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, trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, 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
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, Chair of Compensation Committee

COMPANY INFORMATION

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

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		RESEARCH COVERAGE ⁽¹⁾

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

Steve Sakwa	Daniel Ismail	Haendel St. Juste
Evercore ISI	Green Street Advisors	Mizuho Securities USA Inc.
(212) 446-9462	(949) 640-8780	(212) 205-7860
steve.sakwa@evercoreisi.com	dismail@greenst.com	haendel.st.juste@mizuhogroup.com

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

⁽¹⁾	With the exception of Green Street Advisors, an independent research firm, the equity analysts listed above are those analysts that, according to First Call Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company's performance made by such analysts do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference above, imply its endorsement of or concurrence with any information, conclusions or recommendations made by any such analysts.

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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	$	(0.08	)	$	(0.06	)
			Our share of real estate depreciation and amortization		0.98			0.98
			Estimated Core FFO ⁽¹⁾⁽²⁾	$	0.90		$	0.92

	Operating Assumptions:
		Leasing Activity (square feet)			925,000			1,025,000
		PGRE's share of Same Store Leased % ⁽²⁾ at year end			90.0	%		90.6	%
		Increase in PGRE's share of Same Store Cash NOI ⁽²⁾			1.0	%		2.0	%
		Decrease in PGRE's share of Same Store NOI ⁽²⁾			(9.5	%)		(8.5	%)

	Financial Assumptions (at share):
		Estimated net loss		$	(20,000	)	$	(14,000	)
			Depreciation and amortization		236,000			236,000
			General and administrative expenses		58,500			57,500
			Interest and debt expense, including amortization of deferred financing costs		131,500			130,500
			Fee income, net of income taxes		(26,000	)		(27,000	)
		NOI ⁽²⁾			380,000			383,000
			Straight-line rent adjustments and above and below-market lease revenue, net		(8,000	)		(9,000	)
		Cash NOI ⁽²⁾		$	372,000		$	374,000

⁽¹⁾		We are raising our Estimated Core FFO Guidance for the full year of 2021, which is reconciled above to estimated net loss attributable to common stockholders per diluted share in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The estimated net loss attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission ("SEC"). Except as described above, these estimates reflect management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in our earnings release issued on October 27, 2021 and otherwise referenced during our conference call scheduled for October 28, 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									Nine Months Ended
SELECTED FINANCIAL DATA			September 30, 2021			September 30, 2020			June 30, 2021			September 30, 2021			September 30, 2020
	Net (loss) income attributable to common stockholders:
		Continuing operations	$	(2,055	)	$	(8,921	)	$	(15,943	)	$	(21,576	)	$	(15,187	)
		Discontinued operations		-			1,963			-			-			5,307
	Net loss attributable to common stockholders		$	(2,055	)	$	(6,958	)	$	(15,943	)	$	(21,576	)	$	(9,880	)

	Net (loss) income per share - basic and diluted:
		Per share from continuing operations	$	(0.01	)	$	(0.04	)	$	(0.07	)	$	(0.10	)	$	(0.07	)
		Per share from discontinued operations		-			0.01			-			-			0.03
	Net loss per share - basic and diluted		$	(0.01	)	$	(0.03	)	$	(0.07	)	$	(0.10	)	$	(0.04	)

	Core FFO attributable to common stockholders⁽¹⁾		$	50,069		$	49,560		$	47,608		$	148,249		$	161,187
		Per share - diluted	$	0.23		$	0.22		$	0.22		$	0.68		$	0.72

	PGRE's share of Cash NOI ⁽¹⁾		$	95,530		$	92,160		$	93,856		$	278,829		$	279,905
	PGRE's share of NOI ⁽¹⁾		$	95,257		$	94,621		$	96,441		$	287,262		$	304,001

Same Store Cash NOI ⁽¹⁾	% Change			Same Store NOI ⁽¹⁾	% Change
Three Months Ended September 30, 2021 vs. September 30, 2020		6.0	%	Three Months Ended September 30, 2021 vs. September 30, 2020		(9.8	%)
Nine Months Ended September 30, 2021 vs. September 30, 2020		2.1	%	Nine Months Ended September 30, 2021 vs. September 30, 2020		(9.4	%)

PORTFOLIO STATISTICS (at PGRE Share)

	As of
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Leased % ⁽¹⁾		90.3	%		88.0	%		88.6	%		95.2	%		95.5	%

Same Store Leased % ⁽¹⁾	% Change			Same Store Leased % ⁽¹⁾	% Change
September 30, 2021 vs. June 30, 2021		2.3	%	September 30, 2021 vs. September 30, 2020		(5.3	%)
September 30, 2021 vs. December 31, 2020		(4.9	%)

COMMON SHARE DATA

		Three Months Ended
Share Price:		September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
	High	$	10.32		$	11.65		$	10.56		$	10.36		$	7.99
	Low	$	8.35		$	9.86		$	8.51		$	5.54		$	6.69
	Closing (end of period)	$	8.99		$	10.07		$	10.13		$	9.04		$	7.08

Dividends per common share		$	0.07		$	0.07		$	0.07		$	0.07		$	0.10
Annualized dividends per common share		$	0.28		$	0.28		$	0.28		$	0.28		$	0.40
Dividend yield (on closing share price)			3.1	%		2.8	%		2.8	%		3.1	%		5.6	%

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

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		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			September 30, 2021			December 31, 2020
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,031,662			5,997,078
				7,997,899			7,963,315
		Accumulated depreciation and amortization		(1,069,433	)		(966,697	)
	Real estate, net			6,928,466			6,996,618
	Cash and cash equivalents			494,569			434,530
	Restricted cash			27,977			30,794
	Investments in unconsolidated joint ventures			405,391			412,724
	Investments in unconsolidated real estate funds			12,225			12,917
	Accounts and other receivables			11,385			17,502
	Deferred rent receivable			338,165			330,239
	Deferred charges, net			115,658			116,278
	Intangible assets, net			127,529			153,519
	Other assets			84,220			48,976
Total assets			$	8,545,585		$	8,554,097

Liabilities:
	Notes and mortgages payable, net		$	3,834,445		$	3,800,739
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			117,758			101,901
	Dividends and distributions payable			16,897			16,796
	Intangible liabilities, net			47,855			55,996
	Other liabilities			65,413			62,931
Total liabilities				4,082,368			4,038,363

Equity:
	Paramount Group, Inc. equity			3,588,681			3,653,177
	Noncontrolling interests in:
		Consolidated joint ventures		435,142			437,161
		Consolidated real estate fund		82,209			79,017
		Operating Partnership		357,185			346,379
Total equity				4,463,217			4,515,734

Total liabilities and equity			$	8,545,585		$	8,554,097

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		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended									Nine Months Ended
		September 30, 2021			September 30, 2020			June 30, 2021			September 30, 2021			September 30, 2020
Revenues:
	Rental revenue ⁽¹⁾	$	170,851		$	165,420		$	174,628		$	518,625		$	504,834
	Fee and other income ⁽¹⁾		8,280			11,355			7,641			23,941			27,045
Total revenues			179,131			176,775			182,269			542,566			531,879

Expenses:
	Operating		67,131			67,865			64,072			197,821			199,192
	Depreciation and amortization		57,522			58,889			59,925			175,752			176,032
	General and administrative		13,257			16,805			18,418			46,039			46,955
	Transaction related costs		87			81			135			503			542
Total expenses			137,997			143,640			142,550			420,115			422,721

Other income (expense):
	Income (loss) from unconsolidated joint ventures		223			(4,268	)		(15,717	)		(20,810	)		(14,444	)
	Income (loss) from unconsolidated real estate funds		276			(56	)		148			604			85
	Interest and other income, net ⁽¹⁾		138			1,104			1,070			2,510			2,360
	Interest and debt expense ⁽¹⁾		(36,266	)		(35,792	)		(34,914	)		(105,919	)		(108,420	)
Income (loss) from continuing operations, before income taxes			5,505			(5,877	)		(9,694	)		(1,164	)		(11,261	)
	Income tax expense		(873	)		(393	)		(434	)		(2,448	)		(1,135	)
Income (loss) from continuing operations, net			4,632			(6,270	)		(10,128	)		(3,612	)		(12,396	)
Income from discontinued operations, net			-			2,147			-			-			5,815
Net income (loss)			4,632			(4,123	)		(10,128	)		(3,612	)		(6,581	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(3,768	)		(3,566	)		(7,428	)		(16,924	)		(5,485	)
	Consolidated real estate fund		(3,123	)		79			29			(3,179	)		1,291
	Operating Partnership		204			652			1,584			2,139			895
Net loss attributable to common stockholders		$	(2,055	)	$	(6,958	)	$	(15,943	)	$	(21,576	)	$	(9,880	)

Net (loss) income per diluted share:
	Loss from continuing operations, net	$	(0.01	)	$	(0.04	)	$	(0.07	)	$	(0.10	)	$	(0.07	)
	Income from discontinued operations, net		-			0.01			-			-			0.03
Net loss per diluted share		$	(0.01	)	$	(0.03	)	$	(0.07	)	$	(0.10	)	$	(0.04	)

⁽¹⁾	See page 10 for details.

