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.

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TABLE OF CONTENTS

		Page
Company Profile		4

Research Coverage		5

Selected Financial Information
	Guidance	6
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations ("FFO")	11
	Funds Available for Distribution ("FAD")	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")	13
	Net Operating Income ("NOI")	14 - 15
	Same Store Results	16 - 17
	Consolidated Joint Ventures and Fund	18 - 21
	Unconsolidated Joint Ventures	22 - 25
	Capital Structure	26
	Debt Analysis	27
	Debt Maturities	28

Selected Property Data
	Portfolio Summary	29 - 30
	Same Store Leased Occupancy	31
	Top Tenants and Industry Diversification	32
	Leasing Activity	33
	Lease Expirations	34 - 36
	Cash Basis Capital Expenditures	37


Definitions		38 - 39

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		COMPANY PROFILE

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

MANAGEMENT

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

BOARD OF DIRECTORS

Albert Behler		Director, Chairman of the Board
Thomas Armbrust		Director
Martin Bussmann		Director
Colin Dyer		Director
Karin Klein		Director
Peter Linneman		Director, Chair of Audit Committee
Katharina Otto-Bernstein		Director
Mark Patterson		Director, Lead Independent Director, Chair of Nominating and Corporate Governance Committee
Greg Wright		Director, Chair of Compensation Committee

COMPANY INFORMATION

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

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		RESEARCH COVERAGE ⁽¹⁾

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

Steve Sakwa	Daniel Ismail	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.

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		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	$	(0.05	)	$	(0.01	)
			Our share of real estate depreciation and amortization		0.98			0.98
			Estimated Core FFO ⁽¹⁾⁽²⁾	$	0.93		$	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		$	(12,000	)	$	(1,000	)
			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		137,000			135,000
			Fee income, net of income taxes		(29,000	)		(30,000	)
		NOI ⁽²⁾			391,000			397,000
			Straight-line rent adjustments and above and below-market lease revenue, net		(14,000	)		(15,000	)
		Cash NOI ⁽²⁾		$	377,000		$	382,000

⁽¹⁾		We are raising 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 April 27, 2022 and otherwise to be referenced during our conference call scheduled for April 28, 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 38 for our definition of this measure.

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		FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

			Three Months Ended
SELECTED FINANCIAL DATA			March 31, 2022		March 31, 2021			December 31, 2021
	Net income (loss) attributable to common stockholders		$	3,371	$	(3,578	)	$	1,222
	Per share - basic and diluted		$	0.02	$	(0.02	)	$	0.01

	Core FFO attributable to common stockholders⁽¹⁾		$	54,578	$	50,572		$	52,806
		Per share - diluted	$	0.25	$	0.23		$	0.24

	PGRE's share of Cash NOI ⁽¹⁾		$	96,218	$	89,443		$	98,331
	PGRE's share of NOI ⁽¹⁾		$	95,948	$	95,564		$	96,526

Same Store Cash NOI ⁽¹⁾	% Change				Same Store NOI ⁽¹⁾	% Change
Three Months Ended March 31, 2022 vs. March 31, 2021		3.9	%		Three Months Ended March 31, 2022 vs. March 31, 2021		(2.7	%)

PORTFOLIO STATISTICS (at PGRE Share)

	As of
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Leased % ⁽¹⁾		90.6	%		90.7	%		90.3	%		88.0	%		88.6	%

Same Store Leased % ⁽¹⁾	% Change				Same Store Leased % ⁽¹⁾	% Change
March 31, 2022 vs. December 31, 2021		(0.1	%)		March 31, 2022 vs. March 31, 2021		2.0	%

COMMON SHARE DATA

		Three Months Ended
Share Price:		March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
	High	$	11.54		$	9.53		$	10.32		$	11.65		$	10.56
	Low	$	8.22		$	7.79		$	8.35		$	9.86		$	8.51
	Closing (end of period)	$	10.91		$	8.34		$	8.99		$	10.07		$	10.13

Dividends per common share		$	0.0775		$	0.07		$	0.07		$	0.07		$	0.07
Annualized dividends per common share		$	0.31		$	0.28		$	0.28		$	0.28		$	0.28
Dividend yield (on closing share price)			2.8	%		3.4	%		3.1	%		2.8	%		2.8	%

⁽¹⁾

See page 38 for our definition of this measure.

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		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			March 31, 2022			December 31, 2021
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,080,289			6,061,824
				8,046,526			8,028,061
		Accumulated depreciation and amortization		(1,152,264	)		(1,112,977	)
	Real estate, net			6,894,262			6,915,084
	Cash and cash equivalents			461,995			524,900
	Restricted cash			6,331			4,766
	Investments in unconsolidated joint ventures			423,219			408,096
	Investments in unconsolidated real estate funds			11,573			11,421
	Accounts and other receivables			11,678			15,582
	Due from affiliates			49,316			-
	Deferred rent receivable			330,944			332,735
	Deferred charges, net			120,557			122,177
	Intangible assets, net			112,108			119,413
	Other assets			76,599			40,388
Total assets			$	8,498,582		$	8,494,562

Liabilities:
	Notes and mortgages payable, net		$	3,836,794		$	3,835,620
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			111,171			116,192
	Dividends and distributions payable			18,777			16,895
	Intangible liabilities, net			43,196			45,328
	Other liabilities			25,621			25,495
Total liabilities				4,035,559			4,039,530

Equity:
	Paramount Group, Inc. equity			3,598,001			3,588,163
	Noncontrolling interests in:
		Consolidated joint ventures		417,577			428,833
		Consolidated real estate fund		80,909			81,925
		Operating Partnership		366,536			356,111
Total equity				4,463,023			4,455,032

Total liabilities and equity			$	8,498,582		$	8,494,562

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		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended
		March 31, 2022			March 31, 2021			December 31, 2021
Revenues:
	Rental revenue ⁽¹⁾	$	169,922		$	173,146		$	171,793
	Fee and other income ⁽¹⁾		13,763			8,020			12,427
Total revenues			183,685			181,166			184,220

Expenses:
	Operating		66,661			66,618			67,617
	Depreciation and amortization		55,624			58,305			56,735
	General and administrative		15,645			14,364			13,093
	Transaction related costs		117			281			413
Total expenses			138,047			139,568			137,858

Other income (expense):
	Loss from unconsolidated joint ventures		(5,113	)		(5,316	)		(4,086	)
	Income from unconsolidated real estate funds		170			180			178
	Interest and other income, net ⁽¹⁾		231			1,302			507
	Interest and debt expense ⁽¹⁾		(34,277	)		(34,739	)		(36,095	)
Net income before income taxes			6,649			3,025			6,866
	Income tax expense		(527	)		(1,141	)		(1,195	)
Net income			6,122			1,884			5,671
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(3,425	)		(5,728	)		(4,614	)
	Consolidated real estate fund		1,016			(85	)		286
	Operating Partnership		(342	)		351			(121	)
Net income (loss) attributable to common stockholders		$	3,371		$	(3,578	)	$	1,222
	Per diluted share	$	0.02		$	(0.02	)	$	0.01

⁽¹⁾	See page 10 for details.

