			2027			Thereafter			Total
	300 Mission Street	$	273,000		(1)	$	-		$	-		$	-		$	-		$	-		$	273,000
	One Market Plaza		-				975,000			-			-			-			-			975,000
	31 West 52nd Street		-				-			-			500,000			-			-			500,000
	1301 Avenue of the Americas		-				-			-			860,000			-			-			860,000
	1633 Broadway		-				-			-			-			-			1,250,000			1,250,000
	Revolving Credit Facility		-				-			-			-			-			-			-
Total consolidated debt			273,000				975,000			-			1,360,000			-			1,250,000			3,858,000
Noncontrolling interests' share			(188,097	)			(497,250	)		-			-			-			(124,988	)		(810,335	)
PGRE's share of consolidated debt		$	84,903			$	477,750		$	-		$	1,360,000		$	-		$	1,125,012		$	3,047,665


Unconsolidated Joint Venture Debt:
	60 Wall Street	$	-			$	575,000		$	-		$	-		$	-		$	-		$	575,000
	111 Sutter Street		-				158,771			-			-			-			-			158,771
	Market Center		-				-			411,580			-			-			-			411,580
	55 Second Street		-				-			-			187,500			-			-			187,500
	712 Fifth Avenue		-				-			-			-			300,000			-			300,000
	Oder-Center, Germany		-				-			-			-			-			13,409			13,409
	1600 Broadway		-				-			-			-			-			98,000			98,000
Total unconsolidated debt			-				733,771			411,580			187,500			300,000			111,409			1,744,260
Joint venture partners' share			-				(627,165	)		(135,821	)		(104,831	)		(150,000	)		(101,119	)		(1,118,936	)
PGRE's share of unconsolidated debt		$	-			$	106,606		$	275,759		$	82,669		$	150,000		$	10,290		$	625,324



PGRE's Share of Total Debt (2)		$	84,903			$	584,356		$	275,759		$	1,442,669		$	150,000		$	1,135,302		$	3,672,989

Weighted average rate			3.65	%			4.50	%		3.14	%		3.78	%		3.39	%		2.99	%		3.58	%

% of debt maturing			2.3	%			15.9	%		7.5	%		39.3	%		4.1	%		30.9	%		100.0	%

(1)

This loan matures in October 2023. We are exploring various alternatives to refinance this loan.

(2)

See page 42 for our definition of this measure.

- 32 -


		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	%		100.0	%		100.0	%	$	183,252	$	80.94		2,272,771		-		2,272,771	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		96.6	%		96.6	%		10,861		65.63		253,609		-		253,609	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		99.7	%		99.7	%		194,113		80.57		2,526,380		-		2,526,380
1301 Avenue of the Americas
	Office		100.0	%		79.5	%		70.0	%		99,525		84.90		1,695,600		-		1,695,600	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff,
																					O'Melveny & Myers, SVB Securities
	Retail / Amenity Center		100.0	%		89.8	%		89.8	%		2,556		183.52		50,722		-		50,722	Ocean Prime, Starbucks
			100.0	%		79.8	%		70.6	%		102,081		85.96		1,746,322		-		1,746,322
1325 Avenue of the Americas
	Office		100.0	%		94.3	%		94.3	%		51,130		68.66		810,314		-		810,314	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore
	Retail		100.0	%		100.0	%		100.0	%		1,423		86.68		15,609		-		15,609	La Grande Boucherie
			100.0	%		94.4	%		94.4	%		52,553		68.95		825,923		-		825,923
31 West 52nd Street
	Office		100.0	%		96.4	%		92.8	%		64,324		93.45		742,139		-		742,139	Clifford Chance, Pillsbury Winthrop Shaw Pittman,
																					Centerview Partners, Bracewell, Providence Equity Partners,
																					Wilson Sonsini
	Retail		100.0	%		97.8	%		97.8	%		4,875		109.61		25,913		-		25,913	Fogo De Chao, MoMA Design Store
			100.0	%		96.4	%		93.0	%		69,199		94.03		768,052		-		768,052
900 Third Avenue
	Office		100.0	%		78.6	%		78.6	%		31,907		70.84		575,084		-		575,084	Goldman Sachs, Shiseido, Tannenbaum Helpern Syracuse &
																					Hirschtritt, Littler Mendelson
	Retail		100.0	%		81.7	%		81.7	%		1,302		97.31		16,144		-		16,144	Bank of America
			100.0	%		78.7	%		78.7	%		33,209		71.59		591,228		-		591,228
712 Fifth Avenue
	Office		50.0	%		82.8	%		77.2	%		42,464		120.22		457,580		-		457,580	CVC Advisors, abrdn, OMI Management, Riverstone Holdings,
																					Pictet Asset Management
	Retail		50.0	%		20.9	%		20.9	%		7,883		437.43		85,917		-		85,917	Harry Winston
			50.0	%		73.0	%		68.3	%		50,347		135.54		543,497		-		543,497
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		10,302		304.50		25,693		-		25,693	M&M's World
60 Wall Street (3)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,625,483		1,625,483

