pgre-ex992

EX-99.2 3 pgre-ex992_6.htm EX-99.2 pgre-ex992_6.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.

- 2 -

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 - 37
	Same Store Leased Occupancy	38 - 39
	Top Tenants and Industry Diversification	40
	Leasing Activity	41 - 42
	Lease Expirations	43 - 45
	Cash Basis Capital Expenditures	46 - 47


Definitions		48 - 49

- 3 -


		COMPANY PROFILE

Paramount Group, Inc. ("Paramount" or the "Company") is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

MANAGEMENT

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

BOARD OF DIRECTORS

Albert Behler		Director, Chairman of the Board
Thomas Armbrust		Director
Martin Bussmann		Director
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

- 4 -


		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	Vikram Malhotra
Evercore ISI	Green Street Advisors	Mizuho Securities USA Inc.
(212) 446-9462	(949) 640-8780	(212) 282-3827
steve.sakwa@evercoreisi.com	dismail@greenst.com	vikram.malhotra@mizuhogroup.com

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

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

- 5 -


		GUIDANCE

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

				Full Year 2022
(Amounts per diluted share)				Low			High
			Estimated net loss attributable to common stockholders	$	(0.07	)	$	(0.01	)
			Our share of real estate depreciation and amortization		0.98			0.98
			Estimated Core FFO ⁽¹⁾⁽²⁾	$	0.91		$	0.97

	Operating Assumptions:
		Leasing Activity (square feet)			825,000			1,225,000
		PGRE's share of Same Store Leased % ⁽²⁾ at year end			93.6	%		95.0	%
		Increase in PGRE's share of Same Store Cash NOI ⁽²⁾			1.0	%		2.0	%
		Increase in PGRE's share of Same Store NOI ⁽²⁾			2.5	%		3.5	%

	Financial Assumptions (at share):
		Estimated net loss		$	(16,000	)	$	(2,000	)
			Depreciation and amortization		236,000			236,000
			General and administrative expenses		59,000			57,000
			Interest and debt expense, including amortization of deferred financing costs		134,500			132,500
			Fee income, net of income taxes		(28,500	)		(30,500	)
		NOI ⁽²⁾			385,000			393,000
			Straight-line rent adjustments and above and below-market lease revenue, net		(12,000	)		(14,000	)
		Cash NOI ⁽²⁾		$	373,000		$	379,000

⁽¹⁾		We are providing our Estimated Core FFO Guidance for the full year of 2022, which is reconciled above to estimated net loss attributable to common stockholders per diluted share in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The estimated net loss attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission ("SEC"). Except as described above, these estimates reflect management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in our earnings release issued on February 22, 2022 and otherwise to be referenced during our conference call scheduled for February 23, 2022. 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 48 for our definition of this measure.

- 6 -


		FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

			Three Months Ended								Year Ended
SELECTED FINANCIAL DATA			December 31, 2021		December 31, 2020			September 30, 2021			December 31, 2021			December 31, 2020
	Net income (loss) attributable to common stockholders:
		Continuing operations	$	1,222	$	(4,876	)	$	(2,055	)	$	(20,354	)	$	(20,063	)
		Discontinued operations		-		(9,948	)		-			-			(4,641	)
	Net income (loss) attributable to common stockholders		$	1,222	$	(14,824	)	$	(2,055	)	$	(20,354	)	$	(24,704	)

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

	Core FFO attributable to common stockholders⁽¹⁾		$	52,806	$	52,495		$	50,069		$	201,055		$	213,682
		Per share - diluted	$	0.24	$	0.24		$	0.23		$	0.92		$	0.96

	PGRE's share of Cash NOI ⁽¹⁾		$	98,331	$	97,599		$	95,530		$	377,160		$	377,504
	PGRE's share of NOI ⁽¹⁾		$	96,526	$	100,726		$	95,257		$	383,788		$	404,727

Same Store Cash NOI ⁽¹⁾	% Change			Same Store NOI ⁽¹⁾	% Change
Three Months Ended December 31, 2021 vs. December 31, 2020		3.3	%	Three Months Ended December 31, 2021 vs. December 31, 2020		(7.5	%)
Year Ended December 31, 2021 vs. December 31, 2020		2.4	%	Year Ended December 31, 2021 vs. December 31, 2020		(8.9	%)

PORTFOLIO STATISTICS (at PGRE Share)

	As of
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Leased % ⁽¹⁾		90.7	%		90.3	%		88.0	%		88.6	%		95.2	%

Same Store Leased % ⁽¹⁾	% Change				Same Store Leased % ⁽¹⁾	% Change
December 31, 2021 vs. September 30, 2021		0.4	%		December 31, 2021 vs. December 31, 2020		(4.5	%)

COMMON SHARE DATA

		Three Months Ended
Share Price:		December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
	High	$	9.53		$	10.32		$	11.65		$	10.56		$	10.36
	Low	$	7.79		$	8.35		$	9.86		$	8.51		$	5.54
	Closing (end of period)	$	8.34		$	8.99		$	10.07		$	10.13		$	9.04

Dividends per common share		$	0.07		$	0.07		$	0.07		$	0.07		$	0.07
Annualized dividends per common share		$	0.28		$	0.28		$	0.28		$	0.28		$	0.28
Dividend yield (on closing share price)			3.4	%		3.1	%		2.8	%		2.8	%		3.1	%

⁽¹⁾

See page 48 for our definition of this measure.

- 7 -


		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			December 31, 2021			December 31, 2020
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,061,824			5,997,078
				8,028,061			7,963,315
		Accumulated depreciation and amortization		(1,112,977	)		(966,697	)
	Real estate, net			6,915,084			6,996,618
	Cash and cash equivalents			524,900			434,530
	Restricted cash			4,766			30,794
	Investments in unconsolidated joint ventures			408,096			412,724
	Investments in unconsolidated real estate funds			11,421			12,917
	Accounts and other receivables			15,582			17,502
	Deferred rent receivable			332,735			330,239
	Deferred charges, net			122,177			116,278
	Intangible assets, net			119,413			153,519
	Other assets			40,388			48,976
Total assets			$	8,494,562		$	8,554,097

Liabilities:
	Notes and mortgages payable, net		$	3,835,620		$	3,800,739
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			116,192			101,901
	Dividends and distributions payable			16,895			16,796
	Intangible liabilities, net			45,328			55,996
	Other liabilities			25,495			62,931
Total liabilities				4,039,530			4,038,363

Equity:
	Paramount Group, Inc. equity			3,588,163			3,653,177
	Noncontrolling interests in:
		Consolidated joint ventures		428,833			437,161
		Consolidated real estate fund		81,925			79,017
		Operating Partnership		356,111			346,379
Total equity				4,455,032			4,515,734

Total liabilities and equity			$	8,494,562		$	8,554,097

- 8 -


		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended									Year Ended
		December 31, 2021			December 31, 2020			September 30, 2021			December 31, 2021			December 31, 2020
Revenues:
	Rental revenue ⁽¹⁾	$	171,793		$	174,181		$	170,851		$	690,418		$	679,015
	Fee and other income ⁽¹⁾		12,427			8,177			8,280			36,368			35,222
Total revenues			184,220			182,358			179,131			726,786			714,237

Expenses:
	Operating		67,617			68,395			67,131			265,438			267,587
	Depreciation and amortization		56,735			59,168			57,522			232,487			235,200
	General and administrative		13,093			17,962			13,257			59,132			64,917
	Transaction related costs		413			554			87			916			1,096
Total expenses			137,858			146,079			137,997			557,973			568,800

Other income (expense):
	(Loss) income from unconsolidated joint ventures		(4,086	)		(4,175	)		223			(24,896	)		(18,619	)
	Income from unconsolidated real estate funds		178			187			276			782			272
	Interest and other income, net ⁽¹⁾		507			2,130			138			3,017			4,490
	Interest and debt expense ⁽¹⁾		(36,095	)		(35,788	)		(36,266	)		(142,014	)		(144,208	)
Income (loss) from continuing operations, before income taxes			6,866			(1,367	)		5,505			5,702			(12,628	)
	Income tax expense		(1,195	)		(358	)		(873	)		(3,643	)		(1,493	)
Income (loss) from continuing operations, net			5,671			(1,725	)		4,632			2,059			(14,121	)
Loss from discontinued operations, net			-			(10,890	)		-			-			(5,075	)
Net income (loss)			5,671			(12,615	)		4,632			2,059			(19,196	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(4,614	)		(3,772	)		(3,768	)		(21,538	)		(9,257	)
	Consolidated real estate fund		286			159			(3,123	)		(2,893	)		1,450
	Operating Partnership		(121	)		1,404			204			2,018			2,299
Net income (loss) attributable to common stockholders		$	1,222		$	(14,824	)	$	(2,055	)	$	(20,354	)	$	(24,704	)

Net income (loss) per diluted share:
	Income (loss) from continuing operations, net	$	0.01		$	(0.02	)	$	(0.01	)	$	(0.09	)	$	(0.09	)
	Loss from discontinued operations, net		-			(0.05	)		-			-			(0.02	)
Net income (loss) per diluted share		$	0.01		$	(0.07	)	$	(0.01	)	$	(0.09	)	$	(0.11	)

⁽¹⁾	See page 10 for details.