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		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended							Nine Months Ended
Rental Revenue:		September 30, 2021			September 30, 2020		June 30, 2021		September 30, 2021		September 30, 2020
	Property rentals	$	159,624		$	146,721	$	157,043	$	469,593	$	439,281
	Tenant reimbursements		12,212			12,222		9,415		33,696		36,370
	Straight-line rent adjustments		(1,707	)		4,567		2,350		7,925		24,495
	Amortization of above and below-market leases, net		722			1,910		758		2,335		4,688
	Lease termination income		-			-		5,062		5,076		-
Total rental revenue		$	170,851		$	165,420	$	174,628	$	518,625	$	504,834

			Three Months Ended						Nine Months Ended
Fee and Other Income:			September 30, 2021		September 30, 2020		June 30, 2021		September 30, 2021		September 30, 2020
	Asset management		$	3,280	$	3,636	$	3,409	$	10,175	$	10,728
	Property management			2,176		2,270		2,085		6,457		6,959
	Acquisition, disposition, leasing and other			1,105		3,247		707		2,800		4,005
	Total fee income			6,561		9,153		6,201		19,432		21,692
	Other (primarily parking income and tenant requested services,
		including overtime heating and cooling)		1,719		2,202		1,440		4,509		5,353
Total fee and other income			$	8,280	$	11,355	$	7,641	$	23,941	$	27,045

			Three Months Ended							Nine Months Ended
Interest and Other Income, net:			September 30, 2021			September 30, 2020		June 30, 2021		September 30, 2021		September 30, 2020
	Interest income, net		$	221		$	364	$	397	$	1,008	$	1,780
	Mark-to-market of deferred compensation plan assets (offset by
		(decrease) increase in the mark-to-market of plan liabilities,
		which is included in "general and administrative" expenses)		(83	)		740		673		1,502		580
Total interest and other income, net			$	138		$	1,104	$	1,070	$	2,510	$	2,360

		Three Months Ended							Nine Months Ended
Interest and Debt Expense:		September 30, 2021			September 30, 2020		June 30, 2021		September 30, 2021			September 30, 2020
	Interest expense	$	33,600		$	33,472	$	32,593	$	98,613		$	101,463
	Amortization of deferred financing costs		2,666	⁽¹⁾		2,320		2,321		7,306	⁽¹⁾		6,957
Total interest and debt expense		$	36,266		$	35,792	$	34,914	$	105,919		$	108,420

⁽¹⁾	Includes $761 of expense from the non‐cash write‐off of deferred financing costs in connection with the $860,000 refinancing of 1301 Avenue of the Americas in July 2021.

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		FFO

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

			Three Months Ended									Nine Months Ended
			September 30, 2021			September 30, 2020			June 30, 2021			September 30, 2021			September 30, 2020
Reconciliation of net income (loss) to FFO and Core FFO:
	Net income (loss)		$	4,632		$	(4,123	)	$	(10,128	)	$	(3,612	)	$	(6,581	)
	Real estate depreciation and amortization (including our share
		of unconsolidated joint ventures)		67,717			71,131			70,264			207,122			212,617
	Adjustments related to discontinued operations			-			-			-			-			690
	FFO ⁽¹⁾			72,349			67,008			60,136			203,510			206,726
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(13,895	)		(12,695	)		(18,453	)		(47,422	)		(30,375	)
		Consolidated real estate fund		(3,127	)		79			29			(3,183	)		1,291
	FFO attributable to Paramount Group Operating Partnership			55,327			54,392			41,712			152,905			177,642
	Less FFO attributable to noncontrolling interests in Operating Partnership			(5,009	)		(4,659	)		(3,769	)		(13,770	)		(15,660	)
	FFO attributable to common stockholders⁽¹⁾		$	50,318		$	49,733		$	37,943		$	139,135		$	161,982
	Per diluted share		$	0.23		$	0.22		$	0.17		$	0.64		$	0.72

	FFO		$	72,349		$	67,008		$	60,136		$	203,510		$	206,726
	Non-core items:
		Adjustments to equity in earnings for (distributions from) contributions to an unconsolidated joint venture		(938	)		(498	)		10,492			8,977			(1,806	)
		Consolidated real estate fund's share of after-tax net gain on sale of residential condominium units (One Steuart Lane)		(3,267	)		-			-			(3,267	)		-
		Non-cash write-off of deferred financing costs		761			-			-			761			-
		Other, net		53			308			133			432			935
	Core FFO ⁽¹⁾			68,958			66,818			70,761			210,413			205,855
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(13,895	)		(12,695	)		(18,453	)		(47,422	)		(30,375	)
		Consolidated real estate fund		(9	)		79			29			(65	)		1,291
	Core FFO attributable to Paramount Group Operating Partnership			55,054			54,202			52,337			162,926			176,771
	Less Core FFO attributable to noncontrolling interests in Operating Partnership			(4,985	)		(4,642	)		(4,729	)		(14,677	)		(15,584	)
	Core FFO attributable to common stockholders ⁽¹⁾		$	50,069		$	49,560		$	47,608		$	148,249		$	161,187
	Per diluted share		$	0.23		$	0.22		$	0.22		$	0.68		$	0.72

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			218,706,356			221,461,146			218,696,284			218,689,696			223,593,376
	Effect of dilutive securities			44,880			6,025			51,117			41,461			14,740
	Denominator for FFO and Core FFO per diluted share			218,751,236			221,467,171			218,747,401			218,731,157			223,608,116

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

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		FAD

(unaudited and in thousands)

				Three Months Ended										Nine Months Ended
				September 30, 2021				September 30, 2020			June 30, 2021			September 30, 2021				September 30, 2020
Reconciliation of Core FFO to FAD:
	Core FFO			$	68,958			$	66,818		$	70,761		$	210,413			$	205,855
	Add (subtract) adjustments to arrive at FAD:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		1,260				(5,523	)		(2,958	)		(9,800	)			(27,364	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,622	)			(2,986	)		(1,662	)		(5,087	)			(7,519	)
		Amortization of deferred financing costs (including our share
			of unconsolidated joint ventures)		2,298		⁽¹⁾		2,624			2,643			7,583		⁽¹⁾		7,905
		Amortization of stock-based compensation expense			4,192				4,503			4,743			14,421				14,141
		Expenditures to maintain assets			(6,356	)			(5,139	)		(4,175	)		(12,487	)			(13,709	)
		Second generation tenant improvements and leasing commissions			(14,744	)			(6,590	)		(20,835	)		(43,820	)			(41,285	)
		Adjustments related to discontinued operations			-				128			-			-				361
	FAD ⁽²⁾				53,986				53,835			48,517			161,223				138,385
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(10,199	)			(5,689	)		(6,209	)		(23,298	)			(11,453	)
		Consolidated real estate fund			(75	)			79			29			(131	)			1,291
	FAD attributable to Paramount Group Operating Partnership				43,712				48,225			42,337			137,794				128,223
	Less FAD attributable to noncontrolling interests in Operating Partnership				(3,958	)			(4,131	)		(3,825	)		(12,407	)			(11,234	)
	FAD attributable to common stockholders ^{(2) (3)}			$	39,754			$	44,094		$	38,512		$	125,387			$	116,989

	Dividends declared on common stock			$	15,327			$	22,060		$	15,327		$	45,981			$	66,482

⁽¹⁾	Excludes $761 of expense from the non‐cash write‐off of deferred financing costs in connection with the $860,000 refinancing of 1301 Avenue of the Americas in July 2021.
⁽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									Nine Months Ended
				September 30, 2021			September 30, 2020			June 30, 2021			September 30, 2021			September 30, 2020
Reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre:
	Net income (loss)			$	4,632		$	(4,123	)	$	(10,128	)	$	(3,612	)	$	(6,581	)
	Add (subtract) adjustments to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization (including our share
			of unconsolidated joint ventures)		67,717			71,131			70,264			207,122			212,617
		Interest and debt expense (including our share
			of unconsolidated joint ventures)		42,978			41,224			40,347			123,421			124,757
		Income tax expense (including our share of
			unconsolidated joint ventures)		881			394			433			2,463			1,152
		Adjustments related to discontinued operations			-			10			-			-			700
	EBITDAre⁽¹⁾				116,208			108,636			100,916			329,394			332,645
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,827	)		(20,452	)		(26,241	)		(70,811	)		(51,995	)
		Consolidated real estate fund			(4,251	)		78			25			(4,314	)		1,158
	PGRE's share of EBITDAre ⁽¹⁾			$	90,130		$	88,262		$	74,700		$	254,269		$	281,808



	EBITDAre			$	116,208		$	108,636		$	100,916		$	329,394		$	332,645
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Adjustments to equity in earnings for (distributions from) contributions to an unconsolidated joint venture			(938	)		(498	)		10,492			8,977			(1,806	)
		EBITDAre attributable to One Steuart Lane			(4,586	)		-			-			(4,586	)		-
		Other, net			(263	)		251			14			(204	)		1,891
	Adjusted EBITDAre ⁽¹⁾				110,421			108,389			111,422			333,581			332,730
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,827	)		(20,452	)		(26,241	)		(70,811	)		(51,995	)
	PGRE's share of Adjusted EBITDAre ⁽¹⁾			$	88,594		$	87,937		$	85,181		$	262,770		$	280,735

⁽¹⁾

See page 47 for our definition of this measure.

