Paramount (PGRE) 8-K Paramount Announces Second Quarter 2024 Results

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.

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  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

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  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	IR@pgre.com	New York Stock Exchange	PGRE
New York, NY 10019	(212) 492-2298
(212) 237-3100

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  COMMON SHARE DATA

(unaudited)

		Three Months Ended
Share Price:		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
	High	$	5.10		$	5.36		$	5.92		$	5.43		$	4.92
	Low	$	4.30		$	4.21		$	4.06		$	4.20		$	4.10
	Closing (end of period)	$	4.63		$	4.69		$	5.17		$	4.62		$	4.43
Dividends per common share		$	0.035		$	0.035		$	0.035		$	0.035		$	0.035
Annualized dividends per common share		$	0.14		$	0.14		$	0.14		$	0.14		$	0.14
Dividend yield (on closing share price)			3.0	%		3.0	%		2.7	%		3.0	%		3.2	%

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  GUIDANCE

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

										Change at the
				Full Year 2024						Midpoint of
(Amounts per diluted share)				Low			High			Prior Guidance
			Estimated net loss attributable to common stockholders	$	(0.11	)	$	(0.07	)
			Our share of real estate depreciation and amortization		0.92			0.92
			Estimated FFO (1)		0.81			0.85
			Adjustments for non-core items (2)		(0.05	)		(0.05	)
			Estimated Core FFO (1)(3)	$	0.76		$	0.80		$	-
	Operating Assumptions:
		Leasing Activity (square feet)			725,000			900,000			-
		PGRE's share of Same Store Leased % (1) at year end			86.1	%		88.1	%		-
		Decrease in PGRE's share of Same Store Cash NOI (1)			(4.5	%)		(2.5	%)		1.0	%
		Decrease in PGRE's share of Same Store NOI (1)			(3.5	%)		(1.5	%)		0.5	%
	Financial Assumptions (at share):
		Estimated net loss		$	(25,500	)	$	(15,500	)	$	(3,500	)
			Depreciation and amortization		215,500			215,500			2,500
			General and administrative expenses		65,500			63,500			1,000
			Interest and debt expense, including amortization of deferred financing costs		143,500			141,500			1,500
			Other, net (primarily non-cash gain on extinguishment of IPO related tax liability)		(12,000	)		(12,000	)		1,000
			Fee and other income, net of income taxes		(33,000	)		(34,000	)		-
		NOI (1)			354,000			359,000			2,500
			Straight-line rent adjustments and above and below-market lease revenue, net		(20,000	)		(21,000	)		-
		Cash NOI (1)		$	334,000		$	338,000		$	2,500

(1)

See page 54 for our definition of this measure.

(2)

Represents non-core items for the six months ended June 30, 2024, that are listed in the table on page 11. The Company is not making projections for non-core items that may impact its financial results for the remainder of 2024, which may include realized and unrealized gains or losses on real estate related fund investments, acquisition and transaction related costs and other items that are not included in Core FFO.

(3)

We are updating and narrowing our Estimated Core FFO Guidance for the full year of 2024, 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 July 31, 2024 and otherwise to be referenced during our conference call scheduled for August 1, 2024. 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.

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  FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

		Three Months Ended								Six Months Ended
SELECTED FINANCIAL DATA		June 30, 2024			June 30, 2023			March 31, 2024		June 30, 2024		June 30, 2023
	Net (loss) income per share - basic and diluted	$	(0.04	)	$	(0.22	)	$	0.05	$	0.01	$	(0.21	)
	Core FFO (1) per share - diluted	$	0.20		$	0.17		$	0.22	$	0.42	$	0.42
	PGRE's share of Adjusted EBITDAre (1)	$	82,032		$	71,184		$	86,921	$	168,953	$	160,275
	PGRE's share of Cash NOI (1)	$	86,543		$	87,979		$	88,977	$	175,520	$	177,779
	PGRE's share of NOI (1)	$	90,636		$	79,547		$	93,583	$	184,219	$	175,748
	Same Store % Change	Same Store Cash NOI (1)			Same Store NOI (1)
	Three Months Ended June 30, 2024 vs. June 30, 2023		0.1	%		(1.3	%)
	Six Months Ended June 30, 2024 vs. June 30, 2023		(0.7	%)		(2.4	%)

PORTFOLIO STATISTICS (at PGRE’s Share)

													% Change
													June 30, 2024			June 30, 2024			June 30, 2024
	2024						2023						vs.			vs.			vs.
Same Store Leased % (1)	June 30,			March 31,			December 31,			June 30,			March 31, 2024			December 31, 2023			June 30, 2023
New York		86.9	%		90.1	%		90.2	%		90.5	%		(3.2	%)		(3.3	%)		(3.6	%)
San Francisco		84.2	%		85.5	%		89.8	%		91.6	%		(1.3	%)		(5.6	%)		(7.4	%)
Weighted Average		86.3	%		89.1	%		90.1	%		90.7	%		(2.8	%)		(3.8	%)		(4.4	%)

(1)

See page 54 for our definition of this measure.

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  CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			June 30, 2024			March 31, 2024			December 31, 2023
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237		$	1,966,237
		Buildings and improvements		6,276,347			6,278,863			6,250,379
				8,242,584			8,245,100			8,216,616
		Accumulated depreciation and amortization		(1,550,341	)		(1,524,078	)		(1,471,819	)
	Real estate, net			6,692,243			6,721,022			6,744,797
	Cash and cash equivalents			307,461			276,235			428,208
	Restricted cash			164,639			171,776			81,391
	Accounts and other receivables			13,917			16,048			18,053
	Real estate related fund investments			-			-			775
	Investments in unconsolidated real estate related funds			4,536			4,603			4,549
	Investments in unconsolidated joint ventures			130,087			132,788			132,239
	Deferred rent receivable			353,769			353,826			351,209
	Deferred charges, net			105,812			107,407			108,751
	Intangible assets, net			57,612			62,609			68,005
	Other assets			71,788			83,411			68,238
Total assets			$	7,901,864		$	7,929,725		$	8,006,215
Liabilities:
	Notes and mortgages payable, net		$	3,672,103		$	3,669,850		$	3,803,484
	Revolving credit facility			-			-			-
	Accounts payable and accrued expenses			110,789			115,038			114,463
	Dividends and distributions payable			8,382			8,376			8,360
	Intangible liabilities, net			24,125			26,026			28,003
	Other liabilities			30,802			31,774			37,017
Total liabilities				3,846,201			3,851,064			3,991,327
Equity:
	Paramount Group, Inc. equity			3,181,913			3,199,050			3,203,285
	Noncontrolling interests in:
		Consolidated joint ventures		485,983			480,542			413,925
		Consolidated real estate related funds		93,340			103,886			110,589
		Operating Partnership		294,427			295,183			287,089
Total equity				4,055,663			4,078,661			4,014,888
Total liabilities and equity			$	7,901,864		$	7,929,725		$	8,006,215

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  CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended										Six Months Ended
		June 30, 2024			June 30, 2023				March 31, 2024			June 30, 2024			June 30, 2023
Revenues:
	Rental revenue (1)	$	179,678		$	165,506			$	179,723		$	359,401		$	347,219
	Fee and other income (1)		7,730			7,156				9,154			16,884			13,917
Total revenues			187,408			172,662				188,877			376,285			361,136
Expenses:
	Operating		74,192			71,078				71,740			145,932			141,387
	Depreciation and amortization		61,735			62,627				61,114			122,849			121,515
	General and administrative		16,632			16,224				16,634			33,266			30,847
	Transaction related costs		423			63				178			601			191
Total expenses			152,982			149,992				149,666			302,648			293,940
Other income (expense):
	Loss from real estate related fund investments (1)		(27	)		(42,644	)			(43	)		(70	)		(39,094	)
	(Loss) income from unconsolidated real estate related funds		(15	)		32				105			90			(146	)
	Loss from unconsolidated joint ventures		(771	)		(28,402	)	(2)		(1,346	)		(2,117	)		(34,164	)	(2)
	Interest and other income, net (1)		3,893			2,967				19,420			23,313			5,892
	Interest and debt expense		(40,004	)		(36,879	)			(40,269	)		(80,273	)		(73,338	)
(Loss) income before income taxes			(2,498	)		(82,256	)			17,078			14,580			(73,654	)
	Income tax expense		(362	)		(573	)			(347	)		(709	)		(861	)
Net (loss) income			(2,860	)		(82,829	)			16,731			13,871			(74,515	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(6,269	)		(5,351	)			(5,206	)		(11,475	)		(10,992	)
	Consolidated real estate related funds		589			37,301				(762	)		(173	)		36,478
	Operating Partnership		721			3,341				(898	)		(177	)		3,220
Net (loss) income attributable to common stockholders		$	(7,819	)	$	(47,538	)		$	9,865		$	2,046		$	(45,809	)
	Per diluted share	$	(0.04	)	$	(0.22	)		$	0.05		$	0.01		$	(0.21	)

(1)

See page 10 for details.

(2)

Includes our share of a non-cash real estate impairment loss of $24,734 related to 60 Wall Street. See pages 30 and 32 for details.

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  SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended								Six Months Ended
Rental Revenue:		June 30, 2024		June 30, 2023				March 31, 2024		June 30, 2024		June 30, 2023
	Property rentals	$	157,178	$	156,015			$	157,595	$	314,773	$	314,478
	Tenant reimbursements		19,375		13,270				16,990		36,365		27,728
	Straight-line rent adjustments		464		(7,511	)	(1)		2,854		3,318		245	(1)
	Amortization of above and below-market leases, net		1,632		1,448				1,340		2,972		2,484
	Lease termination income		1,029		2,284				944		1,973		2,284
Total rental revenue		$	179,678	$	165,506			$	179,723	$	359,401	$	347,219

(1)

Includes non-cash straight-line rent receivable write-offs aggregating $13,906 comprised of (i) a $7,343 write-off related to the surrendered JPMorgan Chase space and (ii) a $6,563 write-off related to the terminated SVB Securities lease.

