pgre-ex992

EX-99.2 3 pgre-ex992_7.htm EX-99.2 pgre-ex992_7.htm

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 negative impact of the coronavirus 2019 (COVID-19) global pandemic on the U.S., regional and global economies and our tenants' financial condition and results of operations, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, 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, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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		TABLE OF CONTENTS

		Page
Company Profile		4

Research Coverage		5

Selected Financial Information
	Guidance	6
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations ("FFO")	11
	Funds Available for Distribution ("FAD")	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")	13
	Net Operating Income ("NOI")	14 - 16
	Same Store Results	17 - 20
	Consolidated Joint Ventures and Fund	21 - 26
	Unconsolidated Joint Ventures	27 - 32
	Capital Structure	33
	Debt Analysis	34
	Debt Maturities	35

Selected Property Data
	Portfolio Summary	36
	Same Store Leased Occupancy	37 - 38
	Top Tenants and Industry Diversification	39
	Leasing Activity	40 - 41
	Lease Expirations	42 - 44
	Cash Basis Capital Expenditures	45 - 46


Definitions		47 - 48

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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
David Zobel		Executive Vice President, Head of Acquisitions
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
Colin Dyer		Director
Karin Klein		Director, Chair of Compensation Committee
Peter Linneman		Director, Chair of Audit Committee
Katharina Otto-Bernstein		Director
Mark Patterson		Director, Lead Independent Director, Chair of Nominating and Corporate Governance Committee
Greg Wright		Director

COMPANY INFORMATION

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

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		RESEARCH COVERAGE ⁽¹⁾

James Feldman	Thomas Catherwood	Derek Johnston	Steve Sakwa
Bank of America Merrill Lynch	BTIG	Deutsche Bank	Evercore ISI
(646) 855-5808	(212) 738-6140	(904) 520-4973	(212) 446-9462
james.feldman@baml.com	tcatherwood@btig.com	derek.johnston@db.com	steve.sakwa@evercoreisi.com

Richard Skidmore	Daniel Ismail	Omotayo Okusanya	Vikram Malhotra
Goldman Sachs	Green Street Advisors	Mizuho Securities USA Inc.	Morgan Stanley
(801) 741-5459	(949) 640-8780	(646) 949-9672	(212) 761-7064
richard.skidmore@gs.com	dismail@greenst.com	omotayo.okusanya@mizuhogroup.com	vikram.malhotra@morganstanley.com

Blaine Heck
Wells Fargo
(443) 263-6529
blaine.heck@wellsfargo.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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GUIDANCE

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

				Full Year 2021
(Amounts per diluted share)				Low			High
			Estimated net loss attributable to common stockholders	$	(0.16	)	$	(0.10	)
			Our share of real estate depreciation and amortization		0.98			0.98
			Estimated Core FFO ⁽¹⁾⁽²⁾	$	0.82		$	0.88

	Operating Assumptions:
		Leasing Activity (square feet)			600,000			900,000
		PGRE's share of Same Store Leased % ⁽²⁾ at year end			88.0	%		90.0	%
		Decrease in PGRE's share of Same Store Cash NOI ⁽²⁾			(2.0	%)		-	%
		Decrease in PGRE's share of Same Store NOI ⁽²⁾			(11.5	%)		(9.5	%)

	Financial Assumptions (at share):
		Estimated net loss		$	(38,500	)	$	(23,500	)
			Depreciation and amortization		236,000			236,000
			General and administrative expenses		59,000			57,000
			Interest and debt expense, including amortization of deferred financing costs		132,500			129,500
			Fee income, net of income taxes		(25,500	)		(27,500	)
		NOI ⁽²⁾			363,500			371,500
			Straight-line rent adjustments and above and below-market lease revenue, net		(3,500	)		(5,500	)
		Cash NOI ⁽²⁾		$	360,000		$	366,000

⁽¹⁾		We are providing our Estimated Core FFO Guidance for the full year of 2021, which is reconciled above to estimated net income attributable to common stockholders per diluted share in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The estimated net income attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission ("SEC"). Except as described above, these estimates reflect management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in our earnings release issued on February 10, 2021 and otherwise referenced during our conference call scheduled for February 11, 2021. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, capital markets activity or realized and unrealized gains or losses on real estate fund investments. The estimates set forth above may be subject to fluctuations as a result of several factors, including the negative impact of the COVID-19 global pandemic, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that our actual results will not differ materially from the estimates set forth above.
⁽²⁾		See page 47 for our definition of this measure.

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		FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

			Three Months Ended									Year Ended
SELECTED FINANCIAL DATA			December 31, 2020			December 31, 2019			September 30, 2020			December 31, 2020			December 31, 2019

	Net (loss) income attributable to common stockholders:
		Continuing operations	$	(4,876	)	$	(13,158	)	$	(8,921	)	$	(20,063	)	$	(6,418	)
		Discontinued operations		(9,948	)		(36,987	)		1,963			(4,641	)		(30,481	)
	Net loss attributable to common stockholders		$	(14,824	)	$	(50,145	)	$	(6,958	)	$	(24,704	)	$	(36,899	)

	Net (loss) income per share - basic and diluted:
		Per share from continuing operations	$	(0.02	)	$	(0.06	)	$	(0.04	)	$	(0.09	)	$	(0.03	)
		Per share from discontinued operations		(0.05	)		(0.16	)		0.01			(0.02	)		(0.13	)
	Net loss per share - basic and diluted		$	(0.07	)	$	(0.22	)	$	(0.03	)	$	(0.11	)	$	(0.16	)

	Core FFO attributable to common stockholders⁽¹⁾		$	52,495		$	58,272		$	49,560		$	213,682		$	227,164
		Per share - diluted	$	0.24		$	0.26		$	0.22		$	0.96		$	0.98

	PGRE's share of Cash NOI ⁽¹⁾		$	97,599		$	95,755		$	92,160		$	377,504		$	374,187
	PGRE's share of NOI ⁽¹⁾		$	100,726		$	107,716		$	94,621		$	404,727		$	421,515

	Same Store Cash NOI ⁽¹⁾					% Change			Same Store NOI ⁽¹⁾									% Change
	Three Months Ended December 31, 2020 vs. December 31, 2019						2.2	%	Three Months Ended December 31, 2020 vs. December 31, 2019										(0.9	%)
	Year Ended December 31, 2020 vs. December 31, 2019						0.2	%	Year Ended December 31, 2020 vs. December 31, 2019										0.6	%

PORTFOLIO STATISTICS (at PGRE Share)

	As of
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019
Leased % ⁽¹⁾		95.2	%		95.5	%		95.6	%		95.9	%		95.9	%

Same Store Leased % ⁽¹⁾				% Change			Same Store Leased % ⁽¹⁾									% Change
December 31, 2020 vs. September 30, 2020					(0.4	%)	December 31, 2020 vs. December 31, 2019										(0.7	%)

COMMON SHARE DATA

		Three Months Ended
Share Price:		December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019
	High	$	10.36		$	7.99		$	10.38		$	15.00		$	13.99
	Low	$	5.54		$	6.69		$	6.95		$	6.42		$	12.65
	Closing (end of period)	$	9.04		$	7.08		$	7.71		$	8.80		$	13.92

Dividends per common share		$	0.07		$	0.10		$	0.10		$	0.10		$	0.10
Annualized dividends per common share		$	0.28		$	0.40		$	0.40		$	0.40		$	0.40
Dividend yield (on closing share price)			3.1	%		5.6	%		5.2	%		4.5	%		2.9	%

⁽¹⁾

See page 47 for our definition of this measure.

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		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			December 31, 2020			December 31, 2019
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		5,997,078			5,923,648
				7,963,315			7,889,885
		Accumulated depreciation and amortization		(966,697	)		(790,216	)
	Real estate, net			6,996,618			7,099,669
	Cash and cash equivalents			434,530			306,215
	Restricted cash			30,794			25,272
	Investments in unconsolidated joint ventures			412,724			449,180
	Investments in unconsolidated real estate funds			12,917			10,317
	Accounts and other receivables			17,502			19,231
	Due from affiliates			-			36,918
	Deferred rent receivable			330,239			301,588
	Deferred charges, net			116,278			126,367
	Intangible assets, net			153,519			203,169
	Assets related to discontinued operations			-			104,836
	Other assets			48,976			51,373
Total assets			$	8,554,097		$	8,734,135

Liabilities:
	Notes and mortgages payable, net		$	3,800,739		$	3,783,851
	Revolving credit facility			-			36,918
	Accounts payable and accrued expenses			101,901			117,356
	Dividends and distributions payable			16,796			25,255
	Intangible liabilities, net			55,996			73,789
	Other liabilities			62,931			66,004
Total liabilities				4,038,363			4,103,173

Equity:
	Paramount Group, Inc. equity			3,653,177			3,785,730
	Noncontrolling interests in:
		Consolidated joint ventures		437,161			360,778
		Consolidated real estate fund		79,017			72,396
		Operating Partnership		346,379			412,058
Total equity				4,515,734			4,630,962

Total liabilities and equity			$	8,554,097		$	8,734,135

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		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended									Year Ended
		December 31, 2020			December 31, 2019			September 30, 2020			December 31, 2020			December 31, 2019
Revenues:
	Rental revenue ⁽¹⁾	$	174,181		$	179,008		$	165,420		$	679,015		$	709,508
	Fee and other income ⁽¹⁾		8,177			7,761			11,355			35,222			34,246
Total revenues			182,358			186,769			176,775			714,237			743,754

Expenses:
	Operating		68,395			65,659			67,865			267,587			264,702
	Depreciation and amortization		59,168			58,419			58,889			235,200			240,104
	General and administrative ⁽¹⁾		17,962			17,099			16,805			64,917			68,556
	Transaction related costs		554			295			81			1,096			1,999
Total expenses			146,079			141,472			143,640			568,800			575,361

Other income (expense):
	Loss from unconsolidated joint ventures		(4,175	)		(1,891	)		(4,268	)		(18,619	)		(4,706	)
	Income (loss) from unconsolidated real estate funds		187			(614	)		(56	)		272			(343	)
	Interest and other income, net ⁽¹⁾		2,130			2,139			1,104			4,490			9,844
	Interest and debt expense ⁽¹⁾		(35,788	)		(45,217	)		(35,792	)		(144,208	)		(156,679	)
	Loss on early extinguishment of debt		-			(11,989	)		-			-			(11,989	)
(Loss) income from continuing operations, before income taxes			(1,367	)		(12,275	)		(5,877	)		(12,628	)		4,520
	Income tax (expense) benefit		(358	)		511			(393	)		(1,493	)		(312	)
(Loss) income from continuing operations, net			(1,725	)		(11,764	)		(6,270	)		(14,121	)		4,208
(Loss) income from discontinued operations, net			(10,890	)		(41,013	)		2,147			(5,075	)		(33,811	)
Net loss			(12,615	)		(52,777	)		(4,123	)		(19,196	)		(29,603	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(3,772	)		(2,769	)		(3,566	)		(9,257	)		(11,022	)
	Consolidated real estate fund		159			(57	)		79			1,450			(313	)
	Operating Partnership		1,404			5,458			652			2,299			4,039
Net loss attributable to common stockholders		$	(14,824	)	$	(50,145	)	$	(6,958	)	$	(24,704	)	$	(36,899	)

Net (loss) income per diluted share:
	Loss from continuing operations, net	$	(0.02	)	$	(0.06	)	$	(0.04	)	$	(0.09	)	$	(0.03	)
	(Loss) income from discontinued operations, net		(0.05	)		(0.16	)		0.01			(0.02	)		(0.13	)
Net loss per diluted share		$	(0.07	)	$	(0.22	)	$	(0.03	)	$	(0.11	)	$	(0.16	)

⁽¹⁾

See page 10 for details.