	Subtotal / Weighted average					89.9	%		86.9	%	$	511,804	$	85.59		7,027,095		1,625,483		8,652,578
	PGRE's share					90.2	%		87.1	%	$	457,868	$	83.13		6,479,405		81,437		6,560,842

(1)

See page 42 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 33 -


		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	%		96.6	%		95.2	%	$	158,974	$	107.72		1,555,130		-		1,555,130	Google, Morgan Lewis & Bockius, Visa,
																					The Capital Group, Autodesk, Citigroup,
																					Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		74.2	%		74.2	%		5,283		81.40		53,285		-		53,285	Starbucks, STK Steak House,
																					One Market Restaurant
			49.0	%		95.8	%		94.5	%		164,257		107.06		1,608,415		-		1,608,415
Market Center
	Office		67.0	%		79.5	%		79.5	%		53,696		91.66		738,220		-		738,220	Uber, Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Raymond James, Waymo
	Retail		67.0	%		66.2	%		66.2	%		613		109.81		6,156		-		6,156	Amazon
			67.0	%		79.4	%		79.4	%		54,309		91.78		744,376		-		744,376
300 Mission Street
	Office		31.1	%		80.9	%		80.9	%		46,959		96.26		605,662		-		605,662	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		2,945		66.34		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		49,904		93.82		654,834		-		654,834
One Front Street
	Office		100.0	%		97.2	%		96.1	%		56,663		93.33		633,262		-		633,262	First Republic, Coinbase, JLL, Cigna
	Retail		100.0	%		86.7	%		86.7	%		1,212		92.83		14,773		-		14,773	First Republic
			100.0	%		97.0	%		95.8	%		57,875		93.32		648,035		-		648,035
55 Second Street
	Office		44.1	%		85.7	%		85.7	%		26,642		84.17		370,319		-		370,319	KPMG, Intercom, Rippling, UKG
	Retail		44.1	%		100.0	%		100.0	%		903		111.06		7,480		-		7,480	Sutter West Bay Medical, Bluestone Lane
			44.1	%		86.0	%		86.0	%		27,545		84.79		377,799		-		377,799
111 Sutter Street
	Office		49.0	%		53.5	%		53.5	%		11,638		89.14		248,821		-		248,821	Turo, Natural Resource Defense Council
	Retail		49.0	%		77.6	%		77.6	%		1,541		67.59		29,249		-		29,249	24 Hour Fitness
			49.0	%		56.0	%		56.0	%		13,179		85.93		278,070		-		278,070

	Subtotal / Weighted average					87.5	%		86.9	%	$	367,069	$	97.68		4,311,529		-		4,311,529
	PGRE's share					88.7	%		87.9	%	$	208,873	$	97.01		2,441,406		-		2,441,406

Total / Weighted average						89.0	%		86.9	%	$	878,873	$	90.31		11,338,624		1,625,483		12,964,107
PGRE's share						89.8	%		87.3	%	$	666,741	$	87.08		8,920,811		81,437		9,002,248

(1)

See page 42 for our definition of this measure.

(2)

Represents office and retail space only.