- 9 -



		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended								Year Ended
Rental Revenue:		December 31, 2021			December 31, 2020		September 30, 2021			December 31, 2021		December 31, 2020
	Property rentals	$	162,622		$	156,053	$	159,624		$	632,215	$	595,334
	Tenant reimbursements		13,866			13,852		12,212			47,562		50,222
	Straight-line rent adjustments		(5,430	)		4,189		(1,707	)		2,495		28,684
	Amortization of above and below-market leases, net		735			87		722			3,070		4,775
	Lease termination income		-			-		-			5,076		-
Total rental revenue		$	171,793		$	174,181	$	170,851		$	690,418	$	679,015

			Three Months Ended						Year Ended
Fee and Other Income:			December 31, 2021		December 31, 2020		September 30, 2021		December 31, 2021		December 31, 2020
	Asset management		$	3,109	$	3,538	$	3,280	$	13,284	$	14,266
	Property management			2,132		2,283		2,176		8,589		9,242
	Acquisition, disposition, leasing and other			3,800		557		1,105		6,600		4,562
	Total fee income			9,041		6,378		6,561		28,473		28,070
	Other (primarily parking income and tenant requested services,
		including cleaning and overtime heating and cooling)		3,386		1,799		1,719		7,895		7,152
Total fee and other income			$	12,427	$	8,177	$	8,280	$	36,368	$	35,222

			Three Months Ended							Year Ended
Interest and Other Income, net:			December 31, 2021		December 31, 2020		September 30, 2021			December 31, 2021		December 31, 2020
	Interest income, net		$	175	$	274	$	221		$	1,183	$	2,054
	Mark-to-market of deferred compensation plan assets (offset by
		increase (decrease) in the mark-to-market of plan liabilities,
		which is included in "general and administrative" expenses)		332		1,856		(83	)		1,834		2,436
Total interest and other income, net			$	507	$	2,130	$	138		$	3,017	$	4,490

		Three Months Ended							Year Ended
Interest and Debt Expense:		December 31, 2021		December 31, 2020		September 30, 2021			December 31, 2021			December 31, 2020
	Interest expense	$	34,274	$	33,468	$	33,600		$	132,887		$	134,931
	Amortization of deferred financing costs		1,821		2,320		2,666	⁽¹⁾		9,127	⁽¹⁾		9,277
Total interest and debt expense		$	36,095	$	35,788	$	36,266		$	142,014		$	144,208

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

- 10 -



		FFO

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

			Three Months Ended									Year Ended
			December 31, 2021			December 31, 2020			September 30, 2021			December 31, 2021			December 31, 2020
Reconciliation of net income (loss) to FFO and Core FFO:
	Net income (loss)		$	5,671		$	(12,615	)	$	4,632		$	2,059		$	(19,196	)
	Real estate depreciation and amortization (including our share
		of unconsolidated joint ventures)		66,902			70,700			67,717			274,024			283,317
	Adjustments related to discontinued operations (including loss on sale of real estate)			-			12,766			-			-			13,456
	FFO ⁽¹⁾			72,573			70,851			72,349			276,083			277,577
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(14,187	)		(13,167	)		(13,895	)		(61,609	)		(43,542	)
		Consolidated real estate fund		279			159			(3,127	)		(2,904	)		1,450
	FFO attributable to Paramount Group Operating Partnership			58,665			57,843			55,327			211,570			235,485
	Less FFO attributable to noncontrolling interests in Operating Partnership			(5,302	)		(5,004	)		(5,009	)		(19,072	)		(20,664	)
	FFO attributable to common stockholders⁽¹⁾		$	53,363		$	52,839		$	50,318		$	192,498		$	214,821
	Per diluted share		$	0.24		$	0.24		$	0.23		$	0.88		$	0.96

	FFO		$	72,573		$	70,851		$	72,349		$	276,083		$	277,577
	Non-core items:
		Adjustments to equity in earnings for (distributions from) contributions to an unconsolidated joint venture		(961	)		(891	)		(938	)		8,016			(2,697	)
		Consolidated real estate fund's share of after-tax net gain on sale of residential condominium units (One Steuart Lane)		(2,541	)		-			(5,643	)		(8,184	)		-
		Non-cash write-off of deferred financing costs		-			-			761			761			-
		Other, net		3,308			515			2,429			6,116			1,450
	Core FFO ⁽¹⁾			72,379			70,475			68,958			282,792			276,330
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(14,187	)		(13,167	)		(13,895	)		(61,609	)		(43,542	)
		Consolidated real estate fund		(140	)		159			(9	)		(205	)		1,450
	Core FFO attributable to Paramount Group Operating Partnership			58,052			57,467			55,054			220,978			234,238
	Less Core FFO attributable to noncontrolling interests in Operating Partnership			(5,246	)		(4,972	)		(4,985	)		(19,923	)		(20,556	)
	Core FFO attributable to common stockholders ⁽¹⁾		$	52,806		$	52,495		$	50,069		$	201,055		$	213,682
	Per diluted share		$	0.24		$	0.24		$	0.23		$	0.92		$	0.96
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			218,735,532			218,989,711			218,706,356			218,701,249			222,436,170
	Effect of dilutive securities			62,312			40,406			44,880			45,709			16,558
	Denominator for FFO and Core FFO per diluted share			218,797,844			219,030,117			218,751,236			218,746,958			222,452,728

⁽¹⁾	See page 48 for our definition of this measure.

- 11 -


		FAD

(unaudited and in thousands)

				Three Months Ended										Year Ended
				December 31, 2021			December 31, 2020			September 30, 2021				December 31, 2021				December 31, 2020
Reconciliation of Core FFO to FAD:
	Core FFO			$	72,379		$	70,475		$	68,958			$	282,792			$	276,330
	Add (subtract) adjustments to arrive at FAD:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		4,817			(4,961	)		1,260				(4,983	)			(32,325	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,617	)		(1,126	)		(1,622	)			(6,704	)			(8,645	)
		Amortization of deferred financing costs (including our share
			of unconsolidated joint ventures)		2,255			2,659			2,298		⁽¹⁾		9,838		⁽¹⁾		10,564
		Amortization of stock-based compensation expense			4,191			5,098			4,192				18,612				19,239
		Expenditures to maintain assets			(9,147	)		(5,246	)		(6,356	)			(21,634	)			(18,955	)
		Second generation tenant improvements and leasing commissions			(18,129	)		(19,731	)		(14,744	)			(61,949	)			(61,016	)
		Adjustments related to discontinued operations			-			146			-				-				507
	FAD ⁽²⁾				54,749			47,314			53,986				215,972				185,699
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(11,726	)		216			(10,199	)			(35,024	)			(11,237	)
		Consolidated real estate fund			(242	)		159			(75	)			(373	)			1,450
	FAD attributable to Paramount Group Operating Partnership				42,781			47,689			43,712				180,575				175,912
	Less FAD attributable to noncontrolling interests in Operating Partnership				(3,866	)		(4,126	)		(3,958	)			(16,273	)			(15,360	)
	FAD attributable to common stockholders ^{(2) (3)}			$	38,915		$	43,563		$	39,754			$	164,302			$	160,552

	Dividends declared on common stock			$	15,329		$	15,318		$	15,327			$	61,310			$	81,800

⁽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 48 for our definition of this measure.

⁽³⁾	FAD attributable to common stockholders is not necessarily indicative of future FAD amounts due to fluctuations in the timing of payments for tenant improvements and leasing commissions versus rents received from leases for which such costs are incurred.