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		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended
Rental Revenue:		March 31, 2022			March 31, 2021		December 31, 2021
	Property rentals	$	156,922		$	152,926	$	162,622
	Tenant reimbursements		12,532			12,069		13,866
	Straight-line rent adjustments		(1,789	)		7,282		(5,430	)
	Amortization of above and below-market leases, net		358			855		735
	Lease termination income		1,899			14		-
Total rental revenue		$	169,922		$	173,146	$	171,793

			Three Months Ended
Fee and Other Income:			March 31, 2022		March 31, 2021		December 31, 2021
	Asset management		$	2,885	$	3,486	$	3,109
	Property management			2,219		2,196		2,132
	Acquisition, disposition, leasing and other			6,884		988		3,800
	Total fee income			11,988		6,670		9,041
	Other (primarily parking income and tenant requested services,
		including cleaning and overtime heating and cooling)		1,775		1,350		3,386
Total fee and other income			$	13,763	$	8,020	$	12,427

			Three Months Ended
Interest and Other Income, net:			March 31, 2022		March 31, 2021		December 31, 2021
	Interest income, net		$	231	$	390	$	175
	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) ⁽¹⁾		-		912		332
Total interest and other income, net			$	231	$	1,302	$	507

⁽¹⁾

In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants.

		Three Months Ended
Interest and Debt Expense:		March 31, 2022		March 31, 2021		December 31, 2021
	Interest expense	$	32,739	$	32,420	$	34,274
	Amortization of deferred financing costs		1,538		2,319		1,821
Total interest and debt expense		$	34,277	$	34,739	$	36,095

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		FFO

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

			Three Months Ended
			March 31, 2022			March 31, 2021			December 31, 2021
Reconciliation of net income to FFO and Core FFO:
	Net income		$	6,122		$	1,884		$	5,671
	Real estate depreciation and amortization (including our share
		of unconsolidated joint ventures)		65,825			69,141			66,902
	FFO ⁽¹⁾			71,947			71,025			72,573
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(12,515	)		(15,074	)		(14,187	)
		Consolidated real estate fund		1,009			(85	)		279
	FFO attributable to Paramount Group Operating Partnership			60,441			55,866			58,665
	Less FFO attributable to noncontrolling interests in Operating Partnership			(5,568	)		(4,992	)		(5,302	)
	FFO attributable to common stockholders⁽¹⁾		$	54,873		$	50,874		$	53,363
	Per diluted share		$	0.25		$	0.23		$	0.24

	FFO		$	71,947		$	71,025		$	72,573
	Non-core items:
		Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(583	)		(577	)		(961	)
		Consolidated real estate fund's share of after-tax net gain on sale of residential condominium units (One Steuart Lane)		(662	)		-			(2,541	)
		Other, net		2,088			246			3,308
	Core FFO ⁽¹⁾			72,790			70,694			72,379
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(12,515	)		(15,074	)		(14,187	)
		Consolidated real estate fund		(159	)		(85	)		(140	)
	Core FFO attributable to Paramount Group Operating Partnership			60,116			55,535			58,052
	Less Core FFO attributable to noncontrolling interests in Operating Partnership			(5,538	)		(4,963	)		(5,246	)
	Core FFO attributable to common stockholders ⁽¹⁾		$	54,578		$	50,572		$	52,806
	Per diluted share		$	0.25		$	0.23		$	0.24
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			218,782,296			218,666,005			218,735,532
	Effect of dilutive securities			57,798			50,920			62,312
	Denominator for FFO and Core FFO per diluted share			218,840,094			218,716,925			218,797,844

⁽¹⁾	See page 38 for our definition of this measure.

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		FAD

(unaudited and in thousands)

				Three Months Ended
				March 31, 2022			March 31, 2021			December 31, 2021
Reconciliation of Core FFO to FAD:
	Core FFO			$	72,790		$	70,694		$	72,379
	Add (subtract) adjustments to arrive at FAD:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		1,658			(8,102	)		4,817
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,197	)		(1,803	)		(1,617	)
		Amortization of deferred financing costs (including our share
			of unconsolidated joint ventures)		1,949			2,642			2,255
		Amortization of stock-based compensation expense			6,562			5,486			4,191
		Expenditures to maintain assets			(4,445	)		(1,956	)		(9,147	)
		Second generation tenant improvements and leasing commissions			(14,057	)		(8,241	)		(18,129	)
	FAD ⁽²⁾				63,260			58,720			54,749
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(11,851	)		(6,890	)		(11,726	)
		Consolidated real estate fund			(243	)		(85	)		(242	)
	FAD attributable to Paramount Group Operating Partnership				51,166			51,745			42,781
	Less FAD attributable to noncontrolling interests in Operating Partnership				(4,714	)		(4,624	)		(3,866	)
	FAD attributable to common stockholders ^{(1) (2)}			$	46,452		$	47,121		$	38,915

	Dividends declared on common stock			$	16,978		$	15,327		$	15,329

⁽¹⁾	See page 38 for our definition of this measure.