- 34 -


		SAME STORE LEASED OCCUPANCY

(unaudited)


				As of March 31, 2023						As of December 31, 2022						Change in
	Paramount						Same Store						Same Store			Same Store
Property	Ownership			Leased % (1)			Leased % (1)			Leased % (1)			Leased % (1)			Leased %


New York:
1633 Broadway		90.0	%		99.7	%		99.7	%		99.7	%		99.7	%		-	%
1301 Avenue of the Americas		100.0	%		79.8	%		79.8	%		88.1	%		88.1	%		(8.3	%)
1325 Avenue of the Americas		100.0	%		94.4	%		94.4	%		94.4	%		94.4	%		-	%
31 West 52nd Street		100.0	%		96.4	%		96.4	%		93.0	%		93.0	%		3.4	%
900 Third Avenue		100.0	%		78.7	%		78.7	%		79.3	%		79.3	%		(0.6	%)
712 Fifth Avenue		50.0	%		73.0	%		73.0	%		73.9	%		73.9	%		(0.9	%)
1600 Broadway		9.2	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
60 Wall Street (2)		5.0	%	N/A			N/A			N/A			N/A				-	%
Weighted average					89.9	%		89.9	%		91.7	%		91.7	%		(1.8	%)
PGRE's share					90.2	%		90.2	%		92.1	%		92.1	%		(1.9	%)

San Francisco:
One Market Plaza		49.0	%		95.8	%		95.8	%		95.8	%		95.8	%		-	%
Market Center		67.0	%		79.4	%		79.4	%		79.4	%		79.4	%		-	%
300 Mission Street		31.1	%		81.4	%		81.4	%		81.4	%		81.4	%		-	%
One Front Street		100.0	%		97.0	%		97.0	%		97.0	%		97.0	%		-	%
55 Second Street		44.1	%		86.0	%		86.0	%		86.0	%		86.0	%		-	%
111 Sutter Street		49.0	%		56.0	%		56.0	%		59.4	%		59.4	%		(3.4	%)
Weighted average					87.5	%		87.5	%		87.8	%		87.8	%		(0.3	%)
PGRE's share					88.7	%		88.7	%		88.9	%		88.9	%		(0.2	%)

Weighted average					89.0	%		89.0	%		90.2	%		90.2	%		(1.2	%)
PGRE's share					89.8	%		89.8	%		91.3	%		91.3	%		(1.5	%)

(1)

See page 42 for our definition of this measure.

(2)

In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 35 -


		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 March 31, 2023			Property	Expiration	Occupied (2)			Occupied (2)			Amount		Foot (2)		Rent
	First Republic Bank (3)		One Front Street	Jun-2025		250,459			250,459		$	21,499	$	85.54		3.2	%
				Dec-2029		76,999			76,999			7,795		101.24		1.2	%
				Dec-2030		25,157			25,157			2,323		91.82		0.3	%
				Dec-2032		108,111			108,111			11,372		105.19		1.7	%
						460,726			460,726			42,989		93.11		6.4	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024		328,543	(4)		328,543	(4)		29,839		90.81		4.5	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031		320,911			288,823			28,351		98.16		4.3	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Mar-2032		111,589			111,589			10,206		91.46		1.5	%
				Sep-2034		179,286			179,286			17,716		94.56		2.7	%
						290,875			290,875			27,922		93.37		4.2	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032		260,829			234,749			19,757		84.16		3.0	%
	WMG Acquisition Corp.		1633 Broadway	Jul-2029		288,250			259,428			17,866		68.24		2.7	%
		(Warner Music Group)
	Showtime Networks, Inc.		1633 Broadway	Jan-2026		253,196			227,879			17,040		73.24		2.6	%
	Google, Inc.		One Market Plaza	Apr-2025		339,833			166,518			16,226		97.03		2.4	%
	Kasowitz Benson Torres		1633 Broadway	Mar-2037		203,394			183,057			14,646		80.01		2.2	%
	Uber Technologies, Inc.		Market Center	Jul-2023		234,783	(5)		157,305	(5)		14,331		91.10		2.1	%


		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of March 31, 2023		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,715,207		22.0	%	$	152,167		22.8	%
	Technology and Media		1,681,331		21.5	%		139,377		20.9	%
	Financial Services - Commercial and Investment Banking		1,418,981		18.2	%		121,627		18.2	%
	Financial Services, all others		1,112,514		14.3	%		105,646		15.9	%
	Insurance		437,152		5.6	%		41,591		6.2	%
	Retail		166,737		2.1	%		18,241		2.7	%
	Travel and Leisure		206,823		2.7	%		13,803		2.1	%
	Consumer Products		121,732		1.6	%		10,371		1.6	%
	Other Professional Services		113,261		1.5	%		9,871		1.5	%
	Other		818,252		10.5	%		54,047		8.1	%

(1)

See page 42 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

On May 1, 2023, First Republic Bank was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. In connection therewith, JPMorgan Chase Bank acquired all deposit accounts and substantially all the assets and assumed certain of the liabilities of First Republic Bank from the FDIC. The details of the acquisition of the assets and the assumption of the liabilities are unclear at this time. First Republic Bank remains current on its financial obligations under these lease agreements through May 2023.