		Three Months Ended						Six Months Ended
Fee and Other Income:		June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2023
	Asset management	$	2,317	$	2,326	$	2,305	$	4,622	$	4,501
	Property management		1,657		1,831		1,744		3,401		3,693
	Acquisition, disposition, leasing and other		330		819		2,199		2,529		1,339
	Total fee income		4,304		4,976		6,248		10,552		9,533
	Other (primarily parking income and tenant requested services,     including cleaning and overtime heating and cooling)		3,426		2,180		2,906		6,332		4,384
Total fee and other income		$	7,730	$	7,156	$	9,154	$	16,884	$	13,917

		Three Months Ended										Six Months Ended
Loss from Real Estate Related Fund Investments		June 30, 2024			June 30, 2023				March 31, 2024			June 30, 2024			June 30, 2023
	Net investment (loss) income	$	(27	)	$	3,048			$	732		$	705		$	7,709
	Net realized and unrealized losses		-			(45,692	)	(1)		(775	)		(775	)		(46,803	)	(1)
Loss from real estate related fund investments		$	(27	)	$	(42,644	)		$	(43	)	$	(70	)	$	(39,094	)

(1)

Represents realized and unrealized losses on real estate mezzanine loan investments made by Fund X, of which our share, net of amounts attributable to noncontrolling interests, was $5,950 and $6,094 for the three and six months ended June 30, 2023, respectively.

		Three Months Ended						Six Months Ended
Interest and Other Income, net:		June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2023
	Interest income, net	$	3,893	$	2,967	$	3,983	$	7,876	$	5,892
	Non-cash gain on extinguishment of IPO related tax liability		-		-		15,437		15,437		-
Total interest and other income, net		$	3,893	$	2,967	$	19,420	$	23,313	$	5,892

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  FFO

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

			Three Months Ended									Six Months Ended
			June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2024			June 30, 2023
Reconciliation of net (loss) income to FFO and Core FFO:
	Net (loss) income		$	(2,860	)	$	(82,829	)	$	16,731		$	13,871		$	(74,515	)
	Real estate depreciation and amortization (including our share of     unconsolidated joint ventures)			65,035			72,096			64,424			129,459			140,527
	Our share of a non-cash real estate impairment loss related to     an unconsolidated joint venture			-			24,734			-			-			24,734
	Amounts attributable to noncontrolling interests in consolidated joint     ventures and real estate related funds			(15,585	)		22,406			(15,885	)		(31,470	)		6,401
	FFO attributable to the Operating Partnership			46,590			36,407			65,270			111,860			97,147
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(3,935	)		(2,390	)		(5,449	)		(9,384	)		(6,351	)
	FFO attributable to common stockholders (1)		$	42,655		$	34,017		$	59,821		$	102,476		$	90,796
	Per diluted share		$	0.20		$	0.16		$	0.28		$	0.47		$	0.42
	FFO attributable to the Operating Partnership		$	46,590		$	36,407		$	65,270		$	111,860		$	97,147
	Adjustments for non-core items:
		Non-cash gain on extinguishment of IPO related tax liability		-			-			(15,437	)		(15,437	)		-
		Non-core assets (2)		-			(1,660	)		-			-			(3,276	)
		Our share of realized and unrealized gains and losses from     consolidated and unconsolidated real estate related funds		(692	)		5,618			720			28			3,756
		Other, net (primarily adjustments related to unconsolidated     joint ventures)		1,537			(642	)		1,751			3,288			573
	Core FFO attributable to the Operating Partnership			47,435			39,723			52,304			99,739			98,200
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(4,007	)		(2,608	)		(4,366	)		(8,373	)		(6,422	)
	Core FFO attributable to common stockholders (1)		$	43,428		$	37,115		$	47,938		$	91,366		$	91,778
	Per diluted share		$	0.20		$	0.17		$	0.22		$	0.42		$	0.42
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			217,204,870			217,003,931			217,105,686			217,155,278			216,784,737
	Effect of dilutive securities			27,125			11,089			80,723			53,699			31,669
	Denominator for FFO and Core FFO per diluted share			217,231,995			217,015,020			217,186,409			217,208,977			216,816,406

(1)

See page 54 for our definition of this measure.

(2)

Represents Market Center and 111 Sutter Street.

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  FAD

(unaudited and in thousands)

			Three Months Ended									Six Months Ended
			June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2024			June 30, 2023
Reconciliation of Core FFO to FAD:
	Core FFO attributable to the Operating Partnership		$	47,435		$	39,723		$	52,304		$	99,739		$	98,200
	Adjustments to arrive at FAD (including our share of     unconsolidated joint ventures):
		Straight-line rent		(1,116	)		7,515			(3,387	)		(4,503	)		(176	)
		Amortization of above and below-market leases, net		(1,949	)		(2,239	)		(1,658	)		(3,607	)		(4,077	)
		Amortization of deferred financing costs		2,703			1,779			2,443			5,146			3,672
		Amortization of stock-based compensation expense		5,068			4,214			6,194			11,262			9,331
		Expenditures to maintain assets		(9,182	)		(20,117	)		(10,944	)		(20,126	)		(25,779	)
		Second generation tenant improvements    and leasing commissions		(11,814	)		(6,548	)		(25,370	)		(37,184	)		(19,086	)
		Non-core assets (1)		-			1,591			-			-			2,138
		Amounts attributable to noncontrolling interests in    consolidated joint ventures and real estate related funds		(682	)		4,538			4,311			3,629			12,623
	FAD attributable to the Operating Partnership			30,463			30,456			23,893			54,356			76,846
	Amounts attributable to noncontrolling interests in the    Operating Partnership			(2,573	)		(1,999	)		(1,995	)		(4,568	)		(5,024	)
	FAD attributable to common stockholders (2) (3)		$	27,890		$	28,457		$	21,898		$	49,788		$	71,822
	Dividends declared on common stock		$	7,611		$	7,606		$	7,607		$	15,218		$	24,440
	FAD payout ratio (2)			27.3	%		26.7	%		34.7	%		30.6	%		34.0	%

(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.

- 12 -

  EBITDAre

(unaudited and in thousands)

			Three Months Ended									Six Months Ended
			June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2024			June 30, 2023
Reconciliation of net (loss) income to EBITDAre and    Adjusted EBITDAre:
	Net (loss) income		$	(2,860	)	$	(82,829	)	$	16,731		$	13,871		$	(74,515	)
	Adjustments to arrive at EBITDAre (including our share of     unconsolidated joint ventures):
		Depreciation and amortization		65,035			72,096			64,424			129,459			140,527
		Interest and debt expense		42,258			42,746			42,787			85,045			86,419
		Our share of a non-cash real estate impairment loss     related to an unconsolidated joint venture		-			24,734			-			-			24,734
		Income tax expense		363			580			351			714			873
		Amounts attributable to noncontrolling interests in     consolidated joint ventures and real estate related funds		(23,566	)		14,935			(23,938	)		(47,504	)		(10,113	)
	PGRE's share of EBITDAre (1)		$	81,230		$	72,262		$	100,355			181,585			167,925
	Adjustments to arrive at Adjusted EBITDAre:
		Non-cash gain on extinguishment of IPO related     tax liability		-			-			(15,437	)		(15,437	)		-
		Non-core assets (2)		-			(5,433	)		-			-			(10,730	)
		Our share of EBITDAre from consolidated and     unconsolidated real estate related funds		(735	)		4,842			516			(219	)		3,654
		Other, net (primarily adjustments related to     unconsolidated joint ventures)		1,537			(487	)		1,487			3,024			(574	)
	PGRE's share of Adjusted EBITDAre (1)		$	82,032		$	71,184		$	86,921			168,953			160,275

(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									Six Months Ended
			June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2024			June 30, 2023
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(2,860	)	$	(82,829	)	$	16,731		$	13,871		$	(74,515	)
	Adjustments to arrive at NOI:
		Fee income		(4,304	)		(4,976	)		(6,248	)		(10,552	)		(9,533	)
		Depreciation and amortization		61,735			62,627			61,114			122,849			121,515
		General and administrative		16,632			16,224			16,634			33,266			30,847
		Loss from real estate related fund investments		27			42,644			43			70			39,094
		Loss from unconsolidated joint ventures		771			28,402			1,346			2,117			34,164
		NOI from unconsolidated joint ventures (excluding     One Steuart Lane)		5,625			10,720			5,602			11,227			21,101
		Interest and other income, net		(3,893	)		(2,967	)		(19,420	)		(23,313	)		(5,892	)
		Interest and debt expense		40,004			36,879			40,269			80,273			73,338
		Income tax expense		362			573			347			709			861
		Non-core assets (1)		-			(5,217	)		-			-			(10,293	)
		Other, net		438			31			73			511			337
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(23,901	)		(22,564	)		(22,908	)		(46,809	)		(45,276	)
	PGRE's share of NOI (2)		$	90,636		$	79,547		$	93,583		$	184,219		$	175,748
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of     unconsolidated joint ventures)		(1,116	)		7,515			(3,387	)		(4,503	)		(176	)
		Amortization of above and below-market leases, net     (including our share of unconsolidated joint ventures)		(1,949	)		(2,239	)		(1,658	)		(3,607	)		(4,077	)
		Non-core assets (1)		-			299			-			-			560
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(1,028	)		2,857			439			(589	)		5,724
	PGRE's share of Cash NOI (2)		$	86,543		$	87,979		$	88,977		$	175,520		$	177,779