⁽²⁾

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

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		EBITDAre

(unaudited and in thousands)

				Three Months Ended
				March 31, 2022			March 31, 2021			December 31, 2021
Reconciliation of net income to EBITDAre and Adjusted EBITDAre:
	Net income			$	6,122		$	1,884		$	5,671
	Add (subtract) adjustments to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization (including our share
			of unconsolidated joint ventures)		65,825			69,141			66,902
		Interest and debt expense (including our share
			of unconsolidated joint ventures)		40,912			40,096			43,112
		Income tax expense (including our share of
			unconsolidated joint ventures)		540			1,149			1,195
	EBITDAre⁽¹⁾				113,399			112,270			116,880
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,337	)		(22,743	)		(22,139	)
		Consolidated real estate fund			(104	)		(88	)		(1,125	)
	PGRE's share of EBITDAre ⁽¹⁾			$	92,958		$	89,439		$	93,616



	EBITDAre			$	113,399		$	112,270		$	116,880
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Adjustments to equity in earnings for distributions from an unconsolidated joint venture			(583	)		(577	)		(961	)
		Consolidated real estate fund's share of net gain on sale of residential condominium units (One Steuart Lane)			(662	)		-			(2,479	)
		Other, net			565			45			1,542
	Adjusted EBITDAre ⁽¹⁾				112,719			111,738			114,982
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,337	)		(22,743	)		(22,139	)
	PGRE's share of Adjusted EBITDAre ⁽¹⁾			$	92,382		$	88,995		$	92,843

⁽¹⁾	See page 38 for our definition of this measure.

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		NOI

(unaudited and in thousands)

				Three Months Ended
				March 31, 2022			March 31, 2021			December 31, 2021
Reconciliation of net income to NOI and Cash NOI:
	Net income			$	6,122		$	1,884		$	5,671
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			55,624			58,305			56,735
		General and administrative			15,645			14,364			13,093
		Interest and debt expense			34,277			34,739			36,095
		Income tax expense			527			1,141			1,195
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			11,234			10,326			11,087
		Loss from unconsolidated joint ventures			5,113			5,316			4,086
		Fee income			(11,988	)		(6,670	)		(9,041	)
		Interest and other income, net			(231	)		(1,302	)		(507	)
		Other, net			(53	)		101			235
	NOI ⁽¹⁾				116,270			118,204			118,649
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,322	)		(22,725	)		(22,123	)
		Consolidated real estate fund			-			85			-
	PGRE's share of NOI⁽¹⁾			$	95,948		$	95,564		$	96,526

	NOI			$	116,270		$	118,204		$	118,649
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		1,658			(8,102	)		4,817
		Amortization of above and below-market leases, net
			(including our share of unconsolidated joint ventures)		(1,197	)		(1,803	)		(1,617	)
	Cash NOI⁽¹⁾				116,731			108,299			121,849
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,513	)		(18,941	)		(23,518	)
		Consolidated real estate fund			-			85			-
	PGRE's share of Cash NOI ⁽¹⁾			$	96,218		$	89,443		$	98,331

⁽¹⁾	See page 38 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)

				Three Months Ended March 31, 2022
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	6,122		$	8,604		$	6,360		$	(8,842	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			55,624			37,613			17,065			946
		General and administrative			15,645			-			-			15,645
		Interest and debt expense			34,277			20,937			12,576			764
		Income tax expense			527			1			4			522
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			11,234			2,818			8,354			62
		Loss from unconsolidated joint ventures			5,113			36			3,820			1,257
		Fee income			(11,988	)		-			-			(11,988	)
		Interest and other (income) loss, net			(231	)		3			(28	)		(206	)
		Other, net			(53	)		-			-			(53	)
	NOI ⁽¹⁾				116,270			70,012			48,151			(1,893	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,322	)		(2,809	)		(17,513	)		-
	PGRE's share of NOI for the three months ended March 31, 2022			$	95,948		$	67,203		$	30,638		$	(1,893	)
	PGRE's share of NOI for the three months ended March 31, 2021			$	95,564		$	63,041		$	33,939		$	(1,416	)


	NOI			$	116,270		$	70,012		$	48,151		$	(1,893	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		1,658			549			1,019			90
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,197	)		467			(1,664	)		-
	Cash NOI⁽¹⁾				116,731			71,028			47,506			(1,803	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,513	)		(2,915	)		(17,598	)		-
	PGRE's share of Cash NOI for the three months ended March 31, 2022			$	96,218		$	68,113		$	29,908		$	(1,803	)
	PGRE's share of Cash NOI for the three months ended March 31, 2021			$	89,443		$	61,621		$	29,148		$	(1,326	)

⁽¹⁾	See page 38 for our definition of this measure

- 15 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI ⁽¹⁾			Three Months Ended March 31, 2022
			Total			New York				San Francisco		Other
	PGRE's share of Cash NOI for the three months ended March 31, 2022		$	96,218		$	68,113			$	29,908	$	(1,803	)
		Acquisitions		(66	)		(66	)	⁽²⁾		-		-
		Lease termination income		(1,718	)		(1,718	)			-		-
		Other, net		1,603			(200	)			-		1,803
	PGRE's share of Same Store Cash NOI for the three months ended March 31, 2022		$	96,037		$	66,129			$	29,908	$	-

		Three Months Ended March 31, 2021
		Total			New York			San Francisco			Other
PGRE's share of Cash NOI for the three months ended March 31, 2021		$	89,443		$	61,621		$	29,148		$	(1,326	)
	Lease termination income		(98	)		(84	)		(14	)		-
	Other, net		3,106			487			1,293			1,326
PGRE's share of Same Store Cash NOI for the three months ended March 31, 2021		$	92,451		$	62,024		$	30,427		$	-

	Increase (decrease) in PGRE's share of Same Store Cash NOI	$	3,586			$	4,105			$	(519	)		$	-
	% Increase (decrease)		3.9	%			6.6	%			(1.7	%)

⁽¹⁾	See page 38 for our definition of this measure.

⁽²⁾	Represents our share of Cash NOI attributable to 1600 Broadway for the months in which it was not owned by us in both reporting periods.

- 16 -


		SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI ⁽¹⁾			Three Months Ended March 31, 2022
			Total			New York				San Francisco		Other
	PGRE's share of NOI for the three months ended March 31, 2022		$	95,948		$	67,203			$	30,638	$	(1,893	)
		Acquisitions		(47	)		(47	)	⁽²⁾		-		-
		Lease termination income		(1,718	)		(1,718	)			-		-
		Other, net		1,999			106				-		1,893
	PGRE's share of Same Store NOI for the three months ended March 31, 2022		$	96,182		$	65,544			$	30,638	$	-

		Three Months Ended March 31, 2021
		Total			New York			San Francisco			Other
PGRE's share of NOI for the three months ended March 31, 2021		$	95,564		$	63,041		$	33,939		$	(1,416	)
	Lease termination income		(98	)		(84	)		(14	)		-
	Other, net		3,338			629			1,293			1,416
PGRE's share of Same Store NOI for the three months ended March 31, 2021		$	98,804		$	63,586		$	35,218		$	-

	(Decrease) increase in PGRE's share of Same Store NOI	$	(2,622	)		$	1,958			$	(4,580	)		$	-
	% (Decrease) increase		(2.7	%)			3.1	%			(13.0	%)

⁽¹⁾	See page 38 for our definition of this measure.