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		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended						Year Ended
Rental Revenue:		December 31, 2020		December 31, 2019		September 30, 2020		December 31, 2020		December 31, 2019
	Property rentals	$	156,053	$	150,571	$	146,721	$	595,334	$	595,281
	Tenant reimbursements		13,852		14,830		12,222		50,222		55,904
	Straight-line rent adjustments		4,189		10,357		4,567		28,684		44,007
	Amortization of above and below-market leases, net		87		2,483		1,910		4,775		11,097
	Lease termination income		-		767		-		-		3,219
Total rental revenue		$	174,181	$	179,008	$	165,420	$	679,015	$	709,508

			Three Months Ended						Year Ended
Fee and Other Income:			December 31, 2020		December 31, 2019		September 30, 2020		December 31, 2020		December 31, 2019
	Asset management		$	3,538	$	3,169	$	3,636	$	14,266	$	10,442
	Property management			2,283		1,919		2,270		9,242		6,852
	Acquisition, disposition and leasing			43		-		2,586		2,629		3,435
	Other			514		285		661		1,933		2,015
	Total fee income			6,378		5,373		9,153		28,070		22,744
	Other (primarily parking income and tenant requested services, including
		overtime heating and cooling)		1,799		2,388		2,202		7,152		11,502
Total fee and other income			$	8,177	$	7,761	$	11,355	$	35,222	$	34,246

			Three Months Ended						Year Ended
General and Administrative:			December 31, 2020		December 31, 2019		September 30, 2020		December 31, 2020		December 31, 2019
	General and administrative expenses		$	16,106	$	16,254	$	16,065	$	62,481	$	64,650
	Mark-to-market of deferred compensation plan liabilities (offset by an
		increase (decrease) in the mark-to-market of plan assets, which is
		included in "interest and other income, net")		1,856		845		740		2,436		3,906
Total general and administrative			$	17,962	$	17,099	$	16,805	$	64,917	$	68,556

			Three Months Ended						Year Ended
Interest and Other Income, net:			December 31, 2020		December 31, 2019		September 30, 2020		December 31, 2020		December 31, 2019
	Interest income, net		$	274	$	1,294	$	364	$	2,054	$	5,484
	Mark-to-market of deferred compensation plan assets (offset by an
		increase (decrease) in the mark-to-market of plan assets, which is
		included in "general and administrative" expenses)		1,856		845		740		2,436		3,906
	Preferred equity investment income ⁽¹⁾			-		-		-		-		454
Total interest and other income, net			$	2,130	$	2,139	$	1,104	$	4,490	$	9,844

⁽¹⁾ The preferred equity investment was redeemed on March 1, 2019.

		Three Months Ended							Year Ended
Interest and Debt Expense:		December 31, 2020		December 31, 2019			September 30, 2020		December 31, 2020		December 31, 2019
	Interest expense	$	33,468	$	34,344		$	33,472	$	134,931	$	137,356
	Amortization of deferred financing costs		2,320		10,873	⁽¹⁾		2,320		9,277		19,323	⁽¹⁾
Total interest and debt expense		$	35,788	$	45,217		$	35,792	$	144,208	$	156,679

⁽¹⁾ Includes $8,215 of expense from the non-cash write-off of deferred financing costs in connection with the $1.25 billion refinancing of 1633 Broadway in November 2019.

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		FFO

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

			Three Months Ended									Year Ended
			December 31, 2020			December 31, 2019			September 30, 2020			December 31, 2020			December 31, 2019
Reconciliation of net loss to FFO and Core FFO:
	Net loss		$	(12,615	)	$	(52,777	)	$	(4,123	)	$	(19,196	)	$	(29,603	)
	Real estate depreciation and amortization (including our share
		of unconsolidated joint ventures)		70,700			65,368			71,131			283,317			257,876
	Adjustments related to discontinued operations (including
		impairments and gain or loss on sale of real estate)		12,766			43,156			-			13,456			49,103
	FFO ⁽¹⁾			70,851			55,747			67,008			277,577			277,376
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(13,167	)		(11,360	)		(12,695	)		(43,542	)		(46,527	)
		Consolidated real estate fund		159			(57	)		79			1,450			(313	)
	FFO attributable to Paramount Group Operating Partnership			57,843			44,330			54,392			235,485			230,536
	Less FFO attributable to noncontrolling interests in Operating Partnership			(5,004	)		(4,352	)		(4,659	)		(20,664	)		(22,349	)
	FFO attributable to common stockholders⁽¹⁾		$	52,839		$	39,978		$	49,733		$	214,821		$	208,187
	Per diluted share		$	0.24		$	0.18		$	0.22		$	0.96		$	0.90

	FFO		$	70,851		$	55,747		$	67,008		$	277,577		$	277,376
	Non-core items:
		Our share of distributions from 712 Fifth Avenue in excess of earnings		(891	)		(1,001	)		(498	)		(2,697	)		(2,038	)
		Loss on early extinguishment of debt		-			11,989			-			-			11,989
		Non-cash write-off of deferred financing costs		-			8,215			-			-			8,215
		Other, net		515			1,083			308			1,450			2,881
	Core FFO ⁽¹⁾			70,475			76,033			66,818			276,330			298,423
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(13,167	)		(11,360	)		(12,695	)		(43,542	)		(46,527	)
		Consolidated real estate fund		159			(57	)		79			1,450			(313	)
	Core FFO attributable to Paramount Group Operating Partnership			57,467			64,616			54,202			234,238			251,583
	Less Core FFO attributable to noncontrolling interests in Operating Partnership			(4,972	)		(6,344	)		(4,642	)		(20,556	)		(24,419	)
	Core FFO attributable to common stockholders ⁽¹⁾		$	52,495		$	58,272		$	49,560		$	213,682		$	227,164
	Per diluted share		$	0.24		$	0.26		$	0.22		$	0.96		$	0.98

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			218,989,711			227,276,459			221,461,146			222,436,170			231,538,065
	Effect of dilutive securities			40,406			50,071			6,025			16,558			35,323
	Denominator for FFO and Core FFO per diluted share			219,030,117			227,326,530			221,467,171			222,452,728			231,573,388

⁽¹⁾

See page 47 for our definition of this measure.

- 11 -


		FAD

(unaudited and in thousands)

				Three Months Ended										Year Ended
				December 31, 2020			December 31, 2019				September 30, 2020			December 31, 2020			December 31, 2019
Reconciliation of Core FFO to FAD:
	Core FFO			$	70,475		$	76,033			$	66,818		$	276,330		$	298,423
	Add (subtract) adjustments to arrive at FAD:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		(4,961	)		(11,218	)			(5,523	)		(32,325	)		(45,580	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,126	)		(3,141	)			(2,986	)		(8,645	)		(11,913	)
		Amortization of deferred financing costs (including our share
			of unconsolidated joint ventures)		2,659			2,843		⁽¹⁾		2,624			10,564			11,726		⁽¹⁾
		Amortization of stock-based compensation expense			5,098			5,001				4,503			19,239			22,860
		Expenditures to maintain assets			(5,246	)		(8,408	)			(5,139	)		(18,955	)		(22,774	)
		Second generation tenant improvements and leasing commissions			(19,731	)		(24,697	)			(6,590	)		(61,016	)		(64,372	)
		Adjustments related to discontinued operations			146			111				128			507			(1,637	)
	FAD ⁽²⁾				47,314			36,524				53,835			185,699			186,733
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			216			(6,756	)			(5,689	)		(11,237	)		(23,345	)
		Consolidated real estate fund			159			(57	)			79			1,450			(313	)
	FAD attributable to Paramount Group Operating Partnership				47,689			29,711				48,225			175,912			163,075
	Less FAD attributable to noncontrolling interests in Operating Partnership				(4,126	)		(2,917	)			(4,131	)		(15,360	)		(15,812	)
	FAD attributable to common stockholders ^{(2) (3)}			$	43,563		$	26,794			$	44,094		$	160,552		$	147,263

	Dividends declared on common stock			$	15,318		$	22,743			$	22,060		$	81,800		$	92,425

⁽¹⁾	Excludes $8,215 of expense from the non-cash write-off of deferred financing costs in connection with the $1.25 billion refinancing of 1633 Broadway in November 2019.
⁽²⁾	See page 47 for our definition of this measure.
⁽³⁾	FAD attributable to common stockholders is not necessarily indicative of future FAD amounts due to fluctuations in the timing of payments for tenant improvements and leasing commissions versus rents received from leases for which such costs are incurred.

- 12 -


		EBITDAre

(unaudited and in thousands)

				Three Months Ended									Year Ended
				December 31, 2020			December 31, 2019			September 30, 2020			December 31, 2020			December 31, 2019
Reconciliation of net loss to EBITDAre and Adjusted EBITDAre:
	Net loss			$	(12,615	)	$	(52,777	)	$	(4,123	)	$	(19,196	)	$	(29,603	)
	Add (subtract) adjustments to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization (including our share
			of unconsolidated joint ventures)		70,700			65,368			71,131			283,317			257,876
		Interest and debt expense (including our share
			of unconsolidated joint ventures)		41,229			49,072			41,224			165,986			168,335
		Income tax expense (benefit) (including our share of
			unconsolidated joint ventures)		358			(509	)		394			1,510			316
		Adjustments related to discontinued operations (including
			impairments and gain or loss on sale of real estate)		12,765			43,156			10			13,465			49,103
	EBITDAre⁽¹⁾				112,437			104,310			108,636			445,082			446,027
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,939	)		(18,199	)		(20,452	)		(72,934	)		(73,276	)
		Consolidated real estate fund			155			(53	)		78			1,313			(314	)
	PGRE's share of EBITDAre ⁽¹⁾			$	91,653		$	86,058		$	88,262		$	373,461		$	372,437



	EBITDAre			$	112,437		$	104,310		$	108,636		$	445,082		$	446,027
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Our share of distributions from 712 Fifth Avenue in excess of earnings			(891	)		(1,001	)		(498	)		(2,697	)		(2,038	)
		Loss on early extinguishment of debt			-			11,989			-			-			11,989
		Other, net			579			878			251			2,470			2,181
	Adjusted EBITDAre ⁽¹⁾				112,125			116,176			108,389			444,855			458,159
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,939	)		(18,195	)		(20,452	)		(72,934	)		(73,272	)
	PGRE's share of Adjusted EBITDAre ⁽¹⁾			$	91,186		$	97,981		$	87,937		$	371,921		$	384,887

⁽¹⁾

See page 47 for our definition of this measure.