(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 June 30, 2024
			Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(2,860	)	$	(4,941	)	$	16,268		$	(14,187	)
	Adjustments to arrive at NOI:
		Fee income		(4,304	)		-			-			(4,304	)
		Depreciation and amortization		61,735			41,910			18,662			1,163
		General and administrative		16,632			-			-			16,632
		Loss from real estate related fund investments		27			-			-			27
		Loss (income) from unconsolidated joint ventures		771			(56	)		63			764
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		5,625			3,480			2,063			82
		Interest and other income, net		(3,893	)		(1,031	)		(295	)		(2,567	)
		Interest and debt expense		40,004			26,526			12,719			759
		Income tax expense		362			8			79			275
		Other, net		438			-			-			438
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(23,901	)		(2,500	)		(21,401	)		-
	PGRE's share of NOI (1) for the three months ended June 30, 2024		$	90,636		$	63,396		$	28,158		$	(918	)
	PGRE's share of NOI (1) for the three months ended June 30, 2023		$	79,547		$	58,813		$	21,414		$	(680	)
	PGRE's share of NOI for the three months ended June 30, 2024		$	90,636		$	63,396		$	28,158		$	(918	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		(1,116	)		(4,266	)		3,327			(177	)
		Amortization of above and below-market leases, net (including our share of     unconsolidated joint ventures)		(1,949	)		(893	)		(1,056	)		-
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(1,028	)		(153	)		(875	)		-
	PGRE's share of Cash NOI (1) for the three months ended June 30, 2024		$	86,543		$	58,084		$	29,554		$	(1,095	)
	PGRE's share of Cash NOI (1) for the three months ended June 30, 2023		$	87,979		$	63,056		$	25,865		$	(942	)

(1)

See page 54 for our definition of this measure.

- 15 -

  NOI

(unaudited and in thousands)

			Six Months Ended June 30, 2024
			Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)		$	13,871		$	(6,219	)	$	29,257		$	(9,167	)
	Adjustments to arrive at NOI:
		Fee income		(10,552	)		-			-			(10,552	)
		Depreciation and amortization		122,849			83,204			37,232			2,413
		General and administrative		33,266			-			-			33,266
		Loss from real estate related fund investments		70			-			-			70
		Loss from unconsolidated joint ventures		2,117			1,630			365			122
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		11,227			7,035			4,110			82
		Interest and other income, net		(23,313	)		(1,824	)		(681	)		(20,808	)
		Interest and debt expense		80,273			53,099			25,664			1,510
		Income tax expense		709			16			84			609
		Other, net		511			-			-			511
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(46,809	)		(5,176	)		(41,633	)		-
	PGRE's share of NOI (1) for the six months ended June 30, 2024		$	184,219		$	131,765		$	54,398		$	(1,944	)
	PGRE's share of NOI (1) for the six months ended June 30, 2023		$	175,748		$	127,258		$	50,302		$	(1,812	)
	PGRE's share of NOI for the six months ended June 30, 2024		$	184,219		$	131,765		$	54,398		$	(1,944	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		(4,503	)		(8,175	)		3,743			(71	)
		Amortization of above and below-market leases, net (including our share of     unconsolidated joint ventures)		(3,607	)		(1,508	)		(2,099	)		-
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(589	)		(265	)		(324	)		-
	PGRE's share of Cash NOI (1) for the six months ended June 30, 2024		$	175,520		$	121,817		$	55,718		$	(2,015	)
	PGRE's share of Cash NOI (1) for the six months ended June 30, 2023		$	177,779		$	128,002		$	51,529		$	(1,752	)

(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 June 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended June 30, 2024		$	86,543		$	58,084		$	29,554		$	(1,095	)
		Non-same store adjustments:
		Lease termination income		(1,029	)		(1,029	)		-			-
		Other, net		1,476			372			9			1,095
	PGRE's share of Same Store Cash NOI for the three months ended
		June 30, 2024	$	86,990		$	57,427		$	29,563		$	-
			Three Months Ended June 30, 2023
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended June 30, 2023		$	87,979		$	63,056		$	25,865		$	(942	)
		Non-same store adjustments:
		Lease termination income		(2,055	)		(2,055	)		-			-
		Other, net		948			6			-			942
	PGRE's share of Same Store Cash NOI for the three months ended
		June 30, 2023	$	86,872		$	61,007		$	25,865		$	-
	% Increase (decrease)			0.1	%		(5.9	%)		14.3	%

(1)

See page 54 for our definition of this measure.

- 17 -

  SAME STORE CASH NOI

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Six Months Ended June 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the six months ended June 30, 2024		$	175,520		$	121,817		$	55,718		$	(2,015	)
		Non-same store adjustments:
		Lease termination income		(1,973	)		(1,973	)		-			-
		Other, net		2,674			650			9			2,015
	PGRE's share of Same Store Cash NOI for the six months ended
		June 30, 2024	$	176,221		$	120,494		$	55,727		$	-
			Six Months Ended June 30, 2023
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the six months ended June 30, 2023		$	177,779		$	128,002		$	51,529		$	(1,752	)
		Non-same store adjustments:
		Lease termination income		(2,055	)		(2,055	)		-			-
		Other, net		1,763			11			-			1,752
	PGRE's share of Same Store Cash NOI for the six months ended
		June 30, 2023	$	177,487		$	125,958		$	51,529		$	-
	% (Decrease) increase			(0.7	%)		(4.3	%)		8.1	%

(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 June 30, 2024
			Total			New York				San Francisco				Other
	PGRE's share of NOI for the three months ended June 30, 2024		$	90,636		$	63,396			$	28,158			$	(918	)
		Non-same store adjustments:
		Lease termination income		(1,029	)		(1,029	)			-				-
		Other, net		1,299			372				9				918
	PGRE's share of Same Store NOI for the three months ended
		June 30, 2024	$	90,906		$	62,739			$	28,167			$	-
			Three Months Ended June 30, 2023
			Total			New York				San Francisco				Other
	PGRE's share of NOI for the three months ended June 30, 2023		$	79,547		$	58,813			$	21,414			$	(680	)
		Non-same store adjustments:
		Lease termination income		(2,055	)		(2,055	)			-				-
		Non-cash write-offs of straight-line rent receivables		13,906			6,563		(2)		7,343		(2)		-
		Other, net		686			6				-				680
	PGRE's share of Same Store NOI for the three months ended
		June 30, 2023	$	92,084		$	63,327			$	28,757			$	-
	% Decrease			(1.3	%)		(0.9	%)			(2.1	%)

(1)

See page 54 for our definition of this measure.

(2)

Represents 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.

- 19 -

  SAME STORE NOI

(unaudited and in thousands)

SAME STORE NOI (1)			Six Months Ended June 30, 2024
			Total			New York				San Francisco				Other
	PGRE's share of NOI for the six months ended June 30, 2024		$	184,219		$	131,765			$	54,398			$	(1,944	)
		Non-same store adjustments:
		Lease termination income		(1,973	)		(1,973	)			-				-
		Other, net		2,603			650				9				1,944
	PGRE's share of Same Store NOI for the six months ended
		June 30, 2024	$	184,849		$	130,442			$	54,407			$	-
			Six Months Ended June 30, 2023
			Total			New York				San Francisco				Other
	PGRE's share of NOI for the six months ended June 30, 2023		$	175,748		$	127,258			$	50,302			$	(1,812	)
		Non-same store adjustments:
		Lease termination income		(2,055	)		(2,055	)			-				-
		Non-cash write-offs of straight-line rent receivables		13,906			6,563		(2)		7,343		(2)		-
		Other, net		1,823			11				-				1,812
	PGRE's share of Same Store NOI for the six months ended
		June 30, 2023	$	189,422		$	131,777			$	57,645			$	-
	% Decrease			(2.4	%)		(1.0	%)			(5.6	%)

(1)

See page 54 for our definition of this measure.

(2)

Represents 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 June 30, 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	$	3,241,357	$	1,652,613	$	1,125,631	$	463,113
	Cash and cash equivalents		113,229		79,992		14,117		19,120
	Restricted cash		86,015		78		85,937		-
	Accounts and other receivables		8,753		4,313		3,782		658
	Deferred rent receivable		202,548		96,312		80,908		25,328
	Deferred charges, net		41,580		20,416		13,659		7,505
	Intangible assets, net		32,588		27,975		4,066		547
	Other assets		12,022		1,998		8,426		1,598
Total Assets		$	3,738,092	$	1,883,697	$	1,336,526	$	517,869
Liabilities:
	Notes and mortgages payable, net	$	2,317,687	$	1,244,606	$	841,454	$	231,627
	Accounts payable and accrued expenses		53,697		15,336		26,985		11,376
	Intangible liabilities, net		14,803		10,880		3,693		230
	Other liabilities		5,917		910		4,895		112
Total Liabilities			2,392,104		1,271,732		877,027		243,345
Equity:
	Paramount Group, Inc. equity		860,005		550,310		225,223		84,472
	Noncontrolling interests		485,983		61,655		234,276		190,052
Total Equity			1,345,988		611,965		459,499		274,524
Total Liabilities and Equity		$	3,738,092	$	1,883,697	$	1,336,526	$	517,869

- 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 June 30, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	105,619		$	48,371		$	43,048		$	14,200
Total operating expenses			37,146			19,973			12,823			4,350
Net operating income (1)			68,473			28,398			30,225			9,850
Depreciation and amortization			(30,745	)		(15,851	)		(10,848	)		(4,046	)
Interest and other income, net			1,067			772			154			141
Interest and debt expense			(22,420	)		(9,701	)		(10,061	)		(2,658	)
Income before income taxes			16,375			3,618			9,470			3,287
Income tax expense			(87	)		(8	)		(79	)		-
Net income		$	16,288		$	3,610		$	9,391		$	3,287
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	8,861		$	3,247		$	4,597		$	1,017
	Management fee income		1,158			346			215			597
	PGRE's share of net income		10,019			3,593			4,812			1,614
	Real estate depreciation and amortization		20,840			14,266			5,315			1,259
	FFO/Core FFO (1)	$	30,859		$	17,859		$	10,127		$	2,873
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	7,427		$	363		$	4,794		$	2,270
	Management fee expense		(1,158	)		(346	)		(215	)		(597	)
	Net income attributable to noncontrolling interests		6,269			17			4,579			1,673
	Real estate depreciation and amortization		9,905			1,585			5,533			2,787
	FFO/Core FFO (1)	$	16,174		$	1,602		$	10,112		$	4,460

(1)

See page 54 for our definition of these measures.

