EX-99.2

Same Store % Change

Same Store
Cash NOI (1)

Same Store
NOI (1)

Three Months Ended March 31, 2025 vs. 2024

Exhibit 99.2


		FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including tariffs, geopolitical tensions and elevated inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of tariffs, geopolitical tensions and elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the U.S., regional and global economies and our tenants’ financial condition and results of operations; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

- 2 -


		TABLE OF CONTENTS


		Page
Overview
	Company Profile	4
	Common Share Data	5
	Guidance & Assumptions	6

Selected Financial Information
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations (“FFO”)	11
	Funds Available for Distribution (“FAD”)	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”)	13
	Net Operating Income (“NOI”)	14 - 15
	Same Store NOI (by Reportable Segment)	16 - 17

Joint Ventures
	Consolidated Joint Ventures	18 - 21
	Unconsolidated Joint Ventures	22 - 25

Debt and Capitalization Data
	Capital Structure	26
	Debt Analysis	27
	Debt Maturities	28

Selected Property Data
	Portfolio Summary	29 - 31
	Top Tenants and Industry Diversification	32
	Leasing Activity	33
	Lease Expirations	34 - 36
	Capital Expenditures (Cash Basis)	37


Research Coverage		38
Definitions		39 - 40

- 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, Lead Independent Director, Chair of Nominating and Corporate Governance Committee
Karin Klein	Director
Katharina Otto-Bernstein	Director
Mark Patterson	Director
Hitoshi Saito	Director
Paula Sutter	Director, Chair of Audit Committee
Greg Wright	Director, Chair of Compensation Committee

COMPANY INFORMATION


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

- 4 -


		COMMON SHARE DATA

(unaudited)


		Three Months Ended
Share Price:		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024			March 31, 2024
	High	$	5.09	$	5.44	$	5.47	$	5.10		$	5.36
	Low	$	3.96	$	4.59	$	4.49	$	4.30		$	4.21
	Closing (end of period)	$	4.30	$	4.94	$	4.92	$	4.63		$	4.69

Dividends declared per common share (1)		$	-	$	-	$	-	$	0.035		$	0.035
Annualized dividends per common share		N/A		N/A		N/A		$	0.14		$	0.14
Dividend yield (on closing share price)		N/A		N/A		N/A			3.0	%		3.0	%

(1)

In September 2024, we suspended our regular quarterly dividend. The decision by our board of directors to suspend our regular quarterly dividend aligns with our commitment to fortify our balance sheet and maintain financial flexibility. The timing and frequency of future dividends will be authorized by our board of directors, in its sole discretion, depending on a variety of factors, including our financial performance, our debt service requirements, our capital expenditure requirements, the requirements to maintain our qualification as a REIT and other factors that our board of directors may deem relevant from time to time.

- 5 -


		GUIDANCE

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


										Change at the
				Full Year 2025						Midpoint of
(Amounts per diluted share)				Low			High			Prior Guidance
			Estimated net loss attributable to common stockholders	$	(0.36	)	$	(0.30	)
			Our share of real estate depreciation and amortization		0.87			0.87
			Estimated FFO / Core FFO (1)(2)		0.51			0.57		$	-

	Operating Assumptions:
		Leasing Activity (square feet)			900,000			1,100,000			100,000
		PGRE's share of Same Store Leased % (1) at year end			84.4	%		86.4	%		0.5	%
		Decrease in PGRE's share of Same Store Cash NOI (1)			(7.0	%)		(11.0	%)		-	%
		Decrease in PGRE's share of Same Store NOI (1)			(9.0	%)		(13.0	%)		-	%

	Financial Assumptions (at share):
		Estimated net loss		$	(85,000	)	$	(70,000	)	$	-
			Depreciation and amortization		205,000			205,000			-
			General and administrative expenses		67,000			64,000			1,500
			Interest and debt expense, including amortization of deferred financing costs		145,000			142,000			(1,500	)
			Fee and other income, net of income taxes		(28,000	)		(30,000	)		-
		NOI (1)			304,000			311,000			-
			Straight-line rent adjustments and above and below-market lease revenue, net		(8,000	)		(10,000	)		-
		Cash NOI (1)		$	296,000		$	301,000		$	-

(1)

See page 39 for our definition of this measure.

(2)

We are providing our Estimated Core FFO Guidance for the full year of 2025, 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 30, 2025 and otherwise to be referenced during our conference call scheduled for May 1, 2025. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, or realized and unrealized gains and losses on real estate related fund investments. There can be no assurance that our actual results will not differ materially from the estimates set forth above.

- 6 -


		FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)


		Three Months Ended
SELECTED FINANCIAL DATA		March 31, 2025			March 31, 2024		December 31, 2024
	Net (loss) income per share - basic and diluted	$	(0.05	)	$	0.05	$	(0.18	)

	Core FFO (1) per share - diluted	$	0.17		$	0.22	$	0.19

	PGRE's share of Adjusted EBITDAre (1)	$	77,907		$	86,921	$	81,722

	PGRE's share of Cash NOI (1)	$	83,677		$	88,977	$	86,139

	PGRE's share of NOI (1)	$	86,788		$	93,583	$	90,176

PORTFOLIO STATISTICS (at PGRE’s Share)


				% Change
				March 31, 2025	March 31, 2025
				vs.	vs.
Same Store Leased % (1)	March 31, 2025	December 31, 2024	March 31, 2024	December 31, 2024	March 31, 2024
New York	87.4%	85.0%	90.1%	2.4%	(2.7%)
San Francisco	82.3%	83.8%	85.5%	(1.5%)	(3.2%)
Weighted Average	86.2%	84.8%	89.1%	1.4%	(2.9%)

(1)

See page 39 for our definition of this measure.

- 7 -


		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)


			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237		$	1,966,237		$	1,966,237		$	1,966,237
		Buildings and improvements		6,348,260			6,325,097			6,290,976			6,276,347			6,278,863
				8,314,497			8,291,334			8,257,213			8,242,584			8,245,100
		Accumulated depreciation and amortization		(1,675,242	)		(1,639,529	)		(1,596,069	)		(1,550,341	)		(1,524,078	)
	Real estate, net			6,639,255			6,651,805			6,661,144			6,692,243			6,721,022
	Cash and cash equivalents			426,952			375,056			318,725			307,461			276,235
	Restricted cash			187,055			180,391			173,510			164,639			171,776
	Accounts and other receivables			20,496			18,229			18,662			13,917			16,048
	Investments in unconsolidated real estate related funds			4,678			4,649			4,607			4,536			4,603
	Investments in unconsolidated joint ventures			81,142			85,952			128,919			130,087			132,788
	Deferred rent receivable			355,581			356,425			355,555			353,769			353,826
	Deferred charges, net			106,306			100,684			103,858			105,812			107,407
	Intangible assets, net			46,983			50,492			54,125			57,612			62,609
	Other assets			79,030			47,820			71,847			71,788			83,411
Total assets			$	7,947,478		$	7,871,503		$	7,890,952		$	7,901,864		$	7,929,725

Liabilities:
	Notes and mortgages payable, net		$	3,678,893		$	3,676,630		$	3,674,367		$	3,672,103		$	3,669,850
	Revolving credit facility			-			-			-			-			-
	Accounts payable and accrued expenses			114,074			119,881			114,808			110,789			115,038
	Dividends and distributions payable			-			-			-			8,382			8,376
	Intangible liabilities, net			19,301			20,870			22,465			24,125			26,026
	Other liabilities			34,279			44,625			27,906			30,802			31,774
Total liabilities				3,846,547			3,862,006			3,839,546			3,846,201			3,851,064

Equity:
	Paramount Group, Inc. equity			3,087,151			3,141,277			3,173,867			3,181,913			3,199,050
	Noncontrolling interests in:
		Consolidated joint ventures		664,249			495,340			492,135			485,983			480,542
		Consolidated real estate related funds		84,644			82,875			92,759			93,340			103,886
		Operating Partnership		264,887			290,005			292,645			294,427			295,183
Total equity				4,100,931			4,009,497			4,051,406			4,055,663			4,078,661

Total liabilities and equity			$	7,947,478		$	7,871,503		$	7,890,952		$	7,901,864		$	7,929,725