- 13 -


		NOI

(unaudited and in thousands)

				Three Months Ended									Year Ended
				December 31, 2020			December 31, 2019			September 30, 2020			December 31, 2020			December 31, 2019
Reconciliation of net loss to NOI and Cash NOI:
	Net loss			$	(12,615	)	$	(52,777	)	$	(4,123	)	$	(19,196	)	$	(29,603	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			59,168			58,419			58,889			235,200			240,104
		General and administrative			17,962			17,099			16,805			64,917			68,556
		Interest and debt expense			35,788			45,217			35,792			144,208			156,679
		Loss on early extinguishment of debt			-			11,989			-			-			11,989
		Income tax expense (benefit)			358			(511	)		393			1,493			312
		NOI from unconsolidated joint ventures			11,928			7,840			12,935			48,631			22,409
		Loss from unconsolidated joint ventures			4,175			1,891			4,268			18,619			4,706
		Fee income			(6,378	)		(5,373	)		(9,153	)		(28,070	)		(22,744	)
		Interest and other income, net			(2,130	)		(2,139	)		(1,104	)		(4,490	)		(9,844	)
		Adjustments related to discontinued operations (including
			impairments and gain or loss on sale of real estate)		12,765			43,156			10			13,465			49,103
		Other, net			367			909			137			824			2,342
	NOI ⁽¹⁾				121,388			125,720			114,849			475,601			494,009
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,909	)		(18,107	)		(20,433	)		(72,766	)		(72,620	)
		Consolidated real estate fund			247			103			205			1,892			126
	PGRE's share of NOI⁽¹⁾			$	100,726		$	107,716		$	94,621		$	404,727		$	421,515

	NOI			$	121,388		$	125,720		$	114,849		$	475,601		$	494,009
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(4,961	)		(11,218	)		(5,523	)		(32,325	)		(45,580	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,126	)		(3,141	)		(2,986	)		(8,645	)		(11,913	)
		Adjustments related to discontinued operations			146			132			128			507			434
	Cash NOI⁽¹⁾				115,447			111,493			106,468			435,138			436,950
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(18,095	)		(15,841	)		(14,513	)		(59,526	)		(62,889	)
		Consolidated real estate fund			247			103			205			1,892			126
	PGRE's share of Cash NOI ⁽¹⁾			$	97,599		$	95,755		$	92,160		$	377,504		$	374,187

⁽¹⁾

See page 47 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)

				Three Months Ended December 31, 2020
				Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(12,615	)	$	5,012		$	8,360		$	(25,987	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			59,168			39,856			18,168			1,144
		General and administrative			17,962			-			-			17,962
		Interest and debt expense			35,788			21,566			12,528			1,694
		Income tax expense			358			-			2			356
		NOI from unconsolidated joint ventures			11,928			2,800			9,326			(198	)
		Loss (income) from unconsolidated joint ventures			4,175			(240	)		4,160			255
		Fee income			(6,378	)		-			-			(6,378	)
		Interest and other income, net			(2,130	)		-			(31	)		(2,099	)
		Adjustments related to discontinued operations (including
			loss on sale of real estate)		12,765			-			-			12,765
		Other, net			367			-			-			367
	NOI ⁽¹⁾				121,388			68,994			52,513			(119	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,909	)		(2,421	)		(18,488	)		-
		Consolidated real estate fund			247			-			-			247
	PGRE's share of NOI for the three months ended December 31, 2020			$	100,726		$	66,573		$	34,025		$	128
	PGRE's share of NOI for the three months ended December 31, 2019			$	107,716		$	76,499		$	30,211		$	1,006


	NOI			$	121,388		$	68,994		$	52,513		$	(119	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		(4,961	)		316			(5,337	)		60
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,126	)		(832	)		(294	)		-
		Adjustments related to discontinued operations			146			-			-			146
	Cash NOI⁽¹⁾				115,447			68,478			46,882			87
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(18,095	)		(2,018	)		(16,077	)		-
		Consolidated real estate fund			247			-			-			247
	PGRE's share of Cash NOI for the three months ended December 31, 2020			$	97,599		$	66,460		$	30,805		$	334
	PGRE's share of Cash NOI for the three months ended December 31, 2019			$	95,755		$	70,636		$	24,003		$	1,116

⁽¹⁾

See page 47 for our definition of this measure.

- 15 -


		NOI

(unaudited and in thousands)

				Year Ended December 31, 2020
				Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(19,196	)	$	12,606		$	28,199		$	(60,001	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			235,200			159,744			70,962			4,494
		General and administrative			64,917			-			-			64,917
		Interest and debt expense			144,208			87,687			49,905			6,616
		Income tax expense			1,493			3			2			1,488
		NOI from unconsolidated joint ventures			48,631			11,540			38,892			(1,801	)
		Loss (income) from unconsolidated joint ventures			18,619			(617	)		17,210			2,026
		Fee income			(28,070	)		-			-			(28,070	)
		Interest and other income, net			(4,490	)		-			(309	)		(4,181	)
		Adjustments related to discontinued operations (including
			loss on sale of real estate)		13,465			-			-			13,465
		Other, net			824			-			-			824
	NOI ⁽¹⁾				475,601			270,963			204,861			(223	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(72,766	)		(4,294	)		(68,461	)		(11	)
		Consolidated real estate fund			1,892			-			-			1,892
	PGRE's share of NOI for the year ended December 31, 2020			$	404,727		$	266,669		$	136,400		$	1,658
	PGRE's share of NOI for the year ended December 31, 2019			$	421,515		$	304,588		$	105,438		$	11,489


	NOI			$	475,601		$	270,963		$	204,861		$	(223	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		(32,325	)		(7,728	)		(24,681	)		84
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(8,645	)		23			(8,668	)		-
		Adjustments related to discontinued operations			507			-			-			507
	Cash NOI⁽¹⁾				435,138			263,258			171,512			368
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(59,526	)		(4,290	)		(55,225	)		(11	)
		Consolidated real estate fund			1,892			-			-			1,892
	PGRE's share of Cash NOI for the year ended December 31, 2020			$	377,504		$	258,968		$	116,287		$	2,249
	PGRE's share of Cash NOI for the year ended December 31, 2019			$	374,187		$	272,974		$	89,289		$	11,924

⁽¹⁾

See page 47 for our definition of this measure.

- 16 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI ⁽¹⁾			Three Months Ended December 31, 2020
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended December 31, 2020		$	97,599		$	66,460		$	30,805		$	334
		Acquisitions ⁽²⁾		(3,185	)		-			(3,185	)		-
		Dispositions / Discontinued Operations		(2,021	)		-			-			(2,021	)	⁽³⁾
		Lease termination income and other, net		1,182			(365	)		(140	)		1,687
	PGRE's share of Same Store Cash NOI for the three months ended December 31, 2020		$	93,575		$	66,095		$	27,480		$	-

		Three Months Ended December 31, 2019
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the three months ended December 31, 2019		$	95,755		$	70,636			$	24,003		$	1,116
	Dispositions / Discontinued Operations		(5,024	)		(2,749	)	⁽⁴⁾		-			(2,275	)	⁽³⁾
	Lease termination income and other, net		799			-				(360	)		1,159
PGRE's share of Same Store Cash NOI for the three months ended December 31, 2019		$	91,530		$	67,887			$	23,643		$	-

	Increase (decrease) in PGRE's share of Same Store Cash NOI	$	2,045			$	(1,792	)		$	3,837			$	-
	% Increase (decrease)		2.2%				(2.6%	)			16.2%

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents our share of Same Store Cash NOI attributable to acquired properties (Market Center in San Francisco) for the months in which they were not owned by us in both reporting periods.
⁽³⁾	Represents Cash NOI from discontinued operations (1899 Pennsylvania Avenue).
⁽⁴⁾	Represents Cash NOI attributable to the 10.0% sale of 1633 Broadway for the months in which it was not owned by us in both reporting periods.

- 17 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI ⁽¹⁾			Three Months Ended December 31, 2020
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the three months ended December 31, 2020		$	100,726		$	66,573		$	34,025		$	128
		Acquisitions ⁽²⁾		(3,883	)		-			(3,883	)		-
		Dispositions / Discontinued Operations		(1,875	)		-			-			(1,875	)	⁽³⁾
		Non-cash write-offs of straight-line rent receivables ⁽⁴⁾		6,032			4,994			1,038			-
		Lease termination income and other, net		1,242			(365	)		(140	)		1,747
	PGRE's share of Same Store NOI for the three months ended December 31, 2020		$	102,242		$	71,202		$	31,040		$	-

		Three Months Ended December 31, 2019
		Total			New York				San Francisco			Other
PGRE's share of NOI for the three months ended December 31, 2019		$	107,716		$	76,499			$	30,211		$	1,006
	Dispositions / Discontinued Operations		(5,340	)		(3,197	)	⁽⁵⁾		-			(2,143	)	⁽³⁾
	Lease termination income and other, net		777			-				(360	)		1,137
PGRE's share of Same Store NOI for the three months ended December 31, 2019		$	103,153		$	73,302			$	29,851		$	-

	(Decrease) increase in PGRE's share of Same Store NOI	$	(911	)		$	(2,100	)		$	1,189			$	-
	% (Decrease) increase		(0.9	%)			(2.9	%)			4.0	%

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents our share of Same Store NOI attributable to acquired properties (Market Center in San Francisco) for the months in which they were not owned by us in both reporting periods.
⁽³⁾	Represents NOI from discontinued operations (1899 Pennsylvania Avenue).
⁽⁴⁾	Represents impairments of receivables arising from operating leases that have been consistently excluded from our same store results in prior periods as noted in our definition of these terms. In prior periods, adjustments for these items have been relatively small and as such, were included within "other."
⁽⁵⁾	Represents NOI attributable to the 10.0% sale of 1633 Broadway for the months in which it was not owned by us in both reporting periods.

- 18 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI ⁽¹⁾			Year Ended December 31, 2020
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the year ended December 31, 2020		$	377,504		$	258,968		$	116,287		$	2,249
		Acquisitions ⁽²⁾		(22,644	)		-			(22,644	)		-
		Dispositions / Discontinued Operations		(8,897	)		-			-			(8,897	)	⁽³⁾
		Reserves for uncollectible accounts receivable ⁽⁴⁾		1,940			1,152			788			-
		Lease termination income and other, net		6,030			(619	)		1			6,648
	PGRE's share of Same Store Cash NOI for the year ended December 31, 2020		$	353,933		$	259,501		$	94,432		$	-

		Year Ended December 31, 2019
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the year ended December 31, 2019		$	374,187		$	272,974			$	89,289		$	11,924
	Dispositions / Discontinued Operations		(21,688	)		(5,962	)	⁽⁵⁾		-			(15,726	)	⁽³⁾
	Reserves for uncollectible accounts receivable ⁽⁴⁾		448			473				(25	)		-
	Lease termination income and other, net		345			(2,346	)			(1,111	)		3,802
PGRE's share of Same Store Cash NOI for the year ended December 31, 2019		$	353,292		$	265,139			$	88,153		$	-

	Increase (decrease) in PGRE's share of Same Store Cash NOI	$	641			$	(5,638	)		$	6,279			$	-
	% Increase (decrease)		0.2	%			(2.1	%)			7.1	%

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents our share of Same Store Cash NOI attributable to acquired properties (Market Center, 55 Second Street and 111 Sutter Street in San Francisco) for the months in which they were not owned by us in both reporting periods.
⁽³⁾	Represents Cash NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019).
⁽⁴⁾	Represents impairments of receivables arising from operating leases that have been consistently excluded from our same store results in prior periods as noted in our definition of these terms. In prior periods, adjustments for these items have been relatively small and as such, were included within "other."
⁽⁵⁾	Represents Cash NOI attributable to the 10.0% sale of 1633 Broadway for the months in which it was not owned by us in both reporting periods.