- 13 -


		NOI

(unaudited and in thousands)

				Three Months Ended									Nine Months Ended
				September 30, 2021			September 30, 2020			June 30, 2021			September 30, 2021			September 30, 2020
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	4,632		$	(4,123	)	$	(10,128	)	$	(3,612	)	$	(6,581	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			57,522			58,889			59,925			175,752			176,032
		General and administrative			13,257			16,805			18,418			46,039			46,955
		Interest and debt expense			36,266			35,792			34,914			105,919			108,420
		Income tax expense			873			393			434			2,448			1,135
		NOI from unconsolidated joint ventures (including One Steuart Lane)			16,214			12,935			10,557			37,097			36,703
		(Income) loss from unconsolidated joint ventures			(223	)		4,268			15,717			20,810			14,444
		NOI attributable to One Steuart Lane			(4,587	)		-			-			(4,587	)		-
		Fee income			(6,561	)		(9,153	)		(6,201	)		(19,432	)		(21,692	)
		Interest and other income, net			(138	)		(1,104	)		(1,070	)		(2,510	)		(2,360	)
		Adjustments related to discontinued operations			-			10			-			-			700
		Other, net			(189	)		137			(13	)		(101	)		457
	NOI ⁽¹⁾				117,066			114,849			122,553			357,823			354,213
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,809	)		(20,433	)		(26,233	)		(70,767	)		(51,857	)
		Consolidated real estate fund			-			205			121			206			1,645
	PGRE's share of NOI⁽¹⁾			$	95,257		$	94,621		$	96,441		$	287,262		$	304,001

	NOI			$	117,066		$	114,849		$	122,553		$	357,823		$	354,213
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		1,260			(5,523	)		(2,958	)		(9,800	)		(27,364	)
		Amortization of above and below-market leases, net
			(including our share of unconsolidated joint ventures)		(1,622	)		(2,986	)		(1,662	)		(5,087	)		(7,519	)
		Adjustments related to discontinued operations			-			128			-			-			361
	Cash NOI⁽¹⁾				116,704			106,468			117,933			342,936			319,691
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,174	)		(14,513	)		(24,198	)		(64,313	)		(41,431	)
		Consolidated real estate fund			-			205			121			206			1,645
	PGRE's share of Cash NOI ⁽¹⁾			$	95,530		$	92,160		$	93,856		$	278,829		$	279,905

⁽¹⁾

See page 47 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)

				Three Months Ended September 30, 2021
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	4,632		$	3,063		$	9,204		$	(7,635	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			57,522			37,215			19,334			973
		General and administrative			13,257			-			-			13,257
		Interest and debt expense			36,266			22,458			12,760			1,048
		Income tax expense			873			7			1			865
		NOI from unconsolidated joint ventures (including One Steuart Lane)			16,214			2,875			8,665			4,674
		(Income) loss from unconsolidated joint ventures			(223	)		(449	)		3,615			(3,389	)
		NOI attributable to One Steuart Lane			(4,587	)		-			-			(4,587	)
		Fee income			(6,561	)		-			-			(6,561	)
		Interest and other (income) loss, net			(138	)		3			(33	)		(108	)
		Other, net			(189	)		-			-			(189	)
	NOI ⁽¹⁾				117,066			65,172			53,546			(1,652	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,809	)		(2,573	)		(19,236	)		-
	PGRE's share of NOI for the three months ended September 30, 2021			$	95,257		$	62,599		$	34,310		$	(1,652	)
	PGRE's share of NOI for the three months ended September 30, 2020			$	94,621		$	58,888		$	35,301		$	432


	NOI			$	117,066		$	65,172		$	53,546		$	(1,652	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		1,260			1,848			(558	)		(30	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,622	)		406			(2,028	)		-
	Cash NOI⁽¹⁾				116,704			67,426			50,960			(1,682	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,174	)		(2,635	)		(18,539	)		-
	PGRE's share of Cash NOI for the three months ended September 30, 2021			$	95,530		$	64,791		$	32,421		$	(1,682	)
	PGRE's share of Cash NOI for the three months ended September 30, 2020			$	92,160		$	62,776		$	28,853		$	531

⁽¹⁾

See page 47 for our definition of this measure.

- 15 -


		NOI

(unaudited and in thousands)

				Nine Months Ended September 30, 2021
				Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(3,612	)	$	(3,021	)	$	34,089		$	(34,680	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			175,752			114,788			58,046			2,918
		General and administrative			46,039			-			-			46,039
		Interest and debt expense			105,919			65,056			37,653			3,210
		Income tax expense			2,448			12			5			2,431
		NOI from unconsolidated joint ventures (including One Steuart Lane)			37,097			8,445			24,054			4,598
		Loss (income) from unconsolidated joint ventures			20,810			10,645			13,317			(3,152	)
		NOI attributable to One Steuart Lane			(4,587	)		-			-			(4,587	)
		Fee income			(19,432	)		-			-			(19,432	)
		Interest and other (income) loss, net			(2,510	)		20			(88	)		(2,442	)
		Other, net			(101	)		-			-			(101	)
	NOI ⁽¹⁾				357,823			195,945			167,076			(5,198	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(70,767	)		(7,685	)		(63,082	)		-
		Consolidated real estate fund			206			-			-			206
	PGRE's share of NOI for the nine months ended September 30, 2021			$	287,262		$	188,260		$	103,994		$	(4,992	)
	PGRE's share of NOI for the nine months ended September 30, 2020			$	304,001		$	200,096		$	102,375		$	1,530


	NOI			$	357,823		$	195,945		$	167,076		$	(5,198	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		(9,800	)		211			(10,041	)		30
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(5,087	)		1,044			(6,131	)		-
	Cash NOI⁽¹⁾				342,936			197,200			150,904			(5,168	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(64,313	)		(7,599	)		(56,714	)		-
		Consolidated real estate fund			206			-			-			206
	PGRE's share of Cash NOI for the nine months ended September 30, 2021			$	278,829		$	189,601		$	94,190		$	(4,962	)
	PGRE's share of Cash NOI for the nine months ended September 30, 2020			$	279,905		$	192,508		$	85,482		$	1,915

⁽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 September 30, 2021
			Total		New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended September 30, 2021		$	95,530	$	64,791		$	32,421		$	(1,682	)
		Dispositions / Discontinued Operations		-		-			-			-
		Other, net		1,639		(33	)		(10	)		1,682
	PGRE's share of Same Store Cash NOI for the three months ended September 30, 2021		$	97,169	$	64,758		$	32,411		$	-

		Three Months Ended September 30, 2020
		Total			New York			San Francisco		Other
PGRE's share of Cash NOI for the three months ended September 30, 2020		$	92,160		$	62,776		$	28,853	$	531
	Dispositions / Discontinued Operations		(2,285	)		-			-		(2,285	)	⁽²⁾
	Other, net		1,801			(101	)		148		1,754
PGRE's share of Same Store Cash NOI for the three months ended September 30, 2020		$	91,676		$	62,675		$	29,001	$	-

	Increase in PGRE's share of Same Store Cash NOI	$	5,493			$	2,083			$	3,410			$	-
	% Increase		6.0	%			3.3	%			11.8	%

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents Cash NOI from discontinued operations (1899 Pennsylvania Avenue in Washington, D.C.).

- 17 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI ⁽¹⁾			Three Months Ended September 30, 2021
			Total		New York			San Francisco			Other
	PGRE's share of NOI for the three months ended September 30, 2021		$	95,257	$	62,599		$	34,310		$	(1,652	)
		Dispositions / Discontinued Operations		-		-			-			-
		Other, net		1,609		(33	)		(10	)		1,652
	PGRE's share of Same Store NOI for the three months ended September 30, 2021		$	96,866	$	62,566		$	34,300		$	-

		Three Months Ended September 30, 2020
		Total			New York			San Francisco		Other
PGRE's share of NOI for the three months ended September 30, 2020		$	94,621		$	58,888		$	35,301	$	432
	Dispositions / Discontinued Operations		(2,157	)		-			-		(2,157	)	⁽²⁾
	Non-cash write-offs of straight-line rent receivables		13,109			12,396			713		-
	Other, net		1,772			(101	)		148		1,725
PGRE's share of Same Store NOI for the three months ended September 30, 2020		$	107,345		$	71,183		$	36,162	$	-

	Decrease in PGRE's share of Same Store NOI	$	(10,479	)		$	(8,617	)		$	(1,862	)		$	-
	% Decrease		(9.8	%)			(12.1	%)			(5.1	%)

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents NOI from discontinued operations (1899 Pennsylvania Avenue in Washington, D.C.).

- 18 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI ⁽¹⁾			Nine Months Ended September 30, 2021
			Total		New York			San Francisco			Other
	PGRE's share of Cash NOI for the nine months ended September 30, 2021		$	278,829	$	189,601		$	94,190		$	(4,962	)
		Dispositions / Discontinued Operations		-		-			-			-
		Other, net		2,762		(406	)		(1,794	)		4,962
	PGRE's share of Same Store Cash NOI for the nine months ended September 30, 2021		$	281,591	$	189,195		$	92,396		$	-

		Nine Months Ended September 30, 2020
		Total			New York				San Francisco		Other
PGRE's share of Cash NOI for the nine months ended September 30, 2020		$	279,905		$	192,508			$	85,482	$	1,915
	Dispositions / Discontinued Operations		(10,765	)		(3,889	)	⁽²⁾		-		(6,876	)	⁽³⁾
	Reserves for uncollectible accounts receivable		1,940			1,152				788		-
	Other, net		4,848			(254	)			141		4,961
PGRE's share of Same Store Cash NOI for the nine months ended September 30, 2020		$	275,928		$	189,517			$	86,411	$	-

	Increase (decrease) in PGRE's share of Same Store Cash NOI	$	5,663			$	(322	)		$	5,985			$	-
	% Increase (decrease)		2.1	%			(0.2	%)			6.9	%

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	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.
⁽³⁾	Represents Cash NOI from discontinued operations (1899 Pennsylvania Avenue in Washington, D.C.).