- 23 -

       CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended June 30, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	104,119		$	50,394		$	41,321		$	12,404
Total operating expenses			35,089			18,785			12,122			4,182
Net operating income (1)			69,030			31,609			29,199			8,222
Depreciation and amortization			(28,747	)		(14,197	)		(10,671	)		(3,879	)
Interest and other income, net			715			505			164			46
Interest and debt expense			(22,386	)		(9,702	)		(10,193	)		(2,491	)
Income before income taxes			18,612			8,215			8,499			1,898
Income tax benefit (expense)			96			(5	)		128			(27	)
Net income		$	18,708		$	8,210		$	8,627		$	1,871
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	12,186		$	7,389		$	4,220		$	577
	Management fee income		1,171			419			192			560
	PGRE's share of net income		13,357			7,808			4,412			1,137
	Real estate depreciation and amortization		19,209			12,777			5,229			1,203
	FFO/Core FFO (1)	$	32,566		$	20,585		$	9,641		$	2,340
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	6,522		$	821		$	4,407		$	1,294
	Management fee expense		(1,171	)		(419	)		(192	)		(560	)
	Net income attributable to noncontrolling interests		5,351			402			4,215			734
	Real estate depreciation and amortization		9,538			1,420			5,442			2,676
	FFO/Core FFO (1)	$	14,889		$	1,822		$	9,657		$	3,410

(1)

See page 54 for our definition of these measures.

- 24 -

       CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	208,256		$	97,177		$	83,804		$	27,275
Total operating expenses			71,619			38,591			24,762			8,266
Net operating income (1)			136,637			58,586			59,042			19,009
Depreciation and amortization			(62,253	)		(32,589	)		(21,652	)		(8,012	)
Interest and other income, net			1,955			1,274			428			253
Interest and debt expense			(45,066	)		(19,402	)		(20,344	)		(5,320	)
Income before income taxes			31,273			7,869			17,474			5,930
Income tax expense			(98	)		(16	)		(81	)		(1	)
Net income		$	31,175		$	7,853		$	17,393		$	5,929
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	17,423		$	7,067		$	8,518		$	1,838
	Management fee income		2,277			687			433			1,157
	PGRE's share of net income		19,700			7,754			8,951			2,995
	Real estate depreciation and amortization		42,431			29,330			10,609			2,492
	FFO/Core FFO (1)	$	62,131		$	37,084		$	19,560		$	5,487
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	13,752		$	786		$	8,875		$	4,091
	Management fee expense		(2,277	)		(687	)		(433	)		(1,157	)
	Net income attributable to noncontrolling interests		11,475			99			8,442			2,934
	Real estate depreciation and amortization		19,822			3,259			11,043			5,520
	FFO/Core FFO (1)	$	31,297		$	3,358		$	19,485		$	8,454

(1)

See page 54 for our definition of these measures.

- 25 -

       CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	206,068		$	99,536		$	81,293		$	25,239
Total operating expenses			69,027			37,637			23,413			7,977
Net operating income (1)			137,041			61,899			57,880			17,262
Depreciation and amortization			(57,480	)		(28,378	)		(21,331	)		(7,771	)
Interest and other income, net			1,561			917			387			257
Interest and debt expense			(44,567	)		(19,301	)		(20,284	)		(4,982	)
Income before income taxes			36,555			15,137			16,652			4,766
Income tax benefit (expense)			75			(5	)		127			(47	)
Net income		$	36,630		$	15,132		$	16,779		$	4,719
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	23,291		$	13,617		$	8,214		$	1,460
	Management fee income		2,347			826			385			1,136
	PGRE's share of net income		25,638			14,443			8,599			2,596
	Real estate depreciation and amortization		38,408			25,541			10,453			2,414
	FFO/Core FFO (1)	$	64,046		$	39,984		$	19,052		$	5,010
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	13,339		$	1,515		$	8,565		$	3,259
	Management fee expense		(2,347	)		(826	)		(385	)		(1,136	)
	Net income attributable to noncontrolling interests		10,992			689			8,180			2,123
	Real estate depreciation and amortization		19,072			2,837			10,878			5,357
	FFO/Core FFO (1)	$	30,064		$	3,526		$	19,058		$	7,480

(1)

See page 54 for our definition of these measures.

- 26 -

  UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of June 30, 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	$	1,572,781	$	215,706		$	225,980	$	578,884	$	50	$	145,223	$	267,936		$	139,002
	Cash and cash equivalents		90,761		26,277			22,726		18,000		15,080		3,833		2,929			1,916
	Restricted cash		79,496		5,969			-		65,118		-		-		7,210			1,199
	Accounts and other receivables		8,102		5,117			554		227		123		21		1,038			1,022
	Deferred rent receivable		38,347		21,076			4,438		-		-		3,846		6,112			2,875
	Deferred charges, net		15,667		8,941			1,755		-		-		-		4,045			926
	Intangible assets, net		46,414		-			4,012		-		-		36,985		4,342			1,075
	For-sale residential condominium units		236,635		-			-		-		236,635		-		-			-
	Other assets		22,526		389			666		10,149		81		2,170		8,602			469
Total Assets		$	2,110,729	$	283,475		$	260,131	$	672,378	$	251,969	$	192,078	$	302,214		$	148,484
Liabilities:
	Notes and mortgages payable, net	$	1,756,732	$	298,802		$	187,148	$	582,483	$	-	$	106,899	$	415,038		$	166,362
	Accounts payable and accrued expenses		41,870		6,642			3,323		15,722		2,000		3,007		7,300			3,876
	Intangible liabilities, net		2,881		-			2,231		-		-		-		301			349
	Other liabilities		73,520		249			202		68,667		19		1,379		1,969			1,035
Total Liabilities			1,875,003		305,693			192,904		666,872		2,019		111,285		424,608			171,622
Total Equity			235,726		(22,218	)		67,227		5,506		249,950		80,793		(122,394	)		(23,138	)
Total Liabilities and Equity		$	2,110,729	$	283,475		$	260,131	$	672,378	$	251,969	$	192,078	$	302,214		$	148,484

(1)

This property has been taken “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 has been taken “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%.

- 28 -

  UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended June 30, 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		$	38,493		$	12,461		$	8,174		$	-		$	1,771		(3)	$	4,352		$	8,136		$	3,599
Total operating expenses			23,921			5,846			3,506			83			4,219		(3)		1,561			6,465			2,241
Net operating income (loss) (4)			14,572			6,615			4,668			(83	)		(2,448	)			2,791			1,671			1,358
Depreciation and amortization			(12,606	)		(3,522	)		(3,199	)		-			-				(1,077	)		(2,833	)		(1,975	)
Interest and other income, net			1,870			212			239			1,190			176				13			36			4
Interest and debt expense			(12,358	)		(2,674	)		(1,856	)		-			-				(1,060	)		(3,632	)		(3,136	)
(Loss) income before income taxes			(8,522	)		631			(148	)		1,107			(2,272	)			667			(4,758	)		(3,749	)
Income tax expense			(9	)		-			(2	)		-			(1	)			(3	)		(3	)		-
Net (loss) income		$	(8,531	)	$	631		$	(150	)	$	1,107		$	(2,273	)		$	664		$	(4,761	)	$	(3,749	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(5,452	)	$	316		$	(60	)	$	56		$	(796	)		$	60		$	(3,192	)	$	(1,836	)
	Step-up basis adjustment		(31	)		-			(3	)		-			(2	)			(26	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		4,712			(316	)		-			-			-				-			3,192			1,836
	PGRE's share of net (loss) income		(771	)		-			(63	)		56			(798	)			34			-			-
	Real estate depreciation and amortization		3,300			1,761			1,413			-			-				126			-			-
	FFO (4)		2,529			1,761			1,350			56			(798	)			160			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		316			316			-			-			-				-			-			-
	FFO attributable to One Steuart Lane		798			-			-			-			798				-			-			-
	Other non-core items		-			-			-			-			-				-			-			-
	Core FFO (4)	$	3,643		$	2,077		$	1,350		$	56		$	-			$	160		$	-		$	-

(1)

This property has been taken “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.