⁽²⁾	Represents our share of NOI attributable to 1600 Broadway for the months in which it was not owned by us in both reporting periods.

- 17 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)

		As of March 31, 2022
		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	$	3,398,283	$	1,749,935	$	1,162,125	$	486,223	$	-
	Cash and cash equivalents		172,129		73,252		56,309		42,568		3,042
	Restricted cash		1,316		78		1,238		-		-
	Investments in unconsolidated joint ventures		-		-		-		-		75,159
	Accounts and other receivables		5,075		3,273		881		921		124
	Deferred rent receivable		195,640		113,275		58,987		23,378		-
	Deferred charges, net		52,101		26,895		16,909		8,297		-
	Intangible assets, net		59,418		46,995		10,252		2,171		-
	Other assets		15,863		11,499		4,260		104		9,459
Total Assets		$	3,899,825	$	2,025,202	$	1,310,961	$	563,662	$	87,784

Liabilities:
	Notes and mortgages payable, net	$	2,488,379	$	1,242,366	$	973,013	$	273,000	$	-
	Accounts payable and accrued expenses		54,059		12,024		31,404		10,631		68
	Intangible liabilities, net		26,395		15,483		10,283		629		-
	Other liabilities		6,454		1,999		4,452		3		-
Total Liabilities			2,575,287		1,271,872		1,019,152		284,263		68

Equity:
	Paramount Group, Inc. equity		906,961		677,496		143,057		86,408		6,807
	Noncontrolling interests		417,577		75,834		148,752		192,991		80,909
Total Equity			1,324,538		753,330		291,809		279,399		87,716

Total Liabilities and Equity		$	3,899,825	$	2,025,202	$	1,310,961	$	563,662	$	87,784

- 18 -


		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

- 19 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2022
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Development Fund
Total revenues		$	96,623		$	50,595		$	34,772		$	11,256		$	-
Total operating expenses			31,454			18,340			10,111			3,003			-
Net operating income ⁽¹⁾			65,169			32,255			24,661			8,253			-
Depreciation and amortization			(27,987	)		(14,420	)		(9,496	)		(4,071	)		-
Interest and other income (loss), net			25			(3	)		26			2			106
Interest and debt expense			(22,175	)		(9,599	)		(10,085	)		(2,491	)		-
Loss from unconsolidated joint ventures			-			-			-			-			(1,269	)
Net income (loss) before income taxes			15,032			8,233			5,106			1,693			(1,163	)
Income tax expense			(5	)		(1	)		(2	)		(2	)		(2	)
Net income (loss)		$	15,027		$	8,232		$	5,104		$	1,691		$	(1,165	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	10,435		$	7,408		$	2,502		$	525		$	(149	)
	Add: Management fee income		1,167			415			200			552			-
	PGRE's share of net income (loss)		11,602			7,823			2,702			1,077			(149	)
	Add: Real estate depreciation and amortization		18,897			12,980			4,652			1,265			-
	FFO ⁽¹⁾		30,499			20,803			7,354			2,342			(149	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			94
	Core FFO ⁽¹⁾	$	30,499		$	20,803		$	7,354		$	2,342		$	(55	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income (loss)	$	4,592		$	824		$	2,602		$	1,166		$	(1,016	)
	Less: Management fee expense		(1,167	)		(415	)		(200	)		(552	)		-
	Net income (loss) attributable to noncontrolling interests		3,425			409			2,402			614			(1,016	)
	Add: Real estate depreciation and amortization		9,090			1,440			4,844			2,806			7
	FFO ⁽¹⁾		12,515			1,849			7,246			3,420			(1,009	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			1,168
	Core FFO ⁽¹⁾	$	12,515		$	1,849		$	7,246		$	3,420		$	159

⁽¹⁾	See page 38 for our definition of this measure.

- 20 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2021
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Development Fund
Total revenues		$	97,238		$	47,479		$	36,328		$	13,431		$	-
Total operating expenses			29,968			17,388			9,326			3,254			-
Net operating income ⁽¹⁾			67,270			30,091			27,002			10,177			-
Depreciation and amortization			(28,285	)		(14,139	)		(10,144	)		(4,002	)		-
Interest and other income (loss), net			23			(14	)		34			3			148
Interest and debt expense			(21,986	)		(9,633	)		(10,085	)		(2,268	)		-
Loss from unconsolidated joint ventures			-			-			-			-			(93	)
Net income before income taxes			17,022			6,305			6,807			3,910			55
Income tax expense			(1	)		-			(1	)		-			(2	)
Net income		$	17,021		$	6,305		$	6,806		$	3,910		$	53

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	10,230		$	5,680		$	3,335		$	1,215		$	(32	)
	Add: Management fee income		1,063			411			194			458			-
	PGRE's share of net income (loss)		11,293			6,091			3,529			1,673			(32	)
	Add: Real estate depreciation and amortization		18,939			12,724			4,970			1,245			-
	FFO/Core FFO ⁽¹⁾	$	30,232		$	18,815		$	8,499		$	2,918		$	(32	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income	$	6,791		$	625		$	3,471		$	2,695		$	85
	Less: Management fee expense		(1,063	)		(411	)		(194	)		(458	)		-
	Net income attributable to noncontrolling interests		5,728			214			3,277			2,237			85
	Add: Real estate depreciation and amortization		9,346			1,415			5,174			2,757			-
	FFO/Core FFO ⁽¹⁾	$	15,074		$	1,629		$	8,451		$	4,994		$	85

⁽¹⁾	See page 38 for our definition of these measures.