- 19 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI ⁽¹⁾			Nine Months Ended September 30, 2021
			Total		New York			San Francisco			Other
	PGRE's share of NOI for the nine months ended September 30, 2021		$	287,262	$	188,260		$	103,994		$	(4,992	)
		Dispositions / Discontinued Operations		-		-			-			-
		Other, net		2,941		(264	)		(1,787	)		4,992
	PGRE's share of Same Store NOI for the nine months ended September 30, 2021		$	290,203	$	187,996		$	102,207		$	-

		Nine Months Ended September 30, 2020
		Total			New York				San Francisco		Other
PGRE's share of NOI for the nine months ended September 30, 2020		$	304,001		$	200,096			$	102,375	$	1,530
	Dispositions / Discontinued Operations		(11,312	)		(4,797	)	⁽²⁾		-		(6,515	)	⁽³⁾
	Non-cash write-offs (primarily straight-line rent receivables)		20,794			17,389				3,405		-
	Reserves for uncollectible accounts receivable		1,940			1,152				788		-
	Other, net		4,872			(254	)			141		4,985
PGRE's share of Same Store NOI for the nine months ended September 30, 2020		$	320,295		$	213,586			$	106,709	$	-

	Decrease in PGRE's share of Same Store NOI	$	(30,092	)		$	(25,590	)		$	(4,502	)		$	-
	% Decrease		(9.4	%)			(12.0	%)			(4.2	%)

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	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.
⁽³⁾	Represents NOI from discontinued operations (1899 Pennsylvania Avenue in Washington, D.C.).

- 20 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)

		As of September 30, 2021
		Consolidated Joint Ventures								Consolidated Fund
		Total Consolidated								Residential
		Joint Ventures		1633 Broadway		One Market Plaza		300 Mission Street		Development Fund
PGRE Ownership				90.0%		49.0%		31.1%		7.4%
Assets:
	Real estate, net	$	3,437,064	$	1,771,367	$	1,172,735	$	492,962	$	-
	Cash and cash equivalents		201,814		103,103		62,339		36,372		2,822
	Restricted cash		1,383		78		1,305		-		-
	Investments in unconsolidated joint ventures		-		-		-		-		70,656
	Accounts and other receivables		3,763		3,141		582		40		124
	Deferred rent receivable		202,051		115,414		64,280		22,357		-
	Deferred charges, net		50,621		27,735		14,090		8,796		-
	Intangible assets, net		65,742		50,689		11,850		3,203		-
	Other assets		18,560		12,029		5,861		670		15,690
Total Assets		$	3,980,998	$	2,083,556	$	1,333,042	$	564,400	$	89,292

Liabilities:
	Notes and mortgages payable, net	$	2,487,363	$	1,241,868	$	972,495	$	273,000	$	-
	Accounts payable and accrued expenses		59,287		22,355		28,129		8,803		61
	Intangible liabilities, net		29,084		16,537		11,785		762		-
	Other liabilities		5,842		1,429		4,410		3		-
Total Liabilities			2,581,576		1,282,189		1,016,819		282,568		61

Equity:
	Paramount Group, Inc. equity		964,280		722,301		155,017		86,962		7,022
	Noncontrolling interests		435,142		79,066		161,206		194,870		82,209
Total Equity			1,399,422		801,367		316,223		281,832		89,231

Total Liabilities and Equity		$	3,980,998	$	2,083,556	$	1,333,042	$	564,400	$	89,292

- 21 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2020
		Consolidated Joint Ventures										Consolidated Fund
		Total Consolidated					One Market		300 Mission			Residential
		Joint Ventures		1633 Broadway		Plaza		Street		Other ⁽¹⁾		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⁾

Represents PGRESS Equity Holdings, LP.

- 22 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2021
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated										300 Mission		Residential
		Joint Ventures			1633 Broadway			One Market Plaza			Street			Development Fund
Total revenues		$	97,441		$	47,888		$	36,087		$	13,466		$	-
Total operating expenses			31,629			17,858			9,676			4,095			-
Net operating income ⁽¹⁾			65,812			30,030			26,411			9,371			-
Depreciation and amortization			(29,376	)		(14,031	)		(10,329	)		(5,016	)		-
Interest and other income (loss), net			30			(3	)		30			3			74
Interest and debt expense			(22,573	)		(9,813	)		(10,303	)		(2,457	)		4
Income from unconsolidated joint ventures			-			-			-			-			3,363
Net income before income taxes			13,893			6,183			5,809			1,901			3,441
Income tax expense			(8	)		(7	)		(1	)		-			-
Net income		$	13,885		$	6,176		$	5,808		$	1,901		$	3,441

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income	$	9,001		$	5,565		$	2,846		$	590		$	318
	Add: Management fee income		1,116			423			211			482			-
	PGRE's share of net income		10,117			5,988			3,057			1,072			318
	Add: Real estate depreciation and amortization		19,249			12,629			5,060			1,560			-
	FFO ⁽¹⁾		29,366			18,617			8,117			2,632			318
	Less: FFO attributable to One Steuart Lane		-			-			-			-			(249	)
	Core FFO ⁽¹⁾	$	29,366		$	18,617		$	8,117		$	2,632		$	69

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income	$	4,884		$	611		$	2,962		$	1,311		$	3,123
	Less: Management fee expense		(1,116	)		(423	)		(211	)		(482	)		-
	Net income attributable to noncontrolling interests		3,768			188			2,751			829			3,123
	Add: Real estate depreciation and amortization		10,127			1,402			5,269			3,456			4
	FFO ⁽¹⁾		13,895			1,590			8,020			4,285			3,127
	Less: FFO attributable to One Steuart Lane		-			-			-			-			(3,118	)
	Core FFO ⁽¹⁾	$	13,895		$	1,590		$	8,020		$	4,285		$	9

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

- 23 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2020
		Consolidated Joint Ventures															Consolidated Fund
		Total Consolidated							One Market			300 Mission					Residential
		Joint Ventures			1633 Broadway			Plaza			Street			Other ⁽¹⁾			Development Fund
Total revenues		$	84,431		$	35,898		$	36,581		$	11,938		$	14		$	-
Total operating expenses			30,352			17,238			9,619			3,495			-			-
Net operating income ⁽²⁾			54,079			18,660			26,962			8,443			14			-
Depreciation and amortization			(28,084	)		(14,143	)		(10,560	)		(3,381	)		-			-
Interest and other income (loss), net			37			-			40			1			(4	)		108
Interest and debt expense			(22,394	)		(9,902	)		(10,303	)		(2,189	)		-			-
Loss from unconsolidated joint ventures			-			-			-			-			-			(223	)
Net income (loss) before income taxes		$	3,638		$	(5,385	)	$	6,139		$	2,874		$	10		$	(115	)
Income tax expense			(7	)		(3	)		(1	)		(3	)		-			-
Net income (loss)		$	3,631		$	(5,388	)	$	6,138		$	2,871		$	10		$	(115	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			24.4%			7.4%
	Net (loss) income	$	(972	)	$	(4,849	)	$	3,008		$	867		$	2		$	(36	)
	Add: Management fee income		1,037			423			187			427			-			-
	PGRE's share of net income (loss)		65			(4,426	)		3,195			1,294			2			(36	)
	Add: Real estate depreciation and amortization		18,955			12,729			5,174			1,052			-			-
	FFO/Core FFO ⁽²⁾	$	19,020		$	8,303		$	8,369		$	2,346		$	2		$	(36	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			75.6%			92.6%
	Net income (loss)	$	4,603		$	(539	)	$	3,130		$	2,004		$	8		$	(79	)
	Less: Management fee expense		(1,037	)		(423	)		(187	)		(427	)		-			-
	Net income (loss) attributable to noncontrolling interests		3,566			(962	)		2,943			1,577			8			(79	)
	Add: Real estate depreciation and amortization		9,129			1,414			5,386			2,329			-			-
	FFO/Core FFO ⁽²⁾	$	12,695		$	452		$	8,329		$	3,906		$	8		$	(79	)

⁽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)

			Nine Months Ended September 30, 2021
			Consolidated Joint Ventures												Consolidated Fund
			Total Consolidated										300 Mission		Residential
			Joint Ventures			1633 Broadway			One Market Plaza			Street			Development Fund
Total revenues		$		296,454		$	142,120		$	108,685		$	45,649		$	-
Total operating expenses				91,667			52,667			28,265			10,735			-
Net operating income ⁽¹⁾				204,787			89,453			80,420			34,914			-
Depreciation and amortization				(88,455	)		(42,205	)		(31,210	)		(15,040	)		-
Interest and other income (loss), net				68			(20	)		84			4			327
Interest and debt expense				(66,802	)		(29,149	)		(30,581	)		(7,072	)		-
Income from unconsolidated joint ventures				-			-			-			-			3,138
Net income before income taxes				49,598			18,079			18,713			12,806			3,465
Income tax expense				(14	)		(12	)		(2	)		-			(2	)
Net income		$		49,584		$	18,067		$	18,711		$	12,806		$	3,463

PGRE's share
Ownership		Total				90.0%			49.0%			31.1%			7.4%
	Net income	$		29,409		$	16,270		$	9,163		$	3,976		$	284
	Add: Management fee income			3,251			1,250			582			1,419			-
	PGRE's share of net income			32,660			17,520			9,745			5,395			284
	Add: Real estate depreciation and amortization			57,957			37,987			15,292			4,678			-
	FFO ⁽¹⁾			90,617			55,507			25,037			10,073			284
	Less: FFO attributable to One Steuart Lane			-			-			-			-			(249	)
	Core FFO ⁽¹⁾	$		90,617		$	55,507		$	25,037		$	10,073		$	35

Noncontrolling interests' share
Ownership		Total				10.0%			51.0%			68.9%			92.6%
	Net income	$		20,175		$	1,797		$	9,548		$	8,830		$	3,179
	Less: Management fee expense			(3,251	)		(1,250	)		(582	)		(1,419	)		-
	Net income attributable to noncontrolling interests			16,924			547			8,966			7,411			3,179
	Add: Real estate depreciation and amortization			30,498			4,218			15,918			10,362			4
	FFO ⁽¹⁾			47,422			4,765			24,884			17,773			3,183
	Less: FFO attributable to One Steuart Lane			-			-			-			-			(3,118	)
	Core FFO ⁽¹⁾	$		47,422		$	4,765		$	24,884		$	17,773		$	65

⁽¹⁾

See page 47 for our definition of this measure.