- 19 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI ⁽¹⁾			Year Ended December 31, 2020
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the year ended December 31, 2020		$	404,727		$	266,669		$	136,400		$	1,658
		Acquisitions ⁽²⁾		(28,760	)		-			(28,760	)		-
		Dispositions / Discontinued Operations		(8,390	)		-			-			(8,390	)	⁽³⁾
		Non-cash write-offs (primarily straight-line rent receivables) ⁽⁴⁾		26,826			22,383			4,443			-
		Reserves for uncollectible accounts receivable ⁽⁴⁾		1,940			1,152			788			-
		Lease termination income and other, net		6,114			(619	)		1			6,732
	PGRE's share of Same Store NOI for the year ended December 31, 2020		$	402,457		$	289,585		$	112,872		$	-

		Year Ended December 31, 2019
		Total			New York				San Francisco			Other
PGRE's share of NOI for the year ended December 31, 2019		$	421,515		$	304,588			$	105,438		$	11,489
	Dispositions / Discontinued Operations		(22,295	)		(7,003	)	⁽⁵⁾		-			(15,292	)	⁽³⁾
	Reserves for uncollectible accounts receivable ⁽⁴⁾		448			473				(25	)		-
	Lease termination income and other, net		346			(2,346	)			(1,111	)		3,803
PGRE's share of Same Store NOI for the year ended December 31, 2019		$	400,014		$	295,712			$	104,302		$	-

	Increase (decrease) in PGRE's share of Same Store NOI	$	2,443			$	(6,127	)		$	8,570			$	-
	% Increase (decrease)		0.6	%			(2.1	%)			8.2	%

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents our share of Same Store NOI attributable to acquired properties (Market Center, 55 Second Street and 111 Sutter Street in San Francisco) for the months in which they were not owned by us in both reporting periods.
⁽³⁾	Represents NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019).
⁽⁴⁾	Represents impairments of receivables arising from operating leases that have been consistently excluded from our same store results in prior periods as noted in our definition of these terms. In prior periods, adjustments for these items have been relatively small and as such, were included within "other."
⁽⁵⁾	Represents NOI attributable to the 10.0% sale of 1633 Broadway for the months in which it was not owned by us in both reporting periods.

- 20 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2020
		Consolidated Joint Ventures										Consolidated Fund
		Total Consolidated										Residential
		Joint Ventures		1633 Broadway ⁽¹⁾		One Market Plaza		300 Mission Street		Other ⁽²⁾		Development Fund
PGRE Ownership				90.0%		49.0%		31.1%		24.4%		7.4%
Assets:
	Real estate, net	$	3,470,766	$	1,794,011	$	1,186,842	$	489,913	$	-	$	-
	Cash and cash equivalents		130,752		68,049		51,081		10,654		968		2,512
	Restricted cash		1,383		78		1,305		-		-		-
	Investments in unconsolidated joint ventures		-		-		-		-		-		67,505
	Accounts and other receivables		6,747		3,867		900		1,980		-		124
	Deferred rent receivable		192,401		115,270		57,801		19,330		-		-
	Deferred charges, net		55,156		28,977		16,261		9,918		-		-
	Intangible assets, net		76,545		56,588		14,728		5,229		-		-
	Other assets		5,806		451		5,044		310		1		15,690
Total Assets		$	3,939,556	$	2,067,291	$	1,333,962	$	537,334	$	969	$	85,831

Liabilities:
	Notes and mortgages payable, net	$	2,457,272	$	1,241,121	$	971,717	$	244,434	$	-	$	-
	Accounts payable and accrued expenses		51,513		18,310		24,239		8,931		33		77
	Intangible liabilities, net		33,566		18,339		14,176		1,051		-		-
	Other liabilities		4,486		67		4,348		3		68		-
Total Liabilities			2,546,837		1,277,837		1,014,480		254,419		101		77

Equity:
	Paramount Group, Inc. equity		955,558		711,049		156,614		87,165		730		6,737
	Noncontrolling interests		437,161		78,405		162,868		195,750		138		79,017
Total Equity			1,392,719		789,454		319,482		282,915		868		85,754

Total Liabilities and Equity		$	3,939,556	$	2,067,291	$	1,333,962	$	537,334	$	969	$	85,831

⁽¹⁾	On May 27, 2020, we sold a 10.0% interest in 1633 Broadway.
⁽²⁾	Represents PGRESS Equity Holdings, LP.

- 21 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2019
		Consolidated Joint Ventures								Consolidated Fund
		Total Consolidated								Residential
		Joint Ventures		One Market Plaza		300 Mission Street		Other ⁽¹⁾		Development Fund
PGRE Ownership				49.0%		31.1%		24.4%		7.4%
Assets:
	Real estate, net	$	1,685,391	$	1,203,232	$	482,159	$	-	$	-
	Cash and cash equivalents		64,172		46,601		16,668		903		2,258
	Restricted cash		3,398		3,398		-		-		-
	Investments in unconsolidated joint ventures		-		-		-		-		69,535
	Accounts and other receivables		2,015		1,085		930		-		125
	Deferred rent receivable		57,338		46,901		10,437		-		-
	Deferred charges, net		24,030		13,330		10,700		-		-
	Intangible assets, net		29,872		21,943		7,929		-		-
	Other assets		5,386		4,937		449		-		15,746
Total Assets		$	1,871,602	$	1,341,427	$	529,272	$	903	$	87,664

Liabilities:
	Notes and mortgages payable, net	$	1,205,324	$	970,681	$	234,643	$	-	$	-
	Accounts payable and accrued expenses		35,191		26,165		8,971		55		61
	Intangible liabilities, net		19,841		18,405		1,436		-		-
	Other liabilities		4,273		4,270		3		-		8,774
Total Liabilities			1,264,629		1,019,521		245,053		55		8,835

Equity:
	Paramount Group, Inc. equity		246,195		157,801		87,669		725		6,433
	Noncontrolling interests		360,778		164,105		196,550		123		72,396
Total Equity			606,973		321,906		284,219		848		78,829

Total Liabilities and Equity		$	1,871,602	$	1,341,427	$	529,272	$	903	$	87,664

⁽¹⁾	Represents PGRESS Equity Holdings, LP.

- 22 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended December 31, 2020
		Consolidated Joint Ventures														Consolidated Fund
		Total Consolidated														Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Other ⁽¹⁾		Development Fund
Total revenues		$	93,477		$	45,689		$	35,747		$	12,041		$	-	$	-
Total operating expenses			30,805			17,391			10,268			3,146			-		(3	)
Net operating income ⁽²⁾			62,672			28,298			25,479			8,895			-		3
Depreciation and amortization			(28,464	)		(14,190	)		(10,353	)		(3,921	)		-		-
Interest and other income, net			52			-			31			-			21		56
Interest and debt expense			(22,380	)		(9,852	)		(10,304	)		(2,224	)		-		-
Loss from unconsolidated joint ventures			-			-			-			-			-		(271	)
Net income (loss) before income taxes			11,880			4,256			4,853			2,750			21		(212	)
Income tax expense			-			-			-			-			-		(3	)
Net income (loss)		$	11,880		$	4,256		$	4,853		$	2,750		$	21	$	(215	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			24.4%		7.4%
	Net income (loss)	$	7,037		$	3,830		$	2,374		$	828		$	5	$	(56	)
	Add: Management fee income		1,071			409			199			463			-		-
	PGRE's share of net income (loss)		8,108			4,239			2,573			1,291			5		(56	)
	Add: Real estate depreciation and amortization		19,069			12,771			5,077			1,221			-		-
	FFO/Core FFO ⁽²⁾	$	27,177		$	17,010		$	7,650		$	2,512		$	5	$	(56	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			75.6%		92.6%
	Net income (loss)	$	4,843		$	426		$	2,479		$	1,922		$	16	$	(159	)
	Less: Management fee expense		(1,071	)		(409	)		(199	)		(463	)		-		-
	Net income (loss) attributable to noncontrolling interests		3,772			17			2,280			1,459			16		(159	)
	Add: Real estate depreciation and amortization		9,395			1,419			5,276			2,700			-		-
	FFO/Core FFO ⁽²⁾	$	13,167		$	1,436		$	7,556		$	4,159		$	16	$	(159	)

⁽¹⁾	Represents PGRESS Equity Holdings, LP.
⁽²⁾	See page 47 for our definition of these measures.

- 23 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended December 31, 2019
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			One Market Plaza			300 Mission Street			Other ⁽¹⁾			Development Fund
Total revenues		$	47,426		$	35,092		$	12,334		$	-		$	-
Total operating expenses			13,770			10,069			3,701			-			-
Net operating income ⁽²⁾			33,656			25,023			8,633			-			-
Depreciation and amortization			(15,091	)		(10,096	)		(4,995	)		-			-
Interest and other income (loss), net			176			153			36			(13	)		143
Interest and debt expense			(12,590	)		(10,304	)		(2,286	)		-			-
Loss from unconsolidated joint ventures			-			-			-			-			(112	)
Net income (loss) before income taxes			6,151			4,776			1,388			(13	)		31
Income tax expense			(9	)		-			(9	)		-			(1	)
Net income (loss)		$	6,142		$	4,776		$	1,379		$	(13	)	$	30

PGRE's share
Ownership		Total			49.0%			31.1%			24.4%			7.4%
	Net income (loss)	$	2,742		$	2,337		$	404		$	1		$	(27	)
	Add: Management fee income		631			153			478			-			-
	PGRE's share of net income (loss)		3,373			2,490			882			1			(27	)
	Add: Real estate depreciation and amortization		6,500			4,947			1,553			-			-
	FFO/Core FFO ⁽²⁾	$	9,873		$	7,437		$	2,435		$	1		$	(27	)

Noncontrolling interests' share
Ownership		Total			51.0%			68.9%			75.6%			92.6%
	Net income (loss)	$	3,400		$	2,439		$	975		$	(14	)	$	57
	Less: Management fee expense		(631	)		(153	)		(478	)		-			-
	Net income (loss) attributable to noncontrolling interests		2,769			2,286			497			(14	)		57
	Add: Real estate depreciation and amortization		8,591			5,149			3,442			-			-
	FFO/Core FFO ⁽²⁾	$	11,360		$	7,435		$	3,939		$	(14	)	$	57

⁽¹⁾	Represents PGRESS Equity Holdings, LP.
⁽²⁾	See page 47 for our definition of these measures.