- 21 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

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

PGRE Ownership				50.0%			67.0%		44.1%		49.0%		Various
Assets:
	Real estate, net	$	2,387,526	$	213,520		$	640,160	$	365,217	$	215,731	$	952,898
	Cash and cash equivalents		92,297		20,669			34,585		17,840		3,112		16,091
	Restricted cash		131,852		5,548			-		-		2,641		123,663
	Accounts and other receivables		4,518		3,925			118		341		8		126
	Deferred rent receivable		29,255		18,174			5,665		2,267		2,880		269
	Deferred charges, net		16,446		9,181			1,207		341		1,277		4,440
	Intangible assets, net		85,553		-			23,517		14,740		3,761		43,535
	For-sale residential condominium units ⁽²⁾		346,054		-			-		-		-		346,054
	Other assets		15,821		3,338			9,505		46		78		2,854
Total Assets		$	3,109,322	$	274,355		$	714,757	$	400,792	$	229,488	$	1,489,930

Liabilities:
	Notes and mortgages payable, net	$	1,870,635	$	297,878		$	407,111	$	186,790	$	152,516	$	826,340
	Accounts payable and accrued expenses		55,429		6,014			14,241		5,812		4,650		24,712
	Intangible liabilities, net		16,358		-			4,427		9,970		1,961		-
	Other liabilities		6,030		287			100		137		226		5,280
Total Liabilities			1,948,452		304,179			425,879		202,709		159,353		856,332


Total Equity			1,160,870		(29,824	)		288,878		198,083		70,135		633,598

Total Liabilities and Equity		$	3,109,322	$	274,355		$	714,757	$	400,792	$	229,488	$	1,489,930

⁽¹⁾	Represents 1600 Broadway, 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.

- 22 -


		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.

- 23 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

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

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

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

⁽¹⁾	Represents 1600 Broadway, 60 Wall Street, Oder-Center, Germany and One Steuart Lane.

⁽²⁾	Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

⁽³⁾	See page 38 for our definition of these measures.

- 24 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other ⁽¹⁾
Total revenues		$	57,285		$	10,140		$	12,314		$	8,258		$	4,326		$	22,247
Total operating expenses			25,110			5,880			6,441			2,956			1,713			8,120
Net operating income ⁽²⁾			32,175			4,260			5,873			5,302			2,613			14,127
Depreciation and amortization			(27,453	)		(2,768	)		(8,663	)		(4,813	)		(2,085	)		(9,124	)
Interest and other loss, net			(33	)		(1	)		(21	)		(3	)		(5	)		(3	)
Interest and debt expense			(13,740	)		(2,645	)		(3,347	)		(1,857	)		(1,519	)		(4,372	)
Net (loss) income before income taxes			(9,051	)		(1,154	)		(6,158	)		(1,371	)		(996	)		628
Income tax expense			(16	)		-			(3	)		(8	)		(3	)		(2	)
Net (loss) income		$	(9,067	)	$	(1,154	)	$	(6,161	)	$	(1,379	)	$	(999	)	$	626

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(5,851	)	$	(577	)	$	(4,130	)	$	(620	)	$	(490	)	$	(34	)
	Less: Step-up basis adjustment		(42	)		-			-			(2	)		-			(40	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		577			577			-			-			-			-
	PGRE's share of net loss		(5,316	)		-			(4,130	)		(622	)		(490	)		(74	)
	Add: Real estate depreciation and amortization		10,836			1,384			5,804			2,124			1,022			502
	FFO ⁽²⁾		5,520			1,384			1,674			1,502			532			428
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(577	)		(577	)		-			-			-			-
	Core FFO⁽²⁾	$	4,943		$	807		$	1,674		$	1,502		$	532		$	428

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(3,216	)	$	(577	)	$	(2,031	)	$	(759	)	$	(509	)	$	660
	Add: Real estate depreciation and amortization		16,659			1,384			2,859			2,691			1,063			8,662
	FFO/Core FFO ⁽²⁾	$	13,443		$	807		$	828		$	1,932		$	554		$	9,322

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

⁽²⁾	See page 38 for our definition of these measures.

- 25 -


		CAPITAL STRUCTURE

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

			As of March 31, 2022
Debt:
	Consolidated debt:
		Notes and mortgages payable ⁽¹⁾	$	3,858,000
		Revolving Credit Facility		-
				3,858,000
	Less:
		Noncontrolling interests' share of consolidated debt ⁽²⁾		(810,335	)
	Add:
		PGRE's share of unconsolidated joint venture debt ⁽³⁾		621,513
	PGRE's Share of Total Debt ⁽⁴⁾			3,669,178

		Shares / Units		Share Price as of
Equity:		Outstanding		March 31, 2022
	Common stock		219,077,024	$	10.91		2,390,130
	Operating Partnership units		22,325,258		10.91		243,569
	Total equity		241,402,282		10.91		2,633,699


Total Market Capitalization						$	6,302,877

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

⁽²⁾	Represents noncontrolling interests’ share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street.

⁽³⁾	Represents our share of debt of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 1600 Broadway, 60 Wall Street and Oder-Center, Germany.

⁽⁴⁾	See page 38 for our definition of this measure.

- 26 -

DEBT ANALYSIS

(unaudited and in thousands)

		Total Debt						Fixed Rate Debt						Variable Rate Debt
Consolidated Debt:		Amount			Rate			Amount			Rate			Amount			Rate
	1633 Broadway	$	1,250,000			2.99	%	$	1,250,000			2.99	%	$	-			-
	1301 Avenue of the Americas		860,000			3.04	%		500,000			2.46	%		360,000			3.85	%
	31 West 52nd Street		500,000			3.80	%		500,000			3.80	%		-			-
	One Market Plaza		975,000			4.03	%		975,000			4.03	%		-			-
	300 Mission Street		273,000			3.65	%		273,000			3.65	%		-			-
	Revolving Credit Facility		-			-			-			-			-			-
Total consolidated debt			3,858,000			3.42	%		3,498,000			3.37	%		360,000			3.85	%
Noncontrolling interests' share			(810,335	)		3.78	%		(810,335	)		3.78	%		-			-
PGRE's share of consolidated debt		$	3,047,665			3.32	%	$	2,687,665			3.25	%	$	360,000			3.85	%

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			1.73	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		153,092			3.65	%		-			-			153,092			3.65	%
	1600 Broadway ⁽¹⁾		98,000			3.45	%		98,000			3.45	%		-			-
	60 Wall Street		575,000			2.85	%		-			-			575,000			2.85	%
	Oder-Center, Germany		16,051			4.62	%		16,051			4.62	%		-			-
Total unconsolidated debt			1,739,314			3.22	%		1,003,551			3.38	%		735,763			3.00	%
Joint venture partners' share			(1,117,801	)		3.17	%		(491,001	)		3.45	%		(626,800	)		2.94	%
PGRE's share of unconsolidated debt		$	621,513			3.31	%	$	512,550			3.30	%	$	108,963			3.35	%