- 8 -


		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)


		Three Months Ended
		March 31, 2025			March 31, 2024				December 31, 2024
Revenues:
	Rental revenue (1)	$	179,021		$	179,723			$	178,114
	Fee and other income (1)		7,998			9,154				8,153
Total revenues			187,019			188,877				186,267

Expenses:
	Operating		78,050			71,740				77,030
	Depreciation and amortization		58,879			61,114				56,622
	General and administrative		17,461			16,634				16,395
	Transaction related costs		150			178				80
Total expenses			154,540			149,666				150,127

Other income (expense):
	Loss from real estate related fund investments		(26	)		(43	)			(36	)
	Income from unconsolidated real estate related funds		74			105				74
	Income (loss) from unconsolidated joint ventures (1)		1,907			(1,346	)			(44,261	)
	Interest and other income, net		3,815			19,420		(2)		3,625
	Interest and debt expense		(43,200	)		(40,269	)			(42,874	)
(Loss) income before income taxes			(4,951	)		17,078				(47,332	)
	Income tax expense		(366	)		(347	)			(730	)
Net (loss) income			(5,317	)		16,731				(48,062	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(3,845	)		(5,206	)			(4,028	)
	Consolidated real estate related funds		(1,769	)		(762	)			9,884
	Operating Partnership		905			(898	)			3,560
Net (loss) income attributable to common stockholders		$	(10,026	)	$	9,865			$	(38,646	)
	Per diluted share	$	(0.05	)	$	0.05			$	(0.18	)

(1)

See page 10 for details.

(2)

Includes a $15,437 non-cash gain on extinguishment of an IPO related tax liability.

- 9 -


		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)


		Three Months Ended
Rental Revenue:		March 31, 2025			March 31, 2024		December 31, 2024
	Property rentals	$	159,204		$	157,595	$	153,012
	Tenant reimbursements		17,668			16,990		21,217
	Straight-line rent adjustments		(472	)		2,854		1,243
	Amortization of above and below-market leases, net		1,453			1,340		1,474
	Lease termination income		1,168			944		1,168
Total rental revenue		$	179,021		$	179,723	$	178,114


		Three Months Ended
Fee and Other Income:		March 31, 2025		March 31, 2024		December 31, 2024
	Asset management	$	1,869	$	2,305	$	2,084
	Property management		1,513		1,744		1,564
	Acquisition, disposition, leasing and other		1,643		2,199		904
	Total fee income		5,025		6,248		4,552
	Other (primarily parking income and tenant requested services, including cleaning and overtime heating and cooling)		2,973		2,906		3,601
Total fee and other income		$	7,998	$	9,154	$	8,153


		Three Months Ended
Income (Loss) from Unconsolidated Joint Ventures:		March 31, 2025		March 31, 2024			December 31, 2024
	Equity in earnings	$	1,907	$	(1,346	)	$	800
	Our share of real estate impairment losses:
	55 Second Street		-		-			(29,818	)
	Oder-Center		-		-			(3,915	)
	RDF's share of impairment losses related to residential condominium units at One Steuart Lane		-		-			(11,328	)	(1)
Income (loss) from unconsolidated joint ventures		$	1,907	$	(1,346	)	$	(44,261	)

(1)

Represents RDF’s 35% share in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%. Accordingly, our share, net of amounts attributable to noncontrolling interests, was $838 in the three months ended December 31, 2024.

- 10 -


		FFO

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


			Three Months Ended
			March 31, 2025			March 31, 2024			December 31, 2024
Reconciliation of net (loss) income to FFO and Core FFO:
	Net (loss) income		$	(5,317	)	$	16,731		$	(48,062	)
	Real estate depreciation and amortization (including our share of unconsolidated joint ventures)			61,902			64,424			58,040
	Our share of non-cash real estate impairment losses related to unconsolidated joint ventures			-			-			33,733
	Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds			(16,377	)		(15,885	)		(4,104	)
	FFO attributable to the Operating Partnership			40,208			65,270			39,607
	Amounts attributable to noncontrolling interests in the Operating Partnership			(3,328	)		(5,449	)		(3,340	)
	FFO attributable to common stockholders (1)		$	36,880		$	59,821		$	36,267

	Per diluted share		$	0.17		$	0.28		$	0.17


	FFO attributable to the Operating Partnership		$	40,208		$	65,270		$	39,607
	Adjustments for non-core items:
		Non-cash gain on extinguishment of IPO related tax liability		-			(15,437	)		-
		Write-off of deferred financing costs		1,289			-			-
		Other, net (primarily adjustments related to unconsolidated joint ventures)		(187	)		2,471			5,406
	Core FFO attributable to the Operating Partnership			41,310			52,304			45,013
	Amounts attributable to noncontrolling interests in the Operating Partnership			(3,419	)		(4,366	)		(3,796	)
	Core FFO attributable to common stockholders (1)		$	37,891		$	47,938		$	41,217

	Per diluted share		$	0.17		$	0.22		$	0.19

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			218,005,447			217,105,686			217,335,362
	Effect of dilutive securities			68,946			80,723			70,797
	Denominator for FFO and Core FFO per diluted share			218,074,393			217,186,409			217,406,159

(1)

See page 39 for our definition of this measure.

- 11 -


		FAD

(unaudited and in thousands)


			Three Months Ended
			March 31, 2025			March 31, 2024			December 31, 2024
Reconciliation of Core FFO to FAD:
	Core FFO attributable to the Operating Partnership		$	41,310		$	52,304		$	45,013
	Adjustments to arrive at FAD (including our share of unconsolidated joint ventures):
		Straight-line rent		707			(3,387	)		(1,388	)
		Amortization of above and below-market leases, net		(1,554	)		(1,658	)		(1,142	)
		Amortization of deferred financing costs		2,427			2,443			2,707
		Amortization of stock-based compensation expense		3,752			6,194			4,502
		Expenditures to maintain assets		(12,047	)		(10,944	)		(15,498	)
		Second generation tenant improvements and leasing commissions		(35,957	)		(25,370	)		(14,785	)
		Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds		2,006			4,311			(311	)
	FAD attributable to the Operating Partnership			644			23,893			19,098
	Amounts attributable to noncontrolling interests in the Operating Partnership			(53	)		(1,995	)		(1,611	)
	FAD attributable to common stockholders (1) (2)		$	591		$	21,898		$	17,487

	Dividends paid on common stock (3)		$	-		$	7,608		$	-

(1)

See page 39 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.

(3)

- 12 -


		EBITDAre

(unaudited and in thousands)


			Three Months Ended
			March 31, 2025			March 31, 2024			December 31, 2024
Reconciliation of net (loss) income to EBITDAre and Adjusted EBITDAre:
	Net (loss) income		$	(5,317	)	$	16,731		$	(48,062	)
	Adjustments to arrive at EBITDAre (including our share of unconsolidated joint ventures):
		Depreciation and amortization		61,902			64,424			58,040
		Interest and debt expense		45,440			42,787			43,994
		Our share of non-cash real estate impairment losses related to unconsolidated joint ventures		-			-			33,733
		Income tax expense		374			351			730
		Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds		(24,260	)		(23,938	)		(12,085	)
	PGRE's share of EBITDAre (1)		$	78,139		$	100,355		$	76,350
	Adjustments to arrive at Adjusted EBITDAre:
		Non-cash gain on extinguishment of IPO related tax liability		-			(15,437	)		-
		Other, net (primarily adjustments related to unconsolidated joint ventures)		(232	)		2,003			5,372
	PGRE's share of Adjusted EBITDAre (1)		$	77,907		$	86,921		$	81,722

(1)

See page 39 for our definition of this measure.