- 25 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 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		$	183,036		$	49,006		$	109,326		$	24,690		$	14		$	-
Total operating expenses			62,611			24,617			28,588			9,406			-			5
Net operating income (loss) ⁽³⁾			120,425			24,389			80,738			15,284			14			(5	)
Depreciation and amortization			(61,027	)		(19,633	)		(31,244	)		(10,150	)		-			-
Interest and other income (loss), net			264			-			244			34			(14	)		343
Interest and debt expense			(51,009	)		(13,632	)		(30,690	)		(6,687	)		-			(141	)
Loss from unconsolidated joint ventures			-			-			-			-			-			(1,773	)
Net income (loss) before income taxes			8,653			(8,876	)		19,048			(1,519	)		-			(1,576	)
Income tax benefit (expense)			3			(3	)		(2	)		8			-			(2	)
Net income (loss)		$	8,656		$	(8,879	)	$	19,046		$	(1,511	)	$	-		$	(1,578	)

PGRE's share
Ownership		Total			90.0% ⁽¹⁾			49.0%			31.1%			24.4%			7.4%
	Net income (loss)	$	792		$	(7,991	)	$	9,329		$	(546	)	$	-		$	(287	)
	Add: Management fee income		2,379			566			535			1,278			-			-
	PGRE's share of net income (loss)		3,171			(7,425	)		9,864			732			-			(287	)
	Add: Real estate depreciation and amortization		36,137			17,670			15,309			3,158			-			-
	FFO/Core FFO ⁽³⁾	$	39,308		$	10,245		$	25,173		$	3,890		$	-		$	(287	)

Noncontrolling interests' share
Ownership		Total			10.0% ⁽¹⁾			51.0%			68.9%			75.6%			92.6%
	Net income (loss)	$	7,864		$	(888	)	$	9,717		$	(965	)	$	-		$	(1,291	)
	Less: Management fee expense		(2,379	)		(566	)		(535	)		(1,278	)		-			-
	Net income (loss) attributable to noncontrolling interests		5,485			(1,454	)		9,182			(2,243	)		-			(1,291	)
	Add: Real estate depreciation and amortization		24,890			1,963			15,935			6,992			-			-
	FFO/Core FFO ⁽³⁾	$	30,375		$	509		$	25,117		$	4,749		$	-		$	(1,291	)

⁽¹⁾	On May 27, 2020, we sold a 10.0% interest in 1633 Broadway. The amounts in this column represent the results of operations from the date of disposition through September 30, 2020.
⁽²⁾	Represents PGRESS Equity Holdings, LP.
⁽³⁾	See page 47 for our definition of these measures.

- 26 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of September 30, 2021
				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	$	2,254,141	$	209,828		$	650,050	$	371,237	$	215,586	$	807,440
	Cash and cash equivalents		108,974		36,215			30,709		14,477		5,004		22,569
	Restricted cash		101,220		1,727			-		-		2,468		97,025
	Accounts and other receivables		2,261		1,462			290		306		50		153
	Deferred rent receivable		27,849		17,595			5,042		2,239		2,658		315
	Deferred charges, net		11,222		8,173			1,250		390		1,409		-
	Intangible assets, net		71,193		-			29,862		18,221		4,553		18,557
	For-sale residential condominium units ⁽²⁾		389,755		-			-		-		-		389,755
	Other assets		20,767		3,469			940		327		192		15,839
Total Assets		$	2,987,382	$	278,469		$	718,143	$	407,197	$	231,920	$	1,351,653

Liabilities:
	Notes and mortgages payable, net	$	1,846,667	$	297,672		$	406,650	$	186,711	$	151,063	$	804,571
	Accounts payable and accrued expenses		59,637		7,257			15,070		5,768		4,964		26,578
	Intangible liabilities, net		20,447		-			5,934		12,104		2,409		-
	Other liabilities		14,289		276			12,298		137		226		1,352
Total Liabilities			1,941,040		305,205			439,952		204,720		158,662		832,501


Total Equity			1,046,342		(26,736	)		278,191		202,477		73,258		519,152

Total Liabilities and Equity		$	2,987,382	$	278,469		$	718,143	$	407,197	$	231,920	$	1,351,653

⁽¹⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.
⁽²⁾	Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

- 27 -


		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.

- 28 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	150,358		$	10,354		$	14,519		$	8,382		$	3,678		$	113,425		⁽²⁾
Total operating expenses			102,949			5,989			6,374			3,285			1,720			85,581		⁽²⁾
Net operating income ⁽³⁾			47,409			4,365			8,145			5,097			1,958			27,844
Depreciation and amortization			(26,432	)		(2,629	)		(8,034	)		(4,819	)		(1,763	)		(9,187	)
Interest and other loss, net			(27	)		(7	)		(8	)		(5	)		(2	)		(5	)
Interest and debt expense			(17,503	)		(2,742	)		(3,424	)		(1,857	)		(1,589	)		(7,891	)
Net income (loss) before income taxes			3,447			(1,013	)		(3,321	)		(1,584	)		(1,396	)		10,761
Income tax expense			(17	)		-			(2	)		(15	)		-			-
Net income (loss)		$	3,430		$	(1,013	)	$	(3,323	)	$	(1,599	)	$	(1,396	)	$	10,761

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(672	)	$	(507	)	$	(2,228	)	$	(699	)	$	(685	)	$	3,447
	Less: Step-up basis adjustment		(43	)		-			-			(3	)		-			(40	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		938			938			-			-			-			-
	PGRE's share of net income (loss)		223			431			(2,228	)		(702	)		(685	)		3,407
	Add: Real estate depreciation and amortization		10,195			1,314			5,383			2,125			863			510
	FFO ⁽³⁾		10,418			1,745			3,155			1,423			178			3,917
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(938	)		(938	)		-			-			-			-
	Less: FFO attributable to One Steuart Lane		(3,367	)		-			-			-			-			(3,367	)
	Core FFO⁽³⁾	$	6,113		$	807		$	3,155		$	1,423		$	178		$	550

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net income (loss)	$	4,102		$	(506	)	$	(1,095	)	$	(900	)	$	(711	)	$	7,314
	Add: Real estate depreciation and amortization		16,280			1,315			2,651			2,697			900			8,717
	FFO ⁽³⁾		20,382			809			1,556			1,797			189			16,031
	Less: FFO attributable to One Steuart Lane		(6,253	)		-			-			-			-			(6,253	)
	Core FFO⁽³⁾	$	14,129		$	809		$	1,556		$	1,797		$	189		$	9,778

⁽¹⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.
⁽²⁾	Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.
⁽³⁾	See page 47 for our definition of this measure.

- 29 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2020
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	61,965		$	10,646		$	16,504		$	8,320		$	4,542		$	21,953
Total operating expenses			26,381			5,794			6,682			3,286			2,061			8,558
Net operating income ⁽²⁾			35,584			4,852			9,822			5,034			2,481			13,395
Depreciation and amortization			(29,700	)		(2,682	)		(10,360	)		(4,798	)		(2,742	)		(9,118	)
Interest and other loss, net			(45	)		(6	)		(21	)		(8	)		(10	)		-
Interest and debt expense			(14,030	)		(2,702	)		(3,397	)		(1,857	)		(1,533	)		(4,541	)
Net loss before income taxes			(8,191	)		(538	)		(3,956	)		(1,629	)		(1,804	)		(264	)
Income tax expense			(1	)		-			(1	)		-			-			-
Net loss		$	(8,192	)	$	(538	)	$	(3,957	)	$	(1,629	)	$	(1,804	)	$	(264	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(4,726	)	$	(269	)	$	(2,654	)	$	(711	)	$	(884	)	$	(208	)
	Less: Step-up basis adjustment		(40	)		-			-			(2	)		-			(38	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		498			498			-			-			-			-
	PGRE's share of net (loss) income		(4,268	)		229			(2,654	)		(713	)		(884	)		(246	)
	Add: Real estate depreciation and amortization		12,242			1,341			6,941			2,117			1,344			499
	FFO ⁽²⁾		7,974			1,570			4,287			1,404			460			253
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(498	)		(498	)		-			-			-			-
	Core FFO⁽²⁾	$	7,476		$	1,072		$	4,287		$	1,404		$	460		$	253

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(3,466	)	$	(269	)	$	(1,303	)	$	(918	)	$	(920	)	$	(56	)
	Add: Real estate depreciation and amortization		17,498			1,341			3,419			2,683			1,398			8,657
	FFO/Core FFO ⁽²⁾	$	14,032		$	1,072		$	2,116		$	1,765		$	478		$	8,601

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

- 30 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	265,419		$	30,305		$	40,474		$	24,818		$	11,598		$	158,224		⁽²⁾
Total operating expenses			153,526			17,560			19,251			9,639			5,127			101,949		⁽²⁾
Net operating income ⁽³⁾			111,893			12,745			21,223			15,179			6,471			56,275
Depreciation and amortization			(80,899	)		(8,084	)		(24,853	)		(14,447	)		(5,611	)		(27,904	)
Interest and other loss, net			(83	)		(6	)		(37	)		(18	)		(10	)		(12	)
Interest and debt expense			(45,135	)		(8,094	)		(10,155	)		(5,570	)		(4,669	)		(16,647	)
Net (loss) income before income taxes			(14,224	)		(3,439	)		(13,822	)		(4,856	)		(3,819	)		11,712
Income tax expense			(32	)		-			(5	)		(22	)		(3	)		(2	)
Net (loss) income		$	(14,256	)	$	(3,439	)	$	(13,827	)	$	(4,878	)	$	(3,822	)	$	11,710