PGRE's share of Total Debt ⁽²⁾		$	3,669,178			3.32	%	$	3,200,215			3.26	%	$	468,963			3.74	%

Revolving Credit Facility Covenants: ⁽³⁾		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		46.0	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		46.0	%		Consolidated fixed rate debt	$	2,687,665
	Fixed Charge Coverage	Greater than 1.5x	3.45x				Unconsolidated fixed rate debt		512,550
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,200,215		87.2	%
	Unencumbered Interest Coverage	Greater than 1.75x	39.87x			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 ⁽²⁾	$	3,669,178		100.0	%

⁽¹⁾	In connection with the acquisition of 1600 Broadway on February 24, 2022, the joint venture obtained a 10-year, $98,000 interest-only loan that has a fixed rate of 3.45%.

⁽²⁾	See page 38 for our definition of this measure.

⁽³⁾

This section presents ratios as of March 31, 2022 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.

- 27 -


		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		-			-				-			-			-			-			-
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		⁽¹⁾	$	-		$	-		$	-		$	-		$	575,000
	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
	Oder-Center, Germany		-			-				-			-			-			16,051			16,051
	1600 Broadway ⁽²⁾		-			-				-			-			-			98,000			98,000
Total unconsolidated debt			-			728,092				-			409,671			187,500			414,051			1,739,314
Joint venture partners' share			-			(624,269	)			-			(135,191	)		(104,831	)		(253,510	)		(1,117,801	)
PGRE's share of unconsolidated debt		$	-		$	103,823			$	-		$	274,480		$	82,669		$	160,541		$	621,513



PGRE's Share of Total Debt ⁽³⁾		$	-		$	188,726			$	477,750		$	274,480		$	1,442,669		$	1,285,553		$	3,669,178

Weighted average rate			-	%		3.53	%			4.03	%		3.04	%		3.35	%		3.04	%		3.32	%

% of debt maturing			-	%		5.1	%			13.0	%		7.5	%		39.3	%		35.1	%		100.0	%

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

(2)	In connection with the acquisition of 1600 Broadway on February 24, 2022, the joint venture obtained a 10-year, $98,000 interest-only loan that has a fixed rate of 3.45%.

(3)	See page 38 for our definition of this measure.

- 28 -




		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	%	$	180,743	$	79.88			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	%		95.4	%		82.9	%		9,542		73.22			210,233	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		99.6	%		98.6	%		190,285		79.80			2,483,004

1301 Avenue of the Americas
	Office		100.0	%		84.1	%		74.5	%		110,883		88.77			1,696,302	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																		Swiss Re, Oaktree Capital, ArentFox Schiff
	Retail / Amenity		100.0	%		89.0	%		89.0	%		2,557		184.36			49,707	Ocean Prime, Starbucks
			100.0	%		84.3	%		74.9	%		113,440		89.73			1,746,009

1325 Avenue of the Americas
	Office		100.0	%		93.6	%		88.3	%		46,671		67.08			809,687	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore
	Retail		100.0	%		100.0	%		100.0	%		1,409		85.00			15,609	La Grande Boucherie
			100.0	%		93.7	%		88.5	%		48,080		67.26			825,296

31 West 52nd Street
	Office		100.0	%		92.8	%		92.0	%		62,758		92.02			742,006	Clifford Chance, Pillsbury Winthrop Shaw Pittman,
																		Centerview Partners, Bracewell, Providence Equity Partners
	Retail		100.0	%		97.8	%		97.8	%		5,110		119.04			25,913	Fogo De Chao, Museum of Modern Art
			100.0	%		93.0	%		92.2	%		67,868		92.99			767,919

900 Third Avenue
	Office		100.0	%		79.2	%		79.2	%		32,217		71.01			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	%		33,514		71.75			591,494

712 Fifth Avenue
	Office		50.0	%		77.4	%		76.8	%		41,784		118.86			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	%		68.4	%		64.6	%		41,784		118.86			543,497

1600 Broadway ⁽³⁾
	Retail		9.2	%		100.0	%		100.0	%		9,983		294.22			25,693	M&M's World

60 Wall Street
	Office		5.0	%		100.0	%		100.0	%		73,600		45.28	⁽⁴⁾		1,625,483	Deutsche Bank

	Subtotal / Weighted average					92.0	%		89.0	%		578,554		84.72	⁽⁵⁾		8,608,395
	PGRE's share					90.8	%		87.0	%		459,657		82.90	⁽⁵⁾		6,520,996

⁽¹⁾	See page 38 for our definition of this measure.

⁽²⁾	Represents office and retail space only.

⁽³⁾	Acquired on February 24, 2022.

⁽⁴⁾	Represents “triple-net” rent.

⁽⁵⁾	Excludes 60 Wall Street.

- 29 -




		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	%		96.1	%		88.4	%	$	141,083	$	103.44			1,546,747	Google, Morgan Lewis & Bockius, Visa, The Capital Group, Autodesk,
																		Citigroup, Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		67.3	%		67.3	%		2,698		61.16			59,372	Starbucks, STK Steak House, One Market Restaurant
			49.0	%		95.1	%		87.6	%		143,781		102.30			1,606,119

Market Center
	Office		67.0	%		85.0	%		85.0	%		56,163		89.72			737,459	Uber, Mindspace, Crowe, Mayer Brown, Bank of Communications,
																		Raymond James, Bank of San Francisco
	Retail		67.0	%		65.8	%		65.8	%		601		106.99			6,387	Amazon
			67.0	%		84.8	%		84.8	%		56,764		89.83			743,846

300 Mission Street
	Office		31.1	%		80.8	%		80.8	%		44,423		91.12			604,306	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.8	%		88.8	%		2,862		63.28			50,528	Equinox
			31.1	%		81.4	%		81.4	%		47,285		88.85			654,834

One Front Street
	Office		100.0	%		97.0	%		78.8	%		43,176		86.55			635,031	First Republic, Coinbase, JLL, Cigna
	Retail		100.0	%		97.3	%		97.3	%		1,102		90.23			12,293	First Republic
			100.0	%		97.0	%		79.1	%		44,278		86.63			647,324