- 13 -


		NOI

(unaudited and in thousands)


			Three Months Ended
			March 31, 2025			March 31, 2024			December 31, 2024
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(5,317	)	$	16,731		$	(48,062	)
	Adjustments to arrive at NOI:
		Fee income		(5,025	)		(6,248	)		(4,552	)
		Depreciation and amortization		58,879			61,114			56,622
		General and administrative		17,461			16,634			16,395
		(Income) loss from unconsolidated joint ventures		(1,907	)		1,346			44,261
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		4,927			5,602			7,055
		Interest and other income, net		(3,815	)		(19,420	)		(3,625	)
		Interest and debt expense		43,200			40,269			42,874
		Income tax expense		366			347			730
		Other, net		102			116			42
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(22,083	)		(22,908	)		(21,564	)
	PGRE's share of NOI (1)		$	86,788		$	93,583		$	90,176
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		707			(3,387	)		(1,388	)
		Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)		(1,554	)		(1,658	)		(1,142	)
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(2,264	)		439			(1,507	)
	PGRE's share of Cash NOI (1)		$	83,677		$	88,977		$	86,139

(1)

See page 39 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)


			Three Months Ended March 31, 2025
			Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(5,317	)	$	(10,214	)	$	17,905		$	(13,008	)
	Adjustments to arrive at NOI:
		Fee income		(5,025	)		-			-			(5,025	)
		Depreciation and amortization		58,879			39,814			17,962			1,103
		General and administrative		17,461			-			-			17,461
		Income from unconsolidated joint ventures		(1,907	)		(59	)		-			(1,848	)
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		4,927			3,158			1,710			59
		Interest and other income, net		(3,815	)		(730	)		(557	)		(2,528	)
		Interest and debt expense		43,200			29,925			11,633			1,642
		Income tax expense		366			5			6			355
		Other, net		102			-			-			102
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(22,083	)		(3,246	)		(18,837	)		-
	PGRE's share of NOI (1) for the three months ended March 31, 2025		$	86,788		$	58,653		$	29,822		$	(1,687	)
	PGRE's share of NOI (1) for the three months ended March 31, 2024		$	93,583		$	68,369		$	26,240		$	(1,026	)

	PGRE's share of NOI for the three months ended March 31, 2025		$	86,788		$	58,653		$	29,822		$	(1,687	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		707			(3,661	)		4,261			107
		Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)		(1,554	)		(747	)		(807	)		-
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(2,264	)		(355	)		(1,909	)		-
	PGRE's share of Cash NOI (1) for the three months ended March 31, 2025		$	83,677		$	53,890		$	31,367		$	(1,580	)
	PGRE's share of Cash NOI (1) for the three months ended March 31, 2024		$	88,977		$	63,733		$	26,164		$	(920	)

(1)

See page 39 for our definition of this measure.

- 15 -


		SAME STORE CASH NOI

(unaudited and in thousands)


SAME STORE CASH NOI (1)			Three Months Ended March 31, 2025
			Total			New York				San Francisco		Other
	PGRE's share of Cash NOI for the three months ended March 31, 2025		$	83,677		$	53,890			$	31,367	$	(1,580	)
		Non-same store adjustments:
		Lease termination income		(1,168	)		(1,168	)			-		-
		Other, net		1,612			32				-		1,580
	PGRE's share of Same Store Cash NOI for the three months ended
		March 31, 2025	$	84,121		$	52,754			$	31,367	$	-



			Three Months Ended March 31, 2024
			Total			New York				San Francisco		Other
	PGRE's share of Cash NOI for the three months ended March 31, 2024		$	88,977		$	63,733			$	26,164	$	(920	)
		Non-same store adjustments:
		Dispositions		(1,515	)		(1,515	)	(2)		-		-
		Lease termination income		(944	)		(944	)			-		-
		Other, net		1,198			278				-		920
	PGRE's share of Same Store Cash NOI for the three months ended
		March 31, 2024	$	87,716		$	61,552			$	26,164	$	-


% (Decrease) increase		(4.1	%)			(14.3	%)			19.9	%

(1)

See page 39 for our definition of this measure.

(2)

Represents an adjustment to prior period’s Cash NOI to account for the 45.0% sale of 900 Third Avenue.

- 16 -


		SAME STORE NOI

(unaudited and in thousands)


SAME STORE NOI (1)			Three Months Ended March 31, 2025
			Total			New York				San Francisco		Other
	PGRE's share of NOI for the three months ended March 31, 2025		$	86,788		$	58,653			$	29,822	$	(1,687	)
		Non-same store adjustments:
		Lease termination income		(1,168	)		(1,168	)			-		-
		Other, net		1,719			32				-		1,687
	PGRE's share of Same Store NOI for the three months ended
		March 31, 2025	$	87,339		$	57,517			$	29,822	$	-



			Three Months Ended March 31, 2024
			Total			New York				San Francisco		Other
	PGRE's share of NOI for the three months ended March 31, 2024		$	93,583		$	68,369			$	26,240	$	(1,026	)
		Non-same store adjustments:
		Dispositions		(1,574	)		(1,574	)	(2)		-		-
		Lease termination income		(944	)		(944	)			-		-
		Other, net		1,304			278				-		1,026
	PGRE's share of Same Store NOI for the three months ended
		March 31, 2024	$	92,369		$	66,129			$	26,240	$	-


	% (Decrease) increase		(5.4	%)			(13.0	%)			13.7	%

(1)

See page 39 for our definition of this measure.

(2)

Represents an adjustment to prior period’s NOI to account for the 45.0% sale of 900 Third Avenue.

- 17 -


		CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of March 31, 2025
		Total Consolidated		1633		900 Third		One Market		300 Mission
		Joint Ventures		Broadway		Avenue (1)		Plaza		Street
PGRE Ownership				90.0%		55.0%		49.0%		31.1%

Assets:
	Real estate, net	$	3,522,958	$	1,619,885	$	344,933	$	1,104,571	$	453,569
	Cash and cash equivalents		140,101		90,415		3,419		6,993		39,274
	Restricted cash		146,565		78		368		146,119		-
	Accounts and other receivables		12,915		6,012		790		5,072		1,041
	Deferred rent receivable		199,812		90,575		13,200		71,950		24,087
	Deferred charges, net		46,897		18,595		9,567		12,312		6,423
	Intangible assets, net		27,224		23,798		668		2,078		680
	Other assets		21,445		12,254		2,059		6,956		176
Total Assets		$	4,117,917	$	1,861,612	$	375,004	$	1,356,051	$	525,250

Liabilities:
	Notes and mortgages payable, net	$	2,322,477	$	1,245,353	$	-	$	845,351	$	231,773
	Accounts payable and accrued expenses		57,740		14,659		4,436		25,583		13,062
	Intangible liabilities, net		11,546		9,345		121		1,794		286
	Other liabilities		5,315		553		21		4,720		21
Total Liabilities			2,397,078		1,269,910		4,578		877,448		245,142

Equity:
	Paramount Group, Inc. equity		1,056,590		532,083		203,732		234,586		86,189
	Noncontrolling interests		664,249		59,619		166,694		244,017		193,919
Total Equity			1,720,839		591,702		370,426		478,603		280,108

Total Liabilities and Equity		$	4,117,917	$	1,861,612	$	375,004	$	1,356,051	$	525,250

(1)

On January 17, 2025, we sold a 45.0% equity interest in 900 Third Avenue.

- 18 -


		CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2024
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%

Assets:
	Real estate, net	$	3,199,972	$	1,630,488	$	1,112,434	$	457,050
	Cash and cash equivalents		140,806		94,690		13,028		33,088
	Restricted cash		127,216		78		127,138		-
	Accounts and other receivables		10,056		6,102		2,995		959
	Deferred rent receivable		192,939		92,753		75,632		24,554
	Deferred charges, net		38,610		19,349		12,477		6,784
	Intangible assets, net		28,569		25,117		2,741		711
	Other assets		7,075		803		5,592		680
Total Assets		$	3,745,243	$	1,869,380	$	1,352,037	$	523,826

Liabilities:
	Notes and mortgages payable, net	$	2,320,880	$	1,245,104	$	844,052	$	231,724
	Accounts payable and accrued expenses		54,820		15,321		27,384		12,115
	Intangible liabilities, net		12,581		9,856		2,427		298
	Other liabilities		5,327		561		4,728		38
Total Liabilities			2,393,608		1,270,842		878,591		244,175

Equity:
	Paramount Group, Inc. equity		856,295		538,232		232,058		86,005
	Noncontrolling interests		495,340		60,306		241,388		193,646
Total Equity			1,351,635		598,538		473,446		279,651