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(11,706	)	$	(1,720	)	$	(9,272	)	$	(2,164	)	$	(1,874	)	$	3,324
	Less: Step-up basis adjustment		(127	)		-			-			(7	)		-			(120	)
	Less: Adjustments to equity in earnings for (contributions to) distributions from an unconsolidated joint venture		(8,977	)		(8,977	)		-			-			-			-
	PGRE's share of net (loss) income		(20,810	)		(10,697	)		(9,272	)		(2,171	)		(1,874	)		3,204
	Add: Real estate depreciation and amortization		31,370			4,042			16,652			6,370			2,749			1,557
	FFO ⁽³⁾		10,560			(6,655	)		7,380			4,199			875			4,761
	Add: Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture		8,977			8,977			-			-			-			-
	Less: FFO attributable to One Steuart Lane		(3,367	)		-			-			-			-			(3,367	)
	Core FFO⁽³⁾	$	16,170		$	2,322		$	7,380		$	4,199		$	875		$	1,394

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(2,550	)	$	(1,719	)	$	(4,555	)	$	(2,714	)	$	(1,948	)	$	8,386
	Add: Real estate depreciation and amortization		49,656			4,042			8,201			8,084			2,862			26,467
	FFO ⁽³⁾		47,106			2,323			3,646			5,370			914			34,853
	Less: FFO attributable to One Steuart Lane		(6,253	)		-			-			-			-			(6,253	)
	Core FFO⁽³⁾	$	40,853		$	2,323		$	3,646		$	5,370		$	914		$	28,600

⁽¹⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.
⁽²⁾	Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.
⁽³⁾	See page 47 for our definition of this measure.

- 31 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 2020
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	185,072		$	32,014		$	47,712		$	25,133		$	13,997		$	66,216
Total operating expenses			81,963			18,688			19,702			9,768			5,742			28,063
Net operating income ⁽²⁾			103,109			13,326			28,010			15,365			8,255			38,153
Depreciation and amortization			(88,981	)		(8,038	)		(30,646	)		(14,382	)		(8,545	)		(27,370	)
Interest and other income (loss), net			3			65			(45	)		(17	)		(20	)		20
Interest and debt expense			(44,244	)		(8,049	)		(10,107	)		(5,570	)		(4,609	)		(15,909	)
Net loss before income taxes			(30,113	)		(2,696	)		(12,788	)		(4,604	)		(4,919	)		(5,106	)
Income tax expense			(45	)		-			(5	)		(20	)		(6	)		(14	)
Net loss		$	(30,158	)	$	(2,696	)	$	(12,793	)	$	(4,624	)	$	(4,925	)	$	(5,120	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(16,129	)	$	(1,348	)	$	(8,578	)	$	(2,052	)	$	(2,413	)	$	(1,738	)
	Less: Step-up basis adjustment		(121	)		-			-			(7	)		-			(114	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		1,806			1,806			-			-			-			-
	PGRE's share of net (loss) income		(14,444	)		458			(8,578	)		(2,059	)		(2,413	)		(1,852	)
	Add: Real estate depreciation and amortization		36,585			4,019			20,533			6,348			4,187			1,498
	FFO ⁽²⁾		22,141			4,477			11,955			4,289			1,774			(354	)
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(1,806	)		(1,806	)		-			-			-			-
	Core FFO⁽²⁾	$	20,335		$	2,671		$	11,955		$	4,289		$	1,774		$	(354	)

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(14,029	)	$	(1,348	)	$	(4,215	)	$	(2,572	)	$	(2,512	)	$	(3,382	)
	Add: Real estate depreciation and amortization		52,517			4,019			10,113			8,041			4,358			25,986
	FFO/Core FFO ⁽²⁾	$	38,488		$	2,671		$	5,898		$	5,469		$	1,846		$	22,604

⁽¹⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.
⁽²⁾	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 September 30, 2021
Debt:
	Consolidated debt:
		Notes and mortgages payable ⁽¹⁾	$	3,858,000
		$1.0 billion Revolving Credit Facility		-
				3,858,000
	Less:
		Noncontrolling interests' share of consolidated debt ⁽²⁾		(810,335	)
	Add:
		PGRE's share of unconsolidated joint venture debt ⁽³⁾		612,078
	PGRE's Share of Total Debt ⁽⁴⁾			3,659,743

		Shares / Units		Share Price as of
Equity:		Outstanding		September 30, 2021
	Common stock		218,956,406	$	8.99		1,968,418
	Operating Partnership units		21,799,022		8.99		195,973
	Total equity		240,755,428		8.99		2,164,391


Total Market Capitalization						$	5,824,134

⁽¹⁾	Represents contractual amounts due pursuant to the respective debt agreements.
⁽²⁾	Represents noncontrolling interests' share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street.
⁽³⁾	Represents our share of debt of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 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 ⁽¹⁾		860,000			2.95	%		500,000			2.46	%		360,000			3.65	%
	31 West 52nd Street		500,000			3.80	%		500,000			3.80	%		-			-
	One Market Plaza		975,000			4.03	%		975,000			4.03	%		-			-
	300 Mission Street		273,000			3.65	%		273,000			3.65	%		-			-
	Revolving Credit Facility		-			-			-			-			-			-
Total consolidated debt			3,858,000			3.40	%		3,498,000			3.37	%		360,000			3.65	%
Noncontrolling interests' share			(810,335	)		3.78	%		(810,335	)		3.78	%		-			-
PGRE's share of consolidated debt		$	3,047,665			3.29	%	$	2,687,665			3.25	%	$	360,000			3.65	%

Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		409,670			3.04	%		402,000			3.07	%		7,670			1.59	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		151,954			3.65	%		-			-			151,954			3.65	%
	60 Wall Street		575,000			2.53	%		-			-			575,000			2.53	%
	Oder-Center, Germany		17,531			4.62	%		17,531			4.62	%		-			-
Total unconsolidated debt			1,641,655			3.10	%		907,031			3.37	%		734,624			2.75	%
Joint venture partners' share			(1,029,577	)		2.98	%		(403,357	)		3.46	%		(626,220	)		2.67	%
PGRE's share of unconsolidated debt		$	612,078			3.29	%	$	503,674			3.30	%	$	108,404			3.26	%

PGRE's share of Total Debt ⁽²⁾		$	3,659,743			3.29	%	$	3,191,339			3.26	%	$	468,404			3.56	%

Revolving Credit Facility Covenants: ⁽³⁾		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%		44.9	%		Consolidated fixed rate debt	$	2,687,665
	Fixed Charge Coverage	Greater than 1.5x	3.32x				Unconsolidated fixed rate debt		503,674
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,191,339		87.2	%
	Unencumbered Interest Coverage	Greater than 1.75x	34.96x			Variable rate debt:
							Consolidated variable rate debt		360,000
							Unconsolidated variable rate debt		108,404
							PGRE's share of variable rate debt		468,404		12.8	%

							PGRE's share of Total Debt ⁽²⁾	$	3,659,743		100.0	%

⁽¹⁾	On July 29, 2021, we completed an $860,000 refinancing of the property. The new five-year interest-only loan has a weighted average interest rate of 2.95% and is comprised of a $500,000 fixed rate tranche and a $360,000 variable rate tranche. The proceeds from the refinancing were used to repay the existing $850,000 loan that was scheduled to mature in November 2021.
⁽²⁾	See page 47 for our definition of this measure.
⁽³⁾	This section presents ratios as of September 30, 2021 in accordance with the terms of our revolving credit facility agreement, which has been filed with the SEC. We are not presenting these ratios and the related calculations for any other purpose or for any other period, and are not intending for these measures to otherwise provide information to investors about our financial condition or results of operations. Investors should not rely on these measures other than for purposes of considering our compliance with the revolving credit facility.