55 Second Street
	Office		44.1	%		87.4	%		87.4	%		25,619		79.68			369,189	KPMG, Intercom, Rippling, UKG
	Retail		44.1	%		100.0	%		100.0	%		899		109.88			7,480	Sutter West Bay Medical, Bluestone Lane
			44.1	%		87.6	%		87.6	%		26,518		80.36			376,669

111 Sutter Street
	Office		49.0	%		61.5	%		61.5	%		12,870		85.47			248,570	Turo, Natural Resource Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,747		69.03			29,247	24 Hour Fitness
			49.0	%		64.2	%		64.2	%		14,617		83.10			277,817

	Subtotal / Weighted average					88.9	%		83.4	%		333,243		92.91			4,306,609
	PGRE's share					90.1	%		83.0	%		186,325		92.22			2,438,593

Total / Weighted average						91.0	%		87.2	%	$	911,797	$	87.85	⁽³⁾		12,915,004
PGRE's share						90.6	%		85.9	%	$	645,982	$	85.44	⁽³⁾		8,959,589

⁽¹⁾	See page 38 for our definition of this measure.

⁽²⁾	Represents office and retail space only.

⁽³⁾	Excludes 60 Wall Street.

- 30 -


		SAME STORE LEASED OCCUPANCY

(unaudited)

				As of March 31, 2022						As of December 31, 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	%		99.6	%		99.6	%		98.3	%		98.3	%		1.3	%
1301 Avenue of the Americas		100.0	%		84.3	%		84.3	%		84.3	%		84.3	%		-	%
1325 Avenue of the Americas		100.0	%		93.7	%		93.7	%		93.4	%		93.4	%		0.3	%
31 West 52nd Street		100.0	%		93.0	%		93.0	%		92.3	%		92.3	%		0.7	%
900 Third Avenue		100.0	%		79.2	%		79.2	%		79.2	%		79.2	%		-	%
712 Fifth Avenue		50.0	%		68.4	%		68.4	%		71.4	%		71.4	%		(3.0	%)
1600 Broadway ⁽²⁾		9.2	%		100.0	%		-	%		-	%		-	%		-	%
60 Wall Street		5.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
Weighted average					92.0	%		92.0	%		91.8	%		91.8	%		0.2	%
PGRE's share					90.8	%		90.8	%		90.4	%		90.4	%		0.4	%

San Francisco:
One Market Plaza		49.0	%		95.1	%		95.1	%		94.7	%		94.7	%		0.4	%
Market Center		67.0	%		84.8	%		84.8	%		84.2	%		84.2	%		0.6	%
300 Mission Street		31.1	%		81.4	%		81.4	%		94.7	%		94.7	%		(13.3	%)
One Front Street		100.0	%		97.0	%		97.0	%		97.1	%		97.1	%		(0.1	%)
55 Second Street		44.1	%		87.6	%		87.6	%		96.3	%		96.3	%		(8.7	%)
111 Sutter Street		49.0	%		64.2	%		64.2	%		64.2	%		64.2	%		-	%
Weighted average					88.9	%		88.9	%		91.4	%		91.4	%		(2.5	%)
PGRE's share					90.1	%		90.1	%		91.6	%		91.6	%		(1.5	%)

Weighted average					91.0	%		91.0	%		91.6	%		91.6	%		(0.6	%)
PGRE's share					90.6	%		90.6	%		90.7	%		90.7	%		(0.1	%)

⁽¹⁾	See page 38 for our definition of this measure.

⁽²⁾	Acquired on February 24, 2022.

- 31 -



		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 March 31, 2022
	First Republic Bank		One Front Street	Jun-2025	⁽³⁾		351,771	⁽³⁾		351,771	⁽³⁾	$	30,189	$	85.57		4.7	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024			328,543			328,543			29,302		89.18		4.5	%
	Credit Agricole Corporate &
		Investment Bank	1301 Avenue of the Americas	Feb-2023	⁽⁴⁾		305,132	⁽⁴⁾		305,132	⁽⁴⁾		28,386		92.18		4.4	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031			320,911			288,823			28,264		97.86		4.4	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Sep-2034	⁽⁵⁾		290,875	⁽⁵⁾		290,875	⁽⁵⁾		27,261		91.38		4.2	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032			260,829			234,749			19,677		83.82		3.0	%
	WMG Acquisition Corp.
		(Warner Music Group)	1633 Broadway	Jul-2029			288,250			259,428			17,781		67.90		2.8	%
	Showtime Networks, Inc.		1633 Broadway	Jan-2026			253,196			227,879			16,971		72.94		2.6	%
	Google, Inc.		One Market Plaza	Apr-2025			339,833			166,518			15,507		92.72		2.4	%
	Uber Technologies, Inc.		Market Center	Jul-2023			234,783			157,305			14,337		91.14		2.2	%

		PGRE's Share of
		Square Feet		% of Occupied			Annualized		% of
Industry Diversification:		Occupied		Square Feet			Rent ⁽¹⁾		Annualized Rent
As of March 31, 2022
	Legal Services		1,696,537		22.0	%	$	146,769		22.7	%
	Technology and Media		1,698,099		22.1	%		137,694		21.3	%
	Financial Services - Commercial and Investment Banking		1,367,498		17.8	%		115,080		17.8	%
	Financial Services, all others		1,118,429		14.4	%		104,015		16.1	%
	Insurance		435,586		5.7	%		41,087		6.4	%
	Travel and Leisure		206,198		2.7	%		13,843		2.1	%
	Retail		134,986		1.7	%		12,822		2.0	%
	Consumer Products		121,732		1.6	%		10,223		1.6	%
	Other Professional Services		119,912		1.6	%		10,157		1.6	%
	Other		800,277		10.4	%		54,292		8.4	%

⁽¹⁾	See page 38 for our definition of this measure.

⁽²⁾	Represents office and retail space only.

⁽³⁾	76,999 and 25,157 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.