Total Liabilities and Equity		$	3,745,243	$	1,869,380	$	1,352,037	$	523,826

- 19 -


		CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2025
		Total Consolidated			1633			900 Third			One Market			300 Mission
		Joint Ventures			Broadway			Avenue (2)			Plaza			Street
Total revenues		$	106,319		$	49,171		$	5,677		$	37,780		$	13,691
Total operating expenses			41,509			21,687			3,700			11,555			4,567
Net operating income (1)			64,810			27,484			1,977			26,225			9,124
Depreciation and amortization			(31,260	)		(14,029	)		(2,336	)		(10,917	)		(3,978	)
Interest and other income, net			1,233			660			16			278			279
Interest and debt expense			(22,228	)		(9,597	)		-			(9,971	)		(2,660	)
Income (loss) before income taxes			12,555			4,518			(343	)		5,615			2,765
Income tax expense			(9	)		(5	)		-			(2	)		(2	)
Net income (loss)		$	12,546		$	4,513		$	(343	)	$	5,613		$	2,763


PGRE's share
Ownership		Total			90.0%			55% (2)			49.0%			31.1%
	Net income (loss)	$	7,484		$	4,065		$	(190	)	$	2,751		$	858
	Management fee income		1,217			320			72			233			592
	PGRE's share of net income (loss)		8,701			4,385			(118	)		2,984			1,450
	Real estate depreciation and amortization		20,497			12,626			1,285			5,349			1,237
	FFO/Core FFO (1)	$	29,198		$	17,011		$	1,167		$	8,333		$	2,687


Noncontrolling interests' share
Ownership		Total			10.0%			45% (2)			51.0%			68.9%
	Net income (loss)	$	5,062		$	448		$	(153	)	$	2,862		$	1,905
	Management fee expense		(1,217	)		(320	)		(72	)		(233	)		(592	)
	Net income (loss) attributable to noncontrolling interests		3,845			128			(225	)		2,629			1,313
	Real estate depreciation and amortization		10,763			1,403			1,051			5,568			2,741
	FFO/Core FFO (1)	$	14,608		$	1,531		$	826		$	8,197		$	4,054

(1)

See page 39 for our definition of these measures.

(2)

On January 17, 2025, we sold a 45.0% equity interest in 900 Third Avenue. The amount in this column represents the results of operations from January 17, 2025 through March 31, 2025.

- 20 -


		CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	102,637		$	48,806		$	40,756		$	13,075
Total operating expenses			34,473			18,618			11,939			3,916
Net operating income (1)			68,164			30,188			28,817			9,159
Depreciation and amortization			(31,508	)		(16,738	)		(10,804	)		(3,966	)
Interest and other income, net			888			502			274			112
Interest and debt expense			(22,646	)		(9,701	)		(10,283	)		(2,662	)
Income before income taxes			14,898			4,251			8,004			2,643
Income tax expense			(11	)		(8	)		(2	)		(1	)
Net income		$	14,887		$	4,243		$	8,002		$	2,642


PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	8,562		$	3,820		$	3,921		$	821
	Management fee income		1,119			341			218			560
	PGRE's share of net income		9,681			4,161			4,139			1,381
	Real estate depreciation and amortization		21,591			15,064			5,294			1,233
	FFO/Core FFO (1)	$	31,272		$	19,225		$	9,433		$	2,614


Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	6,325		$	423		$	4,081		$	1,821
	Management fee expense		(1,119	)		(341	)		(218	)		(560	)
	Net income attributable to noncontrolling interests		5,206			82			3,863			1,261
	Real estate depreciation and amortization		9,917			1,674			5,510			2,733
	FFO/Core FFO (1)	$	15,123		$	1,756		$	9,373		$	3,994

(1)

See page 39 for our definition of these measures.

- 21 -


		UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of March 31, 2025
																Non-Core Assets
				712 Fifth			55 Second			60 Wall		One Steuart				Market			111 Sutter
		Total		Avenue			Street			Street (1)		Lane		Other (2)		Center			Street

PGRE Ownership				50.0%			44.1%			5.0%		35.0% (3)		Various		67.0%			49.0%
Assets:
	Real estate, net	$	1,540,228	$	223,327		$	135,322		$	710,174	$	50	$	142,673	$	262,129		$	66,553
	Cash and cash equivalents		102,957		24,993			29,663			21,601		15,513		1,847		7,959			1,381
	Restricted cash		39,308		5,973			-			14,950		-		-		15,537			2,848
	Accounts and other receivables		7,030		5,263			377			-		123		28		576			663
	Deferred rent receivable		43,619		21,349			4,492			-		-		4,792		10,274			2,712
	Deferred charges, net		14,857		8,558			1,723			-		-		-		3,747			829
	Intangible assets, net		41,259		-			3,001			-		-		34,641		2,890			727
	For-sale residential condominium units		185,944		-			-			-		185,944		-		-			-
	Other assets		10,744		3,151			31			4,741		307		2,270		197			47
Total Assets		$	1,985,946	$	292,614		$	174,609		$	751,466	$	201,937	$	186,251	$	303,309		$	75,760

Liabilities:
	Notes and mortgages payable, net	$	1,797,068	$	299,110		$	187,267		$	617,739	$	-	$	104,870	$	416,544		$	171,538
	Accounts payable and accrued expenses		77,160		6,389			5,282			18,221		1,561		1,605		38,359			5,743
	Intangible liabilities, net		2,586		-			2,171			-		-		-		191			224
	Other liabilities		77,158		173			152			65,097		13		3,421		8,062			240
Total Liabilities			1,953,972		305,672			194,872			701,057		1,574		109,896		463,156			177,745


Total Equity			31,974		(13,058	)		(20,263	)		50,409		200,363		76,355		(159,847	)		(101,985	)

Total Liabilities and Equity		$	1,985,946	$	292,614		$	174,609		$	751,466	$	201,937	$	186,251	$	303,309		$	75,760

(1)

This property is “out-of-service” for redevelopment.

(2)

Represents 1600 Broadway and Oder-Center, Germany.

(3)

RDF, our consolidated Residential Development Fund, owns a 35% economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%.

- 22 -


		UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2024
																Non-Core Assets
				712 Fifth			55 Second			60 Wall		One Steuart				Market			111 Sutter
		Total		Avenue			Street			Street (1)		Lane		Other (2)		Center			Street

PGRE Ownership				50.0%			44.1%			5.0%		35.0% (3)		Various		67.0%			49.0%
Assets:
	Real estate, net	$	1,567,771	$	223,640		$	136,627		$	663,046	$	50	$	143,557	$	264,135		$	136,716
	Cash and cash equivalents		104,982		27,144			26,919			20,388		23,514		2,492		2,700			1,825
	Restricted cash		49,687		5,971			-			28,482		-		-		13,631			1,603
	Accounts and other receivables		7,849		5,135			444			227		123		32		1,253			635
	Deferred rent receivable		42,128		21,697			4,594			-		-		4,476		8,751			2,610
	Deferred charges, net		15,434		8,934			1,639			-		-		-		3,945			916
	Intangible assets, net		42,672		-			3,159			-		-		35,422		3,304			787
	For-sale residential condominium units		195,113		-			-			-		195,113		-		-			-
	Other assets		3,530		45			252			499		202		1,549		792			191
Total Assets		$	2,029,166	$	292,566		$	173,634		$	712,642	$	219,002	$	187,528	$	298,511		$	145,283

Liabilities:
	Notes and mortgages payable, net	$	1,783,587	$	299,007		$	187,227		$	605,584	$	-	$	106,077	$	416,520		$	169,172
	Accounts payable and accrued expenses		59,860		6,032			4,478			16,455		1,660		1,589		25,694			3,952
	Intangible liabilities, net		2,480		-			2,019			-		-		-		223			238
	Other liabilities		73,129		188			162			66,305		5		2,992		3,232			245
Total Liabilities			1,919,056		305,227			193,886			688,344		1,665		110,658		445,669			173,607


Total Equity			110,110		(12,661	)		(20,252	)		24,298		217,337		76,870		(147,158	)		(28,324	)

Total Liabilities and Equity		$	2,029,166	$	292,566		$	173,634		$	712,642	$	219,002	$	187,528	$	298,511		$	145,283

(1)

This property is “out-of-service” for redevelopment.

(2)

Represents 1600 Broadway and Oder-Center, Germany.