- 12 -


		EBITDAre

(unaudited and in thousands)

				Three Months Ended									Year Ended
				December 31, 2021			December 31, 2020			September 30, 2021			December 31, 2021			December 31, 2020
Reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre:
	Net income (loss)			$	5,671		$	(12,615	)	$	4,632		$	2,059		$	(19,196	)
	Add (subtract) adjustments to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization (including our share
			of unconsolidated joint ventures)		66,902			70,700			67,717			274,024			283,317
		Interest and debt expense (including our share
			of unconsolidated joint ventures)		43,112			41,229			42,978			166,533			165,986
		Income tax expense (including our share of
			unconsolidated joint ventures)		1,195			358			881			3,658			1,510
		Adjustments related to discontinued operations (including loss on sale of real estate)			-			12,765			-			-			13,465
	EBITDAre⁽¹⁾				116,880			112,437			116,208			446,274			445,082
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,139	)		(20,939	)		(21,827	)		(92,950	)		(72,934	)
		Consolidated real estate fund			(1,125	)		155			(4,251	)		(5,439	)		1,313
	PGRE's share of EBITDAre ⁽¹⁾			$	93,616		$	91,653		$	90,130		$	347,885		$	373,461



	EBITDAre			$	116,880		$	112,437		$	116,208		$	446,274		$	445,082
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Adjustments to equity in earnings for (distributions from) contributions to an unconsolidated joint venture			(961	)		(891	)		(938	)		8,016			(2,697	)
		Consolidated real estate fund's share of net gain on sale of residential condominium units (One Steuart Lane)			(2,479	)		-			(5,743	)		(8,222	)		-
		Other, net			1,542			579			894			2,495			2,470
	Adjusted EBITDAre ⁽¹⁾				114,982			112,125			110,421			448,563			444,855
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,139	)		(20,939	)		(21,827	)		(92,950	)		(72,934	)
	PGRE's share of Adjusted EBITDAre ⁽¹⁾			$	92,843		$	91,186		$	88,594		$	355,613		$	371,921

⁽¹⁾	See page 48 for our definition of this measure.

- 13 -


		NOI

(unaudited and in thousands)

				Three Months Ended									Year Ended
				December 31, 2021			December 31, 2020			September 30, 2021			December 31, 2021			December 31, 2020
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	5,671		$	(12,615	)	$	4,632		$	2,059		$	(19,196	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			56,735			59,168			57,522			232,487			235,200
		General and administrative			13,093			17,962			13,257			59,132			64,917
		Interest and debt expense			36,095			35,788			36,266			142,014			144,208
		Income tax expense			1,195			358			873			3,643			1,493
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			11,087			11,928			11,627			43,597			48,631
		Loss (income) from unconsolidated joint ventures			4,086			4,175			(223	)		24,896			18,619
		Fee income			(9,041	)		(6,378	)		(6,561	)		(28,473	)		(28,070	)
		Interest and other income, net			(507	)		(2,130	)		(138	)		(3,017	)		(4,490	)
		Adjustments related to discontinued operations (including loss on sale of real estate)			-			12,765			-			-			13,465
		Other, net			235			367			(189	)		134			824
	NOI ⁽¹⁾				118,649			121,388			117,066			476,472			475,601
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,123	)		(20,909	)		(21,809	)		(92,890	)		(72,766	)
		Consolidated real estate fund			-			247			-			206			1,892
	PGRE's share of NOI⁽¹⁾			$	96,526		$	100,726		$	95,257		$	383,788		$	404,727

	NOI			$	118,649		$	121,388		$	117,066		$	476,472		$	475,601
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		4,817			(4,961	)		1,260			(4,983	)		(32,325	)
		Amortization of above and below-market leases, net
			(including our share of unconsolidated joint ventures)		(1,617	)		(1,126	)		(1,622	)		(6,704	)		(8,645	)
		Adjustments related to discontinued operations			-			146			-			-			507
	Cash NOI⁽¹⁾				121,849			115,447			116,704			464,785			435,138
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(23,518	)		(18,095	)		(21,174	)		(87,831	)		(59,526	)
		Consolidated real estate fund			-			247			-			206			1,892
	PGRE's share of Cash NOI ⁽¹⁾			$	98,331		$	97,599		$	95,530		$	377,160		$	377,504

⁽¹⁾	See page 48 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)

				Three Months Ended December 31, 2021
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	5,671		$	5,150		$	9,802		$	(9,281	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			56,735			37,235			18,523			977
		General and administrative			13,093			-			-			13,093
		Interest and debt expense			36,095			22,149			12,795			1,151
		Income tax expense			1,195			-			-			1,195
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			11,087			2,858			8,167			62
		Loss (income) from unconsolidated joint ventures			4,086			(446	)		4,101			431
		Fee income			(9,041	)		-			-			(9,041	)
		Interest and other (income) loss, net			(507	)		3			(31	)		(479	)
		Other, net			235			-			-			235
	NOI ⁽¹⁾				118,649			66,949			53,357			(1,657	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,123	)		(2,714	)		(19,409	)		-
	PGRE's share of NOI for the three months ended December 31, 2021			$	96,526		$	64,235		$	33,948		$	(1,657	)
	PGRE's share of NOI for the three months ended December 31, 2020			$	100,726		$	66,573		$	34,025		$	128


	NOI			$	118,649		$	66,949		$	53,357		$	(1,657	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		4,817			1,483			3,364			(30	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,617	)		398			(2,015	)		-
	Cash NOI⁽¹⁾				121,849			68,830			54,706			(1,687	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(23,518	)		(2,777	)		(20,741	)		-
	PGRE's share of Cash NOI for the three months ended December 31, 2021			$	98,331		$	66,053		$	33,965		$	(1,687	)
	PGRE's share of Cash NOI for the three months ended December 31, 2020			$	97,599		$	66,460		$	30,805		$	334

⁽¹⁾	See page 48 for our definition of this measure.

- 15 -


		NOI

(unaudited and in thousands)

				Year Ended December 31, 2021
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	2,059		$	2,129		$	43,891		$	(43,961	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			232,487			152,023			76,569			3,895
		General and administrative			59,132			-			-			59,132
		Interest and debt expense			142,014			87,205			50,448			4,361
		Income tax expense			3,643			12			5			3,626
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			43,597			11,303			32,221			73
		Loss (income) from unconsolidated joint ventures			24,896			10,199			17,418			(2,721	)
		Fee income			(28,473	)		-			-			(28,473	)
		Interest and other (income) loss, net			(3,017	)		23			(119	)		(2,921	)
		Other, net			134			-			-			134
	NOI ⁽¹⁾				476,472			262,894			220,433			(6,855	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(92,890	)		(10,399	)		(82,491	)		-
		Consolidated real estate fund			206			-			-			206
	PGRE's share of NOI for the year ended December 31, 2021			$	383,788		$	252,495		$	137,942		$	(6,649	)
	PGRE's share of NOI for the year ended December 31, 2020			$	404,727		$	266,669		$	136,400		$	1,658


	NOI			$	476,472		$	262,894		$	220,433		$	(6,855	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		(4,983	)		1,694			(6,677	)		-
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(6,704	)		1,442			(8,146	)		-
	Cash NOI⁽¹⁾				464,785			266,030			205,610			(6,855	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(87,831	)		(10,376	)		(77,455	)		-
		Consolidated real estate fund			206			-			-			206
	PGRE's share of Cash NOI for the year ended December 31, 2021			$	377,160		$	255,654		$	128,155		$	(6,649	)
	PGRE's share of Cash NOI for the year ended December 31, 2020			$	377,504		$	258,968		$	116,287		$	2,249

⁽¹⁾	See page 48 for our definition of this measure

- 16 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI ⁽¹⁾			Three Months Ended December 31, 2021
			Total		New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended December 31, 2021		$	98,331	$	66,053		$	33,965		$	(1,687	)
		Dispositions / Discontinued Operations		-		-			-			-
		Other, net		1,635		(51	)		(1	)		1,687
	PGRE's share of Same Store Cash NOI for the three months ended December 31, 2021		$	99,966	$	66,002		$	33,964		$	-

		Three Months Ended December 31, 2020
		Total			New York			San Francisco			Other
PGRE's share of Cash NOI for the three months ended December 31, 2020		$	97,599		$	66,460		$	30,805		$	334
	Dispositions / Discontinued Operations		(2,021	)		-			-			(2,021	)	⁽²⁾
	Other, net		1,182			(365	)		(140	)		1,687
PGRE's share of Same Store Cash NOI for the three months ended December 31, 2020		$	96,760		$	66,095		$	30,665		$	-

	Increase (decrease) in PGRE's share of Same Store Cash NOI	$	3,206			$	(93	)		$	3,299			$	-
	% Increase (decrease)		3.3	%			(0.1	%)			10.8	%