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		LEASING ACTIVITY ⁽¹⁾

(unaudited)

	Total			New York			San Francisco

Three Months Ended March 31, 2022

Total square feet leased		202,820			175,524			27,296

PGRE's share of total square feet leased:		152,202			134,104			18,098
Initial rent ⁽²⁾	$	67.67		$	63.35		$	99.67
Weighted average lease term (in years)		7.8			8.3			4.6
Tenant improvements and leasing commissions:
Per square foot	$	65.84		$	72.26		$	18.25
Per square foot per annum	$	8.40		$	8.74		$	3.95
Percentage of initial rent		12.4	%		13.8	%		4.0	%
Rent concessions:
Average free rent period (in months)		8.5			9.5			1.6
Average free rent period per annum (in months)		1.1			1.1			0.3

Second generation space: ⁽²⁾
Square feet		141,269			126,125			15,144
Cash basis:
Initial rent ⁽²⁾	$	66.06		$	61.73		$	102.14
Prior escalated rent ⁽²⁾	$	66.04		$	62.43		$	96.05
Percentage increase (decrease)		0.0	%		(1.1	%)		6.3	%
GAAP basis:
Straight-line rent ⁽²⁾	$	64.44		$	59.79		$	103.20
Prior straight-line rent ⁽²⁾	$	64.76		$	62.61		$	82.66
Percentage (decrease) increase		(0.5	%)		(4.5	%)		24.9	%

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

⁽²⁾	See page 38 for our definition of this measure.

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		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		19,841			15,286		$	911	$	26.70		0.1	%

	2Q 2022		1,698,433	⁽⁴⁾		117,960	⁽⁴⁾		6,786		57.08		1.0	%
	3Q 2022		75,990			56,781			4,472		78.26		0.6	%
	4Q 2022		62,946			35,947			3,793		105.57		0.6	%
	Total 2022		1,837,369			210,688			15,051		71.05		2.2	%

	1Q 2023		331,184			317,921			26,792		84.96		3.9	%
	Remaining 2023		496,565			361,392			30,918		85.44		4.5	%
	Total 2023		827,749			679,313			57,710		85.22		8.4	%
	2024		811,285			709,330			61,027		86.14		8.9	%
	2025		1,400,708			882,789			76,878		87.02		11.3	%
	2026		1,456,374			1,017,539			89,343		85.67		13.0	%
	2027		288,479			212,805			18,613		87.46		2.7	%
	2028		257,999			209,818			17,365		82.95		2.6	%
	2029		561,012			486,977			39,399		81.37		5.8	%
	2030		607,964			511,483			45,488		88.97		6.6	%
	2031		597,334			529,940			50,848		92.57		7.4	%
	Thereafter		3,084,724			2,654,589			212,338		84.62		31.0	%

⁽¹⁾

See page 38 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.

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		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		10,159			9,651		$	600	$	26.70		0.1	%

	2Q 2022		1,627,781	⁽⁴⁾		82,579	⁽⁴⁾		3,881		46.49		0.8	%
	3Q 2022		36,521			32,970			2,464		74.33		0.5	%
	4Q 2022		27,163			16,220			1,575		97.13		0.3	%
	Total 2022		1,691,465			131,769			7,920		59.69		1.6	%

	1Q 2023		313,526			307,680			25,834		84.73		5.4	%
	Remaining 2023		150,012			135,904			10,245		75.13		2.1	%
	Total 2023		463,538			443,584			36,079		81.76		7.5	%
	2024		597,763			576,017			48,680		84.62		10.1	%
	2025		301,783			244,552			22,131		90.35		4.6	%
	2026		727,881			669,331			54,919		78.74		11.5	%
	2027		163,844			148,691			12,381		83.26		2.6	%
	2028		143,690			123,656			9,982		80.72		2.1	%
	2029		496,253			453,509			36,596		81.20		7.6	%
	2030		403,756			393,040			34,066		86.72		7.1	%
	2031		496,270			452,783			43,998		93.18		9.2	%
	Thereafter		2,427,341			2,276,525			172,799		80.94		36.0	%

⁽¹⁾

See page 38 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⁾

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		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		9,682		5,635	$	311	$	-		0.2	%

	2Q 2022		70,652		35,381		2,905		81.81		1.4	%
	3Q 2022		39,469		23,811		2,008		83.71		1.0	%
	4Q 2022		35,783		19,727		2,218		112.53		1.1	%
	Total 2022		145,904		78,919		7,131		90.04		3.5	%

	1Q 2023		17,658		10,241		958		91.70		0.5	%
	Remaining 2023		346,553		225,488		20,673		91.65		10.1	%
	Total 2023		364,211		235,729		21,631		91.65		10.6	%
	2024		213,522		133,313		12,347		92.74		6.0	%
	2025		1,098,925		638,237		54,747		85.75		26.7	%
	2026		728,493		348,208		34,424		98.88		16.8	%
	2027		124,635		64,114		6,232		97.20		3.0	%
	2028		114,309		86,162		7,383		86.17		3.6	%
	2029		64,759		33,468		2,803		83.74		1.4	%
	2030		204,208		118,443		11,422		96.44		5.6	%
	2031		101,064		77,157		6,850		89.01		3.3	%
	Thereafter		657,383		378,064		39,539		104.68		19.3	%

⁽¹⁾	See page 38 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.

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CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Three Months Ended March 31, 2022
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	4,445	$	2,932	$	1,508	$	5
Second generation tenant improvements		12,966		9,000		3,966		-
Second generation leasing commissions		1,091		1,091		-		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	18,502	$	13,023	$	5,474	$	5

Redevelopment Expenditures: ⁽¹⁾
Gershwin facade replacement	$	1,719	$	1,719	$	-	$	-
Elevator modernizations		1,097		1,065		32		-
Lobby renovations		296		273		23		-
Other		6,759		6,715		44		-
Total Redevelopment Expenditures	$	9,871	$	9,772	$	99	$	-


	Three Months Ended March 31, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: ⁽¹⁾
Expenditures to maintain assets	$	1,956	$	1,041	$	904	$	11
Second generation tenant improvements		7,505		1,385		6,120		-
Second generation leasing commissions		736		523		213		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	10,197	$	2,949	$	7,237	$	11

Redevelopment Expenditures: ⁽¹⁾
Lobby renovations	$	4,741	$	3,111	$	1,630	$	-
Elevator modernizations		4,201		3,609		592		-
Other		521		398		123		-
Total Redevelopment Expenditures	$	9,463	$	7,118	$	2,345	$	-

⁽¹⁾	See page 38 for our definition of this measure.

- 37 -


		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.

- 38 -


		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.

- 39 -