(3)

- 23 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2025
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market			111 Sutter
		Total			Avenue			Street			Street (2)			Lane				Other (3)			Center			Street
Total revenues		$	51,232		$	12,498		$	7,394		$	-		$	17,472		(4)	$	3,908		$	6,628		$	3,332
Total operating expenses			32,599			6,527			3,516			16			12,366		(5)		1,366			6,323			2,485
Net operating income (loss) (1)			18,633			5,971			3,878			(16	)		5,106				2,542			305			847
Depreciation and amortization			(10,750	)		(3,894	)		(2,211	)		-			-				(1,081	)		(2,618	)		(946	)
Interest and other income, net			1,816			172			195			1,190			239				6			13			1
Interest and debt expense			(18,715	)		(2,645	)		(1,857	)		-			-				(1,056	)		(10,389	)		(2,768	)
(Loss) income before income taxes			(9,016	)		(396	)		5			1,174			5,345				411			(12,689	)		(2,866	)
Income tax expense			(26	)		-			(17	)		(1	)		(2	)			(1	)		(2	)		(3	)
Net (loss) income		$	(9,042	)	$	(396	)	$	(12	)	$	1,173		$	5,343			$	410		$	(12,691	)	$	(2,869	)


PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(8,149	)	$	(200	)	$	(5	)	$	59		$	1,870			$	38		$	(8,505	)	$	(1,406	)
	Step-up basis adjustment		(24	)		-			-			-			(22	)			(2	)		-			-
	Adjustments to equity in earnings of unconsolidated joint ventures		10,080			200			5			-			-				(36	)		8,505			1,406
	PGRE's share of net income		1,907			-			-			59			1,848				-			-			-
	Real estate depreciation and amortization		3,023			1,947			975			-			-				101			-			-
	FFO (1)		4,930			1,947			975			59			1,848				101			-			-
	Adjustments to equity in earnings of unconsolidated joint ventures		(169	)		(200	)		(5	)		-			-				36			-			-
	FFO attributable to One Steuart Lane		(1,848	)		-			-			-			(1,848	)			-			-			-
	Other non-core items		-			-			-			-			-				-			-			-
	Core FFO (1)	$	2,913		$	1,747		$	970		$	59		$	-			$	137		$	-		$	-

(1)

See page 39 for our definition of this measure.

(2)

This property is “out-of-service” for redevelopment.

(3)

Represents 1600 Broadway and Oder-Center, Germany.

(4)

Includes proceeds from the sale of residential condominium units at One Steuart Lane.

(5)

Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

- 24 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended March 31, 2024
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market			111 Sutter
		Total			Avenue			Street			Street (2)			Lane				Other (3)			Center			Street
Total revenues		$	50,934		$	12,782		$	7,995		$	-		$	14,066		(4)	$	3,875		$	8,609		$	3,607
Total operating expenses			32,439			6,024			3,387			18			12,184		(5)		1,928			6,603			2,295
Net operating income (loss) (1)			18,495			6,758			4,608			(18	)		1,882				1,947			2,006			1,312
Depreciation and amortization			(13,162	)		(3,106	)		(3,694	)		-			-				(1,075	)		(3,234	)		(2,053	)
Interest and other income (loss), net			626			176			237			(2	)		154				12			45			4
Interest and debt expense			(17,589	)		(2,673	)		(1,857	)		(5,255	)		-				(1,078	)		(3,612	)		(3,114	)
(Loss) income before income taxes			(11,630	)		1,155			(706	)		(5,275	)		2,036				(194	)		(4,795	)		(3,851	)
Income tax expense			(16	)		-			(6	)		(2	)		(2	)			(1	)		(2	)		(3	)
Net (loss) income		$	(11,646	)	$	1,155		$	(712	)	$	(5,277	)	$	2,034			$	(195	)	$	(4,797	)	$	(3,854	)


PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(4,401	)	$	577		$	(300	)	$	(263	)	$	712			$	(21	)	$	(3,217	)	$	(1,889	)
	Step-up basis adjustment		(50	)		-			(2	)		-			(21	)			(27	)		-			-
	Adjustments to equity in earnings of unconsolidated joint ventures		3,105			(577	)		-			(1,424	)		-				-			3,217			1,889
	PGRE's share of net (loss) income		(1,346	)		-			(302	)		(1,687	)		691				(48	)		-			-
	Real estate depreciation and amortization		3,310			1,553			1,631			-			-				126			-			-
	FFO (1)		1,964			1,553			1,329			(1,687	)		691				78			-			-
	Adjustments to equity in earnings of unconsolidated joint ventures		2,001			577			-			1,424			-				-			-			-
	FFO attributable to One Steuart Lane		(691	)		-			-			-			(691	)			-			-			-
	Other non-core items		263			-			-			263			-				-			-			-
	Core FFO (1)	$	3,537		$	2,130		$	1,329		$	-		$	-			$	78		$	-		$	-

(1)

See page 39 for our definition of this measure.

(2)

This property is “out-of-service” for redevelopment.

(3)

Represents 1600 Broadway and Oder-Center, Germany.

(4)

Includes proceeds from the sale of residential condominium units at One Steuart Lane.

(5)

Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

- 25 -


		CAPITAL STRUCTURE

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


				As of March 31, 2025
Debt (2):				At 100%		At PGRE's Share (1)			Excluding Non-Core Debt (3)
	Notes and mortgages payable (secured debt):
	Consolidated debt			$	3,692,050	$	2,973,680		$	2,973,680
	Unconsolidated joint ventures debt				1,218,311		273,761			273,761
	Non-core unconsolidated joint ventures debt				588,095		363,144			-
	Revolving Credit Facility (unsecured debt)				-		-			-
	Total debt			$	5,498,456		3,610,585	(A)		3,247,441	(A)



		Shares / Units		Share Price as of
Equity:		Outstanding		March 31, 2025
	Common stock		219,225,083	$	4.30		942,668			942,668
	Operating Partnership units		18,784,741		4.30		80,774			80,774
	Total equity		238,009,824		4.30		1,023,442			1,023,442


Total Market Capitalization						$	4,634,027		$	4,270,883

PGRE's share of cash and cash equivalents and restricted cash (1)						$	517,115	(B)	$	499,299	(B)

PGRE's share of net debt (1) (A - B)						$	3,093,470		$	2,748,142

PGRE's share of Net Debt to Annualized Adjusted EBITDAre (1)						9.9x			8.8x

(1)

See page 39 for our definition of this measure.

(2)

Represents contractual amounts due pursuant to the respective debt agreements.

(3)

Excludes Market Center and 111 Sutter Street.

- 26 -


		DEBT ANALYSIS

(unaudited)

       Revolving Credit Facility Covenants (4):

      Required

     Actual

     Debt Composition (at PGRE's Share)

      
     Total Debt / Total Assets

      Less than 60%

     49.2%

     Weighted Average

      
     Secured Debt / Total Assets

      Less than 60%

     49.2%

     Interest Rate

     Years to Maturity

      
     Fixed Charge Coverage

      Greater than 1.5x

     2.17x

     Including Non-Core Debt:

      
     Unsecured Debt / Unencumbered Assets

      Less than 60%

     0.0%

     Fixed Rate Debt

     3.51%

     3.1

      
     Unencumbered Interest Coverage

      Greater than 1.75x

     43.31x

     Floating Rate Debt

     6.21%

     1.0

      
     Total

     4.44%

     2.4

      
     Excluding Non-Core Debt (2):

      
     Fixed Rate Debt

     3.51%

     3.1

      
     Floating Rate Debt

     6.28%

     1.4

      
     Total

     4.26%

     2.6

(1)

See page 39 for our definition of this measure.

(2)

Excludes Market Center and 111 Sutter Street.

(3)

Includes an $860 million loan that bears interest at a rate of SOFR plus 277 basis points, where SOFR has been capped at 3.50% through August 2025.