⁽¹⁾	See page 48 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 December 31, 2021
			Total		New York			San Francisco			Other
	PGRE's share of NOI for the three months ended December 31, 2021		$	96,526	$	64,235		$	33,948		$	(1,657	)
		Dispositions / Discontinued Operations		-		-			-			-
		Other, net		1,625		(31	)		(1	)		1,657
	PGRE's share of Same Store NOI for the three months ended December 31, 2021		$	98,151	$	64,204		$	33,947		$	-

		Three Months Ended December 31, 2020
		Total			New York			San Francisco			Other
PGRE's share of NOI for the three months ended December 31, 2020		$	100,726		$	66,573		$	34,025		$	128
	Dispositions / Discontinued Operations		(1,875	)		-			-			(1,875	)	⁽²⁾
	Non-cash write-offs of straight-line rent receivables		6,032			4,994			1,038			-
	Other, net		1,242			(365	)		(140	)		1,747
PGRE's share of Same Store NOI for the three months ended December 31, 2020		$	106,125		$	71,202		$	34,923		$	-

	Decrease in PGRE's share of Same Store NOI	$	(7,974	)		$	(6,998	)		$	(976	)		$	-
	% Decrease		(7.5	%)			(9.8	%)			(2.8	%)

⁽¹⁾	See page 48 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⁾			Year Ended December 31, 2021
			Total		New York			San Francisco			Other
	PGRE's share of Cash NOI for the year ended December 31, 2021		$	377,160	$	255,654		$	128,155		$	(6,649	)
		Dispositions / Discontinued Operations		-		-			-			-
		Other, net		4,397		(457	)		(1,795	)		6,649
	PGRE's share of Same Store Cash NOI for the year ended December 31, 2021		$	381,557	$	255,197		$	126,360		$	-

		Year Ended December 31, 2020
		Total			New York				San Francisco		Other
PGRE's share of Cash NOI for the year ended December 31, 2020		$	377,504		$	258,968			$	116,287	$	2,249
	Dispositions / Discontinued Operations		(12,786	)		(3,889	)	⁽²⁾		-		(8,897	)	⁽³⁾
	Reserves for uncollectible accounts receivable		1,940			1,152				788		-
	Other, net		6,030			(619	)			1		6,648
PGRE's share of Same Store Cash NOI for the year ended December 31, 2020		$	372,688		$	255,612			$	117,076	$	-

	Increase (decrease) in PGRE's share of Same Store Cash NOI	$	8,869			$	(415	)		$	9,284			$	-
	% Increase (decrease)		2.4	%			(0.2	%)			7.9	%

⁽¹⁾	See page 48 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⁾			Year Ended December 31, 2021
			Total		New York			San Francisco			Other
	PGRE's share of NOI for the year ended December 31, 2021		$	383,788	$	252,495		$	137,942		$	(6,649	)
		Dispositions / Discontinued Operations		-		-			-			-
		Other, net		4,566		(295	)		(1,788	)		6,649
	PGRE's share of Same Store NOI for the year ended December 31, 2021		$	388,354	$	252,200		$	136,154		$	-

		Year Ended December 31, 2020
		Total			New York				San Francisco		Other
PGRE's share of NOI for the year ended December 31, 2020		$	404,727		$	266,669			$	136,400	$	1,658
	Dispositions / Discontinued Operations		(13,187	)		(4,797	)	⁽²⁾		-		(8,390	)	⁽³⁾
	Non-cash write-offs (primarily straight-line rent receivables)		26,826			22,383				4,443		-
	Reserves for uncollectible accounts receivable		1,940			1,152				788		-
	Other, net		6,114			(619	)			1		6,732
PGRE's share of Same Store NOI for the year ended December 31, 2020		$	426,420		$	284,788			$	141,632	$	-

	Decrease in PGRE's share of Same Store NOI	$	(38,066	)		$	(32,588	)		$	(5,478	)		$	-
	% Decrease		(8.9	%)			(11.4	%)			(3.9	%)

⁽¹⁾	See page 48 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 December 31, 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	$	3,415,735	$	1,760,664	$	1,165,807	$	489,264	$	-
	Cash and cash equivalents		193,905		91,514		63,566		38,825		2,933
	Restricted cash		1,316		78		1,238		-		-
	Investments in unconsolidated joint ventures		-		-		-		-		76,428
	Accounts and other receivables		6,677		5,306		516		855		124
	Deferred rent receivable		197,794		114,558		60,405		22,831		-
	Deferred charges, net		53,013		27,004		17,463		8,546		-
	Intangible assets, net		62,380		48,834		11,001		2,545		-
	Other assets		6,092		644		5,054		394		9,459
Total Assets		$	3,936,912	$	2,048,602	$	1,325,050	$	563,260	$	88,944

Liabilities:
	Notes and mortgages payable, net	$	2,487,871	$	1,242,117	$	972,754	$	273,000	$	-
	Accounts payable and accrued expenses		54,675		21,782		23,775		9,118		63
	Intangible liabilities, net		27,674		16,006		10,994		674		-
	Other liabilities		6,427		1,994		4,430		3		-
Total Liabilities			2,576,647		1,281,899		1,011,953		282,795		63

Equity:
	Paramount Group, Inc. equity		931,432		691,275		153,487		86,670		6,956
	Noncontrolling interests		428,833		75,428		159,610		193,795		81,925
Total Equity			1,360,265		766,703		313,097		280,465		88,881

Total Liabilities and Equity		$	3,936,912	$	2,048,602	$	1,325,050	$	563,260	$	88,944

- 21 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2020
		Consolidated Joint Ventures										Consolidated Fund
		Total Consolidated										Residential
		Joint Ventures		1633 Broadway		One Market Plaza		300 Mission 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.

⁽¹⁾

- 22 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended December 31, 2021
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Development Fund
Total revenues		$	98,523		$	49,620		$	35,517		$	13,386		$	-
Total operating expenses			30,948			18,282			8,820			3,846			-
Net operating income ⁽¹⁾			67,575			31,338			26,697			9,540			-
Depreciation and amortization			(28,467	)		(14,028	)		(9,951	)		(4,488	)		-
Interest and other income (loss), net			28			(3	)		28			3			108
Interest and debt expense			(22,603	)		(9,808	)		(10,304	)		(2,491	)		-
Loss from unconsolidated joint ventures			-			-			-			-			(460	)
Net income (loss)		$	16,533		$	7,499		$	6,470		$	2,564		$	(352	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	10,708		$	6,742		$	3,170		$	796		$	(66	)
	Add: Management fee income		1,211			429			208			574			-
	PGRE's share of net income (loss)		11,919			7,171			3,378			1,370			(66	)
	Add: Real estate depreciation and amortization		18,894			12,623			4,877			1,394			-
	FFO ⁽¹⁾		30,813			19,794			8,255			2,764			(66	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			34
	Core FFO ⁽¹⁾	$	30,813		$	19,794		$	8,255		$	2,764		$	(32	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income (loss)	$	5,825		$	757		$	3,300		$	1,768		$	(286	)
	Less: Management fee expense		(1,211	)		(429	)		(208	)		(574	)		-
	Net income (loss) attributable to noncontrolling interests		4,614			328			3,092			1,194			(286	)
	Add: Real estate depreciation and amortization		9,573			1,405			5,074			3,094			7
	FFO ⁽¹⁾		14,187			1,733			8,166			4,288			(279	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			419
	Core FFO ⁽¹⁾	$	14,187		$	1,733		$	8,166		$	4,288		$	140

⁽¹⁾	See page 48 for our definition of this measure.

- 23 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

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

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

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

⁽¹⁾	Represents PGRESS Equity Holdings, LP.

⁽²⁾	See page 48 for our definition of these measures.