- 29 -

  UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended June 30, 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		$	44,246		$	12,188		$	8,061		$	-		$	2,921		(3)	$	3,743		$	14,201		$	3,132
Total operating expenses			24,990			5,726			3,436			111			5,314		(3)		1,186			7,295			1,922
Net operating income (loss) (4)			19,256			6,462			4,625			(111	)		(2,393	)			2,557			6,906			1,210
Depreciation and amortization			(17,713	)		(2,865	)		(4,034	)		-			(18	)			(1,076	)		(7,548	)		(2,172	)
Interest and other income (loss), net			783			241			155			(3	)		57				11			317			5
Interest and debt expense			(17,915	)		(2,674	)		(1,856	)		(4,869	)		(1,074	)			(1,036	)		(3,522	)		(2,884	)
Real estate impairment loss			(455,893	)		-			-			(455,893	)		-				-			-			-
(Loss) income before income taxes			(471,482	)		1,164			(1,110	)		(460,876	)		(3,428	)			456			(3,847	)		(3,841	)
Income tax expense			(19	)		-			(14	)		-			-				(4	)		(1	)		-
Net (loss) income		$	(471,501	)	$	1,164		$	(1,124	)	$	(460,876	)	$	(3,428	)		$	452		$	(3,848	)	$	(3,841	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(27,107	)	$	582		$	(496	)	$	(22,422	)	$	(353	)		$	44		$	(2,579	)	$	(1,883	)
	Step-up basis adjustment		(2,596	)		-			(3	)		(2,562	)		(5	)			(26	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		1,301			(582	)		-			-			-				-			-			1,883
	PGRE's share of net (loss) income		(28,402	)		-			(499	)		(24,984	)		(358	)			18			(2,579	)		-
	Real estate depreciation and amortization		9,469			1,433			1,782			-			6				126			5,057			1,065
	Real estate impairment loss		24,734			-			-			24,734			-				-			-			-
	FFO (4)		5,801			1,433			1,283			(250	)		(352	)			144			2,478			1,065
	Adjustments to equity in earnings of    unconsolidated joint ventures		(1,301	)		582			-			-			-				-			-			(1,883	)
	FFO attributable to One Steuart Lane		352			-			-			-			352				-			-			-
	Adjustments for non-core assets		(1,660	)		-			-			-			-				-			(2,478	)		818
	Other non-core items		244			-			-			244			-				-			-			-
	Core FFO (4)	$	3,436		$	2,015		$	1,283		$	(6	)	$	-			$	144		$	-		$	-

(1)

This property has been taken “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.

- 30 -

  UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 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		$	89,427		$	25,243		$	16,169		$	-		$	15,837		(3)	$	8,227		$	16,745		$	7,206
Total operating expenses			56,360			11,870			6,893			101			16,403		(3)		3,489			13,068			4,536
Net operating income (loss) (4)			33,067			13,373			9,276			(101	)		(566	)			4,738			3,677			2,670
Depreciation and amortization			(25,768	)		(6,628	)		(6,893	)		-			-				(2,152	)		(6,067	)		(4,028	)
Interest and other income, net			2,496			388			476			1,188			330				25			81			8
Interest and debt expense			(29,947	)		(5,347	)		(3,713	)		(5,255	)		-				(2,138	)		(7,244	)		(6,250	)
(Loss) income before income taxes			(20,152	)		1,786			(854	)		(4,168	)		(236	)			473			(9,553	)		(7,600	)
Income tax expense			(25	)		-			(8	)		(2	)		(3	)			(4	)		(5	)		(3	)
Net (loss) income		$	(20,177	)	$	1,786		$	(862	)	$	(4,170	)	$	(239	)		$	469		$	(9,558	)	$	(7,603	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(9,853	)	$	893		$	(360	)	$	(207	)	$	(84	)		$	39		$	(6,409	)	$	(3,725	)
	Step-up basis adjustment		(81	)		-			(5	)		-			(23	)			(53	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		7,817			(893	)		-			(1,424	)		-				-			6,409			3,725
	PGRE's share of net loss		(2,117	)		-			(365	)		(1,631	)		(107	)			(14	)		-			-
	Real estate depreciation and amortization		6,610			3,314			3,044			-			-				252			-			-
	FFO (4)		4,493			3,314			2,679			(1,631	)		(107	)			238			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		2,317			893			-			1,424			-				-			-			-
	FFO attributable to One Steuart Lane		107			-			-			-			107				-			-			-
	Other non-core items		263			-			-			263			-				-			-			-
	Core FFO (4)	$	7,180		$	4,207		$	2,679		$	56		$	-			$	238		$	-		$	-

(1)

This property has been taken “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.

- 31 -

  UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 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		$	86,224		$	24,407		$	15,925		$	-		$	2,921		(3)	$	8,346		$	28,286		$	6,339
Total operating expenses			49,691			11,555			6,912			215			8,477		(3)		3,907			14,621			4,004
Net operating income (loss) (4)			36,533			12,852			9,013			(215	)		(5,556	)			4,439			13,665			2,335
Depreciation and amortization			(35,478	)		(5,655	)		(8,149	)		-			(37	)			(2,048	)		(15,113	)		(4,476	)
Interest and other income (loss), net			1,492			496			280			(5	)		56				7			634			24
Interest and debt expense			(33,361	)		(5,319	)		(3,713	)		(4,869	)		(4,792	)			(2,027	)		(6,987	)		(5,654	)
Real estate impairment loss			(455,893	)		-			-			(455,893	)		-				-			-			-
(Loss) income before income taxes			(486,707	)		2,374			(2,569	)		(460,982	)		(10,329	)			371			(7,801	)		(7,771	)
Income tax expense			(30	)		-			(19	)		-			(2	)			(4	)		(3	)		(2	)
Net (loss) income		$	(486,737	)	$	2,374		$	(2,588	)	$	(460,982	)	$	(10,331	)		$	367		$	(7,804	)	$	(7,773	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(34,151	)	$	1,187		$	(1,133	)	$	(22,427	)	$	(2,769	)		$	35		$	(5,234	)	$	(3,810	)
	Step-up basis adjustment		(2,636	)		-			(5	)		(2,574	)		(5	)			(52	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		2,623			(1,187	)		-			-			-				-			-			3,810
	PGRE's share of net loss		(34,164	)		-			(1,138	)		(25,001	)		(2,774	)			(17	)		(5,234	)		-
	Real estate depreciation and amortization		19,012			2,828			3,598			12			13				241			10,126			2,194
	Real estate impairment loss		24,734			-			-			24,734			-				-			-			-
	FFO (4)		9,582			2,828			2,460			(255	)		(2,761	)			224			4,892			2,194
	Adjustments to equity in earnings of    unconsolidated joint ventures		(2,623	)		1,187			-			-			-				-			-			(3,810	)
	FFO attributable to One Steuart Lane		2,761			-			-			-			2,761				-			-			-
	Adjustments for non-core assets		(3,276	)		-			-			-			-				-			(4,892	)		1,616
	Other non-core items		244			-			-			244			-				-			-			-
	Core FFO (4)	$	6,688		$	4,015		$	2,460		$	(11	)	$	-			$	224		$	-		$	-

(1)

This property has been taken “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.

- 32 -

  REAL ESTATE RELATED FUNDS – BALANCE SHEETS

(unaudited and in thousands)

		As of June 30, 2024							As of June 30, 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	$	12,084	$	425	$	11,659		$	15,077
	Accounts and other receivables		11		-		11			-
	Real estate related fund investments (2)		-		-		-			333,383
	Investments in unconsolidated joint ventures		88,050		-		88,050	(3)		-
	Other assets		13		13		-			583
Total Assets		$	100,158	$	438	$	99,720		$	349,043
Liabilities:
	Accounts payable and accrued expenses	$	66	$	34	$	32		$	83
	Other liabilities		7		4		3			1
Total Liabilities			73		38		35			84
Equity:
	Paramount Group, Inc. equity		6,745		52		6,693			4,536
	Joint Venture Partners' equity		93,340		348		92,992			344,423
Total Equity			100,085		400		99,685			348,959
Total Liabilities and Equity		$	100,158	$	438	$	99,720		$	349,043

(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 June 30, 2024									June 30, 2024
		Consolidated Funds
		Total						Residential			Total
		Consolidated Funds			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment (loss) income		$	(27	)	$	(27	)	$	-		$	2,466
Net unrealized losses			-			-			-			(3,640	)
Loss from real estate related fund investments			(27	)		(27	)		-			(1,174	)
Loss from unconsolidated joint ventures			(798	)		-			(798	)		-
Interest and other income, net			187			-			187			-
Net loss		$	(638	)	$	(27	)	$	(611	)	$	(1,174	)
PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net loss / FFO	$	(49	)	$	(3	)	$	(46	)	$	(15	)
	FFO attributable to One Steuart Lane		59			-			59			-
	Realized and unrealized gains and losses from real estate     related fund investments		-			-			-			47
	Core FFO (2)	$	10		$	(3	)	$	13		$	32
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss / FFO	$	(589	)	$	(24	)	$	(565	)
	FFO attributable to One Steuart Lane		739			-			739
	Core FFO (2)	$	150		$	(24	)	$	174

(1)

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

(2)

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 June 30, 2023									June 30, 2023
		Consolidated Funds
		Total						Residential			Total
		Consolidated Fund			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment income		$	3,048		$	3,048		$	-		$	1,967
Net realized losses			(1,224	)		(1,224	)		-			-
Net unrealized (losses) gains			(44,468	)		(44,468	)		-			514
(Loss) income from real estate related fund investments			(42,644	)		(42,644	)		-			2,481
Loss from unconsolidated joint ventures			(358	)		-			(358	)		-
Interest and other income, net			449			-			449			-
Net (loss) income		$	(42,553	)	$	(42,644	)	$	91		$	2,481
PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net (loss) income	$	(5,551	)	$	(5,553	)	$	2		$	32
	Management fee income		299			299			-			-
	PGRE's share of net (loss) income		(5,252	)		(5,254	)		2			32
	Real estate depreciation and amortization		-			-			-			-
	FFO (2)		(5,252	)		(5,254	)		2			32
	FFO attributable to One Steuart Lane		26			-			26			-
	Realized and unrealized gains and losses from real estate     related fund investments		5,950			5,950			-			(6	)
	Core FFO (2)	$	724		$	696		$	28		$	26
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net (loss) income	$	(37,002	)	$	(37,091	)	$	89
	Management fee expense		(299	)		(299	)		-
	Net (loss) income attributable to joint venture partners		(37,301	)		(37,390	)		89
	Real estate depreciation and amortization		6			-			6
	FFO (2)		(37,295	)		(37,390	)		95
	FFO attributable to One Steuart Lane		326			-			326
	Realized and unrealized gains and losses from real estate     related fund investments		39,742			39,742			-
	Core FFO (2)	$	2,773		$	2,352		$	421