- 34 -

DEBT MATURITIES

(unaudited and in thousands)

Consolidated Debt:		2021			2022			2023			2024			2025			Thereafter			Total
	300 Mission Street	$	-		$	-		$	273,000		$	-		$	-		$	-		$	273,000
	One Market Plaza		-			-			-			975,000			-			-			975,000
	1633 Broadway		-			-			-			-			-			1,250,000			1,250,000
	1301 Avenue of the Americas ⁽¹⁾		-			-			-			-			-			860,000			860,000
	31 West 52nd Street		-			-			-			-			-			500,000			500,000
	Revolving Credit Facility		-			-			-			-			-			-			-
Total consolidated debt			-			-			273,000			975,000			-			2,610,000			3,858,000
Noncontrolling interests' share			-			-			(188,097	)		(497,250	)		-			(124,988	)		(810,335	)
PGRE's share of consolidated debt		$	-		$	-		$	84,903		$	477,750		$	-		$	2,485,012		$	3,047,665


Unconsolidated Joint Venture Debt:
	60 Wall Street	$	-		$	575,000		$	-		$	-		$	-		$	-		$	575,000
	Oder-Center, Germany		-			17,531			-			-			-			-			17,531
	111 Sutter Street		-			-			151,954			-			-			-			151,954
	Market Center		-			-			-			-			409,670			-			409,670
	712 Fifth Avenue		-			-			-			-			-			300,000			300,000
	55 Second Street		-			-			-			-			-			187,500			187,500
Total unconsolidated debt			-			592,531			151,954			-			409,670			487,500			1,641,655
Joint venture partners' share			-			(562,058	)		(77,497	)		-			(135,191	)		(254,831	)		(1,029,577	)
PGRE's share of unconsolidated debt		$	-		$	30,473		$	74,457		$	-		$	274,479		$	232,669		$	612,078



PGRE's Share of Total Debt ⁽²⁾		$	-		$	30,473		$	159,360		$	477,750		$	274,479		$	2,717,681		$	3,659,743

Weighted average rate			-	%		2.65	%		3.65	%		4.03	%		3.04	%		3.18	%		3.29	%

% of debt maturing			-	%		0.8	%		4.3	%		13.1	%		7.5	%		74.3	%		100.0	%

⁽¹⁾	On July 29, 2021, we completed an $860,000 refinancing of the property. The new five-year interest-only loan has a weighted average interest rate of 2.95% and is comprised of a $500,000 fixed rate tranche and a $360,000 variable rate tranche. The proceeds from the refinancing were used to repay the existing $850,000 loan that was scheduled to mature in November 2021.
⁽²⁾	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 September 30, 2021
New York:
1633 Broadway	West Side		90.0	%		1		2,499,105		98.3	%		98.3	%	$	187,058	$	78.78
1301 Avenue of the Americas	Sixth Avenue / Rock Center		100.0	%		1		1,746,009		84.3	%		74.7	%		109,787		86.81
1325 Avenue of the Americas	Sixth Avenue / Rock Center		100.0	%		1		812,043		90.3	%		90.3	%		48,321		67.16
31 West 52nd Street	Sixth Avenue / Rock Center		100.0	%		1		766,604		92.3	%		81.7	%		60,585		93.64
900 Third Avenue	East Side		100.0	%		1		591,496		78.3	%		76.6	%		31,734		70.04
712 Fifth Avenue	Madison / Fifth Avenue		50.0	%		1		543,497		70.9	%		67.0	%		42,307		116.12
60 Wall Street	Downtown		5.0	%		1		1,625,483		100.0	%		100.0	%		73,600		45.28	⁽³⁾
Subtotal / Weighted average						7		8,584,237		91.4	%		88.1	%		553,392		82.58	⁽⁴⁾
PGRE's share						7		6,518,557		89.9	%		85.8	%		443,622		81.57	⁽⁴⁾

San Francisco:
One Market Plaza	South Financial District		49.0	%		2		1,603,708		94.0	%		93.3	%		150,279		100.35
Market Center	South Financial District		67.0	%		2		743,709		84.2	%		84.2	%		55,846		88.95
300 Mission Street	South Financial District		31.1	%		1		660,704		94.7	%		94.7	%		54,398		87.18
One Front Street	North Financial District		100.0	%		1		644,923		97.1	%		95.5	%		52,596		85.38
55 Second Street	South Financial District		44.1	%		1		376,669		96.3	%		96.3	%		29,402		81.10
111 Sutter Street	North Financial District		49.0	%		1		277,817		64.2	%		64.2	%		14,208		80.76
Subtotal / Weighted average						8		4,307,530		91.2	%		90.7	%		356,729		91.38
PGRE's share						8		2,436,745		91.4	%		90.7	%		200,496		90.69

Total / Weighted average						15		12,891,767		91.3	%		89.0	%	$	910,121	$	86.17	⁽⁴⁾
PGRE's share						15		8,955,302		90.3	%		87.1	%	$	644,118	$	84.28	⁽⁴⁾

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents office and retail space only.
⁽³⁾	Represents "triple-net" rent.
⁽⁴⁾	Excludes 60 Wall Street.

- 36 -


		SAME STORE LEASED OCCUPANCY

(unaudited)

				As of September 30, 2021						As of June 30, 2021						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	%		98.3	%		98.3	%		-	%
1301 Avenue of the Americas		100.0	%		84.3	%		84.3	%		71.5	%		71.5	%		12.8	%
1325 Avenue of the Americas		100.0	%		90.3	%		90.3	%		90.7	%		90.7	%		(0.4	%)
31 West 52nd Street		100.0	%		92.3	%		92.3	%		92.3	%		92.3	%		-	%
900 Third Avenue		100.0	%		78.3	%		78.3	%		78.4	%		78.4	%		(0.1	%)
712 Fifth Avenue		50.0	%		70.9	%		70.9	%		69.0	%		69.0	%		1.9	%
60 Wall Street		5.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
Weighted average					91.4	%		91.4	%		88.7	%		88.7	%		2.7	%
PGRE's share					89.9	%		89.9	%		86.5	%		86.5	%		3.4	%

San Francisco:
One Market Plaza		49.0	%		94.0	%		94.0	%		93.3	%		93.3	%		0.7	%
Market Center		67.0	%		84.2	%		84.2	%		84.7	%		84.7	%		(0.5	%)
300 Mission Street		31.1	%		94.7	%		94.7	%		99.1	%		99.1	%		(4.4	%)
One Front Street		100.0	%		97.1	%		97.1	%		99.9	%		99.9	%		(2.8	%)
55 Second Street		44.1	%		96.3	%		96.3	%		96.3	%		96.3	%		-	%
111 Sutter Street		49.0	%		64.2	%		64.2	%		59.4	%		59.4	%		4.8	%
Weighted average					91.2	%		91.2	%		91.8	%		91.8	%		(0.6	%)
PGRE's share					91.4	%		91.4	%		92.1	%		92.1	%		(0.7	%)

Weighted average					91.3	%		91.3	%		89.7	%		89.7	%		1.6	%
PGRE's share					90.3	%		90.3	%		88.0	%		88.0	%		2.3	%

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

- 37 -


		SAME STORE LEASED OCCUPANCY

(unaudited)

				As of September 30, 2021						As of December 31, 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	%		98.3	%		98.3	%		-	%
1301 Avenue of the Americas		100.0	%		84.3	%		84.3	%		99.0	%		99.0	%		(14.7	%)
1325 Avenue of the Americas		100.0	%		90.3	%		90.3	%		91.8	%		91.8	%		(1.5	%)
31 West 52nd Street		100.0	%		92.3	%		92.3	%		99.3	%		99.3	%		(7.0	%)
900 Third Avenue		100.0	%		78.3	%		78.3	%		80.6	%		80.6	%		(2.3	%)
712 Fifth Avenue		50.0	%		70.9	%		70.9	%		70.8	%		70.8	%		0.1	%
60 Wall Street		5.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
Weighted average					91.4	%		91.4	%		95.3	%		95.3	%		(3.9	%)
PGRE's share					89.9	%		89.9	%		95.1	%		95.1	%		(5.2	%)

San Francisco:
One Market Plaza		49.0	%		94.0	%		94.0	%		97.5	%		97.5	%		(3.5	%)
Market Center		67.0	%		84.2	%		84.2	%		90.2	%		90.2	%		(6.0	%)
300 Mission Street		31.1	%		94.7	%		94.7	%		99.1	%		99.1	%		(4.4	%)
One Front Street		100.0	%		97.1	%		97.1	%		100.0	%		100.0	%		(2.9	%)
55 Second Street		44.1	%		96.3	%		96.3	%		95.7	%		95.7	%		0.6	%
111 Sutter Street		49.0	%		64.2	%		64.2	%		79.6	%		79.6	%		(15.4	%)
Weighted average					91.2	%		91.2	%		95.6	%		95.6	%		(4.4	%)
PGRE's share					91.4	%		91.4	%		95.7	%		95.7	%		(4.3	%)

Weighted average					91.3	%		91.3	%		95.4	%		95.4	%		(4.1	%)
PGRE's share					90.3	%		90.3	%		95.2	%		95.2	%		(4.9	%)

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

- 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					Per Square		Annualized
Top 10 Tenants:			Property	Expiration		Occupied ⁽²⁾			Occupied ⁽²⁾			Amount		Foot ⁽²⁾		Rent
As of September 30, 2021
	First Republic Bank		One Front Street	Jun-2025	⁽³⁾		349,304	⁽³⁾		349,304	⁽³⁾	$	29,904	$	85.40		4.6	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024			328,543			328,543			28,912		87.99		4.5	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031			320,911			288,823			28,019		97.01		4.3	%
	Credit Agricole Corporate &
		Investment Bank	1301 Avenue of the Americas	Feb-2023			305,132			305,132			27,495		89.25		4.3	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Sep-2034	⁽⁴⁾		290,875	⁽⁴⁾		290,875	⁽⁴⁾		27,139		88.90		4.2	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032			260,829			234,749			18,059		76.93		2.8	%
	WMG Acquisition Corp.
		(Warner Music Group)	1633 Broadway	Jul-2029			288,250			259,428			17,557		67.04		2.7	%
	Showtime Networks, Inc.		1633 Broadway	Jan-2026			253,196			227,879			16,751		72.03		2.6	%
	Google, Inc.		One Market Plaza	Apr-2025			339,833			166,518			15,091		90.23		2.3	%
	Uber Technologies, Inc.		Market Center	Jul-2023			234,783			157,305			14,142		89.90		2.2	%

		PGRE's Share of
		Square Feet		% of Occupied			Annualized		% of
Industry Diversification:		Occupied		Square Feet			Rent ⁽¹⁾		Annualized Rent
As of September 30, 2021
	Legal Services		1,734,851		22.2	%	$	146,820		22.8	%
	Technology and Media		1,718,892		22.0	%		137,078		21.3	%
	Financial Services, all others		1,219,705		15.6	%		111,569		17.3	%
	Financial Services - Commercial and Investment Banking		1,272,490		16.3	%		102,504		15.9	%
	Insurance		435,586		5.6	%		40,613		6.3	%
	Retail		134,836		1.7	%		14,010		2.2	%
	Travel & Leisure		192,856		2.5	%		13,748		2.1	%
	Real Estate		128,742		1.7	%		11,183		1.7	%
	Other Professional Services		120,609		1.6	%		10,163		1.6	%
	Other		845,188		10.8	%		56,430		8.8	%

⁽¹⁾	See page 47 for our definition of this measure.
⁽²⁾	Represents office and retail space only.
⁽³⁾	76,999 and 22,690 of the square feet leased expire on December 31, 2029 and December 31, 2030, respectively.
⁽⁴⁾	111,589 of the square feet leased expires on March 31, 2032.