- 24 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Year Ended December 31, 2020
		Consolidated Joint Ventures														Consolidated Fund
		Total Consolidated														Residential
		Joint Ventures			1633 Broadway ⁽¹⁾			One Market Plaza			300 Mission Street			Other ⁽²⁾		Development Fund
Total revenues		$	276,513		$	94,695		$	145,073		$	36,731		$	14	$	-
Total operating expenses			93,416			42,008			38,856			12,552			-		2
Net operating income (loss) ⁽³⁾			183,097			52,687			106,217			24,179			14		(2	)
Depreciation and amortization			(89,491	)		(33,823	)		(41,597	)		(14,071	)		-		-
Interest and other income, net			316			-			275			34			7		399
Interest and debt expense			(73,389	)		(23,484	)		(40,994	)		(8,911	)		-		(141	)
Loss from unconsolidated joint ventures			-			-			-			-			-		(2,044	)
Net income (loss) before income taxes			20,533			(4,620	)		23,901			1,231			21		(1,788	)
Income tax benefit (expense)			3			(3	)		(2	)		8			-		(5	)
Net income (loss)		$	20,536		$	(4,623	)	$	23,899		$	1,239		$	21	$	(1,793	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			24.4%		7.4%
	Net income (loss)	$	7,829		$	(4,161	)	$	11,703		$	282		$	5	$	(343	)
	Add: Management fee income		3,450			975			734			1,741			-		-
	PGRE's share of net income (loss)		11,279			(3,186	)		12,437			2,023			5		(343	)
	Add: Real estate depreciation and amortization		55,206			30,441			20,386			4,379			-		-
	FFO/Core FFO ⁽³⁾	$	66,485		$	27,255		$	32,823		$	6,402		$	5	$	(343	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			75.6%		92.6%
	Net income (loss)	$	12,707		$	(462	)	$	12,196		$	957		$	16	$	(1,450	)
	Less: Management fee expense		(3,450	)		(975	)		(734	)		(1,741	)		-		-
	Net income (loss) attributable to noncontrolling interests		9,257			(1,437	)		11,462			(784	)		16		(1,450	)
	Add: Real estate depreciation and amortization		34,285			3,382			21,211			9,692			-		-
	FFO/Core FFO ⁽³⁾	$	43,542		$	1,945		$	32,673		$	8,908		$	16	$	(1,450	)

⁽¹⁾	Represents the results of operations from the date of disposition (May 27, 2020) through December 31, 2020.
⁽²⁾	Represents PGRESS Equity Holdings, LP.
⁽³⁾	See page 47 for our definition of these measures.

- 25 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Year Ended December 31, 2019
		Consolidated Joint Ventures											Consolidated Fund
		Total Consolidated											Residential
		Joint Ventures			One Market Plaza			300 Mission Street			Other ⁽¹⁾		Development Fund
Total revenues		$	188,411		$	139,492		$	48,919		$	-	$	-
Total operating expenses			53,464			38,513			14,951			-		18
Net operating income (loss) ⁽²⁾			134,947			100,979			33,968			-		(18	)
Depreciation and amortization			(62,357	)		(41,690	)		(20,667	)		-		-
Interest and other income, net			1,083			612			172			299		297
Interest and debt expense			(49,412	)		(40,885	)		(8,527	)		-		-
Loss from unconsolidated joint ventures			-			-			-			-		(118	)
Net income before income taxes			24,261			19,016			4,946			299		161
Income tax expense			(28	)		(3	)		(25	)		-		(6	)
Net income		$	24,233		$	19,013		$	4,921		$	299	$	155

PGRE's share
Ownership		Total			49.0%			31.1%			24.4%		7.4%
	Net income (loss)	$	10,829		$	9,309		$	1,443		$	77	$	(158	)
	Add: Management fee income		2,382			690			1,692			-		-
	PGRE's share of net income (loss)		13,211			9,999			3,135			77		(158	)
	Add: Real estate depreciation and amortization		26,852			20,427			6,425			-		-
	FFO/Core FFO ⁽²⁾	$	40,063		$	30,426		$	9,560		$	77	$	(158	)

Noncontrolling interests' share
Ownership		Total			51.0%			68.9%			75.6%		92.6%
	Net income	$	13,404		$	9,704		$	3,478		$	222	$	313
	Less: Management fee expense		(2,382	)		(690	)		(1,692	)		-		-
	Net income attributable to noncontrolling interests		11,022			9,014			1,786			222		313
	Add: Real estate depreciation and amortization		35,505			21,263			14,242			-		-
	FFO/Core FFO ⁽²⁾	$	46,527		$	30,277		$	16,028		$	222	$	313

⁽¹⁾	Represents PGRESS Equity Holdings, LP.
⁽²⁾	See page 47 for our definition of these measures.

- 26 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2020
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street		Other ⁽¹⁾

PGRE Ownership				50.0%			67.0%		44.1%		49.0%		Various
Assets:
	Real estate, net	$	2,674,858	$	211,635		$	658,112	$	378,946	$	214,774	$	1,211,391
	Cash and cash equivalents		83,093		22,860			23,984		8,817		3,851		23,581
	Restricted cash		37,056		1,727			-		-		1,295		34,034
	Accounts and other receivables		4,074		1,191			1,999		501		230		153
	Deferred rent receivable		24,518		15,863			3,811		1,964		2,218		662
	Deferred charges, net		11,383		8,719			805		463		1,396		-
	Intangible assets, net		110,307		-			40,444		23,696		6,037		40,130
	Other assets		5,786		174			155		2,083		107		3,267
Total Assets		$	2,951,075	$	262,169		$	729,310	$	416,470	$	229,908	$	1,313,218

Liabilities:
	Notes and mortgages payable, net	$	1,801,084	$	297,364		$	402,057	$	186,592	$	146,693	$	768,378
	Accounts payable and accrued expenses		64,710		9,227			10,995		5,909		2,745		35,834
	Intangible liabilities, net		26,772		-			8,345		15,318		3,109		-
	Other liabilities		22,865		269			20,764		108		304		1,420
Total Liabilities			1,915,431		306,860			442,161		207,927		152,851		805,632


Total Equity			1,035,644		(44,691	)		287,149		208,543		77,057		507,586

Total Liabilities and Equity		$	2,951,075	$	262,169		$	729,310	$	416,470	$	229,908	$	1,313,218

⁽¹⁾

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

- 27 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2019
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street		Other ⁽¹⁾

PGRE Ownership				50.0%			67.0%		44.1%		49.0%		Various
Assets:
	Real estate, net	$	2,581,738	$	206,913		$	671,276	$	385,614	$	216,936	$	1,100,999
	Cash and cash equivalents		69,286		31,216			9,934		7,254		1,866		19,016
	Restricted cash		5,785		2,224			-		-		3,531		30
	Accounts and other receivables		3,036		1,611			684		280		461		-
	Deferred rent receivable		18,296		14,711			416		917		1,127		1,125
	Deferred charges, net		10,074		7,703			250		561		1,560		-
	Intangible assets, net		172,041		-			61,061		30,996		11,090		68,894
	Other assets		4,812		158			1,632		189		81		2,752
Total Assets		$	2,865,068	$	264,536		$	745,253	$	425,811	$	236,652	$	1,192,816

Liabilities:
	Notes and mortgages payable, net	$	1,648,403	$	296,953		$	397,398	$	186,433	$	142,783	$	624,836
	Accounts payable and accrued expenses		64,254		6,607			5,875		4,778		4,482		42,512
	Intangible liabilities, net		38,377		-			14,228		19,668		4,481		-
	Other liabilities		1,505		271			-		4		174		1,056
Total Liabilities			1,752,539		303,831			417,501		210,883		151,920		668,404


Total Equity			1,112,529		(39,295	)		327,752		214,928		84,732		524,412

Total Liabilities and Equity		$	2,865,068	$	264,536		$	745,253	$	425,811	$	236,652	$	1,192,816

⁽¹⁾

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

- 28 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended December 31, 2020
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	61,469		$	10,613		$	15,644		$	8,277		$	4,478		$	22,457
Total operating expenses			27,151			6,390			7,050			3,161			1,836			8,714
Net operating income ⁽²⁾			34,318			4,223			8,594			5,116			2,642			13,743
Depreciation and amortization			(28,659	)		(2,844	)		(9,247	)		(4,799	)		(2,647	)		(9,122	)
Interest and other loss, net			(39	)		(2	)		(19	)		(9	)		(6	)		(3	)
Interest and debt expense			(13,995	)		(2,701	)		(3,410	)		(1,856	)		(1,538	)		(4,490	)
Net (loss) income before income taxes			(8,375	)		(1,324	)		(4,082	)		(1,548	)		(1,549	)		128
Income tax expense			(2	)		-			-			-			-			(2	)
Net (loss) income		$	(8,377	)	$	(1,324	)	$	(4,082	)	$	(1,548	)	$	(1,549	)	$	126

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(5,024	)	$	(662	)	$	(2,737	)	$	(662	)	$	(759	)	$	(204	)
	Less: Step-up basis adjustment		(42	)		-			-			(2	)		-			(40	)
	Add: Distributions received from 712 Fifth Avenue in excess of earnings		891			891			-			-			-			-
	PGRE's share of net (loss) income		(4,175	)		229			(2,737	)		(664	)		(759	)		(244	)
	Add: Real estate depreciation and amortization		11,532			1,422			6,195			2,118			1,297			500
	FFO ⁽²⁾		7,357			1,651			3,458			1,454			538			256
	Less: Distributions received from 712 Fifth Avenue in excess of earnings		(891	)		(891	)		-			-			-			-
	Core FFO⁽²⁾	$	6,466		$	760		$	3,458		$	1,454		$	538		$	256

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(3,353	)	$	(662	)	$	(1,345	)	$	(886	)	$	(790	)	$	330
	Add: Real estate depreciation and amortization		17,169			1,422			3,052			2,683			1,350			8,662
	FFO/Core FFO ⁽²⁾	$	13,816		$	760		$	1,707		$	1,797		$	560		$	8,992

⁽¹⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.
⁽²⁾	See page 47 for our definition of these measures.

- 29 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended December 31, 2019
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center ⁽¹⁾			Street			Street			Other ⁽²⁾
Total revenues		$	50,243		$	10,837		$	3,781		$	8,903		$	4,522		$	22,200
Total operating expenses			21,322			6,558			1,793			3,546			1,808			7,617
Net operating income ⁽³⁾			28,921			4,279			1,988			5,357			2,714			14,583
Depreciation and amortization			(21,859	)		(2,600	)		(2,323	)		(4,682	)		(3,125	)		(9,129	)
Interest and other income (loss), net			185			139			(1	)		20			(6	)		33
Interest and debt expense			(14,360	)		(2,702	)		(772	)		(1,856	)		(1,637	)		(7,393	)
Net loss before income taxes			(7,113	)		(884	)		(1,108	)		(1,161	)		(2,054	)		(1,906	)
Income tax expense			(6	)		-			-			(6	)		-			-
Net loss		$	(7,119	)	$	(884	)	$	(1,108	)	$	(1,167	)	$	(2,054	)	$	(1,906	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(2,855	)	$	(442	)	$	(744	)	$	(490	)	$	(1,007	)	$	(172	)
	Less: Step-up basis adjustment		(37	)		-			-			-			-			(37	)
	Add: Distributions received from 712 Fifth Avenue in excess of earnings		1,001			1,001			-			-			-			-
	PGRE's share of net (loss) income		(1,891	)		559			(744	)		(490	)		(1,007	)		(209	)
	Add: Real estate depreciation and amortization		6,949			1,300			1,556			2,064			1,531			498
	FFO ⁽³⁾		5,058			1,859			812			1,574			524			289
	Less: Distributions received from 712 Fifth Avenue in excess of earnings		(1,001	)		(1,001	)		-			-			-			-
	Core FFO⁽³⁾	$	4,057		$	858		$	812		$	1,574		$	524		$	289

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(4,269	)	$	(442	)	$	(364	)	$	(678	)	$	(1,051	)	$	(1,734	)
	Add: Real estate depreciation and amortization		14,947			1,300			767			2,618			1,594			8,668
	FFO/Core FFO ⁽³⁾	$	10,678		$	858		$	403		$	1,940		$	543		$	6,934

⁽¹⁾	Represents the results of operations from the date of acquisition (December 11, 2019) through December 31, 2019.
⁽²⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.
⁽³⁾	See page 47 for our definition of these measures.