(4)

This section presents ratios as of March 31, 2025 in accordance with the terms of our revolving credit facility (the “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 credit facility. On January 17, 2025, we entered into a consent agreement with the lenders of our credit facility to permit the disposition of a 45.0% equity interest in 900 Third Avenue, one of the assets supporting our credit facility. In connection therewith, we reduced the aggregate commitments under the credit facility to $450 million and modified our credit facility to, among other things, (i) reduce the aggregate unencumbered asset value of all unencumbered eligible properties from $900 million to $500 million, (ii) increase the secured leverage ratio as of the last day of any relevant fiscal quarter from 50% to 60%, and (iii) limit borrowings under the credit facility to $200 million, through June 30, 2025. There are currently two assets supporting our credit facility. A sale of an equity interest in either of these assets will result in a termination of the existing credit facility. If the existing credit facility is terminated, there is no guarantee we would be able to obtain a new credit facility on favorable terms, or at all.

- 27 -


		DEBT MATURITIES

(unaudited and in thousands)


		Paramount			PGRE's Share of Debt
Notes and mortgages payable (secured)		Ownership			2025				2026			2027			2028			2029			Thereafter			Total			Rate
Consolidated Debt:
	31 West 52nd Street ($500,000)		100.0	%	$	-			$	500,000		$	-		$	-		$	-		$	-		$	500,000			3.80	%
	1301 Avenue of the Americas ($860,000)		100.0	%		-				860,000			-			-			-			-			860,000			6.27	%	(2)
	300 Mission Street ($232,050)		31.1	%		-				72,168			-			-			-			-			72,168			4.50	%
	One Market Plaza ($850,000)		49.0	%		-				-			416,500			-			-			-			416,500			4.08	%
	1633 Broadway ($1,250,000)		90.0	%		-				-			-			-			1,125,012			-			1,125,012			2.99	%

Unconsolidated JV Debt:
	55 Second Street ($187,500)		44.1	%		-				82,669			-			-			-			-			82,669			3.88	%
	712 Fifth Avenue ($300,000)		50.0	%		-				-			150,000			-			-			-			150,000			3.39	%
	Oder-Center, Germany ($8,299)		9.5	%		-				-			-			788			-			-			788			4.28	%
	60 Wall Street ($624,512)		5.0	%		-				-			-			-			31,288			-			31,288			9.25	%	(3)
	1600 Broadway ($98,000)		9.2	%		-				-			-			-			-			9,016			9,016			3.45	%

Non-Core Unconsolidated JV Debt:
	111 Sutter Street ($171,551)		49.0	%		84,060				-			-			-			-			-			84,060			6.48	%	(4)
	Market Center ($416,544)		67.0	%		279,084		(5)		-			-			-			-			-			279,084			5.94	%

Revolving Credit Facility (unsecured)			100.0	%		-				-			-			-			-			-			-			-	%

PGRE's Share of Total Debt (1)					$	363,144			$	1,514,837		$	566,500		$	788		$	1,156,300		$	9,016		$	3,610,585
	Weighted average rate					6.06	%			5.24	%		3.90	%		4.29	%		3.16	%		3.45	%		4.44	%
	% of debt maturing					10.1	%			42.0	%		15.7	%		0.0	%		32.0	%		0.2	%		100.0	%

PGRE's Share of Total Debt Excluding Non-Core Assets					$	-			$	1,514,837		$	566,500		$	788		$	1,156,300		$	9,016		$	3,247,441
	Weighted average rate					-	%			5.24	%		3.90	%		4.29	%		3.16	%		3.45	%		4.26	%
	% of debt maturing					-	%			46.7	%		17.4	%		0.0	%		35.6	%		0.3	%		100.0	%

(1)

See page 39 for our definition of this measure.

(2)

This loan bears interest at a rate of SOFR plus 277 basis points, where SOFR has been capped at 3.50% through August 2025.

(3)

Consists of (i) a $16,450 A-Note that bears interest at SOFR plus 245 basis points, of which 4.00% is current and the remaining interest will be accrued and (ii) a $14,838 B-Note that will accrue interest at a fixed rate of 12.00%. The accrued interest on the A-Note, and the principal and accrued interest on the B-Note, are subordinate to equity contributions by the joint venture.

(4)

This loan bears interest at a rate of SOFR plus 215 basis points.

(5)

This loan matured in January 2025 and was not repaid at maturity. The joint venture is currently working with the lenders to sell the property.

- 28 -


		PORTFOLIO SUMMARY – TOTAL

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


								Annualized Rent (1)				Square Feet
		%			%					Per		In		Out-of-
		Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total
Total Portfolio
	Weighted average		82.5	%		79.9	%	$	840,058	$	93.55		11,341,536		1,643,651		12,985,187
	PGRE's share		83.2	%		80.5	%	$	619,172	$	90.03		8,664,013		82,347		8,746,360

Non-Same Store Portfolio (3)
	Weighted average		45.2	%		45.2	%	$	38,974	$	83.91		1,026,970		1,643,651		2,670,621
	PGRE's share		45.0	%		45.0	%	$	24,202	$	84.10		638,282		82,347		720,629

Same Store Portfolio
	Weighted average		86.2	%		83.4	%	$	801,084	$	94.09		10,314,566		-		10,314,566
	PGRE's share		86.2	%		83.4	%	$	594,970	$	90.29		8,025,731		-		8,025,731


	Leased % (1) (at PGRE's Share)
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total Portfolio
New York		87.4	%		85.0	%		85.0	%		86.9	%		90.1	%
San Francisco		72.6	%		74.0	%		74.2	%		74.9	%		76.8	%
Weighted Average		83.2	%		82.0	%		82.0	%		83.6	%		86.5	%

(1)

See page 39 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

Includes (i) 60 Wall Street in our New York portfolio, which is “out-of-service” for redevelopment and (ii) Market Center and 111 Sutter Street in our San Francisco portfolio.

- 29 -


		PORTFOLIO SUMMARY – NEW YORK

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


											Annualized Rent (1)				Square Feet
		Paramount			%			%					Per		In		Out-of-
Property		Ownership			Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total		Key Tenants
1633 Broadway
	Office		90.0	%		91.7	%		91.7	%	$	176,692	$	85.05		2,275,229		-		2,275,229	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		100.0	%		100.0	%		14,846		77.15		256,758		-		256,758	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung,
																					La Pecora Bianca, Rosetta Bakery
			90.0	%		92.6	%		92.6	%		191,538		84.80		2,531,987		-		2,531,987
1301 Avenue of the Americas
	Office		100.0	%		87.9	%		80.1	%		117,473		87.38		1,698,626		-		1,698,626	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff, Citizens Bank,
																					O'Melveny & Myers, Dorsey & Whitney
	Retail / Paramount Club		100.0	%		100.0	%		100.0	%		4,580		187.26		50,885		-		50,885	Ocean Prime, Starbucks, Citizens Bank
			100.0	%		88.3	%		80.6	%		122,053		88.71		1,749,511		-		1,749,511
1325 Avenue of the Americas
	Office		100.0	%		94.5	%		93.9	%		51,132		68.85		810,316		-		810,316	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore,
																					Major League Baseball Players Association
	Retail		100.0	%		100.0	%		100.0	%		1,474		95.79		14,998		-		14,998	La Grande Boucherie
			100.0	%		94.6	%		94.0	%		52,606		69.26		825,314		-		825,314
31 West 52nd Street
	Office		100.0	%		65.8	%		65.8	%		46,852		95.24		747,767		-		747,767	Pillsbury Winthrop Shaw Pittman, Centerview Partners,
																					Bracewell, Providence Equity Partners, Wilson Sonsini
	Retail		100.0	%		89.1	%		89.1	%		5,048		124.88		25,345		-		25,345	Fogo De Chao, MoMA Design Store
			100.0	%		66.6	%		66.6	%		51,900		96.54		773,112		-		773,112
900 Third Avenue
	Office		55.0	%		90.5	%		67.1	%		27,374		71.16		575,707		-		575,707	Kirkland & Ellis, Shiseido, Littler Mendelson,
																					Tannenbaum Helpern Syracuse & Hirschtritt
	Retail		55.0	%		81.7	%		81.7	%		1,408		102.54		16,144		-		16,144	Bank of America, F45 Training
			55.0	%		90.2	%		67.5	%		28,782		72.20		591,851		-		591,851
712 Fifth Avenue
	Office		50.0	%		79.9	%		79.9	%		44,511		124.45		447,925		-		447,925	CVC Advisors, Aberdeen, OMI Management,
																					Riverstone Holdings, Pictet Asset Management
	Retail		50.0	%		22.6	%		22.6	%		8,212		455.10		79,463		-		79,463	Harry Winston
			50.0	%		71.2	%		71.2	%		52,723		140.23		527,388		-		527,388
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		10,959		325.69		25,693		-		25,693	M&M's World
60 Wall Street (3)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,643,651		1,643,651

	New York:
	Weighted average					87.1	%		83.2	%	$	510,561	$	88.71		7,024,856		1,643,651		8,668,507
	PGRE's share					87.4	%		84.0	%	$	442,145	$	86.40		6,218,327		82,347		6,300,674

(1)

See page 39 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

This property is “out-of-service” for redevelopment.