(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)

											Six Months Ended
		Six Months Ended June 30, 2024									June 30, 2024
		Consolidated Funds
		Total						Residential			Total
		Consolidated Funds			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment income		$	705		$	705		$	-		$	8,985
Net unrealized losses			(775	)		(775	)		-			(2,021	)
(Loss) income from real estate related fund investments			(70	)		(70	)		-			6,964
Loss from unconsolidated joint ventures			(107	)		-			(107	)		-
Interest and other income, net			387			-			387			-
Net income (loss)		$	210		$	(70	)	$	280		$	6,964
PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net income / FFO	$	37		$	4		$	33		$	90
	FFO attributable to One Steuart Lane		8			-			8			-
	Realized and unrealized gains and losses from real estate     related fund investments		101			101			-			26
	Core FFO (2)	$	146		$	105		$	41		$	116
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net income (loss) / FFO	$	173		$	(74	)	$	247
	FFO attributable to One Steuart Lane		99			-			99
	Realized and unrealized gains and losses from real estate     related fund investments		674			674			-
	Core FFO (2)	$	946		$	600		$	346

(1)

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

(2)

See page 54 for our definition of this measure.

- 37 -

  REAL ESTATE RELATED FUNDS – OPERATING RESULTS

(unaudited and in thousands)

											Six Months Ended
		Six Months Ended June 30, 2023									June 30, 2023
		Consolidated Funds
		Total						Residential			Total
		Consolidated Fund			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment income		$	7,709		$	7,709		$	-		$	5,541
Net realized losses			(1,224	)		(1,224	)		-			-
Net unrealized losses			(45,579	)		(45,579	)		-			(16,888	)
Loss from real estate related fund investments			(39,094	)		(39,094	)		-			(11,347	)
Loss from unconsolidated joint ventures			(2,774	)		-			(2,774	)		-
Interest and other income, net			612			-			612			-
Loss before income taxes			(41,256	)		(39,094	)		(2,162	)		(11,347	)
Income tax expense			(1	)		-			(1	)		-
Net loss		$	(41,257	)	$	(39,094	)	$	(2,163	)	$	(11,347	)
PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net loss	$	(5,349	)	$	(5,091	)	$	(258	)	$	(146	)
	Management fee income		570			570			-			-
	PGRE's share of net loss		(4,779	)		(4,521	)		(258	)		(146	)
	Real estate depreciation and amortization		-			-			-			-
	FFO (2)		(4,779	)		(4,521	)		(258	)		(146	)
	FFO attributable to One Steuart Lane		205			-			205			-
	Realized and unrealized gains and losses from real estate     related fund investments		6,094			6,094			-			218
	Core FFO (2)	$	1,520		$	1,573		$	(53	)	$	72
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss	$	(35,908	)	$	(34,003	)	$	(1,905	)
	Management fee expense		(570	)		(570	)		-
	Net loss attributable to joint venture partners		(36,478	)		(34,573	)		(1,905	)
	Real estate depreciation and amortization		13			-			13
	FFO (2)		(36,465	)		(34,573	)		(1,892	)
	FFO attributable to One Steuart Lane		2,556			-			2,556
	Realized and unrealized gains and losses from real estate     related fund investments		40,709			40,709			-
	Core FFO (2)	$	6,800		$	6,136		$	664

(1)

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

(2)

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 June 30, 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				1,183,160		272,099			272,099
	Non-core unconsolidated joint ventures debt				581,911		359,931			-
	Revolving Credit Facility (unsecured debt)				-		-			-
	Total debt			$	5,457,121		3,605,710	(A)		3,245,779	(A)
		Shares / Units		Share Price as of
Equity:		Outstanding		June 30, 2024
	Common stock		217,455,051	$	4.63		1,006,817			1,006,817
	Operating Partnership units		20,103,251		4.63		93,078			93,078
	Total equity		237,558,302		4.63		1,099,895			1,099,895
Total Market Capitalization						$	4,705,605		$	4,345,674
PGRE's share of cash and cash equivalents and restricted cash (2)						$	417,758	(B)	$	409,438	(B)
PGRE's share of net debt (2)(A - B)						$	3,187,952		$	2,836,341
PGRE's share of Net Debt to Annualized Adjusted EBITDAre (2)						9.7x			8.6x

(1)

Represents contractual amounts due pursuant to the respective debt agreements.

(2)

See page 54 for our definition of this measure.

(3)

Excludes debt on Market Center and 111 Sutter Street.

- 39 -

  DEBT ANALYSIS

(unaudited)

 

Revolving Credit Facility Covenants: (1)		Required	Actual	PGRE's Share of Total Debt (2) Composition
	Total Debt / Total Assets	Less than 60%	46.8%				Weighted Average
	Secured Debt / Total Assets	Less than 50%	46.8%				Interest Rate	Years to Maturity
	Fixed Charge Coverage	Greater than 1.5x	2.79x		Secured vs. Unsecured Debt:
	Unsecured Debt / Unencumbered Assets	Less than 60%	0.0%			Secured Debt	3.92%	3.1
	Unencumbered Interest Coverage	Greater than 1.75x	37.50x			Unsecured Debt	- %	-
						Total	3.92%	3.1
					Fixed vs. Floating Rate Debt:
						Fixed Rate Debt	3.31%	3.3
						Floating Rate Debt	8.01%	2.1
						Total	3.92%	3.1

(1)

This section presents ratios as of June 30, 2024 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.

(2)

See page 54 for our definition of this measure.

- 40 -

  DEBT MATURITIES

(unaudited and in thousands)

Notes and mortgages payable (secured)		Paramount			PGRE's Share of Debt
Consolidated Debt:		Ownership			2024			2025			2026			2027			2028			Thereafter			Total			Rate
	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			4.87	%	(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 ($10,483)		9.5	%		-			-			-			-			996			-			996			5.50	%
	60 Wall Street ($587,177)		5.0	%		-			-			-			-			-			29,418			29,418			9.70	%	(2)
	1600 Broadway ($98,000)		9.2	%		-			-			-			-			-			9,016			9,016			3.45	%
Non-Core Unconsolidated JV Debt:
	111 Sutter Street ($166,387)		49.0	%		-			81,530			-			-			-			-			81,530			7.48	%	(3)
	Market Center ($415,524)		67.0	%		-			278,401			-			-			-			-			278,401			3.23	%	(4)
Revolving Credit Facility (unsecured)			100.0	%		-			-			-			-			-			-			-			-	%
PGRE's Share of Total Debt (5)					$	-		$	359,931		$	1,514,837		$	566,500		$	996		$	1,163,446		$	3,605,710
	Weighted average rate					-	%		4.19	%		4.44	%		3.90	%		5.50	%		3.16	%		3.92	%
	% of debt maturing					-	%		10.0	%		42.0	%		15.7	%		0.0	%		32.3	%		100.0	%
PGRE's Share of Total Debt Excluding Non-Core Assets					$	-		$	-		$	1,514,837		$	566,500		$	996		$	1,163,446		$	3,245,779
	Weighted average rate					-	%		-	%		4.44	%		3.90	%		5.50	%		3.16	%		3.89	%
	% of debt maturing					-	%		-	%		46.7	%		17.5	%		0.0	%		35.8	%		100.0	%

(1)

Consists of (i) $500,000 of variable rate loans that have been fixed at 2.49% by interest rate swaps through August 2024 and (ii) $360,000 of variable rate loans that bear interest at SOFR plus 368 basis points, where SOFR has been capped at 4.50% through August 2024.

(2)

Consists of (i) a $16,008 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 $13,410 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)

Consists of (i) a $269,340 variable rate loan that has been fixed at 3.11% by an interest rate swap through December 2024 and (ii) a $9,061 variable rate loan that bears interest at SOFR plus 161 basis points.