- 30 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Year Ended December 31, 2020
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	246,541		$	42,627		$	63,356		$	33,410		$	18,475		$	88,673
Total operating expenses			109,114			25,078			26,752			12,929			7,578			36,777
Net operating income ⁽²⁾			137,427			17,549			36,604			20,481			10,897			51,896
Depreciation and amortization			(117,640	)		(10,882	)		(39,893	)		(19,181	)		(11,192	)		(36,492	)
Interest and other (loss) income , net			(36	)		63			(64	)		(26	)		(26	)		17
Interest and debt expense			(58,239	)		(10,750	)		(13,517	)		(7,426	)		(6,147	)		(20,399	)
Net loss before income taxes			(38,488	)		(4,020	)		(16,870	)		(6,152	)		(6,468	)		(4,978	)
Income tax expense			(47	)		-			(5	)		(20	)		(6	)		(16	)
Net loss		$	(38,535	)	$	(4,020	)	$	(16,875	)	$	(6,172	)	$	(6,474	)	$	(4,994	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(21,153	)	$	(2,010	)	$	(11,315	)	$	(2,714	)	$	(3,172	)	$	(1,942	)
	Less: Step-up basis adjustment		(163	)		-			-			(9	)		-			(154	)
	Add: Distributions received from 712 Fifth Avenue in excess of earnings		2,697			2,697			-			-			-			-
	PGRE's share of net (loss) income		(18,619	)		687			(11,315	)		(2,723	)		(3,172	)		(2,096	)
	Add: Real estate depreciation and amortization		48,117			5,441			26,728			8,466			5,484			1,998
	FFO ⁽²⁾		29,498			6,128			15,413			5,743			2,312			(98	)
	Less: Distributions received from 712 Fifth Avenue in excess of earnings		(2,697	)		(2,697	)		-			-			-			-
	Core FFO⁽²⁾	$	26,801		$	3,431		$	15,413		$	5,743		$	2,312		$	(98	)

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(17,382	)	$	(2,010	)	$	(5,560	)	$	(3,458	)	$	(3,302	)	$	(3,052	)
	Add: Real estate depreciation and amortization		69,686			5,441			13,165			10,724			5,708			34,648
	FFO/Core FFO ⁽²⁾	$	52,304		$	3,431		$	7,605		$	7,266		$	2,406		$	31,596

⁽¹⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.
⁽²⁾	See page 47 for our definition of these measures.

- 31 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Year Ended December 31, 2019
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center ⁽¹⁾			Street ⁽²⁾			Street ⁽³⁾			Other ⁽⁴⁾
Total revenues		$	166,424		$	46,826		$	3,781		$	12,462		$	15,334		$	88,021
Total operating expenses			68,491			26,082			1,793			4,932			6,371			29,313
Net operating income ⁽⁵⁾			97,933			20,744			1,988			7,530			8,963			58,708
Depreciation and amortization			(68,318	)		(10,918	)		(2,323	)		(6,798	)		(11,757	)		(36,522	)
Interest and other income (loss), net			663			518			(1	)		35			2			109
Interest and debt expense			(51,113	)		(10,722	)		(772	)		(2,688	)		(6,174	)		(30,757	)
Net loss before income taxes			(20,835	)		(378	)		(1,108	)		(1,921	)		(8,966	)		(8,462	)
Income tax expense			(16	)		-			-			(6	)		(2	)		(8	)
Net loss		$	(20,851	)	$	(378	)	$	(1,108	)	$	(1,927	)	$	(8,968	)	$	(8,470	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(6,592	)	$	(189	)	$	(744	)	$	(826	)	$	(4,394	)	$	(439	)
	Less: Step-up basis adjustment		(152	)		-			-			-			-			(152	)
	Add: Distributions received from 712 Fifth Avenue in excess of earnings		2,038			2,038			-			-			-			-
	PGRE's share of net (loss) income		(4,706	)		1,849			(744	)		(826	)		(4,394	)		(591	)
	Add: Real estate depreciation and amortization		17,772			5,459			1,556			2,997			5,761			1,999
	FFO ⁽⁵⁾		13,066			7,308			812			2,171			1,367			1,408
	Less: Distributions received from 712 Fifth Avenue in excess of earnings		(2,038	)		(2,038	)		-			-			-			-
	Core FFO⁽⁵⁾	$	11,028		$	5,270		$	812		$	2,171		$	1,367		$	1,408

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(14,259	)	$	(189	)	$	(364	)	$	(1,101	)	$	(4,574	)	$	(8,031	)
	Add: Real estate depreciation and amortization		50,698			5,459			767			3,801			5,996			34,675
	FFO/Core FFO ⁽⁵⁾	$	36,439		$	5,270		$	403		$	2,700		$	1,422		$	26,644

⁽¹⁾	Represents the results of operations from the date of acquisition (December 11, 2019) through December 31, 2019.
⁽²⁾	Represents the results of operations from the date of acquisition (August 21, 2019) through December 31, 2019.
⁽³⁾	Represents the results of operations from the date of acquisition (February 7, 2019) through December 31, 2019.
⁽⁴⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.
⁽⁵⁾	See page 47 for our definition of these measures.

- 32 -


		CAPITAL STRUCTURE

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

			As of December 31, 2020
Debt:
	Consolidated debt:
		Notes and mortgages payable ⁽¹⁾	$	3,819,434
		$1.0 billion Revolving Credit Facility		-
				3,819,434
	Less:
		Noncontrolling interests' share of consolidated debt ⁽²⁾		(790,653	)
	Add:
		PGRE's share of unconsolidated joint venture debt ⁽³⁾		607,647
	PGRE's Share of Total Debt ⁽⁴⁾			3,636,428

		Shares / Units		Share Price as of
Equity:		Outstanding		December 31, 2020
	Common stock		218,817,337	$	9.04		1,978,109
	Operating Partnership units		20,756,618		9.04		187,640
	Total equity		239,573,955		9.04		2,165,749


Total Market Capitalization						$	5,802,177

⁽¹⁾	Represents contractual amount due pursuant to the respective debt agreements.
⁽²⁾	Represents noncontrolling interests' share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street.
⁽³⁾	Represents our share of debt of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 60 Wall Street and Oder-Center, Germany.
⁽⁴⁾	See page 47 for our definition of this measure.

- 33 -

DEBT ANALYSIS

(unaudited and in thousands)

		Total Debt						Fixed Rate Debt						Variable Rate Debt
Consolidated Debt:		Amount			Rate			Amount			Rate			Amount			Rate
	1633 Broadway	$	1,250,000			2.99	%	$	1,250,000			2.99	%	$	-			-
	1301 Avenue of the Americas		850,000			2.61	%		500,000			3.05	%		350,000			1.99	%
	31 West 52nd Street		500,000			3.80	%		500,000			3.80	%		-			-
	One Market Plaza		975,000			4.03	%		975,000			4.03	%		-			-
	300 Mission Street		244,434			3.65	%		244,434			3.65	%		-			-
	Revolving Credit Facility		-			-			-			-			-			-
Total consolidated debt			3,819,434			3.32	%		3,469,434			3.45	%		350,000			1.99	%
Noncontrolling interests' share			(790,653	)		3.79	%		(790,653	)		3.79	%		-			-
PGRE's share of consolidated debt		$	3,028,781			3.20	%	$	2,678,781			3.36	%	$	350,000			1.99	%

Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		405,769			3.06	%		402,000			3.07	%		3,769			1.65	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		148,056			3.65	%		-			-			148,056			3.65	%
	60 Wall Street		575,000			2.61	%		-			-			575,000			2.61	%
	Oder-Center, Germany		18,509			4.62	%		18,509			4.62	%		-			-
Total unconsolidated debt			1,634,834			3.13	%		908,009			3.37	%		726,825			2.82	%
Joint venture partners' share			(1,027,187	)		3.02	%		(404,242	)		3.46	%		(622,945	)		2.73	%
PGRE's share of unconsolidated debt		$	607,647			3.30	%	$	503,767			3.30	%	$	103,880			3.31	%

PGRE's share of Total Debt ⁽¹⁾		$	3,636,428			3.22	%	$	3,182,548			3.35	%	$	453,880			2.29	%

Revolving Credit Facility Covenants: ⁽²⁾		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		42.1	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		44.6	%		Consolidated fixed rate debt	$	2,678,781
	Fixed Charge Coverage	Greater than 1.5x	3.47x				Unconsolidated fixed rate debt		503,767
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,182,548		87.5	%
	Unencumbered Interest Coverage	Greater than 1.75x	15.20x			Variable rate debt:
							Consolidated variable rate debt		350,000
							Unconsolidated variable rate debt		103,880
							PGRE's share of variable rate debt		453,880		12.5	%

							PGRE's share of Total Debt ⁽¹⁾	$	3,636,428		100.0	%

⁽¹⁾

See page 47 for our definition of this measure.

⁽²⁾

This section presents ratios as of December 31, 2020 in accordance with the terms of our revolving credit facility, 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.

- 34 -

DEBT MATURITIES

(unaudited and in thousands)

Consolidated Debt:		2021			2022			2023			2024			2025			Thereafter			Total
	1301 Avenue of the Americas	$	850,000		$	-		$	-		$	-		$	-		$	-		$	850,000
	300 Mission Street		-			-			244,434			-			-			-			244,434
	One Market Plaza		-			-			-			975,000			-			-			975,000
	1633 Broadway		-			-			-			-			-			1,250,000			1,250,000
	31 West 52nd Street		-			-			-			-			-			500,000			500,000
	Revolving Credit Facility		-			-			-			-			-			-			-
Total consolidated debt			850,000			-			244,434			975,000			-			1,750,000			3,819,434
Noncontrolling interests' share			-			-			(168,415	)		(497,250	)		-			(124,988	)		(790,653	)
PGRE's share of consolidated debt		$	850,000		$	-		$	76,019		$	477,750		$	-		$	1,625,012		$	3,028,781


Unconsolidated Joint Venture Debt:
	60 Wall Street	$	-		$	575,000		$	-		$	-		$	-		$	-		$	575,000
	Oder-Center, Germany		-			18,509			-			-			-			-			18,509
	111 Sutter Street		-			-			148,056			-			-			-			148,056
	Market Center		-			-			-			-			405,769			-			405,769
	712 Fifth Avenue		-			-			-			-			-			300,000			300,000
	55 Second Street		-			-			-			-			-			187,500			187,500
Total unconsolidated debt			-			593,509			148,056			-			405,769			487,500			1,634,834
Joint venture partners' share			-			(562,943	)		(75,509	)		-			(133,904	)		(254,831	)		(1,027,187	)
PGRE's share of unconsolidated debt		$	-		$	30,566		$	72,547		$	-		$	271,865		$	232,669		$	607,647



PGRE's Share of Total Debt ⁽¹⁾		$	850,000		$	30,566		$	148,566		$	477,750		$	271,865		$	1,857,681		$	3,636,428

Weighted average rate			2.61	%		2.72	%		3.65	%		4.03	%		3.06	%		3.28	%		3.22	%

% of debt maturing			23.4	%		0.8	%		4.1	%		13.1	%		7.5	%		51.1	%		100.0	%

⁽¹⁾

See page 47 for our definition of this measure.