(4)

Includes 92,516 square feet that has been pre-leased to Wilson Sonsini through April 2041.

(5)

Includes 76,667 square feet (51,366 square feet at PGRE's share) that has been pre-leased to Waymo through July 2028.

- 36 -


		LEASING ACTIVITY (1)

(unaudited)


	Total			New York			San Francisco

Three Months Ended March 31, 2023

Total square feet leased		195,634			118,967			76,667

PGRE's share of total square feet leased:		170,333			118,967			51,366
Initial rent (2)	$	82.21		$	81.00		$	85.00
Weighted average lease term (in years)		13.0			16.5			5.0
Tenant improvements and leasing commissions:
Per square foot	$	166.38		$	195.04		$	100.00
Per square foot per annum	$	12.77		$	11.82		$	20.00
Percentage of initial rent		15.5	%		14.6	%		23.5	%
Rent concessions:
Average free rent period (in months)		15.0			18.0			8.0
Average free rent period per annum (in months)		1.1			1.1			1.6

Second generation space: (2)
Square feet		143,882			92,516			51,366
Cash basis:
Initial rent (2)	$	82.43		$	81.00		$	85.00
Prior escalated rent (2)	$	84.00		$	84.02		$	83.97
Percentage (decrease) increase		(1.9	%)		(3.6	%)		1.2	%
GAAP basis:
Straight-line rent (2)	$	79.72		$	80.31		$	78.66
Prior straight-line rent (2)	$	79.04		$	73.88		$	88.35
Percentage increase (decrease)		0.9	%		8.7	%		(11.0	%)

(1)

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

(2)

See page 42 for our definition of this measure.

- 37 -


		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			11,045		7,827	$	808	$	-		0.1	%

	2Q 2023			25,976		14,650		1,112		75.32		0.2	%
	3Q 2023			198,590		133,379		12,098		90.61		1.8	%
	4Q 2023			48,815		33,020		3,324		100.06		0.5	%
	Total 2023			273,381		181,049		16,534		91.09		2.5	%

	1Q 2024			255,186		201,528		16,071		79.74		2.3	%
	Remaining 2024			587,116		517,762		45,976		89.00		6.7	%
	Total 2024			842,302		719,290		62,047		86.39		9.0	%
		2025		1,523,279		996,593		89,792		90.04		13.1	%
		2026		1,382,722		951,254		83,764		85.71		12.2	%
		2027		295,868		219,152		19,692		89.72		2.9	%
		2028		397,160		313,628		24,966		79.71		3.6	%
		2029		602,582		524,508		40,289		82.44		5.9	%
		2030		611,972		515,491		46,552		90.35		6.8	%
		2031		597,334		529,940		51,495		93.80		7.5	%
		2032		914,704		640,706		59,980		93.62		8.8	%
	Thereafter			2,640,958		2,410,849		188,176		83.40		27.6	%

(1)

See page 42 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 in the following quarter.

(3)

Represents office and retail space only.

- 38 -


		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	$	464	$	-		0.1	%

	2Q 2023			17,066		10,719		785		73.22		0.2	%
	3Q 2023			21,779		14,865		1,283		85.43		0.3	%
	4Q 2023			6,751		5,054		407		76.07		0.1	%
	Total 2023			45,596		30,638		2,475		79.61		0.6	%

	1Q 2024			164,631		151,832		11,117		73.18		2.3	%
	Remaining 2024			423,827		413,278		35,857		86.95		7.6	%
	Total 2024			588,458		565,110		46,974		83.23		9.9	%
		2025		405,939		345,794		31,875		92.07		6.7	%
		2026		676,370		613,053		49,096		76.36		10.4	%
		2027		168,077		152,924		13,022		85.02		2.7	%
		2028		195,595		170,984		12,022		70.27		2.5	%
		2029		529,179		486,435		36,808		81.68		7.8	%
		2030		407,764		397,048		34,502		86.95		7.3	%
		2031		496,270		452,783		44,324		93.91		9.4	%
		2032		492,354		455,927		38,630		84.73		8.1	%
	Thereafter			2,310,450		2,171,990		163,852		81.14		34.5	%

(1)

See page 42 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 in the following quarter.