- 24 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Year Ended December 31, 2021
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Development Fund
Total revenues		$	394,977		$	191,740		$	144,202		$	59,035		$	-
Total operating expenses			122,615			70,949			37,085			14,581			-
Net operating income ⁽¹⁾			272,362			120,791			107,117			44,454			-
Depreciation and amortization			(116,922	)		(56,233	)		(41,161	)		(19,528	)		-
Interest and other income (loss), net			96			(23	)		112			7			435
Interest and debt expense			(89,405	)		(38,957	)		(40,885	)		(9,563	)		-
Income from unconsolidated joint ventures			-			-			-			-			2,678
Net income before income taxes			66,131			25,578			25,183			15,370			3,113
Income tax expense			(14	)		(12	)		(2	)		-			(2	)
Net income		$	66,117		$	25,566		$	25,181		$	15,370		$	3,111

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income	$	40,117		$	23,012		$	12,333		$	4,772		$	218
	Add: Management fee income		4,462			1,679			790			1,993			-
	PGRE's share of net income		44,579			24,691			13,123			6,765			218
	Add: Real estate depreciation and amortization		76,851			50,610			20,169			6,072			-
	FFO ⁽¹⁾		121,430			75,301			33,292			12,837			218
	Less: FFO attributable to One Steuart Lane		-			-			-			-			(215	)
	Core FFO ⁽¹⁾	$	121,430		$	75,301		$	33,292		$	12,837		$	3

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income	$	26,000		$	2,554		$	12,848		$	10,598		$	2,893
	Less: Management fee expense		(4,462	)		(1,679	)		(790	)		(1,993	)		-
	Net income attributable to noncontrolling interests		21,538			875			12,058			8,605			2,893
	Add: Real estate depreciation and amortization		40,071			5,623			20,992			13,456			11
	FFO ⁽¹⁾		61,609			6,498			33,050			22,061			2,904
	Less: FFO attributable to One Steuart Lane		-			-			-			-			(2,699	)
	Core FFO ⁽¹⁾	$	61,609		$	6,498		$	33,050		$	22,061		$	205

⁽¹⁾	See page 48 for our definition of this measure.

- 25 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

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

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

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

⁽¹⁾	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 December 31, 2020.

⁽²⁾	Represents PGRESS Equity Holdings, LP.

⁽³⁾	See page 48 for our definition of these measures.

- 26 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 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	$	2,246,152	$	212,155		$	644,991	$	368,202	$	216,073	$	804,731
	Cash and cash equivalents		84,672		19,150			27,727		14,684		3,334		19,777
	Restricted cash		132,238		13,488			-		-		3,518		115,232
	Accounts and other receivables		3,144		2,512			113		276		120		123
	Deferred rent receivable		28,939		18,130			5,428		2,274		2,908		199
	Deferred charges, net		12,304		9,399			1,196		366		1,343		-
	Intangible assets, net		58,590		-			26,671		16,396		4,157		11,366
	For-sale residential condominium units ⁽²⁾		359,638		-			-		-		-		359,638
	Other assets		2,259		189			543		191		110		1,226
Total Assets		$	2,927,936	$	275,023		$	706,669	$	402,389	$	231,563	$	1,312,292

Liabilities:
	Notes and mortgages payable, net	$	1,791,404	$	297,775		$	406,881	$	186,750	$	152,358	$	747,640
	Accounts payable and accrued expenses		52,813		5,615			11,471		4,841		5,115		25,771
	Intangible liabilities, net		18,397		-			5,179		11,033		2,185		-
	Other liabilities		8,284		291			6,380		138		226		1,249
Total Liabilities			1,870,898		303,681			429,911		202,762		159,884		774,660


Total Equity			1,057,038		(28,658	)		276,758		199,627		71,679		537,632

Total Liabilities and Equity		$	2,927,936	$	275,023		$	706,669	$	402,389	$	231,563	$	1,312,292

⁽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 December 31, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	103,706		$	10,121		$	14,578		$	8,461		$	3,686		$	66,860		⁽²⁾
Total operating expenses			66,870			5,782			7,032			3,440			1,838			48,778		⁽²⁾
Net operating income ⁽³⁾			36,836			4,339			7,546			5,021			1,848			18,082
Depreciation and amortization			(26,180	)		(2,656	)		(7,953	)		(4,818	)		(1,839	)		(8,914	)
Interest and other (loss) income, net			(28	)		(6	)		(7	)		(12	)		(4	)		1
Interest and debt expense			(18,358	)		(2,736	)		(3,428	)		(1,856	)		(1,608	)		(8,730	)
Net (loss) income		$	(7,730	)	$	(1,059	)	$	(3,842	)	$	(1,665	)	$	(1,603	)	$	439

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(4,785	)	$	(529	)	$	(2,576	)	$	(738	)	$	(784	)	$	(158	)
	Less: Step-up basis adjustment		(262	)		-			-			(3	)		-			(259	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		961			961			-			-			-			-
	PGRE's share of net (loss) income		(4,086	)		432			(2,576	)		(741	)		(784	)		(417	)
	Add: Real estate depreciation and amortization		10,167			1,328			5,328			2,124			902			485
	FFO ⁽³⁾		6,081			1,760			2,752			1,383			118			68
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(961	)		(961	)		-			-			-			-
	Less: FFO attributable to One Steuart Lane		453			-			-			-			-			453
	Core FFO⁽³⁾	$	5,573		$	799		$	2,752		$	1,383		$	118		$	521

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(2,945	)	$	(530	)	$	(1,266	)	$	(927	)	$	(819	)	$	597
	Add: Real estate depreciation and amortization		16,055			1,328			2,625			2,697			937			8,468
	FFO ⁽³⁾		13,110			798			1,359			1,770			118			9,065
	Less: FFO attributable to One Steuart Lane		434			-			-			-			-			434
	Core FFO⁽³⁾	$	13,544		$	798		$	1,359		$	1,770		$	118		$	9,499

⁽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 48 for our definition of these measures.

- 29 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

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

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

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

⁽¹⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.

⁽²⁾	See page 48 for our definition of these measures.

- 30 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Year Ended December 31, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	369,125		$	40,426		$	55,052		$	33,279		$	15,284		$	225,084		⁽²⁾
Total operating expenses			220,396			23,342			26,283			13,079			6,965			150,727		⁽²⁾
Net operating income ⁽³⁾			148,729			17,084			28,769			20,200			8,319			74,357
Depreciation and amortization			(107,079	)		(10,740	)		(32,806	)		(19,265	)		(7,450	)		(36,818	)
Interest and other loss, net			(111	)		(12	)		(44	)		(30	)		(14	)		(11	)
Interest and debt expense			(63,493	)		(10,830	)		(13,583	)		(7,426	)		(6,277	)		(25,377	)
Net (loss) income before income taxes			(21,954	)		(4,498	)		(17,664	)		(6,521	)		(5,422	)		12,151
Income tax expense			(32	)		-			(5	)		(22	)		(3	)		(2	)
Net (loss) income		$	(21,986	)	$	(4,498	)	$	(17,669	)	$	(6,543	)	$	(5,425	)	$	12,149

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(16,491	)	$	(2,249	)	$	(11,848	)	$	(2,902	)	$	(2,658	)	$	3,166
	Less: Step-up basis adjustment		(389	)		-			-			(10	)		-			(379	)
	Less: Adjustments to equity in earnings for (contributions to) distributions from an unconsolidated joint venture		(8,016	)		(8,016	)		-			-			-			-
	PGRE's share of net (loss) income		(24,896	)		(10,265	)		(11,848	)		(2,912	)		(2,658	)		2,787
	Add: Real estate depreciation and amortization		41,537			5,370			21,980			8,494			3,651			2,042
	FFO ⁽³⁾		16,641			(4,895	)		10,132			5,582			993			4,829
	Add: Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture		8,016			8,016			-			-			-			-
	Less: FFO attributable to One Steuart Lane		(2,914	)		-			-			-			-			(2,914	)
	Core FFO⁽³⁾	$	21,743		$	3,121		$	10,132		$	5,582		$	993		$	1,915

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(5,495	)	$	(2,249	)	$	(5,821	)	$	(3,641	)	$	(2,767	)	$	8,983
	Add: Real estate depreciation and amortization		65,711			5,370			10,826			10,781			3,799			34,935
	FFO ⁽³⁾		60,216			3,121			5,005			7,140			1,032			43,918
	Less: FFO attributable to One Steuart Lane		(5,819	)		-			-			-			-			(5,819	)
	Core FFO⁽³⁾	$	54,397		$	3,121		$	5,005		$	7,140		$	1,032		$	38,099

⁽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 48 for our definition of these measures.

- 31 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

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

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

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

⁽¹⁾	Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.

⁽²⁾	See page 48 for our definition of these measures.

- 32 -


		CAPITAL STRUCTURE

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

			As of December 31, 2021
Debt:
	Consolidated debt:
		Notes and mortgages payable ⁽¹⁾	$	3,858,000
		Revolving Credit Facility ⁽²⁾		-
				3,858,000
	Less:
		Noncontrolling interests' share of consolidated debt ⁽³⁾		(810,335	)
	Add:
		PGRE's share of unconsolidated joint venture debt ⁽⁴⁾		612,561
	PGRE's Share of Total Debt ⁽⁵⁾			3,660,226

		Shares / Units		Share Price as of
Equity:		Outstanding		December 31, 2021
	Common stock		218,991,795	$	8.34		1,826,392
	Operating Partnership units		21,740,404		8.34		181,315
	Total equity		240,732,199		8.34		2,007,707


Total Market Capitalization						$	5,667,933

⁽¹⁾	Represents contractual amounts due pursuant to the respective debt agreements.