- 35 -




		PORTFOLIO SUMMARY

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

		Paramount				Number of		Square		%			%			Annualized Rent ⁽¹⁾
Property	Submarket	Ownership				Buildings		Feet		Leased ⁽¹⁾			Occupied ⁽¹⁾			Amount		Per Square Foot ⁽²⁾

As of December 31, 2020
New York:
1633 Broadway	West Side		90.0	%	⁽³⁾		1		2,499,105		98.3	%		98.3	%	$	181,941	$	76.62
1301 Avenue of the Americas	Sixth Avenue / Rock Center		100.0	%			1		1,765,688		99.0	%		99.0	%		140,142		80.48
1325 Avenue of the Americas	Sixth Avenue / Rock Center		100.0	%			1		811,104		91.8	%		91.7	%		49,745		68.29
31 West 52nd Street	Sixth Avenue / Rock Center		100.0	%			1		763,172		99.3	%		98.2	%		71,327		92.62
900 Third Avenue	East Side		100.0	%			1		591,533		80.6	%		80.6	%		34,979		73.46
712 Fifth Avenue	Madison / Fifth Avenue		50.0	%			1		543,411		70.8	%		67.5	%		42,373		115.48
60 Wall Street	Downtown		5.0	%			1		1,625,483		100.0	%		100.0	%		73,600		45.28	⁽⁴⁾
Subtotal / Weighted average							7		8,599,496		95.3	%		95.0	%		594,107		73.45
PGRE's share							7		6,533,859		95.1	%		94.8	%		484,816		79.35

San Francisco:
One Market Plaza	South Financial District		49.0	%			2		1,591,951		97.5	%		97.5	%		142,085		90.77
Market Center	South Financial District		67.0	%			2		745,630		90.2	%		90.2	%		57,268		85.14
300 Mission Street	South Financial District		31.1	%			1		660,702		99.1	%		99.1	%		53,082		81.23
One Front Street	North Financial District		100.0	%			1		644,700		100.0	%		98.8	%		51,996		81.69
55 Second Street	South Financial District		44.1	%			1		379,621		95.7	%		95.7	%		27,854		76.88
111 Sutter Street	North Financial District		49.0	%			1		277,193		79.6	%		79.6	%		17,881		81.86
Subtotal / Weighted average							8		4,299,797		95.6	%		95.4	%		350,166		85.21
PGRE's share							8		2,433,044		95.7	%		95.4	%		197,541		84.97

Total / Weighted average							15		12,899,293		95.4	%		95.1	%		944,273	$	77.45
PGRE's share							15		8,966,903		95.2	%		95.0	%		682,357	$	80.92

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents office and retail space only.
⁽³⁾	On May 27, 2020, we sold a 10.0% interest in 1633 Broadway.
⁽⁴⁾	Represents "triple-net" rent.

- 36 -


		SAME STORE LEASED OCCUPANCY

(unaudited)

				As of December 31, 2020						As of September 30, 2020						Change in
	Paramount						Same Store						Same Store			Same Store
Property	Ownership			Leased % ⁽¹⁾			Leased % ⁽¹⁾			Leased % ⁽¹⁾			Leased % ⁽¹⁾			Leased %


New York:
1633 Broadway		90.0	%		98.3	%		98.3	%		98.4	%		98.4	%		(0.1	%)
1301 Avenue of the Americas		100.0	%		99.0	%		99.0	%		99.0	%		99.0	%		-	%
1325 Avenue of the Americas		100.0	%		91.8	%		91.8	%		91.7	%		91.7	%		0.1	%
31 West 52nd Street		100.0	%		99.3	%		99.3	%		98.2	%		98.2	%		1.1	%
900 Third Avenue		100.0	%		80.6	%		80.6	%		80.6	%		80.6	%		-	%
712 Fifth Avenue		50.0	%		70.8	%		70.8	%		74.4	%		74.4	%		(3.6	%)
60 Wall Street		5.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
Weighted average					95.3	%		95.3	%		95.4	%		95.4	%		(0.1	%)
PGRE's share					95.1	%		95.1	%		95.1	%		95.1	%		-	%

San Francisco:
One Market Plaza		49.0	%		97.5	%		97.5	%		98.2	%		98.2	%		(0.7	%)
Market Center		67.0	%		90.2	%		90.2	%		93.7	%		93.7	%		(3.5	%)
300 Mission Street		31.1	%		99.1	%		99.1	%		99.1	%		99.1	%		-	%
One Front Street		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
55 Second Street		44.1	%		95.7	%		95.7	%		95.7	%		95.7	%		-	%
111 Sutter Street		49.0	%		79.6	%		79.6	%		83.0	%		83.0	%		(3.4	%)
Weighted average					95.6	%		95.6	%		96.6	%		96.6	%		(1.0	%)
PGRE's share					95.7	%		95.7	%		96.8	%		96.8	%		(1.1	%)

Weighted average					95.4	%		95.4	%		95.8	%		95.8	%		(0.4	%)
PGRE's share					95.2	%		95.2	%		95.6	%		95.6	%		(0.4	%)

Discontinued Operations:
1899 Pennsylvania Avenue ⁽²⁾					-	%		-	%		90.4	%		-	%		-	%

Weighted average					95.4	%		95.4	%		95.8	%		95.8	%		(0.4	%)
PGRE's share					95.2	%		95.2	%		95.5	%		95.6	%		(0.4	%)

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Sold on December 24, 2020.

- 37 -


		SAME STORE LEASED OCCUPANCY

(unaudited)

				As of December 31, 2020						As of December 31, 2019						Change in
	Paramount						Same Store						Same Store			Same Store
Property	Ownership			Leased % ⁽¹⁾			Leased % ⁽¹⁾			Leased % ⁽¹⁾			Leased % ⁽¹⁾			Leased %


New York:
1633 Broadway		90.0	%		98.3	%		98.3	%		98.4	%		98.4	%		(0.1	%)
1301 Avenue of the Americas		100.0	%		99.0	%		99.0	%		99.4	%		99.4	%		(0.4	%)
1325 Avenue of the Americas		100.0	%		91.8	%		91.8	%		91.1	%		91.1	%		0.7	%
31 West 52nd Street		100.0	%		99.3	%		99.3	%		97.5	%		97.5	%		1.8	%
900 Third Avenue		100.0	%		80.6	%		80.6	%		83.4	%		83.4	%		(2.8	%)
712 Fifth Avenue		50.0	%		70.8	%		70.8	%		74.2	%		74.2	%		(3.4	%)
60 Wall Street		5.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
Weighted average					95.3	%		95.3	%		95.6	%		95.6	%		(0.3	%)
PGRE's share					95.1	%		95.1	%		95.5	%		95.3	%		(0.2	%)

San Francisco:
One Market Plaza		49.0	%		97.5	%		97.5	%		98.4	%		98.4	%		(0.9	%)
Market Center		67.0	%		90.2	%		90.2	%		95.6	%		95.6	%		(5.4	%)
300 Mission Street		31.1	%		99.1	%		99.1	%		100.0	%		100.0	%		(0.9	%)
One Front Street		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
55 Second Street		44.1	%		95.7	%		95.7	%		95.7	%		95.7	%		-	%
111 Sutter Street		49.0	%		79.6	%		79.6	%		86.3	%		86.3	%		(6.7	%)
Weighted average					95.6	%		95.6	%		97.4	%		97.4	%		(1.8	%)
PGRE's share					95.7	%		95.7	%		97.5	%		97.5	%		(1.8	%)

Weighted average					95.4	%		95.4	%		96.2	%		96.2	%		(0.8	%)
PGRE's share					95.2	%		95.2	%		96.0	%		95.9	%		(0.7	%)

Discontinued Operations:
1899 Pennsylvania Avenue ⁽²⁾					-	%		-	%		90.4	%		-	%		-	%

Weighted average					95.4	%		95.4	%		96.1	%		96.2	%		(0.8	%)
PGRE's share					95.2	%		95.2	%		95.9	%		95.9	%		(0.7	%)

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Sold on December 24, 2020.

- 38 -



		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
				Lease		Square Feet			Square Feet			% of Total					Per Square		Annualized
Top 10 Tenants:			Property	Expiration		Occupied			Occupied			Square Feet			Amount		Foot		Rent
As of December 31, 2020
	Barclays Capital, Inc.		1301 Avenue of the Americas	Dec-2020	⁽²⁾		497,418	⁽²⁾		497,418	⁽²⁾		5.5	%	$	33,475	$	67.30		4.9	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024			328,992			328,992			3.7	%		28,993		88.13		4.2	%
	First Republic Bank		One Front Street	Jun-2025	⁽³⁾		350,340	⁽³⁾		350,340	⁽³⁾		3.9	%		28,336		80.88		4.2	%
	Credit Agricole Corporate &
		Investment Bank	1301 Avenue of the Americas	Feb-2023			312,679			312,679			3.5	%		27,471		87.86		4.0	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Sep-2034	⁽⁴⁾		320,325	⁽⁴⁾		320,325	⁽⁴⁾		3.6	%		27,171		84.82		4.0	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031			320,911			288,823			3.2	%		26,310		91.09		3.9	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032			260,829			234,749			2.6	%		17,919		76.33		2.6	%
	WMG Acquisition Corp.
		(Warner Music Group)	1633 Broadway	Jul-2029			293,888			264,502			2.9	%		17,401		65.79		2.6	%
	Showtime Networks, Inc.		1633 Broadway	Jan-2026			261,196			235,079			2.6	%		15,218		64.74		2.2	%
	Google, Inc.		One Market Plaza	Apr-2025			342,211			167,683			1.9	%		14,323		85.42		2.1	%

		PGRE's Share of
		Square Feet		% of Occupied			Annualized		% of
Industry Diversification:		Occupied		Square Feet			Rent ⁽¹⁾		Annualized Rent
As of December 31, 2020
	Legal Services		1,758,574		20.7	%	$	145,542		21.3	%
	Financial Services - Commercial and Investment Banking		1,870,603		22.0	%		143,288		21.0	%
	Technology and Media		1,753,697		20.6	%		134,034		19.6	%
	Financial Services, all others		1,260,963		14.8	%		113,505		16.6	%
	Insurance		448,762		5.3	%		39,746		5.8	%
	Retail		136,385		1.6	%		14,387		2.1	%
	Travel & Leisure		192,856		2.3	%		13,548		2.0	%
	Other Professional Services		138,118		1.6	%		11,339		1.7	%
	Real Estate		134,090		1.6	%		11,146		1.6	%
	Other		820,663		9.5	%		55,822		8.3	%

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	The lease expired on December 31, 2020.
⁽³⁾	76,999 and 22,690 of the square feet leased expire on December 31, 2029 and December 31, 2030, respectively.
⁽⁴⁾	116,462 of the square feet leased expires on March 31, 2032.