- 30 -


		PORTFOLIO SUMMARY – SAN FRANCISCO

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


											Annualized Rent (1)				Square Feet
		Paramount			%			%					Per		In		Out-of-
Property		Ownership			Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total		Key Tenants
One Market Plaza
	Office		49.0	%		91.1	%		90.7	%	$	163,169	$	116.06		1,554,625		-		1,554,625	Visa, The Capital Group, Autodesk,
																					Citigroup, Duane Morris, Thoma Bravo,
																					PJT Partners, Google, Morgan Lewis & Bockius
	Retail		49.0	%		60.5	%		60.5	%		4,557		81.90		53,882		-		53,882	STK Steak House, One Market Restaurant
			49.0	%		90.1	%		89.6	%		167,726		115.34		1,608,507		-		1,608,507
300 Mission Street
	Office		31.1	%		80.8	%		80.8	%		50,146		102.75		604,837		-		604,837	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		3,439		77.07		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		53,585		100.65		654,009		-		654,009
One Front Street
	Office		100.0	%		72.0	%		69.9	%		40,815		91.95		635,867		-		635,867	JPMorgan Chase, JLL, Cigna, Eastdil Secured
	Retail		100.0	%		89.0	%		89.0	%		1,138		94.40		13,232		-		13,232	JPMorgan Chase
			100.0	%		72.3	%		70.2	%		41,953		92.01		649,099		-		649,099
55 Second Street
	Office		44.1	%		85.0	%		85.0	%		26,326		83.72		370,613		-		370,613	KPMG, Intercom, Rippling, UKG,
																					Alston & Bird
	Retail		44.1	%		100.0	%		100.0	%		933		113.70		7,482		-		7,482	Sutter West Bay Medical, Bluestone Lane
			44.1	%		85.3	%		85.3	%		27,259		84.42		378,095		-		378,095
Market Center (3)
	Office		67.0	%		44.8	%		44.8	%		28,204		84.82		744,432		-		744,432	Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Waymo
	Retail		67.0	%		0.6	%		0.6	%		152		-		5,940		-		5,940
			67.0	%		44.4	%		44.4	%		28,356		84.82		750,372		-		750,372
111 Sutter Street (3)
	Office		49.0	%		43.8	%		43.8	%		9,041		84.22		247,443		-		247,443	Turo, Natural Resources Defense Council
	Retail		49.0	%		77.8	%		77.8	%		1,577		69.18		29,155		-		29,155	24 Hour Fitness
			49.0	%		47.4	%		47.4	%		10,618		81.58		276,598		-		276,598

	San Francisco:
	Weighted average					75.0	%		74.5	%	$	329,497	$	101.95		4,316,680		-		4,316,680
	PGRE's share					72.6	%		71.9	%	$	177,027	$	100.28		2,445,686		-		2,445,686

(1)

See page 39 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

These assets have been designated as “non-core”.

- 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
Top 10 Tenants:			Lease	Square Feet		Square Feet				Per Square		Annualized
As of March 31, 2025		Property	Expiration	Occupied (2)		Occupied (2)		Amount		Foot (2)		Rent
	JPMorgan Chase	One Front Street	Jun-2025		219,180		219,180	$	19,201	$	87.33		3.1	%
			Jun-2027		18,148		18,148		1,697		93.51		0.3	%
			Dec-2029		81,525		81,525		8,692		106.62		1.4	%
			Dec-2030		25,157		25,157		2,478		97.91		0.4	%
					344,010		344,010		32,068		93.00		5.2	%
	Norton Rose Fulbright	1301 Avenue of the Americas	Mar-2032		111,589		111,589		10,370		92.93		1.7	%
			Sep-2034		179,286		179,286		19,208		102.67		3.1	%
					290,875		290,875		29,578		98.94		4.8	%
	Allianz	1633 Broadway	Jan-2031		320,911		288,823		29,146		100.91		4.7	%
	Wilson Sonsini	1301 Avenue of the Americas	Aug-2025		61,048		61,048		6,337		103.80		1.0	%
		One Market Plaza	Oct-2032		84,224		41,270		5,095		123.46		0.8	%
		31 West 52nd Street	Mar-2041		132,207		132,207		10,709		81.00		1.8	%
					277,479		234,525		22,141		94.41		3.6	%
	Morgan Stanley	1633 Broadway	Mar-2032		260,829		234,749		20,446		87.10		3.3	%
	Warner Music Group	1633 Broadway	Jul-2029		288,250		259,428		20,231		76.95		3.3	%
	Showtime Networks	1633 Broadway	Jan-2026		253,196		227,879		17,801		76.42		2.9	%
	Google	One Market Plaza	Apr-2025		339,833		166,518		17,344		103.72		2.8	%
	O'Melveny & Myers	1301 Avenue of the Americas	Feb-2040		160,708		160,708		12,908		80.00		2.1	%
	Credit Agricole	1301 Avenue of the Americas	Apr-2035		159,308		159,308		12,024		74.06		1.9	%


		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of March 31, 2025		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,524,677		21.9	%	$	138,878		22.5	%
	Technology and Media		1,418,247		20.3	%		122,775		19.8	%
	Financial Services - Commercial and Investment Banking		1,207,341		17.3	%		106,147		17.1	%
	Financial Services, all others		1,038,776		14.9	%		102,758		16.6	%
	Insurance		401,353		5.8	%		39,718		6.4	%
	Retail		164,352		2.4	%		19,488		3.2	%
	Travel and Leisure		184,073		2.6	%		12,610		2.0	%
	Other Professional Services		114,154		1.6	%		10,689		1.7	%
	Accounting		127,584		1.8	%		9,755		1.6	%
	Other		798,037		11.4	%		56,354		9.1	%

(1)

See page 39 for our definition of this measure.

(2)

Represents office and retail space only.

- 32 -


		LEASING ACTIVITY (2)

(unaudited)


	Total	New York	San Francisco

Three Months Ended March 31, 2025

Total square feet leased	283,874	278,115	5,759

PGRE's share of total square feet leased:	186,447	184,036	2,411
Initial rent (1)	$ 76.52	$ 76.22	$ 98.83
Weighted average lease term (in years)	12.9	13.1	1.9
Tenant improvements and leasing commissions:
Per square foot	$ 177.55	$ 179.71	$ 12.59
Per square foot per annum	$ 13.74	$ 13.75	$ 6.78
Percentage of initial rent	18.0%	18.0%	6.9%
Rent concessions:
Average free rent period (in months)	12.3	12.4	1.6
Average free rent period per annum (in months)	1.0	1.0	0.9

Second generation space: (1)
Square feet	81,707	80,410	1,297
Cash basis:
Initial rent (1)	$ 79.08	$ 78.41	$ 120.16
Prior escalated rent (1)	$ 80.27	$ 79.69	$ 116.10
Percentage (decrease) increase	(1.5%)	(1.6%)	3.5%
GAAP basis:
Straight-line rent	$ 78.48	$ 77.81	$ 120.16
Prior straight-line rent	$ 73.30	$ 72.87	$ 100.12
Percentage increase	7.1%	6.8%	20.0%

(1)

See page 39 for our definition of this measure.