- 39 -


		LEASING ACTIVITY ⁽¹⁾

(unaudited)

	Total			New York			San Francisco

Three Months Ended September 30, 2021

Total square feet leased		374,385			328,041			46,344

PGRE's share of total square feet leased:		314,673			295,369			19,304
Initial rent ⁽²⁾	$	74.47		$	72.77		$	100.50
Weighted average lease term (in years)		10.2			10.6			4.6
Tenant improvements and leasing commissions:
Per square foot	$	120.34		$	125.24		$	45.38
Per square foot per annum	$	11.75		$	11.80		$	9.94
Percentage of initial rent		15.8	%		16.2	%		9.9	%
Rent concessions:
Average free rent period (in months)		11.0			11.5			3.5
Average free rent period per annum (in months)		1.1			1.1			0.8

Second generation space: ⁽²⁾
Square feet		301,568			288,786			12,782
Cash basis:
Initial rent ⁽²⁾	$	73.77		$	72.15		$	110.45
Prior escalated rent ⁽²⁾	$	73.47		$	71.50		$	117.85
Percentage increase (decrease)		0.4	%		0.9	%		(6.3	%)
GAAP basis:
Straight-line rent ⁽²⁾	$	71.02		$	69.24		$	111.21
Prior straight-line rent ⁽²⁾	$	67.16		$	65.48		$	105.07
Percentage increase		5.8	%		5.8	%		5.8	%

⁽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

Nine Months Ended September 30, 2021

Total square feet leased		809,948			708,646		⁽²	⁾		101,302

PGRE's share of total square feet leased:		531,363			479,603					51,760
Initial rent ⁽³⁾	$	73.17		$	71.68				$	86.98
Weighted average lease term (in years)		9.7			10.2					4.5
Tenant improvements and leasing commissions:
Per square foot	$	108.74		$	117.35				$	28.96
Per square foot per annum	$	11.24		$	11.46				$	6.50
Percentage of initial rent		15.4	%		16.0	%				7.5	%
Rent concessions:
Average free rent period (in months)		11.3			12.2					3.2
Average free rent period per annum (in months)		1.2			1.2					0.7

Second generation space: ⁽³⁾
Square feet		475,896			436,002					39,894
Cash basis:
Initial rent ⁽³⁾	$	74.01		$	72.65				$	88.86
Prior escalated rent ⁽³⁾	$	74.44		$	72.50				$	95.70
Percentage (decrease) increase		(0.6	%)		0.2	%				(7.1	%)
GAAP basis:
Straight-line rent ⁽³⁾	$	71.05		$	69.25				$	90.68
Prior straight-line rent ⁽³⁾	$	70.44		$	67.96				$	97.55
Percentage increase (decrease)		0.9	%		1.9	%				(7.0	%)

⁽¹⁾	The leasing statistics, except for square feet leased, represent office space only.
⁽²⁾	Includes an aggregate of 190,526 square feet of theatre space that was leased at 1633 Broadway for a weighted average term of 19 years that is excluded from our pro rata share of total square feet leased and the related statistics.
⁽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		14,738		10,021	$	923	$	59.03		0.1	%

	4Q 2021		45,277		37,717		2,496		66.32		0.4	%

	1Q 2022		275,677		137,393		12,261		89.41		1.8	%
	2Q 2022		1,697,179		117,388		6,955		58.80		1.0	%
	3Q 2022		49,669		30,460		2,564		83.26		0.4	%
	4Q 2022		73,945		40,317		4,412		109.48		0.7	%
	Total 2022		2,096,470		325,558		26,192		80.22		3.9	%
	2023		912,595		756,680		61,576		84.08		9.2	%
	2024		819,391		717,459		60,865		84.90		9.1	%
	2025		1,383,529		873,007		74,762		85.61		11.2	%
	2026		1,456,374		1,017,539		87,438		83.80		13.1	%
	2027		263,290		192,118		16,567		86.18		2.5	%
	2028		261,863		213,296		17,701		83.47		2.6	%
	2029		543,263		478,280		37,683		79.25		5.6	%
	2030		607,964		511,483		45,163		88.34		6.8	%
	Thereafter		3,366,905		2,955,563		237,308		83.76		35.5	%

⁽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.

- 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	$	568	$	68.20		0.1	%

	4Q 2021		40,262		35,260		2,326		66.10		0.5	%

	1Q 2022		52,385		45,306		4,365		96.34		0.9	%
	2Q 2022		1,632,001		84,689		4,154		48.56		0.9	%
	3Q 2022		10,200		6,649		561		82.29		0.1	%
	4Q 2022		21,025		12,192		1,177		96.55		0.3	%
	Total 2022		1,715,611		148,836		10,257		68.54		2.2	%
	2023		530,597		512,245		39,095		79.70		8.4	%
	2024		598,272		576,526		48,052		83.46		10.3	%
	2025		299,107		241,876		21,523		88.95		4.6	%
	2026		727,881		669,331		53,762		77.06		11.5	%
	2027		143,064		130,958		10,737		81.99		2.3	%
	2028		147,554		127,134		10,411		82.47		2.2	%
	2029		496,253		453,509		35,619		79.02		7.7	%
	2030		403,756		393,040		33,684		85.75		7.2	%
	Thereafter		2,737,290		2,568,953		200,874		82.05		43.0	%

⁽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		9,999		5,790	$	355	$	43.14		0.2	%

	4Q 2021		5,015		2,457		170		69.24		0.1	%

	1Q 2022		223,292		92,087		7,896		85.93		3.9	%
	2Q 2022		65,178		32,699		2,801		85.33		1.4	%
	3Q 2022		39,469		23,811		2,003		83.53		1.0	%
	4Q 2022		52,920		28,125		3,235		115.11		1.6	%
	Total 2022		380,859		176,722		15,935		90.17		7.9	%
	2023		381,998		244,435		22,481		91.85		11.1	%
	2024		221,119		140,933		12,813		90.81		6.3	%
	2025		1,084,422		631,131		53,239		84.32		26.4	%
	2026		728,493		348,208		33,676		96.61		16.7	%
	2027		120,226		61,160		5,830		95.21		2.9	%
	2028		114,309		86,162		7,290		84.95		3.6	%
	2029		47,010		24,771		2,064		83.33		1.0	%
	2030		204,208		118,443		11,479		96.92		5.7	%
	Thereafter		629,615		386,610		36,434		94.26		18.1	%

⁽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 September 30, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	6,356	$	3,349	$	2,991	$	16
Second generation tenant improvements		6,644		450		6,194		-
Second generation leasing commissions		8,100		8,100		-		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	21,100	$	11,899	$	9,185	$	16

Redevelopment Expenditures: ⁽¹⁾
Gershwin facade replacement	$	2,684	$	2,684	$	-	$	-
Elevator modernizations		2,268		2,178		90		-
Lobby renovations		1,015		977		38		-
Other		2,431		2,431		-		-
Total Redevelopment Expenditures	$	8,398	$	8,270	$	128	$	-


	Three Months Ended September 30, 2020
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	5,139	$	3,347	$	1,768	$	24
Second generation tenant improvements		5,265		603		4,662		-
Second generation leasing commissions		1,325		815		510		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	11,729	$	4,765	$	6,940	$	24

Redevelopment Expenditures: ⁽¹⁾
Lobby renovations	$	1,290	$	628	$	662	$	-
Elevator modernizations		755		185		570		-
Other		599		338		261		-
Total Redevelopment Expenditures	$	2,644	$	1,151	$	1,493	$	-

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

- 45 -

CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Nine Months Ended September 30, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	12,487	$	6,924	$	5,511	$	52
Second generation tenant improvements		30,246		3,356		26,890		-
Second generation leasing commissions		13,574		11,229		2,345		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	56,307	$	21,509	$	34,746	$	52

Redevelopment Expenditures: ⁽¹⁾
Elevator modernizations	$	10,929	$	7,823	$	3,106	$	-
Gershwin facade replacement		9,918		9,918		-		-
Lobby renovations		5,484		3,645		1,839		-
Other		3,622		3,499		123		-
Total Redevelopment Expenditures	$	29,953	$	24,885	$	5,068	$	-


	Nine Months Ended September 30, 2020
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	13,709	$	9,143	$	4,316	$	250
Second generation tenant improvements		32,272		20,678		11,594		-
Second generation leasing commissions		9,013		3,009		6,004		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	54,994	$	32,830	$	21,914	$	250

Redevelopment Expenditures: ⁽¹⁾
Lobby renovations	$	6,573	$	2,701	$	3,872	$	-
Elevator modernizations		3,614		1,104		2,510		-
Other		1,998		1,041		957		-
Total Redevelopment Expenditures	$	12,185	$	4,846	$	7,339	$	-

⁽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.

- 47 -


		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. Redevelopment Expenditures consist of hard and soft costs related to the development of a property in getting it ready for its intended use.

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