⁽²⁾

On December 17, 2021, we refinanced our $1.0 billion revolving credit facility with a new $750,000 revolving credit facility that matures in March 2026 and has two six-month extension options.

⁽³⁾	Represents noncontrolling interests’ share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street.

⁽⁴⁾	Represents our share of debt of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 60 Wall Street and Oder-Center, Germany.

⁽⁵⁾	See page 48 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		860,000			2.96	%		500,000			2.46	%		360,000			3.67	%
	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 ⁽¹⁾		-			-			-			-			-			-
Total consolidated debt			3,858,000			3.40	%		3,498,000			3.37	%		360,000			3.67	%
Noncontrolling interests' share			(810,335	)		3.78	%		(810,335	)		3.78	%		-			-
PGRE's share of consolidated debt		$	3,047,665			3.30	%	$	2,687,665			3.25	%	$	360,000			3.67	%

Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		409,671			3.04	%		402,000			3.07	%		7,671			1.60	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		153,092			3.65	%		-			-			153,092			3.65	%
	60 Wall Street		575,000			2.56	%		-			-			575,000			2.56	%
	Oder-Center, Germany		16,731			4.62	%		16,731			4.62	%		-			-
Total unconsolidated debt			1,641,994			3.10	%		906,231			3.37	%		735,763			2.78	%
Joint venture partners' share			(1,029,433	)		2.99	%		(402,633	)		3.46	%		(626,800	)		2.69	%
PGRE's share of unconsolidated debt		$	612,561			3.30	%	$	503,598			3.30	%	$	108,963			3.27	%

PGRE's share of Total Debt ⁽²⁾		$	3,660,226			3.30	%	$	3,191,263			3.26	%	$	468,963			3.57	%

Revolving Credit Facility Covenants: ⁽³⁾		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		44.1	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		44.1	%		Consolidated fixed rate debt	$	2,687,665
	Fixed Charge Coverage	Greater than 1.5x	3.38x				Unconsolidated fixed rate debt		503,598
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,191,263		87.2	%
	Unencumbered Interest Coverage	Greater than 1.75x	36.33x			Variable rate debt:
							Consolidated variable rate debt		360,000
							Unconsolidated variable rate debt		108,963
							PGRE's share of variable rate debt		468,963		12.8	%
							PGRE's share of Total Debt ⁽³⁾	$	3,660,226		100.0	%

⁽¹⁾

The interest rate on the new $750,000 revolving credit facility is 115 basis points over the secured overnight financing rate ("SOFR") with adjustments based on the term of advances, plus a facility fee of 20 basis points. The facility also features a sustainability-linked pricing component such that if we meet certain sustainability performance targets, the applicable per annum interest rate will be reduced by one basis point.

⁽²⁾	See page 48 for our definition of this measure.

⁽³⁾

This section presents ratios as of December 31, 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:		2022				2023			2024			2025			2026			Thereafter			Total
	300 Mission Street	$	-			$	273,000		$	-		$	-		$	-		$	-		$	273,000
	One Market Plaza		-				-			975,000			-			-			-			975,000
	31 West 52nd Street		-				-			-			-			500,000			-			500,000
	1301 Avenue of the Americas		-				-			-			-			860,000			-			860,000
	1633 Broadway		-				-			-			-			-			1,250,000			1,250,000
	Revolving Credit Facility ⁽¹⁾		-				-			-			-			-			-			-
Total consolidated debt			-				273,000			975,000			-			1,360,000			1,250,000			3,858,000
Noncontrolling interests' share			-				(188,097	)		(497,250	)		-			-			(124,988	)		(810,335	)
PGRE's share of consolidated debt		$	-			$	84,903		$	477,750		$	-		$	1,360,000		$	1,125,012		$	3,047,665


Unconsolidated Joint Venture Debt:
	60 Wall Street	$	575,000		⁽²⁾	$	-		$	-		$	-		$	-		$	-		$	575,000
	Oder-Center, Germany		16,731				-			-			-			-			-			16,731
	111 Sutter Street		-				153,092			-			-			-			-			153,092
	Market Center		-				-			-			409,671			-			-			409,671
	55 Second Street		-				-			-			-			187,500			-			187,500
	712 Fifth Avenue		-				-			-			-			-			300,000			300,000
Total unconsolidated debt			591,731				153,092			-			409,671			187,500			300,000			1,641,994
Joint venture partners' share			(561,334	)			(78,077	)		-			(135,191	)		(104,831	)		(150,000	)		(1,029,433	)
PGRE's share of unconsolidated debt		$	30,397			$	75,015		$	-		$	274,480		$	82,669		$	150,000		$	612,561



PGRE's Share of Total Debt ⁽³⁾		$	30,397			$	159,918		$	477,750		$	274,480		$	1,442,669		$	1,275,012		$	3,660,226

Weighted average rate			2.67	%			3.65	%		4.03	%		3.04	%		3.31	%		3.04	%		3.30	%

% of debt maturing			0.8	%			4.4	%		13.1	%		7.5	%		39.4	%		34.8	%		100.0	%

(1)	The $750,000 revolving credit facility matures in March 2026 and has two six-month extension options.

(2)	On February 15, 2022, the maturity date of the loan was extended to February 15, 2023.

(3)	See page 48 for our definition of this measure.

- 35 -




		PORTFOLIO SUMMARY – NEW YORK

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

		Paramount			%			%			Annualized Rent ⁽¹⁾
Property		Ownership			Leased ⁽¹⁾			Occupied ⁽¹⁾			Amount		Per Square Foot ⁽²⁾			Square Feet		Key Tenants
1633 Broadway
	Office		90.0	%		100.0	%		100.0	%	$	176,645	$	77.99			2,272,771	Allianz, Morgan Stanley, Warner Music Group, Showtime Networks,
																		Bleacher Report, New Mountain Capital, MongoDB, ICBC,
																		Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		81.2	%		81.2	%		12,898		126.33			226,334	Gershwin Theatre, Thespian Theatre, Equinox
			90.0	%		98.3	%		98.3	%		189,543		78.78			2,499,105

1301 Avenue of the Americas
	Office		100.0	%		84.2	%		74.4	%		107,091		85.78			1,704,343	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																		Swiss Re, Oaktree Capital, ArentFox Schiff
	Retail / Amenity		100.0	%		86.8	%		86.8	%		2,553		184.26			41,666	Ocean Prime, Starbucks
			100.0	%		84.3	%		74.7	%		109,644		86.78			1,746,009

1325 Avenue of the Americas
	Office		100.0	%		93.3	%		88.5	%		46,526		66.58			795,158	McGraw Hill, Olshan Frome Wolosky, Hilton Worldwide, Evercore
	Retail		100.0	%		100.0	%		82.9	%		1,140		86.17			15,609	La Grande Boucherie
			100.0	%		93.4	%		88.4	%		47,666		66.91			810,767

31 West 52nd Street
	Office		100.0	%		92.1	%		88.4	%		59,817		91.38			740,691	Clifford Chance, Pillsbury Winthrop Shaw Pittman, Centerview Partners,
																		Bracewell, Providence Equity Partners
	Retail		100.0	%		97.8	%		97.8	%		4,988		118.72			25,913	Fogo De Chao, Museum of Modern Art
			100.0	%		92.3	%		88.8	%		64,805		92.40			766,604

900 Third Avenue
	Office		100.0	%		79.2	%		79.2	%		31,458		69.12			574,896	Goldman Sachs, Shiseido, Tannenbaum Helpern Syracuse & Hirschtritt,
																		Littler Mendelson
	Retail		100.0	%		79.4	%		79.4	%		1,297		97.31			16,598	Bank of America
			100.0	%		79.2	%		79.2	%		32,755		69.91			591,494

712 Fifth Avenue
	Office		50.0	%		80.9	%		80.3	%		42,803		116.39			457,580	CVC Advisors, Aberdeen Standard Investments, OMI Management,
																		Riverstone Holdings, Pictet Asset Management
	Retail		50.0	%		20.9	%		-			-		-			85,917	Harry Winston
			50.0	%		71.4	%		67.6	%		42,803		116.39			543,497

60 Wall Street
	Office		5.0	%		100.0	%		100.0	%		73,600		45.28	⁽³⁾		1,625,483	Deutsche Bank

	Subtotal / Weighted average					91.8	%		88.8	%		560,816		82.34	⁽⁴⁾		8,582,959
	PGRE's share					90.4	%		86.6	%		450,549		81.32	⁽⁴⁾		6,517,279

⁽¹⁾	See page 48 for our definition of this measure.