(2)

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

- 33 -


		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			7,006		5,060	$	556	$	118.42		0.1	%

	2Q 2025			398,523		206,356		20,964		101.35		3.3	%
	3Q 2025			357,923		338,894		30,233		89.16		4.7	%
	4Q 2025			360,127		200,266		19,422		96.93		3.1	%
	Total 2025			1,116,573		745,516		70,619		94.61		11.1	%

	1Q 2026			462,052		337,985		29,382		87.64		4.6	%
	Remaining 2026			1,046,017		629,558		59,714		90.61		9.4	%
	Total 2026			1,508,069		967,543		89,096		89.59		14.0	%
		2027		313,345		229,726		22,314		96.81		3.5	%
		2028		414,950		293,003		23,581		80.48		3.7	%
		2029		587,671		493,242		40,914		87.10		6.4	%
	Thereafter			5,409,119		4,473,495		388,852		89.23		61.2	%

Total portfolio excluding non-core assets (4):

			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			5,253		4,055	$	488	$	118.42		0.1	%

	2Q 2025			396,675		205,118		20,869		101.50		3.4	%
	3Q 2025			357,903		338,881		30,224		89.16		4.9	%
	4Q 2025			360,127		200,266		19,422		96.93		3.2	%
	Total 2025			1,114,705		744,265		70,515		94.64		11.5	%

	1Q 2026			439,381		325,298		28,421		88.17		4.7	%
	Remaining 2026			974,907		581,915		55,121		90.15		9.0	%
	Total 2026			1,414,288		907,213		83,542		89.45		13.7	%
		2027		253,914		196,995		18,926		95.69		3.1	%
		2028		221,188		167,957		13,730		81.74		2.2	%
		2029		548,704		472,041		39,072		87.13		6.4	%
	Thereafter			5,334,341		4,427,562		385,459		89.40		63.0	%

(1)

See page 39 for our definition of this measure.

(2)

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

(3)

Represents office and retail space only.

(4)

“Non-core” assets consist of Market Center and 111 Sutter Street.

- 34 -


		LEASE EXPIRATIONS – NEW YORK

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


			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			2,596		2,421	$	336	$	-		0.1	%

	2Q 2025			36,402		28,586		2,293		79.89		0.5	%
	3Q 2025			116,022		101,979		9,257		90.78		2.0	%
	4Q 2025			161,710		124,003		12,055		97.12		2.7	%
	Total 2025			314,134		254,568		23,605		92.64		5.2	%

	1Q 2026			283,906		249,115		18,911		76.57		4.1	%
	Remaining 2026			365,242		310,328		28,468		83.11		6.2	%
	Total 2026			649,148		559,443		47,379		80.24		10.3	%
		2027		156,511		134,319		12,366		91.49		2.7	%
		2028		118,584		79,644		6,055		75.68		1.3	%
		2029		500,195		447,324		35,902		84.69		7.8	%
	Thereafter			4,377,139		3,954,721		332,378		86.47		72.6	%

(1)

See page 39 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.

- 35 -


		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			4,410		2,639	$	220	$	118.42		0.1	%

	2Q 2025			362,121		177,770		18,671		104.82		10.5	%
	3Q 2025			241,901		236,915		20,976		88.47		11.8	%
	4Q 2025			198,417		76,263		7,367		96.64		4.1	%
	Total 2025			802,439		490,948		47,014		95.64		26.4	%

	1Q 2026			178,146		88,870		10,471		118.26		5.8	%
	Remaining 2026			680,775		319,230		31,246		97.90		17.6	%
	Total 2026			858,921		408,100		41,717		102.28		23.4	%
		2027		156,834		95,407		9,948		104.14		5.6	%
		2028		296,366		213,359		17,526		82.27		9.9	%
		2029		87,476		45,918		5,012		108.49		2.8	%
	Thereafter			1,031,980		518,774		56,475		109.24		31.8	%

San Francisco excluding non-core assets (4):
			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			2,657		1,634	$	152	$	118.42		0.1	%

	2Q 2025			360,273		176,532		18,576		105.03		12.1	%
	3Q 2025			241,881		236,902		20,967		88.47		13.6	%
	4Q 2025			198,417		76,263		7,367		96.64		4.8	%
	Total 2025			800,571		489,697		46,910		95.69		30.5	%

	1Q 2026			155,475		76,183		9,510		125.53		6.2	%
	Remaining 2026			609,665		271,587		26,653		98.18		17.3	%
	Total 2026			765,140		347,770		36,163		104.11		23.5	%
		2027		97,403		62,676		6,560		104.52		4.3	%
		2028		102,604		88,313		7,675		87.23		5.0	%
		2029		48,509		24,717		3,170		127.31		2.1	%
	Thereafter			957,202		472,841		53,081		112.70		34.5	%

(1)

See page 39 for our definition of this measure.

(2)

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

(3)

Represents office and retail space only.

(4)

“Non-core” assets consist of Market Center and 111 Sutter Street.

- 36 -


		CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)


	Three Months Ended March 31, 2025
	Total (2)			New York			San Francisco (2)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	12,047		$	9,200		$	2,832		$	15
Second generation tenant improvements		27,355			23,911			3,444			-
Second generation leasing commissions		8,602			7,182			1,420			-
Total Capital Expenditures		48,004			40,293			7,696			15
Amounts attributable to noncontrolling interests in consolidated joint ventures		(5,429	)		(2,683	)		(2,746	)		-
PGRE's share of Total Capital Expenditures	$	42,575		$	37,610		$	4,950		$	15

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Other	$	1,290		$	1,290		$	-		$	-
Total Redevelopment Expenditures		1,290			1,290			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	1,290		$	1,290		$	-		$	-



	Three Months Ended March 31, 2024
	Total (2)			New York			San Francisco (2)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	10,944		$	8,441		$	2,478		$	25
Second generation tenant improvements		24,621			19,267			5,354			-
Second generation leasing commissions		749			743			6			-
Total Capital Expenditures		36,314			28,451			7,838			25
Amounts attributable to noncontrolling interests in consolidated joint ventures		(4,463	)		(190	)		(4,273	)		-
PGRE's share of Total Capital Expenditures	$	31,851		$	28,261		$	3,565		$	25

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Paramount Club	$	4,208		$	4,208		$	-		$	-
Other		37			37			-			-
Total Redevelopment Expenditures		4,245			4,245			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	4,245		$	4,245		$	-		$	-

(1)

See page 39 for our definition of this measure.

(2)

Excludes Market Center and 111 Sutter Street.

- 37 -


		RESEARCH COVERAGE (1)

(1)


Thomas Catherwood	Steve Sakwa	Dylan Burzinski
BTIG	Evercore ISI	Green Street Advisors
(212) 738-6140	(212) 446-9462	(949) 640-8780
tcatherwood@btig.com	steve.sakwa@evercoreisi.com	dburzinski@greenstreet.com

Vikram Malhotra	Ronald Kamdem	Blaine Heck
Mizuho Securities USA Inc.	Morgan Stanley	Wells Fargo
(212) 282-3827	(212) 296-8319	(443) 263-6529
vikram.malhotra@mizuhogroup.com	ronald.kamdem@morganstanley.com	blaine.heck@wellsfargo.com

Andrew Rosivach
Wolfe Research
(646) 582-9250
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.

- 38 -


		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. We present FFO attributable to common stockholders which represents the Company’s share of FFO, net of amounts attributable to noncontrolling interests.

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

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

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 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.

- 39 -


		DEFINITIONS - CONTINUED

Adjusted EBITDAre is a supplemental measure that is calculated by adjusting EBITDAre to eliminate the impact of the performance of our real estate related funds, unrealized gains or losses on interest rate swaps, transaction related costs, gains or losses on early extinguishment of debt and certain other items that may vary from period to period. Adjusted EBITDAre enhances the comparability of EBITDAre across periods. In future periods, we may also exclude other items from Adjusted EBITDAre that we believe may help investors compare our results. We 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 use 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. We present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at the property level.

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

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

PGRE’s Share of Cash and Cash Equivalents and Restricted Cash represents our share of cash and cash equivalents and restricted cash of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets.

PGRE’s Share of Net Debt is calculated by subtracting PGRE’s share of cash and cash equivalents and restricted cash from PGRE’s Share of Total Debt. PGRE’s share of Net Debt to Annualized Adjusted EBITDAre is calculated by dividing PGRE's share of Net Debt by PGRE's share of Annualized Adjusted EBITDAre.

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

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

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

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

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

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

Second Generation Space represents space leased in the current period (i) that has been vacant for less than twelve months, or (ii) that has been leased ahead of its originally scheduled expiration.

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.

- 40 -