(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
Same Store Portfolio
	Weighted average		86.3	%		83.4	%	$	789,458	$	92.79		10,323,270		-		10,323,270
	PGRE's share		86.3	%		82.7	%	$	597,894	$	88.70		8,292,891		-		8,292,891
Non-Same Store Portfolio (3)
	Weighted average		50.4	%		50.2	%	$	43,681	$	87.02		1,026,892		1,643,651		2,670,543
	PGRE's share		48.6	%		48.3	%	$	26,823	$	86.99		638,271		82,347		720,618
Total Portfolio
	Weighted average		83.0	%		80.3	%	$	833,139	$	92.47		11,350,162		1,643,651		12,993,813
	PGRE's share		83.6	%		80.3	%	$	624,717	$	88.62		8,931,162		82,347		9,013,509

	Leased % (1) (at PGRE's Share)
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Total Portfolio
New York		86.9	%		90.1	%		90.2	%		90.4	%		90.5	%
San Francisco		74.9	%		76.8	%		80.8	%		82.0	%		87.2	%
Weighted Average		83.6	%		86.5	%		87.7	%		88.1	%		89.6	%

(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 has been taken “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	%		94.0	%		94.0	%	$	179,907	$	84.52		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	%		97.7	%		97.7	%		11,772		69.57		253,611		-		253,611	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		94.4	%		94.4	%		191,679		84.12		2,528,840		-		2,528,840
1301 Avenue of the Americas
	Office		100.0	%		89.2	%		81.9	%		117,643		85.56		1,698,309		-		1,698,309	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff, Citizens Bank,
																					O'Melveny & Myers
	Retail / Paramount Club		100.0	%		100.0	%		89.6	%		3,655		191.97		50,885		-		50,885	Ocean Prime, Starbucks, Citizens Bank
			100.0	%		89.5	%		82.1	%		121,298		86.54		1,749,194		-		1,749,194
1325 Avenue of the Americas
	Office		100.0	%		97.3	%		90.4	%		48,595		68.13		809,383		-		809,383	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore,
																					Major League Baseball Players Association
	Retail		100.0	%		96.7	%		96.7	%		1,479		95.79		15,502		-		15,502	La Grande Boucherie
			100.0	%		97.3	%		90.5	%		50,074		68.57		824,885		-		824,885
31 West 52nd Street
	Office		100.0	%		65.8	%		51.7	%		36,975		95.75		747,767		-		747,767	Pillsbury Winthrop Shaw Pittman, Centerview Partners,
																					Bracewell, Providence Equity Partners, Wilson Sonsini
	Retail		100.0	%		87.1	%		87.1	%		4,919		124.47		25,915		-		25,915	Fogo De Chao, MoMA Design Store
			100.0	%		66.5	%		52.8	%		41,894		97.34		773,682		-		773,682
900 Third Avenue
	Office		100.0	%		68.6	%		68.6	%		28,261		71.91		575,592		-		575,592	Shiseido, Tannenbaum Helpern Syracuse & Hirschtritt,
																					Littler Mendelson
	Retail		100.0	%		81.7	%		81.7	%		1,396		101.86		16,144		-		16,144	Bank of America
			100.0	%		69.0	%		69.0	%		29,657		72.88		591,736		-		591,736
712 Fifth Avenue
	Office		50.0	%		80.5	%		78.8	%		45,028		121.70		469,077		-		469,077	CVC Advisors, abrdn, OMI Management, Riverstone Holdings,
																					Pictet Asset Management
	Retail		50.0	%		24.1	%		24.1	%		8,187		455.10		74,423		-		74,423	Harry Winston
			50.0	%		72.8	%		71.3	%		53,215		137.12		543,500		-		543,500
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		10,925		324.35		25,693		-		25,693	M&M's World
60 Wall Street (3)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,643,651		1,643,651
	New York:
	Weighted average					86.7	%		82.4	%	$	498,742	$	87.70		7,037,530		1,643,651		8,681,181
	PGRE's share					86.9	%		82.3	%	$	443,049	$	84.87		6,489,592		82,347		6,571,939

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

This property has been taken “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	%		92.1	%		92.1	%	$	160,991	$	112.72		1,555,642		-		1,555,642	Google, Morgan Lewis & Bockius, Visa,
																					The Capital Group, Autodesk, Citigroup,
																					Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		61.0	%		61.0	%		4,589		78.60		53,874		-		53,874	Starbucks, STK Steak House,
																					One Market Restaurant
			49.0	%		91.0	%		91.0	%		165,580		112.01		1,609,516		-		1,609,516
300 Mission Street
	Office		31.1	%		80.8	%		80.8	%		48,708		99.80		604,837		-		604,837	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		3,365		75.38		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		52,073		97.81		654,009		-		654,009
One Front Street
	Office		100.0	%		76.0	%		76.0	%		44,078		91.91		631,661		-		631,661	JPMorgan Chase, Coinbase, JLL, Cigna
	Retail		100.0	%		89.0	%		89.0	%		1,172		98.12		13,137		-		13,137	JPMorgan Chase
			100.0	%		76.3	%		76.3	%		45,250		92.06		644,798		-		644,798
55 Second Street
	Office		44.1	%		85.4	%		85.4	%		26,885		85.24		369,935		-		369,935	KPMG, Intercom, Rippling, UKG,
																					Alston & Bird
	Retail		44.1	%		100.0	%		100.0	%		928		113.17		7,482		-		7,482	Sutter West Bay Medical, Bluestone Lane
			44.1	%		85.7	%		85.7	%		27,813		85.89		377,417		-		377,417
Market Center (3)
	Office		67.0	%		46.8	%		46.4	%		29,949		86.88		744,584		-		744,584	Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Raymond James, Waymo
	Retail		67.0	%		0.6	%		0.6	%		155		-		5,940		-		5,940
			67.0	%		46.4	%		46.0	%		30,104		86.88		750,524		-		750,524
111 Sutter Street (3)
	Office		49.0	%		53.1	%		53.1	%		11,878		91.31		247,010		-		247,010	Turo, Natural Resource Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,699		66.82		29,358		-		29,358	24 Hour Fitness
			49.0	%		56.7	%		56.7	%		13,577		87.31		276,368		-		276,368
	San Francisco:
	Weighted average					76.9	%		76.9	%	$	334,397	$	100.42		4,312,632		-		4,312,632
	PGRE's share					74.9	%		74.8	%	$	181,668	$	99.07		2,441,570		-		2,441,570

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

These assets are being treated 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 June 30, 2024		Property	Expiration	Occupied (2)			Occupied (2)			Amount		Foot (2)		Rent
	JPMorgan Chase	One Front Street	Jun-2025		241,854			241,854		$	21,075	$	86.83		3.4	%
			Dec-2029		76,999			76,999			8,198		106.47		1.3	%
			Dec-2030		25,157			25,157			2,451		96.87		0.4	%
					344,010			344,010			31,724		91.96		5.1	%
	Allianz	1633 Broadway	Jan-2031		320,911			288,823			29,172		101.00		4.7	%
	Norton Rose Fulbright	1301 Avenue of the Americas	Mar-2032		111,589			111,589			10,284		92.15		1.6	%
			Sep-2034		179,286			179,286			17,898		95.51		2.9	%
					290,875			290,875			28,182		94.22		4.5	%
	Morgan Stanley	1633 Broadway	Mar-2032		260,829			234,749			20,448		87.11		3.3	%
	Warner Music Group	1633 Broadway	Jul-2029		288,250			259,428			18,690		71.08		3.0	%
	Showtime Networks	1633 Broadway	Jan-2026		253,196			227,879			17,783		76.34		2.8	%
	Google	One Market Plaza	Apr-2025		339,833			166,518			16,645		99.53		2.7	%
	Wilson Sonsini	1301 Avenue of the Americas	Aug-2025		61,048			61,048			6,127		100.36		1.0	%
		One Market Plaza	Oct-2032		84,224			41,270			4,979		120.67		0.8	%
		31 West 52nd Street	Feb-2041		26,451	(3)		26,451	(3)		2,143		81.02		0.3	%
					171,723			128,769			13,249		102.89		2.1	%
	O'Melveny & Myers	1301 Avenue of the Americas	Feb-2040		160,708	(4)		160,708	(4)		12,908		80.00		2.1	%
	Credit Agricole	1301 Avenue of the Americas	Apr-2035		159,308			159,308			12,047		74.24		1.9	%

		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of June 30, 2024		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,555,637		21.7	%	$	139,095		22.3	%
	Technology and Media		1,454,999		20.3	%		123,727		19.8	%
	Financial Services, all others		1,130,633		15.9	%		108,764		17.4	%
	Financial Services - Commercial and Investment Banking		1,243,261		17.3	%		107,553		17.2	%
	Insurance		400,965		5.6	%		39,534		6.3	%
	Retail		160,099		2.2	%		18,620		3.0	%
	Travel and Leisure		187,429		2.6	%		12,828		2.1	%
	Consumer Products		121,732		1.7	%		10,477		1.7	%
	Other Professional Services		109,363		1.5	%		10,060		1.6	%
	Other		805,488		11.2	%		54,059		8.6	%

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

Excludes 105,756 square feet that is leased through February 2041 but is not currently occupied.

(4)

Excludes 29,499 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 June 30, 2024
Total square feet leased	198,505	177,858	20,647 (2)
PGRE's share of total square feet leased:	158,592	158,592	-
Initial rent (3)	$ 74.55	$ 74.55	$ -
Weighted average lease term (in years)	8.6	8.6	-
Tenant improvements and leasing commissions:
Per square foot	$ 110.56	$ 110.56	$ -
Per square foot per annum	$ 12.85	$ 12.85	$ -
Percentage of initial rent	17.2%	17.2%	- %
Rent concessions:
Average free rent period (in months)	11.0	11.0	-
Average free rent period per annum (in months)	1.3	1.3	-
Second generation space: (3)
Square feet	98,862	98,862	-
Cash basis:
Initial rent (3)	$ 71.28	$ 71.28	$ -
Prior escalated rent (3)	$ 70.60	$ 70.60	$ -
Percentage increase	1.0%	1.0%	- %
GAAP basis:
Straight-line rent	$ 68.45	$ 68.45	$ -
Prior straight-line rent	$ 70.86	$ 70.86	$ -
Percentage decrease	(3.4%)	(3.4%)	- %

(1)

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

(2)

Represents leases executed at Market Center and 111 Sutter Street, which are treated as non-core assets and accordingly excluded from the statistics below.

(3)

See page 54 for our definition of this measure.