- 39 -


		LEASING ACTIVITY ⁽¹⁾

(unaudited)

	Total			New York			San Francisco

Three Months Ended December 31, 2020

Total square feet leased		87,283			70,734			16,549

PGRE's share of total square feet leased:		62,461			54,221			8,240
Initial rent ⁽²⁾	$	90.81		$	89.91		$	96.71
Weighted average lease term (in years)		2.2			1.9			4.2
Tenant improvements and leasing commissions:
Per square foot	$	15.00		$	15.39		$	12.48
Per square foot per annum	$	6.94		$	8.27		$	3.00
Percentage of initial rent		7.6	%		9.2	%		3.1	%
Rent concessions:
Average free rent period (in months)		3.0			3.0			3.2
Average free rent period per annum (in months)		1.4			1.6			0.8

Second generation space:
Square feet		54,036			45,796			8,240
Cash basis:
Initial rent ⁽²⁾	$	93.58		$	93.02		$	96.71
Prior escalated rent ⁽²⁾	$	94.85		$	95.04		$	93.80
Percentage (decrease) increase		(1.3	%)		(2.1	%)		3.1	%
GAAP basis:
Straight-line rent ⁽²⁾	$	89.16		$	87.56		$	98.06
Prior straight-line rent ⁽²⁾	$	87.19		$	87.37		$	86.17
Percentage increase		2.3	%		0.2	%		13.8	%

⁽¹⁾	The leasing statistics, except for square feet leased, represent office space only.
⁽²⁾	See page 47 for our definition of this measure.

- 40 -


		LEASING ACTIVITY ⁽¹⁾

(unaudited)

	Total			New York			San Francisco

Year Ended December 31, 2020

Total square feet leased		699,159			223,568			475,591

PGRE's share of total square feet leased:⁽²⁾		413,148			180,134			233,014
Initial rent ⁽³⁾	$	89.85		$	80.61		$	96.99
Weighted average lease term (in years)		4.0			3.3			4.4
Tenant improvements and leasing commissions:
Per square foot	$	28.23		$	19.89		$	34.68
Per square foot per annum	$	7.14		$	6.00		$	7.80
Percentage of initial rent		7.9	%		7.4	%		8.0	%
Rent concessions:
Average free rent period (in months)		2.3			2.1			2.5
Average free rent period per annum (in months)		0.6			0.6			0.6

Second generation space: ⁽³⁾
Square feet		372,613			163,427			209,186
Cash basis:
Initial rent ⁽³⁾	$	89.31		$	79.57		$	96.91
Prior escalated rent ⁽³⁾	$	75.37		$	79.84		$	71.87
Percentage increase (decrease)		18.5	%		(0.3	%)		34.8	%
GAAP basis:
Straight-line rent ⁽³⁾	$	88.68		$	76.58		$	98.13
Prior straight-line rent ⁽³⁾	$	74.05		$	75.11		$	73.23
Percentage increase		19.8	%		2.0	%		34.0	%

⁽¹⁾	The leasing statistics, except for square feet leased, represent office space only.
⁽²⁾	PGRE's share of total square feet leased and the related statistics exclude the impact of 17,925 square feet of retail space at 712 Fifth Avenue, that was leased to Harry Winston for a 16-year term. The lease has a weighted average initial rent of $437.43 per square foot and tenant improvement and leasing commissions were $65.13 per square foot per annum, or 14.9% of initial rent.
⁽³⁾	See page 47 for our definition of this measure.

- 41 -



		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		14,391		9,968	$	799	$	56.62		0.1	%

	1Q 2021		685,318		602,323		42,233		70.56		6.1	%
	2Q 2021		197,934		190,400		15,237		79.93		2.2	%
	3Q 2021		77,645		71,677		5,854		82.07		0.9	%
	4Q 2021		82,125		66,470		3,514		75.64		0.5	%
	Total 2021		1,043,022		930,870		66,838		73.68		9.7	%
	2022		2,263,471		464,412		31,355		80.91		4.5	%
	2023		890,658		747,396		60,016		83.30		8.7	%
	2024		802,940		714,755		59,664		83.52		8.6	%
	2025		1,411,167		881,262		72,674		82.46		10.5	%
	2026		1,403,975		980,283		78,469		78.03		11.4	%
	2027		207,449		141,918		12,517		88.15		1.8	%
	2028		255,681		209,154		17,080		82.15		2.5	%
	2029		578,253		515,191		39,931		77.92		5.8	%
	2030		610,952		512,412		44,545		86.97		6.5	%
	Thereafter		2,821,206		2,432,753		206,624		84.38		29.9	%

⁽¹⁾	See page 47 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.

- 42 -


		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		4,739		4,231	$	492	$	67.68		0.1	%

	1Q 2021		516,166		511,164		34,395		67.85		7.0	%
	2Q 2021		189,942		185,114		14,791		79.89		3.0	%
	3Q 2021		53,880		48,978		3,907		79.45		0.8	%
	4Q 2021		68,404		57,277		2,771		73.80		0.6	%
	Total 2021		828,392		802,533		55,864		71.71		11.4	%
	2022		1,838,777		262,504		13,621		72.41		2.8	%
	2023		531,018		517,433		39,964		81.20		8.2	%
	2024		601,726		584,882		48,249		82.60		9.9	%
	2025		299,107		241,876		21,584		89.20		4.4	%
	2026		704,695		646,145		51,450		76.45		10.5	%
	2027		85,378		79,854		6,873		86.07		1.4	%
	2028		147,554		127,134		10,399		82.38		2.1	%
	2029		537,064		494,320		38,233		77.77		7.8	%
	2030		403,756		393,040		33,640		85.64		6.9	%
	Thereafter		2,212,036		2,058,217		169,006		81.44		34.5	%

⁽¹⁾	See page 47 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.

- 43 -


		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		9,652		5,737	$	307	$	40.52		0.2	%

	1Q 2021		169,152		91,159		7,838		85.62		3.9	%
	2Q 2021		7,992		5,286		446		81.56		0.2	%
	3Q 2021		23,765		22,699		1,947		87.94		1.0	%
	4Q 2021		13,721		9,193		743		80.79		0.4	%
	Total 2021		214,630		128,337		10,974		85.50		5.5	%
	2022		424,694		201,908		17,734		87.82		8.8	%
	2023		359,640		229,963		20,052		87.30		10.0	%
	2024		201,214		129,873		11,415		87.70		5.7	%
	2025		1,112,060		639,386		51,090		79.90		25.4	%
	2026		699,280		334,138		27,019		81.06		13.4	%
	2027		122,071		62,064		5,644		90.83		2.8	%
	2028		108,127		82,020		6,681		81.79		3.3	%
	2029		41,189		20,871		1,698		81.35		0.8	%
	2030		207,196		119,372		10,905		91.35		5.4	%
	Thereafter		609,170		374,536		37,618		100.44		18.7	%

⁽¹⁾	See page 47 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.

- 44 -

CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Three Months Ended December 31, 2020
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	5,246	$	2,412	$	2,731	$	103
Second generation tenant improvements		18,027		4,900		13,127		-
Second generation leasing commissions		1,704		423		1,281		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	24,977	$	7,735	$	17,139	$	103

Redevelopment Expenditures: ⁽¹⁾
One Market Plaza	$	1,057	$	-	$	1,057	$	-
Other		4,355		3,596		759		-
Total Redevelopment Expenditures	$	5,412	$	3,596	$	1,816	$	-

	Three Months Ended December 31, 2019
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	8,429	$	5,739	$	2,598	$	92
Second generation tenant improvements		18,532		16,813		1,719		-
Second generation leasing commissions		6,165		1,168		4,997		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	33,126	$	23,720	$	9,314	$	92

Redevelopment Expenditures: ⁽¹⁾
1325 Avenue of the Americas (Lobby Renovation and Elevator Modernization)	$	1,180	$	1,180	$	-	$	-
300 Mission Street (Lobby Renovation)		1,283		-		1,283		-
31 West 52nd Street (Lobby Renovation and Elevator Modernization)		338		338		-		-
Other		3,671		3,127		544		-
Total Redevelopment Expenditures	$	6,472	$	4,645	$	1,827	$	-

⁽¹⁾	See page 47 for our definition of this measure.

- 45 -

CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Year Ended December 31, 2020
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	18,955	$	11,555	$	7,047	$	353
Second generation tenant improvements		50,299		25,578		24,721		-
Second generation leasing commissions		10,717		3,432		7,285		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	79,971	$	40,565	$	39,053	$	353

Redevelopment Expenditures: ⁽¹⁾
One Market Plaza	$	5,633	$	-	$	5,633	$	-
Other		11,964		8,442		3,522		-
Total Redevelopment Expenditures	$	17,597	$	8,442	$	9,155	$	-

	Year Ended December 31, 2019
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	23,599	$	14,445	$	8,130	$	1,024
Second generation tenant improvements		44,563		37,027		6,847		689
Second generation leasing commissions		21,055		6,711		13,787		557
First generation leasing costs and capital expenditures		4,317		-		4,317		-
Total Capital Expenditures	$	93,534	$	58,183	$	33,081	$	2,270

Redevelopment Expenditures: ⁽¹⁾
1325 Avenue of the Americas (Lobby Renovation and Elevator Modernization)	$	9,430	$	9,430	$	-	$	-
300 Mission Street (Lobby Renovation)		8,003		-		8,003		-
31 West 52nd Street (Lobby Renovation and Elevator Modernization)		3,194		3,194		-		-
Other		9,180		7,837		1,343		-
Total Redevelopment Expenditures	$	29,807	$	20,461	$	9,346	$	-

⁽¹⁾	See page 47 for our definition of this measure.

- 46 -


		DEFINITIONS

We use and present various non-GAAP measures in this Supplemental Operating and Financial Data report. The following section contains definitions of these measures, describes our use of them and provides information regarding why we believe they are meaningful. Other real estate companies may use different methodologies for calculating these measures, and accordingly, our presentation of these measures may not be comparable to other real estate companies. These non-GAAP measures should not be considered a substitute for, and should only be considered together with and as a supplement to, financial information presented in accordance with GAAP.

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

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

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

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

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		DEFINITIONS - CONTINUED

Adjusted EBITDAre is a supplemental measure that is calculated by adjusting EBITDAre to eliminate the impact of the performance of our real estate 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 property level.

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

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

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

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

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

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

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

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

Second Generation Space represents space leased 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. Development Expenditures consist of hard and soft costs related to the development of a property in getting it ready for its intended use.

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