(3)

Represents office and retail space only.

- 39 -


		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			8,449		5,406	$	344	$	-		0.2	%

	2Q 2023			8,910		3,931		327		81.05		0.2	%
	3Q 2023			176,811		118,514		10,815		91.26		5.1	%
	4Q 2023			42,064		27,966		2,917		104.41		1.4	%
	Total 2023			227,785		150,411		14,059		93.43		6.7	%

	1Q 2024			90,555		49,696		4,954		99.86		2.4	%
	Remaining 2024			163,289		104,484		10,119		97.18		4.8	%
	Total 2024			253,844		154,180		15,073		98.05		7.2	%
		2025		1,117,340		650,799		57,917		88.96		27.6	%
		2026		706,352		338,201		34,668		102.49		16.5	%
		2027		127,791		66,228		6,670		100.59		3.1	%
		2028		201,565		142,644		12,944		91.08		6.2	%
		2029		73,403		38,073		3,481		91.44		1.7	%
		2030		204,208		118,443		12,050		101.73		5.7	%
		2031		101,064		77,157		7,171		93.19		3.4	%
		2032		422,350		184,779		21,350		115.54		10.1	%
	Thereafter			330,508		238,859		24,324		101.88		11.6	%

(1)

See page 42 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.

- 40 -


		CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)


	Three Months Ended March 31, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	5,662		$	3,504		$	1,653		$	505
Second generation tenant improvements		10,828			2,763			8,065			-
Second generation leasing commissions		1,710			556			1,154			-
Total Capital Expenditures		18,200			6,823			10,872			505
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(5,433	)		(220	)		(5,213	)		-
PGRE's share of Total Capital Expenditures	$	12,767		$	6,603		$	5,659		$	505

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Other	$	3,118		$	3,118		$	-		$	-
Total Redevelopment Expenditures		3,118			3,118			-			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	3,118		$	3,118		$	-		$	-

	Three Months Ended March 31, 2022
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	11,228		$	9,119		$	2,104		$	5
Second generation tenant improvements		13,082			9,077			4,005			-
Second generation leasing commissions		1,209			1,152			57			-
Total Capital Expenditures		25,519			19,348			6,166			5
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(1,516	)		(566	)		(950	)		-
PGRE's share of Total Capital Expenditures	$	24,003		$	18,782		$	5,216		$	5

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Gershwin facade replacement	$	1,719		$	1,719		$	-		$	-
Elevator modernizations		1,097			1,065			32			-
Other		2,198			2,131			67			-
Total Redevelopment Expenditures		5,014			4,915			99			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(235	)		(172	)		(63	)		-
PGRE's share of Total Redevelopment Expenditures	$	4,779		$	4,743		$	36		$	-

(1)

See page 42 for our definition of this measure.

- 41 -


		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.

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. FFO attributable to common stockholders represents the Company’s share of FFO that is attributable to common stockholders and is calculated by reducing from FFO, the noncontrolling interests’ share of FFO in consolidated joint ventures, real estate related funds and Operating Partnership.

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 and adjustments, realized and unrealized gains or losses on real estate related fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, 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. Core FFO attributable to common stockholders represents the Company’s share of Core FFO that is attributable to common stockholders and is calculated by reducing from Core FFO, the noncontrolling interests’ share of Core FFO in consolidated joint ventures, real estate related funds and Operating Partnership.

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. FAD attributable to common stockholders represents the Company’s share of FAD that is attributable to common stockholders and is calculated by reducing from FAD, the noncontrolling interests’ share of FAD in consolidated joint ventures, real estate related funds and Operating Partnership.

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 also 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.

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		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 also 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 present 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. In addition, 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 also 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.

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 and not classified as discontinued operations.

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 that has been (i) vacant for less than twelve months, or (ii) has been pre-leased prior to its 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.

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