- 46 -

  LEASING ACTIVITY (1)

(unaudited)

	Total	New York	San Francisco
Six Months Ended June 30, 2024
Total square feet leased	475,222	294,862	180,360 (2)
PGRE's share of total square feet leased:	329,114	268,112	61,002
Initial rent (3)	$ 71.58	$ 72.39	$ 68.00
Weighted average lease term (in years)	8.3	9.7	1.8
Tenant improvements and leasing commissions:
Per square foot	$ 96.53	$ 117.29	$ 5.32
Per square foot per annum	$ 11.69	$ 12.05	$ 3.04
Percentage of initial rent	16.3%	16.6%	4.5%
Rent concessions:
Average free rent period (in months)	5.7	7.0	-
Average free rent period per annum (in months)	0.7	0.7	-
Second generation space: (3)
Square feet	193,837	132,835	61,002
Cash basis:
Initial rent (3)	$ 69.87	$ 70.73	$ 68.00
Prior escalated rent (3)	$ 70.95	$ 70.25	$ 72.48
Percentage (decrease) increase	(1.5%)	0.7%	(6.2%)
GAAP basis:
Straight-line rent	$ 67.54	$ 67.37	$ 67.91
Prior straight-line rent	$ 75.77 (4)	$ 69.23	$ 90.02 (4)
Percentage decrease	(10.9%) (4)	(2.7%)	(24.6%) (4)

(1)

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

(2)

Includes an aggregate of 42,034 square feet leased at Market Center and 111 Sutter Street, which are treated as non-core assets and accordingly excluded from the statistics below.

(3)

See page 54 for our definition of this measure.

(4)

The negative mark-to-market on a GAAP basis was driven primarily by a FAS 141 below-market lease adjustment that was included in the prior GAAP rent. Excluding the below-market lease adjustment from the prior GAAP rent, the mark-to-market on a GAAP basis would have been negative 2.8% for the total portfolio and negative 3.1% for San Francisco.

- 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			8,322		5,907	$	769	$	-		0.1	%
	3Q 2024			115,070		93,987		9,520		101.45		1.5	%
	4Q 2024			119,441		99,959		7,622		76.27		1.2	%
	Total 2024			234,511		193,946		17,142		88.44		2.7	%
	1Q 2025			149,362		123,758		11,405		92.51		1.8	%
	2Q 2025			503,225		297,522		29,658		99.54		4.6	%
	Remaining 2025			764,547		592,380		53,226		89.82		8.2	%
	Total 2025			1,417,134		1,013,660		94,289		92.99		14.6	%
		2026		1,520,129		1,016,143		91,458		87.67		14.1	%
		2027		326,304		246,388		22,778		92.11		3.5	%
		2028		361,089		265,211		21,096		79.56		3.3	%
	Thereafter			5,548,133		4,724,970		398,821		87.35		61.7	%
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			6,576		4,862	$	698	$	-		0.1	%
	3Q 2024			105,325		87,458		8,894		101.82		1.4	%
	4Q 2024			90,298		82,829		6,007		72.55		1.0	%
	Total 2024			195,623		170,287		14,901		87.55		2.4	%
	1Q 2025			118,020		107,063		9,741		91.13		1.6	%
	2Q 2025			496,116		292,759		29,153		99.44		4.7	%
	Remaining 2025			743,760		578,453		52,173		90.17		8.4	%
	Total 2025			1,357,896		978,275		91,067		93.04		14.7	%
		2026		1,430,513		958,436		85,990		87.29		13.9	%
		2027		266,873		213,657		19,436		90.57		3.1	%
		2028		180,619		147,180		11,924		81.01		1.9	%
	Thereafter			5,472,686		4,683,496		395,398		87.39		63.9	%

(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.

- 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	$	489	$	-		0.1	%
	3Q 2024			83,487		76,758		7,427		96.92		1.6	%
	4Q 2024			90,006		82,686		5,994		72.49		1.3	%
	Total 2024			173,493		159,444		13,421		84.21		2.9	%
	1Q 2025			27,222		18,462		1,510		81.82		0.3	%
	2Q 2025			118,259		107,887		10,324		95.61		2.2	%
	Remaining 2025			303,023		260,107		23,992		92.24		5.2	%
	Total 2025			448,504		386,456		35,826		92.68		7.7	%
		2026		654,925		605,524		49,867		78.37		10.7	%
		2027		187,349		168,997		14,745		86.73		3.2	%
		2028		118,584		98,024		7,550		76.71		1.6	%
	Thereafter			4,512,767		4,217,576		343,526		84.57		73.8	%

(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			5,726		3,486	$	280	$	-		0.2	%
	3Q 2024			31,583		17,229		2,093		121.62		1.2	%
	4Q 2024			29,435		17,273		1,628		94.41		0.9	%
	Total 2024			61,018		34,502		3,721		107.98		2.1	%
	1Q 2025			122,140		105,296		9,895		94.40		5.5	%
	2Q 2025			384,966		189,635		19,334		101.80		10.7	%
	Remaining 2025			461,524		332,273		29,234		87.92		16.2	%
	Total 2025			968,630		627,204		58,463		93.18		32.4	%
		2026		865,204		410,619		41,591		101.25		23.0	%
		2027		138,955		77,391		8,033		103.65		4.4	%
		2028		242,505		167,187		13,546		81.24		7.4	%
	Thereafter			1,035,366		507,394		55,295		109.02		30.5	%
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			3,980		2,441	$	209	$	-		0.1	%
	3Q 2024			21,838		10,700		1,467		136.80		1.0	%
	4Q 2024			292		143		13		117.49		-
	Total 2024			22,130		10,843		1,480		136.60		1.0	%
	1Q 2025			90,798		88,601		8,231		93.08		5.3	%
	2Q 2025			377,857		184,872		18,829		101.69		12.3	%
	Remaining 2025			440,737		318,346		28,181		88.49		18.3	%
	Total 2025			909,392		591,819		55,241		93.28		35.9	%
		2026		775,588		352,912		36,123		102.43		23.5	%
		2027		79,524		44,660		4,691		104.87		3.0	%
		2028		62,035		49,156		4,374		89.66		2.8	%
	Thereafter			959,919		465,920		51,872		111.40		33.7	%

(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.

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  CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)

	Three Months Ended June 30, 2024
	Total (1)			New York			San Francisco (1)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	9,182		$	6,807		$	2,367		$	8
Second generation tenant improvements		10,821			10,610			211			-
Second generation leasing commissions		993			669			324			-
Total Capital Expenditures		20,996			18,086			2,902			8
Amounts attributable to noncontrolling interests in consolidated joint ventures		(1,051	)		(229	)		(822	)		-
PGRE's share of Total Capital Expenditures	$	19,945		$	17,857		$	2,080		$	8
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	5,609		$	5,609		$	-		$	-
Other		278			278			-			-
Total Redevelopment Expenditures		5,887			5,887			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	5,887		$	5,887		$	-		$	-
	Three Months Ended June 30, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	20,117		$	16,004		$	3,778		$	335
Second generation tenant improvements		4,319			2,917			1,402			-
Second generation leasing commissions		2,229			1,715			514			-
Total Capital Expenditures		26,665			20,636			5,694			335
Amounts attributable to noncontrolling interests in consolidated joint ventures		(1,841	)		(78	)		(1,763	)		-
PGRE's share of Total Capital Expenditures	$	24,824		$	20,558		$	3,931		$	335
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	6,270		$	6,270		$	-		$	-
Other		405			405			-			-
Total Redevelopment Expenditures		6,675			6,675			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	6,675		$	6,675		$	-		$	-

(1)

Excludes Market Center and 111 Sutter Street.

(2)

See page 54 for our definition of this measure.

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  CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)

	Six Months Ended June 30, 2024
	Total (1)			New York			San Francisco (1)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	20,126		$	15,248		$	4,845		$	33
Second generation tenant improvements		35,442			29,877			5,565			-
Second generation leasing commissions		1,742			1,412			330			-
Total Capital Expenditures		57,310			46,537			10,740			33
Amounts attributable to noncontrolling interests in consolidated joint ventures		(5,514	)		(419	)		(5,095	)		-
PGRE's share of Total Capital Expenditures	$	51,796		$	46,118		$	5,645		$	33
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	9,817		$	9,817		$	-		$	-
Other		315			315			-			-
Total Redevelopment Expenditures		10,132			10,132			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	10,132		$	10,132		$	-		$	-
	Six Months Ended June 30, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	25,779		$	19,992		$	5,431		$	356
Second generation tenant improvements		15,147			5,680			9,467			-
Second generation leasing commissions		3,939			2,271			1,668			-
Total Capital Expenditures		44,865			27,943			16,566			356
Amounts attributable to noncontrolling interests in consolidated joint ventures		(7,274	)		(298	)		(6,976	)		-
PGRE's share of Total Capital Expenditures	$	37,591		$	27,645		$	9,590		$	356
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	8,925		$	8,925		$	-		$	-
Other		868			868			-			-
Total Redevelopment Expenditures		9,793			9,793			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	9,793		$	9,793		$	-		$	-

(1)

Excludes Market Center and 111 Sutter Street.

(2)

See page 54 for our definition of this measure.

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  RESEARCH COVERAGE (1)

(1)

Camille Bonnel	Thomas Catherwood	Steve Sakwa
Bank of America Merrill Lynch	BTIG	Evercore ISI
(416) 369-2140	(212) 738-6140	(212) 446-9462
camille.bonnel@bofa.com	tcatherwood@btig.com	steve.sakwa@evercoreisi.com
Dylan Burzinski	Vikram Malhotra	Ronald Kamdem
Green Street Advisors	Mizuho Securities USA Inc.	Morgan Stanley
(949) 640-8780	(212) 282-3827	(212) 296-8319
dburzinski@greenstreet.com	vikram.malhotra@mizuhogroup.com	ronald.kamdem@morganstanley.com
Blaine Heck	Andrew Rosivach
Wells Fargo	Wolfe Research
(443) 263-6529	(646) 582-9250
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.

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  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 declared 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 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.

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) prior to its originally scheduled expiration, or (ii) that has been vacant for less than twelve months.

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 -