⁽²⁾	Represents office and retail space only.

⁽³⁾	Represents “triple-net” rent.

⁽⁴⁾	Excludes 60 Wall Street.

- 36 -




		PORTFOLIO SUMMARY – SAN FRANCISCO

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

		Paramount			%			%			Annualized Rent ⁽¹⁾
Property		Ownership			Leased ⁽¹⁾			Occupied ⁽¹⁾			Amount		Per Square Foot ⁽²⁾			Square Feet		Key Tenants
One Market Plaza
	Office		49.0	%		95.8	%		95.0	%	$	149,045	$	101.57			1,545,532	Google, Morgan Lewis & Bockius, VISA, The Capital Group, Autodesk,
																		Citigroup, Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		67.3	%		67.3	%		2,636		55.53			59,372	Starbucks, STK Steak House, One Market Restaurant
			49.0	%		94.7	%		94.0	%		151,681		100.49			1,604,904

Market Center
	Office		67.0	%		84.4	%		84.4	%		55,558		89.33			737,443	Uber, Mindspace, Crowe, Mayer Brown, Bank of Communications,
																		Raymond James, Bank of San Francisco
	Retail		67.0	%		65.1	%		65.1	%		594		106.25			6,260	Amazon
			67.0	%		84.2	%		84.2	%		56,152		89.44			743,703

300 Mission Street
	Office		31.1	%		95.2	%		95.2	%		51,588		89.08			610,176	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.8	%		88.8	%		2,880		63.69			50,528	Equinox
			31.1	%		94.7	%		94.7	%		54,468		87.30			660,704

One Front Street
	Office		100.0	%		97.2	%		95.6	%		51,777		85.73			631,918	First Republic, Coinbase, JLL, Cigna
	Retail		100.0	%		92.0	%		92.0	%		1,080		88.28			13,005	First Republic
			100.0	%		97.1	%		95.6	%		52,857		85.78			644,923

55 Second Street
	Office		44.1	%		96.2	%		96.2	%		28,550		80.62			369,189	KPMG, Intercom, Rippling, UKG
	Retail		44.1	%		100.0	%		100.0	%		873		106.42			7,480	Sutter West Bay Medical, Bluestone Lane
			44.1	%		96.3	%		96.3	%		29,423		81.15			376,669

111 Sutter Street
	Office		49.0	%		61.5	%		61.5	%		12,642		83.94			248,570	TURO, Natural Resource Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,738		68.70			29,247	24 Hour Fitness USA, LLC,
			49.0	%		64.2	%		64.2	%		14,380		81.75			277,817

	Subtotal / Weighted average					91.4	%		90.9	%		358,961		91.67			4,308,720
	PGRE's share					91.6	%		91.0	%		201,764		91.02			2,437,327

Total / Weighted average						91.6	%		89.5	%	$	919,777	$	86.10	⁽³⁾		12,891,679
PGRE's share						90.7	%		87.8	%	$	652,313	$	84.15	⁽³⁾		8,954,606

⁽¹⁾	See page 48 for our definition of this measure.

⁽²⁾	Represents office and retail space only.

⁽³⁾	Excludes 60 Wall Street.

- 37 -


		SAME STORE LEASED OCCUPANCY

(unaudited)

				As of December 31, 2021						As of September 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	%		84.3	%		84.3	%		-	%
1325 Avenue of the Americas		100.0	%		93.4	%		93.4	%		90.3	%		90.3	%		3.1	%
31 West 52nd Street		100.0	%		92.3	%		92.3	%		92.3	%		92.3	%		-	%
900 Third Avenue		100.0	%		79.2	%		79.2	%		78.3	%		78.3	%		0.9	%
712 Fifth Avenue		50.0	%		71.4	%		71.4	%		70.9	%		70.9	%		0.5	%
60 Wall Street		5.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
Weighted average					91.8	%		91.8	%		91.4	%		91.4	%		0.4	%
PGRE's share					90.4	%		90.4	%		89.9	%		89.9	%		0.5	%

San Francisco:
One Market Plaza		49.0	%		94.7	%		94.7	%		94.0	%		94.0	%		0.7	%
Market Center		67.0	%		84.2	%		84.2	%		84.2	%		84.2	%		-	%
300 Mission Street		31.1	%		94.7	%		94.7	%		94.7	%		94.7	%		-	%
One Front Street		100.0	%		97.1	%		97.1	%		97.1	%		97.1	%		-	%
55 Second Street		44.1	%		96.3	%		96.3	%		96.3	%		96.3	%		-	%
111 Sutter Street		49.0	%		64.2	%		64.2	%		64.2	%		64.2	%		-	%
Weighted average					91.4	%		91.4	%		91.2	%		91.2	%		0.2	%
PGRE's share					91.6	%		91.6	%		91.4	%		91.4	%		0.2	%

Weighted average					91.6	%		91.6	%		91.3	%		91.3	%		0.3	%
PGRE's share					90.7	%		90.7	%		90.3	%		90.3	%		0.4	%

⁽¹⁾	See page 48 for our definition of this measure.

- 38 -


		SAME STORE LEASED OCCUPANCY

(unaudited)

				As of December 31, 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	%		93.4	%		93.4	%		91.8	%		91.8	%		1.6	%
31 West 52nd Street		100.0	%		92.3	%		92.3	%		99.3	%		99.3	%		(7.0	%)
900 Third Avenue		100.0	%		79.2	%		79.2	%		80.6	%		80.6	%		(1.4	%)
712 Fifth Avenue		50.0	%		71.4	%		71.4	%		70.8	%		70.8	%		0.6	%
60 Wall Street		5.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
Weighted average					91.8	%		91.8	%		95.3	%		95.3	%		(3.5	%)
PGRE's share					90.4	%		90.4	%		95.1	%		95.1	%		(4.7	%)

San Francisco:
One Market Plaza		49.0	%		94.7	%		94.7	%		97.5	%		97.5	%		(2.8	%)
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					91.4	%		91.4	%		95.6	%		95.6	%		(4.2	%)
PGRE's share					91.6	%		91.6	%		95.7	%		95.7	%		(4.1	%)

Weighted average					91.6	%		91.6	%		95.4	%		95.4	%		(3.8	%)
PGRE's share					90.7	%		90.7	%		95.2	%		95.2	%		(4.5	%)

⁽¹⁾	See page 48 for our definition of this measure.

- 39 -



		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 December 31, 2021
	First Republic Bank		One Front Street	Jun-2025	⁽³⁾		349,304	⁽³⁾		349,304	⁽³⁾	$	30,028	$	85.72		4.6	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024			328,543			328,543			28,912		87.99		4.4	%
	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	⁽⁴⁾		305,132	⁽⁴⁾		305,132	⁽⁴⁾		27,495		89.25		4.2	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Sep-2034	⁽⁵⁾		290,875	⁽⁵⁾		290,875	⁽⁵⁾		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			14,195		90.24		2.2	%

		PGRE's Share of
		Square Feet		% of Occupied			Annualized		% of
Industry Diversification:		Occupied		Square Feet			Rent ⁽¹⁾		Annualized Rent
As of December 31, 2021
	Legal Services		1,806,230		23.0	%	$	152,516		23.4	%
	Technology and Media		1,718,073		21.9	%		137,238		21.0	%
	Financial Services - Commercial and Investment Banking		1,360,370		17.3	%		111,025		17.0	%
	Financial Services, all others		1,106,517		14.1	%		101,899		15.6	%
	Insurance		435,586		5.5	%		40,682		6.2	%
	Retail		141,243		1.8	%		14,182		2.2	%
	Travel & Leisure		192,856		2.4	%		13,748		2.1	%
	Real Estate		132,065		1.7	%		11,556		1.8	%
	Other Professional Services		124,168		1.6	%		10,476		1.6	%
	Other		845,522		10.7	%		58,991		9.1	%

⁽¹⁾	See page 48 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⁾	Excludes 159,308 square feet leased through April 30, 2035 for which we have not commenced rental revenue in accordance with GAAP.

⁽⁵⁾	111,589 of the square feet leased expires on March 31, 2032.

- 40 -


		LEASING ACTIVITY ⁽¹⁾

(unaudited)

	Total			New York			San Francisco

Three Months Ended December 31, 2021

Total square feet leased		206,952			70,518			136,434

PGRE's share of total square feet leased:		128,842			64,900			63,942
Initial rent ⁽²⁾	$	89.37		$	69.05		$	110.00
Weighted average lease term (in years)		8.2			5.5			10.9
Tenant improvements and leasing commissions:
Per square foot	$	97.87		$	65.39		$	130.84
Per square foot per annum	$	11.93		$	11.86		$	11.97
Percentage of initial rent		13.4	%		17.2	%		10.9	%
Rent concessions:
Average free rent period (in months)		8.4			5.0			11.8
Average free rent period per annum (in months)		1.0			0.9			1.1

Second generation space: ⁽²⁾
Square feet		67,973			9,581			58,392
Cash basis:
Initial rent ⁽²⁾	$	105.41		$	77.43		$	110.00
Prior escalated rent ⁽²⁾	$	95.82		$	80.00		$	98.42
Percentage increase (decrease)		10.0	%		(3.2	%)		11.8	%
GAAP basis:
Straight-line rent ⁽²⁾	$	109.51		$	69.03		$	116.15
Prior straight-line rent ⁽²⁾	$	92.25		$	73.53		$	95.32
Percentage increase (decrease)		18.7	%		(6.1	%)		21.9	%

⁽¹⁾	The leasing statistics, except for square feet leased, represent office space only.

⁽²⁾	See page 48 for our definition of this measure.

- 41 -


		LEASING ACTIVITY ⁽¹⁾

(unaudited)

	Total			New York					San Francisco

Year Ended December 31, 2021

Total square feet leased		1,016,900			779,164		⁽²	⁾		237,736

PGRE's share of total square feet leased:		660,205			544,503					115,702
Initial rent ⁽³⁾	$	76.33		$	71.37				$	99.70
Weighted average lease term (in years)		9.4			9.7					8.0
Tenant improvements and leasing commissions:
Per square foot	$	106.62		$	111.16				$	85.26
Per square foot per annum	$	11.36		$	11.49				$	10.62
Percentage of initial rent		14.9	%		16.1	%				10.6	%
Rent concessions:
Average free rent period (in months)		10.7			11.3					8.0
Average free rent period per annum (in months)		1.1			1.2					1.0

Second generation space: ⁽³⁾
Square feet		543,869			445,583					98,286
Cash basis:
Initial rent ⁽³⁾	$	77.93		$	72.75				$	101.42
Prior escalated rent ⁽³⁾	$	77.12		$	72.66				$	97.32
Percentage increase		1.1	%		0.1	%				4.2	%
GAAP basis:
Straight-line rent ⁽³⁾	$	75.85		$	69.25				$	105.81
Prior straight-line rent ⁽³⁾	$	73.16		$	68.08				$	96.22
Percentage increase		3.7	%		1.7	%				10.0	%

⁽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 48 for our definition of this measure.

- 42 -



		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		$	880	$	59.03		0.1	%

	1Q 2022		186,079			93,335			8,518		92.46		1.3	%
	2Q 2022		1,710,243	⁽⁴⁾		132,562	⁽⁴⁾		7,803		58.47		1.2	%
	3Q 2022		50,111			30,902			2,585		82.74		0.4	%
	4Q 2022		61,028			34,029			3,660		107.61		0.5	%
	Total 2022		2,007,461			290,828			22,566		77.56		3.4	%
	2023		912,381			756,608			61,624		81.66		9.1	%
	2024		822,557			720,602			61,086		84.83		9.1	%
	2025		1,386,205			875,683			75,256		85.91		11.1	%
	2026		1,456,374			1,017,539			87,872		84.18		13.0	%
	2027		280,656			208,144			17,868		85.80		2.6	%
	2028		257,999			209,818			16,998		81.13		2.5	%
	2029		560,528			486,740			38,344		79.23		5.7	%
	2030		607,964			511,483			45,163		88.34		6.7	%
	2031		589,669			522,275			49,759		92.06		7.4	%
	Thereafter		2,917,987			2,514,351			197,740		82.42		29.3	%

⁽¹⁾

See page 48 for our definition of this measure.

⁽²⁾

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

⁽³⁾

Represents office and retail space only.

⁽⁴⁾

Includes 1,625,483 square feet (81,432 square feet at our share) leased by Deutsche Bank at 60 Wall Street (our 5.0% owned unconsolidated joint venture) that expires in June 2022. The joint venture will take the property “out-of-service” for redevelopment upon the expiration of the lease.

- 43 -


		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	%

	1Q 2022		59,317			48,548			5,069		106.39		1.1	%
	2Q 2022		1,645,065	⁽⁴⁾		99,863	⁽⁴⁾		5,002		49.68		1.1	%
	3Q 2022		10,642			7,091			582		80.09		0.1	%
	4Q 2022		25,245			14,302			1,442		100.84		0.3	%
	Total 2022		1,740,269			169,804			12,095		71.29		2.6	%
	2023		533,802			513,848			39,270		76.74		8.3	%
	2024		601,370			579,624			48,272		83.39		10.2	%
	2025		301,783			244,552			21,791		89.07		4.6	%
	2026		727,881			669,331			54,086		77.53		11.5	%
	2027		160,430			146,984			11,900		80.96		2.5	%
	2028		143,690			123,656			9,619		77.79		2.1	%
	2029		496,253			453,509			35,619		79.02		7.5	%
	2030		403,756			393,040			33,684		85.75		7.2	%
	2031		496,270			452,783			43,534		92.40		9.2	%
	Thereafter		2,264,759			2,139,909			161,430		79.62		34.2	%

⁽¹⁾

See page 48 for our definition of this measure.

⁽²⁾

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

⁽³⁾

Represents office and retail space only.

⁽⁴⁾

- 44 -


		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	$	312	$	43.14		0.2	%

	1Q 2022		126,762		44,787		3,449		77.01		1.7	%
	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		35,783		19,727		2,218		112.53		1.1	%
	Total 2022		267,192		121,024		10,471		86.46		5.2	%
	2023		378,579		242,760		22,354		91.97		11.0	%
	2024		221,187		140,978		12,814		90.78		6.3	%
	2025		1,084,422		631,131		53,465		84.68		26.3	%
	2026		728,493		348,208		33,786		96.81		16.6	%
	2027		120,226		61,160		5,968		97.48		2.9	%
	2028		114,309		86,162		7,379		85.98		3.6	%
	2029		64,275		33,231		2,725		81.99		1.3	%
	2030		204,208		118,443		11,479		96.92		5.6	%
	2031		93,399		69,492		6,225		89.84		3.1	%
	Thereafter		653,228		374,442		36,310		97.00		17.9	%

⁽¹⁾	See page 48 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.

- 45 -

CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Three Months Ended December 31, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	9,147	$	6,624	$	2,464	$	59
Second generation tenant improvements		12,565		5,556		7,009		-
Second generation leasing commissions		5,564		1,360		4,204		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	27,276	$	13,540	$	13,677	$	59

Redevelopment Expenditures: ⁽¹⁾
Gershwin facade replacement	$	2,026	$	2,026	$	-	$	-
Elevator modernizations		1,963		1,945		18		-
Lobby renovations		489		486		3		-
Other		10,331		10,325		6		-
Total Redevelopment Expenditures	$	14,809	$	14,782	$	27	$	-


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

Redevelopment Expenditures: ⁽¹⁾
Lobby renovations	$	3,278	$	2,306	$	972	$	-
Elevator modernizations		1,300		890		410		-
Other		834		400		434		-
Total Redevelopment Expenditures	$	5,412	$	3,596	$	1,816	$	-

⁽¹⁾	See page 48 for our definition of this measure.

- 46 -

CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Year Ended December 31, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	21,634	$	13,548	$	7,975	$	111
Second generation tenant improvements		42,811		8,912		33,899		-
Second generation leasing commissions		19,138		12,589		6,549		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	83,583	$	35,049	$	48,423	$	111

Redevelopment Expenditures: ⁽¹⁾
Elevator modernizations	$	12,892	$	9,768	$	3,124	$	-
Gershwin facade replacement		11,944		11,944		-		-
Lobby renovations		5,973		4,131		1,842		-
Other		13,953		13,824		129		-
Total Redevelopment Expenditures	$	44,762	$	39,667	$	5,095	$	-


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

Redevelopment Expenditures: ⁽¹⁾
Lobby renovations	$	9,851	$	5,007	$	4,844	$	-
Elevator modernizations		4,914		1,994		2,920		-
Other		2,832		1,441		1,391		-
Total Redevelopment Expenditures	$	17,597	$	8,442	$	9,155	$	-

⁽¹⁾	See page 48 for our definition of this measure.

- 47 -


		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.

- 48 -


		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.

- 49 -